AXA S.A. (CS.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+8.5%

€46.49

vs €42.85 price

Levered DCF

€354.38

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.68

Distress zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	9.02×	9.81×	9.36×	12.23×	8.79×	15.61×	16.63×	19.44×
P/B	2.01×	1.51×	1.49×	1.32×	0.88×	0.65×	0.86×	0.67×
P/S	0.78×	0.7×	0.66×	0.69×	0.56×	0.46×	0.48×	0.36×
EV / EBITDA	12.67×	11.83×	11.81×	13.34×	8.97×	11.24×	12.64×	25.75×
Gross margin	28.7%	31.6%	28.4%	13.5%	29.7%	27.4%	24.4%	40.3%
Operating margin	9.2%	9.3%	8.4%	7.6%	8.3%	4.8%	4.5%	1.3%
Net margin	9.0%	7.3%	7.2%	5.9%	6.6%	3.1%	3.1%	1.8%
Current ratio	0.1×	24.3×	0.42×	171.08×	269.37×	348.6×	222.12×	19.26×
Debt / equity	1.45×	1.25×	1.35×	1.41×	0.8×	0.83×	0.86×	1.05×
Interest coverage	15.95×	16.44×	13.81×	10.1×	19.9×	5.55×	7.81×	2.72×
Dividend yield	5.5%	5.9%	6.0%	6.2%	5.6%	3.8%	5.5%	8.2%
Payout ratio	48.3%	56.5%	54.9%	72.6%	47.8%	55.1%	84.8%	159.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.0%	15.8%	16.3%	11.2%	10.3%	4.4%	5.5%	3.4%
Return on invested capital	4.9%	0.8%	1.6%	0.7%	11.1%	4.8%	6.3%	0.0%
Return on assets	1.5%	1.2%	1.1%	0.7%	0.9%	0.4%	0.5%	0.2%
Free cash flow yield	24.6%	14.7%	7.9%	12.6%	9.9%	54.1%	14.0%	17.2%
Earnings yield	11.4%	10.5%	11.0%	8.5%	11.7%	6.8%	6.4%	5.1%
Enterprise value	€125.3B	€118.6B	€100.2B	€97.3B	€94.5B	€77.9B	€97.5B	€75.7B
Net debt / EBITDA	4.01×	4.31×	4.07×	5.16×	3.06×	4.53×	4.88×	11.56×
Cash conversion cycle (days)	80	33	0	0	-100	-119	-86	-114