Latest Ratios: P/E Ratio 4.4x · EV/EBITDA 4.5x · ROE 7.5%. (2012–2025 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 | $161M | $382M | $188M | $349M | $787M | $1.0B | $1.5B | $1.3B | $1.1B | $1.2B | $1.2B |
| Enterprise Value | $230M | $451M | $131M | $401M | $940M | $1.2B | $1.7B | $1.3B | $1.2B | $1.3B | $1.3B |
| P/E Ratio → | 4.42 | 8.05 | — | — | 35.44 | — | 307.19 | 32.97 | 17.32 | 27.78 | 16.69 |
| P/S Ratio | 0.23 | 0.56 | 0.27 | 0.43 | 1.19 | 1.65 | 2.27 | 1.39 | 1.25 | 1.48 | 2.12 |
| P/B Ratio | 0.31 | 0.57 | 0.32 | 0.51 | 1.13 | 1.39 | 1.91 | 1.62 | 1.56 | 1.74 | 1.79 |
| P/FCF | — | — | — | 4.29 | 3.67 | — | — | 0.85 | 3.82 | 5.83 | 8.22 |
| P/OCF | — | — | — | 3.97 | 3.53 | — | — | 0.85 | 3.82 | 5.83 | 8.22 |
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 | — | 0.66 | 0.18 | 0.49 | 1.42 | 1.94 | 2.58 | 1.45 | 1.31 | 1.53 | 2.26 |
| EV / EBITDA | 4.51 | 8.82 | — | 4.64 | 17.31 | — | 101.56 | 23.59 | 15.42 | 21.83 | 16.20 |
| EV / EBIT | 4.56 | 6.08 | — | 3.60 | 14.01 | — | 78.38 | 21.12 | 14.05 | 19.50 | 15.09 |
| EV / FCF | — | — | — | 4.92 | 4.38 | — | — | 0.89 | 3.99 | 6.02 | 8.76 |
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 | 28.4% | 28.4% | 12.3% | 29.5% | 25.9% | -0.8% | 17.1% | 16.7% | 19.7% | 17.9% | 27.2% |
| Operating Margin | 7.4% | 7.4% | -10.1% | 10.7% | 8.1% | -17.8% | 1.8% | 5.7% | 8.0% | 6.7% | 13.5% |
| Net Profit Margin | 6.9% | 6.9% | -11.5% | -13.3% | 4.7% | -28.4% | 0.7% | 4.2% | 7.2% | 5.3% | 12.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.5% | 7.5% | -12.7% | -15.6% | 4.4% | -22.7% | 0.6% | 5.2% | 9.1% | 6.3% | 10.8% |
| ROA | 1.0% | 1.0% | -1.6% | -2.1% | 0.6% | -3.5% | 0.1% | 0.9% | 2.2% | 1.7% | 3.4% |
| ROIC | 5.9% | 5.9% | -8.4% | 8.2% | 4.6% | -8.5% | 1.0% | 4.9% | 7.1% | 5.5% | 7.7% |
| ROCE | 4.3% | 4.3% | -1.4% | 1.7% | 1.1% | -2.2% | 0.2% | 1.3% | 2.5% | 2.2% | 3.7% |
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 | 0.49 | 0.49 | 0.51 | 0.48 | 0.47 | 0.51 | 0.46 | 0.34 | 0.31 | 0.29 | 0.28 |
| Debt / EBITDA | 6.46 | 6.46 | — | 3.78 | 6.01 | — | 21.61 | 4.69 | 2.96 | 3.53 | 2.35 |
| Net Debt / Equity | — | 0.10 | -0.10 | 0.08 | 0.22 | 0.24 | 0.26 | 0.07 | 0.07 | 0.06 | 0.12 |
| Net Debt / EBITDA | 1.35 | 1.35 | — | 0.60 | 2.82 | — | 12.04 | 0.99 | 0.66 | 0.68 | 1.01 |
| Debt / FCF | — | — | — | 0.64 | 0.71 | — | — | 0.04 | 0.17 | 0.19 | 0.55 |
| Interest Coverage | 3.15 | 3.15 | -1.88 | 4.53 | 4.84 | -11.12 | 2.19 | 5.89 | 7.13 | 7.14 | 10.39 |
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 | 0.91 | 0.91 | — | — | 32.71 | — | — | — | 36.20 | 0.05 | 0.07 |
| Quick Ratio | 0.91 | 0.91 | — | — | 32.71 | — | — | — | 46.35 | 44.67 | 51.69 |
| Cash Ratio | 0.24 | 0.24 | — | — | 16.72 | — | — | — | 23.33 | 21.62 | 27.61 |
| Asset Turnover | — | 0.14 | 0.14 | 0.15 | 0.13 | 0.12 | 0.13 | 0.18 | 0.28 | 0.30 | 0.25 |
| 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 | 4.7% | 2.6% | 3.3% | 2.2% | 1.0% | 4.3% | 2.4% | 2.9% | 3.3% | 4.2% | 5.3% |
| Payout Ratio | 20.8% | 20.8% | — | — | 25.2% | — | 768.1% | 95.8% | 56.6% | 116.7% | 88.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 22.6% | 12.4% | — | — | 2.8% | — | 0.3% | 3.0% | 5.8% | 3.6% | 6.0% |
| FCF Yield | — | — | — | 23.3% | 27.2% | — | — | 117.8% | 26.2% | 17.2% | 12.2% |
| Buyback Yield | 0.5% | 0.2% | 0.0% | 0.5% | 0.2% | 0.0% | 0.2% | 0.2% | 0.2% | 0.8% | 0.4% |
| Total Shareholder Yield | 5.2% | 2.8% | 3.3% | 2.7% | 1.2% | 4.3% | 2.7% | 3.1% | 3.5% | 5.0% | 5.7% |
| Shares Outstanding | — | $60M | $39M | $38M | $38M | $35M | $31M | $31M | $30M | $30M | $30M |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying JRVR stock.
James River Group Holdings, Ltd.'s current P/E ratio is 4.4x. The historical average is 21.4x.
James River Group Holdings, Ltd.'s current EV/EBITDA is 4.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.7x.
James River Group Holdings, Ltd.'s return on equity (ROE) is 7.5%. The historical average is 1.2%.
Based on historical data, James River Group Holdings, Ltd. is trading at a P/E of 4.4x. Compare with industry peers and growth rates for a complete picture.
James River Group Holdings, Ltd.'s current dividend yield is 4.71% with a payout ratio of 20.8%.
James River Group Holdings, Ltd. has 28.4% gross margin and 7.4% operating margin.
James River Group Holdings, Ltd.'s Debt/EBITDA ratio is 6.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Persistent reserve development volatility
Metrics are mathematically derived from official filings.
Deep Discount Reflects Structural Uncertainty
Trading at a P/B of 0.40, James River’s valuation appears to reflect significant market skepticism regarding its long-term franchise value, as reported in recent financial data, which stands in stark contrast to the premium multiples commanded by E&S peers like Kinsale Capital Group.
The current valuation suggests that investors are pricing in a high probability of further capital erosion rather than a successful turnaround. This discount implies that the market views the company's book value as potentially overstated due to the risk of future adverse reserve development, rather than a bargain entry point for a stable specialty insurer.
Combined Ratio Signals Underwriting Instability
As indicated by the 2026Q1 combined ratio of 107.0%, James River is currently failing to achieve underwriting profitability, a trend that underscores the persistent difficulty in managing loss costs relative to premiums in the company's core specialty segments.
A combined ratio consistently exceeding 100% suggests that the company is effectively paying to write business, relying entirely on investment income to offset underwriting losses. This trajectory warrants further investigation into whether the recent portfolio re-underwriting is sufficient to stem the tide of loss-ratio volatility or if structural pricing issues remain.
ROE Compression Driven by Underwriting Losses
Based on the reported -1.5% ROE for 2026Q1, James River’s profitability has turned negative, illustrating how the lack of underwriting discipline has effectively neutralized the potential contribution of investment income on the company's float to the overall bottom line.
The inability to generate a positive ROE suggests that the company's capital is currently being consumed by operations rather than compounded. Investors should monitor whether the exit from the Casualty Reinsurance segment can eventually stabilize the ROE, or if the remaining specialty lines are too small to absorb the fixed expense base.
Misleading Reliance on Reported Earnings
The most commonly misapplied metric for James River is the GAAP P/E ratio, which, as noted in recent SEC filings, frequently obscures the underlying volatility caused by prior-year reserve development and non-recurring charges that distort the true economic earnings power of the insurance platform.
Relying on P/E for an insurer with significant reserve volatility is dangerous because it ignores the 'tail' risk inherent in long-tail casualty lines. Analysts should instead prioritize the Accident Year Combined Ratio and changes in book value per share to better assess whether the company is creating or destroying value over time.