Allstate vs Chubb

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KIRA’s take AI analyst

I put Allstate and Chubb side by side, using each one’s latest annual report. Here is what stands out:

Allstate is the larger business, with $67.7B of revenue in fiscal 2025 against $59.4B for Chubb.
Chubb grew revenue faster (6.5%, against 5.6%).
Allstate earned a higher return on the capital invested in it (37.3%, against 13.6%).
Investors pay more for each dollar of Chubb’s earnings: a P/E of 12.6x against 5.1x for Allstate.

Who comes out ahead

Of the 6 measures where higher (or lower) is clearly better, how many each company leads.

Allstate

ALL

2/6

Return on capitalReturn on equity

Chubb

4/6

Revenue growth5-year growthNet marginShare count change

Side by side

Best in the row

Latest fiscal year	ALL FY25	CB FY25
Size
Market cap	$66.3B	$140.8B
Revenue	$67.7B	$59.4B
Free cash flow	$9.9B	—
Net income	$10.3B	$10.3B
Growth
Revenue growth	5.6%	6.5%
5-year growth	10.1%	10.5%
Share count change	−0.3%	−1.7%
Profitability
Gross margin	—	—
Operating margin	—	—
Net margin	15.2%	17.4%
FCF margin	14.6%	—
Return on capital	37.3%	13.6%
Return on equity	39.5%	15.0%
Balance sheet
Net debt	$1.9B	$9.9B
Net debt / EBITDA	0.1x	—
Dividends and buybacks	$2.3B	$5.2B
Valuation & quality
P/E	5.1x	12.6x
Piotroski F-score	—	—

Ten years

Revenue

FY16

ALL $37.4B

CB $31.5B

FY17

ALL $39.4B

CB $32.2B

FY18

ALL $39.8B

CB $32.7B

FY19

ALL $41.5B

CB $34.2B

FY20

ALL $41.9B

CB $36.0B

FY21

ALL $50.6B

CB $40.9B

FY22

ALL $51.4B

CB $43.1B

FY23

ALL $57.1B

CB $49.7B

FY24

ALL $64.1B

CB $55.8B

FY25

ALL $67.7B

CB $59.4B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ALL CB

Operating margin

FY16

ALL —

CB —

FY17

ALL —

CB —

FY18

ALL —

CB —

FY19

ALL —

CB —

FY20

ALL —

CB —

FY21

ALL —

CB —

FY22

ALL —

CB —

FY23

ALL —

CB —

FY24

ALL —

CB —

FY25

ALL —

CB —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ALL CB

Free cash flow

FY16

ALL $3.7B

CB —

FY17

ALL $4.0B

CB —

FY18

ALL $4.9B

CB —

FY19

ALL $4.7B

CB —

FY20

ALL $5.2B

CB —

FY21

ALL $4.8B

CB —

FY22

ALL $4.7B

CB —

FY23

ALL $4.0B

CB —

FY24

ALL $8.7B

CB —

FY25

ALL $9.9B

CB —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ALL CB

Return on capital

FY16

ALL 9.3%

CB 11.1%

FY17

ALL 15.7%

CB 7.4%

FY18

ALL 9.6%

CB 7.6%

FY19

ALL 19.5%

CB 8.0%

FY20

ALL 42.4%

CB 6.0%

FY21

ALL 13.1%

CB 13.0%

FY22

ALL −4.7%

CB 8.9%

FY23

ALL 0.1%

CB 14.9%

FY24

ALL 22.4%

CB 14.0%

FY25

ALL 37.3%

CB 13.6%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ALL CB

Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.