États financiers détaillés de Tiptree Inc. (TIPT): compte de résultat, bilan et tableau de flux de trésorerie. Suivez l'évolution des marges, de la dette, de la liquidité et de la rentabilité d'une année sur l'autre avec jusqu'à 20 ans d'historique.
Résumé de l'Analyse
Tiptree Inc. a enregistré un chiffre d'affaires de $488000 sur le dernier exercice, avec un CAGR sur 5 ans de -77.3%.
Marges des 12 derniers mois: marge brute 57.8%, marge opérationnelle 14.0%, marge nette -40.7%. Le free cash flow a progressé à un CAGR de 4.7% sur 5 ans.
Compte de Résultat (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenus | $506.4M | $579.8M | $625.8M | $765.1M | $810.3M | $1.20B | $1.40B | $1.65B | $2.04B | $488000 |
| Coût des Ventes | 0 | 0 | $152.1M | $170.7M | $236.9M | $327.0M | $452.6M | $601.8M | $841.2M | 0 |
| Marge Brute | $506.4M | $579.8M | $473.7M | $594.4M | $573.4M | $873.5M | $945.1M | $1.05B | $1.20B | $488000 |
| R&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Frais Généraux | $162.2M | $157.4M | $156.1M | $181.5M | $229.8M | $288.3M | $253.1M | $261.3M | $293.8M | $33.8M |
| Charges Opérationnelles | $483.4M | $593.6M | $493.5M | $565.3M | $612.3M | $808.2M | $891.1M | $964.2M | $1.05B | $47.2M |
| Résultat Opérationnel | $23.1M | -$13.8M | -$19.8M | $29.1M | -$38.9M | $65.3M | $54.0M | $83.1M | $149.3M | -$46.7M |
| EBITDA | $98.7M | $52.2M | $19.8M | $69.8M | $11.3M | $127.5M | $107.2M | $134.2M | $203.2M | -$47.4M |
| Charges d'Intérêt | $21.0M | $25.6M | $27.0M | $27.1M | $32.6M | $37.7M | $30.2M | $27.7M | $32.2M | 0 |
| Résultat Avant Impôts | $49.1M | -$3.3M | -$19.8M | $29.1M | -$38.9M | $65.3M | $54.0M | $83.1M | $149.3M | -$44.6M |
| Impôts | $12.5M | -$12.6M | -$5.9M | $9.0M | -$13.6M | $21.3M | $50.5M | $43.1M | $61.7M | -$5.7M |
| Résultat Net | $25.3M | $3.6M | $23.9M | $18.4M | -$29.2M | $38.1M | -$8.3M | $14.0M | $53.4M | $34.9M |
| BPA | $0.79 | $0.12 | $0.69 | $0.53 | $-0.74 | $1.15 | $-0.23 | $0.34 | $1.44 | $0.93 |
| BPA Dilué | $0.78 | $0.11 | $0.69 | $0.50 | $-0.74 | $1.13 | $-0.23 | $0.33 | $1.30 | $0.93 |
| Actions en Circulation (Diluées) | $31.8M | $37.3M | $34.7M | $34.6M | $33.9M | $33.7M | $35.5M | $37.6M | $37.9M | $46.0M |
Compte de Résultat (Trimestriel)
| Année | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenus | $523.4M | -$1.55B | $7.5M | 0 |
| Marge Brute | $161.2M | -$748.5M | $705000 | 0 |
| Résultat Opérationnel | $38.3M | -$163.1M | -$8.3M | -$9.1M |
| EBITDA | $54.2M | -$210.7M | -$7.9M | -$4.8M |
| Résultat Net | $6.4M | $3.9M | $14.2M | $389.2M |
| BPA | $0.17 | $0.11 | $-0.23 | $10.38 |
| BPA Dilué | $0.13 | $0.30 | $-0.19 | $10.30 |
Bilan (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Trésorerie | $63.0M | $110.7M | $86.0M | $133.1M | $136.9M | $175.7M | $538.1M | $468.7M | $19.4M | $30.8M |
| Placements à Court Terme | $146.2M | $182.4M | $283.6M | $335.2M | $377.1M | $577.4M | $612.0M | $802.6M | $10.9M | $17.1M |
| Créances | 0 | $186.4M | $223.1M | $827.6M | $1.12B | $1.39B | $1.01B | $1.68B | $1.89B | 0 |
| Stocks | 0 | 0 | $13.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Actifs Courants | $133.1M | $142.2M | $1.02B | 0 | 0 | $2.18B | $2.92B | $3.89B | $3.08B | $47.9M |
| Immobilisations Corporelles | $5.9M | $4.3M | $6.1M | $36.1M | $43.1M | $38.7M | $53.3M | $61.1M | $17.9M | $14.6M |
| Goodwill | $92.8M | $91.6M | $91.6M | $99.1M | $179.2M | $179.1M | $186.6M | $206.2M | $206.7M | 0 |
| Actifs Incorporels | $85.5M | $64.0M | $52.1M | $56.7M | $153.0M | $532.0M | $657.4M | $725.3M | $711.3M | 0 |
| Actifs Totaux | $2.89B | $1.99B | $1.86B | $2.20B | $3.00B | $3.60B | $4.04B | $5.14B | $5.69B | $6.84B |
| Dettes Fournisseurs | $139.8M | $151.3M | $129.2M | $213.8M | $375.8M | $415.4M | $424.5M | $675.2M | $529.1M | 0 |
| Dette à Court Terme | $414.6M | 0 | 0 | $114.8M | $147.8M | $158.5M | $60.6M | $197.1M | 0 | $8.1M |
| Passifs Courants | $1.19B | $631.4M | $241.8M | 0 | 0 | $2.66B | $3.25B | $4.30B | $3.74B | $107.6M |
| Dette à Long Terme | $378.5M | $346.1M | $354.1M | $224.7M | $183.4M | $234.8M | $198.7M | $205.3M | $363.4M | $63.9M |
| Passifs Totaux | $2.50B | $1.59B | $1.47B | $1.79B | $2.62B | $3.20B | $3.51B | $4.56B | $5.04B | $6.09B |
| Réserves | $38.0M | $38.1M | $57.2M | $70.2M | $35.4M | $68.1M | $54.1M | $60.7M | $95.7M | $121.6M |
| Capitaux Propres | $293.4M | $300.1M | $387.1M | $398.1M | $356.1M | $383.0M | $397.4M | $416.9M | $457.7M | $508.6M |
| Dette Totale | $793.0M | $346.1M | $354.1M | $368.9M | $364.2M | $422.7M | $297.4M | $442.8M | $374.5M | $80.7M |
| Dette Nette | $583.8M | $53.0M | -$15.5M | -$99.4M | -$149.9M | -$330.4M | -$852.6M | -$828.5M | $344.2M | $32.9M |
| Fonds de Roulement | -$1.06B | -$489.2M | $781.8M | 0 | 0 | -$486.9M | -$338.4M | -$411.7M | -$662.2M | -$59.8M |
Bilan (Trimestriel)
| Année | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Trésorerie | $366.1M | $30.8M | $33.4M | $946.9M |
| Actifs Totaux | $6.42B | $6.84B | $6.97B | $1.13B |
| Passifs Totaux | $5.67B | $6.09B | $6.22B | $227.0M |
| Capitaux Propres | $505.2M | $508.6M | $504.3M | $907.1M |
| Dette Totale | $542.8M | $80.7M | $80.2M | $7.6M |
Tableau de Flux (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Résultat Net | $32.3M | $5.2M | $29.9M | $20.1M | -$25.2M | $44.1M | $3.6M | $40.0M | $87.7M | $34.9M |
| Amortissements | $28.5M | $30.0M | $12.6M | $13.6M | $17.6M | $24.4M | $23.0M | $23.5M | $21.7M | $1.4M |
| Stock-based Compensation | $2.6M | $6.6M | $6.7M | $6.4M | $8.1M | $11.1M | $9.7M | $8.3M | $17.7M | $11.3M |
| Variation du BFR | -$1.78B | -$1.60B | -$1.50B | -$1.99B | -$2.98B | -$3.68B | -$1.96B | -$12.5M | -$852.9M | $2.7M |
| Cash Flow Opérationnel | $36.6M | $46.9M | $57.7M | $23.7M | $140.2M | $204.3M | $463.1M | $71.5M | $240.8M | $168.2M |
| CapEx | -$7.2M | -$2.9M | -$3.7M | -$8.5M | -$6.7M | -$2.8M | -$10.7M | -$14.0M | -$4.0M | 0 |
| Acquisitions | -$102.3M | -$71.7M | $15.7M | $13.7M | -$4.8M | $258000 | -$15.0M | -$19.7M | 0 | 0 |
| Rachat d'Actions | -$43.8M | -$7.3M | -$14.1M | -$9.1M | -$13.9M | -$8.1M | -$1.7M | 0 | 0 | 0 |
| Dividendes Payés | -$3.2M | -$3.5M | -$4.8M | -$5.5M | -$5.6M | -$5.4M | -$7.8M | -$13.7M | -$24.8M | -$9.1M |
| Free Cash Flow | $29.5M | $44.0M | $54.0M | $15.2M | $133.5M | $201.6M | $452.3M | $57.4M | $236.7M | $168.2M |
Tableau de Flux (Trimestriel)
| Année | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash Flow Opérationnel | $135.4M | $44.9M | -$18.2M | -$230000 |
| CapEx | -$2.1M | $4.4M | 0 | 0 |
| Free Cash Flow | $133.4M | $49.2M | -$18.2M | -$230000 |
| Dividendes Payés | -$3.9M | $2.5M | -$2.3M | -$2.3M |
| Stock-based Compensation | $5.6M | -$5.7M | $1.5M | $1.5M |
Croissance et Marges (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Croissance Revenus (annuelle) | | +14.5% | +7.9% | +22.3% | +5.9% | +48.2% | +16.4% | +18.0% | +23.9% | -100.0% |
| Croissance Résultat Net (annuelle) | | -85.8% | +564.1% | -23.3% | -258.8% | +230.8% | -121.7% | +268.6% | +282.5% | -34.6% |
| Croissance BPA (annuelle) | | -84.8% | +475.0% | -23.2% | -239.6% | +255.4% | -120.0% | +247.8% | +323.5% | -35.4% |
| Variation Actions (annuelle) | | +17.4% | -6.9% | -0.4% | -2.1% | -0.5% | +5.5% | +5.9% | +0.8% | +21.2% |
| Croissance FCF (annuelle) | | +49.3% | +22.6% | -71.8% | +776.8% | +51.0% | +124.4% | -87.3% | +312.3% | -28.9% |
| Marge Brute | 100.0% | 100.0% | 75.7% | 77.7% | 70.8% | 72.8% | 67.6% | 63.5% | 58.8% | 100.0% |
| Marge Opérationnelle | 4.6% | -2.4% | -3.2% | 3.8% | -4.8% | 5.4% | 3.9% | 5.0% | 7.3% | -9574.6% |
| Marge EBITDA | 19.5% | 9.0% | 3.2% | 9.1% | 1.4% | 10.6% | 7.7% | 8.1% | 9.9% | -9712.7% |
| Marge Nette | 5.0% | 0.6% | 3.8% | 2.4% | -3.6% | 3.2% | -0.6% | 0.8% | 2.6% | 7157.2% |
| Marge FCF | 5.8% | 7.6% | 8.6% | 2.0% | 16.5% | 16.8% | 32.4% | 3.5% | 11.6% | 34470.9% |
| Taux d'Imposition Effectif | 25.5% | 377.2% | 29.8% | 30.9% | 35.1% | 32.6% | 93.4% | 51.8% | 41.3% | 12.8% |
Données par Action (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF par Action | $0.93 | $1.18 | $1.55 | $0.44 | $3.94 | $5.98 | $12.73 | $1.53 | $6.24 | $3.66 |
| Dividende par Action | $0.10 | $0.09 | $0.14 | $0.16 | $0.16 | $0.16 | $0.22 | $0.37 | $0.65 | $0.20 |
| Actions en Circulation (Basiques) | $31.7M | $29.1M | $34.7M | $34.6M | $33.9M | $33.2M | $35.5M | $36.7M | $36.9M | $37.6M |
Quoi regarder en Assurance
Les assureurs gagnent de 2 façons : bien souscrire (combined ratio) et investir le float. Buffett a bâti Berkshire ainsi.
- Marge op 5 ans (proxy Combined Ratio) — Proxy du combined ratio quand FMP ne l'expose pas. ≥10% moyenne 5 ans = discipline de souscription (CR <100%)
- Croissance Book Value / Action — Comment Buffett mesure Berkshire. La vraie valeur accumulée par les actionnaires
- Dette / Capitaux — Les assureurs sur-endettés font faillite vite en catastrophe
- P/B (Prix / Valeur comptable) — Les assureurs sont valorisés par multiple comptable. Ici on la croise avec le ROE (qualité × valorisation)
- Série de hausses de dividende — Années consécutives de hausse du dividende par action — les assureurs solides cumulent des décennies
Rentabilité
| Marge brute | 57.76% |
| Marge opérationnelle | 13.99% |
| Marge nette | -40.74% |
Santé financière
| Dette / Capitaux propres | 0.01 |
| Ratio de liquidité | 5.07 |
Ratios Clés (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| PER | 7.78 | 49.58 | 8.10 | 15.36 | -6.78 | 12.03 | -60.17 | 55.76 | 14.49 | 19.65 |
| P/B | 0.66 | 0.58 | 0.50 | 0.71 | 0.48 | 1.20 | 1.24 | 1.67 | 1.68 | 1.35 |
| P/V | 0.39 | 0.30 | 0.31 | 0.37 | 0.21 | 0.38 | 0.35 | 0.42 | 0.38 | 1406.18 |
| Marge Brute | 100.0% | 100.0% | 75.7% | 77.7% | 70.8% | 72.8% | 67.6% | 63.5% | 58.8% | 100.0% |
| Marge Opérationnelle | 4.6% | -2.4% | -3.2% | 3.8% | -4.8% | 5.4% | 3.9% | 5.0% | 7.3% | -9574.6% |
| Marge Nette | 5.0% | 0.6% | 3.8% | 2.4% | -3.6% | 3.2% | -0.6% | 0.8% | 2.6% | 7157.2% |