The Allstate Corporation (ALL) 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

+12.2%

$295.24

vs $263.24 price

Levered DCF

$1,052.56

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.68

Distress zone

Rating

A+

Overall 4 / 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	5.38×	11.2×	-116.65×	-26.96×	23.34×	6.27×	7.89×	13.31×
P/B	1.78×	2.38×	2.07×	2.1×	1.38×	1.13×	1.42×	1.35×
P/S	0.82×	0.8×	0.65×	0.73×	0.71×	0.82×	0.9×	0.72×
EV / EBITDA	4.36×	8.69×	59.82×	-67.91×	5.32×	5.35×	6.73×	9.99×
Gross margin	33.2%	22.8%	12.7%	11.2%	24.7%	31.2%	27.1%	23.1%
Operating margin	19.8%	9.1%	-0.6%	-3.6%	13.3%	16.3%	13.2%	6.6%
Net margin	15.5%	7.3%	-0.3%	-2.5%	3.3%	13.4%	11.8%	5.4%
Current ratio	0.37×	0×	0×	0×	0×	0×	1.26×	1.29×
Debt / equity	0.24×	0.38×	0.45×	0.46×	0.32×	0.26×	0.26×	0.3×
Interest coverage	32.97×	14.4×	-0.92×	-5.46×	19.59×	21.39×	16.65×	7.92×
Dividend yield	2.1%	2.1%	2.8%	2.8%	2.9%	2.3%	2.1%	2.6%
Payout ratio	11.2%	23.1%	-548.9%	-80.0%	61.9%	13.9%	16.2%	34.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	33.6%	21.8%	-1.1%	-7.4%	6.4%	18.5%	18.6%	10.1%
Return on invested capital	20.8%	4.1%	-0.2%	-1.4%	5.2%	4.3%	4.2%	2.2%
Return on assets	8.6%	4.2%	-0.2%	-1.3%	1.6%	4.4%	4.0%	1.9%
Free cash flow yield	18.2%	17.1%	10.8%	12.8%	13.8%	15.1%	12.7%	17.0%
Earnings yield	18.9%	9.2%	-0.5%	-3.5%	4.7%	16.3%	13.1%	7.5%
Enterprise value	$61.2B	$58.3B	$44B	$44B	$41.9B	$41.8B	$43.2B	$34.7B
Net debt / EBITDA	0.49×	1.1×	9.82×	-11.15×	0.92×	0.96×	0.98×	1.71×
Cash conversion cycle (days)	114	112	122	135	138	120	55	59