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As of Q4'25, American Express (AXP) reports an EV/Sales ratio of 12.55, marking a decrease from the previous quarter's 14.20. This latest data point suggests a recent pullback after a period of elevated valuation levels. Over the period from Q1'23 to Q4'25, the EV/Sales ratio has shown significant volatility. After a dip to 7.59 in Q3'23, the ratio surged sharply, peaking at 14.67 in Q4'24. The trend reflects a general upward trajectory with notable fluctuations, indicating changing market sentiment and valuation dynamics for AXP during this timeframe.