Latest Ratios: P/E Ratio 12.8x · EV/EBITDA 3.4x · ROE 11.5%. (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 | $13.2B | $12.0B | $11.8B | $10.9B | $10.2B | $10.2B | $8.1B | $9.3B | $12.1B | $16.5B | $14.5B |
| Enterprise Value | $16.0B | $14.5B | $13.4B | $11.7B | $13.5B | $15.5B | $10.8B | $9.1B | $17.0B | $20.3B | $17.2B |
| P/E Ratio → | 12.81 | 12.85 | 19.63 | — | — | 10.29 | — | 7.55 | 17.22 | 5.83 | 25.14 |
| P/S Ratio | 0.43 | 0.45 | 0.61 | 0.84 | — | 0.22 | 0.20 | 0.15 | 0.83 | 0.31 | 0.29 |
| P/B Ratio | 1.58 | 1.58 | 1.27 | 1.16 | 0.72 | 0.39 | 0.33 | 0.38 | 0.54 | 0.68 | 0.59 |
| P/FCF | 13.65 | 14.13 | 16.65 | 13.63 | 3.70 | — | — | 1.30 | 30.77 | 36.40 | 4.50 |
| P/OCF | 13.04 | 13.51 | 15.54 | 12.61 | 3.58 | — | — | 1.28 | 23.45 | 29.76 | 4.38 |
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 | — | 0.54 | 0.68 | 0.90 | — | 0.33 | 0.27 | 0.15 | 1.17 | 0.38 | 0.35 |
| EV / EBITDA | 3.37 | 3.47 | 21.35 | 0.95 | 13.42 | 0.35 | 0.28 | 4.17 | 7.50 | 6.11 | 16.00 |
| EV / EBIT | 3.24 | 10.89 | 20.07 | — | 16.15 | 11.00 | — | 5.22 | 16.34 | 6.82 | 18.01 |
| EV / FCF | — | 16.97 | 18.80 | 14.69 | 4.89 | — | — | 1.27 | 43.26 | 44.70 | 5.35 |
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 | 21.1% | 21.1% | 100.0% | 18.2% | -66.0% | 100.0% | 100.0% | 100.0% | 100.0% | 93.8% | 93.2% |
| Operating Margin | 16.1% | 16.1% | 3.4% | 95.3% | -3.9% | 94.0% | 92.9% | 2.2% | 8.6% | 6.0% | 1.6% |
| Net Profit Margin | 3.6% | 3.6% | 3.5% | -1.4% | 2.6% | 4.3% | 0.1% | 2.0% | 4.9% | 4.4% | 1.2% |
| 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% | 7.3% | -1.5% | -2.8% | 7.8% | 0.2% | 5.3% | 3.0% | 9.6% | 2.3% |
| ROA | 0.3% | 0.3% | 0.2% | -0.1% | -0.1% | 0.4% | 0.0% | 0.3% | 0.2% | 0.6% | 0.1% |
| ROIC | 31.1% | 31.1% | 4.7% | 66.9% | 2.5% | 110.9% | 109.9% | 3.8% | 3.4% | 8.5% | 2.1% |
| ROCE | 1.3% | 1.3% | 0.2% | 3.6% | 0.2% | 9.6% | 8.6% | 0.3% | 0.3% | 0.8% | 0.2% |
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 | 0.74 | 0.74 | 0.54 | 0.52 | 0.47 | 0.46 | 0.45 | 0.49 | 0.61 | 0.60 | 0.57 |
| Debt / EBITDA | 1.34 | 1.34 | 7.98 | 0.40 | 6.65 | 0.27 | 0.29 | 5.52 | 6.01 | 4.39 | 13.07 |
| Net Debt / Equity | — | 0.32 | 0.16 | 0.09 | 0.23 | 0.20 | 0.11 | -0.01 | 0.22 | 0.15 | 0.11 |
| Net Debt / EBITDA | 0.58 | 0.58 | 2.44 | 0.07 | 3.26 | 0.12 | 0.07 | -0.11 | 2.17 | 1.14 | 2.53 |
| Debt / FCF | — | 2.84 | 2.15 | 1.06 | 1.19 | — | — | -0.03 | 12.49 | 8.31 | 0.85 |
| Interest Coverage | 4.10 | 4.10 | 111.00 | -34.00 | 119.14 | 5.73 | -1.37 | 3.39 | 2.06 | 6.83 | 2.76 |
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 | — | — | 4.14 | 0.83 | 33.70 | 36.97 | 41.01 | 33.23 | 34.20 | 23.51 | 24.52 |
| Quick Ratio | — | — | 4.14 | 0.83 | 83.26 | 43.07 | 41.01 | 40.98 | 41.81 | 27.66 | 28.26 |
| Cash Ratio | — | — | 7.95 | 0.44 | 29.61 | 35.15 | 38.60 | 31.22 | 32.16 | 21.77 | 22.92 |
| Asset Turnover | — | 0.08 | 0.06 | 0.04 | -0.05 | 0.10 | 0.09 | 0.14 | 0.04 | 0.13 | 0.12 |
| 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 | 4.8% | 4.8% | 4.4% | 4.5% | 1.6% | 1.2% | 0.8% | 3.3% | 2.7% | 1.8% | 2.1% |
| Payout Ratio | 58.6% | 58.6% | 75.7% | — | — | 6.1% | 140.0% | 24.9% | 46.2% | 12.5% | 52.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.8% | 7.8% | 5.1% | — | — | 9.7% | — | 13.2% | 5.8% | 17.1% | 4.0% |
| FCF Yield | 7.3% | 7.1% | 6.0% | 7.3% | 27.0% | — | — | 76.8% | 3.3% | 2.7% | 22.2% |
| Buyback Yield | 4.5% | 4.4% | 7.8% | 9.8% | 5.9% | 2.3% | 0.7% | 3.4% | 2.0% | 1.6% | 4.3% |
| Total Shareholder Yield | 9.3% | 9.1% | 12.2% | 14.4% | 7.5% | 3.5% | 1.5% | 6.7% | 4.8% | 3.4% | 6.4% |
| Shares Outstanding | — | $1.6B | $2.0B | $1.9B | $2.0B | $2.1B | $2.1B | $2.1B | $2.6B | $2.6B | $2.6B |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AEG stock.
Aegon Ltd.'s current P/E ratio is 12.8x. The historical average is 18.5x. This places it at the 44th percentile of its historical range.
Aegon Ltd.'s current EV/EBITDA is 3.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.6x.
Aegon Ltd.'s return on equity (ROE) is 11.5%. The historical average is 7.7%.
Based on historical data, Aegon Ltd. is trading at a P/E of 12.8x. This is at the 44th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Aegon Ltd.'s current dividend yield is 4.77% with a payout ratio of 58.6%.
Aegon Ltd. has 21.1% gross margin and 16.1% operating margin. Operating margin between 10-20% is typical for established companies.
Aegon Ltd.'s Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
CRE exposure in general account
P/B Discount Reflects Complexity
Aegon's P/B of 1.61 trades at a significant discount to peers like MetLife (2.24) and Principal Financial (2.13), suggesting the market is applying a substantial complexity discount to its hybrid holding company structure and geographic diversification.
The valuation discount appears to reflect investor uncertainty over the quality of earnings from the aSR stake and the capital-light model, rather than a simple valuation gap. Given the company's recent ROE of 7.5% versus peer averages above 11%, the P/B multiple implies the market does not expect a sustained return to peer-level profitability. Investors should monitor whether the discount narrows as the simplified business model demonstrates more consistent earnings generation.
Profitability Emerges in Core Book
The 2026Q2 combined ratio of 91.2% signals a return to underwriting profitability, a stark improvement from prior periods where data was unavailable, suggesting the core insurance operations are generating positive technical earnings.
This result, driven by a loss ratio of 65.5% and an expense ratio of 25.8%, indicates disciplined underwriting and cost control within the active insurance segments. However, the sustainability of this profitability is questionable given the historical volatility in reported expense ratios, which have swung wildly from negative to over 100% in prior quarters. The improvement warrants monitoring to confirm it represents a structural shift rather than a one-time favorable development.
ROE Recovery Driven by Underwriting
Aegon's ROE recovered to 7.5% in 2026Q2, a significant improvement from negative returns in 2024, suggesting the shift toward underwriting profitability is beginning to contribute meaningfully to shareholder returns.
The decomposition of this ROE is critical; the underwriting margin of 8.8% in the latest quarter indicates a positive contribution from core operations, which contrasts with prior periods where returns were likely driven by volatile investment income or reserve adjustments. However, the ROE remains well below peer averages (MetLife 12.8%, Prudential 11.2%), implying the company has not yet fully captured the earnings potential of its simplified structure. The gap suggests either ongoing inefficiencies or a conservative capital position that may limit near-term return expansion.
Leverage Constrained by Capital Model
Aegon's D/E ratio of 0.43 is lower than most peers (MetLife 0.70, Prudential 0.65), indicating a conservative leverage profile that may reflect the capital-light model's reduced need for balance sheet intensity.
This lower leverage appears to be a deliberate strategic choice following the divestment of capital-intensive Dutch operations, positioning the company with greater financial flexibility. However, it also suggests the company is not fully utilizing its capital base to generate returns, which may be a factor in its below-peer ROE. The premium-to-surplus ratio is not provided, but the low D/E implies underwriting leverage is likely contained, aligning with a strategy focused on fee-based income over risk accumulation.
P/E Multiple Misleads on Earnings Quality
The P/E ratio of 13.11 is the most commonly misapplied metric for Aegon, as it obscures the significant volatility in reported earnings driven by reserve adjustments and non-recurring items, making it an unreliable indicator of sustainable profitability.
The historical data shows earnings swinging from positive to deeply negative quarters, meaning the P/E multiple is highly sensitive to the specific period chosen and does not reflect the underlying earnings power of the business. A more appropriate metric is the P/B ratio, which anchors valuation to the invested asset base backing reserves, or an adjusted operating ROE that strips out volatile reserve releases. Relying on P/E could lead investors to misjudge the company's valuation relative to its actual, more stable, fee-based earnings stream.