Latest Ratios: P/E Ratio 15.7x · EV/EBITDA 12.2x · ROE 29.3%. (2014–2025 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 | $7.7B | $9.1B | $10.9B | $7.8B | $6.0B | $5.5B | $4.6B | $2.3B | $1.2B | $967M | $717M |
| Enterprise Value | $7.8B | $9.2B | $10.9B | $7.9B | $6.1B | $5.5B | $4.5B | $2.2B | $1.1B | $886M | $666M |
| P/E Ratio → | 15.68 | 18.07 | 26.16 | 25.33 | 38.01 | 35.94 | 51.71 | 35.55 | 35.62 | 38.79 | 27.43 |
| P/S Ratio | 4.13 | 4.85 | 6.84 | 6.37 | 7.21 | 8.40 | 9.94 | 7.12 | 5.42 | 5.18 | 5.06 |
| P/B Ratio | 4.03 | 4.64 | 7.32 | 7.18 | 8.11 | 7.84 | 7.94 | 5.54 | 4.56 | 4.06 | 3.41 |
| P/FCF | 7.81 | 9.19 | 11.40 | 9.15 | 10.98 | 13.68 | 18.51 | 14.18 | 11.73 | 12.53 | 9.79 |
| P/OCF | 7.41 | 8.72 | 11.12 | 9.08 | 10.84 | 13.48 | 16.33 | 12.62 | 11.59 | 12.50 | 9.72 |
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 | — | 4.89 | 6.88 | 6.42 | 7.26 | 8.34 | 9.87 | 6.86 | 5.09 | 4.74 | 4.70 |
| EV / EBITDA | 12.17 | 14.31 | 20.99 | 20.30 | 30.70 | 28.52 | 44.50 | 28.24 | 27.48 | 22.69 | 16.58 |
| EV / EBIT | 12.28 | 14.20 | 20.81 | 19.94 | 30.46 | 28.72 | 45.13 | 28.49 | 27.91 | 22.99 | 16.84 |
| EV / FCF | — | 9.25 | 11.47 | 9.22 | 11.05 | 13.59 | 18.37 | 13.65 | 11.00 | 11.47 | 9.10 |
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 | 52.5% | 52.5% | 42.9% | 41.7% | 34.2% | 39.2% | 30.9% | 34.9% | 30.5% | 33.1% | 45.6% |
| Operating Margin | 33.8% | 33.8% | 32.4% | 31.4% | 23.3% | 28.9% | 21.8% | 24.1% | 18.2% | 20.6% | 27.9% |
| Net Profit Margin | 26.9% | 26.9% | 26.1% | 25.2% | 19.0% | 23.4% | 19.2% | 20.0% | 15.2% | 13.3% | 18.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 29.3% | 29.3% | 32.3% | 33.6% | 22.0% | 23.9% | 18.0% | 18.9% | 13.5% | 11.1% | 16.2% |
| ROA | 9.2% | 9.2% | 9.6% | 9.5% | 6.7% | 8.5% | 6.7% | 6.8% | 4.7% | 3.9% | 4.5% |
| ROIC | 26.6% | 26.6% | 28.6% | 29.9% | 20.3% | 23.5% | 17.4% | 22.3% | 17.6% | 18.3% | 21.3% |
| ROCE | 33.4% | 33.4% | 34.9% | 34.4% | 23.6% | 39.7% | 7.6% | 8.2% | 5.7% | 6.1% | 7.0% |
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 | 0.11 | 0.11 | 0.12 | 0.17 | 0.26 | 0.12 | 0.07 | 0.04 | — | — | — |
| Debt / EBITDA | 0.35 | 0.35 | 0.35 | 0.47 | 0.99 | 0.45 | 0.42 | 0.22 | — | — | — |
| Net Debt / Equity | — | 0.03 | 0.05 | 0.05 | 0.05 | -0.05 | -0.06 | -0.21 | -0.28 | -0.34 | -0.24 |
| Net Debt / EBITDA | 0.10 | 0.10 | 0.14 | 0.15 | 0.20 | -0.19 | -0.34 | -1.09 | -1.83 | -2.09 | -1.26 |
| Debt / FCF | — | 0.06 | 0.07 | 0.07 | 0.07 | -0.09 | -0.14 | -0.53 | -0.73 | -1.06 | -0.69 |
| Interest Coverage | 60.58 | 60.58 | 51.79 | 38.28 | 46.65 | 190.94 | 598.70 | — | — | — | — |
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 | 0.84 | 0.84 | 1.31 | 1.33 | 1.30 | 1.33 | — | — | 57.25 | 59.61 | 5.27 |
| Quick Ratio | 0.84 | 0.84 | 1.31 | 1.33 | 1.30 | 1.33 | — | — | 57.25 | 59.61 | 5.27 |
| Cash Ratio | 0.69 | 0.69 | 1.13 | 1.14 | 1.09 | 1.15 | — | — | 50.22 | 57.58 | 37.40 |
| Asset Turnover | — | 0.31 | 0.32 | 0.32 | 0.31 | 0.32 | 0.30 | 0.29 | 0.29 | 0.28 | 0.23 |
| 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 | 0.2% | 0.2% | 0.1% | 0.2% | 0.2% | 0.2% | 0.2% | 0.3% | 0.5% | 0.5% | 0.3% |
| Payout Ratio | 3.1% | 3.1% | 3.4% | 4.2% | 7.5% | 6.6% | 9.1% | 10.9% | 17.5% | 20.2% | 8.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.4% | 5.5% | 3.8% | 3.9% | 2.6% | 2.8% | 1.9% | 2.8% | 2.8% | 2.6% | 3.6% |
| FCF Yield | 12.8% | 10.9% | 8.8% | 10.9% | 9.1% | 7.3% | 5.4% | 7.1% | 8.5% | 8.0% | 10.2% |
| Buyback Yield | 1.2% | 1.0% | 0.2% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.4% | 1.2% | 0.3% | 0.2% | 0.3% | 0.2% | 0.2% | 0.3% | 0.5% | 0.5% | 0.3% |
| Shares Outstanding | — | $23M | $23M | $23M | $23M | $23M | $23M | $22M | $22M | $21M | $21M |
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying KNSL stock.
Kinsale Capital Group, Inc.'s current P/E ratio is 15.7x. The historical average is 33.3x.
Kinsale Capital Group, Inc.'s current EV/EBITDA is 12.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.4x.
Kinsale Capital Group, Inc.'s return on equity (ROE) is 29.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 21.2%.
Based on historical data, Kinsale Capital Group, Inc. is trading at a P/E of 15.7x. Compare with industry peers and growth rates for a complete picture.
Kinsale Capital Group, Inc.'s current dividend yield is 0.20% with a payout ratio of 3.1%.
Kinsale Capital Group, Inc. has 52.5% gross margin and 33.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Kinsale Capital Group, Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Social inflation reserve risk
Metrics are mathematically derived from official filings.
Combined Ratio Hits Exceptional Low
Kinsale's combined ratio improved to 59.3% in Q2 2026, down from 70.1% in Q1, driven by a loss ratio of 42.1%, as reported in quarterly filings.
The 10.8 percentage point sequential improvement in the combined ratio is striking, but the loss ratio of 42.1% is well below the 10-quarter average of around 55%, suggesting favorable reserve development may be masking current accident year performance. Investors should monitor whether this level is sustainable or reflects one-time releases, as the expense ratio of 17.2% remains a structural advantage.
ROE Decomposition Shows Underwriting Dominance
Kinsale's ROE of 8.8% in Q2 2026 is driven by an underwriting margin of 40.7%, with investment income providing a secondary boost, based on financial statements.
The underwriting margin of 40.7% is extraordinary, translating to a pre-tax return on premiums that far exceeds the industry norm. While investment income is rising with higher yields, the primary driver of ROE is clearly underwriting profitability, which appears to be benefiting from both hard market pricing and reserve releases. This concentration suggests that any deterioration in underwriting discipline could have outsized impact on returns.
Expense Ratio Remains a Structural Moat
Kinsale's expense ratio of 17.2% in Q2 2026, though slightly elevated from recent quarters, remains industry-leading, reflecting its technology-enabled cost advantage, as per financial statements.
The expense ratio has been volatile, ranging from 9.3% to 19.7% over the past ten quarters, but the average of around 12% is far below peers like RLI and WRB. This efficiency allows Kinsale to profitably underwrite smaller risks that larger competitors would find administratively prohibitive. The slight uptick in Q2 may indicate increased investment in growth or one-time costs, but the structural advantage appears intact.
Underwriting Leverage Remains Conservative
Kinsale's debt-to-equity ratio of 0.11 and strong equity growth to $2.0B indicate ample capital to support premium growth, as reported in balance sheet data.
With a debt-to-equity ratio of 0.11, Kinsale operates with minimal financial leverage, and its premium-to-surplus ratio appears well within rating agency guidelines. The company's equity has grown 45% year-over-year, providing a solid buffer for potential reserve volatility. This conservative capital structure supports the company's ability to maintain underwriting discipline even in a softening market.
Premium Valuation Reflects Superior Returns
Kinsale trades at a P/B of 4.23, a premium to peers like RLI (3.18) and ACGL (1.56), justified by its superior ROE and growth, based on current market data.
The market assigns Kinsale a significant premium to book value, reflecting expectations of sustained high ROE and growth. While its ROE of 8.8% in Q2 is lower than RLI's 24.4% on a trailing basis, Kinsale's growth trajectory and underwriting margins are superior. The premium appears justified if the company can maintain its combined ratio advantage, but investors should watch for any signs of margin compression as competition intensifies.
Combined Ratio Masks Reserve Releases
Kinsale's reported combined ratio of 59.3% may overstate underwriting quality, as favorable reserve development appears to be boosting the loss ratio, based on financial statements.
The combined ratio is the most commonly misapplied metric for insurers, and Kinsale is a prime example. The loss ratio of 42.1% in Q2 2026 is far below the 10-quarter average of 55%, suggesting that reserve releases from prior years are inflating current profitability. Investors should adjust for reserve development to assess the true accident year loss ratio, which may be closer to 60-65%, still excellent but less extraordinary. This adjustment is critical for valuing the sustainability of Kinsale's earnings.