REINSURANCE GROUP OF AMERICA INC
RGAdata completeness 88%18 fiscal years on fileREINSURANCE GROUP OF AMERICA INC earns about 10% on invested capital, barely covering its ~9% cost of capital, and has bought back 2% of its shares over 5 years. The estimate methods put fair value between $139.93 and $926.2 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $16.7B1 | $16.2B2 | $18.6B3 | $22.1B3 | $23.7B3 |
| Net income | $1.17B4 | $517M5 | $902M6 | $717M6 | $1.18B6 |
| Operating cash flow | $4.18B7 | $1.34B8 | $4.04B9 | $9.37B9 | $4.09B9 |
| Capital expenditure | $19M10 | $25M10 | — | — | — |
| Free cash flow (derived) | $4.16B7 | $1.32B8 | — | — | — |
| Total debt | $3.67B11 | $3.96B12 | $4.43B13 | $5.04B14 | $5.71B14 |
| Cash & equivalents | $2.93B15 | $2.93B16 | $2.97B15 | $3.33B15 | $4.17B15 |
| Diluted shares | 68.3M | 67.7M | 67.1M | 66.9M | 66.8M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $2,015.12 of net worth that earned you $176.95 last year, against $854.79 of debt.
It earned about 10% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.
seeing a moat in the numbers →Share count is down 2% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 56% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $139.93 and $926.2 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$3.29B
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$3.29B
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$902M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $681.46 |
| Base | 5.0% | $852 |
| Bull | 10.0% | $1,056.05 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0000898174-24-000048 (Revenues)
- 10-K · period ending 2022-12-31 · accession 0000898174-25-000027 (Revenues)
- 10-K · period ending 2023-12-31 · accession 0000898174-26-000006 (Revenues)
- 10-K · period ending 2021-12-31 · accession 0000898174-24-000048 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0000898174-25-000027 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0000898174-26-000006 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0000898174-24-000048 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0000898174-25-000027 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0000898174-26-000006 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0000898174-23-000046 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0000898174-23-000046 (LongTermDebt)
- 10-K · period ending 2022-12-31 · accession 0000898174-24-000048 (LongTermDebt)
- 10-K · period ending 2023-12-31 · accession 0000898174-25-000027 (LongTermDebt)
- 10-K · period ending 2024-12-31 · accession 0000898174-26-000006 (LongTermDebt)
- 10-K · period ending 2021-12-31 · accession 0000898174-26-000006 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0000898174-25-000027 (CashAndCashEquivalentsAtCarryingValue)