ASSURED GUARANTY LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ASSURED GUARANTY LTD 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,677	1,739	1,001	963	1,115	848	723	1,373	872	1,110
Interest expense	102	97	94	89	85	87	81	90
Pre-tax income	1,017	991	580	464	413	477	148	668	488	662
Income tax	136	261	59	63	45	58	11	-93	96	119
Net income to minority interests	0	0	0	-1	6	30	13	22	16	40
Net income	881	730	521	402	362	389	124	739	376	503
EPS, basic	6.61	6.05	4.73	4.04	4.22	5.29	1.95	12.54	7.01	10.39
EPS, diluted	6.56	5.96	4.68	4.00	4.19	5.23	1.92	12.30	6.87	10.26
Shares, basic (weighted)	133	121	110	99.3	85.5	73.5	62.9	58.4	53.3	48.1
Shares, diluted (weighted)	134	122	111	100	86.2	74.3	63.9	59.6	54.3	48.7
Dividend per share	0.52	0.57	0.64	0.72	0.80	0.88	1.00	1.12	1.24	1.36

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	127	144	104	183	298	342	207	286	128	419
Short-term investments	590	627	729	1,268	851	1,225	810	1,661	1,221	903
Lease right-of-use assets				100	78
Goodwill			0	117	117	117	117	0
Intangible assets			2	77	64	52	40	0
Total assets	14,151	14,433	13,603	14,326	15,334	18,208	16,843	12,539	11,901	12,176
Total liabilities	7,647	7,594	7,048	7,674	8,629	11,708	11,551	6,774	6,348	6,387
Total debt	1,306	1,292	1,233	1,235	1,224	1,673	1,675	1,694	1,699	1,704
Paid-in capital	1,060	573	86	0
Retained earnings	5,289	5,892	6,374	6,295	6,143	5,990	5,577	6,070	5,878	5,830
Other comprehensive income	149	372	93	342	498	300	-515	-359	-385	-168
Shareholders' equity	6,504	6,839	6,555	6,639	6,643	6,292	5,064	5,713	5,495	5,663
Minority interests	0	0	0	6	41	186	228	52	58	126
Total equity	6,504	6,839	6,555	6,645	6,684	6,478	5,292	5,765	5,553	5,789
Total liabilities and equity	14,151	14,433	13,603	14,326	15,334	18,208	16,843	12,539	11,901	12,176
Shares outstanding	128	116	104	93.3	77.5	67.5	59	56.2	50.5	45.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	881	730	521	401	368	419	137	761	392	543
Deferred income tax	19	250	74	65	58	-38	-3	-156	-4	-5
Cash from operations	-132	433	462	-509	-853	-1,937	-2,479	461	47	259
Acquisitions	-435	95	0	-145	0	0
Purchases of investments	-1,646	-2,552	-1,881	-873	-1,380	-1,236	-371	-540	-1,354	-1,581
Sales and maturities of investments	1,155	821	962	781	878	1,148	682	746	853	1,274
Cash from investing	1,076	345	297	1,169	788	23	1,740	286	780	641
Debt issued	0	0	0	0	0	889
Debt repaid	-2	-30	-101	-4	-22	-620	-2	-330	0	0
Stock issued	12	5	6
Share buybacks	-306	-501	-500	-500	-446	-496	-500	-199	-502	-500
Dividends paid	-69	-70	-71	-74	-69	-66	-64	-67	-68	-68
Cash from financing	-978	-766	-795	-584	183	1,960	612	-670	-983	-616
Exchange rate effect	-5	5	-4	3	-3	-2	-8	2	-2	7
Net change in cash	-48	17	-40	79	115	44	-135	79	-158	291
Interest paid	95	77	99	84	81	80	77	77	88	85
Income taxes paid	74	10	-4	4	-25	24	105	4	90	51

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $69.49 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	44.0%	Pre-tax income / revenue.
Net margin	37.3%	Net income / revenue.
Operating cash flow margin	34.5%	Cash from operations / revenue.
Effective tax rate	8.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.8%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	27.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-0.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	33.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	59.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	6.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	49.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	74.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	19.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	451.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	9.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	10.8%	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	11.2%	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	3.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.8%	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	-3.1%	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	2.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-10.3%	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	-4.5%	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	-10.3%	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	-8.7%	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	-10.8%	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
Debt / equity	0.31x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	13.5%	Total debt / total assets.
Liabilities / assets	55.8%	Total liabilities / total assets.
Net debt	$1.38B	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$5.56B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.07x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.87	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	$21.08	Revenue / diluted weighted shares.
Operating cash flow per share	$7.26	Cash from operations / diluted weighted shares.
Book value per share	$126.18	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$126.18	Tangible book value / shares outstanding.
Cash per share	$7.51	(Cash + short-term investments) / shares outstanding.
Payout ratio	19.4%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.06B	Share price x shares outstanding.
Enterprise value	$4.43B	Market cap + total debt - cash - short-term investments.
P/E	8.71x	Market cap / net income. Only when net income is positive.
P/S	3.25x	Market cap / revenue.
P/B	0.55x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.55x	Market cap / tangible book value, when positive.
P/OCF	9.43x	Market cap / cash from operations, when positive.
EV/Sales	4.71x	Enterprise value / revenue.
Earnings yield	11.5%	Net income / market cap (the inverse of P/E).
Dividend yield	2.2%	Dividends paid over the period / market cap.
Shareholder yield	14.3%	(Dividends paid + share buybacks) / market cap.
PEG	0.12x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ASSURED GUARANTY LTD's revenue in fiscal 2025?

ASSURED GUARANTY LTD reported revenue of $1.11B for fiscal 2025, 27.3% higher than the year before.

Was ASSURED GUARANTY LTD profitable in fiscal 2025?

Yes. Net income was $503.0M, a net margin of 45.3%.

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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