The company's capital structure is highly leveraged, with total assets reaching $8.6 billion against a constrained equity base of $692.6 million as of 2026Q1.
| Total Assets | 8.6B | 8.26B | 6.09B | 3.74B | 2.2B | 1.16B |
| Asset Growth % | 64.69% | 35.57% | 63.09% | 69.94% | 90.32% | - |
| Total Investment Assets | 4M | 806.4M | 602.9M | 247.5M | 273.4M | 150M |
| Long-Term Investments | 1.06B | 94.4M | 538.1M | 239.5M | 267.3M | 135.5M |
| Short-Term Investments | 687.4M | 712M | 64.8M | 8M | 6.1M | 14.5M |
| Total Current Assets | 3.41B | 7.74B | 5.25B | 3.28B | 1.79B | 909.5M |
| Cash & Equivalents | 1.54B | 1.8B | 1.23B | 775.4M | 446.2M | 301.9M |
| Receivables | 12.34B | 3.4B | 3.73B | 2.27B | 659.2M | 295.2M |
| Other Current Assets | 0 | 0 | 214.6M | 223.4M | -13.1M | 0 |
| Goodwill & Intangibles | 983.5M | 292.5M | 147.6M | 120.6M | 93.1M | 59.3M |
| Goodwill | 0 | 63.1M | 30.9M | 20.7M | 18.3M | 12.6M |
| Intangible Assets | 214.4M | 229.4M | 116.7M | 99.9M | 74.8M | 46.7M |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | -198.5M | 54.4M | 157.5M | 93M | 45.2M | 51.2M |
| Total Liabilities | 7.88B | 7.54B | 5.67B | 3.45B | 1.85B | 899.4M |
| Total Debt | 120.7M | 121.3M | 121.4M | 120.3M | 100.5M | 49.9M |
| Net Debt | -1.42B | -1.68B | -1.1B | -655.1M | -345.7M | -252M |
| Long-Term Debt | 120.7M | 121.3M | 120.6M | 120.3M | 100.5M | 49.9M |
| Short-Term Debt | 0 | 0 | 800K | 0 | 0 | 0 |
| Total Current Liabilities | 7.57B | 7.2B | 541.8M | 101.1M | 201.8M | 80.6M |
| Accounts Payable | 1.64B | 1.52B | 13.8M | 9.5M | 277.4M | 192.2M |
| Deferred Revenue | 2.21B | 2.16B | 0 | 0 | 84.5M | 30.2M |
| Other Current Liabilities | 3.67B | 3.46B | 425.5M | 0 | -259.2M | -216M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 4.06B | -18.6M | 5.01B | 3.23B | 1.55B | 768.9M |
| Total Equity | 719.9M | 726.4M | 427M | 286.7M | 350M | 256.1M |
| Equity Growth % | 148.93% | 70.12% | 48.94% | -18.09% | 36.67% | - |
| Shareholders Equity | 692.6M | 697.7M | 408.7M | 310.5M | 354.5M | 257.9M |
| Minority Interest | 27.3M | 28.7M | 18.3M | -23.8M | -4.5M | -1.8M |
| Retained Earnings | -1.54B | -1.54B | -182.8M | -210M | -161.2M | -69.5M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -8.8M | 2.2M | -19.5M | -7.5M | -10.9M | 8.1M |
| Return on Equity (ROE) | -207.54% | -234.8% | 7.62% | -15.33% | -30.26% | -8.4% |
| Return on Assets (ROA) | -16.95% | -18.86% | 0.55% | -1.64% | -5.47% | -1.86% |
| Equity / Assets | 8.37% | 8.79% | 7.01% | 7.67% | 15.92% | 22.16% |
| Debt / Equity | 0.17x | 0.17x | 0.28x | 0.42x | 0.29x | 0.19x |
| Book Value per Share | 3.24 | 3.82 | 1.97 | 1.32 | 2.11 | 1.18 |
| Tangible BV per Share | 2.28 | 2.28 | 1.29 | 0.77 | 1.55 | 0.91 |
Underwriting and reserve volatility
As reported in recent financial statements, Accelerant Holdings has grown total assets to $8.6 billion by 2026Q1, yet equity remains constrained at $692.6 million, suggesting that the company's rapid balance sheet expansion is being driven primarily by leverage rather than organic capital accumulation or retained earnings.
The widening gap between total assets and equity indicates a high degree of financial leverage, which may amplify the impact of underwriting volatility on the company's solvency. Investors should monitor whether this asset growth is sustainable without a more robust equity base to absorb potential shocks in the MGA-sourced risk portfolio.
Based on the provided quarterly data, claims and loss reserves have climbed from $25.1 million in 2023Q4 to $81.8 million in 2026Q1, reflecting a significant increase in the company's long-term liability obligations as it scales its underwriting footprint across diverse SME commercial insurance markets.
The consistent upward trend in loss reserves suggests that the company is facing higher claims frequency or severity, which may be an inherent byproduct of its aggressive MGA acquisition strategy. This escalation warrants further investigation into the adequacy of current reserve levels relative to the underlying risk profile of the ingested SME data.
According to the balance sheet figures, total liabilities have surged to $7.9 billion against a relatively thin equity base, implying that the company's capital adequacy is heavily reliant on external funding and reinsurance support rather than internal capital generation or a substantial surplus of statutory capital.
The high liability-to-equity ratio appears to leave little room for error, particularly if the underwriting segment experiences adverse development. This structure suggests that the company may be vulnerable to shifts in capital market sentiment or changes in the availability of reinsurance capacity.
As indicated by the volatility in the combined ratio, which swung from 5.8% in 2025Q3 to 101.1% in 2025Q4, the company's balance sheet may be exposed to significant adverse selection risks inherent in the MGA-sourced business model that are not immediately apparent in headline asset growth.
The extreme fluctuation in underwriting performance suggests that the data-ingestion loop may not yet be fully effective at filtering out toxic risks. Investors should consider the possibility that the company is acting as a clearing house for risks that traditional carriers have rejected, which could lead to future reserve deficiencies.
Quick answers to the most common questions about buying ARX stock.
As of 2025, Accelerant Holdings (ARX) had total assets of $8.26B including $7.74B in current assets.
Accelerant Holdings (ARX) carries total debt of $121.3M, offset by $2.51B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Accelerant Holdings (ARX) has total shareholders' equity (book value) of $697.7M ($3.82 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Accelerant Holdings (ARX) reported a current ratio of 1.08x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.