RGA
Reinsurance Group of America, Incorporated
RGA's fundamentals are strong and it looks cheap: trading at 11x earnings, below its usual 14x. Analysts expect earnings growth.
RGA Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
RGA's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like RGA.
RGA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 9.1x | $274 | — |
| Cheap | 11x | $272 | -0.6% |
| Current | 11x | $274 | — |
| Fair | 14x | $353 | +29% |
| Expensive | 18x | $454 | +66% |
Historical ranges are pointers, not guarantees.
RGA's PE is in its cheap range at 11x. If earnings grow as analysts expect, today's price would be 9.1x next year's earnings.
RGA Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for RGA, with profitability improving.
RGA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $29.94 | +16% |
| Q3 2026 | $25.88 | +99% |
| Q2 2026 | $22.77 | +98% |
| Q1 2026 | $18.46 | +56% |
| Q4 2025 | $17.75 | +65% |
| Q3 2025 | $13.00 | +19% |
| Q2 2025 | $11.52 | -10% |
| Q1 2025 | $11.85 | -7.9% |
| Q4 2024 | $10.74 | -20% |
RGA earned $25.88 per share over the past year, up 99% from the year before.
RGA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $7.6B | +22% |
| Q2 2026 | $6.6B | +19% |
| Q1 2026 | $6.5B | +23% |
| Q4 2025 | $6.6B | +27% |
| Q3 2025 | $6.2B | +9.8% |
| Q2 2025 | $5.6B | +15% |
| Q1 2025 | $5.3B | -17% |
| Q4 2024 | $5.2B | +4.7% |
RGA's revenue has grown year over year for six quarters in a row: $7.5B last quarter, up 22% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 8.3% | +3.1 points |
| Q2 2026 | 9.1% | +3 points |
| Q1 2026 | 6.8% | -0.2 points |
| Q4 2025 | 7.7% | +3.4 points |
| Q3 2025 | 5.2% | +1.4 points |
| Q2 2025 | 6.1% | +0.6 points |
| Q1 2025 | 7% | +2.7 points |
| Q4 2024 | 4.3% | +1 points |
RGA's operating margin was 8.3% last quarter, up 3.1 points from the same quarter a year ago.
RGA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$1.4B | -$365M |
| Q2 2026 | -$484M | +$336M |
| Q1 2026 | -$2.9B | -$1.4B |
| Q4 2025 | $7.3B | -57% |
| Q3 2025 | -$990M | +$77M |
| Q2 2025 | -$820M | +$147M |
| Q1 2025 | -$1.4B | +$4.3B |
| Q4 2024 | $17.1B | +150% |
RGA's free cash flow was $2.6B over the past year, down 81% from the year before. Free cash flow isn't a meaningful measure for financial services companies like RGA.
RGA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -1.5% | -1M shares |
| 3 years | -1.5% | -1M shares |
| 5 years | -2.9% | -2M shares |
| Available history | +3.3% | +2.1M shares |
RGA has 66M diluted shares, down 1.5% from a year ago, with $289M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $82M |
| Q2 2026 | $52M |
| Q1 2026 | $94M |
| Q4 2025 | $61M |
| Q3 2025 | $75M |
| Q2 2025 | — |
| Q1 2025 | $38M |
| Q4 2024 | $1M |
RGA spent $289M buying back its own shares over the past year, up 154% from the year before.
RGA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q1 2021 | 0.5x | Very low |
| Q4 2020 | 0.3x | Very low |
| Q3 2020 | 0.4x | Very low |
| Q2 2020 | -0.9x | Net Cash |
| Q1 2020 | 0.2x | Very low |
| Q4 2019 | 1.3x | Healthy |
RGA's net debt is less than a year of its operating earnings (EBITDA). Net leverage isn't a meaningful measure for financial services companies like RGA.
RGA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 73.2 | Overbought |
| Stochastic | 81.8 | Overbought |
RGA's weekly RSI is 73 (overbought) and its Stochastic is 82 (overbought).
RGA PE vs Financial Services Sector
| Metric | RGA | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 13x | 19% below |
| PE % | 17 | 63 | 46 pts below |
RGA is trading at 11x earnings, a 19% discount to the Financial Services sector's median of 13x.
RGA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $260.6 | 5% above |
| 20 week MA | $249.4 | 9.8% above |
| 50 week MA | $224.0 | 22% above |
| 100 week MA | $210.2 | 30% above |
| 200 week MA | $191.9 | 43% above |
RGA is in an uptrend: it's above all five of its weekly moving averages, and 43% above its 200-week average.
RGA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $162.0 | $113.6 | -30% |
| 2021 | $113.6 | $109.4 | -3.6% |
| 2022 | $109.4 | $142.7 | +30% |
| 2023 | $142.7 | $161.8 | +13% |
| 2024 | $161.8 | $211.4 | +31% |
| 2025 | $211.4 | $205.6 | -2.8% |
| 2026 YTD | $205.6 | $273.7 | +33% |
RGA is up 33% so far in 2026, after finishing lower in three of the previous six years.