Latest Ratios: P/E Ratio 11.7x · EV/EBITDA 8.9x · ROE 11.5%. (2000–2025 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 | $1.1B | $1.1B | $1.2B | $1.1B | $1.2B | $1.3B | $1.2B | $1.4B | $1.2B | $1.2B | $1.1B |
| Enterprise Value | $1.1B | $1.1B | $1.2B | $1.1B | $1.3B | $1.3B | $1.2B | $1.4B | $1.2B | $1.2B | $1.1B |
| P/E Ratio → | 11.68 | 11.63 | 17.24 | 59.37 | 26.75 | 9.66 | 8.49 | 14.32 | 14.98 | 19.61 | 17.26 |
| P/S Ratio | 0.92 | 0.92 | 1.09 | 1.21 | 1.58 | 1.47 | 1.40 | 1.62 | 1.49 | 1.44 | 1.34 |
| P/B Ratio | 1.29 | 1.29 | 1.46 | 1.39 | 1.53 | 1.37 | 1.33 | 1.76 | 1.73 | 1.74 | 1.65 |
| P/FCF | 5.99 | 5.98 | 9.75 | 22.21 | 29.35 | 9.53 | 11.84 | 13.80 | 10.69 | 15.99 | 11.80 |
| P/OCF | 5.91 | 5.91 | 9.42 | 21.45 | 27.96 | 8.98 | 10.76 | 12.62 | 9.76 | 14.83 | 11.21 |
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 | — | 0.91 | 1.08 | 1.22 | 1.62 | 1.46 | 1.41 | 1.61 | 1.45 | 1.39 | 1.31 |
| EV / EBITDA | 8.87 | 8.87 | 12.08 | 36.00 | 19.23 | 7.38 | 6.50 | 10.91 | 10.50 | 11.95 | 10.04 |
| EV / EBIT | 8.98 | 8.87 | 13.27 | 44.75 | 21.17 | 7.66 | 6.76 | 11.38 | 11.58 | 13.54 | 11.65 |
| EV / FCF | — | 5.92 | 9.65 | 22.44 | 30.13 | 9.48 | 11.91 | 13.70 | 10.37 | 15.45 | 11.58 |
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 | 36.4% | 36.4% | 35.4% | 30.6% | 37.3% | 46.6% | 51.9% | 41.8% | 41.8% | 40.3% | 40.4% |
| Operating Margin | 10.1% | 10.1% | 8.1% | 2.6% | 7.6% | 19.0% | 20.8% | 14.1% | 13.1% | 11.1% | 12.6% |
| Net Profit Margin | 7.9% | 7.9% | 6.4% | 2.0% | 5.9% | 15.1% | 16.4% | 11.4% | 10.0% | 7.4% | 7.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.5% | 11.5% | 8.7% | 2.3% | 5.4% | 14.4% | 16.3% | 13.0% | 11.7% | 9.1% | 9.8% |
| ROA | 4.2% | 4.2% | 3.2% | 0.9% | 2.3% | 6.3% | 6.8% | 5.1% | 4.5% | 3.5% | 3.7% |
| ROIC | 11.2% | 11.2% | 8.3% | 2.2% | 5.1% | 13.6% | 15.5% | 12.5% | 12.3% | 10.7% | 12.5% |
| ROCE | 15.8% | 15.8% | 4.1% | 1.4% | 3.0% | 8.3% | 8.6% | 6.4% | 6.2% | 5.4% | 6.2% |
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 | 0.07 | 0.07 | 0.06 | 0.06 | 0.07 | 0.06 | 0.07 | 0.04 | — | — | — |
| Debt / EBITDA | 0.48 | 0.48 | 0.46 | 1.59 | 0.88 | 0.33 | 0.33 | 0.26 | — | — | — |
| Net Debt / Equity | — | -0.01 | -0.02 | 0.01 | 0.04 | -0.01 | 0.01 | -0.01 | -0.05 | -0.06 | -0.03 |
| Net Debt / EBITDA | -0.09 | -0.09 | -0.13 | 0.37 | 0.50 | -0.04 | 0.04 | -0.08 | -0.33 | -0.42 | -0.19 |
| Debt / FCF | — | -0.06 | -0.11 | 0.23 | 0.78 | -0.05 | 0.07 | -0.10 | -0.32 | -0.55 | -0.21 |
| Interest Coverage | 83.80 | 83.80 | 177.55 | 30.85 | 114.70 | 315.69 | 398.20 | 1375.23 | 1159.34 | 964.33 | 1037.47 |
Net cash position: cash ($74M) exceeds total debt ($62M)
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 | 0.84 | 0.84 | — | 0.08 | 64.67 | 13.58 | — | — | 2.82 | 3.65 | 2.69 |
| Quick Ratio | 0.84 | 0.84 | — | 1.88 | 64.11 | 16.16 | — | — | 2.82 | 3.65 | 2.69 |
| Cash Ratio | 0.49 | 0.49 | — | 0.14 | 42.91 | 11.07 | — | — | 14.87 | 19.08 | 16.80 |
| Asset Turnover | — | 0.51 | 0.49 | 0.44 | 0.40 | 0.41 | 0.41 | 0.43 | 0.45 | 0.47 | 0.47 |
| 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 | 4.7% | 4.7% | 4.4% | 4.8% | 4.3% | 4.3% | 4.6% | 3.7% | 3.9% | 3.7% | 3.8% |
| Payout Ratio | 54.3% | 54.3% | 75.4% | 282.3% | 113.9% | 41.3% | 39.5% | 52.9% | 58.7% | 72.9% | 65.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.6% | 8.6% | 5.8% | 1.7% | 3.7% | 10.3% | 11.8% | 7.0% | 6.7% | 5.1% | 5.8% |
| FCF Yield | 16.7% | 16.7% | 10.3% | 4.5% | 3.4% | 10.5% | 8.4% | 7.2% | 9.4% | 6.3% | 8.5% |
| Buyback Yield | 1.7% | 1.7% | 0.0% | 0.5% | 1.2% | 0.9% | 3.4% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.4% | 6.4% | 4.4% | 5.2% | 5.5% | 5.2% | 8.0% | 3.7% | 3.9% | 3.7% | 3.8% |
| Shares Outstanding | — | $15M | $15M | $15M | $15M | $15M | $15M | $15M | $15M | $15M | $15M |
Regional underwriting loss volatility
According to current market data, SAFT trades at a price-to-book ratio of 1.24, which appears to discount the firm's historical underwriting discipline in favor of pricing in the recent deterioration of the combined ratio to 105.7% as reported in the 2026Q1 financial statements.
The current P/B multiple suggests that investors are cautious about the sustainability of the company's regional moat in the face of inflationary claim pressures. This valuation level implies that the market is not yet pricing in a return to the sub-90% combined ratios seen in 2025, warranting further investigation into whether the current discount is a temporary reaction to volatility or a structural re-rating of the firm's long-term ROE potential.
As reported in quarterly filings, the combined ratio reached 105.7% in 2026Q1, a significant departure from the 88.3% level achieved in 2025Q2, indicating that the company is currently struggling to maintain underwriting profitability amidst rising loss costs in its core Massachusetts market.
The sharp increase in the loss ratio to 78.6% suggests that inflationary pressures on medical and repair costs are outpacing the company's ability to adjust premiums. This trend warrants close monitoring, as the inability to maintain a combined ratio below 100% directly threatens the firm's primary source of earnings and suggests that the competitive environment in Massachusetts may be intensifying.
Based on reported figures, SAFT maintains a debt-to-equity ratio of 0.07%, which provides a fortress-like capital buffer that protects the firm from insolvency despite the recent deterioration in underwriting profitability observed in the 2026Q1 combined ratio of 105.7%.
While this ultra-conservative leverage profile minimizes financial risk, it may also indicate an under-utilization of capital that could otherwise be deployed to modernize digital infrastructure or expand regional distribution capabilities. Investors should monitor whether management intends to maintain this defensive posture or if the current underwriting strain will necessitate a more aggressive capital management strategy to support the dividend.
As evidenced by the 2026Q1 net loss of $14.3 million, the P/E ratio is a fundamentally flawed metric for evaluating SAFT, as it obscures the underlying volatility of underwriting results and the impact of reserve development on reported earnings.
Analysts should prioritize the combined ratio and book value growth over P/E, as the latter is highly sensitive to transient catastrophe losses and reserve adjustments that do not reflect the long-term health of the insurance book. Relying on P/E may lead to a misunderstanding of the company's true earnings power, which is better captured by analyzing the consistency of underwriting margins over a full insurance cycle.
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Quick answers to the most common questions about buying SAFT stock.
Safety Insurance Group, Inc.'s current P/E ratio is 11.7x. The historical average is 16.1x. This places it at the 48th percentile of its historical range.
Safety Insurance Group, Inc.'s current EV/EBITDA is 8.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.3x.
Safety Insurance Group, Inc.'s return on equity (ROE) is 11.5%. The historical average is 10.7%.
Based on historical data, Safety Insurance Group, Inc. is trading at a P/E of 11.7x. This is at the 48th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Safety Insurance Group, Inc.'s current dividend yield is 4.67% with a payout ratio of 54.3%.
Safety Insurance Group, Inc. has 36.4% gross margin and 10.1% operating margin. Operating margin between 10-20% is typical for established companies.
Safety Insurance Group, Inc.'s Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.