Latest Ratios: P/E Ratio 15.5x · EV/EBITDA 11.3x · ROE 11.5%. (2000–2025 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 | $1.5B | $1.1B | $1.2B | $1.1B | $1.2B | $1.3B | $1.2B | $1.4B | $1.2B | $1.2B | $1.1B |
| Enterprise Value | $1.5B | $1.1B | $1.2B | $1.1B | $1.3B | $1.3B | $1.2B | $1.4B | $1.2B | $1.2B | $1.1B |
| P/E Ratio → | 15.51 | 11.63 | 17.24 | 59.37 | 26.75 | 9.66 | 8.49 | 14.32 | 14.98 | 19.61 | 17.26 |
| P/S Ratio | 1.22 | 0.92 | 1.09 | 1.21 | 1.58 | 1.47 | 1.40 | 1.62 | 1.49 | 1.44 | 1.34 |
| P/B Ratio | 1.72 | 1.29 | 1.46 | 1.39 | 1.53 | 1.37 | 1.33 | 1.76 | 1.73 | 1.74 | 1.65 |
| P/FCF | 7.95 | 5.98 | 9.75 | 22.21 | 29.35 | 9.53 | 11.84 | 13.80 | 10.69 | 15.99 | 11.80 |
| P/OCF | 7.85 | 5.91 | 9.42 | 21.45 | 27.96 | 8.98 | 10.76 | 12.62 | 9.76 | 14.83 | 11.21 |
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 | — | 0.91 | 1.08 | 1.22 | 1.62 | 1.46 | 1.41 | 1.61 | 1.45 | 1.39 | 1.31 |
| EV / EBITDA | 11.34 | 8.52 | 12.08 | 36.00 | 19.23 | 7.38 | 6.50 | 10.91 | 10.50 | 11.95 | 10.04 |
| EV / EBIT | 11.95 | 8.87 | 13.27 | 44.75 | 21.17 | 7.66 | 6.76 | 11.38 | 11.58 | 13.54 | 11.65 |
| EV / FCF | — | 5.92 | 9.65 | 22.44 | 30.13 | 9.48 | 11.91 | 13.70 | 10.37 | 15.45 | 11.58 |
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 | 36.4% | 36.4% | 35.4% | 30.6% | 37.3% | 46.6% | 51.9% | 41.8% | 41.8% | 40.3% | 40.4% |
| Operating Margin | 10.1% | 10.1% | 8.1% | 2.6% | 7.6% | 19.0% | 20.8% | 14.1% | 13.1% | 11.1% | 12.6% |
| Net Profit Margin | 7.9% | 7.9% | 6.4% | 2.0% | 5.9% | 15.1% | 16.4% | 11.4% | 10.0% | 7.4% | 7.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.5% | 11.5% | 8.7% | 2.3% | 5.4% | 14.4% | 16.3% | 13.0% | 11.7% | 9.1% | 9.8% |
| ROA | 4.2% | 4.2% | 3.2% | 0.9% | 2.3% | 6.3% | 6.8% | 5.1% | 4.5% | 3.5% | 3.7% |
| ROIC | 11.2% | 11.2% | 8.3% | 2.2% | 5.1% | 13.6% | 15.5% | 12.5% | 12.3% | 10.7% | 12.5% |
| ROCE | 15.8% | 15.8% | 4.1% | 2.8% | 6.4% | 17.2% | 8.6% | 6.4% | 6.2% | 5.4% | 6.2% |
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 | 0.07 | 0.07 | 0.06 | 0.06 | 0.07 | 0.06 | 0.07 | 0.04 | — | — | — |
| Debt / EBITDA | 0.46 | 0.46 | 0.46 | 1.59 | 0.88 | 0.33 | 0.33 | 0.26 | — | — | — |
| Net Debt / Equity | — | -0.01 | -0.02 | 0.01 | 0.04 | -0.01 | 0.01 | -0.01 | -0.05 | -0.06 | -0.03 |
| Net Debt / EBITDA | -0.09 | -0.09 | -0.13 | 0.37 | 0.50 | -0.04 | 0.04 | -0.08 | -0.33 | -0.42 | -0.19 |
| Debt / FCF | — | -0.06 | -0.11 | 0.23 | 0.78 | -0.05 | 0.07 | -0.10 | -0.32 | -0.55 | -0.21 |
| Interest Coverage | 83.80 | 83.80 | 177.55 | 30.85 | 114.70 | 315.69 | 398.20 | 1375.23 | 1159.34 | 964.33 | 1037.47 |
Net cash position: cash ($74M) exceeds total debt ($62M)
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 | 0.84 | 0.84 | — | 1.22 | 1.28 | 1.42 | — | — | 2.82 | 3.65 | 2.69 |
| Quick Ratio | 0.84 | 0.84 | — | 1.22 | 1.28 | 1.42 | — | — | 2.82 | 3.65 | 2.69 |
| Cash Ratio | 0.49 | 0.49 | — | 0.88 | 0.97 | 1.13 | — | — | 14.87 | 19.08 | 16.80 |
| Asset Turnover | — | 0.51 | 0.49 | 0.44 | 0.40 | 0.41 | 0.41 | 0.43 | 0.45 | 0.47 | 0.47 |
| 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 | 3.5% | 4.7% | 4.4% | 4.8% | 4.3% | 4.3% | 4.6% | 3.7% | 3.9% | 3.7% | 3.8% |
| Payout Ratio | 54.3% | 54.3% | 75.4% | 282.3% | 113.9% | 41.3% | 39.5% | 52.9% | 58.7% | 72.9% | 65.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.4% | 8.6% | 5.8% | 1.7% | 3.7% | 10.3% | 11.8% | 7.0% | 6.7% | 5.1% | 5.8% |
| FCF Yield | 12.6% | 16.7% | 10.3% | 4.5% | 3.4% | 10.5% | 8.4% | 7.2% | 9.4% | 6.3% | 8.5% |
| Buyback Yield | 1.3% | 1.7% | 0.0% | 0.5% | 1.2% | 0.9% | 3.4% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.8% | 6.4% | 4.4% | 5.2% | 5.5% | 5.2% | 8.0% | 3.7% | 3.9% | 3.7% | 3.8% |
| Shares Outstanding | — | $15M | $15M | $15M | $15M | $15M | $15M | $15M | $15M | $15M | $15M |
Includes 30+ ratios · 25 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SAFT stock.
Safety Insurance Group, Inc.'s current P/E ratio is 15.5x. The historical average is 16.1x. This places it at the 70th percentile of its historical range.
Safety Insurance Group, Inc.'s current EV/EBITDA is 11.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.3x.
Safety Insurance Group, Inc.'s return on equity (ROE) is 11.5%. The historical average is 10.7%.
Based on historical data, Safety Insurance Group, Inc. is trading at a P/E of 15.5x. This is at the 70th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Safety Insurance Group, Inc.'s current dividend yield is 3.52% with a payout ratio of 54.3%.
Safety Insurance Group, Inc. has 36.4% gross margin and 10.1% operating margin. Operating margin between 10-20% is typical for established companies.
Safety Insurance Group, Inc.'s Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Weather-driven underwriting volatility
Metrics are mathematically derived from official filings.
Combined Ratio Volatility Signals Weather Exposure
Safety's combined ratio swung from 88.3% in 2025Q2 to 105.7% in 2026Q1, a 17.4-point swing, indicating weather-driven underwriting volatility, as per SEC filings.
The 2026Q1 combined ratio of 105.7% broke a streak of profitable quarters, with the loss ratio spiking to 78.6% from 61.5% a year earlier. This suggests elevated catastrophe losses or reserve strengthening, though the subsequent 2026Q2 data is incomplete. Investors should monitor whether this is a one-off event or a trend, as the expense ratio remained stable around 27%, indicating the volatility stems from loss experience, not cost structure.
ROE Recovery Hinges on Underwriting Discipline
Safety's ROE fell to -1.6% in 2026Q1 from 3.4% in 2025Q2, reflecting underwriting losses, but recovered to 4.0% in 2026Q2, as reported in financial statements.
The negative ROE in 2026Q1 was driven by the underwriting loss, while the 2026Q2 recovery suggests improved loss experience. However, the 4.0% ROE remains below the peer average, indicating that Safety's profitability is sensitive to weather events. The stable expense ratio and modest investment income (implied by ROA) suggest that underwriting results are the primary swing factor for shareholder returns.
Underwriting Leverage Remains Conservative
Safety's premium-to-surplus ratio appears conservative, with equity growing 8.6% to $876.7M by 2026Q2, supporting a stable underwriting leverage profile, based on balance sheet data.
While the exact premium-to-surplus ratio is not disclosed, the equity base has expanded steadily, and the D/E ratio remains low at 0.07, indicating minimal financial leverage. This suggests Safety has ample capital to absorb underwriting shocks, though the 2026Q1 loss ratio spike may pressure surplus if it persists. The conservative leverage provides a buffer against weather-related losses.
Valuation Discount Reflects Underwriting Risk
Safety trades at 1.71x book value versus peers like ERIE at 6.05x and PLMR at 3.76x, implying a discount for its volatile underwriting results, as per market data.
Safety's P/B of 1.71x is below the peer group, reflecting its lower ROE and higher loss ratio volatility. While ERIE and PLMR command premiums due to superior underwriting track records, Safety's discount may be justified by its exposure to weather-related losses. The forward P/E of 21.8x suggests the market expects earnings recovery, but this hinges on underwriting discipline.
Combined Ratio Masks Reserve Development
The combined ratio, while key, can obscure reserve development; Safety's 2026Q1 loss ratio spike to 78.6% may indicate adverse development, as per reported figures.
Investors often focus on the combined ratio without adjusting for reserve releases or strengthening. Safety's loss ratio volatility, from 61.5% to 78.6% within a year, suggests that the combined ratio may not fully reflect underlying risk. An alternative metric is the calendar-year combined ratio adjusted for reserve changes, which would provide a clearer picture of underwriting profitability. This warrants further investigation into reserve adequacy.