Latest Ratios: P/E Ratio 16.4x · EV/EBITDA 10.8x · ROE 15.9%. (2002–2025 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 | $14.1B | $12.1B | $11.2B | $9.1B | $6.9B | $9.4B | $8.6B | $8.2B | $5.3B | $5.6B | $5.8B |
| Enterprise Value | $14.5B | $12.5B | $11.5B | $9.5B | $7.4B | $9.5B | $8.7B | $8.3B | $6.1B | $5.6B | $5.8B |
| P/E Ratio → | 16.37 | 13.85 | 14.75 | 14.10 | 24.76 | 15.28 | 20.33 | 21.35 | 21.19 | 10.74 | 10.17 |
| P/S Ratio | 1.10 | 0.94 | 0.94 | 0.81 | 0.67 | 0.92 | 0.90 | 0.86 | 0.67 | 0.88 | 0.81 |
| P/B Ratio | 2.43 | 2.06 | 2.20 | 1.88 | 1.62 | 1.71 | 1.45 | 1.44 | 1.04 | 1.30 | 1.40 |
| P/FCF | 8.83 | 7.56 | 10.09 | 9.69 | 16.69 | 15.77 | 7.05 | 6.27 | 9.28 | 11.91 | 116.68 |
| P/OCF | 7.69 | 6.59 | 8.41 | 7.96 | 11.48 | 11.99 | 6.41 | 5.78 | 8.11 | 10.52 | 42.75 |
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 | — | 0.97 | 0.97 | 0.85 | 0.73 | 0.94 | 0.90 | 0.87 | 0.76 | 0.90 | 0.81 |
| EV / EBITDA | 10.83 | 9.32 | 9.98 | 9.48 | 14.00 | 10.11 | 12.01 | 14.32 | 13.20 | 10.08 | 5.83 |
| EV / EBIT | 13.32 | 10.41 | 11.11 | 10.40 | 16.25 | 10.79 | 12.67 | 14.70 | 14.01 | 11.44 | 1.55 |
| EV / FCF | — | 7.80 | 10.34 | 10.17 | 18.13 | 16.04 | 7.09 | 6.38 | 10.59 | 12.06 | 117.39 |
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 | 77.2% | 77.2% | 76.7% | 77.3% | 76.8% | 40.7% | 38.1% | 41.0% | 42.0% | 49.1% | 100.0% |
| Operating Margin | 8.5% | 8.5% | 7.8% | 7.2% | 3.4% | 7.6% | 6.0% | 4.8% | 4.2% | 7.0% | 12.7% |
| Net Profit Margin | 6.8% | 6.8% | 6.4% | 5.8% | 2.7% | 13.4% | 4.6% | 4.0% | 3.1% | 8.2% | 8.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.9% | 15.9% | 15.3% | 14.2% | 5.7% | 23.9% | 7.6% | 7.1% | 5.3% | 12.4% | 13.1% |
| ROA | 2.4% | 2.4% | 2.2% | 1.9% | 0.8% | 3.5% | 1.0% | 0.9% | 0.7% | 1.7% | 1.9% |
| ROIC | 14.0% | 14.0% | 13.1% | 12.0% | 5.0% | 10.0% | 7.3% | 5.8% | 4.9% | 7.9% | 15.9% |
| ROCE | 9.3% | 9.3% | 8.7% | 8.3% | 3.2% | 4.4% | 1.3% | 1.1% | 0.9% | 1.4% | 3.0% |
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 | 0.38 | 0.38 | 0.41 | 0.43 | 0.50 | 0.40 | 0.38 | 0.35 | 0.39 | 0.25 | 0.26 |
| Debt / EBITDA | 1.65 | 1.65 | 1.81 | 2.07 | 4.00 | 2.34 | 3.13 | 3.46 | 4.36 | 1.91 | 1.07 |
| Net Debt / Equity | — | 0.06 | 0.05 | 0.09 | 0.14 | 0.03 | 0.01 | 0.02 | 0.15 | 0.02 | 0.01 |
| Net Debt / EBITDA | 0.28 | 0.28 | 0.24 | 0.45 | 1.12 | 0.17 | 0.06 | 0.24 | 1.63 | 0.13 | 0.04 |
| Debt / FCF | — | 0.23 | 0.25 | 0.48 | 1.44 | 0.27 | 0.04 | 0.11 | 1.31 | 0.15 | 0.71 |
| Interest Coverage | 10.91 | 10.91 | 9.67 | 8.47 | 4.23 | 7.90 | 6.53 | 5.11 | 4.33 | 9.98 | 64.94 |
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 | 0.55 | 0.55 | 0.79 | 0.54 | 0.74 | 0.81 | — | — | — | — | — |
| Quick Ratio | 0.55 | 0.55 | 0.79 | 0.54 | 0.74 | 0.81 | — | — | — | — | — |
| Cash Ratio | 0.19 | 0.19 | 0.39 | 0.16 | 0.34 | 0.44 | — | — | — | — | — |
| Asset Turnover | — | 0.35 | 0.34 | 0.33 | 0.31 | 0.30 | 0.22 | 0.22 | 0.19 | 0.20 | 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% | 1.4% | 1.4% | 1.7% | 2.2% | 1.7% | 1.8% | 1.9% | 2.5% | 2.1% | 2.2% |
| Payout Ratio | 19.3% | 19.3% | 20.5% | 23.7% | 54.3% | 11.6% | 35.1% | 39.6% | 53.3% | 22.9% | 22.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.1% | 7.2% | 6.8% | 7.1% | 4.0% | 6.5% | 4.9% | 4.7% | 4.7% | 9.3% | 9.8% |
| FCF Yield | 11.3% | 13.2% | 9.9% | 10.3% | 6.0% | 6.3% | 14.2% | 16.0% | 10.8% | 8.4% | 0.9% |
| Buyback Yield | 2.2% | 2.5% | 2.7% | 2.1% | 8.4% | 9.0% | 3.5% | 3.3% | 2.6% | 7.0% | 15.0% |
| Total Shareholder Yield | 3.3% | 3.9% | 4.1% | 3.8% | 10.6% | 10.6% | 5.2% | 5.2% | 5.1% | 9.1% | 17.2% |
| Shares Outstanding | — | $50M | $53M | $54M | $55M | $60M | $63M | $62M | $60M | $55M | $62M |
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying AIZ stock.
Assurant, Inc.'s current P/E ratio is 16.4x. The historical average is 14.5x. This places it at the 77th percentile of its historical range.
Assurant, Inc.'s current EV/EBITDA is 10.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.5x.
Assurant, Inc.'s return on equity (ROE) is 15.9%. The historical average is 9.0%.
Based on historical data, Assurant, Inc. is trading at a P/E of 16.4x. This is at the 77th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Assurant, Inc.'s current dividend yield is 1.18% with a payout ratio of 19.3%.
Assurant, Inc. has 77.2% gross margin and 8.5% operating margin.
Assurant, Inc.'s Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Catastrophe loss volatility in housing
Metrics are mathematically derived from official filings.
Combined Ratio Hits Cyclical Low
Assurant's combined ratio improved to 89.1% in Q2 2026, down from 90.8% a year earlier, driven by a 21.7% loss ratio, as reported in the latest quarterly filings.
The 89.1% combined ratio marks a 10-quarter low, with the loss ratio at 21.7% reflecting favorable reserve development and disciplined underwriting. The expense ratio of 67.4% remains elevated, consistent with the service-heavy model, but the underwriting margin of 10.9% suggests sustained profitability. Investors should monitor whether the low loss ratio is sustainable or if it benefits from one-time reserve releases.
ROE Expansion on Underwriting Gains
ROE rose to 5.0% in Q2 2026 from 4.4% a year earlier, as underwriting profits and investment income on the $1.83B cash pile supported earnings, per the quarterly data.
The 5.0% quarterly ROE, while modest, reflects a sequential improvement from 3.9% in Q4 2025, indicating accelerating earnings power. The underwriting margin of 10.9% is the primary driver, with investment income likely contributing given the large cash position. However, ROE remains below peers like HIG (23.0%) and GL (20.3%), suggesting Assurant's capital-light model yields lower returns but with less volatility.
Expense Ratio Reflects Service-Heavy Model
The expense ratio averaged 68% in 2026, down from 70.4% in Q4 2025, as scale benefits in Global Lifestyle offset administrative costs, according to the ratio data.
The expense ratio of 67.4% in Q2 2026 is high relative to traditional insurers, but it reflects the logistics and repair network costs inherent in the mobile protection business. The slight improvement from 70.1% in Q4 2025 suggests operating leverage is being realized as premium growth accelerates. Investors should compare this to Asurion's private metrics, which are not disclosed, but the trend indicates efficiency gains.
Minimal Leverage Masks Operational Risk
Debt-to-equity stands at 0.36% in Q2 2026, down from 0.42% in Q2 2024, indicating a conservative capital structure, as per the balance sheet data.
The near-zero debt-to-equity ratio is unusually low for an insurer, suggesting Assurant is under-leveraged relative to peers like MET (0.70) and PRU (0.65). This conservative stance provides financial flexibility but may indicate an under-utilization of capital that could be deployed for M&A or buybacks. The interest coverage of 14.27x is robust, but the low leverage means ROE is not amplified by debt, explaining the modest ROE relative to peers.
Valuation Discount Despite Superior Underwriting
Assurant trades at 2.43x book value, a premium to PRU (1.19x) but below HIG (2.07x) and GL (2.31x), despite a combined ratio of 89.1% versus HIG's 92.0%, per the peer data.
The P/B of 2.43x is higher than the peer average, reflecting Assurant's strong underwriting performance and growth prospects. However, the forward P/E of 13.12x is lower than MET (19.47x) and AFL (17.01x), suggesting the market may be discounting the sustainability of the low loss ratio. The PEG of 0.78 indicates the stock is undervalued relative to its growth rate, but the discount may be justified by catastrophe risk and insider selling.
Combined Ratio Misleads on Catastrophe Risk
The combined ratio of 89.1% obscures the impact of catastrophe losses, which are excluded from the reported loss ratio, as per the ratio data.
The combined ratio is often misapplied to Assurant because it does not reflect the volatility from catastrophe events in the Global Housing segment. The loss ratio of 21.7% is artificially low due to favorable reserve development and the exclusion of CAT losses, which can spike in any quarter. Investors should adjust the combined ratio for CAT losses and reserve releases to assess the true underwriting profitability. A more accurate metric is the underwriting margin excluding CAT, which would be lower and more volatile.