Latest Ratios: P/E Ratio 10.9x · EV/EBITDA 6.3x · ROE 9.3%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $2.4B | $2.1B | $2.1B | $1.4B | — | — | — |
| Enterprise Value | $2.0B | $1.7B | $1.8B | $1.2B | — | — | — |
| P/E Ratio → | 10.93 | 9.27 | 18.50 | 0.68 | — | — | — |
| P/S Ratio | 0.98 | 0.84 | 0.87 | 0.40 | — | — | — |
| P/B Ratio | 1.03 | 0.87 | 0.86 | 0.59 | — | — | — |
| P/FCF | — | — | 3.42 | 2.96 | — | — | — |
| P/OCF | — | — | 3.39 | 2.93 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.67 | 0.74 | 0.33 | — | — | — |
| EV / EBITDA | 6.32 | 5.21 | 14.72 | 0.58 | — | — | — |
| EV / EBIT | 7.42 | 5.21 | 10.59 | 0.57 | — | — | — |
| EV / FCF | — | — | 2.94 | 2.42 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 56.4% | 56.4% | 11.0% | 60.4% | 100.0% | 20.7% | 35.6% |
| Operating Margin | 11.0% | 11.0% | 5.6% | 57.0% | 5.3% | 6.6% | 15.8% |
| Net Profit Margin | 9.0% | 9.0% | 4.7% | 59.4% | 3.5% | 5.7% | 16.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | 9.3% | 9.3% | 4.6% | 96.1% | 2.6% | 3.4% | 6.4% |
| ROA | 2.1% | 2.1% | 1.0% | 23.3% | 0.7% | 1.1% | 2.4% |
| ROIC | 10.0% | 10.0% | 4.7% | 89.6% | 3.5% | 3.2% | 6.3% |
| ROCE | 2.6% | 2.6% | 1.3% | 22.3% | 1.0% | 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 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.35 | 0.35 | 0.18 | 0.18 | 0.24 | 0.24 | 0.23 |
| Debt / EBITDA | 2.61 | 2.61 | 3.67 | 0.22 | 5.67 | 5.75 | 3.62 |
| Net Debt / Equity | — | -0.17 | -0.12 | -0.11 | -0.38 | 0.08 | -0.26 |
| Net Debt / EBITDA | -1.25 | -1.25 | -2.40 | -0.13 | -8.88 | 1.84 | -4.05 |
| Debt / FCF | — | — | -0.48 | -0.54 | -1.03 | 0.45 | -1.63 |
| Interest Coverage | 6.78 | 6.78 | 5.04 | 58.67 | 3.26 | 3.22 | 5.43 |
Net cash position: cash ($1.2B) exceeds total debt ($843M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | — | — | — | — | — |
| Quick Ratio | — | — | — | — | — | — | — |
| Cash Ratio | — | — | — | — | — | — | — |
| Asset Turnover | — | 0.27 | 0.21 | 0.36 | 0.18 | 0.17 | 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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.1% | 2.5% | 2.2% | — | — | — | — |
| Payout Ratio | 23.2% | 23.2% | 40.8% | — | 1.0% | 3.1% | 4.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.2% | 10.8% | 5.4% | 147.2% | — | — | — |
| FCF Yield | — | — | 29.3% | 33.7% | — | — | — |
| Buyback Yield | 13.1% | 15.4% | 5.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 15.2% | 17.9% | 7.2% | 0.0% | — | — | — |
| Shares Outstanding | — | $107M | $116M | $114M | $199M | $200M | $187M |
MGU fee structure volatility
Trading at a P/B of 1.03, Fidelis Insurance Holdings Limited appears to be priced at a discount relative to peers like Arch Capital, suggesting that investors remain cautious regarding the long-term sustainability of the bifurcated MGU-balance sheet model and its impact on future return on equity.
The current P/B multiple suggests the market is not yet assigning a premium to the company's unique MGU-led underwriting structure. This valuation gap may indicate that investors are waiting for a longer track record of consistent underwriting profitability before re-rating the stock closer to its specialty insurance peers.
As reported in quarterly filings, the combined ratio exhibited extreme variance, swinging from a peak of 108.7% in 2025Q1 to 76.2% by 2025Q4, which highlights the inherent sensitivity of the company's underwriting results to idiosyncratic loss events within its specialty and reinsurance portfolios.
The wide range in the combined ratio suggests that underwriting discipline is subject to significant quarterly shocks, likely driven by the Bespoke segment's unique risk profile. Sustained profitability will require the company to demonstrate a narrower band of combined ratio performance across varying market cycles.
Based on the provided financial data, ROE has fluctuated significantly, reaching a high of 9.9% in 2023Q4 before dipping into negative territory in 2024Q4, underscoring the challenge of balancing underwriting volatility with the need to generate consistent returns on the company's $2.4 billion equity base.
The contribution of underwriting profit to overall ROE appears inconsistent, forcing the company to rely heavily on investment income to stabilize results. Investors should monitor whether the company can achieve a more stable ROE profile as it matures its post-IPO expense base and optimizes its investment yield.
The P/E ratio is frequently misapplied to Fidelis Insurance Holdings Limited, as it obscures the underlying volatility of underwriting results and the impact of reserve development, making the Price-to-Book ratio a more reliable anchor for assessing the company's true value relative to its invested assets.
Using P/E in an insurance context often fails to account for the cyclical nature of loss ratios and the impact of one-time restructuring costs. Analysts should prioritize P/B and ROE metrics to better understand the company's ability to generate value from its capital base rather than relying on earnings multiples that are prone to distortion.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying FIHL stock.
Fidelis Insurance Holdings Limited's current P/E ratio is 10.9x. The historical average is 9.5x. This places it at the 67th percentile of its historical range.
Fidelis Insurance Holdings Limited's current EV/EBITDA is 6.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.8x.
Fidelis Insurance Holdings Limited's return on equity (ROE) is 9.3%. The historical average is 20.4%.
Based on historical data, Fidelis Insurance Holdings Limited is trading at a P/E of 10.9x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Fidelis Insurance Holdings Limited's current dividend yield is 2.12% with a payout ratio of 23.2%.
Fidelis Insurance Holdings Limited has 56.4% gross margin and 11.0% operating margin. Operating margin between 10-20% is typical for established companies.
Fidelis Insurance Holdings Limited's Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.