Latest Ratios: P/E Ratio 12.2x · EV/EBITDA 8.8x · ROE 13.7%. (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 | $1.4B | $959M | $737M | $508M | $693M | $582M | $628M | $1.1B | $1.4B | $1.2B | $1.3B |
| Enterprise Value | $1.4B | $949M | $653M | $456M | $646M | $500M | $590M | $998M | $1.4B | $1.1B | $1.2B |
| P/E Ratio → | 12.19 | 8.11 | 11.90 | — | 46.37 | 7.34 | — | 75.40 | 51.34 | 22.90 | 25.48 |
| P/S Ratio | 1.01 | 0.69 | 0.59 | 0.46 | 0.70 | 0.55 | 0.58 | 0.93 | 1.32 | 1.11 | 1.29 |
| P/B Ratio | 1.53 | 1.02 | 0.94 | 0.69 | 0.94 | 0.66 | 0.76 | 1.23 | 1.60 | 1.20 | 1.35 |
| P/FCF | 5.32 | 3.64 | 2.25 | 3.16 | — | 36.50 | 27.83 | 18.24 | 18.44 | 7.64 | 6.14 |
| P/OCF | 5.20 | 3.56 | 2.17 | 2.96 | — | 19.45 | 15.16 | 11.93 | 12.90 | 6.87 | 5.92 |
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 | — | 0.68 | 0.52 | 0.42 | 0.65 | 0.47 | 0.55 | 0.83 | 1.26 | 1.02 | 1.17 |
| EV / EBITDA | 8.77 | 5.98 | 7.43 | — | 32.72 | 4.83 | — | 35.55 | — | 53.06 | 18.23 |
| EV / EBIT | 9.40 | 5.96 | 7.75 | — | 42.32 | 5.00 | — | 59.13 | — | 68.57 | 20.14 |
| EV / FCF | — | 3.60 | 1.99 | 2.83 | — | 31.35 | 26.15 | 16.27 | 17.60 | 7.02 | 5.60 |
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 | 44.9% | 44.9% | 18.0% | 7.6% | 13.9% | 19.0% | -0.1% | 12.8% | 13.2% | 11.6% | 11.2% |
| Operating Margin | 10.7% | 10.7% | 6.2% | -3.6% | 1.2% | 9.2% | -15.7% | 1.4% | -0.8% | 1.5% | 5.8% |
| Net Profit Margin | 8.5% | 8.5% | 4.9% | -2.7% | 1.5% | 7.6% | -10.5% | 1.2% | 2.6% | 4.8% | 5.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.7% | 13.7% | 8.2% | -4.0% | 1.9% | 9.5% | -13.0% | 1.6% | 3.0% | 5.3% | 5.5% |
| ROA | 3.2% | 3.2% | 1.9% | -1.0% | 0.5% | 2.7% | -3.7% | 0.5% | 0.8% | 1.2% | 1.3% |
| ROIC | 13.6% | 13.6% | 8.4% | -4.3% | 1.2% | 9.2% | -16.1% | 1.6% | -0.8% | 1.4% | 5.4% |
| ROCE | 13.7% | 13.7% | 2.3% | -1.8% | 1.0% | 10.1% | -5.6% | 0.8% | -0.4% | 0.5% | 1.7% |
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 | 0.16 | 0.16 | 0.15 | 0.07 | 0.07 | 0.06 | 0.06 | — | — | — | — |
| Debt / EBITDA | 0.92 | 0.92 | 1.33 | — | 2.53 | 0.48 | — | — | — | — | — |
| Net Debt / Equity | — | -0.01 | -0.11 | -0.07 | -0.06 | -0.09 | -0.05 | -0.13 | -0.07 | -0.10 | -0.12 |
| Net Debt / EBITDA | -0.06 | -0.06 | -0.95 | — | -2.36 | -0.79 | — | -4.30 | — | -4.73 | -1.74 |
| Debt / FCF | — | -0.04 | -0.26 | -0.32 | — | -5.15 | -1.68 | -1.97 | -0.84 | -0.62 | -0.54 |
| Interest Coverage | 14.13 | 14.13 | 11.58 | -11.18 | 4.79 | 31.39 | — | — | — | — | — |
Net cash position: cash ($156M) exceeds total debt ($146M)
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 | 0.80 | 0.80 | — | 3.97 | 0.32 | 0.30 | — | 3.43 | 0.30 | 0.32 | 0.35 |
| Quick Ratio | 0.80 | 0.80 | — | 3.97 | 0.32 | 0.30 | — | 3.43 | 0.30 | 0.32 | 0.35 |
| Cash Ratio | 0.49 | 0.49 | — | 0.72 | 0.07 | 0.06 | — | 0.87 | 0.05 | 0.07 | 0.09 |
| Asset Turnover | — | 0.36 | 0.36 | 0.35 | 0.34 | 0.35 | 0.35 | 0.40 | 0.38 | 0.25 | 0.24 |
| 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 | 1.1% | 1.7% | 2.2% | 3.2% | 2.3% | 2.6% | 4.5% | 2.9% | 7.4% | 2.3% | 1.9% |
| Payout Ratio | 13.8% | 13.8% | 26.2% | — | 105.5% | 18.7% | — | 220.4% | 381.2% | 53.6% | 49.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.2% | 12.3% | 8.4% | — | 2.2% | 13.6% | — | 1.3% | 1.9% | 4.4% | 3.9% |
| FCF Yield | 18.8% | 27.5% | 44.5% | 31.7% | — | 2.7% | 3.6% | 5.5% | 5.4% | 13.1% | 16.3% |
| Buyback Yield | 0.1% | 0.1% | 0.0% | 0.1% | 0.0% | 0.3% | 0.4% | 1.0% | 0.4% | 2.5% | 0.3% |
| Total Shareholder Yield | 1.2% | 1.8% | 2.2% | 3.2% | 2.3% | 2.9% | 5.0% | 4.0% | 7.8% | 4.9% | 2.2% |
| Shares Outstanding | — | $26M | $26M | $25M | $25M | $25M | $25M | $26M | $26M | $26M | $26M |
Includes 30+ ratios · 30 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 UFCS stock.
United Fire Group, Inc.'s current P/E ratio is 12.2x. The historical average is 25.4x. This places it at the 40th percentile of its historical range.
United Fire Group, Inc.'s current EV/EBITDA is 8.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.3x.
United Fire Group, Inc.'s return on equity (ROE) is 13.7%. The historical average is 7.0%.
Based on historical data, United Fire Group, Inc. is trading at a P/E of 12.2x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
United Fire Group, Inc.'s current dividend yield is 1.13% with a payout ratio of 13.8%.
United Fire Group, Inc. has 44.9% gross margin and 10.7% operating margin. Operating margin between 10-20% is typical for established companies.
United Fire Group, Inc.'s Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Secondary peril catastrophe frequency
Metrics are mathematically derived from official filings.
Underwriting Discipline Drives Margin Expansion
UFCS's combined ratio improved to 89.7% in Q1 2026 from 93.4% a year earlier, as reported in financial statements, indicating sustained underwriting profitability and disciplined loss control.
The combined ratio has remained below 100% for five consecutive quarters, with the most recent quarter (Q2 2026) not yet reported but implied by the expense ratio of 89.1% and prior trends. The loss ratio dropped to 56.3% in Q1 2026 from 80.7% in Q1 2025, suggesting favorable loss experience, though the elevated expense ratio of 33.4% in Q1 2026 versus 12.7% a year earlier may reflect seasonal or one-off costs. Investors should monitor whether the low loss ratio is sustainable given the rising frequency of convective storms in the Midwest, which could pressure future combined ratios.
ROE Recovery Led by Underwriting Gains
ROE improved to 3.5% in Q2 2026 from -0.4% in Q2 2024, as per quarterly data, driven by a combined ratio below 100% and higher investment income, though still below peer averages.
The decomposition of ROE shows underwriting profits (combined ratio <100%) contributing positively, while investment income benefits from a higher rate environment, with the company reporting its highest investment income in over a decade. However, ROE remains modest compared to peers like ERIE (24.5%) and PLMR (21.6%), reflecting UFCS's smaller scale and conservative capital base. The record net income in Q2 2026, despite a slight EPS miss, suggests operational strength, but investors should watch whether reserve releases are masking underlying accident-year deterioration.
Expense Ratio Signals Scale Disadvantage
UFCS's expense ratio spiked to 89.1% in Q2 2026, as reported in quarterly data, versus 11-12% in prior quarters, indicating a potential one-off or data anomaly that warrants investigation.
The expense ratio in Q2 2026 is unusually high, likely due to a data reporting issue or a significant one-time charge, as it deviates sharply from the 10-12% range seen in the prior four quarters. Excluding this anomaly, the expense ratio appears stable around 11-12%, but this is higher than larger peers like ERIE (which has a different model) and suggests a scale disadvantage in spreading fixed costs. The 'One UFG' initiative may aim to improve efficiency, but its impact is not yet visible in the data.
Conservative Leverage Underpins Solvency
UFCS's debt-to-equity ratio of 0.15% in Q2 2026, as per balance sheet data, reflects a fortress-like capital structure with minimal financial leverage and ample capacity for growth or dividends.
The negligible debt-to-equity ratio, combined with a growing equity base (up 19.5% year-over-year to $977.3M), indicates that UFCS is not reliant on debt financing. This conservative approach provides a buffer against catastrophe losses and supports the company's ability to maintain its dividend, which is well covered by operating cash flow. However, the underutilization of capital may suggest a lack of aggressive growth initiatives, potentially limiting ROE expansion compared to peers who use leverage more effectively.
Valuation Discount Reflects Scale and Risk
UFCS trades at a P/B of 1.49 and P/E of 11.83, as per current valuation metrics, below peers like ERIE (P/B 6.05) and PLMR (P/B 3.79), suggesting a discount for smaller scale and higher catastrophe exposure.
The valuation discount is justified by UFCS's lower ROE (3.5% vs. 24.5% for ERIE) and higher geographic concentration in catastrophe-prone Midwest. However, the P/B of 1.49 is above KMPR's 0.64, reflecting UFCS's stronger underwriting performance and balance sheet. The forward P/E of 11.04 implies modest earnings growth expectations, which may be conservative given the record operational results. Investors should assess whether the discount narrows as UFCS continues to deliver combined ratios below 100% and benefits from a hard market.
Combined Ratio Masks Reserve Releases
The reported combined ratio may understate current underwriting risk because favorable prior-year reserve development, as noted in prior analysis, can artificially lower the ratio, obscuring accident-year deterioration.
UFCS's reported combined ratio of 89.7% in Q1 2026 likely includes favorable reserve development, which boosts underwriting income. The accident-year combined ratio, which excludes these adjustments, is probably higher, indicating that current underwriting performance may be less robust than headline numbers suggest. Investors should focus on the accident-year combined ratio and monitor reserve adequacy, especially given the rising frequency of secondary perils. Additionally, the P/E ratio can be misleading due to catastrophe-driven earnings volatility; a better metric is P/B adjusted for reserve releases.