The company's capital position has faced significant pressure, with total assets contracting from $9.3 billion in 2024Q3 to $2.1 billion in 2025Q3, signaling substantial structural downsizing.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 | Dec'95 |
|---|
| Total Assets | 2.15B | 8.06B | 8.43B | 7.97B | 12.3B | 13.22B | 13.32B | 14.59B | 23.19B | 22.64B | 23.73B | 25.16B | 27.11B | 27.01B | 27.11B | 29.05B | 18.89B | 16.95B | 23.57B | 20.27B | 19.73B | 18.59B | 16.75B | 15.36B | 12.27B | 10.12B | 11.35B | 11.21B | 8.25B | 5.88B | 5.31B |
| Asset Growth % | -79.13% | -4.39% | 5.71% | -35.19% | -6.94% | -0.75% | -8.7% | -37.1% | 2.46% | -4.6% | -5.69% | -7.18% | 0.37% | -0.39% | -6.66% | 53.8% | 11.42% | -28.07% | 16.27% | 2.75% | 6.13% | 10.97% | 9.06% | 25.17% | 21.22% | -10.8% | 1.18% | 35.91% | 40.4% | 10.67% | 23.66% |
| Total Investment Assets | 4M | 312.92M | 354.05M | 5.83B | 7.43B | 9.89B | 9.58B | 11.1B | 20.22B | 19.88B | 19.95B | 20.67B | 22.36B | 23.95B | 21.4B | 25.08B | 12.55B | 12.96B | 19.25B | 18.32B | 17.73B | 16.52B | 14.66B | 13.64B | 11.2B | 9.27B | 9.75B | 9.67B | 7.5B | 5.4B | 0 |
| Long-Term Investments | 292.35M | 28.29M | 335.73M | 3.93B | 5.6B | 6.16B | 6.35B | 6.28B | 8.12B | 8.61B | 7.86B | 7.83B | 8.63B | 8.33B | 6.88B | 8.76B | 9.23B | 10.28B | 18.38B | 17.42B | 15.97B | 14.76B | 13.77B | 12.54B | 10.29B | 8.32B | 8.96B | 8.74B | 6.91B | 5.2B | 0 |
| Short-Term Investments | 426.93M | 284.62M | 335.73M | 1.9B | 1.83B | 2.81B | 3.23B | 3.55B | 5.21B | 5.99B | 5.27B | 5.09B | 6.16B | 6.06B | 783.07M | 708.8M | 962.01M | 1.45B | 879.07M | 311.76M | 472.03M | 521.23M | 250.38M | 395.76M | 415M | 253.52M | 220.9M | 119.53M | 136.28M | 112.51M | 0 |
| Total Current Assets | 0 | 898.99M | 0 | 2.6B | 4.32B | 0 | 5.74B | 6.11B | 1.18B | 521.81M | 261.53B | 433.97B | 348.49M | 705.5M | 799.07M | 718.29M | 1.08B | 1.56B | 1B | 343.63M | 500.33M | 71.41M | 282.29M | 433.52M | 506.86M | 308.63M | 1.01B | 970.78M | 439.04M | 172.01M | 0 |
| Cash & Equivalents | 51.77M | 47.27M | 19.22M | 30M | 17M | 20M | 24M | 63.09M | 623.7M | 91.03M | 35.74M | 73.9M | 77.37M | 43.84M | 16M | 9.5M | 113.23M | 107.81M | 123.93M | 31.87M | 28.3M | 19.96M | 24.45M | 25.82M | 76.58M | 45.43M | 13.59M | 8.24M | 9.26M | 7.73M | 0 |
| Receivables | 2.01B | 418.79M | 220.31M | 655M | 2.47B | 2.56B | 2.47B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.48M | 11.07M | 16.78M | 5.89M | 18.08M | 7.46M | 11.95M | 15.28M | 9.68M | 778.79M | 843.01M | 293.51M | 51.77M | 0 |
| Other Current Assets | -1.23B | 0 | -685.67M | 1.65B | 3.12B | -5.46B | 3.95B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 3.13B | 763.01M | 131.1M | 387M | 408M | 455M | 427M | 718.93M | 846.97M | 962.08M | 1.21B | 1.93B | 2.19B | 199.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 445.38M | 418.23M | 69.69M | 61M | 46M | 46M | 0 | 0 | 0 | 0 | 0 | 514.51M | 514.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 339.2M | 344.77M | 61.4M | 326M | 362M | 409M | 427M | 718.93M | 846.97M | 962.08M | 1.21B | 1.41B | 1.67B | 199.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 18.11M | 0 | 21M | 23M | 0 | 25M | 6.79B | -285.09M | -523.66M | -631.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 1.36B | 6.35B | -466.83M | -4.32B | -6.01B | -6.62B | -176M | -7B | -8.12B | -8.61B | 1.2T | 1.92T | -8.71B | -199.16M | -6.88B | -8.76B | -9.23B | -10.28B | -18.38B | -17.42B | -15.97B | -14.76B | -13.77B | -12.54B | -10.29B | -8.32B | -8.96B | -8.74B | -6.91B | -5.2B | 0 |
| Total Liabilities | 1B | 6.86B | 7B | 6.65B | 11.19B | 12.07B | 11.78B | 12.96B | 21.55B | 20.66B | 21.77B | 23.49B | 26.13B | 30.25B | 30.26B | 30.4B | 20.52B | 20.03B | 21.29B | 14.08B | 14.35B | 13.56B | 12.49B | 11.73B | 9.28B | 7.52B | 9.33B | 9.12B | 6.38B | 4.26B | 3.91B |
| Total Debt | 0 | 150M | 3.48B | 3.75B | 6.45B | 7.23B | 7.38B | 8.2B | 13.15B | 12.27B | 13.45B | 13.85B | 15.05B | 15.59B | 14.51B | 16.31B | 4.64B | 1.87B | 10.38B | 9.35B | 9.49B | 8.95B | 7.87B | 7.9B | 6.13B | 5.32B | 6.56B | 6.38B | 4.54B | 223.8M | 223.7M |
| Net Debt | -51.77M | 102.72M | 3.46B | 3.72B | 6.43B | 7.21B | 7.35B | 8.13B | 12.53B | 12.18B | 13.42B | 13.78B | 14.98B | 15.54B | 14.5B | 16.3B | 4.53B | 1.76B | 10.25B | 9.32B | 9.46B | 8.93B | 7.84B | 7.87B | 6.05B | 5.27B | 6.55B | 6.37B | 4.54B | 216.06M | 223.7M |
| Long-Term Debt | 0 | 0 | 3.48B | 3.75B | 6.45B | 7.23B | 7.38B | 8.2B | 13.15B | 12.27B | 13.45B | 13.85B | 15.05B | 150.17M | 14.51B | 16.31B | 4.64B | 1.87B | 1.67B | 991.8M | 2.23B | 791.8M | 791.8M | 0 | 619.32M | 424.06M | 424M | 423.93M | 223.86M | 223.8M | 223.7M |
| Short-Term Debt | 0 | 150M | 0 | 670M | 790M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.36B | 7.25B | 7.08B | 7.08B | 7.28B | 5.51B | 4.89B | 6.14B | 5.96B | 4.32B | 0 | 0 |
| Total Current Liabilities | 0 | 205.56M | 0 | 39M | 33M | 0 | 29M | 32.91M | 37.88M | 42.53M | 53.49M | 60.44M | 85.42M | 94.53M | 117.22M | 141.45M | 293.92M | 25.85M | 97.83M | 49.92M | 16.73M | 7.1B | 7.09B | 7.38B | 8.74B | 7.1B | 8.9B | 8.69B | 6.2B | 4.04B | 0 |
| Accounts Payable | 87.64M | 53M | 29.67M | 39M | 33M | 27M | 29M | 33M | 37.88M | 42.53M | 53.49M | 60.44M | 70.96M | 94.53M | 117.22M | 141.45M | 293.92M | 25.85M | 33.08M | 116.06M | 35.39M | 18.25M | 18.21M | 95.08M | 73.06M | 14.83M | 268.7M | 262.42M | 75.17M | 57.69M | 0 |
| Deferred Revenue | 0 | 0 | 0 | -631M | -757M | 0 | -506M | 0 | 0 | -39.83M | -46.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | -196.95M | 0 | -36.6M | -466M | -609M | -544M | 506M | -33M | -39.81M | -18.06M | -97.16M | -66.9M | -76.35M | -423.78M | -386.59M | -229.12M | -344.52M | -94.66M | -146.52M | -8.53B | -7.39B | -7.17B | -7.21B | -7.5B | -5.77B | -5.02B | -7.35B | -7.14B | -4.74B | -151.03M | 0 |
| Deferred Taxes | 280.75M | 1000K | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 0 |
| Other Liabilities | -68.86M | 6.59B | -3.48B | 2.9B | 0 | -7.26B | 0 | 4.72B | 8.39B | 8.39B | 8.31B | 9.63B | 11.06B | -356.09M | -14.29B | -16.1B | 0 | 0 | 19.52B | 13.04B | 12.1B | -1.01B | -962.86M | 0 | -742.39M | -106.1M | -424M | -145.71M | -359.09M | -303.88M | -223.7M |
| Total Equity | 1.15B | 1.2B | 1.43B | 1.32B | 1.12B | 1.15B | 1.54B | 1.63B | 1.65B | 1.98B | 1.96B | 1.67B | 978.42M | -3.25B | -3.15B | -1.35B | -1.63B | -3.08B | 2.28B | 6.18B | 5.37B | 5.02B | 4.25B | 3.63B | 2.98B | 2.6B | 2.02B | 2.1B | 1.87B | 1.62B | 1.4B |
| Equity Growth % | -85.98% | -16.5% | 8.05% | 18.73% | -2.7% | -25.37% | -5.89% | -0.74% | -16.82% | 1% | 17% | 71.06% | 130.13% | -3.09% | -132.57% | 17.1% | 47% | -235.2% | -63.13% | 15.11% | 6.92% | 18.1% | 17.36% | 21.5% | 14.93% | 28.62% | -3.7% | 11.94% | 15.94% | 15.03% | 35.85% |
| Shareholders Equity | 843.38M | 856.91M | 1.36B | 1.25B | 1.04B | 1.08B | 1.48B | 1.59B | 1.38B | 1.71B | 1.68B | 1.4B | 702.98M | -3.91B | -3.81B | -2.01B | -2.29B | -3.78B | 2.28B | 6.18B | 5.37B | 5.02B | 4.25B | 3.63B | 2.98B | 2.6B | 2.02B | 2.1B | 1.87B | 1.62B | 1.4B |
| Minority Interest | 304.04M | 338.62M | 70.04M | 73M | 78M | 67M | 60M | 41.15M | 264.11M | 264.11M | 273.55M | 274.63M | 275.44M | 660.56M | 663.44M | 654.31M | 654.14M | 700M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 491.73M | 742.18M | 1.25B | 1.25B | 726M | 759M | 1.2B | 1.42B | 1.23B | 1.56B | 1.48B | 989.29M | 505.22M | -6.3B | -6.04B | -4.04B | -3.88B | -3.55B | 2.11B | 5.45B | 4.69B | 4.03B | 3.38B | 2.82B | 2.4B | 2.04B | 1.71B | 1.45B | 1.26B | 1.07B | 819.5M |
| Common Stock | 489K | 489K | 467K | 0 | 0 | 0 | 0 | 454K | 453K | 452K | 450K | 450K | 450K | 3.08M | 3.08M | 3.08M | 2.94M | 2.94M | 1.09M | 1.09M | 1.09M | 1.09M | 1.07M | 1.06M | 1.06M | 1.06M | 707K | 707K | 707K | 353K | 0 |
| Accumulated OCI | 11.78M | -188.44M | -160.05M | -253M | 58M | 79M | 42M | -48.72M | -52.24M | -38.99M | 15.21M | 220.28M | 11.66M | 625.38M | 463.26M | 291.77M | -24.83M | -1.67B | -22.14M | 197.58M | 202.31M | 296.81M | 266.92M | 265.43M | 62.48M | 45.15M | -187.54M | 159.31M | 135.22M | 58.91M | 0 |
| Return on Equity (ROE) | -67.99% | -42.36% | 0.26% | 42.71% | -1.5% | -32.56% | -13.63% | 16.29% | -18.16% | 3.8% | 27.17% | 36.5% | -25.77% | - | - | - | - | - | -76.75% | 15.16% | 14.45% | 15.62% | 15.71% | 13.09% | 15.52% | 15.87% | 14.97% | 12.8% | 12.79% | 18.3% | 13.74% |
| Return on Assets (ROA) | -36.32% | -6.75% | 0.04% | 5.14% | -0.13% | -3.29% | -1.55% | 1.41% | -1.44% | 0.32% | 2.02% | 1.85% | -0.93% | -0.95% | -6.98% | -3.14% | 0.08% | -27.69% | -14.82% | 4.38% | 3.92% | 4.1% | 3.86% | 3.13% | 3.87% | 3.41% | 2.73% | 2.61% | 3.16% | 4.94% | 3.49% |
| Equity / Assets | 53.42% | 14.84% | 16.99% | 16.62% | 9.07% | 8.68% | 11.54% | 11.19% | 7.09% | 8.74% | 8.25% | 6.65% | 3.61% | -12.02% | -11.62% | -4.66% | -8.65% | -18.18% | 9.67% | 30.51% | 27.24% | 27.03% | 25.4% | 23.61% | 24.32% | 25.65% | 17.79% | 18.69% | 22.7% | 27.49% | 26.44% |
| Debt / Equity | 0.00x | 0.13x | 2.43x | 2.83x | 5.78x | 6.31x | 4.80x | 5.02x | 7.99x | 6.20x | 6.87x | 8.28x | 15.39x | - | - | - | - | - | 4.55x | 1.51x | 1.77x | 1.78x | 1.85x | 2.18x | 2.05x | 2.05x | 3.25x | 3.04x | 2.43x | 0.14x | 0.16x |
| Book Value per Share | 23.85 | 25.45 | 31.37 | 28.55 | 23.98 | 24.86 | 33.45 | 35.08 | 36.26 | 43.26 | 42.57 | 35.66 | 20.85 | -34.47 | -33.44 | -14.38 | -17.34 | -32.72 | 22.15 | 57.51 | 49.11 | 45.28 | 38.91 | 33.27 | 27.36 | 24.17 | 18.83 | 19.56 | 17.85 | 15.26 | 13.24 |
| Tangible BV per Share | 7.54 | 9.21 | 28.50 | 20.21 | 15.21 | 15.00 | 24.15 | 19.64 | 17.60 | 22.22 | 16.22 | -5.36 | -25.79 | -36.59 | -33.44 | -14.38 | -17.34 | -32.72 | 22.15 | 57.51 | 49.11 | 45.28 | 38.91 | 33.27 | 27.36 | 24.17 | 18.83 | 19.56 | 17.85 | 15.26 | 13.24 |
Legacy liability runoff volatility
As reported in recent financial statements, Ambac's equity base has contracted significantly from $1.5 billion in 2024Q3 to $843.4 million by 2025Q3, signaling that the ongoing transition toward a specialty insurance model is consuming capital faster than the legacy runoff can replenish it.
The sharp decline in shareholder equity suggests that the company is struggling to maintain its capital buffer while simultaneously funding the growth of its MGA and specialty P&C segments. Investors should monitor whether this trajectory indicates a permanent impairment of book value or merely a temporary phase of aggressive investment in new distribution channels.
Based on quarterly data, claims and loss reserves have remained a persistent drag on the balance sheet, with $29.0 million in payments recorded in 2025Q3, illustrating the unpredictable nature of the legacy financial guarantee portfolio that continues to dominate the company's liability profile.
The fluctuation in loss reserves suggests that the company remains highly susceptible to adverse developments in its legacy RMBS and municipal bond exposures. This volatility complicates the assessment of the underlying underwriting performance of the newer Everspan segment, as legacy claims continue to obscure the true economic health of the firm.
According to recent SEC filings, the company's total assets dropped from $9.3 billion in 2024Q3 to $2.1 billion in 2025Q3, a massive shift that warrants further investigation into the regulatory constraints imposed by the Wisconsin OCI on capital upstreaming from the legacy subsidiary.
The dramatic reduction in total assets appears to reflect the aggressive de-risking of the legacy balance sheet, yet the concurrent decline in equity suggests that this process is not yet accretive to shareholders. The company's ability to deploy capital into its growth segments remains heavily dependent on the successful resolution of these legacy liabilities.
As indicated by the persistent negative ROE of -9.5% in 2025Q3, the company's balance sheet remains fundamentally tethered to legacy risks, which may be masking the potential value of the Cirrata MGA platform as noted in recent institutional research.
The primary risk to the balance sheet is not the growth of the new segments, but the potential for legacy litigation and claims to exceed current reserve estimates. Investors should be cautious, as the current valuation may be overly optimistic regarding the speed at which the company can fully ring-fence its historical liabilities.
Quick answers to the most common questions about buying AMBC stock.
As of 2024, Ambac Financial Group, Inc. (AMBC) had total assets of $8.06B including $899.0M in current assets.
Ambac Financial Group, Inc. (AMBC) carries total debt of $150.0M, offset by $331.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ambac Financial Group, Inc. (AMBC) has total shareholders' equity (book value) of $856.9M ($25.45 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ambac Financial Group, Inc. (AMBC) reported a current ratio of 4.37x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.