RZB

MKT CAP:$13B

Reinsurance Group of America, Incorporated

Market Cap

$13B

Financial Services·Insurance - Reinsurance·🇺🇸 United States·NYSE

Financials·Insurance·🇺🇸·NYSE

Stock Price

$25.19+$0.28 (+1.12%)

Apr 22, 2026

Company Details

Reinsurance Group of America, Inc. is a holding company, which engages in the provision of traditional and non-traditional life and health reinsurance products. It operates through the following segments: U.S. and Latin America, Canada, Eur...

CEO

Tony Cheng

IPO Date

Jun 13, 2016

Website

www.rgare.com

Key Metrics TTM

Revenue

$22.9B

+29.4% YoY

Net Income

$1.0B

EPS (Diluted)

$15.45

Free Cash Flow

$8.8B

Revenue / Share

$341.16

Gross Margin

79.2%

Operating Margin

73.0%

Net Margin

4.5%

FCF Margin

38.4%

P/S

0.6x

P/E

12.3x

Earnings Reports

Q1 2026

Apr 30, 2026

PENDING

FY 2025

Feb 20, 2026

$23.7B+7.2%EPS $17.69

Q4 2025

Feb 20, 2026

$6.6BEPS $6.92

FY 2024

Feb 21, 2025

$22.1B+19.1%EPS $10.73

Q2 2024

Aug 2, 2024

$4.9B+16.5%EPS $3.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 20	$3.2B	$3.2B	$3.2B
Q2 20	$3.6B	$3.4B	$241M
Q3 20	$3.6B	$3.6B	$3.6B
Q4 20	$4.1B	$3.9B	$216M
Q1 21	$4.1B	$3.9B	$234M
Q2 21	$4.1B	$3.9B	$527M
Q3 21	$4.0B	$4.0B	$4.0B
Q4 21	$4.4B	$4.1B	$59M
Q3 22	$4.0B	$4.0B	$4.0B
Q1 23	$4.3B	$4.3B	$4.3B
Q2 23	$4.2B	$3.9B	$328M
Q3 23	$5.2B	$4.9B	$452M
Q4 23	$5.0B	$5.0B	$5.0B
Q1 24	$6.3B	$6.3B	$6.3B
Q2 24	$4.9B	$4.9B	$4.9B
Q4 25	$6.6B	$1.9B	$510M

Valuation

Quarter	P/S	P/E
Q1 20	0.9x	20.7x
Q2 20	0.9x	22.3x
Q3 20	0.9x	24.5x
Q4 20	0.9x	30.5x
Q1 21	0.8x	19.7x
Q2 21	0.8x	15.3x
Q3 21	0.8x	21.4x
Q4 21	0.8x	20.5x
Q3 22	0.8x	31.5x
Q1 23	0.8x	40.9x
Q2 23	0.8x	23.6x
Q3 23	0.7x	19.0x
Q4 23	0.7x	14.0x
Q1 24	0.6x	14.7x
Q2 24	0.6x	14.8x
Q4 25	0.6x	12.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 20	$2.2B	$2.2B
Q2 20	$372M	$367M
Q3 20	$200M	$194M
Q4 20	$543M	$532M
Q1 21	$2.4B	$2.4B
Q2 21	-$36M	-$42M
Q3 21	$1.5B	$1.5B
Q4 21	$361M	$357M
Q3 22	$835M	$828M
Q1 23	$1.6B	$1.6B
Q2 23	$244M	$237M
Q3 23	$1.0B	$992M
Q4 23	$1.2B	$1.2B
Q1 24	$5.7B	$5.7B
Q2 24	$967M	$967M
Q4 25	$852M	$852M

Capital Expenditures

Quarter	CapEx
Q1 20	$6M
Q2 20	$5M
Q3 20	$6M
Q4 20	$11M
Q1 21	$4M
Q2 21	$6M
Q3 21	$5M
Q4 21	$4M
Q3 22	$7M
Q1 23	$0
Q2 23	$7M
Q3 23	$8M
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 20	-6.3%	-100.0%
Q2 20	+4.0%	+6.6%
Q3 20	+0.4%	-100.0%
Q4 20	+9.5%	+14.6%
Q1 21	+28.6%	—
Q2 21	+14.7%	+7.2%
Q3 21	+11.0%	—
Q4 21	+5.2%	+9.5%
Q3 22	-1.7%	-100.0%
Q1 23	+2.8%	-100.0%
Q2 23	+3.6%	—
Q3 23	+18.7%	+9.8%
Q4 23	+23.6%	—
Q1 24	+49.1%	—
Q2 24	+16.5%	-100.0%
Q4 25	+28.3%	+29.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 20	$5M	0.2%
Q2 20	-$10M	-0.3%
Q3 20	$8M	0.2%
Q4 20	-$15M	-0.4%
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$15M	0.3%
Q3 22	$0	0.0%
Q1 23	$4M	0.1%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$11M	0.2%
Q1 24	$6M	0.1%
Q2 24	$20M	0.4%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q4 20	$12M
Q4 21	$55M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2.7B	$0	$2.7B
Q2 22	$2.6B	$0	$2.6B
Q3 22	$3.5B	$0	$3.5B
Q4 22	$2.9B	$0	$2.9B
Q1 23	$3.3B	$0	$3.3B
Q2 23	$2.6B	$0	$2.6B
Q3 23	$2.8B	$0	$2.8B
Q4 23	$3.0B	$0	$3.0B
Q1 24	$5.9B	$0	$5.9B
Q2 24	$4.6B	$0	$4.6B
Q3 24	$5.2B	$78.1B	$83.3B
Q4 24	$3.3B	$77.6B	$80.9B
Q1 25	$5.2B	$84.5B	$89.7B
Q2 25	$5.4B	$86.0B	$91.5B
Q3 25	$4.6B	$99.6B	$104.2B
Q4 25	$4.2B	$0	$4.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 20	62M	-2.8%	-3.1%
Q2 20	64M	+3.2%	0.0%
Q3 20	68M	+6.3%	+6.3%
Q4 20	68M	+0.6%	+7.2%
Q1 21	68M	-0.6%	+9.7%
Q2 21	69M	+1.5%	+7.8%
Q3 21	68M	-1.4%	0.0%
Q4 21	68M	-0.1%	-0.7%
Q3 22	68M	+0.1%	0.0%
Q1 23	68M	0.0%	-1.4%
Q2 23	68M	0.0%	0.0%
Q3 23	67M	-1.5%	-1.4%
Q4 23	67M	-0.4%	-1.9%
Q1 24	67M	+0.4%	-1.5%
Q2 24	67M	0.0%	-1.5%
Q4 25	67M	0.0%	0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 20	$1M	3K
Q2 20	$1M	3K
Q3 20	$1M	3K
Q4 20	$1M	4K
Q1 21	$1M	4K
Q2 21	$1M	4K
Q3 21	$1M	4K
Q4 21	$1M	4K
Q3 22	$1M	4K
Q1 23	$1M	4K
Q2 23	$1M	4K
Q3 23	$1M	4K
Q4 23	$1M	4K
Q1 24	$2M	4K
Q2 24	$1M	4K
Q4 25	$2M	4K

Revenue / Employee