# AXIS Capital Holdings Limited (AXS)

> Source: Nexqual · https://nexqual.com/AXS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, AXIS Capital Holdings Limited (AXS), nexqual.com/AXS" · informational, not investment advice.

**Price:** USD 104.3 (+3.71% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 100.57 · day 101.16–104.32 · 52w 88.07–119.99 · market cap $7.61B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.81B, net income $1.10B (16.2% margin) (SEC filings).
- Valuation: P/E 6.9x (avg 9.4x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold AXS (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $251K; 1 not under a Rule 10b5-1 plan ($251K); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.17 on a 1–5 scale) (12 analysts), mean target USD 119.55 (range 104–130).
- Total return with dividends: 1Y +14.3% vs S&P 500 +14.9%; 5Y +125.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 2.85, revenue estimate $1.39B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.32B | $5.14B | $5.64B | $5.96B | $6.56B | $6.81B |
| Net income | $619M | $223M | $376M | $1.08B | $1.01B | $1.10B |
| EPS (diluted) | $6.90 | $2.25 | $4.02 | $12.35 | $12.35 | — |
| Net margin | 11.6% | 4.3% | 6.7% | 18.2% | 15.4% | 16.2% |
| Revenue growth | +9.9% | -3.5% | +9.9% | +5.6% | +10.2% | — |
| Cash + short-term investments | $845M | $751M | $953M | $2.14B | $820M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 6.9x · P/S 1.1x · P/B 1.2x · Earnings yield 14.51% · Dividend yield (paid, TTM) 1.80% · Buyback yield (TTM) 7.18%
P/E at fiscal year-ends: Dec 2025 8.4x, Dec 2024 7.0x, Dec 2023 12.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold AXS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Sarah Ketterer | Causeway Capital Management | 1.00% | $92.4M | Added +5.4% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-07 | Smith Henry B | Director | 2,542 | $251K | 5.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.17 on a 1–5 scale), 12 analysts; mean target USD 119.55 (low 104, high 130).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Wells Fargo | Target lowered | Overweight | $126 → $112 |
| 2026-10-07 | Mizuho | Target lowered | Outperform | $118 → $116 |
| 2026-09-16 | Mizuho | Target lowered | Outperform | $130 → $118 |
| 2026-08-25 | TD Cowen | Reiterated | Buy | $130 |
| 2026-08-04 | Keefe, Bruyette & Woods | Target lowered | Outperform | $131 → $125 |
| 2026-08-03 | UBS | Target lowered | Buy | $131 → $126 |
| 2026-08-03 | Mizuho | Target lowered | Outperform | $142 → $130 |
| 2026-07-30 | Wells Fargo | Target lowered | Overweight | $134 → $126 |
| 2026-07-09 | Wells Fargo | Target raised | Overweight | $119 → $134 |
| 2026-07-09 | Mizuho | Target raised | Outperform | $137 → $142 |
| 2026-07-08 | UBS | Target raised | Buy | $129 → $131 |
| 2026-07-08 | Keefe, Bruyette & Woods | Target raised | Outperform | $126 → $131 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +14.3% | +125.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +14.3% | +17.6% |
| Volatility (annualized) | 25.0% | 23.3% |
| Max drawdown | -20.8% (Jul 2026→Sep 2026) | -18.9% (Jul 2026→Sep 2026) |

## Peers (Insurance - Specialty)
FAF (First American Corporation (New) USD 65.07 -2.09% · ACT (Enact Holdings, Inc.) USD 46.92 +2.78% · ESNT (Essent Group Ltd.) USD 65.7 +2.62% · MTG (MGIC Investment Corporation) USD 27.74 +1.57% · FNF (Fidelity National Financial, In) USD 41.38 +1.87% · RDN (Radian Group Inc.) USD 34.7 +2.12%

## More
Full page: https://nexqual.com/AXS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in AXS's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1214816/000121481626000097/axs-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Economic | "Economic uncertainty and market turmoil has affected and may in the future affect, among other aspects of our business, the demand for and claims made under our products, the ability of customers, counterparties and othe…" |
| Partner | Enstar Group | "We have generated positive operating cash flows in all years since 2003, with the exception of 2025 which was impacted by payment for the LPT agreement with Enstar completed April 24, 2025." |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.85 | $2.97 | -4.2% | $1.39B | 11 |
| Next quarter (ends 2026-12-31) | $3.16 | $3.43 | -7.7% | $1.44B | 11 |
| Current fiscal year (ends 2026-12-31) | $12.25 | $13.05 | -6.1% | $6.28B | 12 |
| Next fiscal year (ends 2027-12-31) | $13.37 | $14.48 | -7.7% | $6.71B | 11 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±6.2%; last 8 reports averaged ±3.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 27.6% | ±6.2% |
| 2026-12-18 | 56 | 24.0% | ±7.6% |
| 2027-03-19 | 147 | 24.2% | ±12.2% |
| 2027-06-17 | 237 | 24.7% | ±15.8% |