ATLANTIC AMERICAN CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ATLANTIC AMERICAN CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Revenue	166	166	181	186	198	195	200	188	187	188
Operating income	0.85	0.93	-3.81	-3.93	-7.49	11.5	-1.5	9.63	1.54	-4.96
Interest expense	1.43	1.56	1.72	2.04	2.13	1.61	1.39	1.95	3.27	3.42
Pre-tax income	5.71	3.52	5.36	-0.97	-0.41	15.5	5.3	2.1	-0.57	-5.26
Income tax	1.32	0.89	0.83	-0.27	-0.02	3.33	1.02	0.57	-0.39	-1
Net income	4.39	2.64	4.53	-0.7	-0.39	12.2	4.28	1.53	-0.17	-4.27
EBITDA	1.97	2.13	-2.37	-2.94	-6.5	12.5	-0.49	10.5	2.19	-4.59
EPS, basic	0.19	0.11	0.20	-0.05	-0.04	0.58	0.19	0.06	-0.03	-0.23
EPS, diluted	0.19	0.11	0.20	-0.05	-0.04	0.56	0.19	0.06	-0.03	-0.23
Shares, basic (weighted)	20.6	20.4	20.4	20.3	20.3	20.4	20.4	20.4	20.4	20.4
Shares, diluted (weighted)	20.6	20.4	20.4	20.3	20.3	21.8	20.4	20.4	20.4	20.4
Dividend per share			0.02	0.02	0.02	0.00	0.02	0.02	0.02	0.02

Balance sheet

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Cash and equivalents	15.6	13.3	24.5	12.6	12.9	19.3	24.8	28.9	28.3	35.6
Lease right-of-use assets					5.48	4.83	4.14	3.41	2.61	5.23
Total assets	315	319	343	344	378	405	402	367	381	393
Total liabilities	212	213	230	243	259	260	261	265	274	294
Paid-in capital	56.6	57.1	57.5	57.4	57.8	57.4	57.4	57.4	57.4	57.4
Retained earnings	25.4	27.3	31	37.2	36	47.8	51.3	52	50.9	45.9
Treasury stock	-6.34	-6.74	-7.13	-7.99	-7.58	-7.34	-7.49	-7.39	-7.4	-7.41
Other comprehensive income	4.58	5.83	9.75	-7.54	10.5	25	17.7	-22.1	-16.1	-18.7
Shareholders' equity	102	106	113	101	118	145	141	102	107	99.6
Total equity	102	106	113	101	118	145	141	102	107	99.6
Total liabilities and equity	315	319	343	344	378	405	402	367	381	393
Shares outstanding	20.4	20.4	20.4	20.2	20.5	20.4	20.4	20.4	20.4	20.4

Cash flow statement

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Net income	4.39	2.64	4.53	-0.7	-0.39	12.2	4.28	1.53	-0.17	-4.27
Depreciation and amortization	1.12	1.21	1.44	0.99	1	0.98	1	0.89	0.65	0.37
Stock-based compensation	0.37	0.59	0.5	0.24	0.35	0.44	0.21	0.13	0.12	0.01
Deferred income tax	0.3	-0	-1.36	-2.24	-0.91	-2.25	-1.11	-1.82	-3.12	-1.75
Change in receivables	1.33	-0.41	-6.19	-10.2	-4.71	1.35	1.55	1.08	-3.52	-5.58
Change in payables									-1.66	6.14
Cash from operations	2.21	1.32	12.2	4.46	-1.81	8.97	1.09	6.45	2.62	4.8
Capital expenditures	-0.32	-0.4	-0.1	-0.28	-0.07	-0.23	-0.11	-0.13	-0.08	-0.23
Purchases of investments	-91.7	-75.1	-84.6	-49.6	-124	-27.5	-35.3	-17	-18.1	-13.9
Sales and maturities of investments	5.92	10.9	10.8
Cash from investing	-1.2	-2.23	0.59	-14.8	3.01	-2.06	5.3	-3.43	-3.37	2.28
Debt repaid	0
Share buybacks	-1	-0.7	-0.69	-0.6	-0.07	0
Dividends paid	-0.41	-0.41	-0.41	-0.41	-0.4	0	-0.41	-0.41	-0.41	-0.41
Cash from financing	-1.76	-1.45	-1.47	-1.59	-0.94	-0.48	-0.95	1.09	0.18	0.19
Net change in cash	-0.75	-2.37	11.3	-11.9	0.26	6.43	5.43	4.11	-0.56	7.27
Free cash flow	1.89	0.92	12.1	4.18	-1.88	8.74	0.98	6.33	2.54	4.58
Interest paid	1.42	1.54	1.71	2	2.16	1.67	1.39	1.79	3.23	3.45
Income taxes paid	1.47	0.68	1.4	2.11	1.66	3.88	3.2	2.76	2.58	0.58

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2025; growth uses fiscal years. Valuation uses the share price of $1.36 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	3.2%	Pre-tax income / revenue.
Net margin	2.5%	Net income / revenue.
FCF margin	11.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.9%	Cash from operations / revenue.
Effective tax rate	22.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.2%	Net income / average total assets.
Stock-based pay / revenue	0.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	0.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-1.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-421.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-309.3%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	83.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	64.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	80.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	67.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-7.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-11.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-3.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	74.6%	Total liabilities / total assets.
Tangible book value	$109.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.48x	Revenue / average total assets.
FCF conversion	474.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.25	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$10.21	Revenue / diluted weighted shares.
FCF per share	$1.19	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.22	Cash from operations / diluted weighted shares.
Book value per share	$5.37	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.37	Tangible book value / shares outstanding.
Cash per share	$1.69	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$27.7M	Share price x shares outstanding.
Enterprise value	-$6.7M	Market cap + total debt - cash - short-term investments.
P/E	5.43x	Market cap / net income. Only when net income is positive.
P/S	0.13x	Market cap / revenue.
P/B	0.25x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.25x	Market cap / tangible book value, when positive.
P/FCF	1.14x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	1.12x	Market cap / cash from operations, when positive.
FCF yield	87.4%	Free cash flow / market cap.
Earnings yield	18.4%	Net income / market cap (the inverse of P/E).

What was ATLANTIC AMERICAN CORP's revenue in fiscal 2024?

ATLANTIC AMERICAN CORP reported revenue of $188.2M for fiscal 2024, 0.8% higher than the year before.

Was ATLANTIC AMERICAN CORP profitable in fiscal 2024?

No. It reported a net loss of $4.3M.

How much free cash flow did ATLANTIC AMERICAN CORP generate in fiscal 2024?

Cash from operations of $4.8M minus capital expenditures of $225.0K left free cash flow of $4.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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