Latest Ratios: P/E Ratio 6.1x · EV/EBITDA 3.0x · ROE 22.4%. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $3.4B | $2.8B | $1.9B | $1.6B | — | — |
| Enterprise Value | $2.5B | $1.9B | $1.1B | $941M | — | — |
| P/E Ratio → | 6.06 | 4.91 | 5.19 | 6.13 | — | — |
| P/S Ratio | 1.25 | 1.03 | 0.81 | 0.98 | — | — |
| P/B Ratio | 1.24 | 1.00 | 0.83 | 0.77 | — | — |
| P/FCF | 4.08 | 3.36 | 2.54 | 5.60 | — | — |
| P/OCF | 4.08 | 3.36 | 2.54 | 5.60 | — | — |
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 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.70 | 0.46 | 0.58 | — | — |
| EV / EBITDA | 3.00 | 2.28 | 1.70 | 3.51 | — | — |
| EV / EBIT | 3.06 | 2.27 | 1.68 | 3.40 | — | — |
| EV / FCF | — | 2.28 | 1.43 | 3.32 | — | — |
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 |
|---|---|---|---|---|---|---|
| Gross Margin | 54.1% | 54.1% | 39.1% | 33.8% | 15.8% | 31.2% |
| Operating Margin | 30.1% | 30.1% | 26.1% | 15.8% | -2.1% | 19.6% |
| Net Profit Margin | 21.0% | 21.0% | 16.8% | 16.0% | -7.6% | 14.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | 22.4% | 22.4% | 18.3% | 13.9% | -5.7% | 10.5% |
| ROA | 6.6% | 6.6% | 5.5% | 4.1% | -1.7% | 3.4% |
| ROIC | 36.5% | 36.5% | 32.3% | 17.9% | -2.1% | 17.3% |
| ROCE | 16.0% | 16.0% | 13.0% | 6.7% | -0.5% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.06 | 0.07 | 0.09 | 0.08 |
| Debt / EBITDA | 0.18 | 0.18 | 0.24 | 0.56 | — | 0.54 |
| Net Debt / Equity | — | -0.32 | -0.36 | -0.31 | -0.56 | -0.36 |
| Net Debt / EBITDA | -1.09 | -1.09 | -1.33 | -2.41 | — | -2.35 |
| Debt / FCF | — | -1.08 | -1.11 | -2.28 | -4.85 | -2.86 |
| Interest Coverage | 41.86 | 41.86 | 28.48 | 12.91 | -0.70 | 18.60 |
Net cash position: cash ($1.1B) exceeds total debt ($150M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 0.63 | 0.63 | 8.65 | 1.20 | 7.50 | — |
| Quick Ratio | 0.63 | 0.63 | 8.65 | 1.20 | 7.50 | — |
| Cash Ratio | 0.19 | 0.19 | 3.34 | 0.68 | 6.86 | — |
| Asset Turnover | — | 0.29 | 0.31 | 0.24 | 0.22 | 0.24 |
| 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 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | 16.5% | 20.4% | 19.3% | 16.3% | — | — |
| FCF Yield | 24.5% | 29.8% | 39.3% | 17.9% | — | — |
| Buyback Yield | 3.3% | 4.0% | 7.8% | 0.2% | — | — |
| Total Shareholder Yield | 3.3% | 4.0% | 7.8% | 0.2% | — | — |
| Shares Outstanding | — | $101M | $101M | $106M | $110M | $103M |
Casualty reserve development volatility
Based on reported financial data, HG trades at a P/B of 1.21, which appears to discount the firm relative to specialty peers like Arch Capital, likely reflecting investor caution regarding its shorter public track record and historical ties to more volatile investment strategies.
The current valuation suggests that the market is not yet fully pricing in the potential for HG's data-driven underwriting to generate superior long-term ROE. Investors should monitor whether the firm can sustain its current underwriting margins to justify a multiple expansion toward the levels seen by more established specialty players.
As reported in quarterly filings, HG has maintained a combined ratio that frequently dips below 70%, such as the 64.2% achieved in 2025Q2, demonstrating a robust ability to generate underwriting profit despite the inherent volatility of the specialty reinsurance and insurance markets.
The trajectory of the combined ratio indicates that the company's algorithmic risk assessment is effectively managing loss exposure. However, the 2024Q3 spike to 103.1% serves as a reminder that catastrophe events can rapidly impair underwriting profitability, necessitating a cautious view on the sustainability of these margins.
According to recent financial statements, HG maintains a very low debt-to-equity ratio of 0.05, which suggests a highly conservative capital structure that provides a significant solvency buffer but may simultaneously constrain the firm's ability to optimize its return on equity compared to more leveraged industry peers.
While this low leverage profile protects the balance sheet against market shocks, it may indicate that management is not fully utilizing its capacity to deploy capital for growth. Investors should investigate whether this capital management strategy is a deliberate choice to maintain financial flexibility or a missed opportunity for higher returns.
As indicated by the company's 5.91 TTM P/E ratio, investors often misapply earnings-based multiples to HG, which obscures the true quality of the firm's underwriting performance by failing to account for the volatility inherent in catastrophe-exposed specialty insurance and reinsurance earnings.
The P/E ratio is a poor proxy for value in this sector because it is highly sensitive to one-time catastrophe losses and reserve adjustments. Analysts should instead prioritize the combined ratio and P/B as more reliable indicators of the underlying franchise value and underwriting discipline.
Includes 30+ ratios · 5 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying HG stock.
Hamilton Insurance Group, Ltd.'s current P/E ratio is 6.1x. The historical average is 5.4x. This places it at the 67th percentile of its historical range.
Hamilton Insurance Group, Ltd.'s current EV/EBITDA is 3.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.5x.
Hamilton Insurance Group, Ltd.'s return on equity (ROE) is 22.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 11.9%.
Based on historical data, Hamilton Insurance Group, Ltd. is trading at a P/E of 6.1x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Hamilton Insurance Group, Ltd. has 54.1% gross margin and 30.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Hamilton Insurance Group, Ltd.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.