Latest Ratios: P/E Ratio 1.4x · EV/EBITDA 2103.8x · ROE 9.7%. (2006–2025 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 | $1.7B | $1.7B | $1.6B | $1.7B | $1.6B | $2.0B | $1.9B | $1.8B | $1.5B | $1.8B | $1.7B |
| Enterprise Value | $3.2B | $3.2B | $3.4B | $3.2B | $2.6B | $2.9B | $2.5B | $3.9B | $3.1B | $4.1B | $4.4B |
| P/E Ratio → | 1.43 | 1.40 | 2.29 | 1.88 | 3.03 | 3.25 | 4.58 | 2.03 | 2.14 | 1.01 | 2.44 |
| P/S Ratio | 0.07 | 0.07 | 0.07 | 0.09 | 0.10 | 0.12 | 0.13 | 0.13 | 0.12 | 0.15 | 0.15 |
| P/B Ratio | 0.13 | 0.12 | 0.15 | 0.18 | 0.22 | 0.15 | 0.13 | 0.16 | 0.18 | 0.19 | 0.24 |
| P/FCF | 0.41 | 0.41 | 0.18 | 0.37 | 1.17 | 0.48 | 0.58 | 0.79 | 0.99 | 0.95 | 1.20 |
| P/OCF | 0.41 | 0.41 | 0.18 | 0.42 | 1.17 | 0.48 | 0.57 | 0.78 | 0.97 | 0.93 | 1.17 |
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 | — | 0.14 | 0.15 | 0.17 | 0.16 | 0.17 | 0.17 | 0.27 | 0.24 | 0.33 | 0.39 |
| EV / EBITDA | 2103.75 | 2081.13 | 2.60 | 2.03 | 3.44 | 3.53 | 3.11 | 2.84 | 2.91 | 3.00 | 3.59 |
| EV / EBIT | 2.10 | 2081.13 | 2.60 | 2.22 | 2.86 | 3.53 | — | — | — | 3.12 | — |
| EV / FCF | — | 0.78 | 0.36 | 0.69 | 1.94 | 0.70 | 0.75 | 1.73 | 2.01 | 2.12 | 3.12 |
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 | 28.3% | 28.3% | 23.8% | 25.3% | 26.1% | 23.3% | 94.4% | 93.9% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 6.5% | 6.5% | 4.4% | 6.2% | 4.4% | 4.1% | 5.1% | 9.3% | 7.9% | 10.5% | 10.5% |
| Net Profit Margin | 5.0% | 5.0% | 3.2% | 4.9% | 3.2% | 3.7% | 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% | 4.5% | 3.2% | 8.7% | 7.9% | 21.9% | 10.6% |
| ROA | 0.9% | 0.9% | 0.7% | 1.0% | 0.6% | 0.7% | 0.5% | 1.2% | 1.2% | 3.2% | 1.4% |
| ROIC | 8.3% | 8.3% | 6.3% | 9.2% | 4.9% | 3.6% | 3.9% | 8.4% | 7.0% | 9.1% | 10.3% |
| ROCE | 1.1% | 1.1% | 0.9% | 1.2% | 0.8% | 0.8% | 0.9% | 1.9% | 1.6% | 2.3% | 2.3% |
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 | 3707.79 | 3707.79 | 3.89 | 2.86 | 5.24 | 4.67 | 5.02 | 2.59 | 3.25 | 2.61 | 3.18 |
| 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 | 1001.30 | 1001.30 | 1.33 | 0.94 | 1.37 | 1.09 | 0.70 | 1.54 | 1.48 | 1.65 | 2.21 |
| Debt / FCF | — | 0.38 | 0.18 | 0.32 | 0.77 | 0.22 | 0.17 | 0.94 | 1.02 | 1.17 | 1.92 |
| Interest Coverage | 0.00 | 0.00 | 4.11 | 5.51 | 4.76 | 6.23 | -11.74 | -7.71 | -15467.05 | 9023.27 | -6391.79 |
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 | 0.19 | 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 | 14.1% | 14.4% | 13.9% | 12.9% | 13.1% | 9.7% | 9.6% | 9.1% | 9.1% | 6.4% | 5.9% |
| Payout Ratio | 20.3% | 20.3% | 31.9% | 24.3% | 39.7% | 31.4% | 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 | 69.8% | 71.3% | 43.6% | 53.2% | 33.0% | 30.8% | 21.8% | 49.3% | 46.7% | 99.0% | 41.1% |
| FCF Yield | 100.0% | 246.0% | 568.7% | 270.9% | 85.8% | 207.9% | 173.1% | 126.3% | 101.3% | 105.3% | 83.2% |
| Buyback Yield | 10.2% | 10.5% | 1.6% | 13.4% | 5.2% | 4.9% | 8.6% | 5.6% | 19.5% | 2.4% | 7.2% |
| Total Shareholder Yield | 24.4% | 24.9% | 15.5% | 26.3% | 18.3% | 14.6% | 18.1% | 14.7% | 28.7% | 8.7% | 13.1% |
| Shares Outstanding | — | $67M | $67M | $67M | $68M | $68M | $66M | $64M | $65M | $66M | $65M |
Actuarial assumption volatility
As reported in recent financial statements, RZB trades at a P/B ratio of 0.13, a valuation level that appears to significantly discount the company's book value compared to broader industry peers, likely reflecting market skepticism regarding the long-term durability of earnings under new LDTI accounting standards.
The extreme divergence between RZB's valuation and its peers suggests that investors are pricing in significant potential for future reserve adjustments or volatility in long-duration liability valuations. This deep discount warrants further investigation into whether the market is misinterpreting the company's underlying economic value versus its reported GAAP book value.
Based on quarterly data, RZB has maintained a combined ratio consistently below the 100% threshold, with a recent 2025Q4 figure of 92.6%, suggesting that the company continues to generate a modest underwriting profit despite the inherent risks associated with its specialized life reinsurance portfolio.
The trajectory of the combined ratio indicates that RZB's facultative underwriting process remains disciplined, though the fluctuation in loss ratios between 70.2% and 81.0% over the last ten quarters highlights a sensitivity to mortality trends. This suggests that while the core business is profitable, the sustainability of these margins is highly dependent on the accuracy of actuarial assumptions.
According to recent financial disclosures, RZB's ROE has remained muted, fluctuating between 0.0% and 3.5% over the past ten quarters, which appears to be heavily influenced by non-cash accounting adjustments rather than a fundamental deterioration in the company's ability to generate returns on its invested float.
The low ROE figures suggest that the company's profitability is currently obscured by the impact of LDTI accounting, which forces volatility into the income statement. Investors should monitor whether the underlying investment yield on float can continue to offset the volatility inherent in the company's long-duration life insurance liabilities.
As noted in industry research, the P/E ratio is the most commonly misapplied metric for RZB, as it fails to account for the significant non-cash volatility introduced by LDTI accounting standards and the long-duration nature of the company's life reinsurance liabilities.
Relying on P/E ratios for a company like RZB obscures the true economic performance by focusing on volatile GAAP net income rather than the underlying value of new business or the stability of the investment spread. Analysts should instead prioritize book value and actuarial-based metrics to better assess the company's long-term financial health.
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Quick answers to the most common questions about buying RZB stock.
Reinsurance Group of America, Incorporated's current P/E ratio is 1.4x. The historical average is 2.4x. This places it at the 20th percentile of its historical range.
Reinsurance Group of America, Incorporated's current EV/EBITDA is 2103.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 3.0x.
Reinsurance Group of America, Incorporated's return on equity (ROE) is 9.7%. The historical average is 8.3%.
Based on historical data, Reinsurance Group of America, Incorporated is trading at a P/E of 1.4x. This is at the 20th 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 14.14% with a payout ratio of 20.3%.
Reinsurance Group of America, Incorporated has 28.3% gross margin and 6.5% operating margin.
Reinsurance Group of America, Incorporated's Debt/EBITDA ratio is 3707.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.