Latest Ratios: P/E Ratio 50.0x · EV/EBITDA 31.6x · ROE 6.7%. (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 | $12.2B | $13.4B | $13.7B | $8.9B | $8.3B | $5.0B | $4.7B | $6.1B | $6.5B | $12.5B | $10.4B |
| Enterprise Value | $15.9B | $17.1B | $17.4B | $12.3B | $11.6B | $8.5B | $8.0B | $9.6B | $9.3B | $15.3B | $13.3B |
| P/E Ratio → | 50.03 | 18.11 | 7.72 | 6.96 | 5.90 | 6.11 | 5.90 | 5.56 | 12.34 | 12.56 | 11.12 |
| P/S Ratio | 0.98 | 1.03 | 1.07 | 0.73 | 0.70 | 0.43 | 0.36 | 0.51 | 0.56 | 1.11 | 0.94 |
| P/B Ratio | 1.19 | 1.21 | 1.25 | 0.93 | 0.95 | 0.44 | 0.43 | 0.61 | 0.75 | 1.30 | 1.16 |
| P/FCF | 7.48 | 24.13 | 9.90 | 8.37 | 6.30 | 3.94 | 9.77 | 3.85 | 4.64 | 11.95 | 10.05 |
| P/OCF | 17.67 | 19.49 | 9.08 | 7.43 | 5.85 | 3.63 | 7.82 | 3.51 | 4.21 | 10.85 | 9.29 |
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 | — | 1.31 | 1.36 | 1.00 | 0.98 | 0.72 | 0.61 | 0.80 | 0.81 | 1.36 | 1.20 |
| EV / EBITDA | 31.61 | 16.23 | 7.36 | 7.05 | 6.24 | 6.19 | 7.43 | 6.41 | 12.81 | 10.17 | 9.15 |
| EV / EBIT | 17.03 | 15.01 | 7.11 | 6.72 | 5.99 | 5.91 | 6.95 | 6.13 | 11.75 | 9.81 | 8.76 |
| EV / FCF | — | 30.87 | 12.56 | 11.54 | 8.81 | 6.69 | 16.74 | 6.01 | 6.71 | 14.69 | 12.87 |
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 | 38.2% | 38.2% | 37.1% | 32.8% | 33.1% | 28.0% | 23.5% | 28.5% | 22.2% | 29.0% | 28.8% |
| Operating Margin | 7.2% | 7.2% | 17.6% | 13.3% | 14.7% | 10.6% | 7.3% | 11.5% | 5.4% | 12.4% | 12.2% |
| Net Profit Margin | 5.7% | 5.7% | 13.9% | 10.4% | 11.9% | 8.3% | 6.0% | 9.2% | 4.5% | 8.8% | 8.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.7% | 6.7% | 17.3% | 14.0% | 14.0% | 8.8% | 7.6% | 11.8% | 5.8% | 10.7% | 10.6% |
| ROA | 1.2% | 1.2% | 2.8% | 2.1% | 2.1% | 1.4% | 1.1% | 1.7% | 0.8% | 1.5% | 1.5% |
| ROIC | 4.7% | 4.7% | 12.2% | 9.8% | 9.7% | 6.5% | 5.2% | 8.3% | 3.9% | 8.7% | 8.7% |
| ROCE | 1.5% | 1.5% | 3.6% | 2.6% | 2.7% | 1.8% | 1.4% | 2.1% | 1.0% | 2.2% | 2.2% |
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 | 0.35 | 0.35 | 0.35 | 0.37 | 0.39 | 0.31 | 0.32 | 0.35 | 0.34 | 0.31 | 0.33 |
| Debt / EBITDA | 3.69 | 3.69 | 1.63 | 2.02 | 1.84 | 2.60 | 3.28 | 2.37 | 4.07 | 1.95 | 2.07 |
| Net Debt / Equity | — | 0.34 | 0.34 | 0.35 | 0.38 | 0.31 | 0.31 | 0.35 | 0.33 | 0.30 | 0.32 |
| Net Debt / EBITDA | 3.54 | 3.54 | 1.56 | 1.94 | 1.78 | 2.54 | 3.09 | 2.31 | 3.95 | 1.90 | 2.00 |
| Debt / FCF | — | 6.74 | 2.67 | 3.17 | 2.51 | 2.75 | 6.97 | 2.17 | 2.07 | 2.74 | 2.81 |
| Interest Coverage | 5.47 | 5.47 | 12.19 | 9.42 | 10.28 | 7.81 | 6.12 | 8.79 | 4.75 | 9.78 | 9.12 |
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 | — | — | 2.40 | 4.23 | 4.36 | 4.31 | 4.58 | 2.13 | 4.71 | 3.04 | 4.70 |
| Quick Ratio | — | — | 2.40 | 4.23 | 4.36 | 4.31 | 4.58 | 2.13 | 4.71 | 3.04 | 4.70 |
| Cash Ratio | — | — | 0.24 | 0.37 | 0.32 | 0.20 | 0.53 | 0.11 | 0.26 | 0.14 | 0.28 |
| Asset Turnover | — | 0.20 | 0.21 | 0.19 | 0.19 | 0.17 | 0.18 | 0.18 | 0.19 | 0.17 | 0.17 |
| 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 | 2.3% | 2.3% | 2.2% | 3.1% | 3.1% | 4.8% | 5.0% | 3.7% | 3.3% | 1.6% | 1.8% |
| Payout Ratio | 41.5% | 41.5% | 16.7% | 21.6% | 18.1% | 24.4% | 29.2% | 20.8% | 41.2% | 19.7% | 19.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.0% | 5.5% | 13.0% | 14.4% | 17.0% | 16.4% | 17.0% | 18.0% | 8.1% | 8.0% | 9.0% |
| FCF Yield | 13.4% | 4.1% | 10.1% | 12.0% | 15.9% | 25.4% | 10.2% | 26.0% | 21.5% | 8.4% | 9.9% |
| Buyback Yield | 8.3% | 7.5% | 7.1% | 2.8% | 2.4% | 1.0% | 0.0% | 6.5% | 5.5% | 3.2% | 3.9% |
| Total Shareholder Yield | 10.6% | 9.8% | 9.2% | 5.9% | 5.5% | 5.7% | 5.0% | 10.3% | 8.8% | 4.8% | 5.7% |
| Shares Outstanding | — | $173M | $188M | $198M | $202M | $205M | $204M | $210M | $220M | $227M | $236M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying UNM stock.
Unum Group's current P/E ratio is 50.0x. The historical average is 12.5x. This places it at the 100th percentile of its historical range.
Unum Group's current EV/EBITDA is 31.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.0x.
Unum Group's return on equity (ROE) is 6.7%. The historical average is 8.7%.
Based on historical data, Unum Group is trading at a P/E of 50.0x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Unum Group's current dividend yield is 2.31% with a payout ratio of 41.5%.
Unum Group has 38.2% gross margin and 7.2% operating margin.
Unum Group's Debt/EBITDA ratio is 3.7x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Volatile underwriting and reserve charges
Metrics are mathematically derived from official filings.
Combined Ratio Swings Breach Profitability Threshold
Based on Unum's reported quarterly ratios, the combined ratio rose from 90.0% in Q2 2026 to 119.4% in Q3 2026, crossing the 100% underwriting break-even line and signaling a sharp deterioration in claims-driven profitability within a single quarter.
The loss ratio jumped from 60.8% to 81.4% while the expense ratio held near 38%, suggesting the deterioration is concentrated in claims experience and possibly reserve development rather than in administrative cost discipline. Investors should monitor whether the Q3 2026 spike reflects a one-off reserve charge or a sustained shift in disability incidence and recovery assumptions. Until the trend normalizes, the underwriting franchise appears to be earning its profit only in some quarters rather than consistently.
ROE Compressed by Underwriting Volatility
As reported in the quarterly figures, Unum's ROE fell from 6.0% in Q3 2024 to negative 3.9% in Q3 2026, with the most recent four quarters averaging roughly 0.5%, well below the 12.8% and 15.8% ROE reported by MetLife and Principal.
The gap between the modest ROE and the strong investment-driven returns peers report suggests Unum's float income is not fully offsetting volatile underwriting results. Because the investment income contribution is not disclosed in the supplied data, the decomposition of ROE into underwriting and investment components cannot be verified directly. The trend implies that earnings quality, rather than book value growth, is the primary constraint on returns.
Discount to Book Reflects Earnings Uncertainty
Based on Unum's reported valuation metrics, the stock trades at 1.15x book value and 17.3x trailing earnings, a meaningful discount to MetLife's 2.29x P/B and Principal's 2.05x, implying the market is pricing in persistent reserve and underwriting risk.
A price-to-book near 1.15x is consistent with a market expectation that ROE will remain in the low single digits rather than returning toward peer levels of 11% to 16%. The forward P/E of 8.5x versus trailing 17.3x indicates analysts expect earnings to recover, but that recovery depends on claims normalization that the recent quarters have not yet demonstrated. Investors should treat the discount as a function of earnings reliability rather than a clear signal of undervaluation.
Premium Leverage Appears Stable Yet Thin
Based on reported balance sheet figures, Unum's debt-to-equity ratio held near 0.35 across the ten quarters, while equity of roughly $10.8B supports about $50.5B of liabilities, implying a leverage ratio near 4.7x that leaves limited capital cushion for further reserve charges.
The stability of the debt-to-equity ratio suggests the capital structure has not been materially stretched by recent underwriting losses. However, the interest coverage swing from 17.6x in Q3 2024 to negative 9.2x in Q3 2026 indicates that operating earnings can compress quickly, which weakens the buffer that the balance sheet provides. The adequacy of capital therefore depends on whether losses remain episodic or become recurring.
Lagging Peers on Returns Despite Lower Multiples
As reported in peer comparison data, Unum's ROE of roughly 0.5% over recent quarters trails MetLife at 12.8%, Prudential at 11.2%, and Principal at 15.8%, though its 2.4% dividend yield is comparable to peers, suggesting the discount to book is justified by weaker returns.
Lincoln National's 22.0% ROE with a 0.67x P/B illustrates that the market rewards returns more than book value alone, and Unum's profile currently resembles a low-return, low-multiple name. Genworth's similarly low ROE and sub-0.4x P/B reinforces the pattern that subdued returns drive valuation compression across the sector. Unum's premium over Genworth on book value may reflect its specialized disability franchise, but the returns gap has not yet closed.
P/E Misleads When Reserves Drive Earnings
The forward P/E of 8.5x versus trailing 17.3x may appear to signal cheapness, but as reported quarterly earnings are dominated by reserve and claims volatility, forward multiples rely on normalization assumptions that the recent quarters have not validated.
P/E is commonly misapplied to Unum because net income swings with non-cash reserve development and actuarial re-evaluations, so a single normalized year can make the stock appear inexpensive. A more informative approach would be to evaluate price-to-book against a normalized ROE, adjusting for reserve strengthening and realized investment gains, which better reflects the franchise's earning power. Investors should therefore treat the forward multiple as conditional on claims stability rather than as a standalone valuation signal.