RENAISSANCERE HOLDINGS LTD
$353.62
−1.04 (−0.29%) · delayed · Nov 13, 2026
Five-year price
52w $251.60 to $363.84
- Market cap
- $16.4B
- Enterprise value
- $17.0B
- P/E
- 6.3×
- 7.4× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- 22.5%
- ROIC
- —
- Debt / equity
- 0.20
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
75
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ○ROE > 15% (5y avg)5y avg ROE 9.5%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ●Earnings convert to cashFCF / net income 145% (5y avg)
- ●Growing revenueRevenue CAGR 5y 20.0%
- ●Shrinking share countDiluted shares -1.5% over 5y
Value
100
- ●P/E below 15P/E 6.3
- –EV/EBIT below 12EV/EBIT n/a
- ●FCF yield above 6%FCF yield 22.5%
- ●Price below Graham NumberGraham Number $561.11
- ●P/B below 3P/B 1.4
Safety
100
- ●Debt / equity below 0.5D/E 0.20
- ●Debt payable in < 4 yrs of earningsNet debt $0.6B
- –Interest coverage > 8xCoverage n/ax
- –Current ratio > 1.5Current ratio n/a
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
83
- ●Adequate size (revenue > $2B)Revenue $12.8B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- ○Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 1308%
- ●Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 7.4
- ●P/E × P/B ≤ 22.5Product 10.5
Valuation lab
What do you have to believe?
At $353.62, the market is pricing in about −14.8% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $598M · 46M shares · 5y revenue CAGR 20.0%
Intrinsic value
$4,664.15
Price
$353.62
Margin of safety
92%
What the price implies
The market is paying for −14.8% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,728 | 2,104 | 2,075 | 4,202 | 5,172 | 5,278 | 5,060 | 9,135 | 11,695 | 12,848 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Pre-tax income | 630 | (328) | 263 | 967 | 996 | (114) | (1,219) | 3,110 | 2,993 | 4,014 |
| Income tax | 0 | 26 | (6) | 17 | 3 | (11) | (59) | (510) | 33 | 396 |
| Net income | 503 | (222) | 227 | 749 | 762 | (40) | (1,061) | 2,561 | 1,870 | 2,682 |
| EPS (diluted) | 11.43 | -6.15 | 4.91 | 16.29 | 15.31 | -1.57 | -25.50 | 52.27 | 35.21 | 56.03 |
| Diluted shares | 42 | 40 | 40 | 43 | 47 | 47 | 43 | 48 | 51 | 46 |
Who owns it