Assurant, Inc. 5.25% Subordinat (AIZN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-51.0%

$145.28

vs $296.41 price

Levered DCF

$516.78

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.33

Distress zone

Rating

S-

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	13.85×	14.65×	14.02×	24.57×	15.03×	19.35×	21.21×	22.36×
P/B	2.06×	2.18×	1.87×	1.61×	1.69×	1.38×	1.44×	1.04×
P/S	0.94×	0.94×	0.81×	0.67×	0.9×	0.85×	0.85×	0.66×
EV / EBITDA	8.61×	9.07×	8.51×	11.55×	8.89×	9.98×	11.96×	10.79×
Gross margin	77.2%	76.7%	77.3%	76.8%	78.4%	38.1%	41.0%	42.0%
Operating margin	8.5%	7.8%	7.2%	3.4%	7.6%	6.0%	4.8%	4.2%
Net margin	6.8%	6.4%	5.8%	2.7%	4.4%	4.6%	4.0%	3.1%
Current ratio	0.55×	0.79×	0.54×	0.74×	0.81×	0×	0×	0×
Debt / equity	0.38×	0.41×	0.43×	0.5×	0.4×	0.38×	0.36×	0.39×
Interest coverage	9.91×	8.67×	7.47×	3.23×	6.9×	5.53×	4.11×	3.33×
Dividend yield	1.4%	1.4%	1.7%	2.2%	1.8%	2.1%	2.1%	2.8%
Payout ratio	19.3%	20.5%	23.7%	54.3%	36.4%	39.3%	44.4%	59.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.9%	14.9%	13.4%	6.5%	8.2%	7.4%	6.8%	4.9%
Return on invested capital	7.0%	6.9%	6.3%	2.9%	4.9%	0.0%	0.0%	0.0%
Return on assets	2.4%	2.2%	1.9%	0.8%	1.3%	1.0%	0.9%	0.6%
Free cash flow yield	13.2%	10.0%	10.4%	6.0%	6.4%	14.9%	16.0%	10.8%
Earnings yield	7.2%	6.8%	7.1%	4.1%	4.8%	5.4%	4.7%	4.7%
Enterprise value	$12.5B	$11.4B	$9.5B	$7.4B	$9.4B	$8.2B	$8.3B	$6.1B
Net debt / EBITDA	0.26×	0.22×	0.41×	0.93×	0.15×	0.05×	0.2×	1.34×
Cash conversion cycle (days)	-17	-84	-55	-78	-47	189	235	246