Latest Ratios: P/E Ratio 13.0x · EV/EBITDA 10.5x · ROE 9.7%. (1996–2025 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 | $15.1B | $13.6B | $14.3B | $10.9B | $9.6B | $7.5B | $7.6B | $10.4B | $9.1B | $10.3B | $8.2B |
| Enterprise Value | $16.6B | $15.1B | $16.0B | $12.3B | $10.7B | $8.4B | $8.2B | $12.5B | $10.7B | $12.5B | $10.9B |
| P/E Ratio → | 13.01 | 11.50 | 19.91 | 12.04 | 18.60 | 12.11 | 18.37 | 11.97 | 12.75 | 5.63 | 11.66 |
| P/S Ratio | 0.66 | 0.60 | 0.65 | 0.59 | 0.61 | 0.47 | 0.52 | 0.73 | 0.71 | 0.82 | 0.71 |
| P/B Ratio | 1.13 | 1.00 | 1.31 | 1.18 | 1.34 | 0.57 | 0.53 | 0.90 | 1.08 | 1.07 | 1.15 |
| P/FCF | 3.69 | 3.32 | 1.53 | 2.68 | 7.30 | 1.80 | 2.32 | 4.58 | 5.88 | 5.29 | 5.75 |
| P/OCF | 3.69 | 3.32 | 1.53 | 2.68 | 7.16 | 1.79 | 2.30 | 4.52 | 5.77 | 5.17 | 5.58 |
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 | — | 0.66 | 0.73 | 0.67 | 0.67 | 0.52 | 0.56 | 0.88 | 0.83 | 1.00 | 0.95 |
| EV / EBITDA | 10.50 | 9.55 | 15.60 | 10.25 | 14.09 | 5.87 | 13.59 | 10.62 | 12.02 | 10.47 | 10.19 |
| EV / EBIT | 10.80 | 7.93 | 12.47 | 8.69 | 11.72 | 5.50 | 11.31 | 9.61 | 10.78 | 9.71 | 9.23 |
| EV / FCF | — | 3.70 | 1.71 | 3.04 | 8.08 | 2.01 | 2.48 | 5.52 | 6.90 | 6.46 | 7.67 |
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 | 25.4% | 25.4% | 11.3% | 12.7% | 9.9% | 11.5% | 10.6% | 14.8% | 14.0% | 16.2% | 16.1% |
| Operating Margin | 6.8% | 6.8% | 4.4% | 6.3% | 4.5% | 8.6% | 3.8% | 8.0% | 6.6% | 9.1% | 9.1% |
| Net Profit Margin | 5.2% | 5.2% | 3.3% | 4.9% | 3.3% | 7.3% | 2.8% | 6.1% | 5.6% | 14.6% | 6.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.7% | 9.7% | 7.1% | 11.0% | 5.1% | 8.6% | 3.2% | 8.7% | 7.9% | 21.9% | 10.6% |
| ROA | 0.9% | 0.9% | 0.7% | 1.0% | 0.6% | 1.3% | 0.5% | 1.2% | 1.1% | 3.2% | 1.4% |
| ROIC | 8.3% | 8.3% | 6.3% | 9.2% | 4.9% | 7.2% | 2.9% | 7.1% | 5.8% | 7.9% | 8.9% |
| ROCE | 1.1% | 1.1% | 0.9% | 1.3% | 0.8% | 1.6% | 0.7% | 1.6% | 1.4% | 2.0% | 2.0% |
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 | 0.42 | 0.42 | 0.46 | 0.48 | 0.55 | 0.30 | 0.28 | 0.31 | 0.41 | 0.37 | 0.55 |
| Debt / EBITDA | 3.61 | 3.61 | 4.91 | 3.69 | 5.24 | 2.69 | 6.58 | 3.03 | 3.89 | 2.99 | 3.67 |
| Net Debt / Equity | — | 0.11 | 0.16 | 0.16 | 0.14 | 0.07 | 0.04 | 0.18 | 0.19 | 0.24 | 0.38 |
| Net Debt / EBITDA | 0.97 | 0.97 | 1.67 | 1.21 | 1.37 | 0.63 | 0.92 | 1.80 | 1.77 | 1.90 | 2.55 |
| Debt / FCF | — | 0.38 | 0.18 | 0.36 | 0.78 | 0.22 | 0.17 | 0.94 | 1.02 | 1.17 | 1.92 |
| Interest Coverage | 5.21 | 5.21 | 4.22 | 5.51 | 4.76 | 10.96 | 4.25 | 7.54 | 6.76 | 8.83 | 8.59 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Quick Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Cash Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Asset Turnover | — | 0.15 | 0.19 | 0.19 | 0.19 | 0.17 | 0.17 | 0.19 | 0.20 | 0.21 | 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 | 1.6% | 1.8% | 1.6% | 2.0% | 2.1% | 2.6% | 2.4% | 1.6% | 1.5% | 1.1% | 1.2% |
| Payout Ratio | 20.3% | 20.3% | 31.9% | 24.3% | 39.7% | 16.6% | 43.9% | 18.7% | 19.6% | 6.4% | 14.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.7% | 8.7% | 5.0% | 8.3% | 5.4% | 8.3% | 5.4% | 8.4% | 7.8% | 17.8% | 8.6% |
| FCF Yield | 27.1% | 30.1% | 65.6% | 37.3% | 13.7% | 55.7% | 43.2% | 21.8% | 17.0% | 18.9% | 17.4% |
| Buyback Yield | 1.2% | 1.3% | 0.2% | 2.1% | 0.8% | 1.3% | 2.1% | 1.0% | 3.3% | 0.4% | 1.5% |
| Total Shareholder Yield | 2.7% | 3.0% | 1.8% | 4.1% | 3.0% | 3.9% | 4.5% | 2.5% | 4.8% | 1.6% | 2.7% |
| Shares Outstanding | — | $67M | $67M | $67M | $68M | $68M | $66M | $64M | $65M | $66M | $65M |
Longevity and mortality volatility
Based on reported financial statements, RGA currently trades at a P/B ratio of 1.06, which suggests the market is pricing the company near its book value, reflecting a cautious outlook on the long-term profitability of its expanding life and health reinsurance portfolio.
The current P/B multiple appears to discount the company's specialized facultative underwriting engine, potentially due to market concerns regarding the long-term impact of LDTI accounting on equity volatility. Investors should monitor whether this valuation gap narrows as the company demonstrates consistent ROE improvement following the post-pandemic mortality normalization.
As reported in recent quarterly filings, RGA's combined ratio improved to 93.2% in 2026Q1, indicating a meaningful recovery from the elevated loss ratios observed throughout 2024, when the metric peaked at 96.7% during the 2023Q4 period due to persistent mortality headwinds.
The trajectory of the combined ratio suggests that the company is successfully moving past the volatility associated with the 2020-2022 period. This improvement warrants further investigation into whether the current expense ratio of 21.8% represents a new structural baseline or if further operational efficiencies can be realized as the business scales.
According to the provided data, RGA's ROE reached 2.5% in 2026Q1, reflecting a gradual recovery from the 1.3% low recorded in 2024Q4, which suggests that the company's underwriting profit is beginning to contribute more effectively to overall shareholder returns as mortality experience stabilizes.
While the ROE remains modest, the shift from 1.3% to 2.5% indicates that the core reinsurance business is regaining its footing. Investors should monitor the contribution of the Financial Solutions segment, as its asset-intensive nature may provide a more stable, yield-driven component to ROE that is less sensitive to short-term mortality fluctuations.
Based on reported figures, RGA maintains a D/E ratio of 0.46 as of 2026Q1, which appears to indicate a conservative leverage profile that provides the company with sufficient capital flexibility to pursue large-scale pension risk transfer treaties without compromising its financial stability.
The stability of the D/E ratio, despite significant growth in total assets, suggests that management is successfully balancing risk expansion with capital retention. This leverage profile appears adequate for the current risk environment, though analysts should remain vigilant regarding how future regulatory capital requirements might impact this capacity.
The most commonly misapplied metric for RGA is GAAP net income, which, as noted in recent financial disclosures, is heavily distorted by LDTI accounting and market-to-market adjustments on market risk benefits, thereby obscuring the underlying profitability of the company's core reinsurance operations.
Investors should instead focus on adjusted operating income, which better reflects the actual mortality and morbidity performance of the treaty portfolio. Relying on headline GAAP figures may lead to an incorrect assessment of the company's underwriting health and its ability to generate sustainable long-term cash flows.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying RGA stock.
Reinsurance Group of America, Incorporated's current P/E ratio is 13.0x. The historical average is 15.2x. This places it at the 57th percentile of its historical range.
Reinsurance Group of America, Incorporated's current EV/EBITDA is 10.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.0x.
Reinsurance Group of America, Incorporated's return on equity (ROE) is 9.7%. The historical average is 9.4%.
Based on historical data, Reinsurance Group of America, Incorporated is trading at a P/E of 13.0x. This is at the 57th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Reinsurance Group of America, Incorporated's current dividend yield is 1.56% with a payout ratio of 20.3%.
Reinsurance Group of America, Incorporated has 25.4% gross margin and 6.8% operating margin.
Reinsurance Group of America, Incorporated's Debt/EBITDA ratio is 3.6x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.