Reinsurance Group of America, Incorporated (RGA) 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

+69.3%

$450.51

vs $266.05 price

Levered DCF

$2,558.70

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.43

Distress zone

Rating

B+

Overall 3 / 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	11.34×	19.6×	11.9×	18.38×	12.03×	18.25×	11.75×	12.46×
P/B	1×	1.3×	1.2×	1.36×	0.57×	0.53×	0.88×	1.06×
P/S	0.59×	0.64×	0.59×	0.61×	0.46×	0.52×	0.72×	0.69×
EV / EBITDA	7.69×	11.86×	8.44×	11.25×	5.31×	10.53×	9.12×	10.12×
Gross margin	25.4%	11.3%	12.7%	9.9%	11.5%	10.6%	14.8%	14.0%
Operating margin	6.8%	4.4%	6.3%	4.5%	8.6%	3.8%	8.0%	6.6%
Net margin	5.2%	3.3%	4.9%	3.3%	7.3%	2.8%	6.1%	5.6%
Current ratio	0×	0×	0×	0×	0×	0×	0×	0×
Debt / equity	0.42×	0.47×	0.49×	0.56×	0.3×	0.28×	0.31×	0.41×
Interest coverage	4.21×	3.22×	4.51×	3.76×	9.96×	3.25×	6.54×	5.76×
Dividend yield	1.8%	1.6%	2.0%	2.1%	2.6%	2.4%	1.6%	1.6%
Payout ratio	20.3%	31.9%	24.3%	39.7%	16.6%	43.9%	18.7%	19.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.8%	6.6%	9.9%	7.3%	9.0%	2.9%	7.5%	8.5%
Return on invested capital	0.8%	0.6%	0.9%	0.6%	1.3%	0.5%	1.1%	1.1%
Return on assets	0.8%	0.6%	0.9%	0.6%	1.3%	0.5%	1.1%	1.1%
Free cash flow yield	30.4%	66.7%	37.3%	13.7%	56.1%	43.5%	22.2%	17.4%
Earnings yield	8.8%	5.1%	8.3%	5.4%	15.8%	5.5%	8.5%	8.0%
Enterprise value	$15B	$15.8B	$12.3B	$10.6B	$8.3B	$8.1B	$12.4B	$10.5B
Net debt / EBITDA	0.79×	1.29×	1×	1.09×	0.57×	0.72×	1.57×	1.52×
Cash conversion cycle (days)	72	65	70	69	66	71	76	86