AXA (CS.PA): analysis in plain words
Is AXA cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
AXA (CS.PA) is listed on Euronext Paris and we classify it in insurance. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against AXA according to those figures, and the questions people ask most about the stock. No buy or sell tips.
AXA (CS.PA) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | €45.18 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 12.2x | Price over earnings per share |
| Revenue growth | +4.5% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 10.4% | Profit for every 100 of sales |
| Net debt / EBITDA | Not meaningful (financial company) | Years of operating profit to repay debt |
| Dividend yield | 5.39% | Annual dividend over price |
| Market cap | €91.4 billion | What the stock market values it at |
The AXA figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any CS.PA figure that is not available shows as N/A: we do not estimate it.
How AXA makes money
AXA collects insurance premiums in three lines: Property & Casualty (auto, home and commercial, including AXA XL for large corporate risks), its largest; Life & Savings; and Health. It operates mainly in France, the rest of Europe and Asia, and profits both from underwriting and from investing the premiums it holds.
Over the last 12 months, AXA brought in revenue of €96.8 billion. For every 100 it sells, AXA keeps 14.9 after the direct cost of what it sells (gross margin) and 12.0 after all operating costs (operating margin). With 107,756 full-time employees, that is about €898,000 of revenue per employee.
AXA against its sector
To know whether a AXA figure is high or low you have to put it next to similar companies. This table compares AXA with the median of the 11 insurance companies Fintols covers, with data as of November 4, 2026.
| Figure | AXA | insurance median |
|---|---|---|
| P/E | 12.2x | 13.1x (11) |
| Revenue growth | +4.5% | +3.0% (11) |
| Net margin | 10.4% | 11.2% (11) |
| Dividend yield | 5.39% | 2.35% (11) |
| ROE | 14.9% | 18.4% (11) |
In short, against the typical insurance company, AXA grows faster, pays a higher dividend yield and earns less on its equity. By size, AXA ranks number 1 of 3 insurance companies quoted in EUR on Fintols.
The bull case for AXA
These are the strengths in the AXA figures as of November 4, 2026:
- For income seekers, AXA pays a dividend yielding 5.39% at today's price, using 63% of its profit to fund it.
- Analysts expect AXA earnings to rise: its P/E on the next 12 months of estimated earnings is 10.1x, below the current 12.2x.
- It is the largest by market value of the 3 insurance companies quoted in EUR that Fintols covers, and scale gives it bargaining power with customers and suppliers.
The main risk for AXA
The AXA figures as of November 4, 2026 show no clear red flag (no heavy debt, no losses, no falling sales). Its main risk is the one built into its business: natural catastrophes and claims above plan, plus swings in the markets where it invests premiums.
Frequently asked questions about AXA
Is it a good time to buy AXA stock?
Fintols does not tell you whether to buy or sell AXA, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, AXA stock trades at €45.18, 1% below its 52-week high (€45.66) and 24% above its low (€36.55). Its P/E is 12.2x against a insurance median of 13.1x, and 10.1x on the earnings analysts expect over the next 12 months. With AXA, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does AXA pay a dividend?
Yes. As of November 4, 2026, AXA pays €2.32 per share a year, which at today's price is a yield of 5.39%. It uses 63% of its profit to pay it. Its average dividend yield over the last five years is 5.65%. The insurance median on Fintols is 2.35%.
Is AXA stock expensive?
It depends on what you compare it with. On P/E, AXA trades at 12.2x its last 12 months of earnings: in line with the insurance median (13.1x). For a financial company you also look at price to book value: 2.0x (insurance median: 2.2x). A high P/E alone does not make AXA expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are AXA's competitors?
On Fintols we compare AXA with Munich Re, Mapfre and Allianz, which are also in insurance. As of November 4, 2026, Munich Re is worth €73.5 billion and trades on a P/E of 11.0; Mapfre is worth €12.9 billion and trades on a P/E of 11.0; Allianz trades on a P/E of 15.0. Each has a side-by-side comparison with AXA below.
AXA competitors
- Munich Re (MUV2.DE) analysis · AXA vs Munich Re comparison
- Mapfre (MAP) analysis · AXA vs Mapfre comparison
- Allianz (ALV.DE) analysis · AXA vs Allianz comparison
To understand AXA better
- How to Read a Balance Sheet: A Beginner's Guide
- Dividend Growth Investing: FCF Payout Ratio and Compounding
More companies like AXA: insurance stocks and Euro Stoxx 50 companies. Open the full CS.PA analysis with its valuation and scenarios. Educational content about AXA, not investment advice.