Latest Ratios: P/E Ratio 19.6x · EV/EBITDA 11.5x · ROE 61.4%. (2019–2025 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 2020 | FY 2019 |
|---|---|---|---|---|---|---|
| Market Cap | $1.5B | — | — | — | — | — |
| Enterprise Value | $1.3B | — | — | — | — | — |
| P/E Ratio → | 19.59 | — | — | — | — | — |
| P/S Ratio | 7.14 | — | — | — | — | — |
| P/B Ratio | 6.10 | — | — | — | — | — |
| P/FCF | 15.90 | — | — | — | — | — |
| P/OCF | 15.45 | — | — | — | — | — |
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 2020 | FY 2019 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — |
| EV / EBITDA | 11.49 | — | — | — | — | — |
| EV / EBIT | 11.80 | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — |
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 2020 | FY 2019 |
|---|---|---|---|---|---|---|
| Gross Margin | 58.8% | 58.8% | 39.5% | 19.2% | 4.0% | 27.8% |
| Operating Margin | 48.8% | 48.8% | 28.4% | 2.9% | -16.8% | -8.1% |
| Net Profit Margin | 38.1% | 38.1% | 32.9% | 23.5% | -24.0% | -32.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|
| ROE | 61.4% | 61.4% | 102.1% | 53.7% | -105.7% | -40.7% |
| ROA | 37.8% | 37.8% | 12.3% | 5.3% | -9.7% | -7.2% |
| ROIC | — | — | 62.6% | 7.8% | — | — |
| ROCE | 78.9% | 78.9% | 10.6% | 0.6% | -6.8% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.54 | 0.93 | 3.41 | 0.04 |
| Debt / EBITDA | 0.07 | 0.07 | 0.21 | 13.86 | — | — |
| Net Debt / Equity | — | -1.17 | -2.98 | 0.72 | -12.12 | -3.01 |
| Net Debt / EBITDA | -2.74 | -2.74 | -1.14 | 10.70 | — | — |
| Debt / FCF | — | -3.06 | -0.24 | 0.91 | -2.75 | -1.67 |
| Interest Coverage | — | — | — | — | — | — |
Net cash position: cash ($305M) exceeds total debt ($7M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|
| Current Ratio | 3.86 | 3.86 | — | — | — | — |
| Quick Ratio | 3.86 | 3.86 | — | — | — | — |
| Cash Ratio | 3.62 | 3.62 | — | — | — | — |
| Asset Turnover | — | 0.62 | 1.49 | 0.14 | 0.32 | 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 2020 | FY 2019 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|
| Earnings Yield | 5.1% | — | — | — | — | — |
| FCF Yield | 6.3% | — | — | — | — | — |
| Buyback Yield | 0.1% | — | — | — | — | — |
| Total Shareholder Yield | 0.1% | — | — | — | — | — |
| Shares Outstanding | — | $91M | $91M | $91M | $91M | $91M |
Long-tail reserve volatility
Based on current market data, XZO trades at a P/E of 18.31, which appears to price in significant future growth relative to the broader insurance sector, as evidenced by the company's rapid revenue expansion and the premium multiple assigned to its tech-enabled underwriting platform compared to traditional peers.
The forward P/E of 15.82 suggests that investors anticipate continued earnings expansion, likely driven by the scaling of casualty and fronting lines. While the P/S ratio of 6.67 is elevated, it may be justified if the company maintains its current operating margin trajectory and successfully captures market share in niche specialty segments.
According to recent financial statements, XZO has demonstrated a meaningful improvement in ROE, rising from negative territory in 2020 to 7.7% in 2026Q1, which suggests that the firm is effectively deploying its capital to generate returns as its underwriting platform matures and scales across new product lines.
The transition to positive ROIC and ROE indicates that the company is moving past its initial investment phase and into a period of profitable compounding. Investors should monitor whether this trend persists as the company shifts toward longer-tail casualty risks, which typically require higher capital reserves than property-focused products.
As reported in quarterly filings, XZO maintains an asset turnover ratio of 0.15, which, while seemingly low, is characteristic of a specialty insurer that relies on reinsurance to manage risk rather than holding massive capital reserves on its own balance sheet for every dollar of premium written.
The low turnover is a structural feature of the business model rather than an operational failure, reflecting the company's reliance on fee-based fronting and reinsurance ceding. This efficiency allows the firm to scale its top-line volume without the proportional asset intensity that would otherwise constrain a traditional insurance carrier.
Based on the reported figures, XZO maintains a negligible debt-to-equity ratio of 0.03, which provides the company with significant financial flexibility to navigate market dislocations or fund organic growth initiatives without the burden of interest expenses that often constrain more leveraged peers in the financial services sector.
The lack of debt is a clear competitive advantage, allowing the firm to retain more of its underwriting profit and maintain a strong liquidity position. This conservative capital structure appears to be a deliberate strategy to ensure stability in the face of potential catastrophe-related claims volatility.
Investors frequently misapply the Price-to-Book ratio to XZO, failing to recognize that the company's value is increasingly derived from its proprietary underwriting technology and fee-based fronting services rather than the tangible book value of its insurance float, which is heavily influenced by reinsurance ceding and reserve accounting.
Using P/B as a primary valuation metric obscures the company's transition toward an asset-light, tech-enabled model that generates high margins without requiring significant balance sheet capital. A more appropriate metric would be a growth-adjusted earnings multiple or a fee-income-based valuation that accounts for the quality and sustainability of the underwriting platform.
Includes 30+ ratios · 5 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying XZO stock.
Exzeo Group, Inc.'s current P/E ratio is 19.6x. This places it at the 50th percentile of its historical range.
Exzeo Group, Inc.'s current EV/EBITDA is 11.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Exzeo Group, Inc.'s return on equity (ROE) is 61.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 14.2%.
Based on historical data, Exzeo Group, Inc. is trading at a P/E of 19.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Exzeo Group, Inc. has 58.8% gross margin and 48.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Exzeo Group, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.