Latest Ratios: P/E Ratio 9.3x · EV/EBITDA 7.4x · ROE 18.6%. (2015–2025 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 | $1.2B | $1.1B | $1.1B | $560M | $364M | $368M | $348M | $509M | $475M | — | — |
| Enterprise Value | $965M | $910M | $908M | $383M | $229M | $130M | $217M | $318M | $292M | — | — |
| P/E Ratio → | 9.29 | 8.68 | 7.97 | 5.05 | 4.35 | 9.10 | 13.69 | 21.43 | 18.49 | — | — |
| P/S Ratio | 2.23 | 2.12 | 2.02 | 1.17 | 0.92 | 1.06 | 1.13 | 2.04 | 2.28 | — | — |
| P/B Ratio | 1.65 | 1.54 | 1.62 | 1.04 | 0.85 | 0.92 | 0.88 | 1.63 | 1.58 | — | — |
| P/FCF | 10.74 | 10.23 | 5.24 | 2.90 | — | 2.89 | — | 25.00 | 4.61 | — | — |
| P/OCF | 10.64 | 10.14 | 5.07 | 2.85 | — | 2.84 | — | 23.77 | 4.56 | — | — |
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 | — | 1.76 | 1.73 | 0.80 | 0.58 | 0.37 | 0.71 | 1.27 | 1.40 | — | — |
| EV / EBITDA | 7.38 | 6.96 | 6.69 | 2.98 | 2.41 | 2.53 | 6.81 | 11.68 | 10.82 | — | — |
| EV / EBIT | 7.58 | 7.16 | 6.86 | 3.04 | 2.61 | 2.84 | 7.36 | 12.53 | 11.40 | — | — |
| EV / FCF | — | 8.49 | 4.48 | 1.98 | — | 1.02 | — | 15.62 | 2.83 | — | — |
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 | 58.2% | 58.2% | 43.8% | 44.7% | 42.2% | 33.0% | 27.9% | 29.0% | 30.7% | 22.1% | 100.0% |
| Operating Margin | 24.6% | 24.6% | 25.2% | 26.4% | 23.4% | 14.0% | 9.5% | 10.1% | 12.3% | 3.9% | 16.6% |
| Net Profit Margin | 24.6% | 24.6% | 25.7% | 24.8% | 22.6% | 13.5% | 8.8% | 9.4% | 12.3% | 3.9% | 17.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.6% | 18.6% | 22.6% | 24.4% | 21.5% | 11.8% | 7.7% | 7.7% | 17.0% | 50517.9% | 23.1% |
| ROA | 6.1% | 6.1% | 7.6% | 7.7% | 5.9% | 3.4% | 2.4% | 2.5% | 5.7% | 3270.4% | 8.7% |
| ROIC | 18.6% | 18.6% | 22.8% | 28.0% | 28.5% | 16.7% | 11.4% | 15.8% | 32.4% | 2851.5% | 14049.2% |
| ROCE | 12.0% | 12.0% | 11.5% | 10.5% | 6.5% | 3.8% | 2.7% | 2.8% | 5.9% | 50414.3% | 8.1% |
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 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 35.45 | 7.57 |
| Debt / EBITDA | — | — | 0.03 | 0.02 | 0.03 | 0.07 | 0.09 | 0.06 | 0.06 | 0.02 | 0.01 |
| Net Debt / Equity | — | -0.26 | -0.24 | -0.33 | -0.31 | -0.59 | -0.33 | -0.61 | -0.61 | 34.53 | 6.44 |
| Net Debt / EBITDA | -1.42 | -1.42 | -1.14 | -1.38 | -1.42 | -4.64 | -4.08 | -7.02 | -6.79 | 0.02 | 0.00 |
| Debt / FCF | — | -1.74 | -0.77 | -0.92 | — | -1.87 | — | -9.38 | -1.78 | 0.02 | — |
| Interest Coverage | — | — | — | — | 665.60 | 127.94 | 90.86 | — | — | — | — |
Net cash position: cash ($186M) 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 | 0.75 | 0.75 | 1.00 | 0.98 | 1571.36 | 8.59 | 3.59 | 5.61 | 8.33 | 0.08 | 0.15 |
| Quick Ratio | 0.75 | 0.75 | 1.00 | 2.30 | 1571.36 | 8.44 | 3.59 | 5.61 | 8.33 | 0.08 | 0.15 |
| Cash Ratio | 0.28 | 0.28 | 0.58 | 0.51 | 7.17 | 6.66 | 1.60 | 3.48 | 5.21 | 0.02 | 0.15 |
| Asset Turnover | — | 0.25 | 0.26 | 0.31 | 0.25 | 0.24 | 0.24 | 0.25 | 0.23 | 745.14 | 976.46 |
| 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 | 3.9% | 4.2% | 2.5% | 0.3% | 2.8% | 4.4% | 1.3% | 2.1% | 0.9% | — | — |
| Payout Ratio | 36.3% | 36.3% | 19.6% | 1.5% | 11.4% | 34.4% | 16.0% | 45.9% | 16.0% | 163.1% | 43.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.8% | 11.5% | 12.5% | 19.8% | 23.0% | 11.0% | 7.3% | 4.7% | 5.4% | — | — |
| FCF Yield | 9.3% | 9.8% | 19.1% | 34.5% | — | 34.6% | — | 4.0% | 21.7% | — | — |
| Buyback Yield | 5.4% | 5.6% | 2.2% | 5.6% | 0.7% | 0.0% | 23.0% | 1.0% | 3.2% | — | — |
| Total Shareholder Yield | 9.3% | 9.9% | 4.7% | 5.9% | 3.4% | 4.4% | 24.3% | 3.1% | 4.0% | — | — |
| Shares Outstanding | — | $44M | $45M | $43M | $46M | $45M | $43M | $48M | $48M | $142M | $143M |
Geopolitical and Reserve Volatility
Trading at a 1.65x price-to-book multiple, IGIC appears undervalued relative to its specialty peers, as reported in recent financial data, suggesting the market may be applying a persistent domicile discount that ignores the company's consistent underwriting profitability and robust margin profile in niche global markets.
The current P/B multiple of 1.65x warrants further investigation into whether this discount is a structural mispricing of the company's Jordanian headquarters or a reflection of perceived liquidity risks. Investors should monitor if this valuation gap narrows as the company continues to demonstrate underwriting discipline that rivals larger, London-based specialty competitors.
As evidenced by the quarterly combined ratio trajectory, which improved from 87.0% in 2023Q3 to 75.7% by 2025Q4, IGIC has demonstrated a superior ability to manage loss ratios, signaling that its niche underwriting strategy is effectively pricing risk above the underlying cost of claims.
The consistent sub-80% combined ratio suggests that the company's hub-and-spoke operational model is successfully containing expense ratios while maintaining high-quality risk selection. This trend appears sustainable provided that the company avoids significant catastrophe exposure that could disrupt its current underwriting margin trajectory.
Based on reported figures, IGIC has maintained a stable ROE profile, with quarterly returns fluctuating between 2.3% and 6.9% over the last ten quarters, indicating that the company prioritizes underwriting-led profitability over aggressive financial leverage to boost shareholder returns in a volatile specialty insurance market.
The decomposition of these returns suggests that underwriting profit remains the primary engine of value creation, as the company maintains a conservative capital structure. Investors should monitor whether the company can sustain these ROE levels if interest rate environments shift, potentially impacting the investment yield on its float.
The P/E ratio is frequently misapplied to IGIC, as reported in financial analysis, because it fails to account for the volatility of underwriting results and the subjective nature of IBNR reserve estimates, which can artificially inflate or deflate net income in any given reporting period.
Analysts should instead prioritize the price-to-book ratio and the combined ratio to assess the company's true franchise value and underwriting health. Relying on P/E multiples obscures the underlying quality of the insurance float and the long-term sustainability of the company's underwriting margins.
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying IGIC stock.
International General Insurance Holdings Ltd.'s current P/E ratio is 9.3x. The historical average is 11.1x. This places it at the 63th percentile of its historical range.
International General Insurance Holdings Ltd.'s current EV/EBITDA is 7.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.4x.
International General Insurance Holdings Ltd.'s return on equity (ROE) is 18.6%. The historical average is 16.7%.
Based on historical data, International General Insurance Holdings Ltd. is trading at a P/E of 9.3x. This is at the 63th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
International General Insurance Holdings Ltd.'s current dividend yield is 3.94% with a payout ratio of 36.3%.
International General Insurance Holdings Ltd. has 58.2% gross margin and 24.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.