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Wednesday 4 November 2026 Export ALL’s income statement to Excel — free account

The Allstate Corporation

ALL Financial Insurance Property & Casualty

The Allstate Corporation’s revenue for fiscal 2025 (year ended December 2025) was $67.7 billion, up 5.58% from fiscal 2024.

Revenue
+0.54%
EPS
−42.3%
Free cash flow
+38.3%
Total debt
−7.36%

Quarter to September 2026, against a year earlier

269.77 8.27 +3.16%
Market cap
$66.1B
P/E
6.0×
Fwd P/E
6.9×
Dividend yield
1.57%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Earnings & Analysis
Financials
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The Allstate Corporation (ALL) valuation and DCF model

What the price implies · reverse DCF

At $269.77 the price implies 21.4% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 12.6% a year over the last ten years, 12.9% over the last five. The price asks for about twice its ten-year rate. Return on equity averaged 14.5% over ten years; the price implies 16.2% for good.

In December 2017 the price assumed 23.4% a year; The Allstate Corporation went on to grow the dividend a share 11.9% a year to FY2025.

Price implies
21.4%
Last 5 years, reported
12.9%
Last 10 years, reported
12.6%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
21.4% a year for ten years
$269.77
today’s price
Its base case
12.6% a year for five years, then 7.5%
$117.69
56.4% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record The Allstate Corporation’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 21.4% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against The Allstate Corporation’s own cost of capital: risk-free 4.3% + beta 0.12 × equity premium 4.5% = 4.8% cost of equity; weighted, 4.8%.

Use 4.8%
Base case value per share $117.69 ten years discounted, and what follows
Current price $269.77 market price per share
Below today’s price 56.4% downside at the base case’s assumptions

How we got there$46.11 10 years of dividends+$71.58 terminal value=$117.69 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Insurance Property & Casualty).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 6.03× 10.30× 11.37× 47% below 11.87× 49% below
P/FCF 5.33× 6.75× 7.05× 24% below 8.12× 34% below
P/B 2.24× 2.32× 1.91× 17% above 1.99× 13% above
EV/EBITDA — 14.74× 11.95× — 3.38× —
EV/Sales — 0.86× 0.92× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
1.32×1.73×2.15×2.56×10Y avg 1.91×2017201820192020202120222023202420252026

ALL trades at 2.24× P/B, against a 10-year average of 1.91× (range 1.21×–2.63×). That is dearer than 67% of the last 9 year-end readings; re-rating to the average implies $230.37 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.