Axis Capital Holdings (AXS)
NYSE:AXS
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Axis Capital
(NYSE:AXS)
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Rating:68Neutral
Price Target:
$108.00
▲(5.84% Upside)
Action:Reiterated
Date:05/19/26
AXS scores well on profitability/ROE and attractive valuation (low P/E), supported by positive earnings-call execution metrics (combined ratio, premium growth, capital returns). The main offsets are weaker/volatile cash flow in recent periods and mixed-to-soft technical momentum (negative MACD and trading below key moving averages).
Positive Factors
Strong profitability & ROE
AXIS's sustained high ROE and recent TTM profitability reflect durable underwriting and investment returns. Consistent net income at scale supports internal capital generation, underwriting capacity and recurring ability to pay dividends and repurchase shares, strengthening long-term capital allocation.
Negative Factors
Volatile operating cash flow
Sharp swings in operating cash flow undermine predictability of capital returns and reinvestment. When cash generation lags net income, liquidity management, reserve funding and timely reinsurance purchases become harder, elevating execution risk across underwriting cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability & ROE
AXIS's sustained high ROE and recent TTM profitability reflect durable underwriting and investment returns. Consistent net income at scale supports internal capital generation, underwriting capacity and recurring ability to pay dividends and repurchase shares, strengthening long-term capital allocation.
Read all positive factors
Axis Capital (AXS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.00B
Dividend Yield1.8%
Average Volume (3M)590.56K
Price to Earnings (P/E)6.6
Beta (1Y)0.43
Revenue Growth9.07%
EPS Growth33.25%
CountryUS
Employees1,876
SectorFinancial
Sector Strength70
IndustryInsurance - Property & Casualty
Share Statistics
EPS (TTM)13.61
Shares Outstanding73,723,236
10 Day Avg. Volume651,859
30 Day Avg. Volume590,561
Financial Highlights & Ratios
PEG Ratio34.55
Price to Book (P/B)1.32
Price to Sales (P/S)1.28
P/FCF Ratio-204.57
Enterprise Value/Market Cap1.09
Enterprise Value/Revenue1.15
Enterprise Value/Gross Profit2.85
Enterprise Value/Ebitda5.31
Forecast
1Y Price Target
$126.86Price Target Upside24.32% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)13.23
Revenue Forecast (FY)$6.84B
Axis Capital Business Overview & Revenue Model
Company Description
AXIS Capital Holdings Limited, through its subsidiaries, provides various specialty insurance and reinsurance products worldwide. It operates through two segments, Insurance and Reinsurance. The Insurance segment offers property insurance products...
How the Company Makes Money
Axis Capital primarily makes money through (1) underwriting income and (2) investment income. Underwriting income is generated by collecting premiums on insurance and reinsurance contracts and managing claims and expenses so that, over time, earne...
Axis Capital Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call presented a majority of positive operational and financial indicators: strong ROE, double-digit premium growth at the group level, improved combined ratio, significant operating cash flow, disciplined capital returns, and tangible AI-driven efficiency gains. Management is actively repositioning the portfolio toward short-tail, higher-return areas and exercising discipline in reinsurance and cyber. Key challenges include weakening property pricing, cyber exposure concerns tied to AI-driven threats, unrealized investment losses that pressured book value, restructuring charges, and expected selective contraction in reinsurance long-tail writings. Overall, the positives (profitability, top-line growth, expense efficiency, capital returns and clear portfolio strategy) outweigh the noted headwinds, but management emphasizes active cycle management and caution in exposed lines.Positive Updates
Strong profitability and ROE
Net income available to common shareholders of $247 million ($3.29 per diluted share) and operating income of $257 million ($3.42 per diluted share), producing an annualized ROE of 17% and operating ROE of 18%.
Negative Updates
Property pricing weakening
Property pricing declined 13% in the quarter after prior multi-year rate improvements; management notes the 'order of returns' is coming down though current business still meets underwriting return expectations.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong profitability and ROE
Net income available to common shareholders of $247 million ($3.29 per diluted share) and operating income of $257 million ($3.42 per diluted share), producing an annualized ROE of 17% and operating ROE of 18%.
Read all positive updates
Company Guidance
The company reiterated its 2026 operating priorities and quantified several targets: Q1 results included annualized ROE of 17% (net income $247M, $3.29/sh) and operating ROE of 18% (operating income $257M, $3.42/sh), total gross written premiums of $3.1B (up ~11% YoY) with insurance GWP $1.98B (up ~20%) and reinsurance GWP $1.1B (down 2%), a consolidated combined ratio of 89.8% (insurance combined ratio 86.3%), an insurance underlying loss ratio of 53.3% (Q1) with no change to the full‑year range, and a Q1 G&A ratio of 10.7% (full‑year target reiterated at 11%); other metrics and guidance included cat losses $48M (cat loss ratio 3.2%), a reserve release of $18M, investment income of $185M, operating cash flow $590M, short‑tail now ~60% of premiums (reinsurance short tail up from 50% to 61%), expanded classes at 17% of the insurance portfolio, reinsurance premiums that “could be down double digits” in 2026, and continued opportunistic capital returns (Q1 dividends $33M + buybacks $60M, $53M remaining on prior authorization and a new $300M buyback authorization).Axis Capital Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.61B | 6.56B | 6.02B | 5.59B | 5.30B | 5.32B |
| Gross Profit | 2.68B | 3.28B | 1.79B | 1.20B | 1.04B | 1.39B |
| EBITDA | 1.44B | 1.35B | 1.13B | 542.42M | 374.56M | 778.19M |
| Net Income | 1.07B | 1.01B | 1.08B | 376.29M | 223.08M | 618.61M |
Balance Sheet | ||||||
| Total Assets | 35.62B | 34.46B | 32.68B | 30.25B | 27.68B | 27.37B |
| Cash, Cash Equivalents and Short-Term Investments | 5.80B | 5.72B | 6.92B | 5.31B | 4.95B | 5.51B |
| Total Debt | 1.49B | 1.49B | 1.49B | 1.52B | 1.50B | 1.43B |
| Total Liabilities | 29.24B | 28.11B | 26.59B | 24.99B | 23.04B | 21.96B |
| Stockholders Equity | 6.38B | 6.36B | 6.09B | 5.26B | 4.64B | 5.41B |
Cash Flow | ||||||
| Free Cash Flow | 169.39M | -40.93M | 1.84B | 1.26B | 655.39M | 1.08B |
| Operating Cash Flow | 169.39M | -40.93M | 1.84B | 1.26B | 692.22M | 1.11B |
| Investing Cash Flow | -1.41B | -628.73M | 280.45M | -855.61M | -655.80M | -1.11B |
| Financing Cash Flow | -700.53M | -1.09B | -417.29M | -202.37M | -149.62M | -186.09M |
Axis Capital Technical Analysis
Negative
102.04
Price Trends
99.77
Negative
101.14
Negative
99.41
Negative
Market Momentum
-0.90
Positive
35.03
Neutral
11.75
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AXS, the sentiment is Negative. The current price of 102.04 is above the 20-day moving average (MA) of 98.75, above the 50-day MA of 99.77, and above the 200-day MA of 99.41, indicating a bearish trend. The MACD of -0.90 indicates Positive momentum. The RSI at 35.03 is Neutral, neither overbought nor oversold. The STOCH value of 11.75 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AXS.
Axis Capital Risk Analysis
Axis Capital disclosed 55 risk factors in its most recent earnings report. Axis Capital reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Axis Capital Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | $6.51B | 9.17 | 20.92% | 1.97% | 6.41% | 66.30% | |
80 Outperform | $5.18B | 11.53 | 12.93% | 1.85% | 8.76% | 99.32% | |
78 Outperform | $7.03B | 13.29 | 28.05% | 0.17% | 17.08% | 30.47% | |
73 Outperform | $4.60B | 11.68 | 22.00% | 4.05% | 9.01% | 40.14% | |
68 Neutral | $7.00B | 6.58 | 16.93% | 1.80% | 9.07% | 33.25% | |
68 Neutral | $5.11B | 5.06 | 20.61% | 0.05% | 30.09% | 3444.41% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
AXS
Axis Capital
94.93
-7.97
-7.74%
RLI
RLI
50.04
-20.96
-29.52%
SIGI
Selective Insurance Group
86.54
-0.85
-0.98%
THG
Hanover Insurance
186.20
11.83
6.78%
WTM
White Mountains Insurance Group
2,064.82
273.05
15.24%
KNSL
Kinsale Capital Group
304.77
-167.27
-35.44%
Axis Capital Corporate Events
Executive/Board ChangesShareholder Meetings
AXIS Capital shareholders affirm directors, pay and auditor
Positive
May 18, 2026
At its Annual General Meeting of Shareholders held on May 14, 2026, AXIS Capital shareholders elected Class II directors W. Marston Becker, Michael Millegan and Lizabeth Zlatkus to serve until the 2029 Annual General Meeting, with all nominees rec...
Business Operations and StrategyPrivate Placements and Financing
Axis Capital Amends and Extends Secured Credit Facility
Neutral
Mar 24, 2026
On March 23, 2026, several AXIS Capital subsidiaries amended their secured letter of credit facility with Citibank Europe, reducing the aggregate secured capacity from $300 million to $250 million. At the same time, they extended the maximum tenor...
Executive/Board Changes
Axis Capital Announces Board-Level Leadership Transition
Neutral
Feb 20, 2026
AXIS Capital Holdings Limited, a company in the financial sector, did not provide additional details on its specific lines of business in this announcement. As such, the firm is identified here primarily in its role as a publicly governed corporat...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.