Kinsale Capital Group, Inc. (KNSL) 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

+46.5%

$552.98

vs $377.43 price

Levered DCF

$1,108.97

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.57

Grey zone

Rating

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	17.97×	25.96×	25.05×	37.52×	35.35×	50.54×	34.58×	34.73×
P/B	4.62×	7.26×	7.1×	8×	7.72×	7.75×	5.39×	4.44×
P/S	4.83×	6.78×	6.3×	7.11×	8.26×	9.71×	6.93×	5.28×
EV / EBITDA	14×	20.43×	19.56×	29.65×	27.92×	43.39×	27.43×	26.68×
Gross margin	52.5%	42.9%	41.7%	34.2%	39.2%	30.9%	34.9%	30.5%
Operating margin	33.8%	32.4%	31.4%	23.3%	28.9%	21.8%	24.1%	18.2%
Net margin	26.9%	26.1%	25.2%	19.0%	23.4%	19.2%	20.0%	15.2%
Current ratio	0.84×	1.31×	1.33×	1.3×	1.33×	0×	0×	57.25×
Debt / equity	0.11×	0.12×	0.17×	0.26×	0.12×	0.07×	0.04×	0×
Interest coverage	59.58×	50.79×	37.28×	45.65×	189.94×	597.7×	0×	0×
Dividend yield	0.2%	0.1%	0.2%	0.2%	0.2%	0.2%	0.3%	0.5%
Payout ratio	3.1%	3.4%	4.2%	7.5%	6.6%	9.1%	10.9%	17.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	25.7%	28.0%	28.3%	21.3%	21.8%	15.3%	15.6%	12.8%
Return on invested capital	23.0%	24.8%	24.0%	16.8%	20.2%	207.7%	378.1%	4.4%
Return on assets	8.3%	8.5%	8.2%	5.8%	7.5%	5.7%	5.8%	4.4%
Free cash flow yield	10.9%	8.8%	11.1%	9.2%	7.4%	5.5%	7.3%	8.8%
Earnings yield	5.6%	3.9%	4.0%	2.7%	2.8%	2.0%	2.9%	2.9%
Enterprise value	$9.1B	$10.8B	$7.8B	$6B	$5.4B	$4.4B	$2.1B	$1.1B
Net debt / EBITDA	0.09×	0.13×	0.14×	0.19×	-0.19×	-0.34×	-1.09×	-1.83×
Cash conversion cycle (days)	66	76	76	106	76	82	89	106