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Insurance - Property & casualty · Financial Services · Fiscal year ends Dec 31
Kinsale Capital reported revenue of $1.9B in the fiscal year ended Dec 2025, up 18.0% from the year before. Operating income was $634M, an operating margin of 33.8%, and net income was $504M. Operating cash flow of $1B less capital expenditure of $54M left free cash flow of $990M. Net debt was $61M.
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 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 653 | 839 | 1,224 | 1,588 | 1,874 |
| Operating incomederived: revenue − total costs | 189 | 196 | 384 | 515 | 634 |
| Interest expense | 1.0 | 4.3 | 10.3 | 10.1 | 10.6 |
| Pre-tax income | 189 | 196 | 384 | 515 | 634 |
| Income tax | 36.1 | 36.5 | 75.9 | 99.9 | 131 |
| Net income | 153 | 159 | 308 | 415 | 504 |
| Diluted EPS | 6.62 | 6.88 | 13.22 | 17.78 | 21.65 |
| Diluted shares | 23.1 | 23.1 | 23.3 | 23.3 | 23.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 121 | 156 | 127 | 113 | 163 |
| Net PP&E | 49.3 | 53.5 | 63.4 | 82.9 | 89.4 |
| Total assets | 2,026 | 2,747 | 3,773 | 4,887 | 6,044 |
| Long-term debt | 42.7 | 196 | 184 | 184 | 224 |
| Total liabilities | 1,326 | 2,002 | 2,686 | 3,403 | 4,084 |
| Shareholders' equity | 699 | 745 | 1,087 | 1,484 | 1,960 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 407 | 558 | 860 | 976 | 1,044 |
| Capital expenditure | 5.9 | 6.9 | 6.6 | 23.9 | 53.7 |
| Free cash flow | 401 | 551 | 853 | 952 | 990 |
| Depreciation & amortisation | 2.3 | 2.7 | 3.3 | 5.8 | 5.8 |
| Stock-based compensation | 4.8 | 6.7 | 9.4 | 14.1 | 17.9 |
| Share buybacks | – | 0.0 | 0.0 | 10.0 | 90.0 |
| Dividends paid | 10.0 | 11.9 | 13.0 | 13.9 | 15.8 |
| Dividend per share | 0.44 | 0.52 | 0.56 | 0.60 | 0.68 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 28.4% | 46.0% | 29.7% | 18.0% |
| Operating income growth (YoY) | – | 3.6% | 96.4% | 34.0% | 23.2% |
| EPS growth (YoY) | – | 3.9% | 92.2% | 34.5% | 21.8% |
| Operating margin | 28.9% | 23.3% | 31.4% | 32.4% | 33.8% |
| Net margin | 23.4% | 19.0% | 25.2% | 26.1% | 26.9% |
| Return on equityBlank when equity is negative | 21.8% | 21.3% | 28.3% | 28.0% | 25.7% |
| Free cash flow margin | 61.4% | 65.7% | 69.7% | 60.0% | 52.8% |
| Cash conversion (CFO ÷ net income) | 2.67x | 3.51x | 2.79x | 2.35x | 2.07x |
| Interest cover | 190x | 45.6x | 37.3x | 50.8x | 59.6x |
| Debt ÷ equity | 0.06x | 0.26x | 0.17x | 0.12x | 0.11x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −78.3 | 39.5 | 57.2 | 70.9 | 61.0 |
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.