# Allstate Corporation (ALL) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/ALL/thesis · /stocks/ALL/memo

## Financial Snapshot

---
ticker: ALL
step: 04
generated: 2026-05-12
source: quick-research
---

### Allstate Corporation (ALL) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $51.4B | $57.1B | $64.1B | +12% |
| Combined Ratio | ~109% | ~104% | ~93% | |
| Operating Margin | ~neg | ~neg | ~10% | |
| Net Income | -$1.0B | -$0.2B | $4.7B | N/M |
| EPS (diluted) | ~-$3.90 | ~-$0.77 | ~$18.40 | N/M |

*Note: Insurance companies are best evaluated on combined ratio (claims + expenses / premiums); below 100% = underwriting profit. Revenue includes net premiums earned + investment income. Gross margin is not a standard insurance metric.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$6.5B |
| Free Cash Flow | $8.72B |
| Cash & Equivalents | ~$4.0B |
| Investment Portfolio | ~$55B |

#### Key Ratios (approximate)
- P/E: ~11x (FY2024) | EV/EBITDA: ~8x | FCF Yield: ~17% (on $50B market cap)
- Combined Ratio FY2024: ~93% | FY2025: ~91%

#### Growth Profile
Allstate experienced a dramatic underwriting turnaround after suffering losses in 2022–2023 driven by catastrophe losses and elevated auto claims inflation (post-COVID repair costs surged). Management aggressively raised rates (+30–40% in many states), shed unprofitable policies, and tightened underwriting. By 2024, the combined ratio improved to ~93%, generating $4.7B in net income. FY2025 net income reached $10.2B (includes investment gains). Revenue has grown at a 12–13% CAGR since 2021 as rate increases compounded.

#### Forward Estimates
- FY2026: Consensus EPS ~$28–32 | Combined ratio target ~93–95%
- Medium-term: $3B+ remaining buyback authorization signals confidence in capital position
- Investment income: ~$2.5B annually at current bond portfolio rates (~4.2% 10-year Treasury environment)

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/ALL/fundamental

## Navigation

- Overview: /stocks/ALL
- Financials (this page): /stocks/ALL/financials
- Thesis: /stocks/ALL/thesis
- Investment Memo: /stocks/ALL/memo
- Coverage universe: /stocks