Octave Specialty Group (OSG) Financials
Ticker history: AMBC became OSG (Octave Specialty Group, Inc.) on . Earlier news and filings retain their original names and dates. View AMBC history.
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the OSG SEC filings page.
Octave Specialty Group, Inc. (OSG) reported $320.7M in revenue over the twelve months to Jun 30, 2026, up 26.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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).
Revenue growth is being absorbed by rising overhead, while weaker cash generation accompanies a contracting balance sheet.
From FY2023 to FY2025, revenue increased101.4% while SG&A increased186.1% , showing that expansion came with a disproportionately heavier operating cost base. Operating cash flow shifted from$200M to-$52.3M ; this indicates that reported growth did not translate into internally generated cash.
In FY2025, revenue grew
Assets fell
Financial Health Signals
Scored against insurers for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 5 of 6, with the others left out rather than counted as zero. 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 Octave Specialty 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.
Loss Ratio measures the claims an insurer paid out against the premiums it earned, so a lower ratio leaves more of every premium dollar with the company. Octave Specialty Group, Inc. scores 30/100 on it among other insurers.
Octave Specialty Group, Inc. reported revenue of $251.2M in fiscal year 2025, against $235.8M in fiscal year 2024. Premium Growth ranks insurers on the three-year path of the premiums they write rather than on total revenue, and Octave Specialty Group, Inc. scores 13/100 among other insurers.
Octave Specialty Group, Inc. funded 32.2% of its assets with shareholders' equity at the end of fiscal year 2025, holding $715.8M of equity against $2.2B of assets. Capital ranks insurers on that cushion, and Octave Specialty Group, Inc. scores 74/100 among other insurers.
Not available for Octave Specialty Group, Inc., so it is left out of the overall score, which averages the 5 of 6 dimensions that can be computed.
Combined Ratio puts claims and running costs together against premiums earned, and a figure under 100% means the underwriting made money before any investment income was counted. Octave Specialty Group, Inc. scores 9/100 on it among other insurers.
Octave Specialty Group, Inc. reported a net loss of $259.1M in fiscal year 2025, against a loss of $556.1M in fiscal year 2024. Stability ranks insurers on how steady net income has been across five years, and Octave Specialty Group, Inc. scores 5/100 among other insurers.
Octave Specialty Group, Inc. passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) passes.
Key Financial Metrics
Earnings & Revenue
Octave Specialty Group, Inc. generated $83.0M in revenue in Q2 2026. This represents an increase of 51.0% from the same quarter a year earlier. Against the prior quarter it is down 20.3%.
Octave Specialty Group, Inc. reported a net loss of $12.2M in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Octave Specialty Group, Inc. earned -$0.33 per diluted share (EPS) in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q2 2026.
Cash & Balance Sheet
Octave Specialty Group, Inc. held $79.1M in cash against $155.5M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Octave Specialty Group, Inc.'s net profit margin was -14.6% in Q2 2026, showing the share of revenue converted to profit. Against the prior quarter it is down 8.1 percentage points. No change is given against Q2 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Octave Specialty Group, Inc.'s quarterly ROE was -1.7% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 6.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.8 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
None of these metrics is reported for Q2 2026.
OSG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $83.0M+51.0% | $104.2M+66.0% | $66.9M+2.6% | $66.6M-4.9% | $55.0M+7.7% | $62.8M+26.6% | $65.2M-13.0% | $70.0M-5.4% |
| SG&A Expenses | $51.4M+26.8% | $53.2M+38.0% | $58.8M+45.5% | $53.7M+22.1% | $40.5M+45.5% | $38.5M+119.2% | $40.4M+90.8% | $44.0M+145.6% |
| Interest Expense | $2.8M-50.2% | $2.1M-61.7% | $1.4Mn/m | $6.2M-69.1% | $5.6M-65.2% | $5.5Mn/m | -$26.6M | $20.0M+25.0% |
| Income Tax | $485Kn/m | -$481Kn/m | $9.2M+446.5% | -$1.2Mn/m | -$2.2Mn/m | -$617K-574.6% | $1.7Mn/m | -$867K-186.7% |
| Net Income | -$12.2Mn/m | -$6.9Mn/m | -$27.1Mn/m | -$112.6Mn/m | -$73.0Mn/m | -$46.4M-323.3% | -$548.3Mn/m | -$27.5M-141.8% |
| EPS (Basic) | -$0.33n/m | -$0.13n/m | -$0.82 | -$2.35n/m | -$1.51n/m | -$1.21-375.0% | -$10.23n/m | -$0.63-143.8% |
| EPS (Diluted) | -$0.33n/m | -$0.13n/m | -$0.82 | -$2.35n/m | -$1.51n/m | -$1.21-375.0% | -$10.23n/m | -$0.63-143.8% |
| Diluted Shares (Avg) | 45M-5.7% | 45M-4.2% | N/A | 48M+0.9% | 48M+4.1% | 47M+3.2% | N/A | 48M+1.9% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.
OSG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.3B-73.2% | $2.3B-72.5% | $2.2B-72.4% | $2.1B-76.8% | $8.5B+4.1% | $8.3B-2.1% | $8.1B-4.4% | $9.3B+18.0% |
| Cash & Equivalents | $79.1M+250.9% | $93.5M+174.6% | $68.4M+131.2% | $27.5M-32.6% | $22.5M+54.5% | $34.1M+147.7% | $29.6M+303.2% | $40.8M+27.5% |
| Short-Term Investments | $82.5M-68.8% | $229.4M-12.8% | $146.4M+14.8% | $426.9M-79.4% | $264.1M-87.1% | $263.2M-87.4% | $127.6M-36.4% | $2.1B+3.4% |
| Goodwill | $534.3M+18.3% | $533.5M+24.3% | $540.3M+29.2% | $445.4M+2.6% | $451.8M+545.4% | $429.3M+513.3% | $418.2M+500.1% | $434.0M+520.0% |
| Total Liabilities | $1.3B-82.7% | $1.2B-82.4% | $1.1B-83.4% | $1.0B-86.4% | $7.3B+8.2% | $7.0B+0.7% | $6.9B-1.9% | $7.4B+13.5% |
| Long-Term Debt | $155.5M | $117.1M | $117.6Mn/m | $100.0M-80.7% | N/A | N/A | $0-100.0% | $518.0M+2.6% |
| Total Equity | $698.8M-18.7% | $712.6M-16.4% | $715.8M-10.3% | $843.4M-42.4% | $859.8M-37.1% | $852.2M-37.6% | $798.4M-41.4% | $1.5B+15.8% |
| Retained Earnings | $348.5M-42.6% | $363.8M-46.6% | $370.4M-45.8% | $491.7M-60.2% | $607.5M-52.0% | $681.5M-46.2% | $683.6M-45.1% | $1.2B-1.8% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Long-Term Investments, Current Liabilities, Non-Current Liabilities.
OSG Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$10.2M-576.1% | -$10.1Mn/m | -$666Kn/m | -$41.2M-184.1% | $2.1M-89.5% | -$12.6M-278.4% | -$75.6M-185.9% | $48.9M+344.7% |
| Depreciation & Amortization | $12.3M+25.9% | $12.2M+33.1% | $13.3M+38.2% | $9.7M+37.2% | $9.7M+503.5% | $9.2M+468.5% | $9.6M+690.1% | $7.1M+558.4% |
| Stock-Based Compensation | N/A | $4.7M+101.0% | N/A | $2.1M-42.1% | $2.4M+6.8% | $2.3Mn/m | N/A | $3.7M-7.7% |
| Investing Cash Flow | N/A | N/A | N/A | $247.3Mn/m | -$3.3Mn/m | $21.3Mn/m | N/A | -$225.8M-805.8% |
| Financing Cash Flow | N/A | N/A | $232.1Mn/m | -$201.0M-196.4% | -$4.3Mn/m | -$5.4Mn/m | -$178.2Mn/m | $208.6Mn/m |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
OSG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Net Margin | -14.6% | -6.6%+67.3pp | -40.6% | -169.1% | -132.8% | -73.9%-115.8pp | -840.6% | -39.3%-128.3pp |
| Return on Equity | -1.7%+6.7pp | -1.0%+4.5pp | -3.8%+64.9pp | -13.4%-11.5pp | -8.5%-8.4pp | -5.4%-7.0pp | -68.7%-67.5pp | -1.9%-7.1pp |
| Return on Assets | -0.5%+0.3pp | -0.3%+0.3pp | -1.2%+5.6pp | -5.2%-4.9pp | -0.9%-0.9pp | -0.6%-0.8pp | -6.8%-6.6pp | -0.3%-1.1pp |
| Debt-to-Equity | 0.22 | 0.16 | 0.16+0.2x | 0.12-0.2x | N/A | N/A | 0.00-0.4x | 0.350.0x |
| Liabilities-to-Equity | 1.81-6.7x | 1.74-6.5x | 1.59-7.0x | 1.19-3.9x | 8.49+3.6x | 8.26+3.1x | 8.60+3.5x | 5.04-0.1x |
| Asset Turnover | 0.040.0x | 0.050.0x | 0.030.0x | 0.030.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Octave Specialty Group, Inc. OSG | FY2025 | $251.2M | -$259.1M | N/A | $234.3M | 26/100 |
| MBIA Inc. MBI | FY2025 | $80.0M | -$177.0M | N/A | $233.7M | 3/100 |
| James River Group Holdings, Inc. JRVR | FY2025 | $687.6M | $47.4M | 6.9% | $183.6M | 21/100 |
| AMERISAFE, Inc. AMSF | FY2025 | $317.3M | $47.1M | 14.9% | $383.6M | 64/100 |
| Investors Title Co ITIC | FY2025 | $272.8M | $35.2M | 12.9% | $515.0M | 77/100 |
| Employers Holdings, Inc. EIG | FY2025 | $858.7M | $10.8M | 1.3% | $812.2M | 49/100 |
Where Octave Specialty Group, Inc. Ranks
Frequently Asked Questions
Octave Specialty Group, Inc. (OSG) reported $251.2M in total revenue for fiscal year 2025. This represents a 6.5% 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.
Octave Specialty Group, Inc. (OSG) revenue grew by 6.5% year-over-year, from $235.8M to $251.2M in fiscal year 2025.
No, Octave Specialty Group, Inc. (OSG) reported a net loss of $158.8M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net loss of $259.1M.
As of fiscal year 2025, Octave Specialty Group, Inc. (OSG) had $68.4M in cash and equivalents against $117.6M in long-term debt.
Octave Specialty Group, Inc. (OSG) has a return on equity of -36.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Octave Specialty Group, Inc. (OSG) recorded an outflow of $52.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
Octave Specialty Group, Inc. (OSG) had $2.2B in total assets as of fiscal year 2025, including both current and long-term assets.
Octave Specialty Group, Inc. (OSG) had a debt-to-equity ratio of 0.16 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Octave Specialty Group, Inc. (OSG) had a liabilities-to-equity ratio of 1.59 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Octave Specialty Group, Inc. (OSG) had a return on assets of -11.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Octave Specialty Group, Inc. (OSG) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $234.3M as of Nov 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Octave Specialty Group, Inc. (OSG) trades at 0.7x sales, its market capitalization divided by $320.7M revenue, trailing 12 months to June 30, 2026. The market capitalization is $234.3M as of Nov 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Octave Specialty Group, Inc. (OSG) has a Piotroski F-Score of 3 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.
Octave Specialty Group, Inc. (OSG) scores 26 out of 100 on our Financial Health Score, indicating weak standing within its insurers peer group. The score is the average 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. For Octave Specialty Group, Inc. it averages the 5 of 6 dimensions that can be computed; the others are left out rather than counted as zero. 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.