Latest Ratios: P/E Ratio 5.8x · EV/EBITDA 3.7x · ROE 14.6%. (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 | $14.1B | $12.6B | $12.8B | $9.3B | $7.9B | $8.0B | $7.8B | $8.5B | $5.3B | $5.0B | $5.7B |
| Enterprise Value | $14.7B | $13.2B | $13.0B | $9.4B | $7.9B | $7.3B | $7.2B | $8.5B | $5.2B | $4.6B | $6.2B |
| P/E Ratio → | 5.76 | 4.97 | 7.07 | 3.75 | — | — | 10.83 | 12.03 | 23.37 | — | 11.92 |
| P/S Ratio | 1.10 | 0.99 | 1.10 | 1.03 | 1.57 | 1.52 | 1.52 | 2.03 | 2.58 | 2.39 | 3.28 |
| P/B Ratio | 0.76 | 0.66 | 0.73 | 0.60 | 0.80 | 0.78 | 0.71 | 0.94 | 0.75 | 0.88 | 0.94 |
| P/FCF | 3.81 | 3.42 | 3.07 | 4.88 | 7.06 | 3.89 | 1.82 | 3.96 | 4.35 | 4.79 | 12.05 |
| P/OCF | 3.81 | 3.42 | 3.07 | 4.88 | 4.94 | 6.47 | 3.93 | 3.96 | 4.35 | 4.79 | 12.05 |
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 | — | 1.04 | 1.11 | 1.04 | 1.57 | 1.39 | 1.40 | 2.03 | 2.53 | 2.21 | 3.58 |
| EV / EBITDA | 3.65 | 3.29 | 3.99 | 3.16 | — | — | 7.13 | 9.32 | 19.79 | — | 9.38 |
| EV / EBIT | 3.66 | 3.20 | 4.21 | 2.96 | — | — | 6.90 | 8.25 | 16.79 | — | 9.20 |
| EV / FCF | — | 3.58 | 3.12 | 4.92 | 7.04 | 3.56 | 1.68 | 3.96 | 4.26 | 4.43 | 13.17 |
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 | 40.7% | 40.7% | 31.5% | 40.1% | -17.0% | 3.3% | 25.9% | 31.6% | 24.5% | -5.4% | 52.5% |
| Operating Margin | 31.5% | 31.5% | 25.7% | 34.2% | -24.1% | -2.2% | 19.3% | 23.2% | 12.8% | -15.7% | 36.5% |
| Net Profit Margin | 21.0% | 21.0% | 16.1% | 28.2% | -21.0% | -0.8% | 14.8% | 17.9% | 11.1% | -10.6% | 29.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.6% | 14.6% | 11.3% | 20.2% | -10.6% | -0.4% | 7.6% | 9.3% | 3.6% | -3.8% | 8.5% |
| ROA | 5.1% | 5.1% | 3.8% | 6.0% | -3.0% | -0.1% | 2.7% | 3.3% | 1.3% | -1.6% | 4.2% |
| ROIC | 16.0% | 16.0% | 13.4% | 18.3% | -9.5% | -0.9% | 7.7% | 9.1% | 3.2% | -4.1% | 7.4% |
| ROCE | 10.7% | 10.7% | 8.6% | 8.3% | -3.7% | -0.4% | 5.7% | 8.0% | 2.4% | -5.9% | 11.0% |
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 | 0.12 | 0.12 | 0.11 | 0.13 | 0.12 | 0.11 | 0.10 | 0.15 | 0.14 | 0.17 | 0.16 |
| Debt / EBITDA | 0.58 | 0.58 | 0.58 | 0.66 | — | — | 1.12 | 1.52 | 3.77 | — | 1.44 |
| Net Debt / Equity | — | 0.03 | 0.01 | 0.01 | -0.00 | -0.07 | -0.05 | 0.00 | -0.02 | -0.07 | 0.09 |
| Net Debt / EBITDA | 0.15 | 0.15 | 0.06 | 0.03 | — | — | -0.59 | 0.01 | -0.44 | — | 0.80 |
| Debt / FCF | — | 0.16 | 0.05 | 0.04 | -0.02 | -0.34 | -0.14 | 0.00 | -0.10 | -0.36 | 1.12 |
| Interest Coverage | 34.21 | 34.21 | 32.92 | 43.50 | -24.22 | -1.40 | 20.74 | 17.58 | 6.58 | -6.43 | 15.96 |
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 | 5.03 | 5.03 | 0.08 | 4.15 | 5.25 | 4.01 | 3.76 | 0.60 | 4.13 | 0.37 | 0.42 |
| Quick Ratio | 5.03 | 5.03 | 0.08 | 4.15 | 148.82 | 7.03 | 3.76 | 1.09 | 7.31 | 0.37 | 0.42 |
| Cash Ratio | 3.62 | 3.62 | 0.31 | 2.72 | 52.43 | 1.84 | 1.93 | 0.31 | 1.94 | 0.24 | 0.27 |
| Asset Turnover | — | 0.24 | 0.23 | 0.19 | 0.14 | 0.16 | 0.17 | 0.16 | 0.11 | 0.14 | 0.14 |
| 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 | 0.5% | 0.6% | 0.6% | 0.8% | 0.8% | 0.8% | 0.9% | 0.7% | 1.0% | 1.0% | 0.9% |
| Payout Ratio | 2.8% | 2.8% | 4.3% | 2.9% | — | — | 9.0% | 7.9% | 23.2% | — | 10.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 17.4% | 20.1% | 14.2% | 26.7% | — | — | 9.2% | 8.3% | 4.3% | — | 8.4% |
| FCF Yield | 26.2% | 29.3% | 32.6% | 20.5% | 14.2% | 25.7% | 54.9% | 25.3% | 23.0% | 20.9% | 8.3% |
| Buyback Yield | 11.4% | 12.7% | 5.2% | 0.2% | 2.1% | 16.3% | 2.4% | 0.0% | 0.0% | 3.8% | 5.5% |
| Total Shareholder Yield | 11.9% | 13.3% | 5.9% | 1.0% | 2.9% | 17.2% | 3.3% | 0.7% | 1.0% | 4.8% | 6.4% |
| Shares Outstanding | — | $45M | $51M | $48M | $43M | $47M | $47M | $43M | $40M | $40M | $42M |
Catastrophe loss volatility
As reported in financial statements, RenaissanceRe trades at a P/B of 0.75, a valuation multiple that appears to discount the firm's historical underwriting prowess in favor of concerns regarding the volatility of catastrophe-exposed earnings and the long-term integration risks associated with the recent Validus Re acquisition.
The current P/B ratio suggests that investors are pricing in a significant margin of safety, potentially due to the inherent unpredictability of the firm's catastrophe-heavy portfolio. This valuation discount warrants further investigation into whether the market is underestimating the structural fee income generated by the company's third-party capital management platform.
Based on RenaissanceRe's reported figures, the combined ratio has exhibited extreme variance, swinging from a highly profitable 53.5% in 2025Q3 to a strained 102.1% in 2025Q1, which underscores the inherent difficulty in maintaining consistent underwriting margins within the property catastrophe reinsurance segment during peak hurricane seasons.
The wide range in the combined ratio indicates that underwriting profitability is highly sensitive to individual tail events rather than steady-state operational performance. Investors should monitor whether the shift toward casualty and specialty lines will eventually dampen this volatility or introduce new, less transparent risks.
According to recent SEC filings, RenaissanceRe maintains a D/E ratio of 0.12, a figure that highlights a fortress balance sheet capable of absorbing significant catastrophe losses while providing the necessary liquidity to deploy capital opportunistically during periods of market hardening or industry-wide pricing dislocation.
This low leverage profile suggests that the firm is not overly reliant on debt to fund its underwriting capacity, which is a critical advantage in the reinsurance industry. The company's ability to maintain such a conservative capital structure while scaling through joint ventures appears to be a key differentiator from more debt-dependent peers.
As noted in financial disclosures, the P/E ratio is frequently misapplied to RenaissanceRe, as it fails to account for the extreme quarterly earnings volatility caused by catastrophe losses and the non-cash nature of reserve adjustments, which can render trailing earnings multiples largely meaningless for valuation purposes.
Investors should prioritize P/B and return on equity (ROE) metrics, as these better reflect the underlying value of the invested assets backing the reserves. Relying on P/E may obscure the firm's true economic performance, particularly during periods where reserve releases or major loss events distort the bottom line.
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Quick answers to the most common questions about buying RNR stock.
RenaissanceRe Holdings Ltd.'s current P/E ratio is 5.8x. The historical average is 9.5x. This places it at the 29th percentile of its historical range.
RenaissanceRe Holdings Ltd.'s current EV/EBITDA is 3.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.4x.
RenaissanceRe Holdings Ltd.'s return on equity (ROE) is 14.6%. The historical average is 11.1%.
Based on historical data, RenaissanceRe Holdings Ltd. is trading at a P/E of 5.8x. This is at the 29th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
RenaissanceRe Holdings Ltd.'s current dividend yield is 0.51% with a payout ratio of 2.8%.
RenaissanceRe Holdings Ltd. has 40.7% gross margin and 31.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
RenaissanceRe Holdings Ltd.'s Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.