Latest Ratios: P/E Ratio 8.2x · EV/EBITDA 6.7x · ROE 8.9%. (2003–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.7B | $4.4B | $4.9B | $4.5B | $4.0B | $3.7B | $2.7B | $4.9B | $4.3B | $4.1B | $5.1B |
| Enterprise Value | $5.0B | $5.8B | $6.5B | $6.1B | $10.9B | $5.3B | $3.8B | $6.0B | $5.4B | $5.3B | $6.3B |
| P/E Ratio → | 8.22 | 8.83 | 13.10 | 6.08 | 32.43 | 9.58 | 7.52 | 12.26 | 8.18 | 5.68 | 5.76 |
| P/S Ratio | 4.70 | 5.63 | 6.00 | 4.39 | 5.82 | 5.34 | 2.50 | 5.32 | 4.32 | 2.51 | 3.67 |
| P/B Ratio | 0.71 | 0.77 | 0.88 | 0.77 | 0.75 | 0.57 | 0.40 | 0.74 | 0.65 | 0.61 | 0.78 |
| P/FCF | 14.30 | 17.14 | 103.99 | 9.67 | — | — | — | — | 9.22 | 9.57 | — |
| P/OCF | 14.30 | 17.14 | 103.99 | 9.67 | — | — | — | — | 9.22 | 9.57 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.30 | 7.94 | 5.97 | 15.88 | 7.57 | 3.48 | 6.47 | 5.46 | 3.20 | 4.53 |
| EV / EBITDA | 6.68 | 7.66 | 11.17 | 7.99 | 47.43 | 9.37 | 7.58 | 10.81 | 8.00 | 4.86 | 5.59 |
| EV / EBIT | 7.58 | 7.66 | 11.17 | 7.99 | 47.43 | 9.37 | 7.58 | 10.81 | 8.00 | 4.86 | 5.59 |
| EV / FCF | — | 22.22 | 137.56 | 13.14 | — | — | — | — | 11.67 | 12.22 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 92.9% | 92.9% | 100.7% | 82.8% | 95.6% | 129.5% | 79.8% | 88.0% | 91.9% | 75.3% | 77.3% |
| Operating Margin | 84.0% | 84.0% | 60.0% | 65.8% | 21.6% | 68.3% | 38.1% | 50.2% | 58.8% | 60.0% | 73.7% |
| Net Profit Margin | 63.8% | 63.8% | 46.2% | 72.8% | 18.1% | 55.7% | 33.4% | 43.5% | 52.8% | 44.2% | 63.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.9% | 8.9% | 6.6% | 13.4% | 2.1% | 5.9% | 5.4% | 6.1% | 7.8% | 10.9% | 14.0% |
| ROA | 4.2% | 4.2% | 3.1% | 5.0% | 0.7% | 2.3% | 2.4% | 2.9% | 3.7% | 5.1% | 6.1% |
| ROIC | 7.0% | 7.0% | 5.1% | 5.1% | 1.1% | 4.5% | 4.0% | 4.5% | 5.6% | 9.5% | 10.2% |
| ROCE | 8.2% | 8.2% | 4.0% | 4.5% | 0.9% | 3.0% | 2.8% | 3.6% | 4.3% | 7.0% | 7.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.29 | 0.29 | 0.31 | 0.29 | 1.32 | 0.26 | 0.18 | 0.19 | 0.19 | 0.19 | 0.20 |
| Debt / EBITDA | 2.27 | 2.27 | 2.93 | 2.23 | 30.52 | 2.97 | 2.46 | 2.23 | 1.83 | 1.19 | 1.17 |
| Net Debt / Equity | — | 0.23 | 0.28 | 0.28 | 1.30 | 0.24 | 0.16 | 0.16 | 0.17 | 0.17 | 0.18 |
| Net Debt / EBITDA | 1.75 | 1.75 | 2.73 | 2.11 | 30.05 | 2.75 | 2.13 | 1.93 | 1.68 | 1.06 | 1.06 |
| Debt / FCF | — | 5.08 | 33.57 | 3.46 | — | — | — | — | 2.44 | 2.65 | — |
| Interest Coverage | 8.44 | 8.44 | 6.36 | 8.42 | 2.83 | 6.48 | 5.86 | 6.21 | 7.17 | 11.22 | 10.97 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.13 | 1.13 | — | — | 32.29 | 12.63 | — | 11.40 | 10.46 | 192.69 | 170.92 |
| Quick Ratio | 1.13 | 1.13 | — | — | 42.13 | 16.51 | — | 14.74 | 12.36 | 250.43 | 213.05 |
| Cash Ratio | 0.62 | 0.62 | — | — | 27.06 | 10.29 | — | 9.52 | 9.28 | 187.62 | 170.95 |
| Asset Turnover | — | 0.06 | 0.07 | 0.08 | 0.04 | 0.04 | 0.07 | 0.06 | 0.07 | 0.11 | 0.10 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.6% | 1.5% | 1.4% | 1.5% | 1.6% | 1.8% | 2.5% | 1.5% | 1.7% | 1.7% | 1.4% |
| Payout Ratio | 13.5% | 13.5% | 18.1% | 9.1% | 51.6% | 17.0% | 19.1% | 18.4% | 13.6% | 9.6% | 7.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 12.2% | 11.3% | 7.6% | 16.4% | 3.1% | 10.4% | 13.3% | 8.2% | 12.2% | 17.6% | 17.4% |
| FCF Yield | 7.0% | 5.8% | 1.0% | 10.3% | — | — | — | — | 10.8% | 10.5% | — |
| Buyback Yield | 13.5% | 11.3% | 10.3% | 4.5% | 12.6% | 13.3% | 16.4% | 10.2% | 11.7% | 12.1% | 6.1% |
| Total Shareholder Yield | 15.1% | 12.8% | 11.7% | 6.0% | 14.2% | 15.1% | 19.0% | 11.7% | 13.4% | 13.8% | 7.4% |
| Shares Outstanding | — | $49M | $54M | $60M | $64M | $74M | $86M | $100M | $111M | $122M | $134M |
Municipal credit cycle volatility
As reported in recent financial filings, AGO trades at a P/B ratio of 0.68, a valuation level that suggests the market continues to price the firm as a legacy runoff entity rather than a growing specialty insurer with significant long-term earnings power embedded in its unearned premium reserves.
The persistent discount to book value appears to ignore the durability of the company's infrastructure and international business segments. Investors should monitor whether the ongoing share repurchase program, executed at these depressed multiples, succeeds in driving a re-rating of the stock as the market eventually recognizes the value of the underlying insurance book.
Based on the provided quarterly data, Assured Guaranty maintains a strong underwriting profile, evidenced by a combined ratio that frequently sits well below the 100% threshold, including a notable 12.7% performance in 2024Q3, which underscores the company's ability to generate significant underwriting profit despite periodic loss reserve adjustments.
The volatility in the combined ratio, ranging from 12.7% to 87.0% over the last ten quarters, is largely a function of actuarial adjustments rather than operational inefficiency. This suggests that the core underwriting engine remains highly profitable, provided that the company avoids large-scale credit defaults in its municipal and infrastructure portfolios.
According to the quarterly income statements, the company's expense ratio has exhibited significant swings, ranging from 14.1% in 2025Q4 to 77.8% in 2026Q1, which suggests that the firm's operating efficiency is heavily influenced by the timing of premium recognition and non-recurring administrative costs associated with complex credit surveillance.
While the high gross margins suggest a lean operational model, the fluctuation in the expense ratio warrants further investigation into whether these costs are truly variable or if they represent a fixed-cost burden that becomes more pronounced during periods of lower new business production. Analysts should focus on the normalized expense run-rate to better gauge the company's true operating leverage.
As indicated by the provided financial data, the most commonly misapplied metric for Assured Guaranty is GAAP net income, which is frequently distorted by non-economic fair value adjustments on credit derivatives and foreign exchange fluctuations that do not reflect the company's actual underwriting performance or long-term cash generation.
Investors should prioritize Adjusted Book Value (ABV) and operating cash flow over GAAP earnings to avoid being misled by accounting volatility. Relying on standard P/E multiples for this insurer obscures the true economic value of the unearned premium reserve, which acts as a long-term source of future earnings that GAAP accounting fails to capture accurately.
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying AGO stock.
Assured Guaranty Ltd.'s current P/E ratio is 8.2x. The historical average is 11.1x. This places it at the 52th percentile of its historical range.
Assured Guaranty Ltd.'s current EV/EBITDA is 6.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.2x.
Assured Guaranty Ltd.'s return on equity (ROE) is 8.9%. The historical average is 9.0%.
Based on historical data, Assured Guaranty Ltd. is trading at a P/E of 8.2x. This is at the 52th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Assured Guaranty Ltd.'s current dividend yield is 1.65% with a payout ratio of 13.5%.
Assured Guaranty Ltd. has 92.9% gross margin and 84.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Assured Guaranty Ltd.'s Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.