Detailed financial statements for Accelerant Holdings (ARX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Accelerant Holdings, together with its subsidiaries, operates a data-driven risk exchange that connects selected specialty insurance underwriters with risk capital partners. The company operates through Exchange Services, MGA Operations, and Underwriting segments.
Analysis Summary
Trailing-twelve-month margins: gross margin 67.2%, operating margin -124.9%, net margin -124.6%.
At the current price of $19.73, ARX has negative trailing earnings (P/E not meaningful) and an ROE of -194.08%. Market capitalisation stands at $4.3B.
Balance sheet quality for ARX: current ratio of 1.1, net cash position of $2.39B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $103.2M | $213.1M | $329.7M | $597.7M | $879.5M |
| Cost of Revenue | $39.7M | $134.5M | $130.2M | $248.7M | $284.3M |
| Gross Profit | $63.5M | $78.6M | $199.5M | $349.0M | $595.2M |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $65.5M | $121.2M | $198.7M | $262.4M | $428.1M |
| Operating Expenses | $83.5M | $162.9M | $243.4M | $317.0M | $1.92B |
| Operating Income | -$20.0M | -$84.3M | -$43.9M | $32.0M | -$1.32B |
| EBITDA | -$15.5M | -$74.3M | -$14.3M | $91.0M | -$1.22B |
| Interest Expense | $2.9M | $4.2M | $15.1M | $32.4M | $69.0M |
| Pre-tax Income | -$20.0M | -$84.3M | -$43.9M | $32.0M | -$1.32B |
| Income Tax | $4.3M | $11.3M | $20.2M | $9.1M | $23.3M |
| Net Income | -$21.5M | -$91.7M | -$48.8M | $27.2M | -$1.35B |
| EPS | $-0.13 | $-0.55 | $-0.30 | $0.17 | $-7.49 |
| EPS (Diluted) | $-0.10 | $-0.55 | $-0.23 | $0.13 | $-7.49 |
| Shares Outstanding (Diluted) | $216.7M | $165.6M | $216.7M | $216.7M | $190.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $280.7M | $209.4M | $192.8M | $356.9M |
| Gross Profit | $207.1M | $130.5M | $111.0M | $250.4M |
| Operating Income | -$1.36B | -$2.2M | $2.0M | $59.3M |
| EBITDA | -$1.33B | $38.2M | $14.5M | $70.1M |
| Net Income | -$1.37B | -$600,000 | -$5.2M | $78.7M |
| EPS | $-6.99 | $-0.00 | $-0.02 | $0.35 |
| EPS (Diluted) | $-6.99 | $-0.00 | $-0.02 | $0.35 |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $301.9M | $446.2M | $775.4M | $1.23B | $1.80B |
| Short-term Investments | $38.2M | $62.8M | $8.0M | $64.8M | $712.0M |
| Receivables | $295.2M | $659.2M | $2.27B | $3.73B | $3.40B |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $909.5M | $1.81B | $3.28B | $5.25B | $7.74B |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 |
| Goodwill | $12.6M | $18.3M | $20.7M | $30.9M | $63.1M |
| Intangible Assets | $61.7M | $101.4M | $99.9M | $116.7M | $229.4M |
| Total Assets | $1.16B | $2.20B | $3.74B | $6.09B | $8.26B |
| Accounts Payable | $192.2M | $277.4M | $9.5M | $13.8M | $1.52B |
| Short-term Debt | 0 | 0 | 0 | $800,000 | 0 |
| Total Current Liabilities | $816.8M | $1.81B | $101.1M | $541.8M | $7.20B |
| Long-term Debt | $49.9M | $100.5M | $120.3M | $120.6M | $121.3M |
| Total Liabilities | $899.4M | $1.85B | $3.45B | $5.67B | $7.54B |
| Retained Earnings | -$69.5M | -$161.2M | -$210.0M | -$182.8M | -$1.54B |
| Total Equity | $257.9M | $354.5M | $310.5M | $408.7M | $697.7M |
| Total Debt | $49.9M | $100.5M | $120.3M | $121.4M | $121.3M |
| Net Debt | -$290.2M | -$408.5M | -$663.1M | -$1.17B | -$2.39B |
| Working Capital | $92.7M | -$2.1M | $3.18B | $4.71B | $542.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $1.68B | $1.80B | $1.54B | $1.66B |
| Total Assets | $7.86B | $8.26B | $8.60B | $8.94B |
| Total Liabilities | $7.16B | $7.54B | $7.88B | $8.20B |
| Total Equity | $676.1M | $697.7M | $692.6M | $717.4M |
| Total Debt | $121.9M | $121.3M | $120.7M | $120.1M |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$24.4M | -$96.4M | -$64.1M | $22.4M | -$1.35B |
| Depreciation & Amortization | $1.6M | $5.8M | $14.5M | $26.6M | $35.2M |
| Stock-based Compensation | 0 | 0 | $4.8M | $8.4M | $43.1M |
| Change in Working Capital | $127.7M | $157.9M | $356.5M | $801.1M | $397.8M |
| Operating Cash Flow | $112.7M | $65.7M | $289.9M | $785.5M | $445.1M |
| Capital Expenditure | -$14.7M | -$26.7M | -$32.6M | -$34.4M | -$41.4M |
| Acquisitions | -$21.2M | -$11.2M | $2.2M | -$4.8M | -$10.4M |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$175.3M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $98.0M | $39.0M | $257.3M | $751.1M | $403.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $73.9M | $61.9M | -$21.4M | -$68.6M |
| Capital Expenditure | $17.3M | -$11.6M | -$6.7M | $6.7M |
| Free Cash Flow | $91.2M | $50.3M | -$28.1M | -$61.9M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $27.0M | $20.5M | $28.8M | $22.9M |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +106.5% | +54.7% | +81.3% | +47.1% |
| Net Income Growth (YoY) | | -326.5% | +46.8% | +155.7% | -5,078.3% |
| EPS Growth (YoY) | | -323.1% | +45.5% | +156.7% | -4,505.9% |
| Shares Change (YoY) | | -23.6% | +30.8% | +0.0% | -12.2% |
| FCF Growth (YoY) | | -60.2% | +559.7% | +191.9% | -46.3% |
| Gross Margin | 61.5% | 36.9% | 60.5% | 58.4% | 67.7% |
| Operating Margin | -19.4% | -39.6% | -13.3% | 5.4% | -150.3% |
| EBITDA Margin | -15.0% | -34.9% | -4.3% | 15.2% | -138.5% |
| Net Margin | -20.8% | -43.0% | -14.8% | 4.6% | -154.0% |
| FCF Margin | 95.0% | 18.3% | 78.0% | 125.7% | 45.9% |
| Effective Tax Rate | -21.5% | -13.4% | -46.0% | 28.4% | -1.8% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $0.45 | $0.24 | $1.19 | $3.47 | $2.12 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $162.5M | $165.6M | $162.5M | $162.5M | $190.3M |
What to look at in Insurance
Insurers earn in 2 ways: underwriting well (combined ratio) and investing the float. Buffett built Berkshire that way.
- Op Margin 5y (Combined Ratio proxy) — Combined ratio proxy when our data does not include it. ≥10% 5y average = underwriting discipline (CR <100%)
- Book Value / Share growth — How Buffett measures Berkshire. The real value shareholders accumulate
- Debt / Equity — Leveraged insurers fail fast under catastrophes
- P/B (Price / Book) — Insurers are valued by book multiple. Here it is crossed with ROE (quality × valuation)
- Dividend growth streak — Consecutive years raising dividend per share — solid insurers stack decades
Profitability
| Return on Equity | -194.08% |
| Return on Invested Capital | -124.52% |
| Return on Assets | -16.39% |
| Gross Margin | 67.22% |
| Operating Margin | -124.87% |
| Net Margin | -124.63% |
Financial Health
| Debt / Equity | 0.17 |
| Current Ratio | 7.79 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -0.36 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -203.85 | -48.18 | -88.33 | 155.88 | -2.18 |
| P/B | 16.70 | 12.38 | 13.87 | 10.54 | 4.46 |
| P/S | 41.73 | 20.59 | 13.06 | 7.20 | 3.54 |
| Gross Margin | 61.5% | 36.9% | 60.5% | 58.4% | 67.7% |
| Operating Margin | -19.4% | -39.6% | -13.3% | 5.4% | -150.3% |
| Net Margin | -20.8% | -43.0% | -14.8% | 4.6% | -154.0% |