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Swiss Re AG (SREN) Fair Value & Analysis

Financial Services · CH · Market cap CHF 39.1B · ISIN CH0126881561

What is Swiss Re AG really worth?

SR Swiss Re AG SREN · SW
PriceCHF 142.85
Fair ValueCHF 137.55
Upside−3.7%
Quality57/100

A solid business, currently priced close to our fair value of CHF 137.55.

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Strengths

Healthy Growth (revenue 5y +2.8 %/yr)
Solidly profitable · 11.8% net margin
Low debt · generates free cash flow

Risks

!Mixed vs. peers (7/15)
!Moderate moat 61/100
!Weak on valuation: 28 out of 100
Evidence: High Range CHF 103.16 – CHF 171.94

Fair value as of: Aug 29, 2026

From 6 valuation models · updated 7 days ago

Fair value updated Aug 29, 2026, revised from CHF 137.12 to CHF 137.55 (+0.3%) since Aug 27, 2026. Share price +4.8% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

CHF 147.41 CHF 56.20 Fair Value CHF 137.55 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.

How to read this chart

60‑month range CHF 56.20 – CHF 147.41 · fair‑value band CHF 103.16 – CHF 171.94 · the CHF 142.85 price screens above the CHF 137.55 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 29, 2026.

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Analysis

Swiss Re AG (SREN) currently trades at CHF 142.85, while our model-based Fair Value estimate is CHF 137.55, implying the stock looks roughly 3.9% fairly valued today. The Quality Score stands at 57/100 (solid quality), in the Financial Services sector. Bull case: the Economic Profit group reads highest at a median of CHF 138.10 per share, and 1 of the 6 models we run sit above the CHF 142.85 price. Bear case: the Asset-Based group reads lowest at CHF 56.01, and 5 of the 6 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Swiss Re AG generated revenue of CHF 42.4B at a net margin of 11.8%. Revenue declined 2.0% year over year. It earns a return on equity of 19.5%. Net debt stands at CHF 6.2B. Fundamentals as of Aug 29, 2026

Our scenario range runs from CHF 103.16 (bear case) to CHF 171.94 (bull case); at CHF 142.85, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 24% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 55% fair-value upside, at −4%, SREN screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly CHF 8.32 per share, which is 6.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Gordon GGM CHF 70.68 CHF 104.81 CHF 140.75 68
DDM Multi-Stage CHF 70.68 CHF 100.47 CHF 134.64 67
Residual Income CHF 107.89 CHF 138.10 CHF 456.31 64
All 6 models by family
Dividend Discount
Gordon GGM CHF 70.68 CHF 104.81 CHF 140.75 68
DDM Multi-Stage CHF 70.68 CHF 100.47 CHF 134.64 67
Multiples
P/E Multiple CHF 164.16 CHF 218.88 CHF 273.60 63
P/B Multiple CHF 87.77 CHF 117.03 CHF 146.29 55
Asset-Based
NCAV (Graham) CHF 41.80 CHF 56.01 CHF 83.60 54
Economic Profit
Residual Income CHF 107.89 CHF 138.10 CHF 456.31 64

Widest divergence: Economic Profit (CHF 138.10) versus Asset-Based (CHF 56.01). Highest evidence: Gordon GGM (68).

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Key figures & financial health

P/E ratio 11.4
P/S ratio 1.12 P/E × margin
EPS (TTM) CHF 12.58 price ÷ EPS = P/E 11.4
Dividend yield 6.5% payout 74.3%
Net margin 9.9% FY2025
Return on equity 19.5% TTM
More key figures
Profitability
Return on assets (EBIT) 8.8% avg 5y
Operating margin 20.1% TTM
Growth
Revenue (TTM) CHF 42.4B TTM
Revenue growth (YoY) −2.0% 3y avg +2.9%
EPS growth (YoY) +18.6%
Balance sheet & cash flow
Free cash flow CHF 3.2B FY2025
Net debt CHF 6.2B FY2025 · ≈ 2.0 yrs of FCF

Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 57/100

Of which business quality 47 · Market factors (momentum, volatility) 68

Profitability 49
Margins and returns on capital today
Quality Growth 71
Are margins and returns improving?
Cashflow 45
Earnings quality: real cash, not paper profit
Fin. Strength 7
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 93
Calm price path (market factor)
Momentum 56
Price trend over the last 3–12 months (market factor)
52W Momentum 61
Distance to the 52-week high (market factor)
Net Issuance 71
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Swiss Re AG, together with its subsidiaries, provides reinsurance, insurance, other insurance-based forms of risk transfer, and other insurance-related services worldwide. The company operates through Property & Casualty Reinsurance, Life & Health Reinsurance, and Corporate Solutions segments.

Full company description

Swiss Re AG, together with its subsidiaries, provides reinsurance, insurance, other insurance-based forms of risk transfer, and other insurance-related services worldwide. The company operates through Property & Casualty Reinsurance, Life & Health Reinsurance, and Corporate Solutions segments. The Property & Casualty Reinsurance segment underwrites property reinsurance, including property, credit, surety and political, engineering and project, aviation, marine, agriculture, renewable energy, retakaful, and facultative reinsurance solutions; and casualty reinsurance, such as liability, motor, worker's compensation, personal accident, management and professional liability, cyber, and facultative reinsurance solutions. Its Life & Health Reinsurance segment underwrites life and health insurance products. The Corporate Solutions segment offers standard risk transfer covers and multi-line programs to customized solutions. It serves stock and mutual insurance companies, public sector and governmental entities, mid-sized and large corporations, and individuals. The company was founded in 1863 and is headquartered in Zurich, Switzerland.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Swiss Re AG reported revenue of $50.2B in FY2025 versus $45.9B in FY2021, a compound +2.3%/yr. Reported net income was $5.0B in FY2025, compounding +36.3%/yr from FY2021.

Growth Quality 69/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
CHF 50.2B
Latest YoY
+7.4%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.9%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.8%
Avg. revenue growth/yr (20Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.8%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+42.7% (36.2 + 6.5)
Revenue +2.3%/yr
FY21 $45.9B
FY22 $46.0B
FY23 $43.6B
FY24 $46.8B
FY25 $50.2B
Net income +36.3%/yr
FY21 $1.4B
FY22 $472M
FY23 $3.1B
FY24 $3.2B
FY25 $5.0B
Character of growth · EPS growth decomposed (2014-2025) −0.9 % p.a.
Revenue per share +1.7 %

of which total revenue +2.1 % · buybacks/dilution −0.4 %

EBIT margin +14.0 %
Tax rate −0.9 %
Residual (interest, one-offs) −13.8 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Swiss Re AG Fair Value". https://www.fairvalue-calculator.com/stock/SREN

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Insurance - Reinsurance · 29 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 52 · Below median
Fair Value upside −4% · Below median
Return on equity (TTM) 19% · Above median
Return on assets 3% · Above median
Net margin (TTM) 12% · Above median
Operating margin (TTM) 20% · Above median
Revenue growth −2% · Above median
Dividend yield (TTM) 6.5% · Top 25%
Debt / equity 0.35× · Higher than median

Valuation Multiples vs Insurance - Reinsurance median · lower = cheaper

P/E (TTM) 11.4× · Pricier than 75% of peers
P/B 1.96× · Pricier than 75% of peers
P/S (TTM) 1.14× · Pricier than median
P/FCF 15.3× · Pricier than 75% of peers
EV/EBITDA 7.9× · Pricier than median
PEG 0.80× · Cheaper than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE28 · sector 70
FUTURE0 · sector 0
PAST78 · sector 55
HEALTH83 · sector 89
DIVIDEND100 · sector 85

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Insurance - Reinsurance stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).

Stock Price Fair Value vs Fair Value
MUV2 MUV2 €518.00 €460.14 −11%
Hannover Rück SE HNR1 €258.20 €216.20 −16%
Reinsurance Group RGA $246.02 $261.04 +6%
Everest Group EG $370.06 $507.47 +37%
RenaissanceRe Holdings RNR $330.41 $563.91 +71%
SCOR SE SDRC €34.14 €66.75 +96%
General Insurance Corporation GICRE ₹355.85 ₹594.47 +67%
China Reinsurance (Group) Corporation 1508 HK$1.22 HK$2.43 +100%
Hamilton Insurance Group HG $35.35 $54.04 +53%
SiriusPoint Ltd SPNT $23.98 $37.12 +55%

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Frequently asked questions

Is Swiss Re AG (SREN) overvalued or undervalued?
As of Aug 29, 2026, our model estimates a fair value of CHF 137.55 versus a price of CHF 142.85, about −4% upside (fairly valued).
What is the fair value of SREN?
Our model-based fair value for Swiss Re AG is CHF 137.55 (as of Aug 29, 2026), built from audited fundamentals. The current price: CHF 142.85.
What is the quality score of SREN?
Swiss Re AG has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Swiss Re AG (SREN)?
Swiss Re AG reported trailing-twelve-month revenue of about CHF 42.4B (latest available figure, as of Aug 29, 2026).
What is the net profit margin of SREN?
The net profit margin of Swiss Re AG is about 11.8%, meaning it keeps roughly 11.8% of revenue as net income. Based on the latest reported figures.
Does Swiss Re AG pay a dividend?
Swiss Re AG currently shows a dividend yield of about 6.54% relative to its recent price (as of Aug 29, 2026).
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