AXIS Capital Holdings LimitedAXS
NYSE•Financial Services•Insurance - Specialty
AXIS Capital Holdings Limited, through its subsidiaries, provides various specialty insurance and reinsurance products in Bermuda, the United States, and internationally. The company operates through two segments, Insurance and Reinsurance. Its Insurance segment offers professional insurance products that cover directors' and officers' liability, errors and omissions, employment practices, fiduciary, crime, professional indemnity, medical malpractice, environmental liability, and other financial insurance related coverages for commercial enterprises, financial institutions, not-for-profit organizations, and other professional service providers; and property insurance products for commercial buildings, residential premises, construction projects, property in transit, onshore renewable energy installations, and physical damage and business interruption following an act of terrorism. This segment also provides marine and aviation insurance services for offshore energy, offshore renewable energy, ocean marine, cargo, liability, including kidnap and ransom, fine art, specie, and hull war, hull and liability, and specific war coverage for passenger airlines, cargo operations, general aviation operations, airports, aviation authorities, security firms, and product manufacturers; personal accident, travel insurance, specialty health products for employer and affinity groups, and pet insurance products; and liability, cyber, and credit and political risk insurance services. The Reinsurance segment offers agriculture, marine and aviation, catastrophe, accident and health, credit and surety, motor, professional, travel, life, engineering, property, and liability reinsurance products. AXIS Capital Holdings Limited was founded in 2001 and is headquartered in Pembroke, Bermuda.
Axis Capital Holdings Limited (AXS) reported trailing twelve months revenue of $6.69B as of March 2026, a 10.4% increase year-over-year. Quarterly revenue reached $1.64B, reflecting continued top-line momentum.
Axis Capital Holdings Limited generated $1.07B in TTM net income, with quarterly EBITDA of $20.01M. The operating margin expanded from 0.2% to 0.3%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (0.3%) and net margin (15.5%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 12.8% a year ago, signaling stronger bottom-line efficiency.
AXS trades at a P/E of 7.0x (below the broader market average) and a P/S of 1.1x. The price-to-book ratio of 1.2x reflects a moderate premium to book value.
The company generated $505.01M in free cash flow over the trailing twelve months, a 67.3% increase year-over-year, indicating cash generation ability. The balance sheet shows $35.62B in total assets with $1.32B in long-term debt against $6.38B in stockholders equity for a debt-to-equity ratio of 0.2, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~0.4% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~14.7% on average, adequate but below the threshold typically associated with wide moats.
7 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (6 of 7 quarters up), with ~15.5% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 11.8% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 0.9x on average — earnings are well-supported by cash generation.
D/E ratio is 0.2 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 12.3% — net buybacks are reducing shares outstanding and boosting per-share value.