Latest Ratios: P/E Ratio 6.0x · EV/EBITDA 3.0x · ROE 22.4%. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $3.4B | $2.8B | $1.9B | $1.6B | — | — |
| Enterprise Value | $2.5B | $1.9B | $1.1B | $941M | — | — |
| P/E Ratio → | 6.01 | 4.91 | 5.19 | 6.13 | — | — |
| P/S Ratio | 1.24 | 1.03 | 0.81 | 0.98 | — | — |
| P/B Ratio | 1.23 | 1.00 | 0.83 | 0.77 | — | — |
| P/FCF | 4.04 | 3.36 | 2.54 | 5.60 | — | — |
| P/OCF | 4.04 | 3.36 | 2.54 | 5.60 | — | — |
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 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.70 | 0.46 | 0.58 | — | — |
| EV / EBITDA | 2.96 | 2.28 | 1.70 | 3.51 | — | — |
| EV / EBIT | 3.02 | 2.27 | 1.68 | 3.40 | — | — |
| EV / FCF | — | 2.28 | 1.43 | 3.32 | — | — |
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 |
|---|---|---|---|---|---|---|
| Gross Margin | 54.1% | 54.1% | 39.1% | 33.8% | 15.8% | 31.2% |
| Operating Margin | 30.1% | 30.1% | 26.1% | 15.8% | -2.1% | 19.6% |
| Net Profit Margin | 21.0% | 21.0% | 16.8% | 16.0% | -7.6% | 14.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | 22.4% | 22.4% | 18.3% | 13.9% | -5.7% | 10.5% |
| ROA | 6.6% | 6.6% | 5.5% | 4.1% | -1.7% | 3.4% |
| ROIC | 36.5% | 36.5% | 32.3% | 17.9% | -2.1% | 17.3% |
| ROCE | 16.0% | 16.0% | 13.0% | 6.7% | -0.5% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.06 | 0.07 | 0.09 | 0.08 |
| Debt / EBITDA | 0.18 | 0.18 | 0.24 | 0.56 | — | 0.54 |
| Net Debt / Equity | — | -0.32 | -0.36 | -0.31 | -0.56 | -0.36 |
| Net Debt / EBITDA | -1.09 | -1.09 | -1.33 | -2.41 | — | -2.35 |
| Debt / FCF | — | -1.08 | -1.11 | -2.28 | -4.85 | -2.86 |
| Interest Coverage | 41.86 | 41.86 | 28.48 | 12.91 | -0.70 | 18.60 |
Net cash position: cash ($1.1B) exceeds total debt ($150M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 0.63 | 0.63 | 8.65 | 1.20 | 7.50 | — |
| Quick Ratio | 0.63 | 0.63 | 8.65 | 1.20 | 7.50 | — |
| Cash Ratio | 0.19 | 0.19 | 3.34 | 0.68 | 6.86 | — |
| Asset Turnover | — | 0.29 | 0.31 | 0.24 | 0.22 | 0.24 |
| 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 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | 16.6% | 20.4% | 19.3% | 16.3% | — | — |
| FCF Yield | 24.7% | 29.8% | 39.3% | 17.9% | — | — |
| Buyback Yield | 3.3% | 4.0% | 7.8% | 0.2% | — | — |
| Total Shareholder Yield | 3.3% | 4.0% | 7.8% | 0.2% | — | — |
| Shares Outstanding | — | $101M | $101M | $106M | $110M | $103M |
Includes 30+ ratios · 5 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 HG stock.
Hamilton Insurance Group, Ltd.'s current P/E ratio is 6.0x. The historical average is 5.4x. This places it at the 67th percentile of its historical range.
Hamilton Insurance Group, Ltd.'s current EV/EBITDA is 3.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.5x.
Hamilton Insurance Group, Ltd.'s return on equity (ROE) is 22.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 11.9%.
Based on historical data, Hamilton Insurance Group, Ltd. is trading at a P/E of 6.0x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Hamilton Insurance Group, Ltd. has 54.1% gross margin and 30.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Hamilton Insurance Group, Ltd.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Social inflation in casualty lines
Metrics are mathematically derived from official filings.
Underwriting Discipline Drives Sub-100 Combined Ratio
Hamilton's combined ratio improved to 69.6% in Q2 2026, down from 73.2% in Q4 2025, driven by a low loss ratio of 42.7% and strong underwriting discipline, as per recent financial statements.
The combined ratio has consistently remained below 100% over the trailing ten quarters, with the exception of Q3 2024 when it spiked to 103.1% due to a high expense ratio. The recent improvement to 69.6% reflects a favorable loss environment and disciplined expense management, though the low loss ratio may partly benefit from prior-year reserve releases. Investors should monitor whether this level is sustainable as pricing cycles turn and social inflation pressures emerge.
ROE Decomposition: Underwriting and Investment Tailwinds
Hamilton's annualized ROE reached 21% in Q2 2026, with underwriting margins at 30.4% and investment income benefiting from higher yields, according to reported figures.
The quarterly ROE of 5.1% in Q2 2026 annualizes to over 20%, driven by a strong underwriting margin of 30.4% and investment income on a $1.06B portfolio. The low debt-to-equity ratio of 0.05% suggests minimal financial leverage, so ROE is primarily generated from underwriting profitability and investment yield on float. However, the sustainability of this ROE depends on maintaining combined ratios below 100% and avoiding adverse reserve development.
Minimal Financial Leverage, Ample Capital Flexibility
Hamilton's debt-to-equity ratio stands at 0.05%, indicating minimal financial leverage, which provides substantial capacity for capital deployment, as per the latest balance sheet data.
With a debt-to-equity ratio of 0.05%, Hamilton operates with virtually no financial leverage, which is conservative relative to peers like Arch Capital (0.11) and RenaissanceRe (0.12). This low leverage suggests a strong capital base that can support underwriting expansion or shareholder returns, but it may also indicate that management is not fully optimizing the balance sheet for ROE. Investors should watch whether the company increases leverage to enhance returns as it matures as a public entity.
Valuation Discount Reflects Shorter Track Record
Hamilton trades at a P/B of 1.29, below Arch Capital's 1.53 but above RenaissanceRe's 0.76, with a P/E of 6.29, according to current market data.
Hamilton's P/B of 1.29 is at a discount to Arch Capital's 1.53, likely reflecting its shorter public track record and smaller scale. However, its ROE of 21% (annualized) is higher than RenaissanceRe's 13.9%, yet it trades at a lower P/B than Arch, suggesting the market may be pricing in higher risk or lower sustainability of earnings. The P/E of 6.29 is attractive relative to peers, but investors should consider the cyclicality of underwriting earnings and the potential for catastrophe losses.
Combined Ratio Can Mask Reserve Development
The combined ratio, while a key metric, can be misleading if prior-year reserve releases are not separated, as they may inflate current underwriting profitability, according to industry analysis.
Hamilton's combined ratio of 69.6% in Q2 2026 appears strong, but it may be flattered by favorable prior-year reserve development, which is not separately disclosed. Investors should focus on the attritional loss ratio, which excludes catastrophes and reserve movements, to assess the true quality of current underwriting. Additionally, the low loss ratio of 42.7% may not be sustainable if social inflation in casualty lines leads to adverse development. A more accurate measure would be the combined ratio adjusted for reserve releases and catastrophe loads.