Underwriting profitability remains elusive as the company reported a 148.2% combined ratio in 2025Q3, reflecting persistent operational challenges during its strategic pivot.
| 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 |
|---|
| Revenue | 99.13M | 235.81M | 124.73M | 53.61M | 247M | 156M | 496M | 508M | 616M | 501.93M | 644.58M | 403.39M | 685.69M | 863.27M | 292.64M | 434.13M | 3.9B | -2.75B | -4.21B | 1.83B | 1.61B | 1.4B | 1.27B | 958.6M | 946.8M | 891.5M | 533.3M | 457M | 381.7M | 452.9M | 282.3M |
| Revenue Growth % | -59.3% | 89.06% | 132.65% | -78.29% | 58.33% | -68.55% | -2.36% | -17.53% | 22.73% | -22.13% | 59.79% | -41.17% | -20.57% | 194.99% | -32.59% | -88.87% | 241.65% | 34.67% | -330.06% | 13.5% | 15.16% | 10.17% | 32.71% | 1.25% | 6.2% | 67.17% | 16.7% | 19.73% | -15.72% | 60.43% | 20.54% |
| Medical Costs & Claims | 115.99M | 137.17M | 76.73M | 29.25M | -72M | 225M | 13M | -223M | 513M | -11.49M | -768.71M | -545.57M | 0 | 683.63M | 1.86B | 719.36M | 2.82B | 2.23B | 395.45M | 153.74M | 267.56M | 176.16M | 145.44M | 103.25M | 87.99M | 70.23M | 59.8M | 52.7M | 43.55M | 40.98M | 34.5M |
| Medical Cost Ratio % | 117.01% | 58.17% | 61.52% | 54.55% | -29.15% | 144.23% | 2.62% | -43.9% | 83.28% | -2.29% | -119.26% | -135.25% | 0% | 79.19% | 635.4% | 165.7% | 72.18% | -80.9% | -9.38% | 8.39% | 16.58% | 12.57% | 11.43% | 10.77% | 9.29% | 7.88% | 11.21% | 11.53% | 11.41% | 9.05% | 12.22% |
| Gross Profit | -16.86M | 98.65M | 47.99M | 24.36M | 319M | -69M | 483M | 731M | 103M | 513.42M | 1.41B | 948.97M | 685.69M | 179.64M | -1.57B | -285.23M | 1.09B | -4.98B | -4.61B | 1.68B | 1.35B | 1.23B | 1.13B | 855.35M | 858.81M | 821.26M | 473.5M | 404.3M | 338.15M | 411.92M | 247.8M |
| Gross Margin % | -17.01% | 41.83% | 38.48% | 45.45% | 129.15% | -44.23% | 97.38% | 143.9% | 16.72% | 102.29% | 219.26% | 235.25% | 100% | 20.81% | -535.4% | -65.7% | 27.82% | 180.9% | 109.38% | 91.61% | 83.42% | 87.43% | 88.57% | 89.23% | 90.71% | 92.12% | 88.79% | 88.47% | 88.59% | 90.95% | 87.78% |
| Gross Profit Growth % | - | 105.54% | 96.98% | -92.36% | 562.32% | -114.29% | -33.93% | 609.71% | -79.94% | -63.67% | 48.93% | 38.4% | 281.7% | 111.47% | -449.32% | -126.29% | 121.79% | -8.04% | -374.7% | 24.64% | 9.89% | 8.76% | 31.73% | -0.4% | 4.57% | 73.45% | 17.12% | 19.56% | -17.91% | 66.23% | 24.65% |
| Operating Expenses | 114.14M | 158.49M | 72.22M | 60.07M | 320M | 371M | 666M | 457M | 388M | 408.39M | 903.23M | 455.71M | 139.03M | 436.14M | 316.14M | 467.77M | 360.22M | 637.27M | 536.54M | 468.15M | 323.83M | 223.26M | -92.03M | 275.03M | 275.89M | -55.23M | 25.5M | 26.8M | 18.45M | 17.12M | 20.9M |
| OpEx / Revenue % | 115.14% | 67.21% | 57.9% | 112.05% | 129.55% | 237.82% | 134.27% | 89.96% | 62.99% | 81.36% | 140.13% | 112.97% | 20.28% | 50.52% | 108.03% | 107.75% | 9.24% | -23.14% | -12.73% | 25.55% | 20.06% | 15.93% | -7.23% | 28.69% | 29.14% | -6.2% | 4.78% | 5.86% | 4.83% | 3.78% | 7.4% |
| Depreciation & Amortization | 13.61M | 19.95M | 5.23M | 3.79M | 57M | 58M | 295M | 108M | 152M | 175.83M | 172.77M | 155.41M | -1.14B | 3.07M | 3.73M | 3.65M | 2.98M | 3.16M | 2.69M | 2.87M | 1.55M | -1.58M | 21.53M | 12.34M | -12.44M | -9.36M | -1.5M | -2.5M | -1.4M | 400K | 5.1M |
| Combined Ratio % | 232.15% | 125.38% | 119.42% | 166.6% | 100.4% | 382.05% | 136.9% | 46.06% | 146.27% | 79.08% | 20.87% | -22.28% | 20.28% | 129.71% | 743.42% | 273.45% | 81.41% | -104.04% | -22.11% | 33.94% | 36.64% | 28.5% | 4.2% | 39.46% | 38.43% | 1.68% | 15.99% | 17.4% | 16.24% | 12.83% | 19.62% |
| Operating Income | -131.01M | -59.84M | -24.22M | -35.71M | -1M | -440M | -183M | 274M | -285M | 105.03M | 510.06M | 493.25M | -256.5M | -256.5M | -1.88B | -753M | 724.9M | -5.62B | -5.15B | 1.21B | 1.02B | 1B | 1.22B | 580.32M | 582.92M | 876.5M | 448M | 377.5M | 319.7M | 394.8M | 226.9M |
| Operating Margin % | -132.15% | -25.38% | -19.42% | -66.6% | -0.4% | -282.05% | -36.9% | 53.94% | -46.27% | 20.92% | 79.13% | 122.28% | -37.41% | -29.71% | -643.42% | -173.45% | 18.59% | 204.04% | 122.11% | 66.06% | 63.36% | 71.5% | 95.8% | 60.54% | 61.57% | 98.32% | 84.01% | 82.6% | 83.76% | 87.17% | 80.38% |
| Operating Income Growth % | - | -147.08% | 32.17% | -3470.6% | 99.77% | -140.44% | -166.79% | 196.14% | -371.36% | -79.41% | 3.41% | 292.3% | 0% | 86.38% | -150.06% | -203.88% | 112.9% | -9.16% | -525.29% | 18.33% | 2.05% | -17.77% | 110.02% | -0.45% | -33.49% | 95.65% | 18.68% | 18.08% | -19.02% | 74% | 26.06% |
| EBITDA | -117.4M | -39.9M | -18.99M | -31.91M | 56M | -382M | 112M | 382M | -133M | 280.85M | 682.83M | 648.66M | -1.4B | -253.44M | -1.88B | -749.36M | 727.89M | -5.62B | -5.14B | 1.21B | 1.02B | 1B | 1.24B | 592.66M | 570.48M | 867.14M | 446.5M | 375M | 318.3M | 395.2M | 232M |
| EBITDA Margin % | -118.42% | -16.92% | -15.23% | -59.53% | 22.67% | -244.87% | 22.58% | 75.2% | -21.59% | 55.95% | 105.93% | 160.8% | -203.67% | -29.36% | -642.15% | -172.61% | 18.66% | 203.93% | 122.05% | 66.21% | 63.46% | 71.39% | 97.49% | 61.83% | 60.25% | 97.27% | 83.72% | 82.06% | 83.39% | 87.26% | 82.18% |
| Interest Expense | 22.84M | 9.38M | 0 | 0 | 187M | 222M | 269M | 242M | 120M | 124.34M | 116.54M | 127.48M | 112.32M | 112.32M | 128.09M | 181.33M | 153.76M | 362.69M | 510.37M | 435.2M | 295.15M | 223.26M | 250.52M | 275.03M | 275.89M | 37.48M | 36.5M | 32.8M | 21.3M | 20.9M | 20.9M |
| Non-Operating Income | 24.41M | -9.38M | 0 | 0 | -190M | -222M | -269M | -241M | -121M | -124.34M | -116.54M | -127.48M | -1.02B | -112.32M | -128.09M | -181.33M | -153.76M | -362.69M | -510.37M | -435.2M | -295.15M | 778.91M | 118.69M | 305.3M | 307.03M | 356.9M | 411.5M | 344.7M | 298.4M | 373.9M | 206M |
| Pretax Income | -131M | -59.84M | -24.22M | -35.71M | 2M | -440M | -183M | 273M | -284M | 105.03M | 510.06M | 493.25M | -249.29M | -256.5M | -1.88B | -753M | 724.9M | -5.62B | -5.15B | 1.21B | 1.02B | 975.54M | 849.59M | 563.33M | 568.01M | 482.12M | 404.6M | 328.9M | 286M | 375.5M | 214.1M |
| Pretax Margin % | -132.15% | -25.38% | -19.42% | -66.6% | 0.81% | -282.05% | -36.9% | 53.74% | -46.1% | 20.92% | 79.13% | 122.28% | -36.36% | -29.71% | -643.42% | -173.45% | 18.59% | 204.04% | 122.11% | 66.06% | 63.36% | 69.6% | 66.78% | 58.77% | 59.99% | 54.08% | 75.87% | 71.97% | 74.93% | 82.91% | 75.84% |
| Income Tax | -14.95M | -924K | -989K | -462K | 18M | -3M | 32M | 5M | 44M | 30.71M | 17.36M | 9.56M | 2.85M | 2.85M | 77.42M | 135K | -739.52M | -9.21M | -1.9B | 334.3M | 271.75M | 250.94M | 221.49M | 131.4M | 135.04M | 115.95M | 96.7M | 74.9M | 63M | 99.2M | 46.6M |
| Effective Tax Rate % | 11.41% | 1.54% | 4.08% | 1.29% | 900% | 0.68% | -17.49% | 1.83% | -15.49% | 29.24% | 3.4% | 1.94% | -1.14% | -1.11% | -4.11% | -0.02% | -102.02% | 0.16% | 36.89% | 27.62% | 26.57% | 25.72% | 26.07% | 23.33% | 23.77% | 24.05% | 23.9% | 22.77% | 22.03% | 26.42% | 21.77% |
| Net Income | -780.16M | -556.45M | 3.63M | 521.25M | -17M | -437M | -216M | 267M | -329M | 74.84M | 493.4M | 484.07M | -252.14M | -256.68M | -1.96B | -753.2M | 14.61M | -5.61B | -3.25B | 875.91M | 751.01M | 724.6M | 618.9M | 432.59M | 432.9M | 366.2M | 307.9M | 254M | 223M | 276.3M | 167.5M |
| Net Margin % | -786.98% | -235.97% | 2.91% | 972.26% | -6.88% | -280.13% | -43.55% | 52.56% | -53.41% | 14.91% | 76.55% | 120% | -36.77% | -29.73% | -669.9% | -173.49% | 0.37% | 203.71% | 77.06% | 47.81% | 46.53% | 51.7% | 48.65% | 45.13% | 45.72% | 41.08% | 57.73% | 55.58% | 58.42% | 61.01% | 59.33% |
| Net Income Growth % | -3126.06% | -15420.73% | -99.3% | 3166.17% | 96.11% | -102.31% | -180.9% | 181.16% | -539.59% | -84.83% | 1.93% | 291.99% | 1.77% | 86.91% | -160.28% | -5254.31% | 100.26% | -72.69% | -470.83% | 16.63% | 3.64% | 17.08% | 43.07% | -0.07% | 18.21% | 18.93% | 21.22% | 13.9% | -19.29% | 64.96% | 18.71% |
| EPS (Diluted) | -16.22 | -10.71 | 0.18 | 11.31 | -0.60 | -9.47 | -4.68 | 5.74 | -7.25 | 1.64 | 10.72 | 10.31 | -5.37 | -2.73 | -20.81 | 8.00 | 0.16 | -59.55 | -31.56 | 8.15 | 6.87 | 6.53 | 5.66 | 3.97 | 3.97 | 3.41 | 2.88 | 2.37 | 2.09 | 2.61 | 1.58 |
| EPS Growth % | -3814.85% | -6050% | -98.41% | 1985% | 93.66% | -102.35% | -181.53% | 179.17% | -542.07% | -84.7% | 3.98% | 291.99% | -96.7% | 86.88% | -360.13% | 4900% | 100.27% | -88.69% | -487.24% | 18.63% | 5.21% | 15.37% | 42.57% | 0% | 16.42% | 18.4% | 21.52% | 13.4% | -19.92% | 65.19% | 18.8% |
| EPS (Basic) | - | -10.71 | 0.18 | 11.48 | -0.60 | -9.47 | -4.68 | 5.86 | -7.25 | 1.66 | 10.92 | 10.73 | -5.59 | -2.74 | -20.96 | 8.05 | 0.16 | -59.98 | -31.56 | 8.22 | 6.94 | 6.61 | 5.81 | 4.08 | 4.10 | 3.49 | 2.94 | 2.42 | 2.13 | 2.63 | 1.59 |
| Diluted Shares Outstanding | 48.11M | 46.97M | 45.64M | 46.41M | 46.53M | 46.15M | 45.95M | 46.56M | 45.37M | 45.72M | 46.01M | 46.93M | 46.93M | 94.19M | 94.19M | 94.19M | 94.19M | 94.19M | 102.93M | 107.54M | 109.39M | 110.96M | 109.35M | 108.97M | 109.04M | 107.39M | 107.18M | 107.15M | 104.92M | 105.86M | 106.01M |
Legacy liability runoff volatility
As reported in recent financial statements, Ambac's combined ratio reached 148.2% in 2025Q3, reflecting persistent underwriting challenges that continue to weigh on the company's bottom line as it attempts to transition toward a fee-based specialty insurance model while managing significant legacy insurance and litigation-related cost burdens.
The elevated combined ratio, consistently exceeding the 100% threshold, suggests that the company's specialty P&C and MGA segments have yet to achieve the scale necessary to offset the high fixed costs of the legacy runoff business. Investors should monitor whether the ongoing expansion of the Cirrata platform can eventually drive sufficient margin improvement to stabilize the consolidated underwriting performance.
Based on reported figures, Ambac's revenue trajectory remains highly inconsistent, with a 4.9% year-over-year decline in 2025Q3 following periods of significant fluctuation, which complicates the assessment of the company's underlying growth momentum as it shifts away from its legacy financial guarantee roots toward specialty distribution.
The erratic revenue performance appears to be driven by the lumpy nature of legacy recoveries and the nascent stage of the MGA growth engines. This lack of top-line predictability warrants further investigation into whether the current revenue mix can provide a sustainable foundation for future earnings growth or if it remains tethered to legacy volatility.
According to recent SEC filings, the company's net income of -$112.6 million in 2025Q3 highlights the substantial impact of legacy liabilities, which may be masking the potential economic value of the newer, capital-light MGA and specialty P&C segments that management is actively attempting to scale.
The persistent net losses suggest that the company's structural pivot is currently being undermined by the ongoing costs associated with managing its legacy financial guarantee portfolio. Analysts should remain cautious, as the ultimate success of this transition depends on the company's ability to ring-fence these legacy obligations and prevent them from continuing to erode the capital base of the growth segments.
Quick answers to the most common questions about buying AMBC stock.
For fiscal year 2024, Ambac Financial Group, Inc. (AMBC) reported total revenue of $235.8M. This represents a 16.5% decline compared to $282.3M in 1995.
Ambac Financial Group, Inc. (AMBC) reported a net loss of $556.4M for the fiscal year ending 2024.
Ambac Financial Group, Inc. (AMBC) reported an operating income of $-59.8M, resulting in an operating profit margin of -25.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Ambac Financial Group, Inc. (AMBC) generated $98.6M in gross profit for the year, representing a gross profit margin of 41.8%. This demonstrates the company's core pricing power and production efficiency.