Reinsurance Group of America, Incorporated (RGA) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Insurance - Reinsurance
EV/EBITDA
↑
9.69
↓-13% vs avg
5yr avg: 11.07
30Y Low1.4·High64.7
P/FCF
↑
3.37
+1% vs avg
5yr avg: 3.32
30Y Low1.5·High9.2
P/B Ratio
↑
1.04
-4% vs avg
5yr avg: 1.08
30Y Low0.5·High2.6
ROE
↑
9.7%
↓+16% vs avg
5yr avg: 8.3%
30Y Low3%·High22%
Debt/EBITDA
↑
3.61
↓-10% vs avg
5yr avg: 4.03
30Y Low0.1·High11.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
RGA Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Reinsurance Group of America, Incorporated trades at 11.9x earnings, 20% below its 5-year average of 14.8x, sitting at the 40th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a discount of 12%. On a free-cash-flow basis, the stock trades at 3.4x P/FCF, roughly in line with the 5-year average of 3.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $13.8B | $13.6B | $14.3B | $10.9B | $9.6B | $7.5B | $7.6B | $10.4B | $9.1B | $10.3B | $8.2B |
| Enterprise Value | $15.3B | $15.1B | $16.0B | $12.3B | $10.7B | $8.4B | $8.2B | $12.5B | $10.7B | $12.5B | $10.9B |
| P/E Ratio → | 11.90 | 11.50 | 19.91 | 12.04 | 18.60 | 12.11 | 18.37 | 11.97 | 12.75 | 5.63 | 11.66 |
| P/S Ratio | 0.61 | 0.60 | 0.65 | 0.59 | 0.61 | 0.47 | 0.52 | 0.73 | 0.71 | 0.82 | 0.71 |
| P/B Ratio | 1.04 | 1.00 | 1.31 | 1.18 | 1.34 | 0.57 | 0.53 | 0.90 | 1.08 | 1.07 | 1.15 |
| P/FCF | 3.37 | 3.32 | 1.53 | 2.68 | 7.30 | 1.80 | 2.32 | 4.58 | 5.88 | 5.29 | 5.75 |
| P/OCF | 3.37 | 3.32 | 1.53 | 2.68 | 7.16 | 1.79 | 2.30 | 4.52 | 5.77 | 5.17 | 5.58 |
P/E links to full P/E history page with 30-year chart
RGA EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Reinsurance Group of America, Incorporated's enterprise value stands at 9.7x EBITDA, 13% below its 5-year average of 11.1x. The Financial Services sector median is 11.4x, placing the stock at a 15% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.66 | 0.73 | 0.67 | 0.67 | 0.52 | 0.56 | 0.88 | 0.83 | 1.00 | 0.95 |
| EV / EBITDA | 9.69 | 9.55 | 15.60 | 10.25 | 14.09 | 5.87 | 13.59 | 10.62 | 12.02 | 10.47 | 10.19 |
| EV / EBIT | 9.96 | 7.93 | 12.47 | 8.69 | 11.72 | 5.50 | 11.31 | 9.61 | 10.78 | 9.71 | 9.23 |
| EV / FCF | — | 3.70 | 1.71 | 3.04 | 8.08 | 2.01 | 2.48 | 5.52 | 6.90 | 6.46 | 7.67 |
RGA Profitability
Margins and return-on-capital ratios measuring operating efficiency
Reinsurance Group of America, Incorporated earns an operating margin of 6.8%, below the Financial Services sector average of 20.3%. ROE of 9.7% is modest. ROIC of 8.3% represents adequate returns on invested capital versus a sector median of 5.5%.
Margins
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 | 25.4% | 25.4% | 11.3% | 12.7% | 9.9% | 11.5% | 10.6% | 14.8% | 14.0% | 16.2% | 16.1% |
| Operating Margin | 6.8% | 6.8% | 4.4% | 6.3% | 4.5% | 8.6% | 3.8% | 8.0% | 6.6% | 9.1% | 9.1% |
| Net Profit Margin | 5.2% | 5.2% | 3.3% | 4.9% | 3.3% | 7.3% | 2.8% | 6.1% | 5.6% | 14.6% | 6.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.7% | 9.7% | 7.1% | 11.0% | 5.1% | 8.6% | 3.2% | 8.7% | 7.9% | 21.9% | 10.6% |
| ROA | 0.9% | 0.9% | 0.7% | 1.0% | 0.6% | 1.3% | 0.5% | 1.2% | 1.1% | 3.2% | 1.4% |
| ROIC | 8.3% | 8.3% | 6.3% | 9.2% | 4.9% | 7.2% | 2.9% | 7.1% | 5.8% | 7.9% | 8.9% |
| ROCE | 1.1% | 1.1% | 0.9% | 1.3% | 0.8% | 1.6% | 0.7% | 1.6% | 1.4% | 2.0% | 2.0% |
RGA Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Reinsurance Group of America, Incorporated carries a Debt/EBITDA ratio of 3.6x, which is moderately leveraged (15% below the sector average of 4.3x). Net debt stands at $1.5B ($5.7B total debt minus $4.2B cash). Interest coverage of 5.2x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.42 | 0.42 | 0.46 | 0.48 | 0.55 | 0.30 | 0.28 | 0.31 | 0.41 | 0.37 | 0.55 |
| Debt / EBITDA | 3.61 | 3.61 | 4.91 | 3.69 | 5.24 | 2.69 | 6.58 | 3.03 | 3.89 | 2.99 | 3.67 |
| Net Debt / Equity | — | 0.11 | 0.16 | 0.16 | 0.14 | 0.07 | 0.04 | 0.18 | 0.19 | 0.24 | 0.38 |
| Net Debt / EBITDA | 0.97 | 0.97 | 1.67 | 1.21 | 1.37 | 0.63 | 0.92 | 1.80 | 1.77 | 1.90 | 2.55 |
| Debt / FCF | — | 0.38 | 0.18 | 0.36 | 0.78 | 0.22 | 0.17 | 0.94 | 1.02 | 1.17 | 1.92 |
| Interest Coverage | 5.21 | 5.21 | 4.22 | 5.51 | 4.76 | 10.96 | 4.25 | 7.54 | 6.76 | 8.83 | 8.59 |
RGA Liquidity & Efficiency
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 | — | — | — | — | — | — | — | — | — | — | — |
| Quick Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Cash Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Asset Turnover | — | 0.15 | 0.19 | 0.19 | 0.19 | 0.17 | 0.17 | 0.19 | 0.20 | 0.21 | 0.22 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
RGA Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Reinsurance Group of America, Incorporated returns 3.0% to shareholders annually — split between a 1.7% dividend yield and 1.3% buyback yield. The payout ratio of 20.3% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 8.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 1.7% | 1.8% | 1.6% | 2.0% | 2.1% | 2.6% | 2.4% | 1.6% | 1.5% | 1.1% | 1.2% |
| Payout Ratio | 20.3% | 20.3% | 31.9% | 24.3% | 39.7% | 16.6% | 43.9% | 18.7% | 19.6% | 6.4% | 14.3% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.4% | 8.7% | 5.0% | 8.3% | 5.4% | 8.3% | 5.4% | 8.4% | 7.8% | 17.8% | 8.6% |
| FCF Yield | 29.7% | 30.1% | 65.6% | 37.3% | 13.7% | 55.7% | 43.2% | 21.8% | 17.0% | 18.9% | 17.4% |
| Buyback Yield | 1.3% | 1.3% | 0.2% | 2.1% | 0.8% | 1.3% | 2.1% | 1.0% | 3.3% | 0.4% | 1.5% |
| Total Shareholder Yield | 3.0% | 3.0% | 1.8% | 4.1% | 3.0% | 3.9% | 4.5% | 2.5% | 4.8% | 1.6% | 2.7% |
| Shares Outstanding | — | $67M | $67M | $67M | $68M | $68M | $66M | $64M | $65M | $66M | $65M |
Peer Comparison
Compare RGA with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 RGAYou | $14B | 11.9 | 9.7 | 3.4 | 25.4% | 6.8% | 9.7% | 8.3% | 3.6 |
 EG | $14B | 8.9 | 7.6 | 4.0 | 20.5% | 11.3% | 10.8% | 8.1% | 1.7 |
 RNR | $13B | 5.3 | 3.4 | 3.5 | 40.7% | 31.5% | 14.6% | 16.0% | 0.6 |
 TRV | $67B | 11.2 | 8.8 | — | 44.3% | 16.0% | 20.7% | 15.3% | 1.1 |
 GLRE | $533M | 7.4 | 5.1 | 2.5 | 40.9% | 11.2% | 11.1% | 9.5% | 0.1 |
 PLMR | $3B | 15.6 | 10.9 | 7.4 | 73.9% | 28.9% | 23.6% | 25.5% | 0.0 |
 MET | $56B | 17.8 | 9.4 | 3.1 | 36.4% | 6.0% | 11.9% | 13.1% | 3.5 |
 PRU | $37B | 10.4 | 8.2 | 5.9 | 42.0% | 7.9% | 10.9% | 10.0% | 4.7 |
 LNC | $7B | 6.4 | 2.6 | — | 57.3% | 7.3% | 12.3% | 12.0% | 4.1 |
 GL | $13B | 12.1 | 10.0 | 10.7 | 33.4% | 24.4% | 20.6% | 13.4% | 1.6 |
 PFG | $24B | 20.9 | 14.1 | 5.3 | 45.2% | 9.1% | 9.9% | 9.0% | 2.5 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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RGA — Frequently Asked Questions
Quick answers to the most common questions about buying RGA stock.
What is Reinsurance Group of America, Incorporated's P/E ratio?
Reinsurance Group of America, Incorporated's current P/E ratio is 11.9x. The historical average is 15.2x. This places it at the 40th percentile of its historical range.
What is Reinsurance Group of America, Incorporated's EV/EBITDA?
Reinsurance Group of America, Incorporated's current EV/EBITDA is 9.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.0x.
What is Reinsurance Group of America, Incorporated's ROE?
Reinsurance Group of America, Incorporated's return on equity (ROE) is 9.7%. The historical average is 9.4%.
Is RGA stock overvalued?
Based on historical data, Reinsurance Group of America, Incorporated is trading at a P/E of 11.9x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Reinsurance Group of America, Incorporated's dividend yield?
Reinsurance Group of America, Incorporated's current dividend yield is 1.71% with a payout ratio of 20.3%.
What are Reinsurance Group of America, Incorporated's profit margins?
Reinsurance Group of America, Incorporated has 25.4% gross margin and 6.8% operating margin.
How much debt does Reinsurance Group of America, Incorporated have?
Reinsurance Group of America, Incorporated's Debt/EBITDA ratio is 3.6x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.