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Ping An Insurance Company of China (PNGAY) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Ping An Insurance Company of China $19.98, price $13.60, upside +46.9%, quality 60 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
  3. Add to watchlist

Financial Services · US · Home Hong Kong · ISIN US72341E3045

PA Ping An Insurance Company of China logo Broad data Sep 23, 2026

Ping An Insurance Company of China

PNGAY · US

UndervaluedThe stock appears undervalued with acceptable quality.

✓Fair value $19.98 · Undervalued (+47%)
!Quality 60/100
!Weak Growth (revenue 5y −5.1 %/yr)
✓Solidly profitable · 13.9% net margin (TTM)
✓Moderate debt · generates free cash flow
·5.64% dividend yield
✓Ranks above peers (11/15)
!Moderate moat 63/100
!Insider activity 30/100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

$18.25 $6.44 Fair Value $19.98 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range $6.44 – $18.25 · fair‑value band $15.97 – $32.15 · the $13.60 price screens below the $19.98 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

Ping An Insurance (Group) Company of China, Ltd. provides financial products and services in the People's Republic of China. It operates through Life and Health Insurance; Property and Casualty Insurance; Banking; Asset Management; and Finance Enablement segments.

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Ping An Insurance (Group) Company of China, Ltd. provides financial products and services in the People's Republic of China. It operates through Life and Health Insurance; Property and Casualty Insurance; Banking; Asset Management; and Finance Enablement segments. The company offers life insurance products, including term, whole-life, endowment, annuity, investment-linked, universal life, and health care and medical insurance; property and casualty insurance, such as auto insurance, non-auto insurance, accident, and health insurance. It also undertakes loan and intermediary business with corporate customers and retail customers. In addition, the company provides wealth management and credit card services to individual customers; trust services, brokerage services, trading services, investment banking services, investment management services, finance lease business, and other asset management services; and financial and daily-life services through internet platforms comprising financial transaction information service platform, and health care service platform. Further, it is involved in the real estate investment and management; expressway operation; production and sale of consumer chemicals; logistics and real estate activities; consulting services; warehousing; IT services; infant products; and hospital management. Ping An Insurance (Group) Company of China, Ltd. was incorporated in 1988 and is based in Shenzhen, China.

Stock analysis

Ping An Insurance Company of China (PNGAY) currently trades at $13.60, while our model-based Fair Value estimate is $19.98, implying the stock looks roughly 31.9% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of $154.79 per share, and 6 of the 6 models we run sit above the $13.60 price.

Bear case: the Asset-Based group reads lowest at $74.08, and 0 of the 6 models stay below the price. Evidence for this calculation is high.

Scenario range: $15.97 (bear) to $32.15 (bull), the price of $13.60 sits below 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 60/100 (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.

Ping An Insurance Company of China reported revenue of 1.0T CNY in FY2025 versus 1.3T CNY in FY2021, a compound −5.5%/yr. Reported net income was 131B CNY in FY2025, compounding +6.6%/yr from FY2021.

Key figures

Market cap $123B · P/E ratio 6.4 · P/S ratio 0.83 · EPS (TTM) $2.15 · Dividend yield 5.6% · Net margin 12.9% · Return on equity 11.3% · Return on assets (EBIT) 6.7%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (medium confidence).

What moves the price

The share trades about 25% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at 47%, PNGAY screens cheaper than that median.

Fair Value models

Bear $15.97 Fair Value $19.98 Bull $32.15
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. 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 ⓘ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.
Highest evidence
Residual Income $105.45 $128.68 $275.20 68
Gordon GGM $55.30 $114.97 $182.39 62
DDM Multi-Stage $55.30 $96.95 $120.67 62
All 6 models by family
Dividend Discount
Gordon GGM $55.30 $114.97 $182.39 62
DDM Multi-Stage $55.30 $96.95 $120.67 62
Multiples
P/E Multiple $141.19 $188.25 $235.31 61
P/B Multiple $116.10 $154.79 $193.49 53
Asset-Based
NCAV (Graham) $55.28 $74.08 $110.57 52
Economic Profit
Residual Income $105.45 $128.68 $275.20 68

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Quality Score breakdown

Overall quality 60/100

Of which business quality 55 · Market factors (momentum, volatility) 50

Profitability 30
Margins and returns on capital today
Quality Growth 57
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 7
Balance sheet, leverage, solvency risk
Investment 79
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 27
Distance to the 52-week high (market factor)
Net Issuance 78
Share count: buybacks or dilution?

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Revenue & earnings trend

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
+5.6%
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.
+4.8%
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.
−5.1%
Start year 2020 (pandemic). Over 10 years: +3.9% 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.
+25.9%
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.
+3.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.1%
Dividend (yield on the price)5.6%
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.−2% vs 9%, slowing
Profit margin 2018 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.19% → 18%
Start year 2020 (pandemic)

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Recent news

News mood ⓘNews mood, the average tone of recent news (83 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.

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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 - Life · 95 stocks

Beats the industry median on 11/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 58 · Above median
Fair Value upside +46% · Above median
Profitability
Return on equity (TTM) 11% · Above median
Return on assets 1% · Below median
Net margin (TTM) 14% · Above median
Operating margin (TTM) 49% · Top 25%
Growth and dividend
Revenue growth −3% · Bottom 25%
Dividend yield (TTM) 5.6% · Top 25%
Balance sheet
Debt / equity 1.34× · Highest 25%

Valuation Multiplesvs Insurance - Life median · lower = cheaper

P/E (TTM) 6.4× · Cheapest 25%
P/B 0.84× · Cheaper than median
P/S (TTM) 0.88× · Cheaper than median
P/FCF 0.2× · Cheaper than median
EV/EBITDA 8.5× · Pricier than median
PEG 0.33× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)96 · sector 11
FUTURE (revenue growth)0 · sector 43
PAST (return on equity)45 · sector 43
HEALTH (low debt)33 · sector 84
DIVIDEND (yield)100 · sector 56

Context: sector, industry, market

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 - Life stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
China Life Insurance Company 601628 ¥38.69 ¥49.98 +29%
AIA Group 1299 HK$76.25 HK$43.07 −44%
Manulife Financial Corporation MFC $44.17 $27.59 −38%
Aflac Incorporated AFL $114.60 $67.96 −41%
MetLife, Inc MET $95.92 $53.26 −44%
Great-West Lifeco Inc GWO C$92.75 C$41.81 −55%
Life Insurance Corporation LICI ₹404.55 ₹392.93 −3%
China Pacific Insurance (Group) Co 601601 ¥32.15 ¥51.59 +60%
Samsung Life Insurance Co 032830 294,500 KRW 191,293 KRW −35%
Power Corporation POW C$93.80 C$43.42 −54%

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Cite: Fair Value Calculator (2026). "Ping An Insurance Company of China Fair Value". https://www.fairvalue-calculator.com/stock/PNGAY

Frequently asked questions

Is Ping An Insurance Company of China (PNGAY) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $19.98 versus a price of $13.60, about +47% upside (undervalued).
What is the fair value of PNGAY?
Our model-based fair value for Ping An Insurance Company of China is $19.98 (as of Sep 23, 2026), built from audited fundamentals. The current price: $13.60.
What is the quality score of PNGAY?
Ping An Insurance Company of China has a Quality Score of 60/100. 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 Ping An Insurance Company of China (PNGAY)?
Our model-based price target is the fair value of $19.98 (as of Sep 23, 2026) from 6 valuation models. Cautious scenario $15.97, optimistic scenario $32.15. It is a calculation from audited fundamentals, not an analyst target.
What is the Ping An Insurance Company of China stock forecast for 2026?
Our models put fair value at $19.98, about +47% upside versus a price of $13.60 (undervalued). Cautious scenario $15.97, optimistic scenario $32.15. The calculation is refreshed regularly with new filings.
What is the revenue of Ping An Insurance Company of China (PNGAY)?
Ping An Insurance Company of China reported trailing-twelve-month revenue of about 953B CNY (latest available figure, as of Sep 23, 2026).
Does Ping An Insurance Company of China pay a dividend?
Ping An Insurance Company of China currently shows a dividend yield of about 5.64% relative to its recent price (as of Sep 23, 2026).
What is the intrinsic value of Ping An Insurance Company of China (PNGAY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ping An Insurance Company of China it is $19.98 per share (as of Sep 23, 2026), against a price of $13.60. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Ping An Insurance Company of China stock overvalued or undervalued in 2026?
As of Sep 23, 2026, PNGAY trades below its calculated fair value: price $13.60, fair value $19.98, a gap of about +47% (undervalued). 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 PNGAY?
No. The price is what the market pays today ($13.60); the fair value is what the company's own numbers justify ($19.98). For Ping An Insurance Company of China the two are $6.38 per share apart. That gap is exactly why we show both numbers side by side.
How much is Ping An Insurance Company of China worth?
The market values Ping An Insurance Company of China at about $123B (market capitalisation, as of Sep 23, 2026). Per share that is $13.60; our models calculate a fair value of $19.98 per share.
What do the bullish and bearish scenarios say about PNGAY?
Our models span a range for Ping An Insurance Company of China: cautious scenario $15.97, base $19.98, optimistic $32.15 per share (as of Sep 23, 2026, price $13.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PNGAY?
Ping An Insurance Company of China trades at a price-to-earnings ratio of 6.4 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $19.98 is built from several models across several years. Other multiples: PEG 0.3, P/B 0.8, P/S 0.9, EV/EBITDA 8.5.
What is the PEG ratio of PNGAY?
The PEG ratio of Ping An Insurance Company of China is 0.33 (P/E divided by earnings growth, as of Sep 23, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Ping An Insurance Company of China (PNGAY)?
Balance-sheet figures for Ping An Insurance Company of China (as of Sep 23, 2026): return on equity 11.3%, debt of 1.34 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is PNGAY from its 52-week high?
Ping An Insurance Company of China trades at $13.60, about 25% below its 52-week high of $18.25 and 7% above the low of $12.66 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $19.98 is for.
Which stocks are comparable to Ping An Insurance Company of China?
From the same area (Financial Services) we also value China Life Insurance Company, AIA Group, Manulife Financial Corporation, Aflac Incorporated, 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 Ping An Insurance Company of China stock attractive at the current price?
The data as of Sep 23, 2026: price $13.60, calculated fair value $19.98 (+47%), Quality Score 60/100, 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 PNGAY calculated?
We run Ping An Insurance Company of China 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 $19.98, 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 14.1 % above its aggregate fair value. Ping An Insurance Company of China currently trades 47 % below its own fair value, and the market average says nothing about that. 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 Ping An Insurance Company of China (PNGAY)?
The closing price on Sep 23, 2026 was $13.60. Our model-based fair value is $19.98, about +47% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ping An Insurance Company of China right now?
The price is below even our cautious bear case ($15.97). The market is more pessimistic than our downside scenario. Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($15.97 to $32.15) leaves room in how you read the outcome. 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 Ping An Insurance Company of China (PNGAY) come from?
Earnings per share at Ping An Insurance Company of China grew +8.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.8 %, EBIT margin −2.4 %, tax rate +2.1 %, residual (interest, one-offs) +5.3 %. 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 Ping An Insurance Company of China

How large is the market capitalisation of Ping An Insurance Company of China (PNGAY)?
The market capitalisation of Ping An Insurance Company of China is $123B. 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 Ping An Insurance Company of China (PNGAY)?
The price-to-sales ratio of Ping An Insurance Company of China is 0.83 (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 Ping An Insurance Company of China (PNGAY)?
Earnings per share at Ping An Insurance Company of China are $2.15 (price ÷ EPS = P/E 6.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ping An Insurance Company of China (PNGAY)?
The dividend yield of Ping An Insurance Company of China is 5.6% (payout 35.7%). 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 Ping An Insurance Company of China (PNGAY)?
The net margin of Ping An Insurance Company of China is 12.9% (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 Ping An Insurance Company of China (PNGAY)?
The return on equity (ROE) of Ping An Insurance Company of China is 11.3% (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 Ping An Insurance Company of China (PNGAY)?
On an EBIT basis the return on assets of Ping An Insurance Company of China is 6.7% (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 Ping An Insurance Company of China (PNGAY)?
The operating margin of Ping An Insurance Company of China is 49.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ping An Insurance Company of China (PNGAY)?
Revenue at Ping An Insurance Company of China is growing −3.3% versus a year earlier (3y avg +4.8%). 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 Ping An Insurance Company of China (PNGAY)?
Earnings per share at Ping An Insurance Company of China are growing −13.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Ping An Insurance Company of China (PNGAY) generate?
The free cash flow of Ping An Insurance Company of China is 655B CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Ping An Insurance Company of China (PNGAY) carry?
The net debt of Ping An Insurance Company of China is 2.3T CNY (fiscal year 2025, ≈ 3.6 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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