AXIS Capital Holdings Limited

AXS

Insurance - Diversified · Financial Services

Price

$114.78

+1.16 (+1.02%)

Market Cap

$8.46B

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−7.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 85.3M (2021) → 79.3M (2025)

AXIS Capital is an insurance and reinsurance company. It sells policies that protect businesses from big, unexpected losses — things like natural disasters, cyberattacks, liability lawsuits, and shipping accidents. Its main customers are other insurance companies (for reinsurance) and large corporations that need specialty coverage.

The company makes money by collecting premiums from customers and investing that cash while it waits to pay out claims. AXIS operates globally, with a strong presence in Bermuda, the United States, Europe, and Lloyd's of London — one of the world's oldest insurance markets. Its competitive edge comes from deep expertise in hard-to-insure specialty risks, which keeps pricing power higher than standard insurers. The key risk is catastrophe exposure — a single bad year of hurricanes, earthquakes, or large cyber events can quickly erase underwriting profits and pressure returns.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+45.2% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

1.1%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$862M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

AXIS Capital Holdings Limited is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

47.2%

Healthy — 47.2% gross margin

Operating Margin

18.7%

Healthy — 18.7% operating margin

ROCE

4.0%

Weak — 4.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+9.4%

Steady sales growth (9.4% YoY)

EPS YoY

+33.3%

Earnings growing fast (33.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

16%

Weak — only 16% of profit becomes cash

FCF Margin

2.6%

Thin free cash flow (2.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.22

Conservative — low debt load (0.22)

Interest Cover

19.45x

Comfortably covers interest (19.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

8.4x

Attractive valuation — P/E 8.4

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-0.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

1.55%

Small dividend — 1.55% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+0.0%

Dividend flat

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