Axis Capital Holdings (AXS)
NYSE:AXS
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Axis Capital
(NYSE:AXS)
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Rating:71Outperform
Price Target:
$112.00
▲(9.76% Upside)
Action:Upgraded
Date:06/16/26
The score is driven primarily by strong profitability/ROE and a very attractive valuation (low P/E). Offsetting this are weaker and more volatile cash generation in the financial statements and only mixed technical momentum signals. The latest earnings call was broadly constructive on underwriting performance, growth, and capital returns, but noted pricing and investment mark-to-market headwinds.
Positive Factors
High ROE and margin recovery
Sustained double-digit ROE and materially improved margins indicate durable underwriting and capital efficiency. High operating returns support the firm’s ability to deploy capital into higher‑return writings and fund dividends/buybacks, underpinning long‑term shareholder returns and capacity to absorb losses.
Negative Factors
Volatile operating cash flow
Large swings in operating cash flow signal timing and reserve or claims‑related volatility that weaken free cash flow predictability. That reduces flexibility for capital deployment, makes dividend/share buyback planning less reliable, and raises scrutiny on how underwriting performance converts to cash.
Read all positive and negative factors
Positive Factors
Negative Factors
High ROE and margin recovery
Sustained double-digit ROE and materially improved margins indicate durable underwriting and capital efficiency. High operating returns support the firm’s ability to deploy capital into higher‑return writings and fund dividends/buybacks, underpinning long‑term shareholder returns and capacity to absorb losses.
Read all positive factors
Axis Capital (AXS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.45B
Dividend Yield1.8%
Average Volume (3M)636.92K
Price to Earnings (P/E)7.0
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. Volume722,184
30 Day Avg. Volume636,918
Financial Highlights & Ratios
PEG Ratio35.61
Price to Book (P/B)1.32
Price to Sales (P/S)1.28
P/FCF Ratio-204.57
Enterprise Value/Market Cap1.11
Enterprise Value/Revenue1.25
Enterprise Value/Gross Profit3.07
Enterprise Value/Ebitda5.73
Forecast
1Y Price Target
$126.86Price Target Upside24.32% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)13.28
Revenue Forecast (FY)$6.84B
Axis Capital Business Overview & Revenue Model
Company Description
AXIS Capital Holdings Limited, identified by the symbol AXS, functions as a global enterprise offering a diverse range of specialized insurance and reinsurance solutions through its network of subsidiaries. Its operations are strategically divided...
How the Company Makes Money
Axis primarily makes money through (1) underwriting income and (2) net investment income, with results influenced by catastrophe losses, claims development, pricing/terms, and investment market conditions.
1) Underwriting (core operating revenue ...
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
Positive
102.04
Price Trends
99.28
Positive
100.75
Positive
99.58
Positive
Market Momentum
0.81
Negative
55.14
Neutral
74.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AXS, the sentiment is Positive. The current price of 102.04 is above the 20-day moving average (MA) of 98.45, above the 50-day MA of 99.28, and above the 200-day MA of 99.58, indicating a bullish trend. The MACD of 0.81 indicates Negative momentum. The RSI at 55.14 is Neutral, neither overbought nor oversold. The STOCH value of 74.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | $6.92B | 9.74 | 20.92% | 1.97% | 6.41% | 66.30% | |
80 Outperform | $5.53B | 12.30 | 12.93% | 1.85% | 8.76% | 99.32% | |
78 Outperform | $7.12B | 13.47 | 28.05% | 0.17% | 17.08% | 30.47% | |
75 Outperform | $4.99B | 4.94 | 20.61% | 0.05% | 30.09% | 3444.41% | |
73 Outperform | $4.88B | 12.39 | 22.00% | 4.05% | 9.01% | 40.14% | |
71 Outperform | $7.45B | 7.00 | 16.93% | 1.80% | 9.07% | 33.25% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
AXS
Axis Capital
100.99
-1.00
-0.98%
RLI
RLI
53.09
-14.74
-21.73%
SIGI
Selective Insurance Group
92.31
6.62
7.73%
THG
Hanover Insurance
197.93
30.71
18.37%
WTM
White Mountains Insurance Group
2,013.36
232.44
13.05%
KNSL
Kinsale Capital Group
308.85
-168.07
-35.24%
Axis Capital Corporate Events
Business Operations and StrategyExecutive/Board Changes
Axis Capital appoints Pradip Patiath to board
Positive
Jun 15, 2026
AXIS Capital announced on June 15, 2026, that it has appointed Pradip Patiath to its Board of Directors, effective the same day, expanding the board to twelve members, eleven of whom are independent. Patiath, a senior partner at McKinsey Company ...
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...
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.