Latest Ratios: P/E Ratio 113.5x · EV/EBITDA 85.9x · ROE 1.1%. (2005–2025 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 | $1.2B | $1.0B | $1.3B | $1.0B | $1.2B | $1.2B | $972M | $1.4B | $1.4B | $1.5B | $1.3B |
| Enterprise Value | $1.1B | $921M | $1.2B | $825M | $1.3B | $1.1B | $852M | $1.2B | $1.3B | $1.4B | $1.3B |
| P/E Ratio → | 113.47 | 95.93 | 10.88 | 8.85 | 24.65 | 9.92 | 8.11 | 8.64 | 9.90 | 14.51 | 12.22 |
| P/S Ratio | 1.39 | 1.21 | 1.47 | 1.23 | 1.67 | 1.68 | 1.37 | 1.63 | 1.75 | 1.84 | 1.67 |
| P/B Ratio | 1.29 | 1.09 | 1.21 | 1.03 | 1.26 | 0.98 | 0.80 | 1.17 | 1.37 | 1.55 | 1.55 |
| P/FCF | 28.10 | 24.52 | 18.05 | 22.14 | 12.28 | 164.38 | 35.36 | 12.31 | 8.22 | 10.95 | 11.09 |
| P/OCF | 26.71 | 23.31 | 16.89 | 21.15 | 11.96 | 109.58 | 29.46 | 11.09 | 7.76 | 10.32 | 10.63 |
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 | — | 1.07 | 1.39 | 0.97 | 1.82 | 1.60 | 1.20 | 1.46 | 1.65 | 1.77 | 1.63 |
| EV / EBITDA | 85.86 | 73.68 | 8.16 | 5.38 | 21.29 | 7.29 | 5.46 | 6.02 | 7.49 | 9.29 | 8.52 |
| EV / EBIT | 89.43 | 73.68 | 8.36 | 5.35 | 21.94 | 7.63 | 5.75 | 6.28 | 7.70 | 9.73 | 8.93 |
| EV / FCF | — | 21.67 | 17.16 | 17.47 | 13.38 | 156.25 | 30.97 | 11.06 | 7.75 | 10.55 | 10.79 |
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 | 32.2% | 32.2% | 36.7% | 40.6% | 31.8% | 44.3% | 46.4% | 45.7% | 41.2% | 36.4% | 35.7% |
| Operating Margin | 1.4% | 1.4% | 16.7% | 17.4% | 7.8% | 20.9% | 20.8% | 23.2% | 21.2% | 18.0% | 18.0% |
| Net Profit Margin | 1.3% | 1.3% | 13.5% | 13.9% | 6.8% | 17.0% | 16.8% | 18.8% | 17.7% | 12.7% | 13.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.1% | 1.1% | 11.4% | 12.1% | 4.5% | 9.8% | 10.1% | 14.4% | 14.4% | 11.3% | 13.3% |
| ROA | 0.3% | 0.3% | 3.3% | 3.3% | 1.3% | 3.1% | 3.0% | 4.0% | 3.6% | 2.7% | 2.8% |
| ROIC | 1.0% | 1.0% | 12.2% | 12.1% | 3.8% | 9.8% | 10.4% | 14.8% | 13.9% | 12.7% | 13.7% |
| ROCE | 1.1% | 1.1% | 9.0% | 8.9% | 4.4% | 10.7% | 3.7% | 4.9% | 4.4% | 3.8% | 3.8% |
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 | 0.04 | 0.04 | 0.00 | 0.01 | 0.21 | 0.01 | 0.03 | 0.02 | 0.02 | 0.02 | 0.04 |
| Debt / EBITDA | 3.11 | 3.11 | 0.03 | 0.04 | 3.21 | 0.11 | 0.26 | 0.09 | 0.11 | 0.13 | 0.21 |
| Net Debt / Equity | — | -0.13 | -0.06 | -0.22 | 0.11 | -0.05 | -0.10 | -0.12 | -0.08 | -0.06 | -0.04 |
| Net Debt / EBITDA | -9.67 | -9.67 | -0.43 | -1.44 | 1.75 | -0.38 | -0.77 | -0.68 | -0.46 | -0.35 | -0.24 |
| Debt / FCF | — | -2.84 | -0.90 | -4.67 | 1.10 | -8.13 | -4.38 | -1.24 | -0.48 | -0.40 | -0.30 |
| Interest Coverage | 25.00 | 25.00 | 1468.00 | 26.59 | 16.94 | 295.00 | 370.25 | 324.00 | 114.00 | 103.86 | 88.94 |
Net cash position: cash ($160M) exceeds total debt ($39M)
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 | 0.82 | 0.82 | 1.24 | 1.18 | 1.28 | 1.29 | — | — | 27.02 | 1.40 | 1.70 |
| Quick Ratio | 0.82 | 0.82 | 1.24 | 1.18 | 1.28 | 1.29 | — | — | 44.60 | 29.96 | 84.53 |
| Cash Ratio | 0.50 | 0.50 | 0.91 | 0.63 | 0.96 | 0.98 | — | — | 3.41 | 1.40 | 53.68 |
| Asset Turnover | — | 0.25 | 0.25 | 0.24 | 0.19 | 0.19 | 0.18 | 0.21 | 0.20 | 0.21 | 0.21 |
| 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 | 2.4% | 2.9% | 2.3% | 2.8% | 7.6% | 2.5% | 3.1% | 2.1% | 1.9% | 1.3% | 0.9% |
| Payout Ratio | 276.9% | 276.9% | 25.5% | 25.1% | 186.6% | 24.3% | 25.5% | 18.0% | 18.9% | 19.5% | 10.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.9% | 1.0% | 9.2% | 11.3% | 4.1% | 10.1% | 12.3% | 11.6% | 10.1% | 6.9% | 8.2% |
| FCF Yield | 3.6% | 4.1% | 5.5% | 4.5% | 8.1% | 0.6% | 2.8% | 8.1% | 12.2% | 9.1% | 9.0% |
| Buyback Yield | 15.3% | 17.5% | 3.3% | 7.3% | 2.5% | 3.6% | 10.2% | 5.0% | 0.3% | 0.0% | 1.6% |
| Total Shareholder Yield | 17.7% | 20.4% | 5.6% | 10.1% | 10.1% | 6.0% | 13.4% | 7.1% | 2.2% | 1.3% | 2.5% |
| Shares Outstanding | — | $24M | $25M | $27M | $28M | $29M | $30M | $33M | $33M | $33M | $33M |
California regulatory and loss concentration
According to recent market data, EIG trades at a P/B of 1.28, which appears to discount the firm relative to peers like AMERISAFE, suggesting investors remain cautious regarding the sustainability of underwriting margins and the company's heavy geographic concentration in the California workers' compensation market.
The current valuation multiple suggests that the market is pricing in significant uncertainty regarding the company's ability to maintain consistent underwriting profitability. While the low debt-to-equity ratio provides a stable foundation, the persistent volatility in the combined ratio likely prevents a premium valuation, as investors demand a higher margin of safety for mono-line specialty insurers.
As reported in quarterly financial filings, EIG's combined ratio has exhibited extreme fluctuations, peaking at 117.3% in 2025Q4, which indicates that underwriting costs periodically overwhelm premium income and highlights the inherent sensitivity of the firm's specialized small business portfolio to unexpected loss frequency.
The trajectory of the combined ratio suggests that the company's underwriting discipline is frequently tested by external factors, such as medical inflation or shifts in claim severity. The inability to maintain a sub-100% combined ratio consistently across all quarters warrants further investigation into whether the current pricing models are sufficiently calibrated for the current risk environment.
Based on historical balance sheet data, EIG maintains an exceptionally low debt-to-equity ratio of 0.04%, providing a robust capital buffer that appears to insulate the company from the immediate financial distress often associated with the underwriting losses observed in the 2025Q4 period.
This conservative approach to leverage suggests that management prioritizes balance sheet protection, which is a prudent strategy for a mono-line insurer exposed to regional regulatory risks. However, such low leverage may also indicate an inefficient capital structure that limits the potential for ROE optimization during periods of favorable underwriting performance.
As noted in industry research, the P/E ratio is frequently misapplied to EIG, as it obscures the impact of volatile reserve development and investment income fluctuations that can artificially distort net income, making the P/B ratio a more reliable anchor for assessing the company's true value.
Investors should monitor the P/B ratio instead of the P/E, as the latter fails to account for the underlying value of the invested assets backing the insurance reserves. Relying on P/E in this context may lead to erroneous conclusions about the company's profitability, as it ignores the cyclical nature of underwriting results and the non-cash adjustments inherent in insurance accounting.
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying EIG stock.
Employers Holdings, Inc.'s current P/E ratio is 113.5x. The historical average is 15.4x. This places it at the 100th percentile of its historical range.
Employers Holdings, Inc.'s current EV/EBITDA is 85.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.1x.
Employers Holdings, Inc.'s return on equity (ROE) is 1.1%. The historical average is 20.8%.
Based on historical data, Employers Holdings, Inc. is trading at a P/E of 113.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Employers Holdings, Inc.'s current dividend yield is 2.43% with a payout ratio of 276.9%.
Employers Holdings, Inc. has 32.2% gross margin and 1.4% operating margin.
Employers Holdings, Inc.'s Debt/EBITDA ratio is 3.1x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.