Latest Ratios: P/E Ratio 1.2x · EV/EBITDA 4.7x · ROE 36.4%. (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 | $74M | $59M | — | — | — | $105M | $74M |
| Enterprise Value | $234M | $218M | — | — | — | $294M | $193M |
| P/E Ratio → | 1.17 | 1.26 | — | — | — | 0.90 | 0.92 |
| P/S Ratio | 2.19 | 1.72 | — | — | — | 1.06 | 0.40 |
| P/B Ratio | 0.43 | 0.46 | — | — | — | 0.27 | 0.14 |
| P/FCF | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — |
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 | — | 6.41 | — | — | — | 2.98 | 1.03 |
| EV / EBITDA | 4.71 | 4.39 | — | — | — | 7.70 | 3.46 |
| EV / EBIT | 4.72 | 3.67 | — | — | — | 7.70 | 3.46 |
| EV / FCF | — | — | — | — | — | — | — |
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 | 73.6% | 73.6% | 35.2% | -165.1% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 145.7% | 145.7% | 2.7% | -334.2% | -84.8% | 30.9% | 35.8% |
| Net Profit Margin | 137.2% | 137.2% | 6.2% | -316.9% | -103.8% | 26.0% | 22.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | 36.4% | 36.4% | 0.2% | -1.6% | -18.0% | 5.6% | 7.9% |
| ROA | 8.5% | 8.5% | 0.1% | -0.3% | -2.9% | 1.0% | 1.4% |
| ROIC | 12.9% | 12.9% | 0.0% | -0.9% | -6.9% | 3.8% | 7.8% |
| ROCE | — | — | 0.0% | -0.6% | -6.8% | 3.4% | 6.7% |
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 | 1.38 | 1.38 | 5.65 | 0.00 | 0.90 | 0.66 | 0.48 |
| Debt / EBITDA | 3.55 | 3.55 | 1800.75 | — | — | 6.68 | 4.57 |
| Net Debt / Equity | — | 1.24 | 5.55 | -0.02 | 0.73 | 0.49 | 0.23 |
| Net Debt / EBITDA | 3.21 | 3.21 | 1770.52 | — | — | 4.95 | 2.13 |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | 6.03 | 6.03 | — | — | -2.55 | 1.58 | 3.46 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | 6.08 | 2.51 | 0.95 | 0.88 | 0.77 |
| Quick Ratio | — | — | 6.08 | 2.51 | 0.95 | 0.88 | 0.77 |
| Cash Ratio | — | — | 5.82 | 2.49 | 0.04 | 0.04 | 0.07 |
| Asset Turnover | — | 0.06 | 1.12 | 0.00 | 0.03 | 0.04 | 0.06 |
| 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 | 73.3% | 68.2% | — | — | — | — | — |
| Payout Ratio | 85.6% | 85.6% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | 85.6% | 79.6% | — | — | — | 111.1% | 108.3% |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — | 100.0% | 40.8% |
| Total Shareholder Yield | 73.3% | 68.2% | — | — | — | 100.0% | 40.8% |
| Shares Outstanding | — | $6M | $5M | $8M | $4M | $4M | $4M |
Legacy reserve volatility
Based on reported figures, Kestrel Group trades at a P/B of 0.43, a valuation level that suggests the market is heavily discounting the firm's book value due to persistent concerns regarding the long-term adequacy of its legacy reinsurance reserves and the volatility of its earnings profile.
The significant discount to book value appears to reflect investor skepticism regarding the quality of the firm's capital base, which has faced consistent erosion. This valuation multiple warrants further investigation, as it may indicate that the market views the current book value as overstated relative to the potential for future adverse reserve development.
As reported in financial statements, the combined ratio has exhibited extreme instability, swinging from a negative 128.0% in 2025Q2 to 168.2% in 2026Q1, which suggests that the firm's underwriting performance is currently unstable and heavily influenced by accounting adjustments rather than core operational efficiency.
The erratic nature of these ratios implies that the firm's underwriting profitability is not yet sustainable, as it relies on transactional gains that are difficult to forecast. Investors should monitor whether the firm can achieve a consistent combined ratio below 100% to demonstrate a viable long-term underwriting model.
According to recent financial data, the company maintains a Debt/Equity ratio of 1.38, which, while appearing moderate, must be interpreted alongside the firm's limited cash position and the significant, opaque nature of its long-tail legacy reinsurance liabilities that could necessitate future capital injections.
The current leverage profile appears to be a defensive posture, yet it may limit the firm's capacity to pursue larger, more lucrative legacy portfolio acquisitions. The lack of significant investment assets to back these reserves suggests that the firm's underwriting leverage is effectively higher than the headline debt figures imply.
Based on the provided data, the most commonly misapplied metric for Kestrel Group is Return on Equity (ROE), which frequently obscures the underlying volatility of reserve releases and non-recurring gains that artificially inflate profitability during specific quarters, such as the 74.5% ROE reported in 2025Q2.
Analysts should instead focus on the adjusted combined ratio and the trend in reserve development, as ROE is highly sensitive to accounting artifacts in the run-off business model. Relying on ROE without adjusting for these one-time items may lead to a fundamental misunderstanding of the firm's true economic profitability.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying KG stock.
Kestrel Group, Ltd.'s current P/E ratio is 1.2x. The historical average is 1.0x. This places it at the 67th percentile of its historical range.
Kestrel Group, 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 5.2x.
Kestrel Group, Ltd.'s return on equity (ROE) is 36.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 5.1%.
Based on historical data, Kestrel Group, Ltd. is trading at a P/E of 1.2x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Kestrel Group, Ltd.'s current dividend yield is 73.31% with a payout ratio of 85.6%.
Kestrel Group, Ltd. has 73.6% gross margin and 145.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Kestrel Group, Ltd.'s Debt/EBITDA ratio is 3.6x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.