Recent News
On June 23, 2026 RGA named Senan O’Loughlin Executive Vice President, Head of the Americas, effective June 22; on July 1, 2026 the company appointed Maurice Tulloch to its Board of Directors. Filings around these announcements include related Form 8‑K disclosures.
Technical Analysis
ADX at 33.35 signals a strong directional move is in place; strength does not imply direction, but confirms prevailing momentum magnitude.
DI+ stands at 26.90 with a peak-and-reversal pattern while DI‑ sits at 13.84 with a dip-and-reversal pattern; both readings align with a directional pressure toward the downside based on the recent reversal behaviors.
MACD reads 5.27 versus a signal line at 5.13, which shows a recent MACD-over-signal crossover (a bullish trigger), yet the MACD trend shows a peak-and-reversal, indicating underlying momentum has started to weaken despite the crossover.
MRO at 35.56 and declining indicates price sits above the WMDST target and that that excess creates downward pressure; the downward trajectory of the oscillator reduces the likelihood of a sustained upward extension from current levels without fresh momentum.
RSI at 62.94 with a peak-and-reversal pattern signals the market moved toward the upper band recently and has started to pull back from that peak, consistent with short-term consolidation or correction.
Price sits above the 20-, 50- and 200-day averages (20-day: $241.66; 50-day: $227.50; 200-day: $208.56) and the 12-day EMA is increasing, which supports a constructive intermediate-term bias; Bollinger bands place the current close near the upper band range. Ichimoku Tenkan at $241.71 and Kijun at $239.29 lie below price, and the super trend lower support at $237.26 offers near-term support beneath the current trade.
Fundamental Analysis
Revenue totaled $6,565,000,000; net income from continuing operations reached $462,000,000. EBIT recorded $706,000,000, yielding an EBIT margin of 10.75%, which improved YoY by 37.13 percentage points versus the prior period margin.
EPS came in at $8.89 versus an estimate of $6.49, producing an EPS surprise of +36.98%, and forward EPS stands at $7.39 with a forward PE of 28.09. Trailing PE registers 25.07.
WMDST valuation labels the stock fair-valued. Enterprise value measures $1,123,617,289 against a market capitalization of $14,550,617,289; EV-to-revenue (EVR) sits at 0.171, reflecting a capital structure with substantial cash and short-term investments ($19,136,000,000) that materially reduce enterprise value.
Cash flow and liquidity show operating cash flow of $484,000,000 and free cash flow of $484,000,000, delivering a free cash flow yield of 3.33% and free cash flow to net income of 1.05x. Beginning cash flow and end-period cash both reflect ample liquidity ($4,993,000,000 and $5,288,000,000 respectively).
Capital structure shows total debt $5,709,000,000, net debt $421,000,000, debt-to-assets 3.42% and debt-to-equity 41.69%. Debt-to-assets measures below the industry peer mean of 4.914%, indicating comparatively lower leverage versus peers on that metric.
Profitability and efficiency signals diverge versus industry peer benchmarks: EBIT margin at 10.75% sits below the industry peer mean of 32.921% and median of 32.655%; price-to-book at 1.06 lies slightly above the industry peer mean of 0.953; asset turnover at 0.03965 sits below the industry peer mean of 0.05538; free cash flow yield of 3.33% falls below the industry peer mean of 7.975%.
Growth dynamics show earnings growth YoY of +161.38% while QoQ earnings growth reads -373.69% (both reported as percentage changes). Revenue growth signals include a modest overall revenue growth figure but materially negative reported year-over-year revenue change; WMDST interprets these mixed growth rates in the context of insurance cycle timing and realized investment outcomes rather than a persistent top-line trend alone.
Key capital and return metrics: return on equity at 3.37% lags the industry peer mean of 4.853%; return on invested capital at 2.79% improved year-over-year but remains below typical sector-leading levels. Interest coverage at 6.99x provides comfortable coverage for current interest obligations.
Valuation context: WMDST values the stock as fair-valued, reflecting a balance of improved earnings and excess liquidity versus below-peer margins and modest cash-return yield metrics.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-06 |
| NEXT REPORT DATE: | 2026-11-05 |
| CASH FLOW | Begin Period Cash Flow | $ 5.0 B |
| Operating Cash Flow | $ 484.0 M | |
| Capital Expenditures | $ -176.00 M | |
| Change In Working Capital | $ 22.0 M | |
| Dividends Paid | $ -61.00 M | |
| Cash Flow Delta | $ 295.0 M | |
| End Period Cash Flow | $ 5.3 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 6.6 B | |
| Forward Revenue | $ 1.7 B | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 6.0 B | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | — | |
| EBIT | $ 706.0 M | |
| Operating Income | — | |
| Interest Income | $ 86.0 M | |
| Interest Expense | $ 101.0 M | |
| Net Interest Income | $ -101.00 M | |
| Income Before Tax | $ 605.0 M | |
| Tax Provision | $ 141.0 M | |
| Tax Rate | 23.306 % | |
| Net Income | $ 462.0 M | |
| Net Income From Continuing Operations | $ 462.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 6.49 | |
| EPS Actual | $ 8.89 | |
| EPS Difference | $ 2.40 | |
| EPS Surprise | 36.98 % | |
| Forward EPS | $ 7.39 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 167.1 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 13.7 B | |
| Total Current Assets | — | |
| Cash and Short-Term Investments | $ 19.1 B | |
| Cash | $ 5.3 B | |
| Net Receivables | $ 6.7 B | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | — | |
| Total Current Liabilities | — | |
| Net Debt | $ 421.0 M | |
| Total Debt | $ 5.7 B | |
| Total Liabilities | $ 153.3 B | |
| EQUITY | ||
| Total Equity | $ 13.7 B | |
| Retained Earnings | $ 10.8 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 209.73 | |
| Shares Outstanding | 65.292 M | |
| Revenue Per-Share | $ 100.55 | |
| VALUATION | Market Capitalization | $ 14.6 B |
| Enterprise Value | $ 1.1 B | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 0.171 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 12.204 | |
| Asset To Liability | 1.09 | |
| Debt To Capital | 0.294 | |
| Debt To Assets | 0.034 | |
| Debt To Assets QoQ | -8.197 % | |
| Debt To Assets YoY | -20.484 % | |
| Debt To Assets IPRWA | high: 0.068 median: 0.05 mean: 0.049 RGA: 0.034 low: 0.004 |
|
| Debt To Equity | 0.417 | |
| Debt To Equity QoQ | -9.218 % | |
| Debt To Equity YoY | -12.366 % | |
| Debt To Equity IPRWA | RGA: 0.417 high: 0.297 median: 0.211 mean: 0.203 low: 0.013 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.063 | |
| Price To Book QoQ | 3.883 % | |
| Price To Book YoY | 0.746 % | |
| Price To Book IPRWA | high: 1.698 median: 1.154 RGA: 1.063 mean: 0.953 low: 0.24 |
|
| Price To Earnings (P/E) | 25.068 | |
| Price To Earnings QoQ | -15.823 % | |
| Price To Earnings YoY | -39.859 % | |
| Price To Earnings IPRWA | high: 60.502 mean: 28.078 RGA: 25.068 low: 23.658 median: 23.658 |
|
| PE/G Ratio | 0.91 | |
| Price To Sales (P/S) | 2.216 | |
| Price To Sales QoQ | 5.558 % | |
| Price To Sales YoY | -4.176 % | |
| Price To Sales IPRWA | high: 7.969 median: 4.646 mean: 4.232 RGA: 2.216 low: 1.239 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 28.091 | |
| Forward PE/G | 1.02 | |
| Forward P/S | 8.487 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 22.368 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.04 | |
| Asset Turnover Ratio QoQ | -1.832 % | |
| Asset Turnover Ratio YoY | -5.595 % | |
| Asset Turnover Ratio IPRWA | high: 0.073 mean: 0.055 median: 0.054 low: 0.051 RGA: 0.04 |
|
| Receivables Turnover | 0.977 | |
| Receivables Turnover Ratio QoQ | 4.957 % | |
| Receivables Turnover Ratio YoY | -3.98 % | |
| Receivables Turnover Ratio IPRWA | RGA: 0.977 high: 0.314 mean: 0.241 median: 0.23 low: 0.165 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 93.425 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 93.425 | |
| Cash Conversion Cycle Days QoQ | -4.722 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 552.901 median: 397.436 mean: 390.025 low: 290.167 RGA: 93.425 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | -0.027 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 19.4 B | |
| Net Invested Capital | $ 19.4 B | |
| Invested Capital | $ 19.4 B | |
| Net Tangible Assets | $ 13.7 B | |
| Net Working Capital | — | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | — | |
| Current Ratio QoQ | — | |
| Current Ratio YoY | — | |
| Current Ratio IPRWA | — | |
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 1.311 % | |
| Interest Coverage Ratio | 6.99 | |
| Interest Coverage Ratio QoQ | 28.152 % | |
| Interest Coverage Ratio YoY | 45.965 % | |
| Interest Coverage Ratio IPRWA | high: 36.173 median: 27.705 mean: 22.865 RGA: 6.99 low: -168.184 |
|
| Operating Cash Flow Ratio | — | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 7.574 | |
| Dividend Payout Ratio | 0.132 | |
| Dividend Rate | $ 0.93 | |
| Dividend Yield | 0.004 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.86 % | |
| Revenue Growth | 1.374 % | |
| Revenue Growth QoQ | -168.769 % | |
| Revenue Growth YoY | -67.208 % | |
| Revenue Growth IPRWA | high: 63.113 % median: 26.505 % mean: 24.668 % RGA: 1.374 % low: -3.543 % |
|
| Earnings Growth | 27.547 % | |
| Earnings Growth QoQ | -373.691 % | |
| Earnings Growth YoY | 161.382 % | |
| Earnings Growth IPRWA | high: 96.651 % median: 96.651 % mean: 69.683 % RGA: 27.547 % low: -21.429 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | 10.754 % | |
| EBIT Margin QoQ | 28.976 % | |
| EBIT Margin YoY | 37.133 % | |
| EBIT Margin IPRWA | high: 41.789 % mean: 32.921 % median: 32.655 % RGA: 10.754 % low: -17.702 % |
|
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 484.0 M | |
| Free Cash Flow Yield | 3.326 % | |
| Free Cash Flow Yield QoQ | -84.259 % | |
| Free Cash Flow Yield YoY | -48.442 % | |
| Free Cash Flow Yield IPRWA | high: 23.519 % mean: 7.975 % median: 6.669 % RGA: 3.326 % low: -1.09 % |
|
| Free Cash Growth | -83.153 % | |
| Free Cash Growth QoQ | -135.055 % | |
| Free Cash Growth YoY | 95.117 % | |
| Free Cash Growth IPRWA | high: 23.967 % median: 10.847 % mean: -50.977 % RGA: -83.153 % low: -281.967 % |
|
| Free Cash To Net Income | 1.048 | |
| Cash Flow Margin | 7.692 % | |
| Cash Flow To Earnings | 1.048 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.279 % | |
| Return On Assets QoQ | 35.437 % | |
| Return On Assets YoY | 102.174 % | |
| Return On Assets IPRWA | high: 1.481 % median: 1.218 % mean: 1.151 % RGA: 0.279 % low: -1.313 % |
|
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | 0.034 | |
| Return On Equity QoQ | 35.939 % | |
| Return On Equity YoY | 125.988 % | |
| Return On Equity IPRWA | high: 0.06 mean: 0.049 median: 0.046 RGA: 0.034 low: 0.03 |
|
| DuPont ROE | 3.424 % | |
| Return On Invested Capital (ROIC) | 2.791 % | |
| Return On Invested Capital QoQ | 33.605 % | |
| Return On Invested Capital YoY | 45.82 % | |
| Return On Invested Capital IPRWA | high: 7.508 % mean: 5.377 % median: 3.941 % RGA: 2.791 % low: -2.485 % |
|