Donegal Group Financials

DGICA

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Neutral

5/9

Donegal Group passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.33x

For every $1 of reported earnings, Donegal Group generates $1.33 in operating cash flow ($67.4M OCF vs $50.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

This page shows Donegal Group (DGICA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).

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Key Financial Metrics

Revenue

$989.6M

YoY+6.7%

5Y CAGR+4.0%

10Y CAGR+5.4%

Donegal Group generated $989.6M in revenue in fiscal year 2024. This represents an increase of 6.7% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$50.9M

YoY+1049.3%

5Y CAGR+1.5%

10Y CAGR+13.3%

Donegal Group reported $50.9M in net income in fiscal year 2024. This represents an increase of 1049.3% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

$52.9M

YoY+122.5%

5Y CAGR+1.4%

10Y CAGR+4.1%

Donegal Group held $52.9M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

N/A

Operating Margin

N/A

Net Margin

5.1%

YoY+4.7pp

5Y CAGR-0.7pp

10Y CAGR+2.7pp

Donegal Group's net profit margin was 5.1% in fiscal year 2024, showing the share of revenue converted to profit. This is up 4.7 percentage points from the prior year.

Return on Equity

9.3%

YoY+8.4pp

5Y CAGR-1.1pp

10Y CAGR+5.8pp

Donegal Group's ROE was 9.3% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 8.4 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

DGICA Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$989.6M+6.7%	$927.3M+9.3%	$848.2M+3.9%	$816.5M+5.0%	$777.8M-4.3%	$812.5M
Cost of Revenue	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
R&D Expenses	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
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$946K+52.6%	$620K-0.1%	$621K-30.7%	$896K-25.1%	$1.2M-24.2%	$1.6M
Income Tax	$11.5M+1698.9%	$638K+138.0%	-$1.7M-133.0%	$5.1M-51.4%	$10.5M+5.3%	$9.9M
Net Income	$50.9M+1049.3%	$4.4M+325.9%	-$2.0M-107.8%	$25.3M-52.2%	$52.8M+12.0%	$47.2M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$245.9M-0.5%	$247.1M+0.8%	$245.2M-1.9%	$250.0M+1.3%	$246.8M+2.3%	$241.1M+0.7%	$239.5M+2.4%	$233.9M
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	$340K+1.1%	$337K+1.1%	$333K+23.7%	$269K+74.2%	$155K0.0%	$155K-0.8%	$156K-0.3%	$156K
Income Tax	$5.0M+39.7%	$3.6M-40.3%	$6.0M+5.1%	$5.7M+558.9%	$860K-33.5%	$1.3M+352.9%	-$511K-156.1%	-$200K
Net Income	$20.1M+19.1%	$16.9M-33.1%	$25.2M+5.0%	$24.0M+478.0%	$4.2M-30.3%	$6.0M+402.3%	-$2.0M-144.7%	-$805K
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DGICA Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$2.3B+3.1%	$2.3B+1.0%	$2.2B-0.5%	$2.3B+4.4%	$2.2B+12.3%	$1.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$52.9M+122.5%	$23.8M-5.3%	$25.1M-56.5%	$57.7M-44.0%	$103.1M+109.0%	$49.3M
Inventory	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
Goodwill	$5.6M0.0%	$5.6M0.0%	$5.6M0.0%	$5.6M0.0%	$5.6M0.0%	$5.6M
Total Liabilities	$1.8B+0.2%	$1.8B+1.5%	$1.8B+2.1%	$1.7B+5.0%	$1.6B+11.6%	$1.5B
Current Liabilities	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
Total Equity	$545.8M+13.8%	$479.7M-0.8%	$483.6M-8.9%	$531.0M+2.6%	$517.8M+14.8%	$451.0M
Retained Earnings	$245.1M+12.6%	$217.8M-9.5%	$240.6M-8.8%	$263.7M+2.1%	$258.4M+15.7%	$223.3M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$2.4B+0.6%	$2.4B+1.7%	$2.4B+1.4%	$2.3B0.0%	$2.3B+1.8%	$2.3B+1.2%	$2.3B+0.3%	$2.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$38.6M-32.8%	$57.4M-10.7%	$64.3M+21.5%	$52.9M+118.5%	$24.2M+22.3%	$19.8M-16.8%	$23.8M+0.3%	$23.7M
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	$5.6M0.0%	$5.6M0.0%	$5.6M0.0%	$5.6M0.0%	$5.6M0.0%	$5.6M0.0%	$5.6M0.0%	$5.6M
Total Liabilities	$1.8B-0.4%	$1.8B+1.0%	$1.8B-0.4%	$1.8B-3.3%	$1.9B+2.3%	$1.8B+1.3%	$1.8B0.0%	$1.8B
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	$627.4M+3.6%	$605.7M+3.6%	$584.7M+7.1%	$545.8M+12.7%	$484.1M-0.2%	$485.1M+1.1%	$479.7M+1.4%	$473.3M
Retained Earnings	$293.8M+4.8%	$280.5M+3.8%	$270.2M+10.2%	$245.1M+10.4%	$222.0M-0.7%	$223.6M+2.7%	$217.8M-5.7%	$230.9M

DGICA Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$67.4M+135.6%	$28.6M-57.3%	$67.1M-12.5%	$76.7M-24.1%	$101.1M+32.4%	$76.4M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$48.0M-187.5%	-$16.7M+83.0%	-$98.5M-58.4%	-$62.2M+37.6%	-$99.7M-129.8%	-$43.4M
Financing Cash Flow	$9.7M+173.5%	-$13.2M-1006.1%	-$1.2M+98.0%	-$59.9M-214.5%	$52.3M+244.3%	-$36.3M
Dividends Paid	$22.7M+3.7%	$21.9M+6.8%	$20.5M+7.3%	$19.1M+12.5%	$17.0M+5.5%	$16.1M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$22.4M+84.2%	$12.1M-52.9%	$25.7M-8.7%	$28.2M+30.1%	$21.7M+350.0%	$4.8M+85.6%	$2.6M-80.0%	$13.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$37.2M-97.9%	-$18.8M-25.9%	-$14.9M+41.1%	-$25.3M-108.9%	-$12.1M-217.8%	-$3.8M-418.1%	$1.2M+112.4%	-$9.7M
Financing Cash Flow	-$4.0M-1688.5%	-$226K-140.2%	$562K-97.4%	$21.4M+517.9%	-$5.1M-2.8%	-$5.0M-34.0%	-$3.7M+14.1%	-$4.3M
Dividends Paid	$6.6M+1.2%	$6.5M+7.4%	$6.0M+4.6%	$5.8M+1.8%	$5.7M+1.6%	$5.6M+0.4%	$5.6M+0.3%	$5.5M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DGICA Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	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
Net Margin	5.1%+4.7pp	0.5%+0.7pp	-0.2%-3.3pp	3.1%-3.7pp	6.8%+1.0pp	5.8%
Return on Equity	9.3%+8.4pp	0.9%	N/A	4.8%-5.4pp	10.2%-0.3pp	10.4%
Return on Assets	2.2%+2.0pp	0.2%+0.3pp	-0.1%-1.2pp	1.1%-1.3pp	2.4%0.0pp	2.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	3.28-0.4	3.72+0.1	3.64+0.4	3.25+0.1	3.17-0.1	3.26
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
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	8.2%+1.3pp	6.8%-3.5pp	10.3%+0.7pp	9.6%+7.9pp	1.7%-0.8pp	2.5%+3.3pp	-0.8%-0.5pp	-0.3%
Return on Equity	3.2%+0.4pp	2.8%-1.5pp	4.3%-0.1pp	4.4%+3.5pp	0.9%-0.4pp	1.2%	N/A	N/A
Return on Assets	0.8%+0.1pp	0.7%-0.4pp	1.1%+0.0pp	1.0%+0.9pp	0.2%-0.1pp	0.3%+0.3pp	-0.1%-0.1pp	-0.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.86-0.1	2.98-0.1	3.05-0.2	3.28-0.5	3.82+0.1	3.730.0	3.72-0.1	3.78
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Donegal Group's annual revenue?

Donegal Group (DGICA) reported $989.6M in total revenue for fiscal year 2024. This represents a 6.7% 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 Donegal Group's revenue growing?

Donegal Group (DGICA) revenue grew by 6.7% year-over-year, from $927.3M to $989.6M in fiscal year 2024.

Is Donegal Group profitable?

Yes, Donegal Group (DGICA) reported a net income of $50.9M in fiscal year 2024, with a net profit margin of 5.1%.

What is Donegal Group's net profit margin?

Donegal Group (DGICA) had a net profit margin of 5.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Donegal Group's return on equity (ROE)?

Donegal Group (DGICA) has a return on equity of 9.3% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Donegal Group's operating cash flow?

Donegal Group (DGICA) generated $67.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Donegal Group's total assets?

Donegal Group (DGICA) had $2.3B in total assets as of fiscal year 2024, including both current and long-term assets.

What is Donegal Group's debt-to-equity ratio?

Donegal Group (DGICA) had a debt-to-equity ratio of 3.28 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Donegal Group's return on assets (ROA)?

Donegal Group (DGICA) had a return on assets of 2.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Donegal Group's Piotroski F-Score?

Donegal Group (DGICA) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Donegal Group's earnings high quality?

Donegal Group (DGICA) has an earnings quality ratio of 1.33x, 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.