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Side-by-side financial comparison of REINSURANCE GROUP OF AMERICA INC (RGA) and Smurfit Westrock (SW). Click either name above to swap in a different company.
Smurfit Westrock is the larger business by last-quarter revenue ($7.6B vs $6.6B, roughly 1.1× REINSURANCE GROUP OF AMERICA INC). REINSURANCE GROUP OF AMERICA INC runs the higher net margin — 7.0% vs 1.3%, a 5.7% gap on every dollar of revenue. On growth, REINSURANCE GROUP OF AMERICA INC posted the faster year-over-year revenue change (26.6% vs 0.5%). Over the past eight quarters, Smurfit Westrock's revenue compounded faster (60.8% CAGR vs 2.3%).
Reinsurance Group of America, Incorporated is a holding company for a global life and health reinsurance entity based in Greater St. Louis within the western suburb of Chesterfield, Missouri, United States. With approximately $3.9 trillion of life reinsurance in force and assets of $118.7 billion as of December 31, 2024, RGA has grown to become the only international company to focus primarily on life and health-related reinsurance.
Smurfit Westrock plc is an Irish company based in Dublin, Ireland that manufactures corrugated and paper-based packaging. Its stock is listed on the New York Stock Exchange and the London Stock Exchange.
RGA vs SW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $6.6B | $7.6B |
| Net Profit | $463.0M | $97.0M |
| Gross Margin | — | 18.2% |
| Operating Margin | 7.7% | 5.1% |
| Net Margin | 7.0% | 1.3% |
| Revenue YoY | 26.6% | 0.5% |
| Net Profit YoY | 212.8% | -33.6% |
| EPS (diluted) | $6.91 | $0.18 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $6.6B | $7.6B | ||
| Q3 25 | $6.2B | $8.0B | ||
| Q2 25 | $5.6B | $7.9B | ||
| Q1 25 | $5.3B | $7.7B | ||
| Q4 24 | $5.2B | $7.5B | ||
| Q3 24 | $5.7B | $7.7B | ||
| Q2 24 | $4.9B | $3.0B | ||
| Q1 24 | $6.3B | $2.9B |
| Q4 25 | $463.0M | $97.0M | ||
| Q3 25 | $253.0M | $246.0M | ||
| Q2 25 | $180.0M | $-28.0M | ||
| Q1 25 | $286.0M | $384.0M | ||
| Q4 24 | $148.0M | $146.0M | ||
| Q3 24 | $156.0M | $-150.0M | ||
| Q2 24 | $203.0M | $132.0M | ||
| Q1 24 | $210.0M | $191.0M |
| Q4 25 | — | 18.2% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | — | 20.6% | ||
| Q4 24 | — | 19.1% | ||
| Q3 24 | — | 17.6% | ||
| Q2 24 | — | 23.3% | ||
| Q1 24 | — | 24.2% |
| Q4 25 | 7.7% | 5.1% | ||
| Q3 25 | 5.2% | 6.6% | ||
| Q2 25 | 6.1% | 3.2% | ||
| Q1 25 | 7.0% | 7.2% | ||
| Q4 24 | 4.3% | 5.3% | ||
| Q3 24 | 3.8% | 0.7% | ||
| Q2 24 | 5.5% | 8.2% | ||
| Q1 24 | 4.3% | 10.5% |
| Q4 25 | 7.0% | 1.3% | ||
| Q3 25 | 4.1% | 3.1% | ||
| Q2 25 | 3.2% | -0.4% | ||
| Q1 25 | 5.4% | 5.0% | ||
| Q4 24 | 2.8% | 1.9% | ||
| Q3 24 | 2.8% | -2.0% | ||
| Q2 24 | 4.2% | 4.4% | ||
| Q1 24 | 3.3% | 6.5% |
| Q4 25 | $6.91 | $0.18 | ||
| Q3 25 | $3.81 | $0.47 | ||
| Q2 25 | $2.70 | $-0.05 | ||
| Q1 25 | $4.27 | $0.73 | ||
| Q4 24 | $2.21 | $-0.12 | ||
| Q3 24 | $2.33 | $-0.30 | ||
| Q2 24 | $3.03 | $0.51 | ||
| Q1 24 | $3.16 | $0.73 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.2B | $892.0M |
| Total DebtLower is stronger | $5.7B | $13.4B |
| Stockholders' EquityBook value | $13.5B | $18.3B |
| Total Assets | $156.6B | $45.2B |
| Debt / EquityLower = less leverage | 0.42× | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.2B | $892.0M | ||
| Q3 25 | $4.6B | $851.0M | ||
| Q2 25 | $5.4B | $778.0M | ||
| Q1 25 | $5.2B | $797.0M | ||
| Q4 24 | $3.3B | $855.0M | ||
| Q3 24 | $5.2B | — | ||
| Q2 24 | $4.6B | $26.8K | ||
| Q1 24 | $5.9B | $108 |
| Q4 25 | $5.7B | $13.4B | ||
| Q3 25 | $5.7B | $13.3B | ||
| Q2 25 | $5.7B | $13.3B | ||
| Q1 25 | $5.7B | $12.9B | ||
| Q4 24 | $5.0B | $12.5B | ||
| Q3 24 | $5.1B | $13.2B | ||
| Q2 24 | $5.1B | — | ||
| Q1 24 | $4.4B | — |
| Q4 25 | $13.5B | $18.3B | ||
| Q3 25 | $13.0B | $18.4B | ||
| Q2 25 | $12.1B | $18.3B | ||
| Q1 25 | $11.4B | $17.9B | ||
| Q4 24 | $10.8B | $17.4B | ||
| Q3 24 | $11.1B | $18.0B | ||
| Q2 24 | $9.7B | $14.5K | ||
| Q1 24 | $9.5B | $108 |
| Q4 25 | $156.6B | $45.2B | ||
| Q3 25 | $152.0B | $45.6B | ||
| Q2 25 | $133.5B | $45.7B | ||
| Q1 25 | $128.2B | $44.6B | ||
| Q4 24 | $118.7B | $43.8B | ||
| Q3 24 | $120.3B | $45.0B | ||
| Q2 24 | $109.9B | $26.8K | ||
| Q1 24 | $106.0B | $108 |
| Q4 25 | 0.42× | 0.73× | ||
| Q3 25 | 0.44× | 0.72× | ||
| Q2 25 | 0.48× | 0.73× | ||
| Q1 25 | 0.50× | 0.72× | ||
| Q4 24 | 0.47× | 0.72× | ||
| Q3 24 | 0.46× | 0.73× | ||
| Q2 24 | 0.52× | — | ||
| Q1 24 | 0.47× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $7.3B | $1.2B |
| Free Cash FlowOCF − Capex | — | $612.0M |
| FCF MarginFCF / Revenue | — | 8.1% |
| Capex IntensityCapex / Revenue | — | 7.7% |
| Cash ConversionOCF / Net Profit | 15.83× | 12.32× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.3B | $1.2B | ||
| Q3 25 | $-990.0M | $1.1B | ||
| Q2 25 | $-820.0M | $829.0M | ||
| Q1 25 | $-1.4B | $235.0M | ||
| Q4 24 | $17.1B | $781.0M | ||
| Q3 24 | $-1.1B | $320.0M | ||
| Q2 24 | $-967.0M | $340.0M | ||
| Q1 24 | $-5.7B | $42.0M |
| Q4 25 | — | $612.0M | ||
| Q3 25 | — | $523.0M | ||
| Q2 25 | — | $307.0M | ||
| Q1 25 | — | $-242.0M | ||
| Q4 24 | — | $212.0M | ||
| Q3 24 | — | $-192.0M | ||
| Q2 24 | — | $163.0M | ||
| Q1 24 | — | $-166.0M |
| Q4 25 | — | 8.1% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | — | 3.9% | ||
| Q1 25 | — | -3.2% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | — | -2.5% | ||
| Q2 24 | — | 5.5% | ||
| Q1 24 | — | -5.7% |
| Q4 25 | — | 7.7% | ||
| Q3 25 | — | 7.6% | ||
| Q2 25 | — | 6.6% | ||
| Q1 25 | — | 6.2% | ||
| Q4 24 | — | 7.5% | ||
| Q3 24 | — | 6.7% | ||
| Q2 24 | — | 6.0% | ||
| Q1 24 | — | 7.1% |
| Q4 25 | 15.83× | 12.32× | ||
| Q3 25 | -3.91× | 4.61× | ||
| Q2 25 | -4.56× | — | ||
| Q1 25 | -5.00× | 0.61× | ||
| Q4 24 | 115.81× | 5.35× | ||
| Q3 24 | -6.84× | — | ||
| Q2 24 | -4.76× | 2.58× | ||
| Q1 24 | -27.31× | 0.22× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RGA
Segment breakdown not available.
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
