Detailed financial statements for SiriusPoint Ltd. (SPNT): 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.
SiriusPoint Ltd. provides multi-line reinsurance and insurance products and services worldwide. It operates in four segments: Global P&C Programs, Global Reinsurance, Global Accident & Health, and London Market Specialty. Global P&C Programs segment offers programs space, by further strengthening its offering to clients and distribution partners globally.
Analysis Summary
SiriusPoint Ltd. reported revenue of $3.21B in the most recent fiscal year, growing at a 5-year CAGR of 29.4%. Net income reached $459.6M, with a 26.2% 5-year CAGR.
Trailing-twelve-month margins: gross margin 50.5%, operating margin 18.4%, net margin 15.6%. Free cash flow grew at 6.9% CAGR over 5 years.
At $25.77 (closing price, October 28, 2026), SPNT trades at a P/E of 6.43 and an ROE of 21.84%. Market capitalisation stands at $3.0B.
Balance sheet quality for SPNT: current ratio of 1.6, net cash position of $2.67B. 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 below average: free cash flow of $102.4M represents 22% 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 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $708.5M | $926.7M | $377.5M | $979.0M | $884.5M | $2.22B | $2.17B | $2.70B | $2.61B | $3.21B |
| Cost of Revenue | $626.5M | $571.6M | $654.5M | $699.1M | $652.4M | $1.71B | $2.05B | $1.85B | $1.89B | $1.52B |
| Gross Profit | $82.1M | $355.1M | -$277.0M | $279.9M | $232.1M | $510.4M | $121.3M | $848.4M | $728.4M | $1.69B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $39.4M | $53.1M | $36.2M | $53.8M | $61.4M | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | $47.6M | $61.3M | $44.5M | $78.6M | $80.2M | $465.3M | $544.0M | $529.7M | $495.3M | $1.14B |
| Operating Income | $34.5M | $293.7M | -$321.5M | $201.3M | $151.9M | $45.1M | -$422.7M | $318.7M | $233.1M | $541.3M |
| EBITDA | $42.7M | $306.9M | -$308.3M | $213.5M | $160.1M | $85.0M | -$376.0M | $393.9M | $314.6M | $631.9M |
| Interest Expense | $8.2M | $8.2M | $8.2M | $8.2M | $8.2M | $34.0M | $38.6M | $64.1M | $69.6M | $79.7M |
| Pre-tax Income | $34.5M | $293.7M | -$321.5M | $201.3M | $151.9M | $45.1M | -$422.7M | $318.7M | $233.1M | $541.3M |
| Income Tax | $5.6M | $12.0M | -$4.0M | $700,000 | $8.1M | -$10.7M | -$36.7M | -$45.0M | $30.7M | $81.2M |
| Net Income | $27.6M | $277.8M | -$317.7M | $200.6M | $143.8M | $58.1M | -$386.8M | $354.8M | $199.9M | $459.6M |
| EPS | $0.26 | $2.71 | $-3.27 | $2.18 | $1.54 | $0.28 | $-2.51 | $1.93 | $1.06 | $3.81 |
| EPS (Diluted) | $0.26 | $2.64 | $-3.27 | $2.16 | $1.53 | $0.27 | $-2.51 | $1.85 | $1.04 | $3.65 |
| Shares Outstanding (Diluted) | 105.6 M | 105.2 M | 97.1 M | 92.7 M | 93.0 M | 150.2 M | 160.2 M | 169.6 M | 169.5 M | 121.6 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $753.5M | $973.7M | $774.6M | $744.1M |
| Gross Profit | $240.8M | $601.5M | $411.7M | $385.9M |
| Operating Income | $110.9M | $280.2M | $121.5M | $84.3M |
| EBITDA | $134.7M | $302.1M | $140.9M | $105.4M |
| Net Income | $90.8M | $244.0M | $102.2M | $68.6M |
| EPS | $0.74 | $2.06 | $0.76 | $0.59 |
| EPS (Diluted) | $0.73 | $1.97 | $0.73 | $0.58 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $10.0M | $8.2M | $104.2M | $639.4M | $526.0M | $999.8M | $705.3M | $969.2M | $682.0M | $731.2M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $1.08B | $3.62B | $2.72B | $3.12B | $2.62B |
| Receivables | $6.5M | 0 | 0 | $603.8M | $552.1M | $3.20B | $3.30B | $4.31B | $4.42B | $4.42B |
| Inventory | -$1.65B | -$2.12B | -$1.32B | 0 | 0 | 0 | -$6.34B | -$12.78B | 0 | 0 |
| Total Current Assets | $16.5M | $11.8M | $711.4M | 0 | 0 | $8.55B | $5.26B | $969.2M | 0 | $8.43B |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | $25.9M | $25.6M | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $221.6M | $258.8M | $203.8M | 0 | 0 | $390.7M | $163.8M | $152.7M | $468.3M | $505.3M |
| Total Assets | $3.90B | $4.67B | $3.09B | $3.44B | $3.54B | $10.62B | $11.04B | $12.87B | $12.52B | $12.57B |
| Accounts Payable | $953.1M | $846.5M | $77.0M | $99.8M | $95.7M | $924.6M | $1.08B | $2.02B | $1.80B | $1.45B |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $113.6M | $846.5M | $77.0M | 0 | 0 | 0 | $4.89B | $6.2M | $5.94B | $5.32B |
| Long-term Debt | $113.6M | $113.7M | $113.9M | $114.1M | $114.3M | $816.7M | $778.0M | $786.2M | $639.1M | $688.6M |
| Total Liabilities | $2.45B | $2.90B | $1.88B | $2.03B | $1.97B | $8.12B | $8.95B | $10.34B | $10.59B | $10.10B |
| Retained Earnings | $316.2M | $594.0M | $276.3M | $476.9M | $620.4M | $665.0M | $262.2M | $601.0M | $784.9M | $1.23B |
| Total Equity | $1.41B | $1.66B | $1.20B | $1.41B | $1.56B | $2.50B | $2.07B | $2.51B | $1.94B | $2.47B |
| Total Debt | $113.6M | $113.7M | $113.9M | $114.1M | $114.3M | $816.7M | $778.0M | $786.2M | $639.1M | $688.6M |
| Net Debt | $103.6M | $105.5M | $9.7M | -$525.3M | -$411.7M | -$1.26B | -$3.55B | -$2.90B | -$3.17B | -$2.67B |
| Working Capital | -$97.1M | -$834.7M | $634.4M | 0 | 0 | $8.55B | $374.1M | $963.0M | -$5.94B | $3.11B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $582.4M | $731.2M | $856.9M | $745.9M |
| Total Assets | $12.46B | $12.57B | $12.48B | $12.65B |
| Total Liabilities | $10.25B | $10.10B | $10.18B | $10.38B |
| Total Equity | $2.21B | $2.47B | $2.30B | $2.28B |
| Total Debt | $682.5M | $688.6M | $679.6M | $700.9M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $28.9M | $281.8M | -$317.5M | $200.6M | $143.9M | $55.8M | -$386.0M | $363.7M | $202.4M | $460.1M |
| Depreciation & Amortization | -$1.0M | $4.9M | $4.9M | $4.0M | -$4.0M | $5.9M | $8.1M | $11.1M | $11.9M | $10.9M |
| Stock-based Compensation | $8.9M | $3.6M | $5.0M | $7.0M | $6.6M | $11.4M | $30.5M | $21.4M | $20.7M | $35.9M |
| Change in Working Capital | $86.8M | $100.6M | $83.8M | $177.4M | $178.1M | $342.4M | $295.2M | $162.2M | -$167.6M | -$199.9M |
| Operating Cash Flow | $4.8M | -$78.5M | $13.4M | $141.1M | $73.4M | $1.6M | $293.3M | $581.3M | $74.7M | $102.4M |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | -$800,000 | 0 | 0 | 0 |
| Acquisitions | $18.3M | $74.0M | -$98.0M | 0 | 0 | $652.4M | $800,000 | 0 | 0 | $224.9M |
| Stock Repurchased | -$7.4M | -$40.9M | -$138.7M | 0 | -$300,000 | 0 | -$12.1M | 0 | -$299.7M | 0 |
| Dividends Paid | -$38,000 | -$3.2M | -$3.2M | -$2.7M | -$1.3M | -$12.2M | -$16.0M | -$16.0M | -$16.0M | -$16.0M |
| Free Cash Flow | $4.8M | -$78.5M | $13.4M | $141.1M | $73.4M | $1.6M | $292.5M | $581.3M | $74.7M | $102.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $155.1M | -$26.4M | $141.7M | -$27.2M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | $155.1M | -$26.4M | $141.7M | -$27.2M |
| Dividends Paid | -$4.0M | -$4.0M | -$3.9M | $1.3M |
| Stock-based Compensation | $11.9M | $11.8M | $10.5M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +30.8% | -59.3% | +159.3% | -9.7% | +151.5% | -2.4% | +24.4% | -3.3% | +22.6% | |
| Net Income Growth (YoY) | +905.2% | -214.4% | +163.1% | -28.3% | -59.6% | -765.7% | +191.7% | -43.7% | +129.9% | |
| EPS Growth (YoY) | +942.3% | -220.7% | +166.7% | -29.4% | -81.8% | -996.4% | +176.9% | -45.1% | +259.4% | |
| Shares Change (YoY) | -0.3% | -7.8% | -4.5% | +0.3% | +61.5% | +6.7% | +5.9% | -0.1% | -28.2% | |
| FCF Growth (YoY) | -1,746.1% | +117.0% | +954.1% | -48.0% | -97.8% | +18,181.2% | +98.7% | -87.1% | +37.1% | |
| Gross Margin | 11.6% | 38.3% | -73.4% | 28.6% | 26.2% | 22.9% | 5.6% | 31.4% | 27.9% | 52.6% |
| Operating Margin | 4.9% | 31.7% | -85.2% | 20.6% | 17.2% | 2.0% | -19.5% | 11.8% | 8.9% | 16.9% |
| EBITDA Margin | 6.0% | 33.1% | -81.7% | 21.8% | 18.1% | 3.8% | -17.3% | 14.6% | 12.0% | 19.7% |
| Net Margin | 3.9% | 30.0% | -84.2% | 20.5% | 16.3% | 2.6% | -17.8% | 13.1% | 7.6% | 14.3% |
| FCF Margin | 0.7% | -8.5% | 3.5% | 14.4% | 8.3% | 0.1% | 13.5% | 21.5% | 2.9% | 3.2% |
| Effective Tax Rate | 16.2% | 4.1% | 1.2% | 0.3% | 5.3% | -23.7% | 8.7% | -14.1% | 13.2% | 15.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.05 | $-0.75 | $0.14 | $1.52 | $0.79 | $0.01 | $1.83 | $3.43 | $0.44 | $0.84 |
| Dividends Per Share | $0.00 | $0.03 | $0.03 | $0.03 | $0.01 | $0.08 | $0.10 | $0.09 | $0.09 | $0.13 |
| Shares Outstanding (Basic) | 104.1 M | 102.3 M | 97.1 M | 91.8 M | 92.5 M | 148.7 M | 160.2 M | 163.3 M | 166.5 M | 116.5 M |
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 | 21.84% |
| Return on Invested Capital | -113.08% |
| Return on Assets | 4.00% |
| Gross Margin | 50.52% |
| Operating Margin | 18.39% |
| Net Margin | 15.58% |
Financial Health
| Debt / Equity | 0.31 |
| Current Ratio | 0.91 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 0.98 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 44.42 | 5.41 | -2.95 | 4.83 | 6.18 | 29.04 | -2.35 | 6.01 | 15.46 | 5.75 |
| P/B | 0.85 | 0.90 | 0.78 | 0.68 | 0.56 | 0.48 | 0.46 | 0.75 | 1.41 | 1.03 |
| P/S | 1.70 | 1.62 | 2.48 | 0.99 | 1.00 | 0.54 | 0.44 | 0.70 | 1.04 | 0.80 |
| Gross Margin | 11.6% | 38.3% | -73.4% | 28.6% | 26.2% | 22.9% | 5.6% | 31.4% | 27.9% | 52.6% |
| Operating Margin | 4.9% | 31.7% | -85.2% | 20.6% | 17.2% | 2.0% | -19.5% | 11.8% | 8.9% | 16.9% |
| Net Margin | 3.9% | 30.0% | -84.2% | 20.5% | 16.3% | 2.6% | -17.8% | 13.1% | 7.6% | 14.3% |
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Explore sector: Financial Services · Insurance - Reinsurance
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