Latest Ratios: P/E Ratio 12.4x · EV/EBITDA 6.2x · ROE 7.4%. (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 | $41.2B | $48.8B | $47.9B | $49.1B | $49.8B | $49.2B | $32.9B | $45.7B | $35.9B | $55.4B | $71.3B |
| Enterprise Value | $49.1B | $56.7B | $55.5B | $58.5B | $75.0B | $77.1B | $67.6B | $78.2B | $67.5B | $84.7B | $100.3B |
| P/E Ratio → | 12.44 | 15.76 | — | 13.60 | 4.89 | 4.76 | — | 13.72 | — | — | — |
| P/S Ratio | 1.49 | 1.82 | 1.75 | 1.76 | 1.66 | 0.95 | 0.75 | 0.92 | 0.76 | 1.11 | 1.35 |
| P/B Ratio | 1.08 | 1.19 | 1.12 | 0.96 | 1.15 | 0.71 | 0.49 | 0.68 | 0.63 | 0.84 | 0.93 |
| P/FCF | 7.93 | 14.72 | 14.62 | 7.87 | 12.05 | 7.90 | 31.71 | — | — | — | 20.35 |
| P/OCF | 12.44 | 14.72 | 14.62 | 7.87 | 12.05 | 7.90 | 31.71 | — | — | — | 20.35 |
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 | — | 2.12 | 2.03 | 2.09 | 2.50 | 1.48 | 1.54 | 1.57 | 1.42 | 1.70 | 1.90 |
| EV / EBITDA | 6.25 | 7.73 | 7.43 | 8.72 | 9.83 | 4.31 | — | 7.59 | 12.02 | 15.87 | 24.98 |
| EV / EBIT | 12.67 | 13.26 | 12.80 | 17.28 | 17.13 | 5.26 | — | 14.78 | 262.78 | 57.79 | — |
| EV / FCF | — | 17.11 | 16.95 | 9.36 | 18.13 | 12.40 | 65.14 | — | — | — | 28.64 |
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 | 34.5% | 34.5% | 34.0% | 15.6% | 24.2% | 38.7% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 14.5% | 14.5% | 14.2% | 10.2% | 12.6% | 25.7% | -16.6% | 10.6% | 0.5% | 2.9% | -0.1% |
| Net Profit Margin | 11.6% | 11.6% | -5.1% | 13.0% | 34.1% | 19.9% | -13.6% | 6.7% | -0.0% | -12.2% | -1.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.4% | 7.4% | -3.0% | 7.7% | 18.2% | 15.2% | -8.8% | 5.4% | -0.0% | -8.5% | -1.0% |
| ROA | 1.9% | 1.9% | -0.4% | 0.7% | 1.8% | 1.8% | -1.1% | 0.7% | -0.0% | -1.2% | -0.2% |
| ROIC | 5.9% | 5.9% | 5.2% | 3.3% | 3.4% | 10.1% | -5.4% | 4.2% | 0.2% | 1.1% | -0.0% |
| ROCE | 6.5% | 6.5% | 1.6% | 0.7% | 0.8% | 2.7% | -1.3% | 1.0% | 0.1% | 0.3% | -0.0% |
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 | 0.22 | 0.22 | 0.21 | 0.21 | 0.63 | 0.44 | 0.56 | 0.52 | 0.60 | 0.48 | 0.40 |
| Debt / EBITDA | 1.25 | 1.25 | 1.20 | 1.62 | 3.56 | 1.69 | — | 3.43 | 6.15 | 5.93 | 7.70 |
| Net Debt / Equity | — | 0.19 | 0.18 | 0.18 | 0.58 | 0.41 | 0.52 | 0.48 | 0.55 | 0.45 | 0.38 |
| Net Debt / EBITDA | 1.08 | 1.08 | 1.02 | 1.39 | 3.30 | 1.56 | — | 3.16 | 5.64 | 5.48 | 7.23 |
| Debt / FCF | — | 2.39 | 2.33 | 1.49 | 6.08 | 4.49 | 33.44 | — | — | — | 8.29 |
| Interest Coverage | 10.80 | 10.80 | 9.38 | 6.56 | 7.26 | 11.23 | -5.01 | 3.73 | 0.20 | 1.26 | -0.06 |
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 | 0.85 | 0.85 | 1.28 | 1.26 | 3.27 | 3.88 | — | — | — | — | — |
| Quick Ratio | 0.85 | 0.85 | 1.28 | 1.26 | 3.27 | 3.88 | — | — | — | — | — |
| Cash Ratio | 0.37 | 0.37 | 0.79 | 0.78 | 2.41 | 2.98 | — | — | — | — | — |
| Asset Turnover | — | 0.17 | 0.17 | 0.05 | 0.06 | 0.09 | 0.07 | 0.09 | 0.10 | 0.10 | 0.11 |
| 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 | 2.2% | 2.0% | 2.1% | 2.0% | 2.0% | 2.2% | 3.4% | 2.4% | 3.2% | 2.1% | 1.9% |
| Payout Ratio | 31.5% | 31.5% | — | 27.4% | 9.6% | 10.4% | — | 33.3% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.0% | 6.3% | — | 7.4% | 20.5% | 21.0% | — | 7.3% | — | — | — |
| FCF Yield | 12.6% | 6.8% | 6.8% | 12.7% | 8.3% | 12.7% | 3.2% | — | — | — | 4.9% |
| Buyback Yield | 14.2% | 12.0% | 14.9% | 6.0% | 10.4% | 5.3% | 1.5% | 0.0% | 4.8% | 11.3% | 16.1% |
| Total Shareholder Yield | 16.4% | 14.0% | 17.0% | 8.1% | 12.4% | 7.5% | 4.9% | 2.4% | 8.0% | 13.4% | 18.0% |
| Shares Outstanding | — | $570M | $657M | $725M | $788M | $865M | $869M | $890M | $910M | $931M | $1.1B |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AIG stock.
American International Group, Inc.'s current P/E ratio is 12.4x. The historical average is 17.2x. This places it at the 30th percentile of its historical range.
American International Group, Inc.'s current EV/EBITDA is 6.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.3x.
American International Group, Inc.'s return on equity (ROE) is 7.4%. The historical average is 3.6%.
Based on historical data, American International Group, Inc. is trading at a P/E of 12.4x. This is at the 30th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
American International Group, Inc.'s current dividend yield is 2.20% with a payout ratio of 31.5%.
American International Group, Inc. has 34.5% gross margin and 14.5% operating margin. Operating margin between 10-20% is typical for established companies.
American International Group, Inc.'s Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Reserve adequacy under social inflation
Metrics are mathematically derived from official filings.
Discount to Peers Reflects Earnings Quality Doubts
Based on AIG's reported P/B of 1.12 against Chubb's 1.85 and Travelers' 2.79, the market appears to price AIG at a steep discount that may reflect lower ROE durability rather than franchise quality alone.
A P/B of 1.12 implies the market values AIG's book roughly at parity, which suggests investors expect returns closer to the cost of equity rather than the premium ROE levels embedded in peer multiples. Reported ROE of 2.1% in 2026Q3 is far below Chubb's 14.0% and Travelers' 26.2%, so the discount appears to be a rational response to thin current returns rather than a pure mispricing. The forward P/E of 9.99 versus a trailing 14.90 suggests the market expects earnings to recover, but investors should monitor whether that recovery is supported by underwriting margins rather than buybacks.
Combined Ratio Hovers Near Profit Threshold
According to reported figures, AIG's combined ratio ranged from 78.1% to 90.6% over ten quarters, with 2026Q3 at 83.6%, indicating underwriting profit in most periods but meaningful sensitivity to loss volatility.
The quarterly combined ratio averages in the mid-80s, which implies a modest underwriting margin that leaves limited buffer against a severe catastrophe or reserve charge. The 2024Q3 reading of 90.4% and 2025Q4 at 89.9% show that the spread between good and weak quarters is wide, suggesting loss ratio volatility is driving results more than expense discipline. Investors should treat the 2026Q1 expense ratio spike to 32.9% as a possible timing item and watch whether the loss ratio trend below 67% holds.
ROE Depends on Underwriting Rather Than Float
Based on AIG's reported quarterly ROE, returns have fluctuated between negative 8.5% and 2.8%, with investment income contribution not separately visible in the supplied data to isolate float returns.
Because investment income is unavailable in the supplied figures, the decomposition of ROE into underwriting profit and float yield cannot be completed, which limits confidence in the sustainability of returns. The 2024Q2 deficit of negative 8.5% and the recent 2026Q3 ROE of 2.1% together suggest that current returns are thin relative to a cost of equity. The implication is that a meaningful share of earnings may depend on investment yield, which warrants further investigation.
Low Financial Leverage Amid Shrinking Equity
Based on reported figures, AIG's debt-to-equity ratio held near 0.22 to 0.27 across recent quarters while shareholders' equity declined from $45.0B to $38.9B, narrowing the capital buffer against reserve volatility.
A D/E ratio in the low 0.2s indicates modest financial leverage at the holding level, which appears conservative on its face. However, the decline in equity base suggests capital is being returned or absorbed faster than it is generated, and this may constrain the capacity to absorb adverse reserve development. Interest coverage recovering to 12.08 in 2026Q3 from 5.94 in 2024Q2 is a positive signal, though investors should monitor whether premium-to-surplus underwriting leverage has risen alongside the shrinking capital base.
Combined Ratio Misleads Without Reserve Development
The combined ratio is most commonly misapplied to AIG by ignoring prior-year reserve development, which may obscure whether current-year underwriting profit reflects genuine margin or favorable reserve releases from legacy casualty exposure.
A reported combined ratio in the low-to-mid 80s may look attractive, but for a carrier with long-tail casualty reserves, it can be flattered by favorable development on prior accident years that is not repeatable. The accident-year combined ratio excluding catastrophes is the more appropriate alternative, since it isolates current underwriting economics from reserve movements. Based on the supplied data, that adjustment cannot be computed, so the headline ratio should be treated as an upper bound on underlying profitability.