James River Group Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data James River Group Holdings, Inc. 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	586	818	886	907	669	609	662	812	708	688
Operating expenses	507	762	815	855	657
Interest expense	8.45	8.97	11.6	10.6	10	8.92	13.9	24.6	24.7	23.5
Pre-tax income	79.3	55.1	70.8	51.9	11.9	-108	53.3	86.9	-71.1	50.5
Income tax	4.87	11.6	7.01	13.5	7.11	-23.2	18.4	25.7	-7.63	0.72
Income from continuing operations						-84.9	34.9	61.2	-63.5	49.8
Net income	74.5	43.6	63.8	38.3	4.82	-173	31	-108	-81.1	47.4
EPS, basic	2.56	1.48	2.14	1.27	0.16	-4.94	0.59	-3.14	-3.06	0.86
EPS, diluted	2.49	1.44	2.11	1.25	0.16	-4.94	0.59	-3.13	-3.06	0.79
Shares, basic (weighted)	29.1	29.5	29.9	30.3	30.6	35	37.4	37.6	38.7	46
Shares, diluted (weighted)	29.9	30.3	30.3	30.7	30.9	35	37.7	37.8	38.7	60
Dividend per share	2.25	1.70	1.20	1.20	1.20	1.20	0.20	0.20	0.16	0.04

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	110	163	172	207	162	190	159	274	362	261
Short-term investments	50.8	36.8	82
Property, plant and equipment	24.7	25	23.3	1.77	1.29	0.78	1.35	17	19.8	21.9
Lease right-of-use assets				17.2	14	11.7	8.1	7.8	5.3	6.8
Goodwill	182	182	182	182	182	182	182	182	182	182
Intangible assets	38.9	38.3	37.5	36.9	36.4	36	35.7	32.8	32.5	32.1
Total assets	2,347	2,757	3,137	5,024	5,063	4,949	5,137	5,317	5,007	4,860
Total liabilities	1,653	2,062	2,428	4,246	4,267	4,223	4,438	4,638	4,413	4,189
Total debt	88.3	98.3	118
Paid-in capital	637	636	645	658	664	862	869	876	933	938
Retained earnings	55.2	48.2	79.8	89.6	49.2	-167	-152	-278	-402	-365
Other comprehensive income	1.13	10.3	-15.8	31.1	81.9	30	-163	-63.7	-70	-34.7
Shareholders' equity	693	695	709	779	796	725	554	535	461	538
Total equity	693	695	709	779	796	725	554	535	461	538
Total liabilities and equity	2,347	2,757	3,137	5,024	5,063	4,949	5,137	5,317	5,007	4,860
Shares outstanding	29.3	29.7	30	30.4	30.6	37.4	37.5	37.6	45.6	46

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	74.5	43.6	63.8	38.3	4.82	-173	31	-108	-81.1	47.4
Depreciation and amortization	2.41	2.12	4.22	4.06	5.02	4.72	1.05	-0.48	-0.71	-0.72
Stock-based compensation	5.49	7.69	6.23	7.18	7.63	6.66	8.12	9.12	6.63	5.05
Deferred income tax	5.09	-0.36	-5.86	-4.93	-4.42	-20.4	4.63	-5.97	-11.2	-13.1
Cash from operations	154	208	290	1,489	-274	-914	223	88	-247	-18.8
Capital expenditures				-0.52	-0.55	-6.3	-8.22	-6.43	-4.89	-4.8
Purchases of investments	-300	-270	-418	-451	-573	-363	-710	-197	-179	-337
Sales and maturities of investments	135	122	129	129	240	296	175	140	162	152
Cash from investing	-80.8	-105	-267	-263	-176	35.8	-328	16.7	307	-116
Debt issued	0	10	20	60	164	0	0	0	0	25
Debt repaid	0	0	0	-20	-60	0	-40	0	-21.5	0
Stock issued				0	0	192	0	0	12.5	0
Share buybacks	-4.91	-9.45	-2.24	-2.9	-3.6	-3.08	-1.3
Dividends paid	-66	-50.8	-36.1	-36.7	-37.1	-43.2	-7.8	-7.75	-6.23	-2
Cash from financing	-70.2	-49.4	-14.3	7.96	65.9	148	89.7	-21.1	-28.8	13.2
Net change in cash	3.38	53.7	8.96	1,234	-384	-730	-15.7	83.6	31.1	-122
Free cash flow				1,489	-274	-920	215	81.5	-252	-23.6
Interest paid	8.12	8.91	11.3	12.4	11.3	9.93	17.4	30.7	28.7	25.7
Income taxes paid	-0.06	9.85	8.17	18.7	17.2	-3.93	-3.47	45.3	25.1

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 $3.53 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	3.8%	Pre-tax income / revenue.
Net margin	4.7%	Net income / revenue.
FCF margin	-0.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	0.3%	Cash from operations / revenue.
Effective tax rate	-26.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.6%	Net income / average total assets.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.6%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	15.3%	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	58.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	10.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	37.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-75.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-41.5%	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	-49.4%	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	16.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-0.9%	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	-7.5%	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	-2.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.8%	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	55.1%	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	16.8%	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	14.2%	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	86.3%	Total liabilities / total assets.
Goodwill and intangibles / assets	4.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$308.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.14x	Revenue / average total assets.
FCF conversion	-7.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	232.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.65	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	$13.91	Revenue / diluted weighted shares.
FCF per share	-$0.05	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.04	Cash from operations / diluted weighted shares.
Book value per share	$11.30	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.68	Tangible book value / shares outstanding.
Cash per share	$4.23	(Cash + short-term investments) / shares outstanding.
Payout ratio	6.3%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$163.2M	Share price x shares outstanding.
Enterprise value	-$32.4M	Market cap + total debt - cash - short-term investments.
P/E	5.34x	Market cap / net income. Only when net income is positive.
P/S	0.25x	Market cap / revenue.
P/B	0.31x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.53x	Market cap / tangible book value, when positive.
P/OCF	93.3x	Market cap / cash from operations, when positive.
FCF yield	-1.4%	Free cash flow / market cap.
Earnings yield	18.7%	Net income / market cap (the inverse of P/E).
Dividend yield	1.2%	Dividends paid over the period / market cap.
Shareholder yield	1.2%	(Dividends paid + share buybacks) / market cap.
PEG	0.52x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was James River Group Holdings, Inc.'s revenue in fiscal 2025?

James River Group Holdings, Inc. reported revenue of $687.6M for fiscal 2025, 2.8% lower than the year before.

Was James River Group Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $47.4M, a net margin of 6.9%.

How much free cash flow did James River Group Holdings, Inc. generate in fiscal 2025?

Cash from operations of $18.8M minus capital expenditures of $4.8M left free cash flow of -$23.6M.

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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