Latest Ratios: P/E Ratio 16.4x · EV/EBITDA 13.1x · 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 | $8.7B | $9.1B | $10.9B | $7.8B | $6.0B | $5.5B | $4.6B | $2.3B | $1.2B | $967M | $717M |
| Enterprise Value | $8.8B | $9.2B | $10.9B | $7.9B | $6.1B | $5.5B | $4.5B | $2.2B | $1.1B | $886M | $666M |
| P/E Ratio → | 16.44 | 18.07 | 26.16 | 25.33 | 38.01 | 35.94 | 51.71 | 35.55 | 35.62 | 38.79 | 27.43 |
| P/S Ratio | 4.47 | 4.85 | 6.84 | 6.37 | 7.21 | 8.40 | 9.94 | 7.12 | 5.42 | 5.18 | 5.06 |
| P/B Ratio | 4.55 | 4.64 | 7.32 | 7.18 | 8.11 | 7.84 | 7.94 | 5.54 | 4.56 | 4.06 | 3.41 |
| P/FCF | 8.98 | 9.19 | 11.40 | 9.15 | 10.98 | 13.68 | 18.51 | 14.18 | 11.73 | 12.53 | 9.79 |
| P/OCF | 8.37 | 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 | 13.07 | 14.31 | 20.99 | 20.30 | 30.70 | 28.52 | 44.50 | 28.24 | 27.48 | 22.69 | 16.58 |
| EV / EBIT | 13.88 | 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 | 6.1% | 5.5% | 3.8% | 3.9% | 2.6% | 2.8% | 1.9% | 2.8% | 2.8% | 2.6% | 3.6% |
| FCF Yield | 11.1% | 10.9% | 8.8% | 10.9% | 9.1% | 7.3% | 5.4% | 7.1% | 8.5% | 8.0% | 10.2% |
| Buyback Yield | 1.0% | 1.0% | 0.2% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.2% | 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 16.4x. The historical average is 33.3x.
Kinsale Capital Group, Inc.'s current EV/EBITDA is 13.1x. 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 16.4x. Compare with industry peers and growth rates for a complete picture.
Kinsale Capital Group, Inc.'s current dividend yield is 0.18% 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 straining casualty reserves
Metrics are mathematically derived from official filings.
Premium Multiple Demands Durable ROE
KNSL trades at a P/B of 4.33 versus RLI's 3.36 and Skyward's 2.50, a premium that appears to capitalize roughly 25% annualized ROE as a structural entitlement rather than a cycle-dependent outcome, per current valuation metrics reported alongside the peer comparison table.
The 4.33x book multiple versus Arch Capital's 1.58x implies the market ascribes durable excess returns to Kinsale's technology-led cost structure, but the recent sequential ROE decline from 8.8% in 2026Q2 to 5.0% in 2026Q3 tests whether that premium is being re-earned each quarter. With PEG at 0.41 and forward P/E of 17.08 nearly matching the trailing 16.84, valuation appears to price flat-to-modest earnings growth, suggesting the multiple is underwriting consistency of the combined ratio more than top-line expansion — a fine distinction investors should monitor given the revenue contraction flagged in the income statement analysis.
Combined Ratio Swing Tests Reserve Assumptions
The combined ratio deteriorated 1,280 basis points from 59.3% in 2026Q2 to 72.1% in 2026Q3, driven by a 890 basis point loss ratio increase to 51.0%, a reversal whose magnitude exceeds the full-quarter expense ratio and raises questions about underlying loss trend per quarterly ratio disclosures.
Even after the correction, a 72.1% combined ratio delivers 27.9 points of underwriting margin, placing Kinsale in an elite tier, but the ten-quarter loss ratio range of 42.1% to 63.5% (1,140 basis points) signals that reported profitability is sensitive to reserve movements rather than purely current-year pricing. The expense ratio trajectory — oscillating between 9.3% and 21.1% — appears inconsistent with a structurally fixed-cost model, which may suggest that favorable prior-year development was previously suppressing the effective expense ratio through denominator effects, an interpretation that warrants scrutiny against accident-year disclosures.
Underwriting Profit Anchors Return Profile
Quarterly ROE has ranged from 5.0% to 8.8% over ten quarters — implying mid-20s annualized returns — with underwriting margins of 27.9% to 40.7% serving as the dominant earnings engine rather than investment spread, according to reported ratio data through 2026Q3.
The tight correlation between underwriting margin and ROE across the sample (peak ROE of 8.8% coincided with the peak 40.7% underwriting margin in 2026Q2) suggests Kinsale's returns are structurally underwriting-driven, consistent with its stated discipline, though the elevated interest coverage readings (39.4x in 2026Q3 versus 45.1x in 2026Q1) hint at rising investment income contribution as new money yields lift the fixed-income portfolio. The OCF-to-net-income ratios exceeding 1.0 in every quarter, as noted in prior cash flow analysis, indicate reported earnings may understate true cash generation, but the variability itself suggests accrual noise that complicates any single-quarter ROE extrapolation.
Minimal Financial Leverage Preserves Solvency
Debt-to-equity has compressed from 0.15 in 2024Q2 to 0.12 in 2026Q3 while equity expanded roughly 46% to $1.9 billion, indicating underwriting leverage is being managed through retained earnings rather than borrowed capital, per balance sheet and ratio disclosures over the ten-quarter period.
An interest coverage ratio of 39.4x in 2026Q3 confirms that fixed-charge burden is immaterial relative to earnings, meaning the primary leverage constraint is regulatory policyholders' surplus rather than debt covenants — a structurally favorable position for a specialty carrier whose growth is premium-funded. However, the recent $250 million buyback authorization, layered atop $349 million of cumulative repurchases over ten quarters, represents capital that will not cushion adverse reserve development; investors should monitor whether premium-to-surplus expands as growth resumes, since a shrinking surplus denominator amplifies the risk of any social-inflation-driven reserve charge.
Cost Advantage Validates Peer Premium
Kinsale's reported expense ratio of 21.1% in 2026Q3 compares favorably against the operational complexity of peers like Markel while pairing with an ROE trajectory closer to RLI's 22.5% than James River's 4.7%, positioning it between premium-growth and premium-return archetypes within the specialty peer set.
Against the peer table, Kinsale's 4.33x P/B exceeds RLI's 3.36x and Skyward's 2.50x despite trailing RLI's 22.5% ROE on a trailing basis, a premium that appears to rest on the scalability narrative of its automated underwriting platform rather than demonstrated return superiority today. The comparison with Heritage's 42.4% ROE at a 2.26x P/B usefully illustrates that the market discounts what it perceives as catastrophe-cycle-driven returns, reinforcing that Kinsale's multiple durability depends on proving its combined ratio resilience is structural rather than a function of the current hard E&S market.
Combined Ratio Obscures Reserve Adequacy
The headline combined ratio is the most frequently misapplied metric for Kinsale, as its 72.1% reading blends current accident-year performance with prior-year reserve movements, potentially masking social-inflation-driven deterioration in casualty reserves that recent EPS volatility and OCF-to-net-income ratios above 2.6 may already be signaling.
A sub-75% combined ratio can persist for years while adverse development accumulates unrecognized in IBNR estimates, meaning investors relying solely on this metric would have missed the sequential ROE compression from 8.8% to 5.0% that accompanied the Q2-to-Q3 loss ratio deterioration. The superior alternative is the accident-year ex-favorable-development loss ratio, which isolates current pricing adequacy from legacy reserve releases; absent that disclosure, the 1,140 basis point ten-quarter loss ratio range serves as a proxy for reserve estimation volatility and should temper extrapolation of the reported ratio's apparent stability.