# AXIS Capital Holdings (AXS.US)

Canonical: https://gigainvestors.com/s/AXS

Analysis as of: 2026-10-16T07:26:43.373Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $97.93 per share; close as of 2026-10-15.

Estimated value: low $35.11 per share, central $41.00 per share, high $49.28 per share. Buy at or below the central value $41.00 per share. Valuation as of 2026-10-16T07:26:43.373Z; scenarios are not confidence intervals.

Expected annual return: 6.5% at the stated quote. About 6.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 8

- Required profitable years: 8

- Return on common equity variation (informational): 1.32×

Chart: Net income; fiscal year observations.

- FY2016: $465M

- FY2017: -$416M

- FY2018: $396K

- FY2019: $282M

- FY2020: -$151M

- FY2021: $588M

- FY2022: $193M

- FY2023: $346M

- FY2024: $1.1B

- FY2025: $979M

### moat: fail

- Common book per share

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 6.6%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: -3.2%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 9.0%

- FY2017: -9.1%

- FY2018: 0.0%

- FY2019: 5.9%

- FY2020: -3.2%

- FY2021: 12.1%

- FY2022: 4.7%

- FY2023: 7.3%

- FY2024: 19.0%

- FY2025: 16.9%

### economics: fail

- Common book per share

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 6.4%

- Book return interval: 10 years

- Starting book value per share: $52.59

- Ending book value per share: $73.25

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 9.7%

- FY2017: -0.6%

- FY2018: -3.8%

- FY2019: 14.7%

- FY2020: 2.7%

- FY2021: 4.2%

- FY2022: -13.2%

- FY2023: 18.5%

- FY2024: 21.9%

- FY2025: 15.4%

### management: pass

- Common book per share

- Diluted shares, 10-year annual growth: -2.3%

- Diluted shares, 5-year annual growth: -1.2%

- Share growth excluding flagged crisis recapitalisations: -2.3%

- Five-year share growth excluding flagged crisis recapitalisations: -1.2%

- Flagged crisis recapitalisations: 0

- Book value created per share: $20.67

- Earnings retained per share after dividends and buybacks: -$6.83

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 7.5% a year forever · "AXS Q2 Deep Dive: Robust Underwriting Drives Record EPS and Premium Growth" (finance.yahoo.com, Aug 2025) · net income -6.9%

Story as of 2026-10-16T09:58:21.339Z; price observation 2026-10-15.

The price assumes profits grow 7.5% a year forever

- 2025-05-01: AXIS Capital Q1 Earnings Beat Estimates on Higher Investment Income ([finance.yahoo.com](https://finance.yahoo.com/news/axis-capital-q1-earnings-beat-142500232.html))

- 2025-08-12: AXS Q2 Deep Dive: Robust Underwriting Drives Record EPS and Premium Growth ([finance.yahoo.com](https://finance.yahoo.com/news/axs-q2-deep-dive-robust-050222799.html))

- 2026-07-29: AXIS Capital Q2 Earnings Miss Estimates on Higher Catastrophe Losses ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/axis-capital-q2-earnings-miss-170600989.html))

### Net income · FY2025

net income -6.9%; source https://www.sec.gov/Archives/edgar/data/1214816/000121481626000097/axs-20251231.htm; observed 2026-02-27.

- FY2016: $465M 

- FY2017: -$416M 

- FY2018: $396K 

- FY2019: $282M 

- FY2020: -$151M 

- FY2021: $588M 

- FY2022: $193M 

- FY2023: $346M 

- FY2024: $1.1B 

- FY2025: $979M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance specialty; annual sales are USD 6.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1214816/000121481626000097/axs-20251231.htm#000121481626000097 (filed 2026-02-27); FY2025: revenue 6563678000.

### Why customers stay

It earns 6.6% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on tangible equity observations [[2016,0.0904460217601164],[2017,-0.09105452509973141],[2018,0.00009306542711038194],[2019,0.05920749136927428],[2020,-0.031749623974912836],[2021,0.12104518402454319],[2022,0.047148470259736765],[2023,0.07341981958738826],[2024,0.1898292209289164],[2025,0.16854541556049452]]; median 0.06631365547833126. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 887.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,172232000],[2017,187876000],[2018,176127000],[2019,179834000],[2020,173421000],[2021,175853000],[2022,179591000],[2023,184025000],[2024,182015000],[2025,172982000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1214816/000121481626000097/axs-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 887717000 USD.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AXS.US SharesStats.PercentInsiders = 0.881 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 7.5% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Price 97.93; FX 1; original perpetual distributable cash 2.441207984734922; discount 0.1; growth 0.07507190866195322. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $56.97 per share

- 2016-11: $61.01 per share

- 2016-12: $65.27 per share

- 2017-01: $64.01 per share

- 2017-02: $69.30 per share

- 2017-03: $67.03 per share

- 2017-04: $65.90 per share

- 2017-05: $65.58 per share

- 2017-06: $64.66 per share

- 2017-07: $64.58 per share

- 2017-08: $60.24 per share

- 2017-09: $57.31 per share

- 2017-10: $54.39 per share

- 2017-11: $52.39 per share

- 2017-12: $50.26 per share

- 2018-01: $50.53 per share

- 2018-02: $49.34 per share

- 2018-03: $57.57 per share

- 2018-04: $58.70 per share

- 2018-05: $56.85 per share

- 2018-06: $55.62 per share

- 2018-07: $56.56 per share

- 2018-08: $57.52 per share

- 2018-09: $57.71 per share

- 2018-10: $55.79 per share

- 2018-11: $55.35 per share

- 2018-12: $51.64 per share

- 2019-01: $53.55 per share

- 2019-02: $57.07 per share

- 2019-03: $54.78 per share

- 2019-04: $56.85 per share

- 2019-05: $59.58 per share

- 2019-06: $59.65 per share

- 2019-07: $63.67 per share

- 2019-08: $61.39 per share

- 2019-09: $66.72 per share

- 2019-10: $59.43 per share

- 2019-11: $59.18 per share

- 2019-12: $59.44 per share

- 2020-01: $64.25 per share

- 2020-02: $56.12 per share

- 2020-03: $38.65 per share

- 2020-04: $36.60 per share

- 2020-05: $37.54 per share

- 2020-06: $40.56 per share

- 2020-07: $40.12 per share

- 2020-08: $47.76 per share

- 2020-09: $44.04 per share

- 2020-10: $42.69 per share

- 2020-11: $50.11 per share

- 2020-12: $50.39 per share

- 2021-01: $45.90 per share

- 2021-02: $50.53 per share

- 2021-03: $49.57 per share

- 2021-04: $55.80 per share

- 2021-05: $53.64 per share

- 2021-06: $49.01 per share

- 2021-07: $50.87 per share

- 2021-08: $51.17 per share

- 2021-09: $46.04 per share

- 2021-10: $52.07 per share

- 2021-11: $49.68 per share

- 2021-12: $54.47 per share

- 2022-01: $56.98 per share

- 2022-02: $54.62 per share

- 2022-03: $60.47 per share

- 2022-04: $57.33 per share

- 2022-05: $58.57 per share

- 2022-06: $57.09 per share

- 2022-07: $50.49 per share

- 2022-08: $53.15 per share

- 2022-09: $49.15 per share

- 2022-10: $54.67 per share

- 2022-11: $57.56 per share

- 2022-12: $54.17 per share

- 2023-01: $62.57 per share

- 2023-02: $60.72 per share

- 2023-03: $54.52 per share

- 2023-04: $56.54 per share

- 2023-05: $51.90 per share

- 2023-06: $53.83 per share

- 2023-07: $55.12 per share

- 2023-08: $54.86 per share

- 2023-09: $56.37 per share

- 2023-10: $57.10 per share

- 2023-11: $56.34 per share

- 2023-12: $55.37 per share

- 2024-01: $59.52 per share

- 2024-02: $62.57 per share

- 2024-03: $65.02 per share

- 2024-04: $61.33 per share

- 2024-05: $73.88 per share

- 2024-06: $70.65 per share

- 2024-07: $75.75 per share

- 2024-08: $79.88 per share

- 2024-09: $79.61 per share

- 2024-10: $78.26 per share

- 2024-11: $93.04 per share

- 2024-12: $88.62 per share

- 2025-01: $91.02 per share

- 2025-02: $96.88 per share

- 2025-03: $100.24 per share

- 2025-04: $96.32 per share

- 2025-05: $103.80 per share

- 2025-06: $103.82 per share

- 2025-07: $93.84 per share

- 2025-08: $98.58 per share

- 2025-09: $95.80 per share

- 2025-10: $93.66 per share

- 2025-11: $102.24 per share

- 2025-12: $107.09 per share

- 2026-01: $103.18 per share

- 2026-02: $105.72 per share

- 2026-03: $101.41 per share

- 2026-04: $100.41 per share

- 2026-05: $94.93 per share

- 2026-06: $107.44 per share

- 2026-07: $105.32 per share

- 2026-08: $98.78 per share

- 2026-09: $94.20 per share

- 2026-10: $97.93 per share

## Annual estimated value (USD per share)

- FY2016: low $63.69 per share, central $70.06 per share, high $77.84 per share

- FY2017: low $40.91 per share, central $51.14 per share, high $68.19 per share

- FY2018: low $38.54 per share, central $48.17 per share, high $64.23 per share

- FY2019: low $36.57 per share, central $45.71 per share, high $60.95 per share

- FY2020: low $22.26 per share, central $26.70 per share, high $33.35 per share

- FY2021: low $35.45 per share, central $44.32 per share, high $59.09 per share

- FY2022: low $33.41 per share, central $36.75 per share, high $40.83 per share

- FY2023: low $23.61 per share, central $27.58 per share, high $33.15 per share

- FY2024: low $28.02 per share, central $32.73 per share, high $39.33 per share

- FY2025: low $31.54 per share, central $36.83 per share, high $44.27 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1214816/000121481626000097/axs-20251231.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Sarah Ketterer](https://gigainvestors.com/CAU): 859,727 AXS shares; USD 92,369,000 reported position value; 1% of portfolio; add; quarter 2026 Q2.
- [Matthew McLennan](https://gigainvestors.com/FE): 151,949 AXS shares; USD 16,325,000 reported position value; 0.03% of portfolio; add; quarter 2026 Q2.

# AXS — Axis Capital Holdings Ltd.

Held by 2 investors · USD 108,694,000 total · 2026 Q2 · reported price USD 107.44 (split-adjusted).
Page: https://gigainvestors.com/s/AXS

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Sarah Ketterer (https://gigainvestors.com/CAU) | USD 92,369,000 | 1.0% | add +5.39% |
| Matthew McLennan (https://gigainvestors.com/FE) | USD 16,325,000 | <0.1% | add +67.44% |

## Total held by quarter

- 2024 Q1: USD 121,884,672 · 2 holders · USD 65.02
- 2024 Q2: USD 121,939,851 · 2 holders · USD 70.65
- 2024 Q3: USD 96,146,908 · 3 holders · USD 79.61
- 2024 Q4: USD 101,240,905 · 3 holders · USD 88.62
- 2025 Q1: USD 91,403,143 · 2 holders · USD 100.24
- 2025 Q2: USD 80,184,650 · 2 holders · USD 103.82
- 2025 Q3: USD 87,830,398 · 2 holders · USD 95.80
- 2025 Q4: USD 85,722,332 · 2 holders · USD 107.09
- 2026 Q1: USD 91,932,526 · 2 holders · USD 101.41
- 2026 Q2: USD 108,694,000 · 2 holders · USD 107.44