Latest Ratios: P/E Ratio 14.2x · EV/EBITDA 10.9x · ROE 24.4%. (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 | $5.7B | $5.9B | $7.6B | $6.1B | $6.0B | $5.1B | $4.7B | $4.1B | $3.1B | $2.7B | $2.8B |
| Enterprise Value | $5.7B | $5.9B | $7.7B | $6.3B | $6.4B | $5.2B | $4.8B | $4.2B | $3.2B | $2.8B | $2.9B |
| P/E Ratio → | 14.17 | 14.67 | 22.04 | 20.11 | 10.30 | 18.32 | 30.10 | 21.23 | 48.24 | 25.70 | 24.38 |
| P/S Ratio | 3.02 | 3.13 | 4.30 | 4.06 | 3.54 | 4.33 | 4.79 | 4.05 | 3.77 | 3.37 | 3.43 |
| P/B Ratio | 3.20 | 3.32 | 5.01 | 4.34 | 5.11 | 4.17 | 4.16 | 4.09 | 3.83 | 3.16 | 3.41 |
| P/FCF | 9.33 | 9.69 | 13.72 | 13.38 | 24.58 | 13.61 | 18.36 | 15.09 | 14.66 | 14.34 | 17.72 |
| P/OCF | 9.25 | 9.61 | 13.60 | 13.21 | 24.00 | 13.31 | 17.95 | 14.71 | 14.25 | 13.67 | 16.08 |
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 | — | 3.16 | 4.34 | 4.16 | 3.76 | 4.42 | 4.87 | 4.15 | 3.90 | 3.51 | 3.58 |
| EV / EBITDA | 10.88 | 11.30 | 17.65 | 16.32 | 8.77 | 14.88 | 24.40 | 17.34 | 42.88 | 30.74 | 17.92 |
| EV / EBIT | 11.05 | 11.39 | 17.70 | 16.38 | 8.77 | 14.87 | 24.38 | 17.38 | 42.66 | 30.58 | 17.82 |
| EV / FCF | — | 9.77 | 13.83 | 13.74 | 26.12 | 13.90 | 18.69 | 15.47 | 15.17 | 14.95 | 18.51 |
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 | 29.8% | 29.8% | 25.7% | 25.9% | 43.1% | 38.8% | 31.2% | 35.3% | 21.9% | 24.4% | 33.5% |
| Operating Margin | 27.5% | 27.5% | 24.2% | 25.0% | 42.4% | 29.1% | 19.2% | 23.1% | 8.2% | 10.6% | 19.2% |
| Net Profit Margin | 21.4% | 21.4% | 19.5% | 20.1% | 34.4% | 23.6% | 15.9% | 19.0% | 7.8% | 13.1% | 14.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 24.4% | 24.4% | 23.6% | 23.5% | 48.5% | 23.6% | 14.7% | 21.3% | 7.7% | 12.5% | 14.0% |
| ROA | 6.8% | 6.8% | 6.4% | 6.1% | 12.6% | 6.6% | 4.2% | 5.8% | 2.1% | 3.7% | 4.2% |
| ROIC | 22.8% | 22.8% | 20.3% | 18.1% | 37.3% | 20.1% | 12.3% | 17.3% | 5.4% | 6.6% | 12.4% |
| ROCE | 9.0% | 9.0% | 8.1% | 7.6% | 15.5% | 8.2% | 5.1% | 7.0% | 6.9% | 8.6% | 16.1% |
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 | 0.06 | 0.06 | 0.07 | 0.14 | 0.34 | 0.16 | 0.13 | 0.15 | 0.18 | 0.17 | 0.18 |
| Debt / EBITDA | 0.19 | 0.19 | 0.23 | 0.52 | 0.55 | 0.57 | 0.76 | 0.62 | 2.00 | 1.63 | 0.91 |
| Net Debt / Equity | — | 0.03 | 0.04 | 0.12 | 0.32 | 0.09 | 0.08 | 0.10 | 0.13 | 0.13 | 0.15 |
| Net Debt / EBITDA | 0.09 | 0.09 | 0.14 | 0.42 | 0.52 | 0.32 | 0.44 | 0.43 | 1.44 | 1.25 | 0.77 |
| Debt / FCF | — | 0.08 | 0.11 | 0.36 | 1.54 | 0.29 | 0.34 | 0.38 | 0.51 | 0.61 | 0.79 |
| Interest Coverage | 97.48 | 97.48 | 68.53 | 52.67 | 90.56 | 45.85 | 25.97 | 31.67 | 10.09 | 12.39 | 22.15 |
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 | 1.33 | 1.33 | 0.79 | — | — | — | — | — | 1.02 | 1.10 | 1.12 |
| Quick Ratio | 1.33 | 1.33 | 0.79 | — | — | — | — | — | 0.20 | 0.03 | 0.03 |
| Cash Ratio | 1.33 | 1.33 | 0.79 | — | — | — | — | — | 0.02 | 0.02 | 0.01 |
| Asset Turnover | — | 0.31 | 0.31 | 0.29 | 0.36 | 0.26 | 0.25 | 0.28 | 0.26 | 0.27 | 0.29 |
| 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 | 4.2% | 4.1% | 0.0% | 2.3% | 6.1% | 2.6% | 1.9% | 2.1% | 2.7% | 4.2% | 4.4% |
| Payout Ratio | 59.9% | 59.9% | 0.9% | 46.0% | 62.5% | 48.4% | 56.0% | 44.7% | 129.5% | 108.4% | 106.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.1% | 6.8% | 4.5% | 5.0% | 9.7% | 5.5% | 3.3% | 4.7% | 2.1% | 3.9% | 4.1% |
| FCF Yield | 10.7% | 10.3% | 7.3% | 7.5% | 4.1% | 7.3% | 5.4% | 6.6% | 6.8% | 7.0% | 5.6% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.2% | 4.1% | 0.0% | 2.3% | 6.1% | 2.6% | 1.9% | 2.1% | 2.7% | 4.2% | 4.4% |
| Shares Outstanding | — | $92M | $92M | $92M | $92M | $91M | $91M | $91M | $90M | $89M | $89M |
Catastrophe-driven reserve volatility
Based on reported financial data, RLI trades at a P/B of 2.99, a valuation multiple that appears to price in the company's historical ability to consistently generate underwriting profits, distinguishing it from peers with more volatile combined ratios or less disciplined capital allocation strategies.
The current P/B multiple suggests that investors are willing to pay a premium for RLI's decentralized underwriting model, which historically produces superior risk-adjusted returns. While the forward P/E of 20.85 may appear elevated, it likely reflects market expectations for continued underwriting excellence rather than mere top-line growth.
As evidenced by the quarterly combined ratios, which fluctuated from a low of 64.0% in 2024Q1 to a high of 89.2% in 2024Q4, RLI maintains a disciplined underwriting posture that consistently targets profitability despite the inherent volatility of its niche property and casualty insurance segments.
The ability to keep the combined ratio well below the 100% threshold across most periods indicates that the product manager model effectively filters out underpriced risks. However, the sharp spikes in the loss ratio suggest that catastrophe exposure remains a material factor that can temporarily compress underwriting margins.
According to the provided ten-quarter data, RLI maintains a remarkably low debt-to-equity ratio, consistently hovering near 0.06, which suggests a fortress balance sheet that prioritizes capital preservation and underwriting flexibility over the aggressive use of financial leverage to boost return on equity.
This conservative capital structure provides a significant buffer against adverse reserve development, allowing the company to navigate market cycles without the pressure of high interest obligations. Investors should monitor whether this low leverage profile may eventually constrain ROE relative to more aggressive specialty peers.
As indicated by the quarterly financial data, the most commonly misapplied metric for RLI is the headline ROE, which often obscures the impact of reserve releases and catastrophe-related volatility, warranting the use of accident-year combined ratios to better assess the true underlying profitability of current underwriting.
Relying solely on ROE can be deceptive because it may be artificially inflated by favorable development on prior-year reserves rather than current-year underwriting success. Analysts should adjust for these non-recurring reserve adjustments to gain a clearer view of the company's actual operational performance and underwriting discipline.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying RLI stock.
RLI Corp.'s current P/E ratio is 14.2x. The historical average is 16.9x. This places it at the 40th percentile of its historical range.
RLI Corp.'s current EV/EBITDA is 10.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.5x.
RLI Corp.'s return on equity (ROE) is 24.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 16.3%.
Based on historical data, RLI Corp. is trading at a P/E of 14.2x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
RLI Corp.'s current dividend yield is 4.24% with a payout ratio of 59.9%.
RLI Corp. has 29.8% gross margin and 27.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
RLI Corp.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.