American Express is a bank. Banks borrow nearly every dollar they have, whether from depositors or from other banks. AXP's assets exceed its liabilities (by $19B or about $19/share, pretty much all in cash), it has decent EPS, and pays a fair dividend.
Check out some other banks. See if their liabilities don't bug your eyes out. (BAC, for example, total debt = 531B; Citi 483B; you get the picture).
You have to learn to read every company's balance sheet in the context of its competition and operational model. Just comparing every stock to every other with the balance sheet as a template is comparing applesauce to brake fluid.