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Accelerant Holdings(ARX)Earnings, Financials & Key Ratios
ARX•NYSE•Insurance & Managed Care
$12.87
$1.38B mkt cap·Price updated May 6, 2026
AboutAccelerant Holdings, together with its subsidiaries, operate a data-driven risk exchange that connects selected specialty insurance underwriters with risk capital partners. The Exchange Services segment consists of risk exchange, its operating platform that incorporates various technology, data ingestion, and agency operations that serve the needs of its members and risk capital partners. Its Risk capital partners write premiums directly through the Risk Exchange pay us a fixed-percentage, volume-based fee for sourcing, managing, and monitoring the business they write. The MGA Operations segment includes the fees earned by members, predominantly for originating and underwriting a portfolio of insurance policies, reduced by the expenses associated with providing services. The Underwriting segment is involved in underwriting insurance policies and assumption of reinsurance policies issued or accepted by consolidated insurance companies. Its Underwriting segment is a strategic asset that enables access to portfolio for current and prospective risk capital partners. The activities of insurance companies include property and casualty insurance, policy issuance, and reinsurance arrangements. The company focuses on small-to-medium sized commercial clients primarily in the United States, Europe, Canada, and the United Kingdom. The company was founded in 2018 and is based in Grand Cayman, the Cayman Islands.Show more
- Revenue$517M-11.6%
- Combined Ratio355.84%+276.6%
- Net Income-$1.43B-5339.0%
- Return on Equity-247.1%-3341.7%
- Medical Cost Ratio39.48%-7.2%
- Operating Margin-255.84%-4739.3%
- Net Margin-275.79%-6027.8%
- ROA-19.85%-3687.5%
- Equity / Assets8.79%+25.5%
- Book Value per Share3.82+78.5%
- Tangible BV/Share2.68+91.9%
- Debt/Equity0.17-41.3%
ARX Key Insights
Accelerant Holdings (ARX) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Low loss ratio of 39.5%
- ✓Share count reduced 4.7% through buybacks
✗Weaknesses
- ✗Unprofitable underwriting: 355.8% combined ratio
- ✗Trading more than 30% below 52-week high
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
ARX Price & Volume
Accelerant Holdings (ARX) stock price & volume — 10-year historical chart
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ARX Growth Metrics
Accelerant Holdings (ARX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years34.34%
TTM-
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-
Return on Capital
10 Years-78.02%
5 Years-78.02%
3 Years-6.41%
Last Year-18.41%
ARX Recent Earnings
Accelerant Holdings (ARX) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 3/6 qtrs (100%)●Beat Revenue 1/6 qtrs (33%)
Q2 2026Latest
Mar 18, 2026EPS
$0.23
Est $0.16
+43.8%
Revenue
$248M
Est $252M
-1.6%
Q4 2025
Nov 12, 2025EPS
$0.38
Est $0.22
+75.9%
Revenue
$267M
Est $253M
+5.5%
Q3 2025
Aug 28, 2025EPS
$0.14
Est $0.13
+7.7%
Revenue
$204M
Est $239M
-14.6%
Q2 2025
Mar 31, 2025EPS
$0.03
Revenue
$171M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Mar 18, 2026 | $0.23vs $0.16+43.8% | $248Mvs $252M-1.6% |
| Q4 2025 | Nov 12, 2025 | $0.38vs $0.22+75.9% | $267Mvs $253M+5.5% |
| Q3 2025 | Aug 28, 2025 | $0.14vs $0.13+7.7% | $204Mvs $239M-14.6% |
| Q2 2025 | Mar 31, 2025 | $0.03 | $171M |
Based on last 6 quarters of dataView full earnings history →
ARX Peer Comparison
Accelerant Holdings (ARX) competitors in Program administrators and MGAs — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 KNSL | 7.03B | 303.58 | 14.02 | 18.04% | 27.48% | 28.05% | 0.11 | |
 RYAN | 3.81B | 29.39 | 62.53 | 21.28% | 4.17% | 10.77% | 2.82 | |
 ACGL | 33.74B | 94.70 | 8.15 | 14.27% | 22.07% | 19.02% | 0.11 | |
 RNR | 13.06B | 302.63 | 5.34 | 9.45% | 26.93% | 16.59% | 0.12 | |
 HCI | 2B | 154.14 | 6.20 | 20.21% | 33.16% | 36.22% | 0.06 | |
 HRTG | 887.78M | 28.72 | 14.29 | 11.08% | 17.72% | 41.44% | 0.49 | |
 NODK | 266.12M | 12.90 | -100% | 0.87% | 1.05% | |||
 PLMR | 2.94B | 110.75 | 15.45 | 58.16% | 22.56% | 22.79% | 0.01 |
Compare ARX vs Peers
Accelerant Holdings (ARX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
ARX Income Statement
Accelerant Holdings (ARX) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|
| Revenue | 103.2M | 213.1M | 325.5M | 584.64M | 516.7M |
| Revenue Growth % | - | 106.49% | 52.75% | 79.61% | -11.62% |
| Medical Costs & Claims | 39.7M | 134.5M | 130.2M | 248.7M | 204M |
| Medical Cost Ratio % | 38.47% | 63.12% | 40% | 42.54% | 39.48% |
| Gross Profit | 63.5M▲ 0% | 78.6M▲ 23.8% | 195.3M▲ 148.5% | 335.94M▲ 72.0% | 312.7M▼ 6.9% |
| Gross Margin % | 61.53% | 36.88% | 60% | 57.46% | 60.52% |
| Gross Profit Growth % | - | 23.78% | 148.47% | 72.01% | -6.92% |
| Operating Expenses | 83.5M | 162.9M | 239.2M | 303.7M | 1.63B |
| OpEx / Revenue % | 80.91% | 76.44% | 73.49% | 51.95% | 316.35% |
| Depreciation & Amortization | 1.6M | 5.8M | 14.5M | 26.6M | 35.2M |
| Combined Ratio % | 119.38% | 139.56% | 113.49% | 94.49% | 355.84% |
| Operating Income | -20M▲ 0% | -84.3M▼ 321.5% | -43.9M▲ 47.9% | 32.24M▲ 173.4% | -1.32B▼ 4200.2% |
| Operating Margin % | -19.38% | -39.56% | -13.49% | 5.51% | -255.84% |
| Operating Income Growth % | - | -321.5% | 47.92% | 173.44% | -4200.19% |
| EBITDA | -18.4M | -78.5M | -29.4M | 58.84M | -1.29B |
| EBITDA Margin % | -17.83% | -36.84% | -9.03% | 10.06% | -249.02% |
| Interest Expense | 2.9M | 4.2M | 10.9M | 19.1M | 1.39B |
| Non-Operating Income | -2.9M | -4.2M | -10.9M | -19.1M | -1.39B |
| Pretax Income | -20M▲ 0% | -84.3M▼ 321.5% | -43.9M▲ 47.9% | 32.24M▲ 173.4% | -1.32B▼ 4200.2% |
| Pretax Margin % | -19.38% | -39.56% | -13.49% | 5.51% | -255.84% |
| Income Tax | 4.3M | 11.3M | 20.2M | 9.1M | 23.3M |
| Effective Tax Rate % | -21.5% | -13.4% | -46.01% | 28.23% | -1.76% |
| Net Income | -21.5M▲ 0% | -91.7M▼ 326.5% | -48.8M▲ 46.8% | 27.2M▲ 155.7% | -1.43B▼ 5339.0% |
| Net Margin % | -20.83% | -43.03% | -14.99% | 4.65% | -275.79% |
| Net Income Growth % | - | -326.51% | 46.78% | 155.74% | -5338.97% |
| EPS (Diluted) | -0.10▲ 0% | -0.55▼ 454.4% | -0.29▲ 47.3% | 0.14▲ 148.3% | -7.49▼ 5450.0% |
| EPS Growth % | - | -454.44% | 47.27% | 148.28% | -5450% |
| EPS (Basic) | -0.13 | -0.55 | -0.29 | 0.16 | -7.49 |
| Diluted Shares Outstanding | 216.67M | 165.6M | 165.6M | 199.66M | 190.26M |
ARX Balance Sheet
Accelerant Holdings (ARX) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|
| Total Assets | 1.16B | 2.2B | 3.74B | 6.09B | 8.26B |
| Asset Growth % | - | 90.32% | 69.94% | 63.09% | 35.57% |
| Total Investment Assets | 150M | 273.4M | 247.5M | 602.9M | 806.4M |
| Long-Term Investments | 146.9M | 260.5M | 239.5M | 538.1M | 806.4M |
| Short-Term Investments | 38.2M | 62.8M | 8M | 64.8M | 670.4M |
| Total Current Assets | 0 | 0 | 3.28B | 5.25B | 3.55B |
| Cash & Equivalents | 301.9M | 446.2M | 775.4M | 1.23B | 1.8B |
| Receivables | 295.2M | 659.2M | 2.27B | 3.73B | 1.72B |
| Other Current Assets | -909.5M | -1.81B | 223.4M | 214.6M | -639.3M |
| Goodwill & Intangibles | 59.3M | 93.1M | 120.6M | 147.6M | 215.6M |
| Goodwill | 12.6M | 18.3M | 20.7M | 30.9M | 63.1M |
| Intangible Assets | 46.7M | 74.8M | 99.9M | 116.7M | 152.5M |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 |
| Other Assets | -206.2M | -353.6M | 93M | 157.5M | -906.9M |
| Total Liabilities | 899.4M | 1.85B | 3.45B | 5.67B | 7.54B |
| Total Debt | 49.9M | 100.5M | 120.3M | 121.4M | 121.3M |
| Net Debt | -252M | -345.7M | -655.1M | -1.1B | -1.68B |
| Long-Term Debt | 49.9M | 100.5M | 120.3M | 120.6M | 118.2M |
| Short-Term Debt | 0 | 0 | 0 | 800K | 3.1M |
| Total Current Liabilities | 0 | 0 | 101.1M | 541.8M | 0 |
| Accounts Payable | 192.2M | 277.4M | 9.5M | 13.8M | 0 |
| Deferred Revenue | 30.2M | 84.5M | 0 | 0 | 0 |
| Other Current Liabilities | -296.6M | -461M | 0 | 425.5M | -3.1M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | -49.9M | -100.5M | 3.23B | 5.01B | 3.92B |
| Total Equity | 256.1M▲ 0% | 350M▲ 36.7% | 286.7M▼ 18.1% | 427M▲ 48.9% | 726.4M▲ 70.1% |
| Equity Growth % | - | 36.67% | -18.09% | 48.94% | 70.12% |
| Shareholders Equity | 257.9M | 354.5M | 310.5M | 408.7M | 697.7M |
| Minority Interest | -1.8M | -4.5M | -23.8M | 18.3M | 28.7M |
| Retained Earnings | -69.5M | -161.2M | -210M | -182.8M | -1.54B |
| Common Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 8.1M | -10.9M | -7.5M | -19.5M | 2.2M |
| Return on Equity (ROE) | -8.4% | -30.26% | -15.33% | 7.62% | -247.1% |
| Return on Assets (ROA) | -1.86% | -5.47% | -1.64% | 0.55% | -19.85% |
| Equity / Assets | 22.16% | 15.92% | 7.67% | 7.01% | 8.79% |
| Debt / Equity | 0.19x | 0.29x | 0.42x | 0.28x | 0.17x |
| Book Value per Share | 1.18 | 2.11 | 1.73 | 2.14 | 3.82 |
| Tangible BV per Share | 0.91 | 1.55 | 1.00 | 1.40 | 2.68 |
ARX Cash Flow Statement
Accelerant Holdings (ARX) cash flow — operating, investing & free cash flow history
| Line item | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|
| Cash from Operations | 112.7M | 65.7M | 289.9M | 785.5M | 445.1M |
| Operating CF Growth % | - | -41.7% | 341.25% | 170.96% | -43.34% |
| Operating CF / Revenue % | 109.21% | 30.83% | 89.06% | 134.36% | 86.14% |
| Net Income | -24.4M | -96.4M | -64.1M | 22.4M | -1.35B |
| Depreciation & Amortization | 1.6M | 5.8M | 14.5M | 26.6M | 35.2M |
| Stock-Based Compensation | 0 | 0 | 4.8M | 8.4M | 43.1M |
| Deferred Taxes | -1.7M | -5.8M | 300K | -40.9M | -32M |
| Other Non-Cash Items | 9.5M | 4.2M | -22.1M | -32.1M | 1.35B |
| Working Capital Changes | 127.7M | 157.9M | 356.5M | 801.1M | 397.8M |
| Cash from Investing | -132.5M | -147.5M | -11.7M | -380.1M | -175.7M |
| Capital Expenditures | -14.7M | -26.7M | -32.6M | -34.4M | 0 |
| Acquisitions | -21.2M | -11.2M | 2.2M | -4.8M | 0 |
| Purchase of Investments | -125.4M | -263.5M | -122M | -557.6M | 0 |
| Sale/Maturity of Investments | 1000K | 1000K | 1000K | 1000K | -1000K |
| Other Investing | -100K | 600K | -100K | -1.3M | -168.1M |
| Cash from Financing | 233.7M | 254.7M | 10.3M | 110.3M | 207.9M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -175.3M |
| Stock Issued | 30.9M | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 1000K | 1000K | 1000K | -700K | 1000K |
| Other Financing | 0 | -1.4M | -8.4M | -3.5M | -8M |
| Net Change in Cash | 216.1M▲ 0% | 158.3M▼ 26.7% | 291.8M▲ 84.3% | 497.4M▲ 70.5% | 526.3M▲ 5.8% |
| Exchange Rate Effect | 1000K | -1000K | 1000K | -1000K | 1000K |
| Cash at Beginning | 85.8M | 325.7M | 484M | 775.8M | 1.27B |
| Cash at End | 301.9M | 484M | 775.8M | 1.27B | 1.8B |
| Free Cash Flow | 98M▲ 0% | 39M▼ 60.2% | 257.3M▲ 559.7% | 751.1M▲ 191.9% | 445.1M▼ 40.7% |
| FCF Growth % | - | -60.2% | 559.74% | 191.92% | -40.74% |
| FCF Margin % | 94.96% | 18.3% | 79.05% | 128.47% | 86.14% |
| FCF per Share | 0.45 | 0.24 | 1.55 | 3.76 | 2.34 |
ARX Key Ratios
Accelerant Holdings (ARX) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Combined Ratio | 119.38% | 139.56% | 113.49% | 94.49% | 355.84% |
| Medical Cost Ratio | 38.47% | 63.12% | 40% | 42.54% | 39.48% |
| Return on Equity (ROE) | -8.4% | -30.26% | -15.33% | 7.62% | -247.1% |
| Return on Assets (ROA) | -1.86% | -5.47% | -1.64% | 0.55% | -19.85% |
| Equity / Assets | 22.16% | 15.92% | 7.67% | 7.01% | 8.79% |
| Book Value / Share | 1.18 | 2.11 | 1.73 | 2.14 | 3.82 |
| Debt / Equity | 0.19x | 0.29x | 0.42x | 0.28x | 0.17x |
| Revenue Growth | - | 106.49% | 52.75% | 79.61% | -11.62% |
ARX SEC Filings & Documents
Accelerant Holdings (ARX) SEC filings — annual & quarterly reports (10-K, 10-Q)
ARX Frequently Asked Questions
Accelerant Holdings (ARX) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Accelerant Holdings (ARX) saw revenue decline by 11.6% over the past year.
Accelerant Holdings (ARX) reported a net loss of $1.43B for fiscal year 2025.
Dividend & Returns
Accelerant Holdings (ARX) has a return on equity (ROE) of -247.1%. Negative ROE indicates the company is unprofitable.
Industry Metrics
Accelerant Holdings (ARX) has a combined ratio of 355.8%. A ratio above 100% means claims and expenses exceed premiums.
Explore More ARX
Accelerant Holdings (ARX) financial analysis — history, returns, DCA and operating performance tools
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Price History
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Revenue History
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