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Overvalued
Morningstar Quantitative Rating as of 4 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 15.54 Fair value 20.41 One-star price 26.82
Morningstar Quantitative Rating as of 4 NOV 2026.
Morningstar Quantitative Rating as of 4 NOV 2026. The slider runs from the five-star price (15.54) to the one-star price (26.82).
| Ratios |
|---|
| Currency (Price/reporting): AUD/USD |
| Exchange Rate: 1.4284 |
| Price - closing or last bid | 25.89 |
| Price - 12 month high | 26.58 |
| Price - 12 month low | 18.57 |
| Pricing date | 4 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 3.55 |
| Market capitalization | 38,683.66 |
| 12 Month High price date | 23 OCT 2026 |
| 12 Month Low price date | 4 DEC 2025 |
| Volume - avg. trading volume for the last 3 months | 3.60 |
| Price - 1 Day % Change | -0.23% |
| Price - 13 week price percent change | 3.85% |
| Price - 26 week price percent change | 14.36% |
| Price - 5 Day % Change | 1.93% |
| Price - 52 week price percent change | 32.91% |
| Price - YTD price percent change | 30.17% |
| Price % Change Month To Date | 8.74% |
| EPS excluding extraordinary items - most recent fiscal year | 1.416 |
| EPS excluding extraordinary items - trailing 12 month | 1.431 |
| EPS Normalized - most recent fiscal year | 1.390 |
| Revenue/share - most recent fiscal year | 16.200 |
| Revenue/share - trailing 12 month | 16.821 |
| Book value per share - most recent fiscal year | 7.751 |
| Book value per share - most recent half-year | 7.809 |
| Book value (tangible) per share - most recent fiscal year | 6.354 |
| Book value (tangible) per share - most recent half-year | 6.384 |
| Cash per share - most recent fiscal year | 1.241 |
| Cash per share - most recent half-year | 1.556 |
| Cash Flow per share - most recent fiscal year | 2.773 |
| Cash Flow per share - trailing 12 month | 2.323 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 1.110 |
| EBITD per share - trailing 12 month | 2.092 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 1.429 |
| EPS Basic excluding extraordinary items - trailing 12 month | 1.444 |
| EPS including extraordinary items - most recent fiscal year | 1.429 |
| EPS including extraordinary items - trailing 12 month | 1.444 |
| Free Cash Flow per share - trailing 12 month | 2.202 |
| P/E excluding extraordinary items, most recent fiscal year | 12.26 |
| P/E Normalized, most recent fiscal year | 2.76 |
| Price to sales - most recent fiscal year | 1.04 |
| Price to Tangible Book - most fiscal year | 2.79 |
| Price to Free Cash Flow per Share - most recent fiscal year | 7.96 |
| Price to Cash Flow per share - trailing 12 month | 7.55 |
| Price to Book - most recent fiscal year | 2.28 |
| P/E excluding extraordinary items high, trailing 12 months | 12.55 |
| P/E excluding extraordinary items low, trailing 12 months | 9.17 |
| Net Debt, LFI | 2,063.00 |
| Net Debt, LFY | 2,061.00 |
| Dividend Yield - 5 Year Average | 2.80% |
| Dividend Yield - indicated annual dividend divided by closing price | 4.31% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 4.29% |
| Free Cash Flow - most recent fiscal year | 4,064.00 |
| LT debt/equity - most recent fiscal year | — |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 33.67% |
| LT debt/equity - most recent half-year | — |
| Total debt/total equity - most recent half-year | 37.60% |
| Free Cash Flow - trailing 12 month | 3,336.00 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 24,672.00 |
| Revenue - trailing 12 month | 25,484.00 |
| EBITD - most recent fiscal year | 3,280.00 |
| EBITD - trailing 12 month | 3,169.00 |
| Earnings before taxes - most recent fiscal year | 2,845.00 |
| Earnings before taxes - trailing 12 month | 2,891.00 |
| Net Income available to common - most recent fiscal year | 2,157.00 |
| Net Income available to common - trailing 12 months | 2,168.00 |
| Earnings before taxes Normalized - most recent fiscal year | 2,793.00 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 6.35 |
| Net Profit Margin % - 1st historical fiscal year | 8.78% |
| Net Profit Margin % - trailing 12 month | 8.54% |
| Operating margin - 1st historical fiscal year | 12.35% |
| Operating margin - trailing 12 month | 51.27% |
| Pretax margin - trailing 12 month | 11.34% |
| Pretax margin - 1st historical fiscal year | 11.53% |
| Operating Margin - 5 year average | 9.41% |
| Pretax Margin - 5 year average | 8.01% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 12.27% |
| Free Operating Cash Flow/Revenue, TTM | 13.09% |
| Net Profit Margin - 5 year average | 6.26% |
| Return on average assets - most recent fiscal year | 4.65% |
| Return on average assets - trailing 12 month | 4.51% |
| Return on average equity - most recent fiscal year | 19.50% |
| Return on average equity - trailing 12 month | 19.07% |
| Return on average assets - 5 year average | 3.14% |
| Return on average equity - 5 year average | 14.22% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 11.60% |
| EPS growth rate, 5 year | — |
| Growth rate% - dividend, 3 year | 44.36% |
| Revenue/share (5 yr growth) | 10.07% |
| Growth rate% - Revenue, 3 year | 10.43% |
| Growth rate% - EPS, 3 year | 39.69% |
| Book value per share growth rate, 5 year | 6.07% |
| Capital Spending growth rate, 5 year | 7.45% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | — |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | ||||||
| Estimate breakdown | ||||||||
Financials (USD, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
QBE -1.62 %: delivered a broadly solid first-half result, with cash earnings in line with expectations, premium growth ahead and return on equity remaining strong. The key debate is whether the group’s full-year targets are now looking too conservative given the first-half performance and a supportive investment-income backdrop, which implies they’re expecting some 2H softening.
We are making two changes to the Growth Portfolio.
Insurer QBE has advanced +25% so far this year, hitting our initial ~$25 target area. Similar to WOW, we believe QBE is one of the ASX's most compelling AI cost-saving opportunities. The February short & sharp sell-off on disruption fears missed the fact that insurance is ideally suited to AI, with claims processing, underwriting, fraud detection and customer service all ripe for automation. Given QBE's global scale and complex legacy systems, even modest productivity gains should materially boost earnings, making AI more of a tailwind than a threat.
QBE is one of the most compelling AI cost-reduction stories on the ASX, and we believe the February selloff that punished it on disruption fears missed the point entirely. As a global insurer processing millions of claims annually across more than 20 countries, QBE's cost base is dominated by exactly the kind of high-volume, rules-based work that AI is purpose-built to transform: claims assessment, underwriting, fraud detection, and customer triage. AI-powered claims automation could dramatically cut manual handling costs, particularly after natural catastrophes when volumes spike.
QBE +7.08%: posted a strong FY result and confident FY26 outlook, with underwriting performance and premium growth both ahead of expectations.
This week the insurance industry witnessed a milestone with the launch of the first dedicated insurance app on ChatGPT, led by U.S. comparison platform Insurify, which enables users to research, compare and receive personalised car insurance quotes directly within the ChatGPT interface using conversational prompts.
Several US-listed insurance brokers have recently released their 4Q25 results, with outlooks into 2026 appearing resilient. While the market typically focuses on pricing, organic revenue growth is more closely correlated with GDP, which again looks solid into 2026. QBE is growing revenue steadily, while its FY25 result saw a +27% lift in profitability.
QBE’s FY25 result prompted some minor earnings downgrades, but we saw nothing concerning in the release. The company lifted its dividend after reporting a 27% increase in profit, yet following strong gains in recent years, the result was enough to trigger profit-taking, a phenomenon we’ve seen across the market in the last few weeks.
QBE has already corrected over -19% since June while the ASX200 has forged to new all-time highs, amplifying its underperformance. With ~50% of its revenue coming from North America, poor performance by US insurers and Fed rate cuts weighing on profitability, QBE has not surprisingly been under pressure of late.
MM remains neutral QBE
MM is selling QBE in the Active Growth Portfolio, taking profit around $25
MM is long and bullish towards QBE
MM is long and bullish QBE
MM is bullish & long QBE ~$21.50
MM is long and bullish on QBE
MM has recently turned bullish on Insurance stocks
MM is buying QBE in the Active Growth Portfolio, allocating 4% around $20
MM is bullish towards QBE around $19.50
MM is bullish towards QBE ~$20
QBE Insurance is an international property and casualty insurance company. QBE Insurance offers a number of personal, commercial, and specialty lines, including property, auto insurance, agriculture, public/product liability, professional indemnity, workers compensation, marine, energy and aviation, and accident and health.
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