Detailed financial statements for Tiptree Inc. (TIPT): 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.
Tiptree Inc., operating through its various subsidiaries, specializes in the provision and management of tailored insurance solutions, primarily within the United States. The company's operations are structured around two principal business segments: Insurance and Mortgage.
Analysis Summary
Tiptree Inc. reported revenue of $488000 in the most recent fiscal year, growing at a 5-year CAGR of -77.3%.
Trailing-twelve-month margins: gross margin 57.8%, operating margin 14.0%, net margin -40.7%. Free cash flow grew at 4.7% CAGR over 5 years.
Balance sheet quality for TIPT: current ratio of 0.4, net debt of $32.9M. 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 $168.2M represents 482% 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 | $506.4M | $579.8M | $625.8M | $765.1M | $810.3M | $1.20B | $1.40B | $1.65B | $2.04B | $488000 |
| Cost of Revenue | 0 | 0 | $152.1M | $170.7M | $236.9M | $327.0M | $452.6M | $601.8M | $841.2M | 0 |
| Gross Profit | $506.4M | $579.8M | $473.7M | $594.4M | $573.4M | $873.5M | $945.1M | $1.05B | $1.20B | $488000 |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $162.2M | $157.4M | $156.1M | $181.5M | $229.8M | $288.3M | $253.1M | $261.3M | $293.8M | $33.8M |
| Operating Expenses | $483.4M | $593.6M | $493.5M | $565.3M | $612.3M | $808.2M | $891.1M | $964.2M | $1.05B | $47.2M |
| Operating Income | $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 |
| Interest Expense | $21.0M | $25.6M | $27.0M | $27.1M | $32.6M | $37.7M | $30.2M | $27.7M | $32.2M | 0 |
| Pre-tax Income | $49.1M | -$3.3M | -$19.8M | $29.1M | -$38.9M | $65.3M | $54.0M | $83.1M | $149.3M | -$44.6M |
| Income Tax | $12.5M | -$12.6M | -$5.9M | $9.0M | -$13.6M | $21.3M | $50.5M | $43.1M | $61.7M | -$5.7M |
| Net Income | $25.3M | $3.6M | $23.9M | $18.4M | -$29.2M | $38.1M | -$8.3M | $14.0M | $53.4M | $34.9M |
| EPS | $0.79 | $0.12 | $0.69 | $0.53 | $-0.74 | $1.15 | $-0.23 | $0.34 | $1.44 | $0.93 |
| EPS (Diluted) | $0.78 | $0.11 | $0.69 | $0.50 | $-0.74 | $1.13 | $-0.23 | $0.33 | $1.30 | $0.93 |
| Shares Outstanding (Diluted) | $31.8M | $37.3M | $34.7M | $34.6M | $33.9M | $33.7M | $35.5M | $37.6M | $37.9M | $46.0M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $63.0M | $110.7M | $86.0M | $133.1M | $136.9M | $175.7M | $538.1M | $468.7M | $19.4M | $30.8M |
| Short-term Investments | $146.2M | $182.4M | $283.6M | $335.2M | $377.1M | $577.4M | $612.0M | $802.6M | $10.9M | $17.1M |
| Receivables | 0 | $186.4M | $223.1M | $827.6M | $1.12B | $1.39B | $1.01B | $1.68B | $1.89B | 0 |
| Inventory | 0 | 0 | $13.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $133.1M | $142.2M | $1.02B | 0 | 0 | $2.18B | $2.92B | $3.89B | $3.08B | $47.9M |
| Property, Plant & Equipment | $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 |
| Intangible Assets | $85.5M | $64.0M | $52.1M | $56.7M | $153.0M | $532.0M | $657.4M | $725.3M | $711.3M | 0 |
| Total Assets | $2.89B | $1.99B | $1.86B | $2.20B | $3.00B | $3.60B | $4.04B | $5.14B | $5.69B | $6.84B |
| Accounts Payable | $139.8M | $151.3M | $129.2M | $213.8M | $375.8M | $415.4M | $424.5M | $675.2M | $529.1M | 0 |
| Short-term Debt | $414.6M | 0 | 0 | $114.8M | $147.8M | $158.5M | $60.6M | $197.1M | 0 | $8.1M |
| Total Current Liabilities | $1.19B | $631.4M | $241.8M | 0 | 0 | $2.66B | $3.25B | $4.30B | $3.74B | $107.6M |
| Long-term Debt | $378.5M | $346.1M | $354.1M | $224.7M | $183.4M | $234.8M | $198.7M | $205.3M | $363.4M | $63.9M |
| Total Liabilities | $2.50B | $1.59B | $1.47B | $1.79B | $2.62B | $3.20B | $3.51B | $4.56B | $5.04B | $6.09B |
| Retained Earnings | $38.0M | $38.1M | $57.2M | $70.2M | $35.4M | $68.1M | $54.1M | $60.7M | $95.7M | $121.6M |
| Total Equity | $293.4M | $300.1M | $387.1M | $398.1M | $356.1M | $383.0M | $397.4M | $416.9M | $457.7M | $508.6M |
| Total Debt | $793.0M | $346.1M | $354.1M | $368.9M | $364.2M | $422.7M | $297.4M | $442.8M | $374.5M | $80.7M |
| Net Debt | $583.8M | $53.0M | -$15.5M | -$99.4M | -$149.9M | -$330.4M | -$852.6M | -$828.5M | $344.2M | $32.9M |
| Working Capital | -$1.06B | -$489.2M | $781.8M | 0 | 0 | -$486.9M | -$338.4M | -$411.7M | -$662.2M | -$59.8M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $32.3M | $5.2M | $29.9M | $20.1M | -$25.2M | $44.1M | $3.6M | $40.0M | $87.7M | $34.9M |
| Depreciation & Amortization | $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 |
| Change in Working Capital | -$1.78B | -$1.60B | -$1.50B | -$1.99B | -$2.98B | -$3.68B | -$1.96B | -$12.5M | -$852.9M | $2.7M |
| Operating Cash Flow | $36.6M | $46.9M | $57.7M | $23.7M | $140.2M | $204.3M | $463.1M | $71.5M | $240.8M | $168.2M |
| Capital Expenditure | -$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 |
| Stock Repurchased | -$43.8M | -$7.3M | -$14.1M | -$9.1M | -$13.9M | -$8.1M | -$1.7M | 0 | 0 | 0 |
| Dividends Paid | -$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 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +14.5% | +7.9% | +22.3% | +5.9% | +48.2% | +16.4% | +18.0% | +23.9% | -100.0% | |
| Net Income Growth (YoY) | -85.8% | +564.1% | -23.3% | -258.8% | +230.8% | -121.7% | +268.6% | +282.5% | -34.6% | |
| EPS Growth (YoY) | -84.8% | +475.0% | -23.2% | -239.6% | +255.4% | -120.0% | +247.8% | +323.5% | -35.4% | |
| Shares Change (YoY) | +17.4% | -6.9% | -0.4% | -2.1% | -0.5% | +5.5% | +5.9% | +0.8% | +21.2% | |
| FCF Growth (YoY) | +49.3% | +22.6% | -71.8% | +776.8% | +51.0% | +124.4% | -87.3% | +312.3% | -28.9% | |
| Gross Margin | 100.0% | 100.0% | 75.7% | 77.7% | 70.8% | 72.8% | 67.6% | 63.5% | 58.8% | 100.0% |
| Operating Margin | 4.6% | -2.4% | -3.2% | 3.8% | -4.8% | 5.4% | 3.9% | 5.0% | 7.3% | -9574.6% |
| EBITDA Margin | 19.5% | 9.0% | 3.2% | 9.1% | 1.4% | 10.6% | 7.7% | 8.1% | 9.9% | -9712.7% |
| Net Margin | 5.0% | 0.6% | 3.8% | 2.4% | -3.6% | 3.2% | -0.6% | 0.8% | 2.6% | 7157.2% |
| FCF Margin | 5.8% | 7.6% | 8.6% | 2.0% | 16.5% | 16.8% | 32.4% | 3.5% | 11.6% | 34470.9% |
| Effective Tax Rate | 25.5% | 377.2% | 29.8% | 30.9% | 35.1% | 32.6% | 93.4% | 51.8% | 41.3% | 12.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.93 | $1.18 | $1.55 | $0.44 | $3.94 | $5.98 | $12.73 | $1.53 | $6.24 | $3.66 |
| Dividends Per Share | $0.10 | $0.09 | $0.14 | $0.16 | $0.16 | $0.16 | $0.22 | $0.37 | $0.65 | $0.20 |
| Shares Outstanding (Basic) | $31.7M | $29.1M | $34.7M | $34.6M | $33.9M | $33.2M | $35.5M | $36.7M | $36.9M | $37.6M |
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
| Gross Margin | 57.76% |
| Operating Margin | 13.99% |
| Net Margin | -40.74% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 5.07 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 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/S | 0.39 | 0.30 | 0.31 | 0.37 | 0.21 | 0.38 | 0.35 | 0.42 | 0.38 | 1406.18 |
| Gross Margin | 100.0% | 100.0% | 75.7% | 77.7% | 70.8% | 72.8% | 67.6% | 63.5% | 58.8% | 100.0% |
| Operating Margin | 4.6% | -2.4% | -3.2% | 3.8% | -4.8% | 5.4% | 3.9% | 5.0% | 7.3% | -9574.6% |
| Net Margin | 5.0% | 0.6% | 3.8% | 2.4% | -3.6% | 3.2% | -0.6% | 0.8% | 2.6% | 7157.2% |
Related companies: AMSF · DGICA · EIG · HBNC · HRTG · HTB · MCB
Explore sector: Financial Services · Insurance - Specialty
More sections of TIPT: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Radar — undervalued stock signals · Investment Academy — learn to analyze stocks