Latest Ratios: P/E Ratio 10.0x · EV/EBITDA 11.1x · ROE 8.9%. (2003–2025 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 | $3.3B | $4.4B | $4.9B | $4.5B | $4.0B | $3.7B | $2.7B | $4.9B | $4.3B | $4.1B | $5.1B |
| Enterprise Value | $4.6B | $5.8B | $6.5B | $6.1B | $5.5B | $5.3B | $3.8B | $6.0B | $5.4B | $5.3B | $6.3B |
| P/E Ratio → | 9.98 | 8.83 | 13.10 | 6.08 | 32.43 | 9.58 | 7.52 | 12.26 | 8.18 | 5.68 | 5.76 |
| P/S Ratio | 3.68 | 5.63 | 6.00 | 4.39 | 5.82 | 5.34 | 2.50 | 5.32 | 4.32 | 2.51 | 3.67 |
| P/B Ratio | 0.63 | 0.77 | 0.88 | 0.77 | 0.75 | 0.57 | 0.40 | 0.74 | 0.65 | 0.61 | 0.78 |
| P/FCF | 9.01 | 17.14 | 103.99 | 9.67 | — | — | — | — | 9.22 | 9.57 | — |
| P/OCF | 12.56 | 17.14 | 103.99 | 9.67 | — | — | — | — | 9.22 | 9.57 | — |
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 | — | 7.30 | 7.94 | 5.97 | 8.11 | 7.57 | 3.48 | 6.47 | 5.46 | 3.20 | 4.53 |
| EV / EBITDA | 11.06 | 7.66 | 11.17 | 7.99 | 34.88 | 10.80 | 8.86 | 10.81 | 8.00 | 4.86 | 5.59 |
| EV / EBIT | 6.90 | 7.66 | 11.17 | 7.99 | 24.22 | 9.37 | 7.58 | 10.81 | 8.00 | 4.86 | 5.59 |
| EV / FCF | — | 22.22 | 137.56 | 13.14 | — | — | — | — | 11.67 | 12.22 | — |
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 | 92.9% | 92.9% | 100.7% | 82.8% | 95.6% | 129.5% | 79.8% | 88.0% | 91.9% | 75.3% | 77.3% |
| Operating Margin | 84.0% | 84.0% | 60.0% | 65.8% | 21.6% | 68.3% | 38.1% | 50.2% | 58.8% | 60.0% | 73.7% |
| Net Profit Margin | 63.8% | 63.8% | 46.2% | 72.8% | 18.1% | 55.7% | 33.4% | 43.5% | 52.8% | 44.2% | 63.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.9% | 8.9% | 6.6% | 13.4% | 2.1% | 5.9% | 5.4% | 6.1% | 7.8% | 10.9% | 14.0% |
| ROA | 4.2% | 4.2% | 3.1% | 5.0% | 0.7% | 2.3% | 2.4% | 2.9% | 3.7% | 5.1% | 6.1% |
| ROIC | 7.0% | 7.0% | 5.1% | 7.0% | 1.5% | 4.5% | 4.0% | 4.5% | 5.6% | 9.5% | 10.2% |
| ROCE | 8.2% | 8.2% | 4.0% | 4.5% | 0.9% | 3.0% | 2.8% | 3.6% | 4.3% | 7.0% | 7.1% |
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 | 0.29 | 0.29 | 0.31 | 0.29 | 0.32 | 0.26 | 0.18 | 0.19 | 0.19 | 0.19 | 0.20 |
| Debt / EBITDA | 2.27 | 2.27 | 2.93 | 2.23 | 10.53 | 3.42 | 2.87 | 2.23 | 1.83 | 1.19 | 1.17 |
| Net Debt / Equity | — | 0.23 | 0.28 | 0.28 | 0.30 | 0.24 | 0.16 | 0.16 | 0.17 | 0.17 | 0.18 |
| Net Debt / EBITDA | 1.75 | 1.75 | 2.73 | 2.11 | 9.86 | 3.18 | 2.49 | 1.93 | 1.68 | 1.06 | 1.06 |
| Debt / FCF | — | 5.08 | 33.57 | 3.46 | — | — | — | — | 2.44 | 2.65 | — |
| Interest Coverage | 8.44 | 8.44 | 6.36 | 8.42 | 2.83 | 6.48 | 5.86 | 6.21 | 7.17 | 11.22 | 10.97 |
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 | 1.13 | 1.13 | — | — | 32.29 | 12.63 | — | 11.40 | 10.46 | 192.69 | 170.92 |
| Quick Ratio | 1.13 | 1.13 | — | — | 42.13 | 16.51 | — | 14.74 | 12.36 | 250.43 | 213.05 |
| Cash Ratio | 0.62 | 0.62 | — | — | 27.06 | 10.29 | — | 9.52 | 9.28 | 187.62 | 170.95 |
| Asset Turnover | — | 0.06 | 0.07 | 0.08 | 0.04 | 0.04 | 0.07 | 0.06 | 0.07 | 0.11 | 0.10 |
| 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 | 1.9% | 1.5% | 1.4% | 1.5% | 1.6% | 1.8% | 2.5% | 1.5% | 1.7% | 1.7% | 1.4% |
| Payout Ratio | 13.5% | 13.5% | 18.1% | 9.1% | 51.6% | 17.0% | 19.1% | 18.4% | 13.6% | 9.6% | 7.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.0% | 11.3% | 7.6% | 16.4% | 3.1% | 10.4% | 13.3% | 8.2% | 12.2% | 17.6% | 17.4% |
| FCF Yield | 11.1% | 5.8% | 1.0% | 10.3% | — | — | — | — | 10.8% | 10.5% | — |
| Buyback Yield | 16.4% | 12.0% | 10.3% | 4.5% | 12.6% | 13.3% | 16.4% | 10.2% | 11.7% | 12.1% | 6.1% |
| Total Shareholder Yield | 18.3% | 13.6% | 11.7% | 6.0% | 14.2% | 15.1% | 19.0% | 11.7% | 13.4% | 13.8% | 7.4% |
| Shares Outstanding | — | $49M | $54M | $60M | $64M | $74M | $86M | $100M | $111M | $122M | $134M |
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying AGO stock.
Assured Guaranty Ltd.'s current P/E ratio is 10.0x. The historical average is 11.1x. This places it at the 62th percentile of its historical range.
Assured Guaranty Ltd.'s current EV/EBITDA is 11.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.7x.
Assured Guaranty Ltd.'s return on equity (ROE) is 8.9%. The historical average is 9.0%.
Based on historical data, Assured Guaranty Ltd. is trading at a P/E of 10.0x. This is at the 62th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Assured Guaranty Ltd.'s current dividend yield is 1.87% with a payout ratio of 13.5%.
Assured Guaranty Ltd. has 92.9% gross margin and 84.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Assured Guaranty Ltd.'s Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
S&P capital framework changes
Metrics are mathematically derived from official filings.
Discount to Book Masks Earnings Power
AGO trades at 0.66x book value, a steep discount to adjusted book value per share of $189.72, implying the market prices in runoff rather than growth, according to recent financial disclosures.
The P/B of 0.66x is well below the peer AGM's 1.49x, suggesting the market assigns little value to new business production or the asset management pivot. The implied ROE from this multiple is roughly 10% if the market expects a 6.6% return on book, but AGO's historical ROE has been higher, indicating potential undervaluation. However, the Q2 2026 EPS miss and reliance on reserve releases may justify some discount, as investors question earnings quality.
Combined Ratio Volatile but Profitable
Combined ratios have remained below 100% for five consecutive quarters, with 2026Q2 at 75.1%, though loss ratios swung from -18.3% to 22.4%, reflecting reserve releases, as per AGO's quarterly reports.
The expense ratio spiked to 73.1% in 2026Q2, up from 14.1% in 2025Q4, indicating that the low combined ratio was driven by a favorable loss ratio of 2.0%, not operational efficiency. This suggests that underwriting profitability is heavily dependent on reserve releases, which may not be sustainable. Investors should monitor whether the elevated expense ratio reflects one-time costs or a structural shift in cost structure.
ROE Decomposed: Underwriting vs. Investment
ROE averaged 1.8% over the last four quarters, with underwriting margins contributing positively but investment income not separately disclosed, based on AGO's financial statements.
The combined ratio below 100% indicates underwriting profits, but the low ROE suggests that investment income on float is not generating sufficient returns to boost overall profitability. The Q2 2026 EPS miss of $0.88 vs. $1.63 estimate may indicate lower investment income or higher losses, which warrants further investigation. The stable but low ROE implies that the market's discount to book may be justified if the company cannot generate higher returns on its large capital base.
Expense Ratio Spike Clouds Efficiency
The expense ratio jumped to 73.1% in 2026Q2 from 14.1% in 2025Q4, a dramatic increase that may indicate one-time costs or a shift in business mix, as reported in AGO's quarterly results.
The elevated expense ratio in 2026Q2, combined with a low loss ratio, suggests that the company may be investing in growth initiatives or facing higher administrative costs. This volatility makes it difficult to assess underlying operating efficiency. Compared to peers, AGO's expense ratio is not directly comparable due to the monoline model, but the spike warrants monitoring to see if it reverts to historical levels.
Underwriting Leverage Appears Conservative
With equity of $5.6B and a debt-to-equity ratio of 0.31, AGO's premium-to-surplus ratio appears conservative, though exact figures are not disclosed, based on balance sheet data.
The low D/E ratio and stable equity base suggest that AGO maintains a strong capital buffer relative to its insured risks. However, the potential changes to S&P's capital adequacy framework could alter the amount of excess capital available for buybacks, impacting the leverage ratio. Investors should monitor whether the company can maintain its current leverage while returning capital to shareholders.
Combined Ratio Misleads Without Reserve Adjustments
The combined ratio, while below 100%, is distorted by reserve releases, as evidenced by negative loss ratios in 2025Q3 and 2024Q3, which may overstate underwriting profitability, per AGO's financial reports.
The combined ratio is the most commonly misapplied metric for insurers, but for AGO, it fails to capture the impact of reserve releases that have inflated earnings. Analysts should adjust for reserve development to assess true underwriting performance. Additionally, the P/E ratio is volatile due to fair value adjustments, so adjusted book value per share is a more reliable measure of value creation.