Allstate vs Travelers Companies

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The short version

Allstate is the larger business, with $67.7B of revenue in fiscal 2025 against $48.8B for Travelers Companies.
Allstate earned a higher return on the capital invested in it (37.3%, against 20.1%).
Investors pay more for each dollar of Travelers Companies’s earnings: a P/E of 10.5x against 5.1x for Allstate.

Latest fiscal year	ALL · FY25	TRV · FY25
Size
Market cap	$65.6B	$83.9B
Revenue	$67.7B	$48.8B
Free cash flow	$9.9B	—
Net income	$10.3B	$6.3B
Growth
Revenue growth	5.6%	5.2%
5-year growth	10.1%	8.8%
Share count change	−0.3%	−1.5%
Profitability
Gross margin	—	—
Operating margin	—	—
Net margin	15.2%	12.9%
FCF margin	14.6%	—
Return on capital	37.3%	20.1%
Return on equity	39.5%	20.7%
Balance sheet
Net debt	$1.9B	$2.7B
Net debt / EBITDA	0.1x	0.3x
Dividends and buybacks	$2.3B	$4.0B
Valuation & quality
P/E	5.1x	10.5x
Piotroski F-score	—	—

Revenue

FY16

ALL $37.4B

TRV $27.6B

FY17

ALL $39.4B

TRV $28.9B

FY18

ALL $39.8B

TRV $30.3B

FY19

ALL $41.5B

TRV $31.6B

FY20

ALL $41.9B

TRV $32.0B

FY21

ALL $50.6B

TRV $34.8B

FY22

ALL $51.4B

TRV $36.9B

FY23

ALL $57.1B

TRV $41.4B

FY24

ALL $64.1B

TRV $46.4B

FY25

ALL $67.7B

TRV $48.8B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ALL TRV

Operating margin

FY16

ALL —

TRV —

FY17

ALL —

TRV —

FY18

ALL —

TRV —

FY19

ALL —

TRV —

FY20

ALL —

TRV —

FY21

ALL —

TRV —

FY22

ALL —

TRV —

FY23

ALL —

TRV —

FY24

ALL —

TRV —

FY25

ALL —

TRV —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ALL TRV

Free cash flow

FY16

ALL $3.7B

TRV —

FY17

ALL $4.0B

TRV —

FY18

ALL $4.9B

TRV —

FY19

ALL $4.7B

TRV —

FY20

ALL $5.2B

TRV —

FY21

ALL $4.8B

TRV —

FY22

ALL $4.7B

TRV —

FY23

ALL $4.0B

TRV —

FY24

ALL $8.7B

TRV —

FY25

ALL $9.9B

TRV —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ALL TRV

Return on capital

FY16

ALL 9.3%

TRV 13.3%

FY17

ALL 15.7%

TRV 9.4%

FY18

ALL 9.6%

TRV 11.3%

FY19

ALL 19.5%

TRV 11.2%

FY20

ALL 42.4%

TRV 10.5%

FY21

ALL 13.1%

TRV 12.9%

FY22

ALL −4.7%

TRV 11.2%

FY23

ALL 0.1%

TRV 12.9%

FY24

ALL 22.4%

TRV 18.5%

FY25

ALL 37.3%

TRV 20.1%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ALL TRV

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.