Zurich Insurance Group AG (ZURN) fair value: what the stock is really worth
We calculate from audited financials what Zurich Insurance Group AG is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 17, 2026.
How to read this chart
60‑month range CHF 271.90 – CHF 624.40 · fair‑value band CHF 252.70 – CHF 421.15 · the CHF 588.60 price screens above the CHF 336.92 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 17, 2026.
Zurich Insurance Group AG provides insurance products and related services in Europe, the Middle East, Africa, North America, Latin America, and the Asia Pacific. It operates through Property & Casualty Regions, Life Regions, and Farmers segments.
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Zurich Insurance Group AG provides insurance products and related services in Europe, the Middle East, Africa, North America, Latin America, and the Asia Pacific. It operates through Property & Casualty Regions, Life Regions, and Farmers segments. The company offers car and motor, home, travel, general liability, life and critical illness, and other insurance products; and saving and investment, and pension and retirement planning products. It also provides property, casualty, energy and engineering lines, and marine; management liability, financial institutions, and professional indemnity; and cyber, accident and health, and credit lines and surety insurance products, as well as non-claims and ancillary services to the farmers exchanges. In addition, it offers employee benefit insurance products; and climate resilience, risk engineering, captive, cyber resilience, and reinsurance services. It serves individuals, small businesses, mid-sized and large companies, and multinational corporations. The company sells its products through agents, brokers, and bank distribution channels. Zurich Insurance Group AG was founded in 1872 and is based in Zurich, Switzerland.
Stock analysis
Zurich Insurance Group AG (ZURN) currently trades at CHF 588.60, while our model-based Fair Value estimate is CHF 336.92, implying the stock looks roughly 74.7% overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of CHF 462.77 per share, and 2 of the 6 models we run sit above the CHF 588.60 price.
Bear case: the Asset-Based group reads lowest at CHF 135.31, and 4 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: CHF 252.70 (bear) to CHF 421.15 (bull), the price of CHF 588.60 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 68/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Zurich Insurance Group AG reported revenue of $91.9B in FY2025 versus $69.5B in FY2021, a compound +7.2%/yr. Reported net income was $7.1B in FY2025, compounding +8.2%/yr from FY2021.
Key figures
Market cap CHF 93.3B · P/E ratio 15.8 · P/S ratio 1.23 · EPS (TTM) CHF 37.21 · Dividend yield 5.9% · Net margin 7.7% · Return on equity 25.2% · Return on assets (EBIT) 2.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades near its 52-week high and 19% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at −43%, ZURN screens richer than that median.
Fair Value models
Bear CHF 252.70Fair Value CHF 336.92Bull CHF 421.15
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (CHF 26.91 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.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.84/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+6.8%
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.
+27.1%
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.
+9.3%
Revenue growth 26 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.
+3.2%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+18.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.2%
Dividend (yield on the price)5.9%
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.12% vs 9%, picking up
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.9% → 11%
2025 sits 66% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
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).
−22.8%
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.
−5.0%
Yearly sales growth analysts expect, extended to five years.
News mood ⓘNews mood, the average tone of recent news (69 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.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Compare Zurich Insurance Group AG 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 · 82 stocks
Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score63 · Above median
Fair Value upside−44% · Bottom 25%
Profitability
Return on equity (TTM)25% · Top 25%
Return on assets2% · Below median
Net margin (TTM)9% · Above median
Operating margin (TTM)15% · Above median
Growth and dividend
Revenue growth10% · Above median
Dividend yield (TTM)5.9% · Top 25%
Balance sheet
Debt / equity0.47× · Highest 25%
Valuation Multiplesvs Insurance - Diversified median · lower = cheaper
P/E (TTM)15.8× · Pricier than median
P/B3.82× · Priciest 25%
P/S (TTM)1.58× · Pricier than median
P/FCF5.0× · Pricier than median
EV/EBITDA11.3× · Pricier than median
PEG3.51× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 5
FUTURE (revenue growth)48· sector 30
PAST (return on equity)100· sector 49
HEALTH (low debt)77· sector 89
DIVIDEND (yield)100· sector 73
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.
Cite: Fair Value Calculator (2026). "Zurich Insurance Group AG Fair Value". https://www.fairvalue-calculator.com/stock/ZURN
Frequently asked questions
Is Zurich Insurance Group AG (ZURN) overvalued or undervalued?
As of Sep 17, 2026, our model estimates a fair value of CHF 336.92 versus a price of CHF 588.60, about −43% upside (overvalued).
What is the fair value of ZURN?
Our model-based fair value for Zurich Insurance Group AG is CHF 336.92 (as of Sep 17, 2026), built from audited fundamentals. The current price: CHF 588.60.
What is the quality score of ZURN?
Zurich Insurance Group AG has a Quality Score of 68/100. 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 Zurich Insurance Group AG (ZURN)?
Our model-based price target is the fair value of CHF 336.92 (as of Sep 17, 2026) from 6 valuation models. Cautious scenario CHF 252.70, optimistic scenario CHF 421.15. It is a calculation from audited fundamentals, not an analyst target.
What is the Zurich Insurance Group AG stock forecast for 2026?
Our models put fair value at CHF 336.92, about −43% upside versus a price of CHF 588.60 (overvalued). Cautious scenario CHF 252.70, optimistic scenario CHF 421.15. The calculation is refreshed regularly with new filings.
What is the revenue of Zurich Insurance Group AG (ZURN)?
Zurich Insurance Group AG reported trailing-twelve-month revenue of about CHF 73.1B (latest available figure, as of Sep 17, 2026).
Does Zurich Insurance Group AG pay a dividend?
Zurich Insurance Group AG currently shows a dividend yield of about 5.87% relative to its recent price (as of Sep 17, 2026).
What growth is priced into Zurich Insurance Group AG (ZURN)?
For today's price to be fair in a discounted-cash-flow model, Zurich Insurance Group AG would have to grow free cash flow by -22.8 % per year for five years (discount rate 7.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.3 % per year. As of Sep 17, 2026.
What discount rate (WACC) does the fair value of ZURN use?
Our models discount Zurich Insurance Group AG at 7.9 %: a base by market capitalisation (large), damped by beta 0.33, country premium for Switzerland. 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 Zurich Insurance Group AG that is -22.8 % per year a year over ten years, using the same discount rate (7.9 %) and the same formula as our fair value.
How much growth has Zurich Insurance Group AG (ZURN) delivered so far?
Over the past 5 years revenue at Zurich Insurance Group AG grew +9.3 % a year. The price currently implies -22.8 % 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 Zurich Insurance Group AG (ZURN) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into Zurich Insurance Group AG (-22.8 % 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 Zurich Insurance Group AG (ZURN)?
The free-cash-flow yield on the price is 26.82 %: that much free cash flow Zurich Insurance Group AG produces per unit of market value. When it exceeds the discount rate of our models (7.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Zurich Insurance Group AG (ZURN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zurich Insurance Group AG it is CHF 336.92 per share (as of Sep 17, 2026), against a price of CHF 588.60. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Zurich Insurance Group AG stock overvalued or undervalued in 2026?
As of Sep 17, 2026, ZURN trades above its calculated fair value: price CHF 588.60, fair value CHF 336.92, 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 ZURN?
No. The price is what the market pays today (CHF 588.60); the fair value is what the company's own numbers justify (CHF 336.92). For Zurich Insurance Group AG the two are CHF 251.68 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zurich Insurance Group AG worth?
The market values Zurich Insurance Group AG at about CHF 93.3B (market capitalisation, as of Sep 17, 2026). Per share that is CHF 588.60; our models calculate a fair value of CHF 336.92 per share.
What do the bullish and bearish scenarios say about ZURN?
Our models span a range for Zurich Insurance Group AG: cautious scenario CHF 252.70, base CHF 336.92, optimistic CHF 421.15 per share (as of Sep 17, 2026, price CHF 588.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ZURN?
Zurich Insurance Group AG trades at a price-to-earnings ratio of 15.8 (as of Sep 17, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 336.92 is built from several models across several years. Other multiples: PEG 3.5, P/B 3.8, P/S 1.6, EV/EBITDA 11.3.
What is the PEG ratio of ZURN?
The PEG ratio of Zurich Insurance Group AG is 3.51 (P/E divided by earnings growth, as of Sep 17, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Zurich Insurance Group AG (ZURN)?
Balance-sheet figures for Zurich Insurance Group AG (as of Sep 17, 2026): return on equity 25.2%, debt of 0.47 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is ZURN from its 52-week high?
Zurich Insurance Group AG trades at CHF 588.60, about 2% below its 52-week high of CHF 579.60 and 19% above the low of CHF 493.59 (as of Sep 17, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 336.92 is for.
Which stocks are comparable to Zurich Insurance Group AG?
From the same area (Financial Services) we also value Berkshire Hathaway Inc, Allianz SE, AXA SA, Assicurazioni Generali S.p.A, 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 Zurich Insurance Group AG stock attractive at the current price?
The data as of Sep 17, 2026: price CHF 588.60, calculated fair value CHF 336.92 (−43%), Quality Score 68/100, 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 ZURN calculated?
We run Zurich Insurance Group AG 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 CHF 336.92, 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 16.1 % above its aggregate fair value. Zurich Insurance Group AG 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 Zurich Insurance Group AG (ZURN)?
The closing price on Sep 22, 2026 was CHF 588.60. Our model-based fair value is CHF 336.92, about −43% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zurich Insurance Group AG right now?
The price sits above even our optimistic bull case (CHF 421.15). The favourable scenario is already priced in. Solid but not exceptional quality (68/100) 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 Zurich Insurance Group AG (ZURN) come from?
Earnings per share at Zurich Insurance Group AG grew +7.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.1 %, EBIT margin +3.6 %, tax rate +1.0 %, residual (interest, one-offs) +0.1 %. 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 Zurich Insurance Group AG
How large is the market capitalisation of Zurich Insurance Group AG (ZURN)?
The market capitalisation of Zurich Insurance Group AG is CHF 93.3B. 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 Zurich Insurance Group AG (ZURN)?
The price-to-sales ratio of Zurich Insurance Group AG is 1.23 (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 Zurich Insurance Group AG (ZURN)?
Earnings per share at Zurich Insurance Group AG are CHF 37.21 (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 Zurich Insurance Group AG (ZURN)?
The dividend yield of Zurich Insurance Group AG is 5.9% (payout 92.9%). 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 Zurich Insurance Group AG (ZURN)?
The net margin of Zurich Insurance Group AG is 7.7% (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 Zurich Insurance Group AG (ZURN)?
The return on equity (ROE) of Zurich Insurance Group AG is 25.2% (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 Zurich Insurance Group AG (ZURN)?
On an EBIT basis the return on assets of Zurich Insurance Group AG is 2.0% (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 Zurich Insurance Group AG (ZURN)?
The operating margin of Zurich Insurance Group AG is 14.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zurich Insurance Group AG (ZURN)?
Revenue at Zurich Insurance Group AG is growing +9.5% versus a year earlier (3y avg +27.1%). 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 Zurich Insurance Group AG (ZURN)?
Earnings per share at Zurich Insurance Group AG are growing +33.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Zurich Insurance Group AG (ZURN) carry?
The net debt of Zurich Insurance Group AG is CHF 11.6B (fiscal year 2025, ≈ 0.5 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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