Latest Ratios: P/E Ratio 8.9x · EV/EBITDA 5.7x · 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 | $14.4B | $12.6B | $12.8B | $9.3B | $7.9B | $8.0B | $7.8B | $8.5B | $5.3B | $5.0B | $5.7B |
| Enterprise Value | $15.0B | $13.2B | $13.0B | $9.4B | $7.9B | $10.9B | $7.2B | $8.5B | $5.2B | $4.6B | $6.2B |
| P/E Ratio → | 8.94 | 4.97 | 7.07 | 3.75 | — | — | 10.83 | 12.03 | 23.37 | — | 11.92 |
| P/S Ratio | 1.58 | 0.99 | 1.10 | 1.03 | 1.57 | 1.52 | 1.52 | 2.03 | 2.58 | 2.39 | 3.28 |
| P/B Ratio | 0.81 | 0.66 | 0.73 | 0.60 | 0.80 | 0.78 | 0.71 | 0.94 | 0.75 | 0.88 | 0.94 |
| P/FCF | 5.12 | 3.42 | 3.07 | 4.88 | 7.06 | 6.47 | 1.82 | 3.96 | 4.35 | 4.79 | 12.05 |
| P/OCF | 3.91 | 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 | 5.69 | 3.29 | 3.99 | 3.16 | — | — | 7.13 | 9.32 | 19.79 | — | 9.38 |
| EV / EBIT | 3.74 | 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 | 11.2% | 20.1% | 14.2% | 26.7% | — | — | 9.2% | 8.3% | 4.3% | — | 8.4% |
| FCF Yield | 19.5% | 29.3% | 32.6% | 20.5% | 14.2% | 15.5% | 54.9% | 25.3% | 23.0% | 20.9% | 8.3% |
| Buyback Yield | 11.1% | 12.7% | 5.2% | 0.2% | 2.1% | 16.3% | 2.4% | 0.0% | 0.0% | 3.8% | 5.5% |
| Total Shareholder Yield | 11.6% | 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 8.9x. The historical average is 9.5x. This places it at the 63th percentile of its historical range.
RenaissanceRe Holdings Ltd.'s current EV/EBITDA is 5.7x. 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 8.9x. This is at the 63th 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 0.48% 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 catastrophe volatility
Metrics are mathematically derived from official filings.
Discount to Book Reflects Earnings Doubt
At a P/B of 0.83 and a trailing P/E of 6.26 against Arch Capital's 1.72 P/B and 9.52 P/E, RNR trades at a discount to peers as reported in market data, suggesting investors question sustainability of recent earnings.
A sub-1.0x P/B alongside a 24.0% annualized ROE implied by reported book value growth is an unusual pairing, which may indicate the market is discounting either the durability of current underwriting margins or the reliability of reported returns. The discount to Arch Capital, which earns a lower 18.3% ROE, appears to reflect skepticism that RNR's third-party capital income and recent quarter strength will persist through the next catastrophe cycle. Investors should monitor whether ROE holds above book value compounding through a normal loss year before concluding the discount is unwarranted.
Combined Ratio Swings Sharply Quarter to Quarter
Reported combined ratios ranged from 53.5% to 103.6% across ten quarters, with Q3 2026 printing 100.0% against a loss ratio of 60.7%, indicating underwriting results depend heavily on individual catastrophe events.
The move from a 64.6% combined ratio in Q2 2026 to 100.0% in Q3 2026 shows how a single loss period can erase several quarters of underwriting profit. Q1 2025 and Q4 2024 both exceeded 100%, driven by loss ratios of 98.2% and 94.9%, which suggests tail-event exposure is material rather than incidental. Sustained sub-100% results across a full cycle would be a more reliable signal of pricing discipline than any single quarter.
ROE Leans on Underwriting Rather Than Float
Reported ROE moved between -1.1% and 6.8% across the period, and the supplied data reports no investment income line, so the split between underwriting profit and float yield cannot be verified from the figures provided.
The reported underwriting margin of 35.4% in Q2 2026 against an interest coverage figure that collapses to negative values in loss quarters suggests earnings are dominated by underwriting outcomes. Without disclosed investment income, data unavailable precludes assessing how much float yield cushions weak underwriting years. Investors should treat the 24.0% annualized ROE cited in recent commentary as dependent on a favorable loss environment until investment contribution is disclosed.
Low Leverage Preserves Capacity Flexibility
A reported debt-to-equity ratio of 0.12 and liabilities of $36.0B against $11.4B of equity in Q3 2026 suggest meaningful balance sheet room, though premium-to-surplus data is not provided to measure underwriting leverage directly.
Low financial leverage indicates RNR is not constrained by debt service, which may support capital deployment into hardening markets or buybacks. Premium-to-surplus cannot be calculated from the supplied figures, so underwriting leverage relative to rating agency thresholds remains data unavailable. Investors should monitor whether the equity base can absorb a major catastrophe without forcing capital raises or reduced third-party capacity.
Superior ROE Justifies Peer Premium Partly
RNR's annualized ROE near 24.0% exceeds Arch Capital's reported 18.3% and Evercore's 68.6% is not comparable as an insurer, suggesting RNR leads the reinsurance peer set on returns while trading at a lower multiple.
RNR's return advantage over Arch Capital appears to coexist with a lower P/B, which may imply the market prices in greater earnings volatility rather than lower quality. Comparing against Evercore is not meaningful given its advisory business model, so the relevant peer set is limited to Arch Capital and the broader Bermuda reinsurers. The discount persists only if the market doubts that RNR's ROE can be sustained through a full catastrophe cycle.
P/E Misreads Catastrophe-Driven Earnings
The 6.26 trailing P/E is commonly read as cheap, but based on reported figures, earnings swung from a $170.0M profit to a -$152.5M net loss within a few quarters, so trailing P/E may understate true valuation risk.
Applying P/E to a reinsurer with loss ratios ranging from 32.5% to 98.2% in a single year captures a single period of catastrophe outcomes rather than normalized earnings power. A low P/E in this context may reflect the market correctly anchoring on through-cycle earnings rather than mispricing. P/B, measured against book value that is primarily invested assets backing reserves, is the more appropriate primary anchor for this insurer.