Ategrity Specialty Holdings Financials
This page shows Ategrity Specialty Holdings (ASIC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
ASIC shows a cash-rich earnings model with equity-funded balance-sheet expansion steadily reducing leverage dependence.
In both FY2024 and FY2025, operating cash flow ran at about twice net income, so reported profit is being backed by cash rather than by accrual buildup. Because capex was only$6.5M in FY2025, most of that cash survived as free cash flow; the year-end cash balance near$29.7M therefore looks more like active redeployment into investing uses than weak cash creation.
Revenue growth mattered, but net income rose faster, lifting net margin from
Leverage is easing as debt-to-equity fell from 1.8x to 1.4x. With equity reaching
Financial Health Signals
Scored against insurers for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Ategrity Specialty Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Ategrity Specialty Holdings passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Ategrity Specialty Holdings generates $1.99 in operating cash flow ($147.2M OCF vs $74.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Ategrity Specialty Holdings generated $424.3M in revenue in fiscal year 2025. This represents an increase of 23.4% from the prior year.
Ategrity Specialty Holdings reported $74.0M in net income in fiscal year 2025. This represents an increase of 57.2% from the prior year.
Ategrity Specialty Holdings earned $1.58 per diluted share (EPS) in fiscal year 2025. This represents an increase of 23.4% from the prior year.
Cash & Balance Sheet
Ategrity Specialty Holdings generated $140.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 12.2% from the prior year.
Ategrity Specialty Holdings held $29.7M in cash against $0 in long-term debt as of fiscal year 2025.
Ategrity Specialty Holdings paid $0.00 per share in dividends in fiscal year 2025.
Ategrity Specialty Holdings had 48M shares outstanding in fiscal year 2025. This represents an increase of 25.2% from the prior year.
Margins & Returns
Ategrity Specialty Holdings's net profit margin was 17.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.7 percentage points from the prior year.
Ategrity Specialty Holdings's ROE was 12.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.2 percentage points from the prior year.
Capital Allocation
Ategrity Specialty Holdings spent $2.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Ategrity Specialty Holdings invested $6.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 3842.7% from the prior year.
ASIC Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $129.0M+4.6% | $123.3M+6.2% | $116.1M+14.1% | $101.8M+22.4% | $83.1M | N/A | $88.7M+19.3% | $74.4M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $4K-94.4% | $72K-81.6% | $392K-12.3% | $447K0.0% | $447K | N/A | $480K-11.8% | $544K |
| Income Tax | $7.1M+5.0% | $6.7M+9.7% | $6.1M+29.8% | $4.7M+110.4% | $2.2M | N/A | $3.3M+177.2% | $1.2M |
| Net Income | $25.5M+0.8% | $25.3M+11.4% | $22.7M+28.6% | $17.6M+108.3% | $8.5M | N/A | $12.9M+160.2% | $4.9M |
| EPS (Diluted) | $0.51 | N/A | $0.45+15.4% | $0.39+95.0% | $0.20 | N/A | $0.36+157.1% | $0.14 |
ASIC Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.5B+3.2% | $1.5B+1.9% | $1.4B+6.1% | $1.4B | N/A | $1.1B | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $47.5M+59.7% | $29.7M-13.4% | $34.3M+45.9% | $23.5M-39.6% | $38.9M+46.5% | $26.6M-78.6% | $124.2M+27.8% | $97.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $887.7M+3.3% | $859.5M+0.4% | $856.4M+6.7% | $803.0M | N/A | $724.6M | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $631.0M+2.7% | $614.3M+4.4% | $588.6M+5.2% | $559.7M+31.0% | $427.3M+7.3% | $398.3M+9.1% | $364.9M+7.7% | $338.8M |
| Retained Earnings | $134.0M+23.5% | $108.6M+30.3% | $83.3M+37.4% | $60.7M | N/A | $34.6M | N/A | N/A |
ASIC Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $42.0M-24.0% | $55.3M+34.7% | $41.1M+37.6% | $29.8M+42.4% | $21.0M-39.6% | $34.7M+32.4% | $26.2M | N/A |
| Capital Expenditures | $899K | N/A | N/A | N/A | $25K | N/A | N/A | N/A |
| Free Cash Flow | $41.1M | N/A | N/A | N/A | $20.9M | N/A | N/A | N/A |
| Investing Cash Flow | -$22.2M+62.1% | -$58.6M-97.8% | -$29.6M+81.9% | -$164.1M-654.8% | -$21.7M+83.6% | -$132.3M-15960.2% | $834K | N/A |
| Financing Cash Flow | -$2.1M-59.6% | -$1.3M-104.2% | -$637K-100.5% | $118.9M+804.7% | $13.1M | $0 | $0 | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | $0 | $0 | N/A | N/A | $0 | $0 | N/A |
ASIC Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 19.8%-0.7pp | 20.5%+1.0pp | 19.5%+2.2pp | 17.3%+7.1pp | 10.2% | N/A | 14.5%+7.8pp | 6.7% |
| Return on Equity | 4.0%-0.1pp | 4.1%+0.3pp | 3.9%+0.7pp | 3.1%+1.2pp | 2.0% | N/A | 3.5%+2.1pp | 1.5% |
| Return on Assets | 1.7%-0.0pp | 1.7%+0.1pp | 1.6%+0.3pp | 1.3% | N/A | N/A | N/A | N/A |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 1.410.0 | 1.40-0.1 | 1.46+0.0 | 1.43 | N/A | 1.82 | N/A | N/A |
| FCF Margin | 31.9% | N/A | N/A | N/A | 25.2% | N/A | N/A | N/A |
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Frequently Asked Questions
What is Ategrity Specialty Holdings's annual revenue?
Ategrity Specialty Holdings (ASIC) reported $424.3M in total revenue for fiscal year 2025. This represents a 23.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ategrity Specialty Holdings's revenue growing?
Ategrity Specialty Holdings (ASIC) revenue grew by 23.4% year-over-year, from $343.8M to $424.3M in fiscal year 2025.
Is Ategrity Specialty Holdings profitable?
Yes, Ategrity Specialty Holdings (ASIC) reported a net income of $74.0M in fiscal year 2025, with a net profit margin of 17.4%.
What is Ategrity Specialty Holdings's net profit margin?
Ategrity Specialty Holdings (ASIC) had a net profit margin of 17.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ategrity Specialty Holdings's return on equity (ROE)?
Ategrity Specialty Holdings (ASIC) has a return on equity of 12.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Ategrity Specialty Holdings's free cash flow?
Ategrity Specialty Holdings (ASIC) generated $140.7M in free cash flow during fiscal year 2025. This represents a 12.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ategrity Specialty Holdings's operating cash flow?
Ategrity Specialty Holdings (ASIC) generated $147.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ategrity Specialty Holdings's total assets?
Ategrity Specialty Holdings (ASIC) had $1.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ategrity Specialty Holdings's capital expenditures?
Ategrity Specialty Holdings (ASIC) invested $6.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Ategrity Specialty Holdings's debt-to-equity ratio?
Ategrity Specialty Holdings (ASIC) had a debt-to-equity ratio of 1.40 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Ategrity Specialty Holdings's return on assets (ROA)?
Ategrity Specialty Holdings (ASIC) had a return on assets of 5.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Ategrity Specialty Holdings's Piotroski F-Score?
Ategrity Specialty Holdings (ASIC) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ategrity Specialty Holdings's earnings high quality?
Ategrity Specialty Holdings (ASIC) has an earnings quality ratio of 1.99x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Ategrity Specialty Holdings?
Ategrity Specialty Holdings (ASIC) scores 65 out of 100 on our Financial Health Score, indicating strong standing within its insurers peer group. The score is a 0-100 composite of six dimensions (Loss Ratio, Premium Growth, Capital, Investment Yield, Combined Ratio, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.