Latest Ratios: P/E Ratio 13.8x · EV/EBITDA 8.1x · ROE 60.5%. (2004–2025 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 | $45.2B | $47.2B | $54.8B | $40.9B | $35.4B | $36.2B | $24.4B | $22.7B | $15.4B | $26.6B | $18.7B |
| Enterprise Value | $41.0B | $43.0B | $51.7B | $39.1B | $33.7B | $34.1B | $22.5B | $23.8B | $17.1B | $29.2B | $21.6B |
| P/E Ratio → | 13.83 | 13.49 | 16.11 | 16.02 | 11.24 | 10.59 | 15.93 | 11.97 | 7.35 | 17.95 | 14.20 |
| P/S Ratio | 2.43 | 2.54 | 3.10 | 2.59 | 2.50 | 2.71 | 2.06 | 1.77 | 1.21 | 2.20 | 1.62 |
| P/B Ratio | 7.39 | 7.21 | 10.48 | 8.66 | 9.31 | 6.09 | 4.16 | 3.95 | 2.76 | 4.43 | 2.97 |
| P/FCF | 15.62 | 16.32 | 8.54 | 9.10 | 8.38 | 11.29 | 5.46 | 10.31 | 6.33 | 17.26 | 9.93 |
| P/OCF | 15.62 | 16.32 | 8.31 | 8.74 | 8.03 | 10.89 | 5.28 | 9.68 | 5.94 | 15.61 | 9.47 |
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 | — | 2.31 | 2.93 | 2.48 | 2.38 | 2.56 | 1.90 | 1.85 | 1.35 | 2.42 | 1.88 |
| EV / EBITDA | 8.12 | 8.52 | 10.77 | 10.41 | 7.81 | 9.01 | 9.94 | 9.36 | 5.71 | 10.54 | 10.07 |
| EV / EBIT | 8.48 | 8.90 | 11.25 | 11.00 | 8.16 | 9.64 | 11.30 | 9.70 | 6.25 | 11.99 | 11.66 |
| EV / FCF | — | 14.86 | 8.06 | 8.70 | 7.97 | 10.65 | 5.03 | 10.81 | 7.03 | 18.99 | 11.50 |
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 | 50.4% | 50.4% | 50.9% | 51.7% | 53.6% | 57.8% | 47.8% | 49.1% | 48.4% | 47.8% | 45.3% |
| Operating Margin | 25.5% | 25.5% | 25.6% | 22.1% | 28.8% | 26.7% | 17.1% | 18.0% | 21.6% | 20.7% | 16.1% |
| Net Profit Margin | 18.8% | 18.8% | 18.9% | 15.9% | 22.0% | 20.4% | 12.8% | 14.5% | 16.2% | 12.0% | 11.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 60.5% | 60.5% | 68.3% | 59.9% | 64.6% | 46.7% | 26.5% | 33.5% | 36.2% | 24.1% | 17.9% |
| ROA | 1.9% | 1.9% | 1.9% | 1.5% | 1.9% | 1.6% | 1.0% | 1.3% | 1.5% | 1.0% | 0.9% |
| ROIC | 31.3% | 31.3% | 32.6% | 27.1% | 30.5% | 24.7% | 14.4% | 16.8% | 19.4% | 16.6% | 9.3% |
| ROCE | 2.6% | 2.6% | 2.6% | 2.1% | 2.5% | 2.1% | 1.3% | 1.6% | 2.0% | 1.8% | 1.3% |
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 | 0.90 | 0.90 | 1.05 | 1.22 | 1.42 | 0.87 | 0.84 | 0.86 | 0.86 | 0.88 | 0.86 |
| Debt / EBITDA | 1.16 | 1.16 | 1.14 | 1.53 | 1.25 | 1.37 | 2.18 | 1.94 | 1.60 | 1.91 | 2.53 |
| Net Debt / Equity | — | -0.65 | -0.58 | -0.38 | -0.45 | -0.35 | -0.32 | 0.19 | 0.31 | 0.45 | 0.47 |
| Net Debt / EBITDA | -0.84 | -0.84 | -0.63 | -0.48 | -0.40 | -0.54 | -0.84 | 0.43 | 0.57 | 0.97 | 1.37 |
| Debt / FCF | — | -1.47 | -0.48 | -0.40 | -0.41 | -0.64 | -0.42 | 0.50 | 0.70 | 1.74 | 1.57 |
| Interest Coverage | 14.82 | 14.82 | 13.93 | 10.98 | 20.85 | 18.45 | 12.23 | 11.33 | 10.63 | 10.84 | 7.10 |
Net cash position: cash ($10.1B) exceeds total debt ($5.9B)
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 | 7.87 | 7.87 | 107.24 | 98.84 | 42.32 | 277.60 | 254.81 | 219.73 | 200.70 | 196.67 | 192.57 |
| Quick Ratio | 7.87 | 7.87 | 107.24 | 98.84 | 42.32 | 277.60 | 254.81 | 219.73 | 200.70 | 196.67 | 192.57 |
| Cash Ratio | 3.18 | 3.18 | 12.16 | 10.07 | 4.73 | 36.24 | 34.23 | 19.04 | 15.41 | 13.10 | 12.43 |
| Asset Turnover | — | 0.10 | 0.10 | 0.09 | 0.09 | 0.08 | 0.07 | 0.09 | 0.09 | 0.08 | 0.08 |
| 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 | 6.2% | 6.4% | 1.0% | 1.3% | 1.5% | 1.4% | 2.0% | 2.2% | 3.3% | 1.8% | 2.6% |
| Payout Ratio | 84.9% | 84.9% | 16.9% | 21.5% | 17.0% | 18.5% | 32.4% | 26.6% | 24.1% | 33.2% | 36.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.2% | 7.4% | 6.2% | 6.2% | 8.9% | 9.4% | 6.3% | 8.4% | 13.6% | 5.6% | 7.0% |
| FCF Yield | 6.4% | 6.1% | 11.7% | 11.0% | 11.9% | 8.9% | 18.3% | 9.7% | 15.8% | 5.8% | 10.1% |
| Buyback Yield | 4.7% | 4.5% | 4.5% | 5.2% | 5.6% | 5.6% | 5.9% | 8.6% | 10.6% | 5.6% | 9.1% |
| Total Shareholder Yield | 11.0% | 10.9% | 5.5% | 6.5% | 7.1% | 7.0% | 7.9% | 10.8% | 13.9% | 7.4% | 11.7% |
| Shares Outstanding | — | $96M | $103M | $108M | $114M | $120M | $126M | $136M | $148M | $157M | $168M |
Includes 30+ ratios · 22 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AMP stock.
Ameriprise Financial, Inc.'s current P/E ratio is 13.8x. The historical average is 14.4x. This places it at the 50th percentile of its historical range.
Ameriprise Financial, Inc.'s current EV/EBITDA is 8.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.9x.
Ameriprise Financial, Inc.'s return on equity (ROE) is 60.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 25.7%.
Based on historical data, Ameriprise Financial, Inc. is trading at a P/E of 13.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ameriprise Financial, Inc.'s current dividend yield is 6.25% with a payout ratio of 84.9%.
Ameriprise Financial, Inc. has 50.4% gross margin and 25.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Ameriprise Financial, Inc.'s Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Cash sweep regulatory overhang
Metrics are mathematically derived from official filings.
Premium Multiple, Discounted Conglomerate
AMP trades at 8.04x tangible book, a premium to diversified peers, yet its forward P/E of 11.79 implies the market still applies a conglomerate discount to its insurance arm, per recent filings.
The P/B of 8.04 is far above the peer group (e.g., MET at 2.15, PRU at 1.19), reflecting the market's valuation of AMP as a wealth manager rather than an insurer. However, the forward P/E of 11.79 is below the S&P 500 average, suggesting that the market is not fully crediting the earnings power of the Retirement & Protection segment. This disconnect may indicate that the market is pricing in a structural discount for the capital-intensive insurance business, which could narrow if the segment's cash generation is better understood.
ROE Driven by Fee Dominance
ROE reached 17.7% in Q2 2026, up from 14.3% in Q1, as fee income (82.2% of revenue) and a 14.2% efficiency ratio boosted returns, according to company filings.
The DuPont decomposition shows that AMP's ROE is primarily driven by high asset utilization (fee income) and operating efficiency, not leverage, given the low equity-to-assets ratio of 3%. The efficiency ratio's improvement to 14.2% in Q2 2026 from 37.1% in Q1 2025 suggests strong operating leverage, though this volatility warrants monitoring. The reliance on fee income (82.2%) reduces sensitivity to interest rates but increases exposure to equity market levels, which could pressure ROE in a downturn.
NIM Squeeze, Efficiency Gains
Net interest margin remains thin at 0.4% in Q2 2026, down from 0.5% a year earlier, while the efficiency ratio improved to 14.2%, per financial statements.
The low and declining NIM reflects the impact of lower yields on client cash balances, a trend that may persist if regulatory pressure on cash sweep rates intensifies. However, the efficiency ratio's dramatic improvement suggests that cost discipline and scale benefits are offsetting NIM pressure. Investors should monitor whether the efficiency ratio can be sustained, as it may be inflated by one-time items or variable compensation adjustments.
Leverage Supports Buybacks
Equity-to-assets ratio of 3% is low, but AMP's capital return program remains aggressive, with $931M returned in Q2 2026, as reported in SEC filings.
The low equity-to-assets ratio is typical for a wealth manager with a capital-light model, but it also implies that capital adequacy is not a binding constraint. The aggressive buyback program (84% of capital return) suggests management confidence in earnings stability, but it also reduces the capital buffer. If the insurance segment requires additional capital due to regulatory changes, the payout ratio may need to be adjusted.
Provision Spike Clouds Credit
Loan loss provisions rose 35% year-over-year to $2.7B in Q2 2026, based on EDBL's reported figures, signaling potential credit normalization or reserving changes.
The increase in provisions is notable given the low NIM and the firm's focus on wealth management. While the absolute level of provisions is small relative to total assets, the trend warrants monitoring. If this reflects deteriorating credit quality in the banking subsidiary, it could pressure earnings and capital. Alternatively, it may indicate a change in reserving methodology, which would not necessarily signal credit stress.
P/E Misleads on Earnings Quality
The most misapplied ratio for AMP is P/E, as GAAP earnings are distorted by DAC unlocking and hedging volatility, making adjusted operating earnings a better metric, per industry analysis.
P/E is commonly used for banks, but for AMP, GAAP earnings can swing significantly due to non-cash actuarial adjustments and market-driven hedging results. The reported P/E of 15.05 may understate or overstate the true earnings power depending on these items. Investors should use P/TBV and ROTCE, which are more stable and reflect the capital-light wealth management model. Additionally, the forward P/E of 11.79 may be more indicative of core earnings, but it still relies on adjusted figures that exclude one-time items.