Donegal Group Inc Financials

DGICB

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 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).

Rhea AI DGICB FY2025 2026-04-22

Profit is improving faster than sales, while retained earnings are rebuilding equity inside a still liability-heavy operating model.

Across the recent recovery, revenue moved only 5.5% while net income reached $79.3M, so the earnings rebound came from better economics below the revenue line rather than materially higher volume. Operating cash flow was $70.2M, but cash on hand still fell to $26.8M because investing uses absorbed more cash than operations produced.

The balance sheet remains highly leveraged by obligations at 2.7x debt to equity, yet interest expense was just $1.4M. That combination implies the company's financing burden is shaped more by managing non-borrowing liabilities than by servicing large conventional debt.

Cash generation looks steadier than the earnings line alone once suggested: operating cash flow stayed around $70.2M even as revenue was essentially flat. After paying $25.7M of dividends, the business still added to retained earnings, which helps explain why equity has been rebuilding without a major liability increase.

Financial Health Signals

Financial Profile 19/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Donegal Group Inc'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.

Growth

Donegal Group Inc's revenue declined 1.2% year-over-year, from $989.6M to $978.0M. This contraction results in a growth score of 38/100.

Leverage

Donegal Group Inc has a moderate D/E ratio of 2.73. This balance of debt and equity financing earns a leverage score of 46/100.

Returns

Donegal Group Inc's ROE of 12.4% shows moderate profitability relative to equity, earning a score of 31/100. This is up from 9.3% the prior year.

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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$236.0M-1.6%	$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
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	$333K-2.2%	$340K0.0%	$340K+1.1%	$337K+1.1%	$333K+23.7%	$269K-26.8%	$368K+137.8%	$155K
Income Tax	$2.6M-30.7%	$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
Net Income	$11.5M-33.0%	$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
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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$2.4B+2.6%	$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
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$35.5M+32.5%	$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
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+3.1%	$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
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	$649.1M+1.4%	$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
Retained Earnings	$309.1M+3.8%	$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

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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$20.2M+102.4%	$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
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	-$5.4M+73.3%	-$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
Financing Cash Flow	-$6.0M-301.7%	-$1.5M+62.7%	-$4.0M-1688.5%	-$226K-140.2%	$562K-97.4%	$21.4M+1460.0%	-$1.6M+69.3%	-$5.1M
Dividends Paid	$6.7M+1.0%	$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
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	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	4.9%-2.3pp	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%
Return on Equity	1.8%-0.9pp	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%
Return on Assets	0.5%-0.2pp	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%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.77+0.0	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
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 to 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.

How financially healthy is Donegal Group Inc?

Donegal Group Inc (DGICB) scores 19 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.