American Express Company Financial Ratios — AXP.BA Stock

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	52.68	88.35	77.94	58.98	65.09	63.84	52.11	51.88	28.03	64.7	50.02	21.8	57.84	49.62	45.96
Return on Assets (%)	1.7	2.98	3.29	2.92	3.5	3.77	3.22	3.36	1.62	3.74	3.49	1.61	4.24	3.6	3.42
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	4.44	3.32	3.06	3.14	3.1	3.03	3.18	2.99	3.58	3.21	2.72	4.26	3.93	3.09	2.74
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	11.78	21.62	23.22	20.44	24	26.88	24.23	21.94	20.13	20.15	19.32	11.85	24.77	18.24	17.42
Profit Margin (%)	8.83	14.71	16.47	14.2	16.31	17.6	15.76	14.66	7.45	17.17	15.49	8.65	18.68	14.3	13.87
Net Income to Common Margin (%)	7.56	14.71	16.47	14.2	16.31	17.6	15.57	14.45	7.23	16.97	15.3	8.43	18.52	14.19	13.78
Effective Tax Rate (%)	24.78	31.98	29.57	30.52	32.06	34.55	34.96	33.16	62.99	14.79	19.81	27.03	24.6	21.61	20.35
Dvd Payout Ratio (%)	33.75	21.37	17.58	20.12	17.52	17.69	21.76	21.28	43.87	18.18	20.08	45.65	17.24	20.22	20.71
Sustainable Growth Rate (%)	34.9	69.47	64.25	47.11	53.69	52.54	40.77	40.84	15.73	52.93	39.97	11.85	47.87	39.59	36.45

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	54,682	69,830	63,907	62,287	60,351	61,435	52,873	52,571	59,082	61,523	64,277	44,830	40,918	43,921	49,159
ST Debt	2,344	3,414	4,337	3,314	5,021	3,480	4,812	5,581	3,278	3,100	6,442	1,878	2,243	1,348	1,293
LT Debt	52,338	66,416	59,570	58,973	55,330	57,955	48,061	46,990	55,804	58,423	57,835	42,952	38,675	42,573	47,866
Total Debt/EBITDA	51.1	76.15	69.62	62.85	59.17	60.71	50.69	48.01	44.73	47.58	54.11	29.05	24.14	27.01	29.78
Net Debt/EBITDA	35.51	58.17	42.36	40.28	40.1	38.85	28.88	25.07	19.82	26.39	33.65	7.77	11.43	6.38	1.59
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	3.18	3.55	4.86	5.06	5.69	6.11	6.12	6.64	4.68	6.72	7.08	7.31	7.23	7.19	7.57
Long-Term Debt/Equity (%)	363.31	409.22	316.96	312.26	283.8	280.34	232.48	229.21	305.59	262.1	250.68	186.88	174.39	172.28	170.6
Long-Term Debt/Capital (%)	89.23	88.51	83.48	84.21	80.11	81.45	76.61	74.44	82.6	78.75	73.85	73.01	70.9	70.54	69.46
Long-Term Debt/Total Assets (%)	41.82	45.28	38.85	38.51	36.07	36.43	29.82	29.57	30.8	30.98	29.16	22.44	20.51	18.64	18.33
Total Debt/Equity (%)	379.58	430.25	340.04	329.81	309.56	297.18	255.76	256.43	323.54	276.01	278.61	195.05	184.51	177.74	175.21
Total Debt/Capital (%)	93.22	93.06	89.56	88.94	87.38	86.34	84.28	83.28	87.45	82.92	82.08	76.21	75.02	72.78	71.33
Total Debt/Total Assets (%)	43.69	47.6	41.68	40.67	39.35	38.61	32.8	33.09	32.61	32.62	32.41	23.43	21.7	19.23	18.83
Net Debt to Equity	263.75	328.66	206.93	211.37	209.78	190.2	145.71	133.92	143.37	153.09	173.28	52.15	87.4	42.01	9.37
Net Debt/Capital (%)	90.34	90.9	83.7	83.54	82.25	80.13	75.29	72.19	75.49	72.9	73.98	46.1	58.69	38.72	11.74
EBITDA	1,070	917	918	991	1,020	1,012	1,043	1,095	1,321	1,293	1,188	1,543	1,695	1,626	1,651
EBITDA-CapEx	348	39	-271	-62	14	-183	-298	-280	259	-17	-457	65	145	-229	88
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	3.18	3.55	4.86	5.06	5.69	6.11	6.12	6.64	4.68	6.72	7.08	7.31	7.23	7.19	7.57
Long-Term Debt/Equity (%)	363.31	409.22	316.96	312.26	283.8	280.34	232.48	229.21	305.59	262.1	250.68	186.88	174.39	172.28	170.6
Long-Term Debt/Capital (%)	89.23	88.51	83.48	84.21	80.11	81.45	76.61	74.44	82.6	78.75	73.85	73.01	70.9	70.54	69.46
Long-Term Debt/Total Assets (%)	41.82	45.28	38.85	38.51	36.07	36.43	29.82	29.57	30.8	30.98	29.16	22.44	20.51	18.64	18.33
Total Debt/Equity (%)	379.58	430.25	340.04	329.81	309.56	297.18	255.76	256.43	323.54	276.01	278.61	195.05	184.51	177.74	175.21
Total Debt/Capital (%)	93.22	93.06	89.56	88.94	87.38	86.34	84.28	83.28	87.45	82.92	82.08	76.21	75.02	72.78	71.33
Total Debt/Total Assets (%)	43.69	47.6	41.68	40.67	39.35	38.61	32.8	33.09	32.61	32.62	32.41	23.43	21.7	19.23	18.83
CFO/Total Liabilities	5.72	6.69	7.26	5.28	6.38	7.94	7.62	5.99	8.31	5.37	7.78	3.32	8.8	10.35	7.96
CFO/CapEx	8.78	9.94	8.22	6.73	8.5	9.2	7.98	6.03	12.75	6.82	8.29	3.78	9.45	11.36	11.87
Altman's Z-Score	0.25	0.25	0.27	0.29	0.34	0.35	0.34	0.38	0.33	0.43	0.49	0.62	0.96	1.08	2.63

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	31.62	1.47	0.77	0.76	0.76	0.76	0.74	0.81	0.73	0.74	0.78	0.72	1.99	- -	- -
Days Sales Outstanding	11.54	248.78	471.03	478.82	478.18	481.1	490.59	450.63	496.69	492.73	468.93	504.75	183.71	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	1,195	1,224	1,222	1,354	8,393	11,261	10,254	10,851	14,993	32,852	49,457	90,663	172,888	251,821	886,986
- Cash & Cash Equivalents	16,599	16,356	24,893	22,250	19,343	22,084	22,721	25,093	32,879	27,381	24,274	32,826	21,522	33,537	46,530
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	54,682	69,830	63,907	62,287	60,351	61,435	52,873	52,571	59,082	61,523	64,277	44,830	40,918	43,921	49,159
Enterprise Value	39,278	54,698	40,236	41,391	49,401	50,612	40,406	35,221	38,085	62,395	81,132	81,117	189,772	257,668	887,837
Total Capital	58,656	75,040	71,360	70,033	69,071	71,153	62,732	63,123	67,561	74,192	78,311	58,828	54,545	60,349	68,916
Total Debt/Capital (%)	93.22	93.06	89.56	88.94	87.38	86.34	84.28	83.28	87.45	82.92	82.08	76.21	75.02	72.78	71.33
Total Debt / EV	1.39	1.28	1.59	1.5	1.22	1.21	1.31	1.49	1.55	0.99	0.79	0.55	0.22	0.17	0.06
EV/Sales	1.63	1.98	1.34	1.31	1.5	1.51	1.23	0.96	1.03	1.55	1.86	2.24	4.4	4.9	14.71
EV/EBITDA	36.71	59.65	43.83	41.77	48.43	50.01	38.74	32.17	28.83	48.26	68.29	52.57	111.96	158.47	537.76
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	6.2	6.27	4.12	5.84	5.78	4.61	3.77	4.25	2.81	6.99	5.95	14.51	12.96	12.22	47.84
EV/Free Cash Flow to Firm	5.56	5.69	3.67	5.09	5.17	4.15	3.35	3.64	2.61	6.09	5.31	11.48	11.72	11.24	44.12
Diluted Market Cap	1,198	1,231	1,228	1,361	8,447	11,326	10,295	10,874	15,044	32,968	49,577	90,776	173,107	252,156	888,192
Diluted Enterprise Value	39,281	54,705	40,242	41,398	49,455	50,677	40,447	38,352	41,247	67,110	89,580	102,780	192,503	262,540	890,821
EV per Share	336.28	460.42	341.56	364.68	456.57	484.32	404.46	377.5	431.32	728.92	979.86	1,007.67	2,405.22	3,431	12,079.41
TTM Sales	24,125	27,582	29,962	31,555	32,866	33,444	32,757	36,656	36,878	40,315	43,633	36,239	43,147	52,560	60,363
TTM EBITDA	1,070	917	918	991	1,020	1,012	1,043	1,095	1,321	1,293	1,188	1,543	1,695	1,626	1,651
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	6,337	8,729	9,768	7,082	8,547	10,990	10,706	8,291	13,540	8,930	13,632	5,591	14,645	21,079	18,559
TTM Free Cash Flow to Firm	7,059	9,607	10,957	8,135	9,553	12,185	12,047	9,666	14,602	10,240	15,277	7,069	16,195	22,934	20,122

Multiples	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	0.66	0.3	0.25	0.3	1.57	1.91	2.01	2.05	5.62	4.8	7.41	29.67	21.64	33.77	106.66
Price/Earnings Average	0.53	0.29	0.23	0.27	0.77	1.65	1.95	1.53	4.24	3.24	8.28	22.63	17.9	27.36	57.19
Price/Earnings High	0.68	0.31	0.25	0.33	1.57	2.1	2.23	2.05	5.63	5.1	23.53	59.24	26.2	36.33	112.16

American Express Company

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples