Latest Ratios: P/E Ratio 5.6x · EV/EBITDA 4.7x · ROE 39.6%. (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 | $65.6B | $55.1B | $51.6B | $36.7B | $36.8B | $35.2B | $34.7B | $37.5B | $29.2B | $38.5B | $28.0B |
| Enterprise Value | $72.4B | $61.9B | $59.0B | $44.0B | $44.0B | $42.4B | $42.2B | $43.8B | $35.1B | $44.2B | $33.9B |
| P/E Ratio → | 5.59 | 5.45 | 11.35 | — | — | 23.72 | 6.35 | 8.01 | 13.50 | 11.20 | 15.87 |
| P/S Ratio | 0.94 | 0.83 | 0.81 | 0.65 | 0.73 | 0.72 | 0.83 | 0.91 | 0.73 | 0.98 | 0.75 |
| P/B Ratio | 2.21 | 1.80 | 2.42 | 2.08 | 2.12 | 1.40 | 1.15 | 1.44 | 1.37 | 1.71 | 1.36 |
| P/FCF | 5.15 | 5.58 | 5.92 | 9.28 | 7.82 | 7.38 | 6.69 | 7.99 | 5.96 | 9.59 | 7.60 |
| P/OCF | 6.49 | 5.45 | 5.78 | 8.69 | 7.18 | 6.88 | 6.32 | 7.31 | 5.64 | 8.93 | 7.00 |
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 | — | 0.93 | 0.93 | 0.78 | 0.87 | 0.87 | 1.01 | 1.07 | 0.88 | 1.12 | 0.91 |
| EV / EBITDA | 4.69 | 4.54 | 9.34 | 123.50 | — | 5.61 | 5.64 | 7.19 | 11.19 | 8.79 | 10.80 |
| EV / EBIT | 5.50 | 4.57 | 9.58 | 1418.22 | — | 6.24 | 5.93 | 7.59 | 11.87 | 9.06 | 11.11 |
| EV / FCF | — | 6.26 | 6.77 | 11.10 | 9.36 | 8.89 | 8.14 | 9.33 | 7.17 | 11.02 | 9.21 |
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 | 33.2% | 33.2% | 22.8% | 12.7% | 11.2% | 24.7% | 31.2% | 27.1% | 23.1% | 25.8% | 21.5% |
| Operating Margin | 19.8% | 19.8% | 9.1% | -0.6% | -3.6% | 13.3% | 16.3% | 13.2% | 6.6% | 11.5% | 7.4% |
| Net Profit Margin | 15.5% | 15.5% | 7.3% | -0.3% | -2.5% | 3.3% | 13.4% | 11.8% | 5.4% | 9.0% | 5.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 39.6% | 39.6% | 23.9% | -1.1% | -6.1% | 5.8% | 19.8% | 20.5% | 9.8% | 16.5% | 9.2% |
| ROA | 8.9% | 8.9% | 4.3% | -0.2% | -1.3% | 1.4% | 4.5% | 4.2% | 1.9% | 3.2% | 1.8% |
| ROIC | 29.8% | 29.8% | 16.1% | -1.1% | -4.8% | 13.8% | 14.6% | 13.7% | 7.1% | 12.5% | 8.1% |
| ROCE | 29.4% | 29.4% | 5.4% | -0.3% | -1.9% | 5.7% | 5.5% | 5.4% | 2.7% | 4.7% | 2.9% |
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 | 0.24 | 0.24 | 0.38 | 0.45 | 0.46 | 0.32 | 0.26 | 0.26 | 0.30 | 0.28 | 0.31 |
| Debt / EBITDA | 0.55 | 0.55 | 1.28 | 22.31 | — | 1.06 | 1.05 | 1.09 | 2.06 | 1.26 | 2.02 |
| Net Debt / Equity | — | 0.22 | 0.35 | 0.41 | 0.42 | 0.29 | 0.25 | 0.24 | 0.28 | 0.25 | 0.29 |
| Net Debt / EBITDA | 0.50 | 0.50 | 1.17 | 20.28 | — | 0.96 | 1.00 | 1.03 | 1.90 | 1.14 | 1.88 |
| Debt / FCF | — | 0.69 | 0.85 | 1.82 | 1.54 | 1.51 | 1.45 | 1.34 | 1.22 | 1.43 | 1.61 |
| Interest Coverage | 33.97 | 33.97 | 15.40 | 0.08 | -4.46 | 20.59 | 22.39 | 17.65 | 8.92 | 14.58 | 10.34 |
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 | 0.37 | 0.37 | — | — | — | — | — | 1.26 | 1.29 | 1.32 | 1.49 |
| Quick Ratio | 0.37 | 0.37 | — | — | — | — | — | 1.26 | 1.29 | 1.32 | 1.49 |
| Cash Ratio | 0.08 | 0.08 | — | — | — | — | — | 0.29 | 0.24 | 0.20 | 0.37 |
| Asset Turnover | — | 0.55 | 0.57 | 0.55 | 0.52 | 0.49 | 0.33 | 0.34 | 0.35 | 0.35 | 0.34 |
| 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 | 1.5% | 1.9% | 1.9% | 2.5% | 2.5% | 2.5% | 1.9% | 1.7% | 2.1% | 1.4% | 1.7% |
| Payout Ratio | 10.1% | 10.1% | 20.6% | — | — | 54.8% | 12.0% | 13.5% | 28.4% | 14.8% | 25.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 17.9% | 18.3% | 8.8% | — | — | 4.2% | 15.7% | 12.5% | 7.4% | 8.9% | 6.3% |
| FCF Yield | 19.4% | 17.9% | 16.9% | 10.8% | 12.8% | 13.6% | 14.9% | 12.5% | 16.8% | 10.4% | 13.2% |
| Buyback Yield | 1.9% | 2.2% | 0.0% | 0.9% | 6.9% | 10.1% | 5.8% | 7.6% | 9.2% | 3.9% | 4.8% |
| Total Shareholder Yield | 3.4% | 4.1% | 1.9% | 3.4% | 9.4% | 12.7% | 7.8% | 9.4% | 11.3% | 5.2% | 6.5% |
| Shares Outstanding | — | $265M | $268M | $263M | $271M | $299M | $316M | $334M | $353M | $368M | $377M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ALL stock.
The Allstate Corporation's current P/E ratio is 5.6x. The historical average is 13.1x. This places it at the 4th percentile of its historical range.
The Allstate Corporation's current EV/EBITDA is 4.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.6x.
The Allstate Corporation's return on equity (ROE) is 39.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 12.4%.
Based on historical data, The Allstate Corporation is trading at a P/E of 5.6x. This is at the 4th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The Allstate Corporation's current dividend yield is 1.54% with a payout ratio of 10.1%.
The Allstate Corporation has 33.2% gross margin and 19.8% operating margin. Operating margin between 10-20% is typical for established companies.
The Allstate Corporation's Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Reserve adequacy and social inflation
Metrics are mathematically derived from official filings.
Discount Multiple Reflects Earnings Volatility
Based on Allstate's reported P/B of 2.21 and P/E of 6.67, the stock trades well below Progressive's 4.42x P/B despite a comparable mid-cap P&C footprint, suggesting the market is pricing in reserve-driven earnings variance rather than franchise weakness. The gap warrants close monitoring.
A 2.21x P/B paired with a 39.6% ROE implies the market is capitalizing a return profile that may not persist, since the ROE is heavily influenced by the favorable quarters in the trailing window. The discount to Progressive and Travelers suggests investors are skeptical that recent underwriting results reflect repeatable economics. Investors should monitor whether the Q3 2026 EPS miss marks a turning point in that skepticism.
Combined Ratio Swings Expose Underwriting Inconsistency
As reported in quarterly financial statements, Allstate's combined ratio ranged from 70.4% in Q4 2025 to 97.2% in Q2 2024, and the 84.4% print in Q3 2026 suggests underwriting profitability has been inconsistent across the ten-quarter window.
The move from 70.4% to 84.4% over three quarters is driven mainly by loss ratio normalization, rising from 47.0% to 70.6%, which may indicate that the earlier benefit reflected favorable reserve development rather than structurally lower claims costs. The expense ratio has been comparatively stable apart from the Q1 2026 spike to 26.4%, which warrants investigation. Sustained combined ratios below 100% remain intact, but the trajectory suggests underwriting margin is more cyclical than the headline earnings imply.
ROE Heavily Dependent on Underwriting Timing
Based on Allstate's reported figures, ROE fell from 13.2% in Q4 2025 to 6.3% in Q3 2026, and the decline appears driven more by underwriting margin compression than by investment income on its float.
The underwriting margin fell from 29.6% to 15.6% over the same window, which accounts for most of the ROE decline, while ROA moved from 3.2% to 1.6%. Investment income on float is a steadier contributor, but it cannot offset the underwriting swing in the near term. The sustainability of returns therefore hinges on whether the loss ratio stabilizes near the 65% to 70% range seen recently.
Underwriting Leverage Tied to Reserve Quality
As reported in financial statements, Allstate's equity of $32.3B against $95.6B in liabilities and a reported debt-to-equity of 0.23 suggests moderate balance sheet leverage, though the sharp earnings swings raise questions about reserve sufficiency.
The reported D/E has drifted down from 0.44 to 0.23 over the ten quarters, which may indicate deleveraging or a classification difference that should be verified against statutory debt and hybrid securities. Premium-to-surplus cannot be computed from the supplied dataset, so underwriting leverage is inferred indirectly. Investors should view the equity base as adequate but sensitive to adverse loss development.
Combined Ratio Obscures Reserve Development Effects
The most commonly misapplied metric for Allstate is the headline combined ratio, which can look favorable in quarters with reserve releases, so an analyst should adjust for prior-year development and catastrophe losses before judging underwriting quality.
A quarter such as Q4 2025 at 70.4% may reflect favorable prior-year reserve development rather than improved current-accident-year performance, which the supplied data does not separate. Using the attritional loss ratio excluding catastrophes and reserve development would give a cleaner read on underlying margin. Until that split is available, the ROE of 39.6% and the low P/E should be treated as potentially flattered by timing.