Latest Ratios: P/E Ratio 6.9x · EV/EBITDA 4.7x · ROE 11.1%. (2005–2025 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 | $498M | $503M | $485M | $397M | $324M | $269M | $265M | $365M | $310M | $744M | $851M |
| Enterprise Value | $391M | $396M | $481M | $420M | $366M | $291M | $352M | $432M | $383M | $724M | $834M |
| P/E Ratio → | 6.92 | 6.72 | 11.29 | 4.57 | 12.73 | 15.37 | 66.45 | — | — | — | 19.00 |
| P/S Ratio | 0.71 | 0.72 | 0.75 | 0.63 | 0.68 | 0.47 | 0.55 | 0.74 | 1.27 | 1.15 | 1.45 |
| P/B Ratio | 0.73 | 0.71 | 0.76 | 0.67 | 0.64 | 0.57 | 0.57 | 0.76 | 0.65 | 0.87 | 0.95 |
| P/FCF | 2.37 | 2.39 | 4.35 | 52.94 | — | — | — | 223.64 | — | 7.88 | — |
| P/OCF | 2.37 | 2.39 | 4.35 | 52.94 | — | — | — | 223.64 | — | 7.88 | — |
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 | — | 0.57 | 0.74 | 0.66 | 0.77 | 0.51 | 0.74 | 0.88 | 1.57 | 1.12 | 1.42 |
| EV / EBITDA | 4.70 | 4.77 | 9.12 | 4.42 | 14.89 | 13.64 | 53.41 | — | — | — | 17.52 |
| EV / EBIT | 4.99 | 4.77 | 9.12 | 4.42 | 10.34 | 7.42 | 33.31 | 156.69 | — | — | 17.67 |
| EV / FCF | — | 1.88 | 4.32 | 55.89 | — | — | — | 265.15 | — | 7.66 | — |
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 | 40.9% | 40.9% | 6.8% | 16.4% | 3.8% | 8.9% | 6.6% | -2.9% | -108.9% | -2.9% | 12.4% |
| Operating Margin | 11.2% | 11.2% | 6.7% | 13.7% | 5.1% | 3.7% | 0.9% | -0.7% | -145.2% | -6.9% | 8.0% |
| Net Profit Margin | 10.7% | 10.7% | 6.6% | 13.7% | 5.3% | 3.1% | 0.8% | -0.8% | -143.6% | -7.0% | 7.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.1% | 11.1% | 7.0% | 15.8% | 5.2% | 3.7% | 0.8% | -0.8% | -52.6% | -5.2% | 5.2% |
| ROA | 3.6% | 3.6% | 2.3% | 5.2% | 1.7% | 1.3% | 0.3% | -0.3% | -14.6% | -1.5% | 1.7% |
| ROIC | 9.5% | 9.5% | 5.2% | 11.2% | 3.5% | 3.0% | 0.6% | -0.5% | -38.4% | -3.9% | 4.4% |
| ROCE | 11.0% | 11.0% | 6.3% | 14.4% | 1.6% | 3.9% | 0.3% | -0.3% | -22.9% | -1.9% | 2.1% |
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 | 0.01 | 0.01 | 0.10 | 0.12 | 0.16 | 0.21 | 0.21 | 0.20 | 0.19 | 0.01 | 0.03 |
| Debt / EBITDA | 0.06 | 0.06 | 1.15 | 0.77 | 3.27 | 4.59 | 14.53 | — | — | — | 0.47 |
| Net Debt / Equity | — | -0.15 | -0.01 | 0.04 | 0.08 | 0.05 | 0.19 | 0.14 | 0.15 | -0.02 | -0.02 |
| Net Debt / EBITDA | -1.29 | -1.29 | -0.07 | 0.23 | 1.72 | 1.02 | 13.18 | — | — | — | -0.37 |
| Debt / FCF | — | -0.51 | -0.04 | 2.96 | — | — | — | 41.51 | — | -0.21 | — |
| Interest Coverage | 17.36 | 17.36 | 5.74 | 11.82 | 3.25 | 2.19 | 1.68 | 0.44 | -140.32 | — | — |
Net cash position: cash ($112M) exceeds total debt ($5M)
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 | 0.99 | 0.99 | 1.12 | 1.25 | — | 1.33 | — | — | 0.02 | 0.03 | 0.11 |
| Quick Ratio | 0.99 | 0.99 | 1.12 | 1.25 | — | 1.33 | — | — | 0.02 | 0.03 | 0.11 |
| Cash Ratio | 0.08 | 0.08 | 0.05 | 0.05 | — | 0.09 | — | — | 0.02 | 0.03 | 0.11 |
| Asset Turnover | — | 0.32 | 0.32 | 0.36 | 0.30 | 0.40 | 0.35 | 0.36 | 0.17 | 0.19 | 0.22 |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 14.5% | 14.9% | 8.9% | 21.9% | 7.9% | 6.5% | 1.5% | — | — | — | 5.3% |
| FCF Yield | 42.2% | 41.8% | 23.0% | 1.9% | — | — | — | 0.4% | — | 12.7% | — |
| Buyback Yield | 2.0% | 2.0% | 1.5% | 0.0% | 0.0% | 3.7% | 6.7% | 0.0% | 5.3% | 0.4% | 0.0% |
| Total Shareholder Yield | 2.0% | 2.0% | 1.5% | 0.0% | 0.0% | 3.7% | 6.7% | 0.0% | 5.3% | 0.4% | 0.0% |
| Shares Outstanding | — | $35M | $35M | $35M | $40M | $34M | $36M | $36M | $36M | $37M | $37M |
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying GLRE stock.
Greenlight Capital Re, Ltd.'s current P/E ratio is 6.9x. The historical average is 26.9x. This places it at the 29th percentile of its historical range.
Greenlight Capital Re, Ltd.'s current EV/EBITDA is 4.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.6x.
Greenlight Capital Re, Ltd.'s return on equity (ROE) is 11.1%. The historical average is 2.7%.
Based on historical data, Greenlight Capital Re, Ltd. is trading at a P/E of 6.9x. This is at the 29th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Greenlight Capital Re, Ltd. has 40.9% gross margin and 11.2% operating margin. Operating margin between 10-20% is typical for established companies.
Greenlight Capital Re, Ltd.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Volatile underwriting erodes capital
Metrics are mathematically derived from official filings.
Deep Discount Reflects Underwriting Uncertainty
Greenlight Capital Re trades at a significant 0.75x P/B discount to peers like Arch Capital (1.55x) and Markel (1.23x), suggesting the market is pricing in the company's volatile combined ratio and recent capital erosion from underwriting losses.
The persistent discount to book value appears to reflect investor skepticism about the sustainability of underwriting profits, given the combined ratio's swing from 77.7% to 117.8% in a single quarter. This valuation implies the market does not fully trust the reported book value as a reliable measure of embedded value, likely due to the demonstrated volatility in loss reserves. For a reinsurance carrier, such a discount often signals concerns about reserve adequacy or the quality of the underwriting franchise.
Combined Ratio Volatility Undermines Profitability
The combined ratio has been highly erratic, ranging from a profitable 71.6% in Q4 2025 to a deeply unprofitable 117.8% in Q2 2026, indicating that underwriting results are driven by volatile loss experience rather than consistent operational discipline.
The extreme swings in the loss ratio, from -22.8% to 94.4% over two quarters, suggest that prior-period reserve releases are significantly distorting the underlying run-rate profitability. This volatility makes it difficult to assess the true cost of risk in the current book and raises questions about the predictability of future underwriting margins. Investors should monitor whether the recent deterioration represents a cyclical peak in losses or a more structural issue with pricing adequacy.
ROE Swings Driven by Underwriting, Not Float
Return on equity has been inconsistent, swinging from -4.1% in Q2 2026 to 7.2% in Q4 2025, with the primary driver being volatile underwriting results rather than stable investment income on float.
The decomposition of ROE reveals that profitability is almost entirely dependent on underwriting performance, as the company's minimal leverage (D/E of 0.01) limits the amplification of investment returns. The negative ROE in the most recent quarter is a direct consequence of the 117.8% combined ratio, which overwhelmed any investment income. This pattern suggests the company's earnings power is highly sensitive to loss experience, making it a more volatile proposition than peers with more diversified income streams.
Minimal Leverage Offers Limited Amplification
Greenlight Capital Re maintains an exceptionally low debt-to-equity ratio of 0.01, which is far below peers like Markel (0.23) and Arch Capital (0.11), indicating a conservative capital structure that provides little financial leverage to boost returns.
The near-zero leverage ratio suggests the company is funded almost entirely by equity and policyholder float, which is typical for a reinsurance carrier but limits the potential for ROE enhancement through financial engineering. While this conservative stance provides a buffer against insolvency, it also means that any improvement in underwriting profitability will flow directly to ROE without amplification. The low leverage appears to be a deliberate choice, possibly reflecting a focus on capital preservation given the volatile underwriting results.
P/B Discount May Obscure Reserve Risk
The most commonly misapplied ratio for Greenlight Capital Re is the P/B multiple, as the 0.75x discount may not fully account for the potential inadequacy of reserves indicated by the extreme loss ratio volatility.
While the P/B discount appears attractive on the surface, it may be misleading because the book value itself is subject to significant uncertainty. The swing from a -22.8% loss ratio (suggesting reserve releases) to a 94.4% loss ratio (suggesting reserve strengthening) indicates that the reported equity may not be a stable anchor. A more appropriate metric for assessing valuation would be the price-to-adjusted-book-value, which attempts to normalize for reserve volatility, or a focus on the trend in the combined ratio as a leading indicator of future reserve adequacy.