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Insurance - Property & casualty · Financial Services · Fiscal year ends Dec 31
Hamilton Insurance reported revenue of $2.9B in the fiscal year ended Dec 2025, up 24.7% from the year before. Operating income was $845M, an operating margin of 29.1%, and net income was $840M. It held more cash than debt (net cash $913M).
Ranks among the 30 insurance - property & casualty companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Nov 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,334 | 1,233 | 1,571 | 2,330 | 2,906 |
| Selling, general & admin | 172 | 178 | 260 | 271 | 279 |
| Operating incomederived: pre-tax income + interest | 277 | −11.1 | 277 | 644 | 845 |
| Interest expense | 14.9 | 15.7 | 21.4 | 22.6 | 20.2 |
| Pre-tax income | 262 | −26.8 | 255 | 622 | 825 |
| Income tax | 12.4 | 3.1 | −25.1 | 8.4 | −15.1 |
| Net income | 250 | −29.9 | 280 | 613 | 840 |
| Diluted EPS | 1.82 | −0.95 | 2.44 | 3.67 | 5.55 |
| Diluted shares | 104 | 103 | 106 | 109 | 104 |
| Fiscal year | Nov 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 955 | 1,076 | 795 | 996 | 1,062 |
| Goodwill | 24.9 | 0.0 | 0.0 | 0.0 | – |
| Total assets | – | 5,819 | 6,671 | 7,796 | 9,572 |
| Long-term debt | – | 150 | 150 | 150 | 150 |
| Total liabilities | – | 4,155 | 4,623 | 5,467 | 6,749 |
| Shareholders' equity | 1,787 | 1,664 | 2,048 | 2,329 | 2,822 |
| Fiscal year | Nov 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 227 | 191 | 283 | 759 | 842 |
| Depreciation & amortisation | 13.9 | 15.0 | 12.4 | 16.5 | 15.9 |
| Stock-based compensation | 8.9 | 10.8 | 44.4 | 30.4 | 29.3 |
| Share buybacks | 7.4 | 1.5 | 2.4 | 150 | 113 |
| Fiscal year | Nov 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −7.5% | 27.4% | 48.3% | 24.7% |
| Operating income growth (YoY) | – | −104.0% | – | 132.8% | 31.2% |
| EPS growth (YoY) | – | −152.2% | – | 50.4% | 51.2% |
| Operating margin | 20.8% | −0.9% | 17.6% | 27.6% | 29.1% |
| Net margin | 18.7% | −2.4% | 17.8% | 26.3% | 28.9% |
| Return on equityBlank when equity is negative | 14.0% | −1.8% | 13.7% | 26.3% | 29.8% |
| Cash conversion (CFO ÷ net income) | 0.91x | −6.38x | 1.01x | 1.24x | 1.00x |
| Interest cover | 18.6x | −0.70x | 12.9x | 28.5x | 41.9x |
| Debt ÷ equity | – | 0.09x | 0.07x | 0.06x | 0.05x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | −927 | −645 | −847 | −913 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.