Latest Ratios: P/E Ratio 4.6x · EV/EBITDA 2.6x · ROE 39.9%. (2023–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Market Cap | $507M | $359M | — | — |
| Enterprise Value | $304M | $156M | — | — |
| P/E Ratio → | 4.58 | 3.69 | — | — |
| P/S Ratio | 1.83 | 1.30 | — | — |
| P/B Ratio | 1.32 | 1.07 | — | — |
| P/FCF | 3.80 | 2.70 | — | — |
| P/OCF | 3.67 | 2.60 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| EV / Revenue | — | 0.56 | — | — |
| EV / EBITDA | 2.59 | 1.33 | — | — |
| EV / EBIT | 2.64 | 1.36 | — | — |
| EV / FCF | — | 1.17 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Gross Margin | 64.5% | 64.5% | 40.1% | 39.3% |
| Operating Margin | 41.6% | 41.6% | 25.0% | 22.3% |
| Net Profit Margin | 36.0% | 36.0% | 19.4% | 18.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| ROE | 39.9% | 39.9% | 26.8% | 28.2% |
| ROA | 8.2% | 8.2% | 3.9% | 4.4% |
| ROIC | 135.9% | 135.9% | 107.5% | 42.8% |
| ROCE | 9.9% | 9.9% | 5.4% | 5.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.02 | 0.05 |
| Debt / EBITDA | 0.01 | 0.01 | 0.07 | 0.13 |
| Net Debt / Equity | — | -0.60 | -1.04 | -0.41 |
| Net Debt / EBITDA | -1.73 | -1.73 | -3.15 | -1.21 |
| Debt / FCF | — | -1.52 | -1.15 | -0.87 |
| Interest Coverage | — | — | — | — |
Net cash position: cash ($204M) exceeds total debt ($1M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Current Ratio | 92.89 | 92.89 | 13.28 | 12.69 |
| Quick Ratio | 92.89 | 92.89 | 13.28 | 12.69 |
| Cash Ratio | 139.68 | 139.68 | 2.96 | 3.86 |
| Asset Turnover | — | 0.23 | 0.17 | 0.23 |
| Inventory Turnover | — | — | — | — |
| Days Sales Outstanding | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Dividend Yield | 5.1% | 6.4% | — | — |
| Payout Ratio | 23.0% | 23.0% | 30.3% | 4.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Earnings Yield | 21.8% | 27.1% | — | — |
| FCF Yield | 26.3% | 37.1% | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 5.1% | 6.4% | — | — |
| Shares Outstanding | — | $17M | $20M | $20M |
Includes 30+ ratios · 3 years · Updated daily
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Quick answers to the most common questions about buying AII stock.
American Integrity Insurance Group, Inc.'s current P/E ratio is 4.6x. The historical average is 3.7x. This places it at the 100th percentile of its historical range.
American Integrity Insurance Group, Inc.'s current EV/EBITDA is 2.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 1.3x.
American Integrity Insurance Group, Inc.'s return on equity (ROE) is 39.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 31.6%.
Based on historical data, American Integrity Insurance Group, Inc. is trading at a P/E of 4.6x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
American Integrity Insurance Group, Inc.'s current dividend yield is 5.13% with a payout ratio of 23.0%.
American Integrity Insurance Group, Inc. has 64.5% gross margin and 41.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
American Integrity Insurance Group, Inc.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Extreme loss ratio volatility
Metrics are mathematically derived from official filings.
P/B Premium Reflects Strong ROE Trajectory
American Integrity's P/B of 1.34 appears to price in its strong recent ROE of 9.7% in 2026Q2, though it trades at a significant discount to peers like HCI (2.20) and HRTG (2.14), suggesting the market may be discounting the sustainability of its underwriting performance.
The company's P/B valuation is elevated relative to its own history, having risen from 6.84 in 2024Q1 to 18.87 in 2026Q2, which appears to track the improvement in its ROE from 9.0% to 9.7%. However, the current P/B of 1.34 is notably below the peer group average, which may indicate investor skepticism about the volatility in its combined ratio and loss ratio trends. This discount could represent an opportunity if the company can demonstrate more consistent underwriting profitability, but it also warrants investigation into whether the market is pricing in potential reserve adequacy concerns.
Combined Ratio Volatility Masks Profitability
The combined ratio has swung dramatically from 84.0% in 2024Q4 to 59.7% in 2026Q2, indicating strong underwriting profitability in recent quarters, but the extreme volatility suggests the results may be influenced by favorable reserve development or catastrophe timing rather than stable operational performance.
The loss ratio component has been the primary driver of this volatility, ranging from 15.7% in 2025Q4 to 66.5% in 2024Q4, which is highly unusual for a property and casualty insurer and suggests potential reserve releases or one-time items. The expense ratio has also shown significant variation, from 7.0% in 2025Q1 to 41.3% in 2025Q4, indicating inconsistent cost management or accounting treatment. While the recent 59.7% combined ratio represents excellent underwriting profitability, investors should monitor whether this level is sustainable or reflects temporary factors.
ROE Driven by Underwriting, Not Investment Income
American Integrity's ROE of 9.7% in 2026Q2 appears to be primarily driven by underwriting profits given the strong combined ratio, though the absence of investment income data makes it difficult to assess the contribution from float generation, which is typically a significant component of insurer profitability.
The ROE trajectory has been volatile, ranging from 4.3% in 2025Q3 to 21.9% in 2025Q1, which correlates with the swings in underwriting margin rather than consistent investment returns. For a property and casualty insurer, sustainable ROE typically comes from both underwriting profit and investment income on the float generated from premiums collected before claims are paid. The lack of investment income data prevents a complete decomposition of ROE sources, but the strong underwriting margins suggest the company is generating meaningful underwriting profit that should support overall returns.
Expense Ratio Volatility Raises Questions
The expense ratio has fluctuated dramatically from 7.0% in 2025Q1 to 41.3% in 2025Q4, suggesting inconsistent operating efficiency or potential accounting irregularities that warrant further investigation into the company's cost structure and reporting practices.
For a property and casualty insurer, the expense ratio typically includes acquisition costs, underwriting expenses, and general administrative costs, and should remain relatively stable within a reasonable range. The extreme volatility observed in American Integrity's expense ratio is unusual and may indicate changes in accounting methods, timing of expense recognition, or one-time items that are distorting the underlying operational efficiency. The recent 30.9% expense ratio in 2026Q2 appears more normalized, but the historical pattern suggests investors should carefully examine the components of this ratio to understand the true cost structure.
Minimal Debt but High Underwriting Leverage
American Integrity maintains a debt-to-equity ratio of 0.00 in 2026Q2, indicating minimal financial leverage, but the premium-to-surplus ratio cannot be calculated from the provided data, making it difficult to assess the company's underwriting leverage relative to capital adequacy standards.
The absence of debt suggests the company is conservatively financed from an equity perspective, which is appropriate for an insurer that needs to maintain strong capital reserves. However, without premium-to-surplus data, we cannot assess whether the company is writing premiums at a level that is appropriate for its capital base, which is a critical metric for insurance regulators and rating agencies. The rapid growth in total assets to $1.6 billion suggests the company is scaling its operations significantly, but the sustainability of this growth depends on maintaining adequate surplus relative to premium volume.
Combined Ratio Misleads Without Reserve Context
The combined ratio is the most commonly misapplied metric for American Integrity, as the extreme volatility from 84.0% to 59.7% may reflect reserve releases or favorable development rather than sustainable underwriting improvement, obscuring the true underlying loss trends.
Investors often focus on the combined ratio as the definitive measure of underwriting profitability, but for American Integrity, the dramatic swings suggest this metric may be distorted by reserve adjustments. The loss ratio component has shown even greater volatility, which could indicate that prior period reserves are being released, artificially improving current period results. A more appropriate analysis would examine the accident year loss ratio (excluding reserve development) and compare it to historical trends to assess whether the company is truly achieving sustainable underwriting improvement or simply benefiting from favorable reserve adjustments.