NYSE · Financial Services

The Allstate Corporation

ALL · Insurance - Property & Casualty

$219.15

▲ 2.56 (1.18%)

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Mr. Market is currently offering The Allstate Corporation at $219.15.

The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability B

Net Income Margin 15.3%

Fin. Health A

Years to Pay Off Debt 0.7 yrs

Valuation C

Margin of Safety 29.0%

Price-to-Book 1.97x

Cash Flow A

Free Cash Flow $9.9B

CapEx % of Net Income 2.2%

Owner Earnings $11.0B

4/6

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $56.4B

Enterprise Value $59.8B

P/E (TTM) 4.85

Dividend Yield 1.88%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 15.3%

Company Info

Sector Financial Services

Industry Insurance - Property & Casualty

Employees 53000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering The Allstate Corporation at $219.15.

The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.

At $219.15, the stock trades below its Graham Number of $308.50 — suggesting a margin of safety exists.

The margin of safety of 29.0% offers some protection but falls short of Graham's preferred 33% buffer.

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About The Allstate Corporation

The Allstate Corporation, together with its subsidiaries, provides property and casualty, and other insurance products in the United States and Canada. It operates in four segments: Allstate Protection; Run-off Property-Liability; Protection Services; and Corporate and Other. The company offers private passenger auto, homeowners, other personal lines and commercial insurance through exclusive agents, independent agents, contact centers and online under the Allstate, National General, Direct Auto and Answer Financial brands. It also provides consumer product protection plans, device and mobile data collection services, and analytic solutions using automotive telematics information, roadside assistance, and protection plans; and insurance products, such as identity protection and restoration. In addition, the company offers property and casualty insurance, as well as engages in company activities and certain non-insurance operations, including expenses associated with strategic initiatives. Further, it offers automotive protection; vehicle service contracts, guaranteed asset protection, road hazard tires and wheels, and paintless dent repair protection; and roadside assistance, mobility data collection services, and analytic solutions using automotive telematics information, identity theft protection, and remediation services. The Allstate Corporation was founded in 1931 and is headquartered in Northbrook, Illinois.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	N/A •	N/A	N/A	N/A	N/A
Operating Margin %	N/A •	N/A	N/A	N/A	N/A
Net Income %	15.3% ▲	7.3%	-0.3%	-2.5%	N/A
Diluted EPS	38.06 ▲	16.99	-1.20	-5.22	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$119.8B	$111.6B	$103.4B	$98.0B	N/A
Total Debt	$7.5B ↓	$8.1B	$7.9B	$8.0B	N/A
Working Capital	N/A •	N/A	N/A	N/A	N/A
Years to Pay Debt	0.73	1.73	-42.24	-6.18	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$9.9B ▲	$8.7B	$4.0B	$4.7B	N/A
Owner Earnings	$11.0B	$5.4B	$783M	-$22M	N/A
CapEx % of Net Income	2.2%	4.5%	N/A	N/A	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	339,240	-12,322	-65,572	-13,617
Tax Rate For Calcs	0	0	0	0
Total Unusual Items	1,542,000	-61,000	-169,000	-51,000
Total Unusual Items Excluding Goodwill	1,542,000	-61,000	-169,000	-51,000
Net Income From Continuing Operation Net Minority Interest	10,282,000	4,667,000	-188,000	-1,289,000
Reconciled Depreciation	482,000	555,000	704,000	847,000
EBIT	13,555,000	6,161,000	31,000	-1,495,000
Net Interest Income	-399,000	-400,000	-379,000	-335,000
Interest Expense	399,000	400,000	379,000	335,000
Normalized Income	9,079,240	4,715,678	-84,572	-1,251,617
Net Income From Continuing And Discontinued Operation	10,282,000	4,667,000	-188,000	-1,289,000
Total Expenses	53,913,000	57,754,000	56,939,000	52,447,000
Diluted Average Shares	267,100	267,800	262,500	271,200
Basic Average Shares	263,600	264,300	262,500	271,200
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	10,165,000	4,550,000	-316,000	-1,394,000
Net Income Common Stockholders	10,165,000	4,550,000	-316,000	-1,394,000
Preferred Stock Dividends	117,000	117,000	128,000	105,000
Net Income	10,282,000	4,667,000	-188,000	-1,289,000
Minority Interests	16,000	68,000	25,000	53,000
Net Income Including Noncontrolling Interests	10,266,000	4,599,000	-213,000	-1,342,000
Net Income Discontinuous Operations			0	0	-3,593,000
Net Income Continuous Operations	10,266,000	4,599,000	-213,000	-1,342,000
Tax Provision	2,890,000	1,162,000	-135,000	-488,000
Pretax Income	13,156,000	5,761,000	-348,000	-1,830,000
Other Income Expense	2,955,000	2,930,000	2,400,000	2,344,000
Special Income Charges	1,542,000	-61,000	-169,000	-51,000
Other Special Charges	-1,603,000
Restructuring And Mergern Acquisition	61,000	61,000	169,000	51,000
Net Non Operating Interest Income Expense	-399,000	-400,000	-379,000	-335,000
Interest Expense Non Operating	399,000	400,000	379,000	335,000
Other Operating Expenses	8,977,000	8,626,000	7,137,000	7,446,000
Depreciation And Amortization In Income Statement	231,000	280,000	329,000	353,000
Amortization	231,000	280,000	329,000	353,000
Selling General And Administration	-35,000	-37,000	9,000	116,000
General And Administrative Expense	-35,000	-37,000	9,000	116,000
Salaries And Wages	-35,000	-37,000	9,000	116,000
Total Revenue	67,069,000	63,515,000	56,591,000	50,617,000
Operating Revenue	67,069,000	63,515,000	56,591,000	50,617,000
Loss Adjustment Expense	38,110,000	40,976,000	42,141,000	38,306,000
Net Policyholder Benefits And Claims	38,110,000	40,976,000	42,141,000	38,306,000
Policyholder Benefits Gross				39,953,000	33,902,000
Policyholder Benefits Ceded				1,628,000	3,569,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	640,000	635,000	638,000	637,000
Preferred Shares Number	82,000	82,000	82,000	81,000
Ordinary Shares Number	260,136	264,970	262,497	263,000
Share Issued	900,136	899,970	900,497	900,000
Net Debt	6,812,000	7,381,000	7,220,000	7,228,000
Total Debt	7,490,000	8,085,000	7,942,000	7,964,000
Tangible Book Value	24,933,000	15,442,000	11,301,000	10,839,000
Invested Capital	36,099,000	27,526,000	23,711,000	23,482,000
Net Tangible Assets	26,934,000	17,443,000	13,302,000	12,809,000
Common Stock Equity	28,609,000	19,441,000	15,769,000	15,518,000
Preferred Stock Equity	2,001,000	2,001,000	2,001,000	1,970,000
Total Capitalization	37,550,000	28,927,000	24,762,000	24,352,000
Total Equity Gross Minority Interest	30,589,000	21,367,000	17,630,000	17,363,000
Minority Interest	-21,000	-75,000	-140,000	-125,000
Stockholders Equity	30,610,000	21,442,000	17,770,000	17,488,000
Gains Losses Not Affecting Retained Earnings	255,000	-889,000	-700,000	-2,392,000
Other Equity Adjustments	299,000	-755,000	-615,000	-2,256,000
Foreign Currency Translation Adjustments	-55,000	-145,000	-98,000	-165,000
Minimum Pension Liabilities	11,000	11,000	13,000	29,000
Treasury Stock	38,206,000	36,996,000	37,110,000	36,857,000
Retained Earnings	62,393,000	53,288,000	49,716,000	50,970,000
Additional Paid In Capital	4,158,000	4,029,000	3,854,000	3,788,000
Capital Stock	2,010,000	2,010,000	2,010,000	1,979,000
Common Stock	9,000	9,000	9,000	9,000
Preferred Stock	2,001,000	2,001,000	2,001,000	1,970,000
Total Liabilities Net Minority Interest	89,169,000	90,250,000	85,732,000	80,626,000
Non Current Deferred Liabilities	227,000				833,000
Non Current Deferred Taxes Liabilities	227,000				833,000
Long Term Debt And Capital Lease Obligation	6,940,000	7,485,000	6,992,000	6,864,000
Long Term Debt	6,940,000	7,485,000	6,992,000	6,864,000
Current Debt And Capital Lease Obligation	550,000	600,000	950,000	1,100,000
Current Debt	550,000	600,000	950,000	1,100,000
Current Notes Payable	550,000	600,000	950,000	1,100,000
Total Assets	119,758,000	111,617,000	103,362,000	97,989,000
Investments And Advances	81,244,000	71,002,000	64,800,000	59,339,000
Long Term Equity Investment	8,844,000	9,255,000	8,380,000	8,114,000
Investments In Other Ventures Under Equity Method	8,844,000	9,255,000	8,380,000	8,114,000
Goodwill And Other Intangible Assets	3,676,000	3,999,000	4,468,000	4,679,000
Other Intangible Assets	558,000	754,000	966,000	1,177,000
Goodwill	3,118,000	3,245,000	3,502,000	3,502,000
Net PPE	627,000	669,000	859,000	987,000
Receivables	19,975,000	19,538,000	18,853,000	18,784,000
Loans Receivable	473,000	201,000	224,000	686,000
Accounts Receivable	19,975,000	19,538,000	18,853,000	18,784,000
Cash Cash Equivalents And Short Term Investments	5,565,000	5,241,000	5,866,000	4,909,000
Other Short Term Investments	4,887,000	4,537,000	5,144,000	4,173,000
Cash And Cash Equivalents	678,000	704,000	722,000	736,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	9,882,000	8,721,000	3,961,000	4,701,000
Repurchase Of Capital Stock	-1,233,000	-2,000	-910,000	-2,520,000
Repayment Of Debt	-600,000	-350,000	-750,000	0
Issuance Of Debt	0	495,000	743,000	0
Issuance Of Capital Stock	0	0	587,000	0
Capital Expenditure	-228,000	-210,000	-267,000	-420,000
Interest Paid Supplemental Data		395,000	355,000	323,000	321,000
End Cash Position	678,000	704,000	722,000	736,000
Other Cash Adjustment Outside Changein Cash			0	0	66,000
Beginning Cash Position	704,000	722,000	736,000	763,000
Changes In Cash	-26,000	-18,000	-14,000	-27,000
Financing Cash Flow	-2,881,000	-697,000	-1,243,000	-3,420,000
Cash Flow From Continuing Financing Activities	-2,881,000	-697,000	-1,243,000	-3,420,000
Net Other Financing Charges	57,000	76,000	46,000	49,000
Proceeds From Stock Option Exercised	48,000	163,000	73,000	82,000
Cash Dividends Paid	-1,153,000	-1,079,000	-1,032,000	-1,031,000
Preferred Stock Dividend Paid	-117,000	-117,000	-107,000	-105,000
Common Stock Dividend Paid	-1,036,000	-962,000	-925,000	-926,000
Net Preferred Stock Issuance	0	0	12,000	0
Preferred Stock Payments	0	0	-575,000	0
Preferred Stock Issuance	0	0	587,000	0
Net Common Stock Issuance	-1,233,000	-2,000	-335,000	-2,520,000
Common Stock Payments	-1,233,000	-2,000	-335,000	-2,520,000
Net Issuance Payments Of Debt	-600,000	145,000	-7,000	0
Net Long Term Debt Issuance	-600,000	145,000	-7,000		-436,000
Long Term Debt Payments	-600,000	-350,000	-750,000	0
Long Term Debt Issuance	0	495,000	743,000	0
Investing Cash Flow	-7,255,000	-8,252,000	-2,999,000	-1,728,000
Cash Flow From Continuing Investing Activities	-7,255,000	-8,252,000	-2,999,000	-1,728,000
Net Investment Purchase And Sale	-10,041,000	-7,284,000	-2,515,000	-1,288,000
Sale Of Investment	80,738,000	44,458,000	30,760,000	45,221,000
Purchase Of Investment	-90,779,000	-51,742,000	-33,275,000	-46,509,000
Net Business Purchase And Sale	3,129,000	-814,000	-180,000	-288,000
Sale Of Business	4,398,000	633,000	710,000	970,000
Purchase Of Business	-1,269,000	-1,447,000	-890,000	-1,258,000
Net PPE Purchase And Sale	-228,000	-192,000	-240,000	-211,000
Sale Of PPE	0	18,000	27,000	209,000
Purchase Of PPE	-228,000	-210,000	-267,000	-420,000
Operating Cash Flow	10,110,000	8,931,000	4,228,000	5,121,000
Cash Flow From Continuing Operating Activities	10,110,000	8,931,000	4,228,000	5,121,000
Dividend Received Cfo					5,112,000
Change In Working Capital	832,000	3,589,000	3,428,000	4,428,000
Change In Other Working Capital	221,000	402,000	-616,000	-1,256,000
Change In Other Current Liabilities					-218,000
Change In Receivables	-201,000	-931,000	-54,000	-587,000
Changes In Account Receivables	-201,000	-931,000	-54,000	-587,000
Other Non Cash Items					-4,000
Depreciation And Amortization	482,000	555,000	704,000	847,000
Depreciation	482,000	555,000	704,000	847,000
Operating Gains Losses	-1,546,000	174,000	225,000	2,062,000
Pension And Employee Benefit Expense	-35,000	-37,000	9,000	116,000
Earnings Losses From Equity Investments	18,000	9,000	-4,000	191,000
Gain Loss On Investment Securities	74,000	202,000	220,000	1,755,000
Gain Loss On Sale Of Business	-1,603,000	0	0	0
Net Income From Continuing Operations	10,266,000	4,599,000	-213,000	-1,342,000

These metrics estimate what The Allstate Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$308.50

Margin of Safety

29.0%

Market Cap ÷ Company Value

1.23

P/B Ratio

1.97

Warren's Owner Earnings

$11.0B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/6 — Enterprising Investor

✅ Adequate Size

$67.1B

vs > $1.5B revenue

❌ Earnings Stability

2 loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.88%

vs Uninterrupted dividends

✅ Earnings Growth

+124.0% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

4.8x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

1.97x P/B (P/E×P/B: 9.6)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

N/A

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	2.2%	4.5%	N/A	N/A	N/A
Repurchase of Capital Stock	-$1.2B	-$2M	-$910M	-$2.5B	N/A
Free Cash Flow	$9.9B ▲	$8.7B ▲	$4.0B ▼	$4.7B •	N/A •
Warren's Owner Earnings	$11.0B	$5.4B	$783M	-$22M	N/A

Peers & Industry

No auto-detected peers for Insurance - Property & Casualty. You can manually compare ALL against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.55%

Low — management has little skin in the game

Return on Equity (ROE)

35.9%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

8.6%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$1.2B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-7.4% YoY

Debt is declining — management is deleveraging

Leadership Team

Thomas Joseph Wilson II

Chairman of the Board, President & CEO

Age 67

Pay: $7,504,271

0.073% of net income

John Edward Dugenske ,

Interim CFO and President of Investments & Corporate Strategy

Age 58

Pay: $3,601,897

0.035% of net income

Mario Rizzo CPA

Executive VP & COO

Age 57

Pay: $3,134,536

0.030% of net income

Jesse Edward Merten

Executive VP & President of Property-Liability

Age 50

Pay: $3,155,733

0.031% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	12.91%	33,221,772
Blackrock Inc.	8.73%	22,469,353
State Street Corporation	4.78%	12,297,551
Price (T.Rowe) Associates Inc	4.54%	11,684,199
Bank of America Corporation	2.84%	7,316,999
Geode Capital Management, LLC	2.70%	6,942,041
GQG Partners LLC	2.13%	5,488,560
Franklin Resources, Inc.	1.95%	5,007,549

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.21

Low volatility — more stable than the market

Short Interest

0.0% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.24x

Conservative balance sheet — low financial risk

Current Ratio

0.36x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $188.08 Current: $219.15 High: $221.19

Currently at 94% of 52-week range

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