Latest Ratios: P/E Ratio 7.6x · EV/EBITDA 5.3x · ROE 11.1%. (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 | $545M | $503M | $485M | $397M | $324M | $269M | $265M | $365M | $310M | $744M | $851M |
| Enterprise Value | $438M | $396M | $481M | $420M | $366M | $291M | $352M | $432M | $383M | $724M | $834M |
| P/E Ratio → | 7.57 | 6.72 | 11.29 | 4.57 | 12.73 | 15.37 | 66.45 | — | — | — | 19.00 |
| P/S Ratio | 0.78 | 0.72 | 0.75 | 0.63 | 0.68 | 0.47 | 0.55 | 0.74 | 1.27 | 1.15 | 1.45 |
| P/B Ratio | 0.80 | 0.71 | 0.76 | 0.67 | 0.64 | 0.57 | 0.57 | 0.76 | 0.65 | 0.87 | 0.95 |
| P/FCF | 2.59 | 2.39 | 4.35 | 52.94 | — | — | — | 223.64 | — | 7.88 | — |
| P/OCF | 2.59 | 2.39 | 4.35 | 52.94 | — | — | — | 223.64 | — | 7.88 | — |
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 | — | 0.57 | 0.74 | 0.66 | 0.77 | 0.51 | 0.74 | 0.88 | 1.57 | 1.12 | 1.42 |
| EV / EBITDA | 5.27 | 4.77 | 9.12 | 4.42 | 14.89 | 13.64 | 53.41 | — | — | — | 17.52 |
| EV / EBIT | 5.59 | 4.77 | 9.12 | 4.42 | 10.34 | 7.42 | 33.31 | 156.69 | — | — | 17.67 |
| EV / FCF | — | 1.88 | 4.32 | 55.89 | — | — | — | 265.15 | — | 7.66 | — |
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 | 40.9% | 40.9% | 6.8% | 16.4% | 3.8% | 8.9% | 6.6% | -2.9% | -108.9% | -2.9% | 12.4% |
| Operating Margin | 11.2% | 11.2% | 6.7% | 13.7% | 5.1% | 3.7% | 0.9% | -0.7% | -145.2% | -6.9% | 8.0% |
| Net Profit Margin | 10.7% | 10.7% | 6.6% | 13.7% | 5.3% | 3.1% | 0.8% | -0.8% | -143.6% | -7.0% | 7.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.1% | 11.1% | 7.0% | 15.8% | 5.2% | 3.7% | 0.8% | -0.8% | -52.6% | -5.2% | 5.2% |
| ROA | 3.6% | 3.6% | 2.3% | 5.2% | 1.7% | 1.3% | 0.3% | -0.3% | -14.6% | -1.5% | 1.7% |
| ROIC | 9.5% | 9.5% | 5.2% | 11.2% | 3.5% | 3.0% | 0.6% | -0.5% | -38.4% | -3.9% | 4.4% |
| ROCE | 6.0% | 6.0% | 2.5% | 5.2% | 1.6% | 3.9% | 0.3% | -0.3% | -22.9% | -1.9% | 2.1% |
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 | 0.01 | 0.01 | 0.10 | 0.12 | 0.16 | 0.21 | 0.21 | 0.20 | 0.19 | 0.01 | 0.03 |
| Debt / EBITDA | 0.06 | 0.06 | 1.15 | 0.77 | 3.27 | 4.59 | 14.53 | — | — | — | 0.47 |
| Net Debt / Equity | — | -0.15 | -0.01 | 0.04 | 0.08 | 0.05 | 0.19 | 0.14 | 0.15 | -0.02 | -0.02 |
| Net Debt / EBITDA | -1.29 | -1.29 | -0.07 | 0.23 | 1.72 | 1.02 | 13.18 | — | — | — | -0.37 |
| Debt / FCF | — | -0.51 | -0.04 | 2.96 | — | — | — | 41.51 | — | -0.21 | — |
| Interest Coverage | 17.36 | 17.36 | 5.74 | 11.82 | 3.25 | 2.19 | 1.68 | 0.44 | -140.32 | — | — |
Net cash position: cash ($112M) exceeds total debt ($5M)
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 | 0.99 | 0.99 | 6.92 | — | — | 1.33 | — | — | 0.02 | 0.03 | 0.11 |
| Quick Ratio | 0.99 | 0.99 | 6.92 | — | — | 1.33 | — | — | 0.02 | 0.03 | 0.11 |
| Cash Ratio | 0.08 | 0.08 | 0.51 | — | — | 0.09 | — | — | 0.02 | 0.03 | 0.11 |
| Asset Turnover | — | 0.32 | 0.32 | 0.36 | 0.30 | 0.40 | 0.35 | 0.36 | 0.17 | 0.19 | 0.22 |
| 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 | — | — | 8.8% | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | 99.3% | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 13.2% | 14.9% | 8.9% | 21.9% | 7.9% | 6.5% | 1.5% | — | — | — | 5.3% |
| FCF Yield | 38.6% | 41.8% | 23.0% | 1.9% | — | — | — | 0.4% | — | 12.7% | — |
| Buyback Yield | 1.8% | 2.0% | 1.5% | 0.0% | 0.0% | 3.7% | 6.7% | 0.0% | 5.3% | 0.4% | 0.0% |
| Total Shareholder Yield | 1.8% | 2.0% | 10.3% | 0.0% | 0.0% | 3.7% | 6.7% | 0.0% | 5.3% | 0.4% | 0.0% |
| Shares Outstanding | — | $35M | $35M | $35M | $40M | $34M | $36M | $36M | $36M | $37M | $37M |
Investment portfolio volatility concentration
As reported in recent financial statements, GLRE trades at a P/B of 0.82, suggesting that investors apply a persistent complexity discount to the company's book value due to the inherent volatility of its hedge-fund-managed investment portfolio compared to more traditional, fixed-income-focused reinsurance peers like RenaissanceRe.
The current valuation multiple appears to reflect market skepticism regarding the consistency of underwriting returns when coupled with a concentrated equity strategy. Investors should monitor whether this discount narrows as the company shifts toward specialty lines, which may eventually command a higher valuation multiple if underwriting margins stabilize.
Based on the provided quarterly data, the combined ratio has demonstrated extreme volatility, swinging from a peak of 120.8% in 2024Q4 to a more favorable 71.6% in 2025Q4, which indicates that underwriting profitability remains highly sensitive to periodic loss events and reserve adjustments.
The erratic nature of these ratios suggests that the company's underwriting performance is not yet consistently profitable, potentially masking underlying issues in risk selection. Analysts should investigate whether the recent tightening in 2025Q4 represents a sustainable improvement in underwriting discipline or merely a temporary reprieve from large-scale catastrophe losses.
According to historical filings, GLRE maintains a minimal debt-to-equity ratio of approximately 0.01%, providing a substantial solvency buffer that appears designed to mitigate the heightened risk profile inherent in the company's aggressive, value-oriented investment strategy managed by an external hedge fund advisor.
This low leverage suggests that management prioritizes capital preservation at the holding company level to offset the volatility of the investment float. While this approach supports a stable balance sheet, it also implies that the company may be underutilizing its capacity to write premiums during favorable market cycles.
As evidenced by the company's unique business model, the P/E ratio is frequently misapplied to GLRE, as it aggregates volatile investment gains with underwriting results, thereby obscuring the true health of the insurance operations and the underlying sustainability of the company's core reinsurance business model.
Investors should instead focus on the combined ratio and book value growth, as the P/E ratio fails to account for the mark-to-market fluctuations of the investment portfolio. Relying on earnings-based multiples may lead to erroneous conclusions about the company's profitability, as these figures are often distorted by non-cash investment adjustments.
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying GLRE stock.
Greenlight Capital Re, Ltd.'s current P/E ratio is 7.6x. The historical average is 26.9x. This places it at the 29th percentile of its historical range.
Greenlight Capital Re, Ltd.'s current EV/EBITDA is 5.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.6x.
Greenlight Capital Re, Ltd.'s return on equity (ROE) is 11.1%. The historical average is 2.7%.
Based on historical data, Greenlight Capital Re, Ltd. is trading at a P/E of 7.6x. This is at the 29th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Greenlight Capital Re, Ltd. has 40.9% gross margin and 11.2% operating margin. Operating margin between 10-20% is typical for established companies.
Greenlight Capital Re, Ltd.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.