The company achieved 26.5% year-over-year revenue growth in 2026Q1, supported by a disciplined underwriting margin that maintained a 70.0% combined ratio despite regional market pressures.
| Revenue | 295.53M | 276.49M | 204.35M | 200.87M |
| Revenue Growth % | - | 35.3% | 1.73% | - |
| Medical Costs & Claims | 105.79M | 98.03M | 122.36M | 122M |
| Medical Cost Ratio % | 35.8% | 35.46% | 59.88% | 60.74% |
| Gross Profit | 189.74M | 178.45M | 81.99M | 78.87M |
| Gross Margin % | 64.2% | 64.54% | 40.12% | 39.26% |
| Gross Profit Growth % | - | 117.65% | 3.96% | - |
| Operating Expenses | 90.34M | 63.39M | 30.95M | 34.11M |
| OpEx / Revenue % | 30.57% | 22.93% | 15.15% | 16.98% |
| Depreciation & Amortization | 2.58M | 2.28M | 2.84M | 1.22M |
| Combined Ratio % | 66.36% | 58.39% | 75.02% | 77.72% |
| Operating Income | 99.4M | 115.06M | 51.04M | 44.76M |
| Operating Margin % | 33.64% | 41.61% | 24.98% | 22.28% |
| Operating Income Growth % | - | 125.43% | 14.04% | - |
| EBITDA | 101.98M | 117.34M | 53.88M | 45.98M |
| EBITDA Margin % | 34.51% | 42.44% | 26.37% | 22.89% |
| Interest Expense | 0 | 0 | 0 | 0 |
| Non-Operating Income | 0 | 0 | 0 | 0 |
| Pretax Income | 99.4M | 115.06M | 51.04M | 44.76M |
| Pretax Margin % | 33.64% | 41.61% | 24.98% | 22.28% |
| Income Tax | 17.97M | 15.44M | 11.3M | 6.96M |
| Effective Tax Rate % | 18.07% | 13.42% | 22.13% | 15.55% |
| Net Income | 81.44M | 99.62M | 39.74M | 37.8M |
| Net Margin % | 27.56% | 36.03% | 19.45% | 18.82% |
| Net Income Growth % | - | 150.67% | 5.15% | - |
| EPS (Diluted) | 4.16 | 5.65 | 1.94 | 1.84 |
| EPS Growth % | - | 191.24% | 5.43% | - |
| EPS (Basic) | - | 5.78 | 1.94 | 1.84 |
| Diluted Shares Outstanding | 19.58M | 17.24M | 19.58M | 19.58M |
Florida catastrophe concentration risk
As indicated by the 26.5% year-over-year revenue growth reported in 2026Q1, American Integrity is aggressively capturing market share, likely benefiting from the exit of distressed Florida competitors and the firm's ability to maintain pricing power in a challenging regulatory environment.
The consistent top-line expansion suggests that the company's niche focus on manufactured homes and specialty lines provides a defensive moat against broader market volatility. Investors should monitor whether this rapid growth reflects sustainable policy acquisition or if it signals an over-exposure to high-risk coastal zones that could pressure future loss ratios.
Based on the 2026Q1 combined ratio of 70.0%, American Integrity demonstrates superior underwriting discipline, consistently maintaining profitability well below the industry-standard 100% threshold despite the inherent volatility of the Florida property insurance market.
The company's ability to keep the combined ratio in the 60-70% range for most of the observed periods suggests that their proprietary arbitration-based litigation defense is effectively mitigating the impact of social inflation. This operational efficiency appears to be a structural advantage that differentiates the firm from peers struggling with elevated loss adjustment expenses.
According to the provided financial data, the company maintains a 0.00% debt-to-equity ratio, providing a significant capital buffer that allows for operational flexibility and protects the firm against the rising cost of capital currently impacting the broader insurance sector.
This conservative leverage profile suggests that American Integrity is well-positioned to absorb potential reinsurance market shocks without the burden of interest expense. The absence of debt implies that management prioritizes solvency and long-term stability, which may be a critical factor in maintaining agent and policyholder confidence during hurricane seasons.
While the reported 36.03% net margin appears robust, the company's near-total geographic concentration in Florida warrants caution, as a single major catastrophe event could rapidly deplete the $203.9 million cash reserve and expose the firm to significant capital adequacy challenges.
The reliance on a single regulatory and climatic jurisdiction suggests that the company's profitability is highly sensitive to legislative shifts and extreme weather patterns. Analysts should investigate whether the current reserve levels are sufficient to cover potential IBNR losses, as the current margin performance may be masking latent liabilities from prior-year storm activity.
Quick answers to the most common questions about buying AII stock.
For fiscal year 2025, American Integrity Insurance Group, Inc. (AII) reported total revenue of $276.5M. This represents a 37.6% increase compared to $200.9M in 2023.
American Integrity Insurance Group, Inc. (AII) is profitable, generating $99.6M in net income for the fiscal year ending 2025 with a net profit margin of 36.0%.
American Integrity Insurance Group, Inc. (AII) reported an operating income of $115.1M, resulting in an operating profit margin of 41.6%. This margin reflects the operational efficiency of the business before interest and taxes.
American Integrity Insurance Group, Inc. (AII) generated $178.5M in gross profit for the year, representing a gross profit margin of 64.5%. This demonstrates the company's core pricing power and production efficiency.