Latest Ratios: P/E Ratio 13.0x · EV/EBITDA 10.9x · ROE 13.9%. (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 | $130.0B | $123.8B | $113.8B | $93.6B | $93.4B | $85.7B | $69.8B | $71.4B | $60.3B | $68.9B | $61.6B |
| Enterprise Value | $145.4B | $139.1B | $127.1B | $105.7B | $106.3B | $100.2B | $83.0B | $84.8B | $71.7B | $80.7B | $73.7B |
| P/E Ratio → | 13.03 | 12.13 | 12.17 | 10.37 | 17.80 | 10.03 | 19.76 | 16.03 | 15.22 | 17.84 | 14.90 |
| P/S Ratio | 2.17 | 2.07 | 2.03 | 1.87 | 2.17 | 2.10 | 1.94 | 2.09 | 1.85 | 2.13 | 1.96 |
| P/B Ratio | 1.67 | 1.55 | 1.66 | 1.47 | 1.85 | 1.43 | 1.17 | 1.29 | 1.20 | 1.35 | 1.28 |
| P/FCF | 8.94 | 8.51 | 7.03 | 7.41 | 8.30 | 7.68 | 7.13 | 11.26 | 11.00 | 15.29 | 11.63 |
| P/OCF | 8.94 | 8.51 | 7.03 | 7.41 | 8.30 | 7.68 | 7.13 | 11.26 | 11.00 | 15.29 | 11.63 |
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 | — | 2.33 | 2.26 | 2.11 | 2.47 | 2.46 | 2.30 | 2.48 | 2.19 | 2.50 | 2.34 |
| EV / EBITDA | 10.89 | 10.43 | 10.79 | 10.74 | 15.70 | 9.94 | 18.64 | 15.26 | 14.34 | 20.27 | 11.29 |
| EV / EBIT | 11.15 | 10.08 | 10.42 | 10.36 | 15.07 | 9.74 | 17.74 | 14.61 | 13.52 | 18.64 | 13.26 |
| EV / FCF | — | 9.57 | 7.86 | 8.36 | 9.44 | 8.98 | 8.48 | 13.36 | 13.07 | 17.92 | 13.92 |
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 | 29.4% | 29.4% | 28.8% | 27.6% | 25.2% | 27.8% | 19.4% | 25.1% | 24.8% | 23.0% | 28.4% |
| Operating Margin | 21.8% | 21.8% | 20.4% | 19.0% | 15.1% | 24.0% | 11.5% | 15.3% | 14.3% | 11.5% | 15.7% |
| Net Profit Margin | 17.2% | 17.2% | 16.5% | 18.0% | 12.2% | 20.9% | 9.8% | 13.0% | 12.1% | 11.9% | 13.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.9% | 13.9% | 14.0% | 15.8% | 9.5% | 14.3% | 6.2% | 8.4% | 7.8% | 7.8% | 10.7% |
| ROA | 4.0% | 4.0% | 3.9% | 4.2% | 2.6% | 4.4% | 1.9% | 2.6% | 2.4% | 2.4% | 3.2% |
| ROIC | 11.1% | 11.1% | 10.9% | 10.3% | 7.1% | 10.0% | 4.4% | 6.0% | 5.5% | 4.5% | 7.4% |
| ROCE | 10.5% | 10.5% | 10.6% | 4.4% | 3.3% | 5.0% | 2.3% | 3.0% | 4.2% | 3.5% | 4.9% |
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 | 0.22 | 0.22 | 0.23 | 0.23 | 0.29 | 0.27 | 0.25 | 0.27 | 0.28 | 0.25 | 0.31 |
| Debt / EBITDA | 1.32 | 1.32 | 1.32 | 1.47 | 2.20 | 1.60 | 3.36 | 2.68 | 2.87 | 3.16 | 2.27 |
| Net Debt / Equity | — | 0.19 | 0.19 | 0.19 | 0.25 | 0.24 | 0.22 | 0.24 | 0.23 | 0.23 | 0.25 |
| Net Debt / EBITDA | 1.15 | 1.15 | 1.13 | 1.22 | 1.90 | 1.44 | 2.97 | 2.40 | 2.27 | 2.97 | 1.86 |
| Debt / FCF | — | 1.06 | 0.82 | 0.95 | 1.14 | 1.30 | 1.35 | 2.10 | 2.07 | 2.63 | 2.29 |
| Interest Coverage | 18.07 | 18.07 | 16.46 | 15.18 | 12.38 | 20.91 | 9.07 | 10.51 | 8.27 | 7.13 | 9.18 |
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 | 0.62 | 0.62 | — | — | — | — | — | — | 0.02 | 0.01 | 0.02 |
| Quick Ratio | 0.62 | 0.62 | — | — | — | — | — | — | 0.02 | 0.01 | 0.02 |
| Cash Ratio | 0.30 | 0.30 | 0.30 | — | — | — | — | — | 0.02 | 0.01 | 0.02 |
| Asset Turnover | — | 0.22 | 0.23 | 0.22 | 0.22 | 0.20 | 0.19 | 0.19 | 0.19 | 0.19 | 0.20 |
| 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 | 1.1% | 1.2% | 1.3% | 1.5% | 1.5% | 1.6% | 2.0% | 1.9% | 2.2% | 1.9% | 1.9% |
| Payout Ratio | 14.6% | 14.6% | 15.5% | 15.4% | 26.2% | 16.4% | 39.3% | 30.4% | 33.7% | 33.9% | 28.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.7% | 8.2% | 8.2% | 9.6% | 5.6% | 10.0% | 5.1% | 6.2% | 6.6% | 5.6% | 6.7% |
| FCF Yield | 11.2% | 11.7% | 14.2% | 13.5% | 12.0% | 13.0% | 14.0% | 8.9% | 9.1% | 6.5% | 8.6% |
| Buyback Yield | 2.8% | 3.0% | 1.6% | 2.6% | 3.1% | 5.7% | 0.7% | 2.1% | 1.7% | 1.2% | 0.0% |
| Total Shareholder Yield | 4.0% | 4.2% | 2.8% | 4.1% | 4.6% | 7.3% | 2.7% | 4.0% | 3.9% | 3.1% | 1.9% |
| Shares Outstanding | — | $397M | $412M | $414M | $424M | $443M | $453M | $459M | $467M | $471M | $466M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CB stock.
Chubb Limited's current P/E ratio is 13.0x. The historical average is 15.6x. This places it at the 55th percentile of its historical range.
Chubb Limited's current EV/EBITDA is 10.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.4x.
Chubb Limited's return on equity (ROE) is 13.9%. The historical average is 11.4%.
Based on historical data, Chubb Limited is trading at a P/E of 13.0x. This is at the 55th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Chubb Limited's current dividend yield is 1.13% with a payout ratio of 14.6%.
Chubb Limited has 29.4% gross margin and 21.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Chubb Limited's Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Social inflation casualty reserve pressure
Metrics are mathematically derived from official filings.
Sub-80% Combined Ratio Masks Reserve Reliance
Chubb's combined ratio improved to 77.1% in Q2 2026 from 80.6% a year earlier, per quarterly filings, but the loss ratio's 17.6-point drop suggests reserve releases may be flattering underlying trends.
The combined ratio's improvement to 77.1% in Q2 2026, down from 80.6% in Q2 2024, appears driven by a sharp loss ratio decline from 70.1% to 52.5% year-over-year. This magnitude of improvement likely reflects favorable prior-year reserve development rather than a pure improvement in current accident year loss experience. Investors should monitor whether the current accident year combined ratio excluding catastrophes remains below 90%, as the headline figure may overstate structural underwriting profitability.
ROE Decomposition Favors Investment Income
Chubb's ROE of 3.6% in Q2 2026, as reported in financial statements, appears underpinned by a 22.9% underwriting margin and a growing investment income stream from higher reinvestment rates.
The 3.6% quarterly ROE translates to a roughly 14% annualized return, with the underwriting margin contributing 22.9% of net earned premium. The investment income tailwind from the higher-rate environment appears to be offsetting any potential softening in P&C pricing, as CEO commentary highlights the growing invested asset base. However, the sustainability of this ROE depends on whether reserve releases continue to supplement current accident year results, which may not persist.
Underwriting Leverage Appears Conservative
Chubb's reported D/E of 0.22% in Q2 2026, per balance sheet data, appears anomalously low for a global insurer, likely reflecting only parent-company senior debt rather than total leverage including insurance liabilities.
The reported debt-to-equity ratio of 0.22% is far below the peer range of 0.21-0.29, suggesting the metric may exclude significant operating leverage from insurance reserves. A more meaningful underwriting leverage measure would be premium-to-surplus, which likely sits in a conservative range given Chubb's $75.4B equity base supporting a growing premium stream. The low reported D/E may indicate a strong capital position, but investors should seek a more comprehensive leverage view that includes reserve liabilities.
Premium Valuation Reflects Underwriting Consistency
Chubb's P/B of 1.70 sits between AIG's 1.05 and TRV's 2.52, as shown in peer data, suggesting the market rewards Chubb's consistent sub-80% combined ratios but discounts its lower ROE versus Travelers.
Chubb's P/B of 1.70 implies a moderate premium to AIG's 1.05, justified by Chubb's superior underwriting track record and lower legacy liability exposure. However, the discount to Travelers' 2.52 P/B may reflect Chubb's lower reported ROE (3.6% quarterly vs TRV's 25.6% annualized), though this gap could narrow if investment income continues to grow. The market appears to value Chubb's global diversification and HNW moat, but the multiple suggests investors are not yet pricing in sustained earnings power from the Life pivot.
Combined Ratio Misleads Without Reserve Adjustment
The combined ratio, while the industry's key metric, can mislead at Chubb because favorable prior-year reserve releases appear to mask current accident year deterioration, as evidenced by the loss ratio's 17.6-point year-over-year drop.
The most commonly misapplied ratio for Chubb is the combined ratio, which investors often take at face value without adjusting for reserve development. The Q2 2026 loss ratio of 52.5% versus 70.1% a year earlier suggests significant favorable prior-year development, which may not be repeatable. Analysts should focus on the current accident year combined ratio excluding catastrophes and prior-year development to assess true underwriting profitability, as the headline figure may overstate the durability of Chubb's earnings power.