Latest Ratios: P/E Ratio 7.9x · EV/EBITDA 6.1x · ROE 15.5%. (2002–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.4B | — | — | — | — | — | — | — | — | — | — |
| Enterprise Value | $2.9B | — | — | — | — | — | — | — | — | — | — |
| P/E Ratio → | 7.89 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.08 | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 1.01 | — | — | — | — | — | — | — | — | — | — |
| P/FCF | 6.41 | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 6.21 | — | — | — | — | — | — | — | — | — | — |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | 6.14 | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 6.26 | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 33.1% | 33.1% | 33.2% | 20.1% | 18.5% | 15.3% | 13.8% | 16.2% | 8.9% | 26.2% | 30.5% |
| Operating Margin | 14.5% | 14.5% | 13.9% | -1.0% | 1.4% | -1.4% | -8.9% | -6.7% | -10.7% | 7.3% | 12.7% |
| Net Profit Margin | 15.2% | 15.2% | 18.5% | 1.9% | 1.2% | -2.1% | -9.8% | -6.3% | -10.2% | 7.1% | 12.1% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.5% | 15.5% | 20.3% | 2.0% | 1.1% | -2.0% | -8.9% | -5.3% | -8.1% | 5.8% | 9.4% |
| ROA | 3.1% | 3.1% | 3.5% | 0.4% | 0.2% | -0.4% | -1.9% | -1.2% | -2.1% | 1.8% | 3.0% |
| ROIC | 13.7% | 13.7% | 14.9% | -1.1% | 1.5% | -1.6% | -7.9% | -5.3% | -7.7% | 5.2% | 8.7% |
| ROCE | 3.0% | 3.0% | 2.7% | -0.2% | 0.3% | -0.3% | -1.7% | -1.2% | -2.3% | 1.8% | 3.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.11 | 0.11 | 0.13 | 0.17 | 0.15 | 0.14 | 0.15 | 0.16 | 0.20 | 0.18 | 0.19 |
| Debt / EBITDA | 0.79 | 0.79 | 0.91 | 14.98 | 4.13 | 20.71 | — | — | — | 2.55 | 1.78 |
| Net Debt / Equity | — | -0.16 | -0.22 | -0.24 | -0.32 | -0.46 | -0.23 | -0.25 | -0.16 | -0.17 | -0.13 |
| Net Debt / EBITDA | -1.14 | -1.14 | -1.51 | -21.36 | -8.95 | -68.44 | — | — | — | -2.34 | -1.22 |
| Debt / FCF | — | -1.00 | -2.03 | — | -1.95 | — | — | — | — | -1.42 | -0.80 |
| Interest Coverage | 7.47 | 7.47 | 7.29 | -0.62 | 2.45 | -1.12 | -10.72 | -6.02 | -9.55 | 7.10 | 11.44 |
Net cash position: cash ($914M) exceeds total debt ($376M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Quick Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Cash Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Asset Turnover | — | 0.20 | 0.19 | 0.17 | 0.19 | 0.21 | 0.19 | 0.19 | 0.20 | 0.24 | 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.7% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 40.1% | 40.1% | 7.5% | 78.3% | — | — | — | — | — | 25.9% | 15.8% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 12.7% | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 15.6% | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 5.7% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $91M | $60M | $60M | $60M | $60M | $60M | $60M | $60M | $62M | $63M |
Social inflation and cat-losses
According to the most recent quarterly data, Aspen Insurance Holdings achieved a combined ratio of 81.0% in 2025Q3, marking a significant improvement from the 91.9% reported in the prior quarter and suggesting a disciplined approach to underwriting profitability in the current specialty insurance market cycle.
The sharp reduction in the combined ratio indicates that management is successfully navigating the hardening market by prioritizing technical underwriting profit over volume. Investors should monitor whether this 81.0% level is sustainable or if it reflects a temporary favorable claims environment that may revert to the mean.
Based on reported figures, Aspen Insurance Holdings currently trades at a price-to-book ratio of 1.01, which appears to reflect a conservative market assessment of its franchise value relative to peers like Arch Capital Group, which commands a significantly higher multiple of 1.52.
The 1.01 P/B ratio suggests that the market is pricing the company near its liquidation value, potentially discounting the firm's ability to generate consistent ROE above its cost of capital. This valuation warrants further investigation into whether the private ownership structure is suppressing the multiple relative to public peers.
As reported in financial statements, Aspen's ROE has fluctuated significantly, ranging from a low of 1.1% in 2025Q1 to a peak of 8.4% in 2023Q4, highlighting the inherent sensitivity of the firm's profitability to both underwriting outcomes and the broader investment yield environment.
The inconsistency in ROE suggests that the firm's profitability is highly dependent on the timing of catastrophe events and the subsequent impact on the combined ratio. While the current high-rate environment supports investment income, the underlying underwriting performance remains the primary driver of long-term return stability.
Data from recent filings reveals that Aspen maintains a lean debt-to-equity ratio of approximately 0.11%, which provides the firm with significant financial flexibility to navigate volatile market cycles without the constraints of excessive leverage often seen in more aggressive insurance carriers.
This low leverage profile appears to be a strategic choice that allows the company to maintain a strong capital base to support its specialty insurance and reinsurance operations. Investors should monitor whether this conservative stance is maintained as the company prepares for a potential return to public markets.
Investors frequently misapply the headline combined ratio as a static measure of health, failing to account for the impact of reserve development, which, as indicated by historical loss ratio peaks of 86.0%, can obscure underlying deterioration in current-year underwriting standards.
The combined ratio is often used in isolation, but it can be misleading if it does not incorporate adjustments for prior-year reserve releases or additions. A more accurate assessment of underwriting quality requires analyzing the 'accident year' combined ratio to strip out the noise of historical claims adjustments.
Includes 30+ ratios · 23 years · Updated daily
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ASPEN INSURANCE HOLDINGS LTD's current P/E ratio is 7.9x. This places it at the 50th percentile of its historical range.
ASPEN INSURANCE HOLDINGS LTD's current EV/EBITDA is 6.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
ASPEN INSURANCE HOLDINGS LTD's return on equity (ROE) is 15.5%. The historical average is 6.1%.
Based on historical data, ASPEN INSURANCE HOLDINGS LTD is trading at a P/E of 7.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ASPEN INSURANCE HOLDINGS LTD's current dividend yield is 5.72% with a payout ratio of 40.1%.
ASPEN INSURANCE HOLDINGS LTD has 33.1% gross margin and 14.5% operating margin. Operating margin between 10-20% is typical for established companies.
ASPEN INSURANCE HOLDINGS LTD's Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.