Latest Ratios: P/E Ratio 1.5x · EV/EBITDA 2.1x · ROE 9.7%. (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 | $1.7B | $1.7B | $1.7B | $1.7B | $1.8B | — | — | — | — | — | — |
| Enterprise Value | $3.3B | $3.2B | $3.4B | $3.2B | $2.8B | — | — | — | — | — | — |
| P/E Ratio → | 1.46 | 1.44 | 2.40 | 1.94 | 3.40 | — | — | — | — | — | — |
| P/S Ratio | 0.08 | 0.07 | 0.08 | 0.10 | 0.11 | — | — | — | — | — | — |
| P/B Ratio | 0.13 | 0.13 | 0.16 | 0.19 | 0.24 | — | — | — | — | — | — |
| P/FCF | 0.42 | 0.41 | 0.18 | 0.43 | 1.33 | — | — | — | — | — | — |
| P/OCF | 0.42 | 0.41 | 0.18 | 0.43 | 1.31 | — | — | — | — | — | — |
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 | — | 0.14 | 0.16 | 0.17 | 0.18 | — | — | — | — | — | — |
| EV / EBITDA | 2.06 | 2.05 | 3.35 | 2.67 | 3.69 | — | — | — | — | — | — |
| EV / EBIT | 2.12 | 1.70 | 2.68 | 2.26 | 3.07 | — | — | — | — | — | — |
| EV / FCF | — | 0.79 | 0.37 | 0.79 | 2.12 | — | — | — | — | — | — |
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 | 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% |
| 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% |
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 | 0.42 | 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 |
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 | — | — | — | — | — | — | — | — | — | — | — |
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 | 14.0% | 14.1% | 13.3% | 12.5% | 11.7% | — | — | — | — | — | — |
| Payout Ratio | 20.3% | 20.3% | 31.9% | 24.3% | 39.7% | 16.6% | 43.9% | 18.7% | 19.6% | 6.4% | 14.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 68.6% | 69.5% | 41.6% | 51.5% | 29.4% | — | — | — | — | — | — |
| FCF Yield | 100.0% | 241.0% | 542.9% | 231.1% | 75.0% | — | — | — | — | — | — |
| Buyback Yield | 10.1% | 10.2% | 1.6% | 13.0% | 4.6% | — | — | — | — | — | — |
| Total Shareholder Yield | 24.0% | 24.4% | 14.8% | 25.5% | 16.3% | — | — | — | — | — | — |
| Shares Outstanding | — | $67M | $67M | $67M | $68M | $68M | $66M | $64M | $65M | $66M | $65M |
Mortality and morbidity volatility
As reported in quarterly financial filings, RZC achieved a combined ratio of 92.0% in 2025Q4, demonstrating a clear improvement from the 96.7% observed in 2023Q4, which suggests that the firm is successfully navigating the inherent volatility of global mortality and morbidity claims across its reinsurance portfolio.
The downward trajectory in the combined ratio indicates that RZC is effectively managing its loss ratio, which peaked at 91.1% in 2023Q4 before moderating to 73.7% by the end of 2025. This improvement suggests that the company's actuarial pricing models are gaining traction, though investors should monitor whether this trend is sustainable given the sensitivity of reinsurance margins to unexpected health events.
Based on the provided financial data, RZC's P/B ratio has fluctuated significantly, reaching 203.07 in 2025Q4, which appears to be an outlier that warrants further investigation into how LDTI accounting standards impact the reported book value of long-duration insurance liabilities.
The extreme volatility in the P/B ratio suggests that traditional valuation metrics may be distorted by non-cash accounting adjustments rather than reflecting the firm's true franchise value. Investors should be cautious in using these multiples as a primary anchor, as the underlying book value is highly sensitive to interest rate-driven re-measurements of policyholder obligations.
According to the company's reported figures, the debt-to-equity ratio has remained relatively stable, hovering between 0.42 and 0.52 over the last ten quarters, which indicates a disciplined approach to maintaining capital adequacy despite the rapid expansion of the firm's total asset base.
Maintaining a D/E ratio near 0.42 suggests that RZC is not over-leveraging its balance sheet to chase growth in its asset-intensive segments. This conservative stance appears to provide a necessary buffer against the potential for sudden, large-scale mortality events that could otherwise strain the firm's capital position.
As evidenced by the TTM P/E ratio of 1.45, investors frequently misapply earnings-based multiples to RZC, failing to account for the massive non-cash volatility introduced by LDTI accounting standards that obscure the firm's actual economic profitability and cash-generating capacity.
The P/E ratio is fundamentally flawed for this insurer because it treats accounting-driven liability re-measurements as operational earnings, which can lead to misleading conclusions about the company's valuation. Analysts should instead focus on the combined ratio and the growth of the underlying float, as these metrics provide a more accurate representation of the firm's long-term underwriting and investment performance.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying RZC stock.
7.125% Fixed-Rate Reset Subordinated Debentures due 2052's current P/E ratio is 1.5x. The historical average is 2.3x. This places it at the 25th percentile of its historical range.
7.125% Fixed-Rate Reset Subordinated Debentures due 2052's current EV/EBITDA is 2.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.9x.
7.125% Fixed-Rate Reset Subordinated Debentures due 2052's return on equity (ROE) is 9.7%. The historical average is 9.4%.
Based on historical data, 7.125% Fixed-Rate Reset Subordinated Debentures due 2052 is trading at a P/E of 1.5x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
7.125% Fixed-Rate Reset Subordinated Debentures due 2052's current dividend yield is 13.96% with a payout ratio of 20.3%.
7.125% Fixed-Rate Reset Subordinated Debentures due 2052 has 25.4% gross margin and 6.8% operating margin.
7.125% Fixed-Rate Reset Subordinated Debentures due 2052's Debt/EBITDA ratio is 3.6x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.