American Express's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of American Express (AXP) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: American Express vs Its Competitors
- TTM: Trailing 12-month revenue of 114,611M vs 450,645M combined for tracked competitors (20.3% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-31.5% annualized vs trailing 12 months), vs accelerating (+12.6%) for its tracked peer group.
- Growth: American Express generated -34.8% revenue growth year over year in Q2 2026, vs 38.1% for its tracked competitors combined.
- Profitability: Its 15.8% net margin compares with 31.9% for the peer group.
- Scale: American Express ranks #1 of 117 companies by market capitalization in the Miscellaneous Financial Services industry, holding 31.6% of industry market cap.
- Peer revenue share: American Express accounted for 13.4% of combined revenue among its tracked peer group, down from 24.7% a year earlier.
- Peer differentiation: Revenue per employee of $1.49M compares with $0.52M for the peer group (2.9x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
AXP Sales vs. its Competitors, Q2 2026
American Express reported revenue contraction of 34.80 % year on year in Q2 2026, below its competitors' combined revenue growth of 38.10 %.
With a net margin of 15.84 %, American Express reported lower profitability than its competitors (31.94 %).
American Express generated 13.40 % of the combined sales of its peer group, down from 24.69 % a year earlier.
American Express vs. its Competitors, Q2 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across American Express and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| American Express Company | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (6) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (2) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across American Express's competitor groups requires a Commercial License.
For context: the Miscellaneous Financial Services industry grew revenue 293.3% year over year, combined, vs -34.8% for American Express. American Express's share of combined industry revenue moved from 35.77% to 5.93%, a loss of 29.84 percentage points.
American Express's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| American Express Company | Yes | No | No | Yes |
| Competitors combined (26) | ||||
| High-Confidence Competitors (10) | ||||
| Similar-Size Competitors (5) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
AXP Stock Performance relative to its Competitors
AXP Stock Performance relative to High-Confidence Competitors
AXP Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Cuentas Inc | 282.9% | Outperformed |
| 2 | Everi Holdings Inc | 282.9% | Outperformed |
| 3 | Bread Financial Holdings Inc | 282.9% | Outperformed |
| 4 | Discover Financial Services | 282.9% | Outperformed |
| 5 | Financial Institutions Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for American Express's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
American Express's Comment on Competition and Industry Peers
Publicly Traded Peers of American Express Company
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| American Express Company | 207,998.07 | 114,611.00 |
| Jpmorgan Chase and Co | 906,840.78 | 186,328.00 |
| Visa Inc | 704,589.84 | 43,027.00 |
| Mastercard Incorporated | 501,773.58 | 35,083.00 |
| Bank Of America Corporation | 404,609.27 | 121,098.00 |
| Citigroup inc | 233,259.84 | 88,262.00 |
| SUBTOTAL | 3,252,841.66 | 710,757.59 |
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Sources: American Express Company's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on American Express Company versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
American Express's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Mastercard | Named by the company | 85% |
| Affirm Holdings Inc | Named by the company | 85% |
| Discover | Named by the company | 85% |
| Cuentas Inc | Named by the company | 85% |
| Visa | Named by the company | 85% |
| Capital One | Named by the company | 85% |
| Corpay Inc | Named by the company | 85% |
| Venmo | Named by the company | 85% |
| Wex Inc | Named by the company | 85% |
| China UnionPay | Named by the company | 85% |
| National Payments Corporation of India | Named by the company | 85% |
| Alipay | Named by the company | 85% |
| JCB | Named by the company | 85% |
| Diners Club International | Named by the company | 85% |
| PayPal | Named by the company | 85% |
| Klarna Group Plc | Named by the company | 85% |
| Evertec Inc | Named by the company | 85% |
| Global Payments Inc | Named by the company | 85% |
| Partners Bancorp | Named by the company | 85% |
| Global Business Travel Group Inc | Named by the company | 85% |
| Bank Bradesco | Named by the company | 85% |
| Bread Financial Holdings Inc | Named by the company | 85% |
| Financial Institutions Inc | Named by the company | 85% |
| Synchrony Financial | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for American Express's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
American Express's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Mastercard Incorporated | Payment Solutions 100.00 % |
| Citigroup inc | Markets 29.42 % |
| Global Payments Inc | Merchant Solutions 100.00 % |
| Aci Worldwide Inc | Payment Software 50.14 % |
| Global Business Travel Group Inc | Reportable 100.00 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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American Express's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| American Express Company | 207,998 | 1,492,331 | 149,023 |
| Jpmorgan Chase and Co | 906,841 | 584,995 | 200,752 |
| Visa Inc | 704,590 | 1,261,789 | 652,082 |
| Mastercard Incorporated | 501,774 | 881,482 | 408,467 |
| Bank Of America Corporation | 404,609 | 568,535 | 158,005 |
| Citigroup inc | 233,260 | 390,540 | 72,049 |
| PEERS TOTAL | 3,044,844 | 521,005 | 156,167 |
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American Express's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Visa Inc | Non-US 61.39 % |
| Mastercard Incorporated | International Markets 57.56 % |
| Aci Worldwide Inc | United States 64.29 % |
| Euronet Worldwide Inc | Europe 60.43 % |
| The Western Union Company | North America Member 34.31 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
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American Express's Position in Industry Market Structure
Market-capitalization share and concentration across all 103 companies in American Express's industry classification, broader than the peer set above. Market cap in millions of $.American Express ranks #1 of 103 companies by market capitalization in its industry, holding 31.55 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,294, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | American Express Company | 207,244 | 31.55 % |
| 2 | Nu Holdings Ltd | 61,219 | 9.32 % |
| 3 | Coinbase Global Inc | 51,945 | 7.91 % |
| 4 | Eason Technology Limited | 38,113 | 5.80 % |
| 5 | Strategy Inc | 1,234 | 5.2% |
| 6 | Federal National Mortgage Association Fannie Mae | 1,234 | 5.2% |
| 7 | Synchrony Financial | 1,234 | 5.2% |
| 8 | Circle Internet Group Inc | 1,234 | 5.2% |
| 9 | Sofi Technologies Inc | 1,234 | 5.2% |
| 10 | Bitmine Immersion Technologies Inc | 1,234 | 5.2% |
Market cap and industry share for the rest of American Express's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
American Express's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 1 | American Express Company | 207,244 | -10.28 % |
| 2 | Nu Holdings Ltd | 61,219 | -20.94 % |
| 3 | Coinbase Global Inc | 1,234 | 12.3% |
| 4 | Eason Technology Limited | 1,234 | 12.3% |
| 5 | Strategy Inc | 1,234 | 12.3% |
| 6 | Federal National Mortgage Association Fannie Mae | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of American Express's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
American Express's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Miscellaneous Financial Services industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (80 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 49.13 % | 53.42 % (avg) | -4.3 pp |
| Operating Margin | - | industry median | - |
| EBITDA Margin | 20.22 % | 2.15 % (avg) | +18.1 pp |
| Capital Intensity (Capex / Revenue) | 2.99 % | 4.86 % (avg) | -1.9 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
American Express's Valuation vs Competitive Position
Valuation multiples vs the Miscellaneous Financial Services industry average (80 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 19.5x | 18.8x | +0.6x |
| EV / EBITDA | 11.3x | 15.3x | -4.0x |
| P/B | 6.5x | 3.1x | +3.4x |
| Return on Equity | 34.12 % | industry aggregate | 41.01 % |
| Return on Invested Capital | - | 0.51 % (avg) | - |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
American Express's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 142.32 % | 7.55 % | -98.89 % | 500.00 % | 19.40 % | 9.96 % | 7.96 % | 9.60 % |
| Operating Margin | 58.57 % | 57.88 % | -341.69 % | 57.78 % | 56.12 % | 56.22 % | 56.94 % | 56.35 % |
| Return on Invested Capital | 34.03 % | 33.52 % | -4.93 % | 39.39 % | 29.01 % | 21.04 % | 21.06 % | 33.81 % |
| P/E | 13.0x | 15.4x | 56.3x | 16.8x | 15.4x | 15.5x | 20.6x | 23.3x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
American Express's BCG Growth-Share Matrix
Relative market share (vs American Express's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
American Express falls in the Cash Cow quadrant: relative market share of 3.39x vs its largest competitor, in an industry growing revenue 3.4% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
American Express's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 1,294 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 2.99 % vs industry average 4.86 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See American Express's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See American Express's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
American Express's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
American Express falls in the Low attractiveness / High strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
American Express's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Market leader by capitalization in its industry (#1 of 103, 31.55 % share).
- Return on equity 41.0 points above the industry aggregate.
Weaknesses
- Latest-quarter revenue run-rate is decelerating (-31.5% annualized vs trailing 12 months).
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Piotroski F-Score of 2 or below, the standard financial-distress signal.
Opportunities
No rule matched.
Threats
- Losing revenue share to the broader industry (-29.8 points over the past year).
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
American Express's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| American Express Company | 0.08 | 0.60 | 1.76 |
| Jpmorgan Chase and Co | 0.17 | 0.42 | 1.40 |
| Visa Inc | 0.48 | 1.09 | 0.66 |
| Mastercard Incorporated | 0.46 | 1.05 | 2.91 |
| Bank Of America Corporation | 0.09 | 0.52 | 1.25 |
| Citigroup inc | 0.01 | 0.40 | 1.75 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
American Express's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| American Express Company | Q2 2026 | -34.8 % | +7.8 % |
| Jpmorgan Chase and Co | Q2 2026 | +30.4 % | +44.0 % |
| Visa Inc | Q1 2026 | +17.1 % | +31.5 % |
| Mastercard Incorporated | Q2 2026 | +14.1 % | +18.6 % |
| Bank Of America Corporation | Q2 2026 | +15.0 % | +27.5 % |
| Citigroup inc | Q1 2026 | +14.1 % | +44.6 % |
| PEERS TOTAL | +18.7 % | +58.6 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
American Express's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| American Express Company | Q2 2026 | -22.8 % | +45.1 % |
| Jpmorgan Chase and Co | Q2 2026 | -6.4 % | - |
| Visa Inc | Q1 2026 | - | - |
| Mastercard Incorporated | Q2 2026 | - | +128.7 % |
| Bank Of America Corporation | Q2 2026 | - | - |
| Citigroup inc | Q1 2026 | - | -6.7 % |
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American Express's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| American Express Company | 3.77% | 5.24% | 34.12% |
| Jpmorgan Chase and Co | 1.35% | 3.71% | 17.50% |
| Visa Inc | 22.56% | 31.88% | 59.24% |
| Mastercard Incorporated | 29.89% | 51.37% | 232.26% |
| Bank Of America Corporation | 0.97% | 2.76% | 11.13% |
| Citigroup inc | 0.61% | 0.63% | 7.62% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
American Express's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| American Express Company | 18.63 | 1.81 |
| Jpmorgan Chase and Co | 14.17 | 4.87 |
| Visa Inc | 31.78 | 16.38 |
| Mastercard Incorporated | 31.25 | 14.30 |
| Bank Of America Corporation | 12.78 | 3.34 |
| Citigroup inc | 16.34 | 2.64 |
| PEERS AVERAGE | 17.11 | 4.58 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.