Latest Ratios: P/E Ratio 13.2x · EV/EBITDA 10.6x · ROE 8.9%. (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 | $21.6B | $22.0B | $18.7B | $15.9B | $14.2B | $15.0B | $12.6B | $15.9B | $14.6B | $16.9B | $15.8B |
| Enterprise Value | $30.6B | $31.0B | $27.1B | $24.5B | $22.7B | $23.5B | $22.3B | $27.1B | $25.5B | $27.9B | $26.3B |
| P/E Ratio → | 13.18 | 13.21 | 13.21 | 11.06 | 17.26 | 9.63 | — | 17.10 | 22.87 | 14.50 | 24.26 |
| P/S Ratio | 1.19 | 1.21 | 1.08 | 1.01 | 1.01 | 1.09 | 0.92 | 1.08 | 1.04 | 1.23 | 1.21 |
| P/B Ratio | 1.12 | 1.12 | 1.04 | 0.96 | 0.93 | 0.78 | 0.66 | 0.73 | 0.68 | 0.69 | 0.68 |
| P/FCF | 8.01 | 8.16 | 7.80 | 4.92 | 5.35 | 7.02 | 12.19 | 22.75 | 4.51 | 10.83 | 19.73 |
| P/OCF | 6.59 | 6.72 | 6.17 | 4.06 | 4.28 | 5.73 | 7.23 | 9.15 | 3.45 | 6.52 | 7.03 |
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 | — | 1.71 | 1.57 | 1.56 | 1.61 | 1.71 | 1.63 | 1.84 | 1.82 | 2.03 | 2.01 |
| EV / EBITDA | 10.58 | 10.72 | 11.02 | 9.65 | 13.97 | 8.78 | — | 13.15 | 14.62 | 11.38 | 14.80 |
| EV / EBIT | 13.41 | 11.40 | 11.70 | 10.31 | 15.20 | 9.09 | — | 15.86 | 18.14 | 12.54 | 17.86 |
| EV / FCF | — | 11.49 | 11.32 | 7.59 | 8.54 | 10.97 | 21.50 | 38.74 | 7.91 | 17.93 | 32.74 |
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 | 43.9% | 43.9% | 44.7% | 44.4% | 42.0% | 43.1% | 44.5% | 51.2% | 50.8% | 52.4% | 50.3% |
| Operating Margin | 12.6% | 12.6% | 10.9% | 12.7% | 7.9% | 15.7% | -10.7% | 7.6% | 5.9% | 11.5% | 7.1% |
| Net Profit Margin | 9.2% | 9.2% | 8.2% | 9.1% | 5.9% | 11.4% | -6.8% | 6.3% | 4.5% | 8.5% | 5.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.9% | 8.9% | 8.2% | 9.0% | 4.8% | 8.1% | -4.5% | 4.3% | 2.8% | 4.9% | 2.8% |
| ROA | 2.0% | 2.0% | 1.8% | 1.9% | 1.0% | 1.9% | -1.1% | 1.2% | 0.8% | 1.5% | 0.9% |
| ROIC | 6.2% | 6.2% | 5.5% | 6.1% | 3.3% | 5.7% | -3.5% | 2.6% | 1.8% | 3.4% | 2.1% |
| ROCE | 5.0% | 5.0% | 3.1% | 3.4% | 1.8% | 2.7% | -1.8% | 1.4% | 1.1% | 2.0% | 1.2% |
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 | 0.48 | 0.48 | 0.50 | 0.54 | 0.59 | 0.47 | 0.53 | 0.53 | 0.53 | 0.47 | 0.46 |
| Debt / EBITDA | 3.28 | 3.28 | 3.64 | 3.55 | 5.56 | 3.39 | — | 5.59 | 6.52 | 4.70 | 6.07 |
| Net Debt / Equity | — | 0.46 | 0.47 | 0.52 | 0.56 | 0.44 | 0.50 | 0.51 | 0.51 | 0.45 | 0.45 |
| Net Debt / EBITDA | 3.11 | 3.11 | 3.42 | 3.40 | 5.23 | 3.16 | — | 5.43 | 6.28 | 4.50 | 5.88 |
| Debt / FCF | — | 3.33 | 3.51 | 2.67 | 3.20 | 3.95 | 9.31 | 16.00 | 3.40 | 7.09 | 13.01 |
| Interest Coverage | 6.22 | 6.22 | 5.25 | 6.31 | 3.95 | 6.09 | -1.84 | 2.89 | 2.45 | 3.45 | 2.75 |
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 | 0.48 | 0.48 | 0.48 | 12.98 | 1.52 | 321.04 | — | — | — | — | — |
| Quick Ratio | 0.48 | 0.48 | 0.48 | 12.98 | 1.52 | 321.04 | — | — | — | — | — |
| Cash Ratio | 0.21 | 0.21 | 0.20 | 5.06 | 1.25 | 272.43 | — | — | — | — | — |
| Asset Turnover | — | 0.21 | 0.21 | 0.20 | 0.19 | 0.17 | 0.17 | 0.18 | 0.18 | 0.17 | 0.17 |
| 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% | 0.3% | 0.4% | 0.4% | 0.4% | 0.6% | 0.5% | 0.5% | 0.5% | 0.5% |
| Payout Ratio | 3.1% | 3.1% | 3.9% | 4.0% | 7.4% | 4.2% | — | 8.2% | 12.6% | 7.2% | 12.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.6% | 7.6% | 7.6% | 9.0% | 5.8% | 10.4% | — | 5.8% | 4.4% | 6.9% | 4.1% |
| FCF Yield | 12.5% | 12.3% | 12.8% | 20.3% | 18.7% | 14.2% | 8.2% | 4.4% | 22.2% | 9.2% | 5.1% |
| Buyback Yield | 3.7% | 3.7% | 3.3% | 5.4% | 5.1% | 7.6% | 7.3% | 6.6% | 17.4% | 1.3% | 0.8% |
| Total Shareholder Yield | 4.0% | 3.9% | 3.5% | 5.7% | 5.6% | 8.0% | 7.9% | 7.1% | 17.9% | 1.8% | 1.4% |
| Shares Outstanding | — | $209M | $221M | $228M | $243M | $260M | $280M | $303M | $320M | $338M | $338M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying L stock.
Loews Corporation's current P/E ratio is 13.2x. The historical average is 17.7x. This places it at the 33th percentile of its historical range.
Loews Corporation's current EV/EBITDA is 10.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.4x.
Loews Corporation's return on equity (ROE) is 8.9%. The historical average is 6.0%.
Based on historical data, Loews Corporation is trading at a P/E of 13.2x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Loews Corporation's current dividend yield is 0.24% with a payout ratio of 3.1%.
Loews Corporation has 43.9% gross margin and 12.6% operating margin. Operating margin between 10-20% is typical for established companies.
Loews Corporation's Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Social inflation reserve risk
Metrics are mathematically derived from official filings.
Combined Ratio Volatility Masks Core Strength
Loews' combined ratio improved to 72.4% in 2026Q2, down from 88.0% a year earlier, per financial statements, indicating strong underwriting profitability, though reserve releases may be flattering results.
The 2026Q2 combined ratio of 72.4% is well below the 10-quarter average of 87.6%, suggesting a favorable loss environment or significant prior-year reserve releases. However, the expense ratio spiked to 40.4% in 2026Q1, likely due to timing, before normalizing to 19.0% in Q2, which warrants monitoring for expense discipline. Investors should assess the sustainability of the low loss ratio, as social inflation could pressure casualty lines.
ROE Steady Despite Investment Tailwinds
ROE has remained stable around 2-3% quarterly, per reported figures, with 2026Q2 at 2.2%, as underwriting profits and investment income offset each other, suggesting a balanced earnings mix.
The stable ROE, despite a rising rate environment that should boost investment income, may indicate that underwriting gains are being partially offset by lower investment yields or higher expenses. The 2026Q2 combined ratio of 72.4% contributed to an underwriting margin of 27.6%, but this is likely not sustainable without reserve releases. Investors should monitor whether investment income can compensate for a potential normalization in underwriting results.
Conservative Leverage Masks Subsidiary Debt
Reported debt-to-equity of 0.48% appears extremely low, per balance sheet data, but this likely reflects parent-level leverage, while subsidiary debt for pipelines and packaging may be understated.
The parent-level D/E of 0.48% suggests a fortress balance sheet, but this may not capture non-recourse debt at Boardwalk Pipelines and Altium Packaging. The interest coverage ratio of 12.7x in 2026Q2 indicates strong earnings capacity, but investors should analyze subsidiary-level leverage to assess true financial risk. The low leverage provides flexibility for buybacks, as evidenced by recent repurchases.
Valuation Discount to Markel Justified
Loews trades at a P/B of 1.23 versus Markel's 1.26, per current data, with a lower P/E of 14.55 vs 11.15, suggesting the market prices Loews at a slight discount despite similar ROE.
Loews' P/B is nearly in line with Markel, but its P/E is higher, indicating lower expected earnings growth or a less efficient capital structure. The conglomerate discount may be warranted due to the diverse, capital-intensive hotel and packaging segments, which have lower returns than insurance. However, the hidden asset value in Loews Hotels' real estate could provide upside not captured in book value.
Combined Ratio Misleads Without Reserve Adjustments
The combined ratio, as reported, can be misleading for Loews because prior-year reserve releases may artificially lower it, as seen in 2026Q2's 72.4% versus the 10-quarter average of 87.6%.
Investors should adjust the combined ratio for reserve development to assess true underwriting performance. The reported combined ratio may overstate underwriting profitability if reserve releases are not sustainable. An alternative metric is the current accident year combined ratio, which excludes prior-year development, providing a clearer picture of ongoing underwriting discipline. This adjustment is critical given the risk of social inflation.