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Insurance - Property & casualty · Financial Services · Fiscal year ends Dec 31
Pelagos Insurance Capital reported revenue of $2.5B in the fiscal year ended Dec 2025, up 3.3% from the year before. Operating income was $276M, an operating margin of 11.0%, and net income was $226M. Operating cash flow of −$408M less capital expenditure of $1M left free cash flow of −$410M. It held more cash than debt (net cash $30M).
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 | 1,195 | 1,509 | 3,596 | 2,420 | 2,501 |
| Operating incomederived: pre-tax income + interest | 78.7 | 80.1 | 2,047 | 136 | 276 |
| Pre-tax income | 78.7 | 80.1 | 2,047 | 136 | 276 |
| Income tax | 0.4 | 17.8 | −85.3 | 23.1 | 50.1 |
| Net income | 68.3 | 52.6 | 2,133 | 113 | 226 |
| Diluted EPS | 0.34 | 0.26 | 18.65 | 0.98 | 2.11 |
| Diluted shares | 200 | 199 | 114 | 116 | 107 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 476 | 1,222 | 712 | 743 | 873 |
| Total assets | – | 8,313 | 10,028 | 11,766 | 12,444 |
| Long-term debt | – | 448 | 448 | 449 | 843 |
| Total liabilities | – | 6,325 | 7,578 | 9,318 | 10,044 |
| Shareholders' equity | 2,019 | 1,977 | 2,450 | 2,448 | 2,400 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 346 | 741 | 495 | 618 | −408 |
| Capital expenditure | 7.1 | 18.8 | 6.4 | 4.6 | 1.2 |
| Free cash flow | 339 | 723 | 489 | 614 | −410 |
| Depreciation & amortisation | 4.5 | 3.9 | 0.3 | −14.0 | −19.2 |
| Stock-based compensation | 9.8 | 10.8 | 27.6 | 7.8 | 7.9 |
| Share buybacks | 321 | 0.0 | 0.0 | 106 | 261 |
| Dividend per share | – | – | 0.00 | 0.40 | 0.50 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 26.3% | 138.3% | −32.7% | 3.3% |
| Operating income growth (YoY) | – | 1.8% | 2455.8% | −93.3% | 102.1% |
| EPS growth (YoY) | – | −23.5% | 7073.1% | −94.7% | 115.3% |
| Operating margin | 6.6% | 5.3% | 56.9% | 5.6% | 11.0% |
| Net margin | 5.7% | 3.5% | 59.3% | 4.7% | 9.0% |
| Return on equityBlank when equity is negative | 3.4% | 2.7% | 87.0% | 4.6% | 9.4% |
| Free cash flow margin | 28.3% | 47.9% | 13.6% | 25.4% | −16.4% |
| Cash conversion (CFO ÷ net income) | 5.06x | 14.1x | 0.23x | 5.46x | −1.81x |
| Debt ÷ equity | – | 0.23x | 0.18x | 0.18x | 0.35x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | −775 | −264 | −294 | −29.8 |
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.