Latest Ratios: P/E Ratio 5.9x · EV/EBITDA 4.8x · 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 | $58.1B | $55.1B | $51.6B | $36.7B | $36.8B | $35.2B | $34.7B | $37.5B | $29.2B | $38.5B | $28.0B |
| Enterprise Value | $64.9B | $61.9B | $59.0B | $44.0B | $44.0B | $42.4B | $42.2B | $43.8B | $35.1B | $44.2B | $33.9B |
| P/E Ratio → | 5.91 | 5.45 | 11.35 | — | — | 6.82 | 6.35 | 8.01 | 13.50 | 11.20 | 15.87 |
| P/S Ratio | 0.87 | 0.83 | 0.81 | 0.65 | 0.73 | 0.72 | 0.83 | 0.91 | 0.73 | 0.98 | 0.75 |
| P/B Ratio | 1.95 | 1.80 | 2.42 | 2.08 | 2.12 | 1.40 | 1.15 | 1.44 | 1.37 | 1.71 | 1.36 |
| P/FCF | 5.88 | 5.58 | 5.92 | 9.28 | 7.82 | 7.38 | 6.69 | 7.99 | 5.96 | 9.59 | 7.60 |
| P/OCF | 5.75 | 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 | 4.76 | 4.54 | 9.34 | 123.50 | — | 5.61 | 5.64 | 7.19 | 11.19 | 8.79 | 10.80 |
| EV / EBIT | 4.93 | 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 | 1.7% | 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 | 16.9% | 18.3% | 8.8% | — | — | 14.7% | 15.7% | 12.5% | 7.4% | 8.9% | 6.3% |
| FCF Yield | 17.0% | 17.9% | 16.9% | 10.8% | 12.8% | 13.6% | 14.9% | 12.5% | 16.8% | 10.4% | 13.2% |
| Buyback Yield | 2.1% | 2.2% | 0.0% | 0.9% | 6.9% | 10.1% | 5.8% | 7.6% | 9.2% | 3.9% | 4.8% |
| Total Shareholder Yield | 3.9% | 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 5.9x. The historical average is 12.5x. This places it at the 4th percentile of its historical range.
The Allstate Corporation's current EV/EBITDA is 4.8x. 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 5.9x. 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 1.73% 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
Social inflation and reserve adequacy
Metrics are mathematically derived from official filings.
Combined Ratio Collapses to Historic Lows
Allstate's combined ratio improved to 77.2% in Q2 2026 from 97.2% in Q2 2024, as reported in quarterly financials, signaling a dramatic underwriting turnaround.
The 20-point improvement in the combined ratio over two years is driven by a loss ratio that fell from 83.8% to 65.3%, reflecting successful rate hikes and moderating loss costs. However, the expense ratio swung from 11.9% to 26.4% between Q2 and Q1 2026, suggesting volatility in expense recognition that warrants monitoring. The sustainability of a sub-80% combined ratio is questionable given historical norms and potential reserve releases.
ROE Surges on Underwriting and Leverage
ROE expanded to 10.0% in Q2 2026 from 1.8% in Q2 2024, according to financial statements, as underwriting margins of 22.8% and low leverage amplified returns.
The ROE recovery is primarily attributable to the underwriting margin, which swung from 2.8% to 22.8% over the period, while investment income likely contributed modestly. The reported D/E of 0.22 is anomalously low for an insurer, which mathematically boosts ROE; if leverage normalizes, ROE could compress. Investors should assess whether the current ROE is sustainable given the potential for reserve development and catastrophe volatility.
Leverage Anomaly Distorts Risk Profile
Allstate's debt-to-equity of 0.22 in Q2 2026, as per balance sheet data, is exceptionally low for a P&C insurer, suggesting either a data discrepancy or a massive deleveraging event.
The reported D/E of 0.22% is far below peers like Progressive (0.23) and Travelers (0.28), which typically carry higher leverage to support float. This anomaly may indicate that the data excludes certain hybrid securities or off-balance-sheet items, warranting forensic audit. If the true leverage is higher, the current ROE of 10.0% may be overstated, and the balance sheet may be less fortress-like than it appears.
Valuation Discount to Progressive Justified
Allstate trades at 2.25x book value versus Progressive's 4.05x, as per peer data, reflecting its lower ROE and slower growth in the direct channel.
Allstate's P/B of 2.25 is at a discount to Progressive (4.05) and Travelers (2.56), consistent with its lower ROE (10.0% vs. 35.5% for PGR) and less efficient expense structure. The discount may also reflect concerns about social inflation and reserve adequacy, which have historically pressured Allstate's earnings. However, if the underwriting turnaround proves durable, the discount could narrow, especially given Allstate's captive agency moat and telematics capabilities.
Combined Ratio May Mask Reserve Releases
The combined ratio of 77.2% in Q2 2026, as reported, may be flattered by favorable prior-year reserve development, obscuring underlying attritional performance.
The sharp improvement in the loss ratio from 83.8% to 65.3% over two years is unusually rapid, and the Q2 2026 EPS beat of $8.99 vs. $7.24 estimate suggests possible reserve releases. If social inflation persists, historical reserves may prove inadequate, leading to future strengthening that would reverse the apparent underwriting gains. Analysts should strip out catastrophe losses and reserve development to assess the true attritional combined ratio, which may be closer to 90%.