Assicurazioni Generali S.p.A (ARZGF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Assicurazioni Generali S.p.A $28.15, price $49.15, upside -42.7%, quality 64 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.
How to read this chart
60‑month range $6.01 – $52.21 · fair‑value band $23.37 – $36.80 · the $49.15 price screens above the $28.15 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 29, 2026.
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Assicurazioni Generali S.p.A. provides various insurance solutions under the Generali brand in the Americas, Italy, rest of Europe, Africa, the Middle East, Asia, and the Oceania. The company operates through Life, Property & Casualty, and Asset & Wealth Management segments.
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Assicurazioni Generali S.p.A. provides various insurance solutions under the Generali brand in the Americas, Italy, rest of Europe, Africa, the Middle East, Asia, and the Oceania. The company operates through Life, Property & Casualty, and Asset & Wealth Management segments. It offers savings, individual and family protection, and unit linked products, as well as motor third-party liability, home, property and casualty, accident, health, and commercial and industrial risks insurance products; and insurance plans for multinational companies. It also provides equity and fixed-income funds, and alternative products. The company was formerly known as Assicurazioni Generali Austro-Italiche and changed its name to Assicurazioni Generali S.p.A. in 1848. Assicurazioni Generali S.p.A. was founded in 1831 and is headquartered in Trieste, Italy.
Stock analysis
Assicurazioni Generali S.p.A (ARZGF) currently trades at $49.15, while our model-based Fair Value estimate is $28.15, 42.7% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $33.77 per share, and 0 of the 6 models we run sit above the $49.15 price.
Bear case: the Asset-Based group reads lowest at $16.16, and 6 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: $23.37 (bear) to $36.80 (bull), the price of $49.15 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Assicurazioni Generali S.p.A reported revenue of €69.1B in FY2025 versus €95.7B in FY2021, a compound −7.8%/yr. Reported net income was €4.2B in FY2025, compounding +10.0%/yr from FY2021.
Key figures
Market cap $74.4B · P/E ratio 15.8 · P/S ratio 0.95 · EPS (TTM) $3.12 · Dividend yield 3.3% · Net margin 6.0% · Return on equity 13.7% · Return on assets (EBIT) 1.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (medium confidence).
What moves the price
For context, the median of 10 Financial Services peers we cover trades at −22% fair-value upside, at −43%, ARZGF screens richer than that median.
Fair Value models
Bear $23.37Fair Value $28.15Bull $36.80
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($1.12 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+24.9%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+10.3%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−2.3%
Start year 2020 (pandemic). Over 10 years: −2.1% a year
Revenue growth 22 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+5.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+13.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.4%
Dividend (yield on the price)3.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.10.4% vs 7.9%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.4% → 9%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 3.7%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−17.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+11.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in EUR, euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −19.5% a year for the price and +9.5% for the forecasts.
Compare Assicurazioni Generali S.p.A with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Insurance - Diversified · 81 stocks
Beats the industry median on 3/15 measures
Overall it trails its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside−73.7% · Bottom 25%
Profitability
Return on equity (TTM)13.7% · Above median
Return on assets0.9% · Below median
Net margin (TTM)7.2% · Below median
Operating margin (TTM)11.1% · Below median
Growth and dividend
Revenue growth5.6% · Below median
Dividend yield (TTM)3.3% · Below median
Balance sheet
Debt / equity1.24× · Highest 25%
Valuation Multiplesvs Insurance - Diversified median · lower = cheaper
P/E (TTM)15.8× · Pricier than median
P/B2.06× · Pricier than median
P/S (TTM)1.14× · Pricier than median
P/FCF3.4× · Cheapest 25%
EV/EBITDA12.5× · Priciest 25%
PEG9.08× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 8
FUTURE (revenue growth)28· sector 41
PAST (return on equity)55· sector 51
HEALTH (low debt)38· sector 89
DIVIDEND (yield)67· sector 76
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Assicurazioni Generali S.p.A (ARZGF) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of $28.15 versus a price of $49.15, about −43% upside (overvalued).
What is the fair value of ARZGF?
Our model-based fair value for Assicurazioni Generali S.p.A is $28.15 (as of Sep 29, 2026), built from audited fundamentals. The current price: $49.15.
What is the quality score of ARZGF?
Assicurazioni Generali S.p.A has a Quality Score of 64/100. 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 price target for Assicurazioni Generali S.p.A (ARZGF)?
Our model-based price target is the fair value of $28.15 (as of Sep 29, 2026) from 6 valuation models. Cautious scenario $23.37, optimistic scenario $36.80. It is a calculation from audited fundamentals, not an analyst target.
What is the Assicurazioni Generali S.p.A stock forecast for 2026?
Our models put fair value at $28.15, about −43% upside versus a price of $49.15 (overvalued). Cautious scenario $23.37, optimistic scenario $36.80. The calculation is refreshed regularly with new filings.
What is the revenue of Assicurazioni Generali S.p.A (ARZGF)?
Assicurazioni Generali S.p.A reported trailing-twelve-month revenue of about €57.8B (latest available figure, as of Sep 29, 2026).
Does Assicurazioni Generali S.p.A pay a dividend?
Assicurazioni Generali S.p.A currently shows a dividend yield of about 3.34% relative to its recent price (as of Sep 29, 2026).
What growth is priced into Assicurazioni Generali S.p.A (ARZGF)?
For today's price to be fair in a discounted-cash-flow model, Assicurazioni Generali S.p.A would have to grow free cash flow by -17.7 % per year for five years (discount rate 8.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.3 % per year. As of Sep 29, 2026.
What discount rate (WACC) does the fair value of ARZGF use?
Our models discount Assicurazioni Generali S.p.A at 8.5 %: a base by market capitalisation (large), damped by beta 0.66, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Assicurazioni Generali S.p.A that is -17.7 % per year a year over ten years, using the same discount rate (8.5 %) and the same formula as our fair value.
How much growth has Assicurazioni Generali S.p.A (ARZGF) delivered so far?
Over the past 5 years revenue at Assicurazioni Generali S.p.A grew -2.3 % a year. The price currently implies -17.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Assicurazioni Generali S.p.A (ARZGF) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Assicurazioni Generali S.p.A (-17.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Assicurazioni Generali S.p.A (ARZGF)?
The free-cash-flow yield on the price is 29.44 %: that much free cash flow Assicurazioni Generali S.p.A produces per unit of market value. When it exceeds the discount rate of our models (8.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Assicurazioni Generali S.p.A (ARZGF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Assicurazioni Generali S.p.A it is $28.15 per share (as of Sep 29, 2026), against a price of $49.15. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Assicurazioni Generali S.p.A stock overvalued or undervalued in 2026?
As of Sep 29, 2026, ARZGF trades above its calculated fair value: price $49.15, fair value $28.15, a gap of about −43% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ARZGF?
No. The price is what the market pays today ($49.15); the fair value is what the company's own numbers justify ($28.15). For Assicurazioni Generali S.p.A the two are $21.00 per share apart. That gap is exactly why we show both numbers side by side.
How much is Assicurazioni Generali S.p.A worth?
The market values Assicurazioni Generali S.p.A at about $74.4B (market capitalisation, as of Sep 29, 2026). Per share that is $49.15; our models calculate a fair value of $28.15 per share.
What do the bullish and bearish scenarios say about ARZGF?
Our models span a range for Assicurazioni Generali S.p.A: cautious scenario $23.37, base $28.15, optimistic $36.80 per share (as of Sep 29, 2026, price $49.15). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ARZGF?
Assicurazioni Generali S.p.A trades at a price-to-earnings ratio of 15.8 (as of Sep 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $28.15 is built from several models across several years. Other multiples: PEG 9.1, P/B 2.1, P/S 1.1, EV/EBITDA 12.5.
What is the PEG ratio of ARZGF?
The PEG ratio of Assicurazioni Generali S.p.A is 9.08 (P/E divided by earnings growth, as of Sep 29, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Assicurazioni Generali S.p.A (ARZGF)?
Balance-sheet figures for Assicurazioni Generali S.p.A (as of Sep 29, 2026): return on equity 13.7%, debt of 1.24 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
Which stocks are comparable to Assicurazioni Generali S.p.A?
From the same area (Financial Services) we also value Allianz SE, Zurich Insurance Group, AXA SA, Sun Life Financial Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Assicurazioni Generali S.p.A stock attractive at the current price?
The data as of Sep 29, 2026: price $49.15, calculated fair value $28.15 (−43%), Quality Score 64/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ARZGF calculated?
We run Assicurazioni Generali S.p.A through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $28.15, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Assicurazioni Generali S.p.A itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Assicurazioni Generali S.p.A (ARZGF)?
The closing price on Oct 2, 2026 was $49.15. Our model-based fair value is $28.15, about −43% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Assicurazioni Generali S.p.A right now?
The price sits above even our optimistic bull case ($36.80). The favourable scenario is already priced in. Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Assicurazioni Generali S.p.A (ARZGF) come from?
Earnings per share at Assicurazioni Generali S.p.A grew +8.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share −3.4 %, EBIT margin +12.7 %, tax rate +0.7 %, residual (interest, one-offs) −1.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Assicurazioni Generali S.p.A
How large is the market capitalisation of Assicurazioni Generali S.p.A (ARZGF)?
The market capitalisation of Assicurazioni Generali S.p.A is $74.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Assicurazioni Generali S.p.A (ARZGF)?
The price-to-sales ratio of Assicurazioni Generali S.p.A is 0.95 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Assicurazioni Generali S.p.A (ARZGF)?
Earnings per share at Assicurazioni Generali S.p.A are $3.12 (price ÷ EPS = P/E 15.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Assicurazioni Generali S.p.A (ARZGF)?
The dividend yield of Assicurazioni Generali S.p.A is 3.3% (payout 52.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Assicurazioni Generali S.p.A (ARZGF)?
The net margin of Assicurazioni Generali S.p.A is 6.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Assicurazioni Generali S.p.A (ARZGF)?
The return on equity (ROE) of Assicurazioni Generali S.p.A is 13.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Assicurazioni Generali S.p.A (ARZGF)?
On an EBIT basis the return on assets of Assicurazioni Generali S.p.A is 1.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Assicurazioni Generali S.p.A (ARZGF)?
The operating margin of Assicurazioni Generali S.p.A is 11.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Assicurazioni Generali S.p.A (ARZGF)?
Revenue at Assicurazioni Generali S.p.A is growing +5.6% versus a year earlier (3y avg +10.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Assicurazioni Generali S.p.A (ARZGF)?
Earnings per share at Assicurazioni Generali S.p.A are growing +6.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Assicurazioni Generali S.p.A (ARZGF) carry?
The net debt of Assicurazioni Generali S.p.A is €32.2B (fiscal year 2025, ≈ 1.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 29, 2026