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Financial statementsPelagos Insurance Capital Ltd financial statements
Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Pelagos Insurance Capital 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
| FY2021 | FY2023 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Revenue | 1,195 | 1,509 | 3,596 | 2,420 | 2,501 |
| General and administrative | 131 | 166 | 82.7 | 94.3 | 96.6 |
| Interest income | 24 | 44 | 124 | 196 | 193 |
| Pre-tax income | 78.7 | 80.1 | 2,047 | 136 | 276 |
| Income tax | 0.4 | 17.8 | -85.3 | 23.1 | 50.1 |
| Net income to minority interests | 10 | 9.7 | 0 | 0 | |
| Net income | 68.3 | 52.6 | 2,133 | 113 | 226 |
| EPS, basic | 0.35 | 0.27 | 18.65 | 0.98 | 2.12 |
| EPS, diluted | 0.34 | 0.26 | 18.65 | 0.98 | 2.11 |
| Shares, basic (weighted) | 195 | 194 | 114 | 115 | 106 |
| Shares, diluted (weighted) | 200 | 199 | 114 | 116 | 107 |
| Dividend per share | 0.00 | 0.40 | 0.50 |
Balance sheet
| FY2021 | FY2023 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Cash and equivalents | 476 | 1,222 | 712 | 743 | 873 |
| Lease right-of-use assets | 26.8 | 7.3 | 11.1 | 9.8 | |
| Total assets | 8,313 | 10,028 | 11,766 | 12,444 | |
| Total liabilities | 6,325 | 7,578 | 9,318 | 10,044 | |
| Total debt | 448 | 448 | 449 | 843 | |
| Paid-in capital | 2,075 | 2,039 | 2,045 | 1,686 | |
| Retained earnings | 0.5 | 437 | 504 | 676 | |
| Treasury stock | 0 | -106 | 0 | ||
| Other comprehensive income | -101 | -27 | 4.5 | 37.1 | |
| Shareholders' equity | 1,977 | 2,450 | 2,448 | 2,400 | |
| Minority interests | 10.3 | 0 | |||
| Total equity | 2,019 | 1,987 | 2,450 | 2,448 | 2,400 |
| Total liabilities and equity | 8,313 | 10,028 | 11,766 | 12,444 | |
| Shares outstanding | 195 | 118 | 112 | 96.7 |
Cash flow statement
| FY2021 | FY2023 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Net income | 78.3 | 62.3 | 2,133 | 113 | 226 |
| Depreciation and amortization | 4.5 | 3.9 | 0.3 | -14 | -19.2 |
| Stock-based compensation | 9.8 | 10.8 | 27.6 | 7.8 | 7.9 |
| Deferred income tax | -26.4 | -10.4 | -86.5 | 9.8 | 8.9 |
| Cash from operations | 346 | 741 | 495 | 618 | -408 |
| Capital expenditures | -7.1 | -18.8 | -6.4 | -4.6 | -1.2 |
| Purchases of investments | -2,122 | -1,596 | -2,242 | -2,323 | -1,754 |
| Sales and maturities of investments | 1,490 | 1,327 | 797 | 697 | |
| Cash from investing | -1,086 | 216 | -835 | -476 | 683 |
| Stock issued | 318 | 0 | 89.4 | 0 | 0 |
| Share buybacks | -321 | 0 | 0 | -106 | -261 |
| Dividends paid | -2.1 | -0.5 | 0 | -46.2 | -52.3 |
| Cash from financing | -18.2 | -16.2 | -107 | -154 | 19.8 |
| Exchange rate effect | -4.6 | -9.2 | 2.8 | -6 | 6.8 |
| Net change in cash | -763 | 932 | -444 | -17.5 | 301 |
| Free cash flow | 339 | 723 | 489 | 614 | -410 |
| Interest paid | 29.3 | 29.6 | 29.7 | 29.6 | 42.6 |
| Income taxes paid | 24.1 | 11.9 | 14.7 | 5.6 | 26.7 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Pre-tax margin | 11.0% | Pre-tax income / revenue. |
| Net margin | 9.0% | Net income / revenue. |
| FCF margin | -16.4% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | -16.3% | Cash from operations / revenue. |
| Effective tax rate | 18.2% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 9.3% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 1.9% | Net income / average total assets. |
| Stock-based pay / revenue | 0.3% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 0.0% | Capital expenditures / revenue. |
| D&A / revenue | -0.8% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 3.3% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 18.3% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income growth, 1y | 99.0% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 62.5% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS growth, 1y | 115.3% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | 101.0% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | -166.0% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow growth, 1y | -166.7% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Dividend per share growth, 1y | 25.0% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Book value growth, 1y | -2.0% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 6.7% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets growth, 1y | 5.8% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 14.4% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Share count change, 1y | -7.7% | 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 | -18.8% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Debt / equity | 0.35x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 6.8% | Total debt / total assets. |
| Liabilities / assets | 80.7% | Total liabilities / total assets. |
| Net debt | -$29.8M | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Tangible book value | $2.40B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.21x | Revenue / average total assets. |
| FCF conversion | -181.6% | Free cash flow / net income, when net income is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $2.11 | 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. |
| EPS, basic | $2.12 | Net income per basic share, as reported (split-adjusted). |
| Revenue per share | $23.43 | Revenue / diluted weighted shares. |
| FCF per share | -$3.84 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | -$3.83 | Cash from operations / diluted weighted shares. |
| Book value per share | $24.83 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $24.83 | Tangible book value / shares outstanding. |
| Cash per share | $9.03 | (Cash + short-term investments) / shares outstanding. |
| Dividend per share | $0.50 | Dividend declared per common share (paid, when declared is not tagged). |
| Payout ratio | 23.2% | Dividends paid / net income, when net income is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $2.07B | Share price x shares outstanding. |
| Enterprise value | $2.04B | Market cap + total debt - cash - short-term investments. |
| P/E | 9.19x | Market cap / net income. Only when net income is positive. |
| P/S | 0.83x | Market cap / revenue. |
| P/B | 0.86x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 0.86x | Market cap / tangible book value, when positive. |
| EV/Sales | 0.82x | Enterprise value / revenue. |
| FCF yield | -19.8% | Free cash flow / market cap. |
| Earnings yield | 10.9% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 2.5% | Dividends paid over the period / market cap. |
| Shareholder yield | 15.1% | (Dividends paid + share buybacks) / market cap. |
| PEG | 0.09x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
What was Pelagos Insurance Capital Ltd's revenue in fiscal 2025?
Pelagos Insurance Capital Ltd reported revenue of $2.50B for fiscal 2025, 3.3% higher than the year before.
Was Pelagos Insurance Capital Ltd profitable in fiscal 2025?
Yes. Net income was $225.5M, a net margin of 9%.
How much free cash flow did Pelagos Insurance Capital Ltd generate in fiscal 2025?
Cash from operations of $408.3M minus capital expenditures of $1.2M left free cash flow of -$409.5M.