Detailed financial statements for Ategrity Specialty Holdings LLC (ASIC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Ategrity Specialty Holdings LLC, along with its subsidiaries, offers insurance and reinsurance services specifically designed for small and medium-sized businesses across the United States. Its product line primarily focuses on property and casualty insurance. The company was founded in 2017 and maintains its headquarters in New York, New York. Ategrity Specialty Holdings LLC operates as a subsidiary of Zimmer Financial Services Group LLC.
Analysis Summary
Trailing-twelve-month margins: gross margin 58.9%, operating margin 27.8%, net margin 20.7%.
At the current price of $28.29, ASIC trades at a P/E of 12.57 and an ROE of 17.11%. Market capitalisation stands at $1.4B.
Balance sheet quality for ASIC: current ratio of 0.7. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $140.7M represents 190% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $241.3M | $343.8M | $424.3M |
| Cost of Revenue | $200.3M | $235.9M | $212.1M |
| Gross Profit | $41.0M | $107.9M | $212.2M |
| Research & Development | 0 | 0 | 0 |
| Selling, General & Admin | 0 | 0 | 0 |
| Operating Expenses | $28.4M | $41.6M | $116.3M |
| Operating Income | $12.6M | $66.3M | $95.9M |
| EBITDA | $15.1M | $69.0M | $97.9M |
| Interest Expense | $2.2M | $2.0M | $1.4M |
| Pre-tax Income | $12.6M | $66.3M | $95.9M |
| Income Tax | $2.5M | $12.3M | $19.8M |
| Net Income | $10.0M | $47.1M | $74.0M |
| EPS | $0.21 | $1.00 | $1.66 |
| EPS (Diluted) | $0.21 | $0.96 | $1.60 |
| Shares Outstanding (Diluted) | $48.5M | $48.5M | $46.2M |
Balance Sheet (10y)
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash & Equivalents | $264.6M | $26.6M | $29.7M |
| Short-term Investments | $98.2M | $491.4M | $245.0M |
| Receivables | $189.4M | $326.4M | $235.8M |
| Inventory | 0 | 0 | 0 |
| Total Current Assets | $590.5M | $916.4M | $587.7M |
| Property, Plant & Equipment | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | $23.2M | $21.6M | $30.2M |
| Total Assets | $882.0M | $1.12B | $1.47B |
| Accounts Payable | $33.6M | $74.4M | $62.7M |
| Short-term Debt | 0 | 0 | 0 |
| Total Current Liabilities | $549.4M | $718.2M | $855.3M |
| Long-term Debt | 0 | 0 | 0 |
| Total Liabilities | $559.8M | $724.6M | $859.5M |
| Retained Earnings | -$12.5M | $34.6M | $108.6M |
| Total Equity | $321.7M | $398.3M | $614.3M |
| Total Debt | 0 | 0 | 0 |
| Net Debt | -$362.8M | -$517.9M | -$274.7M |
| Working Capital | $41.1M | $198.2M | -$267.5M |
Cash Flow (10y)
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net Income | $10.1M | $53.9M | $76.1M |
| Depreciation & Amortization | $227000 | $699000 | $593000 |
| Stock-based Compensation | $27000 | $2.0M | $1.0M |
| Change in Working Capital | $75.3M | $103.8M | $97.0M |
| Operating Cash Flow | $85.7M | $125.6M | $147.2M |
| Capital Expenditure | 0 | 0 | -$6.5M |
| Acquisitions | 0 | 0 | 0 |
| Stock Repurchased | 0 | -$414000 | -$2.7M |
| Dividends Paid | -$2.7M | -$414000 | -$6.9M |
| Free Cash Flow | $85.7M | $125.6M | $140.7M |
Growth & Margins (10y)
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue Growth (YoY) | +42.5% | +23.4% | |
| Net Income Growth (YoY) | +368.7% | +57.2% | |
| EPS Growth (YoY) | +376.2% | +66.0% | |
| Shares Change (YoY) | +0.0% | -4.6% | |
| FCF Growth (YoY) | +46.6% | +12.0% | |
| Gross Margin | 17.0% | 31.4% | 50.0% |
| Operating Margin | 5.2% | 19.3% | 22.6% |
| EBITDA Margin | 6.3% | 20.1% | 23.1% |
| Net Margin | 4.2% | 13.7% | 17.4% |
| FCF Margin | 35.5% | 36.5% | 33.2% |
| Effective Tax Rate | 20.0% | 18.6% | 20.6% |
Per-Share Data (10y)
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| FCF Per Share | $1.77 | $2.59 | $3.04 |
| Dividends Per Share | $0.06 | $0.01 | $0.15 |
| Shares Outstanding (Basic) | $47.0M | $47.0M | $44.7M |
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 FMP does not expose 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 | 17.11% |
| Return on Invested Capital | 8.19% |
| Return on Assets | 7.64% |
| Gross Margin | 58.87% |
| Operating Margin | 27.77% |
| Net Margin | 20.67% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 103.10 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.04 |
Key Ratios (10y)
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| P/E | 117.52 | 24.68 | 12.66 |
| P/B | 3.60 | 2.91 | 1.53 |
| P/S | 4.80 | 3.37 | 2.21 |
| Gross Margin | 17.0% | 31.4% | 50.0% |
| Operating Margin | 5.2% | 19.3% | 22.6% |
| Net Margin | 4.2% | 13.7% | 17.4% |
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Explore sector: Financial Services · Insurance - Property & Casualty
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