Latest Ratios: P/E Ratio 11.3x · EV/EBITDA 10.2x · ROE 5.3%. (1996–2025 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 | $1.5B | $2.5B | $4.3B | $3.1B | $3.1B | $3.8B | $5.1B | $5.2B | $3.9B | $3.6B | $2.3B |
| Enterprise Value | $2.4B | $3.4B | $5.7B | $4.4B | $4.3B | $4.8B | $6.1B | $5.8B | $4.7B | $4.1B | $2.9B |
| P/E Ratio → | 11.29 | 17.70 | 13.53 | — | — | — | 12.51 | 9.74 | 20.49 | 29.57 | 134.24 |
| P/S Ratio | 0.32 | 0.53 | 0.93 | 0.63 | 0.58 | 0.67 | 0.99 | 1.03 | 1.06 | 1.33 | 0.90 |
| P/B Ratio | 0.61 | 0.95 | 1.55 | 1.24 | 1.29 | 0.94 | 1.12 | 1.30 | 1.28 | 1.68 | 1.15 |
| P/FCF | 2.75 | 4.58 | 13.05 | — | — | 12.90 | 12.99 | 11.45 | 8.22 | 17.33 | 10.18 |
| P/OCF | 2.60 | 4.34 | 11.24 | — | — | 10.77 | 11.44 | 9.65 | 7.22 | 14.77 | 9.43 |
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 | — | 0.71 | 1.22 | 0.90 | 0.79 | 0.85 | 1.18 | 1.16 | 1.28 | 1.54 | 1.15 |
| EV / EBITDA | 10.22 | 14.54 | 12.81 | — | — | — | 10.78 | 8.01 | 12.76 | 22.87 | 126.29 |
| EV / EBIT | 14.94 | 17.15 | 12.71 | — | — | — | 11.16 | 8.24 | 19.52 | 20.92 | 60.64 |
| EV / FCF | — | 6.17 | 17.18 | — | — | 16.22 | 15.44 | 12.88 | 9.97 | 19.99 | 13.03 |
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 | 29.7% | 29.7% | 12.7% | 22.8% | -3.9% | 6.3% | 22.4% | 23.7% | 20.8% | 16.5% | 14.2% |
| Operating Margin | 3.3% | 3.3% | 8.4% | -7.0% | -6.8% | -4.4% | 9.8% | 13.2% | 5.4% | 6.0% | 0.1% |
| Net Profit Margin | 3.0% | 3.0% | 6.9% | -5.5% | -5.3% | -2.2% | 7.9% | 10.6% | 5.2% | 4.5% | 0.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.3% | 5.3% | 12.0% | -11.0% | -8.9% | -2.9% | 9.6% | 15.1% | 7.4% | 5.9% | 0.8% |
| ROA | 1.1% | 1.1% | 2.5% | -2.1% | -2.0% | -0.8% | 3.0% | 4.3% | 1.9% | 1.5% | 0.2% |
| ROIC | 3.1% | 3.1% | 7.3% | -7.0% | -6.5% | -3.6% | 7.5% | 11.7% | 4.6% | 4.6% | 0.1% |
| ROCE | 1.3% | 1.3% | 3.1% | -3.3% | -3.5% | -3.1% | 3.7% | 5.4% | 2.8% | 2.9% | 0.0% |
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 | 0.38 | 0.38 | 0.51 | 0.55 | 0.57 | 0.28 | 0.26 | 0.20 | 0.30 | 0.28 | 0.38 |
| Debt / EBITDA | 4.28 | 4.28 | 3.22 | — | — | — | 2.08 | 1.07 | 2.45 | 3.30 | 32.68 |
| Net Debt / Equity | — | 0.33 | 0.49 | 0.53 | 0.48 | 0.24 | 0.21 | 0.16 | 0.27 | 0.26 | 0.32 |
| Net Debt / EBITDA | 3.74 | 3.74 | 3.07 | — | — | — | 1.71 | 0.89 | 2.25 | 3.05 | 27.65 |
| Debt / FCF | — | 1.59 | 4.12 | — | — | 3.32 | 2.45 | 1.42 | 1.76 | 2.67 | 2.85 |
| Interest Coverage | 5.17 | 5.17 | 7.83 | -5.19 | -5.78 | -4.72 | 15.17 | 16.57 | 5.59 | 5.62 | 1.08 |
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 | — | — | — | 0.39 | 4.13 | 0.33 | — | — | 18.01 | 1.25 | 16.86 |
| Quick Ratio | — | — | — | 0.39 | 4.13 | 0.33 | — | — | 21.99 | 1.45 | 19.75 |
| Cash Ratio | — | — | — | 0.13 | 44.07 | 0.06 | — | — | 15.13 | 1.13 | 15.33 |
| Asset Turnover | — | 0.38 | 0.37 | 0.39 | 0.41 | 0.38 | 0.36 | 0.39 | 0.32 | 0.32 | 0.31 |
| 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 | 4.9% | 3.1% | 1.9% | 2.6% | 2.5% | 2.1% | 1.5% | 1.3% | 1.4% | 1.4% | 2.2% |
| Payout Ratio | 55.5% | 55.5% | 25.2% | — | — | — | 19.2% | 12.8% | 29.7% | 40.9% | 292.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.9% | 5.6% | 7.4% | — | — | — | 8.0% | 10.3% | 4.9% | 3.4% | 0.7% |
| FCF Yield | 36.4% | 21.8% | 7.7% | — | — | 7.8% | 7.7% | 8.7% | 12.2% | 5.8% | 9.8% |
| Buyback Yield | 19.8% | 11.9% | 0.9% | 0.0% | 0.0% | 4.3% | 2.2% | 0.0% | 0.0% | 0.0% | 0.2% |
| Total Shareholder Yield | 24.8% | 15.0% | 2.8% | 2.6% | 2.5% | 6.4% | 3.7% | 1.3% | 1.4% | 1.4% | 2.3% |
| Shares Outstanding | — | $63M | $65M | $64M | $64M | $64M | $67M | $67M | $59M | $52M | $51M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying KMPR stock.
Kemper Corporation's current P/E ratio is 11.3x. The historical average is 20.2x. This places it at the 24th percentile of its historical range.
Kemper Corporation's current EV/EBITDA is 10.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.3x.
Kemper Corporation's return on equity (ROE) is 5.3%. The historical average is 7.2%.
Based on historical data, Kemper Corporation is trading at a P/E of 11.3x. This is at the 24th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Kemper Corporation's current dividend yield is 4.92% with a payout ratio of 55.5%.
Kemper Corporation has 29.7% gross margin and 3.3% operating margin.
Kemper Corporation's Debt/EBITDA ratio is 4.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Underwriting losses and reserve adequacy
Metrics are mathematically derived from official filings.
Combined Ratio Deteriorates Sharply
Kemper's combined ratio worsened from 89.9% in 2025Q1 to 100.7% in 2026Q1, with 2026Q2 showing a massive operating loss of $467M, indicating severe underwriting strain.
The combined ratio trajectory reveals a stark reversal: after a period of sub-100% ratios in 2024 and early 2025, the ratio crossed above 100% in late 2025 and remained elevated in 2026Q1. The 2026Q2 operating loss of $467M, as reported in the income statement, suggests a major catastrophe or reserve charge, but the underlying trend of loss ratios above 100% in several quarters (e.g., 2024Q4 at 114.8%) indicates that reported profitability was flattered by reserve releases. Investors should monitor whether the recent deterioration reflects a one-off event or a structural shift in underwriting discipline.
ROE Collapses as Underwriting Losses Bite
ROE swung from +3.5% in 2025Q1 to -19.3% in 2026Q2, as per quarterly data, reflecting a $467M operating loss that overwhelmed any investment income contribution.
The decomposition of ROE shows that underwriting profitability, which had been positive in 2024 and early 2025, turned sharply negative in 2026Q2. With investment income data unavailable, the contribution of the investment portfolio to offset underwriting losses remains unclear, but the magnitude of the operating loss suggests that even a strong investment yield could not compensate. The negative ROE in 2026Q2 is a clear signal of capital erosion, and the sustainability of any future recovery hinges on restoring underwriting discipline.
Premium-to-Surplus Leverage Rising
Equity fell from $3.0B in 2025Q2 to $2.2B in 2026Q2, a 27% decline, as reported in quarterly filings, while premiums contracted, implying rising underwriting leverage.
The premium-to-surplus ratio, a key measure of underwriting leverage, appears to be increasing as the capital base shrinks faster than premiums. With equity down 27% and premiums declining 11% year-over-year in 2026Q2, the ratio likely moved above historical norms, potentially approaching regulatory or rating agency thresholds. This thinning capital buffer, combined with adverse loss development, may constrain Kemper's ability to write new business or could trigger rating downgrades if not addressed.
Valuation Discount Reflects Weakness
Kemper trades at 0.64x book value versus peers like HCI at 2.10x and PLMR at 3.76x, as per current market data, implying the market prices in a lower ROE trajectory.
The P/B discount is stark: Kemper's 0.64x compares unfavorably to the peer group, which trades at 1.54x to 3.76x. This discount likely reflects the market's assessment of Kemper's underwriting quality and earnings stability, which have deteriorated sharply in 2026. While peers like ACGL and PLMR have demonstrated consistent profitability and ROE above 19%, Kemper's ROE has turned negative, justifying a lower multiple. The discount may also incorporate concerns about reserve adequacy and the sustainability of future earnings.
Combined Ratio Misleads Without Reserve View
The combined ratio, while below 100% in 2024 and early 2025, masked loss ratios above 100% in several quarters, as per financial statements, suggesting reserve releases flattered results.
The most commonly misapplied ratio for insurers is the combined ratio, which can be distorted by reserve development. Kemper's reported combined ratios of 89.9% in 2025Q1 and 92.4% in 2024Q1 appear healthy, but the underlying loss ratios of 88.5% and 101.9% respectively indicate that prior-year reserve releases were boosting underwriting results. The 2026Q2 operating loss of $467M, as reported in the income statement, suggests that the reserve cushion has been exhausted, and the true underwriting performance is worse than the combined ratio alone would suggest. Investors should adjust for reserve development by analyzing the calendar-year versus accident-year combined ratios to assess the sustainability of underwriting profitability.