Latest Ratios: P/E Ratio 22.0x · EV/EBITDA 16.5x · ROE 6.6%. (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 | $323M | $246M | $203M | $136M | $108M | $268M | $283M | $336M | $377M | $368M | $492M |
| Enterprise Value | $301M | $225M | $182M | $109M | $85M | $241M | $249M | $289M | $332M | $322M | $456M |
| P/E Ratio → | 22.00 | 16.66 | 13.83 | 5.60 | — | — | — | — | — | — | 245.50 |
| P/S Ratio | 1.26 | 0.96 | 0.83 | 0.57 | 0.47 | 1.07 | 1.19 | 1.34 | 1.55 | 1.46 | 2.00 |
| P/B Ratio | 1.38 | 1.05 | 0.97 | 0.79 | 0.85 | 0.84 | 0.94 | 1.29 | 2.01 | 1.65 | 1.97 |
| P/FCF | 18.39 | 14.04 | 6.50 | 6.31 | 1.91 | 6.80 | 5.82 | 4.68 | 4.49 | 4.01 | 4.92 |
| P/OCF | 17.93 | 13.69 | 6.37 | 6.18 | 1.90 | 6.63 | 5.80 | 4.65 | 4.46 | 3.96 | 4.81 |
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 | — | 0.88 | 0.74 | 0.45 | 0.37 | 0.96 | 1.04 | 1.15 | 1.36 | 1.27 | 1.86 |
| EV / EBITDA | 16.53 | 12.35 | 11.65 | 0.56 | 3.06 | 7.61 | — | 38.99 | 96.02 | — | 54.63 |
| EV / EBIT | 17.24 | 12.87 | 12.13 | 4.18 | 3.12 | 7.89 | — | 50.37 | 165.62 | — | 83.22 |
| EV / FCF | — | 12.82 | 5.81 | 5.06 | 1.50 | 6.10 | 5.12 | 4.04 | 3.95 | 3.51 | 4.56 |
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 | 35.4% | 35.4% | 49.7% | 100.0% | 49.4% | 51.1% | 19.6% | 24.1% | 22.9% | 19.7% | 19.5% |
| Operating Margin | 6.8% | 6.8% | 6.1% | 80.4% | 11.8% | 12.2% | -5.2% | 2.3% | 0.8% | -1.2% | 2.2% |
| Net Profit Margin | 5.7% | 5.7% | 6.1% | 10.2% | 11.2% | 29.0% | -4.6% | -0.5% | -4.5% | -15.1% | 0.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.6% | 6.6% | 7.8% | 16.3% | 11.6% | 23.4% | -3.9% | -0.6% | -5.4% | -16.1% | 0.8% |
| ROA | 0.8% | 0.8% | 0.9% | 1.5% | 1.5% | 3.9% | -0.6% | -0.1% | -0.7% | -2.4% | 0.1% |
| ROIC | 6.5% | 6.5% | 6.5% | 112.1% | 10.3% | 8.2% | -3.8% | 2.4% | 0.9% | -1.1% | 2.2% |
| ROCE | 1.0% | 1.0% | 0.9% | 11.9% | 1.6% | 1.6% | -0.7% | 0.3% | 0.1% | -0.2% | 0.4% |
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 | — | — | 0.04 | 0.05 | — | — | — | — | — | — | — |
| Debt / EBITDA | — | — | 0.50 | 0.05 | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.09 | -0.10 | -0.16 | -0.18 | -0.09 | -0.11 | -0.18 | -0.24 | -0.21 | -0.14 |
| Net Debt / EBITDA | -1.18 | -1.18 | -1.38 | -0.14 | -0.82 | -0.86 | — | -6.23 | -13.17 | — | -4.25 |
| Debt / FCF | — | -1.22 | -0.69 | -1.25 | -0.40 | -0.69 | -0.70 | -0.64 | -0.54 | -0.50 | -0.35 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($21M) exceeds total debt ($0)
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 | 1.93 | 1.93 | 3.32 | 2.92 | — | — | — | — | 170.92 | 3.54 | 1.93 |
| Quick Ratio | 1.93 | 1.93 | 3.32 | 2.92 | — | — | — | — | 190.66 | 136.98 | 110.21 |
| Cash Ratio | 1.04 | 1.04 | 3.32 | 2.68 | — | — | — | — | 168.69 | 118.55 | 96.21 |
| Asset Turnover | — | 0.15 | 0.15 | 0.14 | 0.15 | 0.14 | 0.13 | 0.14 | 0.15 | 0.15 | 0.15 |
| 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 | — | — | — | — | 0.0% | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | 0.1% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.5% | 6.0% | 7.2% | 17.8% | — | — | — | — | — | — | 0.4% |
| FCF Yield | 5.4% | 7.1% | 15.4% | 15.9% | 52.4% | 14.7% | 17.2% | 21.4% | 22.3% | 24.9% | 20.3% |
| Buyback Yield | 0.1% | 0.1% | 0.2% | 0.7% | 2.5% | 3.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% |
| Total Shareholder Yield | 0.1% | 0.1% | 0.2% | 0.7% | 2.5% | 3.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% |
| Shares Outstanding | — | $51M | $51M | $51M | $51M | $50M | $49M | $50M | $50M | $50M | $50M |
International lapse rate volatility
As reported in quarterly financial data, the combined ratio has exhibited significant volatility, peaking at 103.2% in 2025Q1, which suggests that Citizens, Inc. struggles to maintain consistent underwriting profitability across its international and domestic life insurance segments despite its specialized niche distribution model.
The fluctuation between a 86.9% combined ratio in 2023Q4 and subsequent periods of underwriting loss indicates that the company's pricing power may be insufficient to offset rising claims or administrative costs. Investors should monitor whether the expense ratio, which has shown erratic spikes, reflects structural inefficiencies in the international agency network or merely temporary operational friction.
Based on current market data, Citizens, Inc. trades at a P/B of 1.38, which appears elevated given the company's historical ROE performance that has frequently dipped toward 1% or lower, suggesting that the market may be mispricing the firm's long-term franchise value relative to its actual capital generation.
The current valuation multiple implies an expectation of future profitability that is not supported by the recent trend of low single-digit returns on equity. This premium valuation warrants further investigation, as it may be driven by speculative interest in the company's niche international distribution rather than a realistic assessment of its underlying underwriting margins.
According to recent financial statements, the company's ROE has remained consistently low, reaching only 1.0% in 2026Q1, which indicates that the contribution of underwriting profits to overall shareholder returns is currently minimal and potentially insufficient to cover the cost of capital for a life insurer.
The lack of a robust investment spread, combined with the volatility in underwriting results, suggests that the company is failing to effectively leverage its float to generate meaningful returns. The reliance on retained earnings for capital growth appears to be a defensive necessity rather than a sign of high-margin operational success.
As noted in institutional research, the P/B ratio is frequently misapplied to Citizens, Inc. because it ignores the high volatility of the company's reserve development and the potential for significant DAC amortization, which can artificially inflate book value relative to the firm's true economic capital position.
Investors should instead focus on the adjusted ROE, which accounts for the volatility in underwriting results and the impact of non-cash accruals on reported equity. Relying solely on P/B obscures the reality that a large portion of the company's book value may be tied to intangible assets that are highly sensitive to international lapse rates.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CIA stock.
Citizens, Inc.'s current P/E ratio is 22.0x. The historical average is 57.1x. This places it at the 26th percentile of its historical range.
Citizens, Inc.'s current EV/EBITDA is 16.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.5x.
Citizens, Inc.'s return on equity (ROE) is 6.6%. The historical average is 3.2%.
Based on historical data, Citizens, Inc. is trading at a P/E of 22.0x. This is at the 26th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Citizens, Inc. has 35.4% gross margin and 6.8% operating margin.