Latest Ratios: P/E Ratio 5.8x · EV/EBITDA 3.6x · ROE 14.6%. (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 | $13.7B | $12.6B | $12.8B | $9.3B | $7.9B | $8.0B | $7.8B | $8.5B | $5.3B | $5.0B | $5.7B |
| Enterprise Value | $14.3B | $13.2B | $13.0B | $9.4B | $7.9B | $10.9B | $7.2B | $8.5B | $5.2B | $4.6B | $6.2B |
| P/E Ratio → | 5.81 | 4.97 | 7.07 | 3.75 | — | — | 10.83 | 12.03 | 23.37 | — | 11.92 |
| P/S Ratio | 1.07 | 0.99 | 1.10 | 1.03 | 1.57 | 1.52 | 1.52 | 2.03 | 2.58 | 2.39 | 3.28 |
| P/B Ratio | 0.77 | 0.66 | 0.73 | 0.60 | 0.80 | 0.78 | 0.71 | 0.94 | 0.75 | 0.88 | 0.94 |
| P/FCF | 3.70 | 3.42 | 3.07 | 4.88 | 7.06 | 6.47 | 1.82 | 3.96 | 4.35 | 4.79 | 12.05 |
| P/OCF | 3.70 | 3.42 | 3.07 | 4.88 | 4.94 | 6.47 | 3.93 | 3.96 | 4.35 | 4.79 | 12.05 |
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 | — | 1.04 | 1.11 | 1.04 | 1.57 | 2.06 | 1.40 | 2.03 | 2.53 | 2.21 | 3.58 |
| EV / EBITDA | 3.55 | 3.29 | 3.99 | 3.16 | — | — | 7.13 | 9.32 | 19.79 | — | 9.38 |
| EV / EBIT | 3.55 | 3.20 | 4.21 | 2.96 | — | — | 6.90 | 8.25 | 16.79 | — | 9.20 |
| EV / FCF | — | 3.58 | 3.12 | 4.92 | 7.04 | 8.79 | 1.68 | 3.96 | 4.26 | 4.43 | 13.17 |
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 | 40.7% | 40.7% | 31.5% | 40.1% | -17.0% | 3.3% | 25.9% | 31.6% | 24.5% | -5.4% | 52.5% |
| Operating Margin | 31.5% | 31.5% | 25.7% | 34.2% | -24.1% | -2.2% | 19.3% | 23.2% | 12.8% | -15.7% | 36.5% |
| Net Profit Margin | 21.0% | 21.0% | 16.1% | 28.2% | -21.0% | -0.8% | 14.8% | 17.9% | 11.1% | -10.6% | 29.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.6% | 14.6% | 11.3% | 20.2% | -10.6% | -0.4% | 7.6% | 9.3% | 3.6% | -3.8% | 8.5% |
| ROA | 5.1% | 5.1% | 3.8% | 6.0% | -3.0% | -0.1% | 2.7% | 3.3% | 1.3% | -1.6% | 4.2% |
| ROIC | 16.0% | 16.0% | 13.4% | 18.3% | -8.0% | -0.7% | 7.7% | 9.1% | 3.2% | -4.1% | 7.4% |
| ROCE | 9.3% | 9.3% | 7.4% | 8.3% | -4.3% | -0.5% | 5.7% | 8.0% | 2.4% | -5.9% | 11.0% |
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 | 0.12 | 0.12 | 0.11 | 0.13 | 0.12 | 0.46 | 0.10 | 0.15 | 0.14 | 0.17 | 0.16 |
| Debt / EBITDA | 0.58 | 0.58 | 0.58 | 0.66 | — | — | 1.12 | 1.52 | 3.77 | — | 1.44 |
| Net Debt / Equity | — | 0.03 | 0.01 | 0.01 | -0.00 | 0.28 | -0.05 | 0.00 | -0.02 | -0.07 | 0.09 |
| Net Debt / EBITDA | 0.15 | 0.15 | 0.06 | 0.03 | — | — | -0.59 | 0.01 | -0.44 | — | 0.80 |
| Debt / FCF | — | 0.16 | 0.05 | 0.04 | -0.02 | 2.32 | -0.14 | 0.00 | -0.10 | -0.36 | 1.12 |
| Interest Coverage | 34.21 | 34.21 | 32.92 | 43.50 | -24.22 | -1.40 | 20.74 | 17.58 | 6.58 | -6.43 | 15.96 |
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 | 5.03 | 5.03 | 4.80 | 4.15 | 5.25 | 2.17 | 3.76 | 0.60 | 4.13 | 0.37 | 0.42 |
| Quick Ratio | 5.03 | 5.03 | 4.80 | 4.15 | 148.82 | 2.17 | 3.76 | 1.09 | 7.31 | 0.37 | 0.42 |
| Cash Ratio | 3.62 | 3.62 | 3.34 | 2.72 | 52.43 | 1.51 | 1.93 | 0.31 | 1.94 | 0.24 | 0.27 |
| Asset Turnover | — | 0.24 | 0.23 | 0.19 | 0.14 | 0.16 | 0.17 | 0.16 | 0.11 | 0.14 | 0.14 |
| 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 | 0.5% | 0.6% | 0.6% | 1.2% | 0.8% | 0.8% | 0.9% | 0.7% | 1.0% | 1.0% | 0.9% |
| Payout Ratio | 2.8% | 2.8% | 4.3% | 4.3% | — | — | 9.0% | 7.9% | 23.2% | — | 10.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 17.2% | 20.1% | 14.2% | 26.7% | — | — | 9.2% | 8.3% | 4.3% | — | 8.4% |
| FCF Yield | 27.0% | 29.3% | 32.6% | 20.5% | 14.2% | 15.5% | 54.9% | 25.3% | 23.0% | 20.9% | 8.3% |
| Buyback Yield | 11.7% | 12.7% | 5.2% | 0.2% | 2.1% | 16.3% | 2.4% | 0.0% | 0.0% | 3.8% | 5.5% |
| Total Shareholder Yield | 12.2% | 13.3% | 5.9% | 1.4% | 2.9% | 17.2% | 3.3% | 0.7% | 1.0% | 4.8% | 6.4% |
| Shares Outstanding | — | $45M | $51M | $48M | $43M | $47M | $47M | $43M | $40M | $40M | $42M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying RNR stock.
RenaissanceRe Holdings Ltd.'s current P/E ratio is 5.8x. The historical average is 9.5x. This places it at the 29th percentile of its historical range.
RenaissanceRe Holdings Ltd.'s current EV/EBITDA is 3.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.4x.
RenaissanceRe Holdings Ltd.'s return on equity (ROE) is 14.6%. The historical average is 11.1%.
Based on historical data, RenaissanceRe Holdings Ltd. is trading at a P/E of 5.8x. This is at the 29th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
RenaissanceRe Holdings Ltd.'s current dividend yield is 0.51% with a payout ratio of 2.8%.
RenaissanceRe Holdings Ltd. has 40.7% gross margin and 31.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
RenaissanceRe Holdings Ltd.'s Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Secondary peril frequency
Metrics are mathematically derived from official filings.
Underwriting Margins at Cyclical Peaks
RenaissanceRe's combined ratio improved to 64.6% in Q2 2026 from 74.8% in Q1, driven by a loss ratio of 39.7%, according to recent SEC filings. This indicates exceptional underwriting profitability.
The combined ratio has been below 100% for eight of the last ten quarters, with the only exceptions in Q1 2025 and Q4 2024, which were likely impacted by catastrophe losses. The recent improvement to 64.6% suggests a favorable hard market and benign catastrophe activity, but investors should monitor whether this is sustainable given the rising frequency of secondary perils. The expense ratio of 24.9% in Q2 2026 is elevated compared to prior quarters, possibly reflecting higher acquisition costs or one-time items, but remains manageable.
ROE Driven by Underwriting Strength
Annualized ROE reached 24.0% in Q2 2026, with underwriting margins of 35.4% contributing significantly, as reported in financial statements. This highlights the dominance of underwriting profitability over investment income.
The quarterly ROE of 3.5% in Q2 2026 translates to an annualized 14%, but the reported annualized ROE of 24% suggests a strong trailing performance. The underwriting margin of 35.4% is exceptionally high, indicating that RNR is generating substantial profits from its core reinsurance operations. Investment income data is not separately disclosed, but the low interest coverage ratio of 27.4 suggests ample earnings to cover interest expenses, and the overall profitability appears robust.
Conservative Leverage Supports Flexibility
Debt-to-equity stands at 0.12, significantly below peers like Evercore (0.50), according to recent filings. This low leverage provides substantial balance sheet capacity for growth or capital returns.
The debt-to-equity ratio has remained consistently low, ranging from 0.11 to 0.16 over the past ten quarters, indicating a conservative capital structure. This suggests that RNR is not reliant on debt to fund its operations, which is typical for reinsurers that prioritize financial strength. The low leverage also implies that the company has significant capacity to increase dividends, buybacks, or pursue acquisitions if opportunities arise.
Valuation Discount Despite Superior Returns
RNR trades at a P/B of 0.75 versus Arch Capital's 1.56, despite a higher ROE of 24% versus 19.5%, based on peer data. This suggests the market may be undervaluing RNR's underwriting franchise.
RNR's price-to-book ratio of 0.75 is significantly lower than Arch Capital's 1.56, even though RNR's ROE is higher. This discrepancy may indicate that the market is applying a discount due to RNR's higher volatility from catastrophe exposure, or it may reflect a lack of appreciation for its third-party capital management model. The P/E of 5.65 is also lower than Arch's 8.65, reinforcing the valuation gap. Investors should consider whether this discount is justified given RNR's consistent underwriting profitability and strong capital position.
Combined Ratio Masks Reserve Releases
The combined ratio of 64.6% may be flattered by prior-year reserve releases, as suggested by the low loss ratios in recent quarters, according to EDBL's reported figures. Investors should adjust for reserve development to assess true underwriting performance.
The combined ratio is a key metric for insurers, but it can be distorted by favorable prior-year reserve development, which reduces the current period's loss ratio. RNR's loss ratio of 39.7% in Q2 2026 is exceptionally low, and part of this may be due to reserve releases rather than improved current-year underwriting. To get a clearer picture, analysts should examine the calendar-year combined ratio versus the accident-year combined ratio, which excludes reserve development. This adjustment is critical for evaluating the sustainability of RNR's underwriting margins.