Donegal Group Inc Financials

DGICB

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Donegal Group Inc (DGICB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).

Financial Health Signals

Piotroski F-Score Weak

3/9

Donegal Group Inc passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Mixed

0.88x

For every $1 of reported earnings, Donegal Group Inc generates $0.88 in operating cash flow ($70.2M OCF vs $79.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$978.0M

YoY-1.2%

5Y CAGR+4.7%

10Y CAGR+4.4%

Donegal Group Inc generated $978.0M in revenue in fiscal year 2025. This represents a decrease of 1.2% from the prior year.

EBITDA

N/A

Net Income

$79.3M

YoY+56.0%

5Y CAGR+8.5%

10Y CAGR+14.2%

Donegal Group Inc reported $79.3M in net income in fiscal year 2025. This represents an increase of 56.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$26.8M

YoY-49.4%

5Y CAGR-23.6%

10Y CAGR-0.5%

Donegal Group Inc held $26.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

8.1%

YoY+3.0pp

5Y CAGR+1.3pp

10Y CAGR+4.8pp

Donegal Group Inc's net profit margin was 8.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.0 percentage points from the prior year.

Return on Equity

12.4%

YoY+3.1pp

5Y CAGR+2.2pp

10Y CAGR+7.2pp

Donegal Group Inc's ROE was 12.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.1 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

DGICB Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$978.0M-1.2%	$989.6M+6.7%	$927.3M+9.3%	$848.2M+3.9%	$816.5M+5.0%	$777.8M
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	$1.4M+42.8%	$946K+52.6%	$620K-0.1%	$621K-30.7%	$896K-25.1%	$1.2M
Income Tax	$18.3M+59.0%	$11.5M+1698.9%	$638K+138.0%	-$1.7M-133.0%	$5.1M-51.4%	$10.5M
Net Income	$79.3M+56.0%	$50.9M+1049.3%	$4.4M+325.9%	-$2.0M-107.8%	$25.3M-52.2%	$52.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$239.8M-2.5%	$245.9M-0.5%	$247.1M+0.8%	$245.2M-1.9%	$250.0M-0.7%	$251.7M+2.0%	$246.8M+2.3%	$241.1M
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	$340K0.0%	$340K+1.1%	$337K+1.1%	$333K+23.7%	$269K-26.8%	$368K+137.8%	$155K0.0%	$155K
Income Tax	$3.8M-24.2%	$5.0M+39.7%	$3.6M-40.3%	$6.0M+5.1%	$5.7M+54.8%	$3.7M+325.7%	$860K-33.5%	$1.3M
Net Income	$17.2M-14.4%	$20.1M+19.1%	$16.9M-33.1%	$25.2M+5.0%	$24.0M+43.3%	$16.8M+303.4%	$4.2M-30.3%	$6.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DGICB Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$2.4B+2.2%	$2.3B+3.1%	$2.3B+1.0%	$2.2B-0.5%	$2.3B+4.4%	$2.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$26.8M-49.4%	$52.9M+122.5%	$23.8M-5.3%	$25.1M-56.5%	$57.7M-44.0%	$103.1M
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	$1.7B-2.5%	$1.8B+0.2%	$1.8B+1.5%	$1.8B+2.1%	$1.7B+5.0%	$1.6B
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	$640.4M+17.3%	$545.8M+13.8%	$479.7M-0.8%	$483.6M-8.9%	$531.0M+2.6%	$517.8M
Retained Earnings	$297.7M+21.5%	$245.1M+12.6%	$217.8M-9.5%	$240.6M-8.8%	$263.7M+2.1%	$258.4M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$2.4B-1.4%	$2.4B+0.6%	$2.4B+1.7%	$2.4B+1.4%	$2.3B-0.4%	$2.3B+0.5%	$2.3B+1.8%	$2.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$26.8M-30.6%	$38.6M-32.8%	$57.4M-10.7%	$64.3M+21.5%	$52.9M+84.7%	$28.7M+18.3%	$24.2M+22.3%	$19.8M
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	$1.7B-2.7%	$1.8B-0.4%	$1.8B+1.0%	$1.8B-0.4%	$1.8B-2.3%	$1.8B-1.0%	$1.9B+2.3%	$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	$640.4M+2.1%	$627.4M+3.6%	$605.7M+3.6%	$584.7M+7.1%	$545.8M+6.3%	$513.4M+6.1%	$484.1M-0.2%	$485.1M
Retained Earnings	$297.7M+1.3%	$293.8M+4.8%	$280.5M+3.8%	$270.2M+10.2%	$245.1M+5.2%	$233.0M+4.9%	$222.0M-0.7%	$223.6M

DGICB Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$70.2M+4.1%	$67.4M+135.6%	$28.6M-57.3%	$67.1M-12.5%	$76.7M-24.1%	$101.1M
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	-$91.1M-89.7%	-$48.0M-187.5%	-$16.7M+83.0%	-$98.5M-58.4%	-$62.2M+37.6%	-$99.7M
Financing Cash Flow	-$5.2M-153.5%	$9.7M+173.5%	-$13.2M-1006.1%	-$1.2M+98.0%	-$59.9M-214.5%	$52.3M
Dividends Paid	$25.7M+13.1%	$22.7M+3.7%	$21.9M+6.8%	$20.5M+7.3%	$19.1M+12.5%	$17.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$10.0M-55.4%	$22.4M+84.2%	$12.1M-52.9%	$25.7M-8.7%	$28.2M+121.4%	$12.7M-41.2%	$21.7M+350.0%	$4.8M
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	-$20.2M+45.5%	-$37.2M-97.9%	-$18.8M-25.9%	-$14.9M+41.1%	-$25.3M-276.1%	-$6.7M+44.4%	-$12.1M-217.8%	-$3.8M
Financing Cash Flow	-$1.5M+62.7%	-$4.0M-1688.5%	-$226K-140.2%	$562K-97.4%	$21.4M+1460.0%	-$1.6M+69.3%	-$5.1M-2.8%	-$5.0M
Dividends Paid	$6.6M+0.4%	$6.6M+1.2%	$6.5M+7.4%	$6.0M+4.6%	$5.8M+1.7%	$5.7M+0.1%	$5.7M+1.6%	$5.6M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DGICB Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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	8.1%+3.0pp	5.1%+4.7pp	0.5%+0.7pp	-0.2%-3.3pp	3.1%-3.7pp	6.8%
Return on Equity	12.4%+3.1pp	9.3%+8.4pp	0.9%+1.3pp	-0.4%-5.2pp	4.8%-5.4pp	10.2%
Return on Assets	3.3%+1.1pp	2.2%+2.0pp	0.2%+0.3pp	-0.1%-1.2pp	1.1%-1.3pp	2.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.73-0.6	3.28-0.4	3.72+0.1	3.64+0.4	3.25+0.1	3.17
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
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	7.2%-1.0pp	8.2%+1.3pp	6.8%-3.5pp	10.3%+0.7pp	9.6%+2.9pp	6.7%+5.0pp	1.7%-0.8pp	2.5%
Return on Equity	2.7%-0.5pp	3.2%+0.4pp	2.8%-1.5pp	4.3%-0.1pp	4.4%+1.1pp	3.3%+2.4pp	0.9%-0.4pp	1.2%
Return on Assets	0.7%-0.1pp	0.8%+0.1pp	0.7%-0.4pp	1.1%+0.0pp	1.0%+0.3pp	0.7%+0.5pp	0.2%-0.1pp	0.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.73-0.1	2.86-0.1	2.98-0.1	3.05-0.2	3.28-0.3	3.57-0.3	3.82+0.1	3.73
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 Inc's annual revenue?

Donegal Group Inc (DGICB) reported $978.0M in total revenue for fiscal year 2025. This represents a -1.2% 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 Inc's revenue growing?

Donegal Group Inc (DGICB) revenue declined by 1.2% year-over-year, from $989.6M to $978.0M in fiscal year 2025.

Is Donegal Group Inc profitable?

Yes, Donegal Group Inc (DGICB) reported a net income of $79.3M in fiscal year 2025, with a net profit margin of 8.1%.

What is Donegal Group Inc's net profit margin?

Donegal Group Inc (DGICB) had a net profit margin of 8.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

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

Donegal Group Inc (DGICB) has a return on equity of 12.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Donegal Group Inc's operating cash flow?

Donegal Group Inc (DGICB) generated $70.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Donegal Group Inc's total assets?

Donegal Group Inc (DGICB) had $2.4B in total assets as of fiscal year 2025, including both current and long-term assets.

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

Donegal Group Inc (DGICB) had a debt-to-equity ratio of 2.73 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

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

Donegal Group Inc (DGICB) had a return on assets of 3.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Donegal Group Inc's Piotroski F-Score?

Donegal Group Inc (DGICB) has a Piotroski F-Score of 3 out of 9, indicating weak 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 Inc's earnings high quality?

Donegal Group Inc (DGICB) has an earnings quality ratio of 0.88x, considered mixed 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.