Reinsurance Group of America, Incorporated (RGA) Key Metrics
RGA valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $17.42B
- Enterprise value
- $16.53B
- P/E (TTM)
- 11.7 10-yr median 12.1
- Forward P/E
- 7.7
- PEG ratio
- 1.14
- Price / sales
- 0.7 10-yr median 0.6
- Price / book
- 1.2 10-yr median 1.1
- EV / EBITDA
- — 10-yr median 10.9
- Dividend yield
- 1.47% $3.92 a year
- Beta
- 0.45
RGA key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsRGA valuation Price multiples at each fiscal year-end price.
RGA returns How much profit the business earns on the capital it uses.
RGA per-share figures Results divided by the shares outstanding at year-end.
RGA financial health Debt, liquidity and how easily interest is covered.
RGA efficiency & capital use Working capital cycle and where the cash goes.
RGA valuation history
RGA returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
RGA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
RGA cash returned to shareholders
RGA price vs earnings per share
RGA key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $13.58B | $14.29B | $10.86B | $9.62B | $7.48B | $7.63B | $10.42B | $9.13B | $10.25B | $8.18B |
| Enterprise value | $15.12B | $16.01B | $12.31B | $10.65B | −$52.06B | −$48.38B | $12.55B | −$29.03B | $12.52B | −$20.96B |
| P/E ratio | 11.5 | 19.9 | 12.0 | 18.6 | 12.1 | 18.4 | 12.0 | — | — | — |
| Price / sales | 0.6 | 0.6 | 0.6 | 0.6 | 0.4 | 0.5 | 0.7 | 709.0 | 819.2 | 709.8 |
| Price / book | 1.0 | 1.3 | 1.2 | 1.4 | 0.1 | 0.5 | 0.9 | 1.1 | 1.1 | 1.2 |
| Price / free cash flow | 3.3 | 1.5 | 2.7 | 7.3 | 1.8 | 2.3 | 4.6 | 5.9 | 5.3 | 5.8 |
| Price / operating cash flow | 3.3 | 1.5 | 2.7 | 7.2 | 1.8 | 2.3 | 4.5 | 5.8 | 5.2 | 5.6 |
| EV / sales | 0.7 | 0.7 | 0.7 | 0.7 | -3.1 | -3.3 | 0.9 | -2,254.3 | — | -1,819.6 |
| EV / EBITDA | 7.8 | 12.0 | 8.4 | 11.2 | — | — | 10.6 | — | 231.7 | — |
| EV / free cash flow | 3.7 | 1.7 | 3.0 | 8.1 | — | — | 5.5 | — | 6.5 | — |
| Earnings yield | 8.7% | 5.0% | 8.3% | 5.4% | 8.3% | 5.4% | 8.4% | 0.0% | 0.0% | 0.0% |
| Free cash flow yield | 30.1% | 65.6% | 37.3% | 13.7% | 55.7% | 43.2% | 21.8% | 17.0% | 18.9% | 17.4% |
| Dividend yield | 1.8% | 1.6% | 2.0% | 2.1% | 2.6% | 2.4% | 1.6% | 1.5% | 1.1% | 1.2% |
| Shareholder yield (dividends + buybacks) | 3.0% | 1.8% | 4.1% | 3.0% | 3.9% | 4.5% | 2.5% | 4.8% | 1.6% | 2.7% |
| Share price at fiscal year-end | $203.46 | $213.63 | $161.78 | $142.09 | $109.49 | $115.90 | $163.06 | $140.23 | $155.93 | $125.83 |
| Per share | ||||||||||
| Revenue per share | $341.54 | $329.49 | $274.10 | $234.56 | $243.89 | $221.82 | $223.85 | $0.20 | $0.19 | $0.18 |
| Earnings per share | $17.71 | $10.72 | $13.44 | $7.64 | $9.03 | $6.31 | $13.62 | $0.01 | $0.03 | $0.01 |
| Operating cash flow per share | $61.31 | $140.06 | $60.27 | $19.84 | $61.23 | $50.49 | $36.11 | $24.29 | $30.15 | $22.55 |
| Free cash flow per share | $61.31 | $140.06 | $60.27 | $19.47 | $60.95 | $50.06 | $35.58 | $23.84 | $29.48 | $21.87 |
| Cash per share | $62.46 | $49.72 | $44.26 | $43.23 | $933.88 | $917.48 | $22.68 | $645.54 | $19.82 | $513.49 |
| Book value per share | $201.72 | $161.67 | $135.34 | $104.59 | $1,250.98 | $218.12 | $181.60 | $129.81 | $145.54 | $109.14 |
| Tangible book value per share | $201.63 | $161.55 | $206.11 | $104.28 | $1,248.16 | $214.88 | $181.08 | $128.50 | $142.42 | $108.05 |
| Dividends per share | $3.60 | $3.42 | $3.26 | $3.03 | $2.84 | $2.77 | $2.55 | $2.15 | $1.78 | $1.54 |
| Capex per share | $0.00 | $0.00 | $1.15 | $0.37 | $0.28 | $0.43 | $0.53 | $0.44 | $0.67 | $0.69 |
| Debt per share | $85.57 | $75.37 | $65.98 | $58.51 | $62.18 | $66.28 | $56.03 | $59.44 | $54.33 | $65.08 |
| Shares outstanding | 66.7M | 66.9M | 67.1M | 67.7M | 68.3M | 65.8M | 63.9M | 65.1M | 65.8M | 65.0M |
| Change in shares outstanding | −0.3% | −0.3% | −0.9% | −0.9% | +3.8% | +3.0% | −1.9% | −1.0% | +1.2% | −3.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 9.7% | 7.2% | 11.2% | 1.1% | 1.2% | 3.2% | 8.7% | 0.0% | 0.0% | 0.0% |
| Return on invested capital (ROIC) | 8.6% | 6.3% | 9.7% | 3.1% | — | — | — | — | — | — |
| Return on assets (ROA) | 0.9% | 0.7% | 1.0% | 0.6% | 0.7% | 0.5% | 1.2% | 0.0% | 0.0% | 0.0% |
| Return on tangible assets | 0.8% | 0.6% | 0.9% | 0.6% | 0.7% | 0.5% | 1.1% | 0.0% | 0.0% | 0.0% |
| Free cash flow margin | 18.0% | 42.5% | 22.0% | 8.3% | 25.0% | 22.6% | 15.9% | — | — | — |
| Income quality (OCF / net income) | 3.46 | 13.07 | 4.48 | 2.60 | 6.78 | 8.00 | 2.65 | — | — | — |
| Financial health | ||||||||||
| Total debt | $5.71B | $5.04B | $4.43B | $3.96B | $4.25B | $4.36B | $3.58B | $3.87B | $3.57B | $4.23B |
| Cash & short-term investments | $4.17B | $3.33B | $2.97B | $2.93B | $63.78B | $60.37B | $1.45B | $42.02B | $1.30B | $33.37B |
| Net debt | $1.54B | $1.72B | $1.46B | $1.03B | −$59.54B | −$56.01B | $2.13B | −$38.15B | $2.27B | −$29.14B |
| Debt / equity | 0.42 | 0.47 | 0.49 | 0.56 | 0.05 | 0.30 | 0.31 | 0.46 | 0.37 | 0.60 |
| Debt / assets | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.08 |
| Net debt / EBITDA | 0.79 | 1.29 | 1.00 | 1.09 | −81.11 | −93.04 | 1.80 | −829.94 | 41.98 | — |
| Current ratio | — | — | — | 14.85 | 112.97 | 160.49 | 7.88 | 1.07 | 7.45 | 1.10 |
| Quick ratio | — | — | — | 14.85 | 126.19 | 181.36 | 19.06 | 1.07 | 7.45 | 1.10 |
| Interest coverage | 4.2 | 3.2 | 4.5 | 3.8 | 5.4 | 3.3 | 6.5 | 5.8 | 7.8 | 7.6 |
| Working capital | — | — | $10.84B | $5.54B | $68.64B | $63.80B | $3.83B | $3.91B | $3.15B | $4.31B |
| Invested capital | $15.00B | $12.53B | $10.54B | $8.12B | $25.91B | −$41.66B | $13.73B | −$29.70B | $11.84B | −$22.05B |
| Tangible asset value | $13.54B | $10.90B | $13.92B | $7.15B | $85.25B | $14.14B | $11.57B | $8.37B | $9.36B | $7.02B |
| Net current asset value | −$134.40B | −$100.55B | −$81.95B | −$71.79B | $62.52B | −$6.11B | −$60.74B | $364.3M | −$47.30B | $384.4M |
| Graham number | $283.54 | $197.45 | $202.32 | $134.06 | $504.25 | $175.93 | $235.90 | $5.67 | $9.53 | $5.15 |
| Graham net-net per share | −$2,030.76 | −$1,517.48 | −$1,365.04 | −$1,071.58 | $836.01 | −$170.82 | −$1,011.08 | −$173.61 | −$728.30 | −$164.22 |
| Capital allocation | ||||||||||
| Dividends paid | $240.0M | $229.0M | $219.0M | $205.0M | $194.0M | $182.0M | $163.0M | $140.1M | $117.3M | $100.4M |
| Share buybacks (net) | $174.0M | $27.0M | $227.0M | $81.0M | $99.0M | $163.0M | $101.0M | $299.7M | $44.0M | $122.9M |
| Dividend payout ratio | 20.3% | 31.9% | 24.3% | 39.7% | 31.4% | 43.9% | 18.7% | — | — | — |
| Dividends + buybacks / free cash flow | 10.1% | 2.7% | 11.0% | 21.7% | 7.0% | 10.5% | 11.6% | 28.3% | 8.3% | 15.7% |
| Capex / revenue | 0.0% | 0.0% | 0.4% | 0.2% | 0.1% | 0.2% | 0.2% | 224.4% | 353.2% | 387.5% |
| Capex / operating cash flow | 0.0% | 0.0% | 1.9% | 1.9% | 0.5% | 0.8% | 1.5% | 1.8% | 2.2% | 3.0% |
| Capex / depreciation | 0.00 | 0.00 | 1.88 | — | — | 9.33 | — | 0.64 | 0.83 | 1.66 |
| Stock-based compensation / revenue | — | — | 0.3% | 0.3% | 0.5% | 0.1% | −1.5% | 233.0% | 175.8% | 287.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 67.0 | 61.5 | 64.9 | 97.5 | 101.8 | 84.6 | 85.7 | 86,656.6 | 72,225.5 | 79,993.2 |
| Days of inventory on hand | — | — | -398.1 | — | -3,208.4 | -3,260.2 | -2,618.5 | — | — | — |
| Days payables outstanding | — | — | 21.1 | 17.5 | 236.1 | 258.3 | 219.5 | 226,596.3 | 225,391.0 | 1,351,582.3 |
| Cash conversion cycle (days) | — | — | -354.3 | 80.0 | -3,342.7 | -3,433.9 | -2,752.3 | -139,939.7 | -153,165.4 | -1,271,589.1 |
| Receivables turnover | 5.44 | 5.94 | 5.62 | 3.74 | 3.59 | 4.32 | 4.26 | 0.00 | 0.01 | 0.00 |
| Payables turnover | — | — | 17.28 | 20.90 | 1.55 | 1.41 | 1.66 | 0.00 | 0.00 | 0.00 |
| Asset turnover | 0.17 | 0.20 | 0.20 | 0.18 | 0.19 | 0.18 | 0.20 | 0.00 | 0.00 | 0.00 |
| Average receivables | $4.19B | $3.71B | $3.27B | $4.24B | $4.65B | $3.38B | $3.36B | $3.06B | $2.48B | $2.53B |
| Average payables | — | — | $929.5M | $684.5M | $605.5M | $577.5M | $522.1M | $488.0M | $438.9M | $2.39B |
| Average inventory | — | — | −$17.52B | — | −$8.23B | −$7.29B | −$6.23B | — | $0 | $0 |
| Intangibles / total assets | 0.0% | 0.0% | −4.9% | 0.0% | 0.2% | 0.3% | 0.0% | 0.1% | 0.3% | 0.1% |
Computed from RGA's annual financial statements (latest annual report filed February 20, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
RGA valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Reinsurance Group of America traded at 11.5 times earnings, against a 10-year median of 12.1. Based on the latest twelve months, the trailing P/E is 11.7 and the forward P/E is 7.7. Reinsurance Group of America earned a return on equity of 9.7% and a return on invested capital of 8.6% in fiscal 2025. It ended the year with $5.7 billion of debt and $4.2 billion in cash and short-term investments, net debt of $1.5 billion. It returned $414.0 million to shareholders: $240.0 million in dividends and $174.0 million in share buybacks, 10% of free cash flow.
See the RGA income statement, the RGA chart for price history, or the RGA stock overview for the latest quote and news.
RGA key metrics FAQ
What is Reinsurance Group of America's P/E ratio?
Reinsurance Group of America's trailing P/E ratio is 11.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 7.7. At the end of fiscal 2025 it was 11.5, compared with a 10-year median of 12.1.
What is Reinsurance Group of America's EV/EBITDA?
Reinsurance Group of America's enterprise value was 7.8 times EBITDA at the end of fiscal 2025 (enterprise value $15.1 billion, EBITDA $1.9 billion).
What is Reinsurance Group of America's return on equity?
Reinsurance Group of America's return on equity (ROE) was 9.7% in fiscal 2025: net income of $1.2 billion on average shareholders' equity of $12.1 billion.
What is Reinsurance Group of America's ROIC?
Reinsurance Group of America's return on invested capital was 8.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Reinsurance Group of America have?
Reinsurance Group of America had total debt of $5.7 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.42 and $1.5 billion of net debt (0.79 times EBITDA).
What is Reinsurance Group of America's dividend yield?
Reinsurance Group of America's forward dividend yield is 1.47%. Reinsurance Group of America paid $240.0 million in dividends in fiscal 2025 ($3.60 per share), a payout ratio of 20.3%.
Does Reinsurance Group of America buy back its shares?
Yes. Reinsurance Group of America spent $174.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.3% over the year, to 66.7M..
What is Reinsurance Group of America's free cash flow yield?
Reinsurance Group of America generated $4.1 billion of free cash flow in fiscal 2025, a free cash flow yield of 30.1% on its market value at year-end ($13.6 billion).