Latest Ratios: P/E Ratio 11.7x · EV/EBITDA 8.4x · ROE 13.7%. (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 | $1.3B | $959M | $737M | $508M | $693M | $582M | $628M | $1.1B | $1.4B | $1.2B | $1.3B |
| Enterprise Value | $1.3B | $949M | $653M | $456M | $646M | $500M | $590M | $998M | $1.4B | $1.1B | $1.2B |
| P/E Ratio → | 11.72 | 8.11 | 11.90 | — | 46.37 | 7.34 | — | 75.40 | 51.34 | 22.90 | 25.48 |
| P/S Ratio | 0.97 | 0.69 | 0.59 | 0.46 | 0.70 | 0.55 | 0.58 | 0.93 | 1.32 | 1.11 | 1.29 |
| P/B Ratio | 1.47 | 1.02 | 0.94 | 0.69 | 0.94 | 0.66 | 0.76 | 1.23 | 1.60 | 1.20 | 1.35 |
| P/FCF | 5.11 | 3.64 | 2.25 | 3.16 | — | 36.50 | 27.83 | 18.24 | 18.44 | 7.64 | 6.14 |
| P/OCF | 4.99 | 3.56 | 2.17 | 2.96 | — | 19.45 | 15.16 | 11.93 | 12.90 | 6.87 | 5.92 |
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 | — | 0.68 | 0.52 | 0.42 | 0.65 | 0.47 | 0.55 | 0.83 | 1.26 | 1.02 | 1.17 |
| EV / EBITDA | 8.39 | 5.96 | 7.43 | — | 32.72 | 4.83 | — | 35.55 | — | 53.06 | 18.23 |
| EV / EBIT | 9.03 | 5.96 | 7.75 | — | 42.32 | 5.00 | — | 59.13 | — | 68.57 | 20.14 |
| EV / FCF | — | 3.60 | 1.99 | 2.83 | — | 31.35 | 26.15 | 16.27 | 17.60 | 7.02 | 5.60 |
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 | 44.9% | 44.9% | 18.0% | 7.6% | 13.9% | 19.0% | -0.1% | 12.8% | 13.2% | 11.6% | 11.2% |
| Operating Margin | 10.7% | 10.7% | 6.2% | -3.6% | 1.2% | 9.2% | -15.7% | 1.4% | -0.8% | 1.5% | 5.8% |
| Net Profit Margin | 8.5% | 8.5% | 4.9% | -2.7% | 1.5% | 7.6% | -10.5% | 1.2% | 2.6% | 4.8% | 5.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.7% | 13.7% | 8.2% | -4.0% | 1.9% | 9.5% | -13.0% | 1.6% | 3.0% | 5.3% | 5.5% |
| ROA | 3.2% | 3.2% | 1.9% | -1.0% | 0.5% | 2.7% | -3.7% | 0.5% | 0.8% | 1.2% | 1.3% |
| ROIC | 13.6% | 13.6% | 8.4% | -4.3% | 1.2% | 9.2% | -16.1% | 1.6% | -0.8% | 1.4% | 5.4% |
| ROCE | 13.7% | 13.7% | 2.3% | -1.8% | 1.0% | 10.1% | -5.6% | 0.8% | -0.4% | 0.5% | 1.7% |
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 | 0.16 | 0.16 | 0.15 | 0.07 | 0.07 | 0.06 | 0.06 | — | — | — | — |
| Debt / EBITDA | 0.92 | 0.92 | 1.33 | — | 2.53 | 0.48 | — | — | — | — | — |
| Net Debt / Equity | — | -0.01 | -0.11 | -0.07 | -0.06 | -0.09 | -0.05 | -0.13 | -0.07 | -0.10 | -0.12 |
| Net Debt / EBITDA | -0.06 | -0.06 | -0.95 | — | -2.36 | -0.79 | — | -4.30 | — | -4.73 | -1.74 |
| Debt / FCF | — | -0.04 | -0.26 | -0.32 | — | -5.15 | -1.68 | -1.97 | -0.84 | -0.62 | -0.54 |
| Interest Coverage | 14.13 | 14.13 | 11.58 | -11.18 | 4.79 | 31.39 | — | — | — | — | — |
Net cash position: cash ($156M) exceeds total debt ($146M)
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 | 0.80 | 0.80 | — | 3.97 | 0.32 | 0.30 | — | 3.43 | 0.30 | 0.32 | 0.35 |
| Quick Ratio | 0.80 | 0.80 | — | 3.97 | 0.32 | 0.30 | — | 3.43 | 0.30 | 0.32 | 0.35 |
| Cash Ratio | 0.49 | 0.49 | — | 0.72 | 0.07 | 0.06 | — | 0.87 | 0.05 | 0.07 | 0.09 |
| Asset Turnover | — | 0.36 | 0.36 | 0.35 | 0.34 | 0.35 | 0.35 | 0.40 | 0.38 | 0.25 | 0.24 |
| 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 | 1.2% | 1.7% | 2.2% | 3.2% | 2.3% | 2.6% | 4.5% | 2.9% | 7.4% | 2.3% | 1.9% |
| Payout Ratio | 13.8% | 13.8% | 26.2% | — | 105.5% | 18.7% | — | 220.4% | 381.2% | 53.6% | 49.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.5% | 12.3% | 8.4% | — | 2.2% | 13.6% | — | 1.3% | 1.9% | 4.4% | 3.9% |
| FCF Yield | 19.6% | 27.5% | 44.5% | 31.7% | — | 2.7% | 3.6% | 5.5% | 5.4% | 13.1% | 16.3% |
| Buyback Yield | 0.1% | 0.1% | 0.0% | 0.1% | 0.0% | 0.3% | 0.4% | 1.0% | 0.4% | 2.5% | 0.3% |
| Total Shareholder Yield | 1.3% | 1.8% | 2.2% | 3.2% | 2.3% | 2.9% | 5.0% | 4.0% | 7.8% | 4.9% | 2.2% |
| Shares Outstanding | — | $26M | $26M | $25M | $25M | $25M | $25M | $26M | $26M | $26M | $26M |
Midwest catastrophe loss volatility
Based on a P/B ratio of 1.47 as reported in recent market data, UFCS trades at a valuation that appears to discount its regional franchise relative to higher-growth peers, suggesting investors are prioritizing the company's conservative capital base over aggressive underwriting expansion or rapid earnings growth.
The current P/B multiple of 1.47 indicates that the market is assigning a modest premium to book value, likely reflecting the company's low debt-to-equity ratio and stable dividend history. This valuation suggests that investors may be cautious about the company's ability to consistently generate ROE above its cost of capital, given the historical volatility in underwriting results.
As indicated by quarterly financial statements, the combined ratio has shown significant variance, ranging from 86.3% in 2025Q3 to 101.3% in 2024Q2, which highlights the inherent sensitivity of the company's underwriting profitability to regional weather-related losses and the ongoing challenges of managing commercial lines pricing.
The fluctuation in the combined ratio suggests that while the company can achieve periods of strong underwriting profit, it remains vulnerable to secondary peril events. Analysts should monitor whether the 'One UFG' initiative can successfully stabilize these margins by improving underwriting precision and reducing the impact of catastrophe-driven loss spikes.
According to reported financial figures, UFCS maintains a highly disciplined approach to underwriting leverage, with a debt-to-equity ratio consistently near 0.16, signaling a defensive balance sheet posture that prioritizes long-term solvency over the aggressive use of financial leverage to boost returns on equity.
This low leverage profile provides a significant buffer against potential adverse reserve development, which is critical given the company's exposure to long-tail commercial lines. While this conservative stance supports financial stability, it may also imply that the company is underutilizing its capital base, potentially limiting its ability to capture market share during favorable pricing cycles.
As noted in industry research, the P/E ratio is frequently misapplied to UFCS, as it obscures the significant impact of prior-year reserve development and catastrophe-related volatility on net income, which can lead to a distorted view of the company's true underlying underwriting profitability and earnings quality.
Investors should instead focus on the accident-year combined ratio, which strips out the noise of reserve adjustments to reveal the core performance of current underwriting operations. Relying on headline P/E multiples risks misinterpreting temporary earnings fluctuations as structural shifts in the company's long-term competitive positioning.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying UFCS stock.
United Fire Group, Inc.'s current P/E ratio is 11.7x. The historical average is 25.4x. This places it at the 32th percentile of its historical range.
United Fire Group, Inc.'s current EV/EBITDA is 8.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.3x.
United Fire Group, Inc.'s return on equity (ROE) is 13.7%. The historical average is 7.0%.
Based on historical data, United Fire Group, Inc. is trading at a P/E of 11.7x. This is at the 32th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
United Fire Group, Inc.'s current dividend yield is 1.18% with a payout ratio of 13.8%.
United Fire Group, Inc. has 44.9% gross margin and 10.7% operating margin. Operating margin between 10-20% is typical for established companies.
United Fire Group, Inc.'s Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.