TIPTREE INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TIPTREE 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	506	582	626	773	810	1,201	1,398	341	341	0.49
Selling, general and administrative	14.6	14.8	16.2	18.6	22.3	36.7	26.2	38.1	42.6
Operating expenses	478	596	646	744	849	1,135	1,344	45.6	41.8	47.2
Operating income								-43.5	-40.3	-46.7
Interest expense	21	25.6	27	27.1	32.6	37.7	30.2	27.7	32.2
Interest income	14.5	18
Pre-tax income	49.1	-3.33	-19.8	29.1	-38.9	65.3	54	-43.5	-38.6	-44.6
Income tax	12.5	-12.6	-5.91	9.02	-13.6	21.3	50.5	-4.75	-6.22	-5.69
Net income to minority interests			5.95	1.76	3.93	5.92	11.8	0.01	0	0
Net income	25.3	3.6	23.9	18.4	-29.2	38.1	-8.27	14	53.4	34.9
EBITDA								-42	-38.8	-45.3
EPS, basic			0.69	0.52	-0.86	1.13	-0.23	0.38	1.44	0.93
EPS, diluted			0.69	0.50	-0.86	1.09	-0.23	0.34	1.34	0.76
Shares, basic (weighted)			34.7	34.6	33.9	33.2	35.5	36.7	36.9	37.6
Shares, diluted (weighted)			34.7	34.6	33.9	33.7	35.5	36.7	36.9	37.6
Dividend per share			0.14	0.16	0.16	0.16	0.16	0.20	0.49	0.24

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	49.8	111	86	133	137	176	538	469	19.4	30.8
Short-term investments									15	21.7
Other current assets									3.71	2.36
Total current assets									38.2	54.8
Property, plant and equipment	5.84	4.3	6.12	12.3	15.8	14.9	21.8	29.6	7.71	6.26
Lease right-of-use assets			0	23.8	27.3	23.9	31.5	31.5	10.1	8.3
Goodwill	92.8	91.6	91.6	99.1	179	179	187	206	207
Intangible assets	73.7	64	52.1	48	138	123	117	119	103
Other non-current assets									3.12	2.27
Total assets	2,890	1,990	1,865	2,198	2,996	3,599	4,040	5,139	5,695	6,840
Accrued liabilities									13.6	19.1
Short-term debt									0	8.14
Total current liabilities									15.6	29.1
Long-term debt									0	63.9
Lease liabilities									11.1	8.65
Total liabilities	2,500	1,593	1,466	1,787	2,622	3,199	3,506	4,563	5,038	6,088
Total debt	555	346	354	374	366	393	259	402	427	63.9
Paid-in capital	297	296	332	326	315	317	383	382	390	394
Retained earnings	38	38.1	57.2	70.2	35.4	68.1	54.1	60.7	95.7	122
Other comprehensive income	0.56	0.97	-2.06	1.7	5.67	-2.69	-39.4	-26.1	-27.8	-7.5
Shareholders' equity	293	300	387	398	356	383	397	417	458	509
Minority interests	96.7				17.4	17.2	136	160	199	244
Total equity	390	397	399	411	374	400	534	577	657	752
Total liabilities and equity	2,890	1,990	1,865	2,198	2,996	3,599	4,040	5,139	5,695	6,840
Shares outstanding				34.6	32.7	34.1	36.4	36.8	37.3	37.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	32.3	5.23	29.9	20.1	-25.2	44.1	3.56	14	53.4	34.9
Depreciation and amortization	28.5	30	12.6	13.6	17.6	24.4	23	1.43	1.45	1.45
Stock-based compensation	2.78	6.83	6.66	6.36	8.12	11.1	9.71	6.23	8.68	11.3
Deferred income tax	6.45	-11.2	4.01	6.82	10.7	17.7	47.5	-5.97	-5.24	-6.58
Cash from operations	36.6	46.9	57.7	23.7	140	204	463	71.5	241	168
Capital expenditures	-1.48	-1.75	-3.75	-8.52	-6.69	-2.76	-10.7	-4.1	-0.03	0
Acquisitions	-102	-85.8	0	-4.63	-5.31	0.13	-15	-19.7	0
Purchases of investments	-276	-221	-328	-389	-158	-369	-234	-622	-704
Sales and maturities of investments	205	297	191	394	84.9	68.9	77.7	371	346
Cash from investing	-314	213	-109	-8.33	-123	-274	9.51	-245	-323	-202
Debt issued	2,085	1,858	1,632	2,237	3,380	4,084	2,365	0	0	74.3
Stock issued	0	8.1	0	0
Share buybacks	-43.8	-7.3	-14.1	-9.09	-13.9	-8.15	-1.73	0	0
Dividends paid	-3.19	-3.5	-4.78	-5.5	-5.57	-5.41	-7.78	-7.4	-18.3	-9.07
Cash from financing	277	-194	-2	36.9	31.7	73.7	-115	113	6.29	11.5
Exchange rate effect					0	0	-1.83	1.53	-0.36	3.43
Net change in cash	-0.7	65.3	-53.4	52.3	48.4	4.29	356	-58.3	-76.3	-18.9
Free cash flow	35.2	45.2	54	15.2	133	202	452	67.4	241	168
Interest paid	27.2	34.1	26	26.2	29.5	36.9	29.4	26.5	28.7	26.3
Income taxes paid	6.18	5.05	-5.09	3.3	1.07	2.08	2.26	-15.7	-0.15	0.36

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $17.15 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	8.6%	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.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-99.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-93.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-77.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-34.6%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-43.3%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-30.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-28.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-30.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-28.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	4.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-51.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	14.5%	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	8.4%	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	11.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.6%	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	7.4%	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	20.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	19.2%	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	18.0%	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	1.9%	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	1.9%	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	2.1%	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
Current ratio	1.30x	Current assets / current liabilities.
Quick ratio	1.22x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.22x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.13x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.9%	Total debt / total assets.
Liabilities / assets	89.2%	Total liabilities / total assets.
Net debt	$30.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$8.3M	Current assets - current liabilities.
Tangible book value	$504.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	-0.01x	Revenue / average total assets.
Fixed asset turnover	-13.9x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.15	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	-$2.17	Revenue / diluted weighted shares.
Operating cash flow per share	$4.85	Cash from operations / diluted weighted shares.
Book value per share	$13.42	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.42	Tangible book value / shares outstanding.
Cash per share	$0.90	(Cash + short-term investments) / shares outstanding.
Payout ratio	20.8%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$638.7M	Share price x shares outstanding.
Enterprise value	$668.8M	Market cap + total debt - cash - short-term investments.
P/E	14.7x	Market cap / net income. Only when net income is positive.
P/B	1.27x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.27x	Market cap / tangible book value, when positive.
P/OCF	3.48x	Market cap / cash from operations, when positive.
Earnings yield	6.8%	Net income / market cap (the inverse of P/E).
Dividend yield	1.4%	Dividends paid over the period / market cap.
Shareholder yield	1.4%	(Dividends paid + share buybacks) / market cap.

What was TIPTREE INC.'s revenue in fiscal 2025?

TIPTREE INC. reported revenue of $488.0K for fiscal 2025, 99.9% lower than the year before.

Was TIPTREE INC. profitable in fiscal 2025?

Yes. Net income was $34.9M, a net margin of 7,157.2%.

How much free cash flow did TIPTREE INC. generate in fiscal 2025?

Cash from operations of $168.2M minus capital expenditures of $0.0 left free cash flow of $168.2M.

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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