Underwriting profitability remains highly inconsistent, with the combined ratio fluctuating from a low of 52.4% in 2025Q1 to a peak of 150.5% in 2024Q4.
| Revenue | 0 | 111.92M | 66.4M | 44.71M | 22.59M | 1.22M |
| Revenue Growth % | -100% | 68.56% | 48.5% | 97.92% | 1744.73% | - |
| Medical Costs & Claims | 0 | 11.37M | 6.49M | 5.88M | 14.21M | 514.67K |
| Medical Cost Ratio % | - | 10.16% | 9.77% | 13.16% | 62.88% | 42.02% |
| Gross Profit | 0 | 100.55M | 59.91M | 38.83M | 8.39M | 710.01K |
| Gross Margin % | - | 89.84% | 90.23% | 86.84% | 37.12% | 57.98% |
| Gross Profit Growth % | -100% | 67.84% | 54.3% | 362.98% | 1081.22% | - |
| Operating Expenses | 117.62M | 101.44M | 35.79M | 5.16M | 7.45M | -641.33K |
| OpEx / Revenue % | - | 90.63% | 53.89% | 11.55% | 32.97% | -52.37% |
| Depreciation & Amortization | 18.61M | 7.91M | 3.41M | 4.28K | 31.24K | 0 |
| Combined Ratio % | - | 100.79% | 63.67% | 24.71% | 95.85% | -10.34% |
| Operating Income | 88.76M | -888.3K | 24.13M | 33.67M | 937.12K | 1.35M |
| Operating Margin % | - | -0.79% | 36.33% | 75.29% | 4.15% | 110.34% |
| Operating Income Growth % | 10091.78% | -103.68% | -28.34% | 3492.44% | -30.65% | - |
| EBITDA | 107.36M | 7.02M | 27.54M | 33.67M | 968.36K | 662.02K |
| EBITDA Margin % | - | 6.27% | 41.47% | 75.3% | 4.29% | 54.06% |
| Interest Expense | -38.79M | 18.28M | 9.87M | 42.8K | 0 | 0 |
| Non-Operating Income | 0 | 265.31K | 3.76M | -1.14M | -61.5K | 689.33K |
| Pretax Income | 52.75M | -19.43M | 10.5M | 33.28M | 998.62K | 662.02K |
| Pretax Margin % | - | -17.36% | 15.82% | 74.42% | 4.42% | 54.06% |
| Income Tax | 15.43M | 5.48M | 1.47M | 889.94K | 1.2K | 1.56K |
| Effective Tax Rate % | 29.26% | -28.22% | 13.98% | 2.67% | 0.12% | 0.24% |
| Net Income | 36.53M | -23.96M | 9.52M | 31.68M | 997.41K | 662.02K |
| Net Margin % | - | -21.41% | 14.33% | 70.86% | 4.41% | 54.06% |
| Net Income Growth % | 252.44% | -351.78% | -69.96% | 3076.44% | 50.66% | - |
| EPS (Diluted) | 0.38 | -0.34 | 0.16 | 0.63 | 0.02 | 0.03 |
| EPS Growth % | 211.76% | -312.5% | -74.6% | 3081.82% | -30.77% | - |
| EPS (Basic) | 0.38 | -0.34 | 0.17 | 0.63 | 0.02 | 0.03 |
| Diluted Shares Outstanding | 96.65M | 70.76M | 57.77M | 50.37M | 50.37M | 50.37M |
Extreme Revenue Volatility
As reported in recent financial filings, Abacus Global Management experienced a sharp revenue contraction of 5.9% in 2025Q4, following a period of triple-digit growth, which suggests that the company's top-line trajectory is highly unstable and potentially sensitive to non-cash fair value adjustments inherent in their business model.
The dramatic swing from 123.7% growth in 2025Q3 to a negative revenue figure in 2025Q4 warrants significant caution regarding the sustainability of their core revenue drivers. Investors should monitor whether this volatility stems from underlying operational shifts or accounting noise related to the fair value measurement of their life insurance policy portfolio.
Based on the provided quarterly data, the combined ratio fluctuated wildly from a low of 52.4% in 2025Q1 to a peak of 150.5% in 2024Q4, indicating that the company's underwriting profitability is currently inconsistent and highly susceptible to sudden, adverse shifts in claims or operational expense management.
The inability to maintain a sub-100% combined ratio consistently suggests that the company may struggle with predictable underwriting outcomes. This volatility implies that the firm's profitability is not yet stabilized, and the reliance on non-core income streams may be masking underlying challenges in their primary insurance-linked activities.
According to recent SEC filings, the company's transition to Abacus Global Management coincides with a period of extreme financial variance, where net income swung from a loss of $18.3M in 2024Q4 to a profit of $7.2M in 2025Q4, signaling a potential, albeit uncertain, structural pivot.
This inflection point appears to be characterized by significant accounting adjustments that make historical performance comparisons difficult for institutional investors. The shift in branding and reported earnings suggests that the company is attempting to reposition itself, though the current financial data provides little evidence of a stable, long-term earnings trajectory.
As indicated by the company's reported figures, the reliance on fair value accounting for life insurance assets creates significant earnings noise, as evidenced by the 2025Q4 revenue reversal, which suggests that reported net income may not accurately reflect the underlying cash-generating capacity of the firm's portfolio.
The disconnect between reported revenue and operational cash flow suggests that investors should be wary of relying on headline net income figures. Further investigation into the specific actuarial assumptions and discount rates used to value the portfolio is necessary to determine if the company is truly creating value or merely benefiting from accounting-driven valuation swings.
Quick answers to the most common questions about buying ABL stock.
For fiscal year 2025, Abacus Global Management, Inc. (ABL) reported total revenue of $0.0M. This represents a 100.0% decline compared to $1.2M in 2020.
Abacus Global Management, Inc. (ABL) is profitable, generating $36.5M in net income for the fiscal year ending 2025.