Latest Ratios: P/E Ratio -2.6x · EV/EBITDA N/A · ROE -234.8%. (2021–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Market Cap | $4.3B | $3.1B | — | — | — | — |
| Enterprise Value | $2.6B | $1.4B | — | — | — | — |
| P/E Ratio → | -2.63 | — | — | — | — | — |
| P/S Ratio | 4.89 | 3.54 | — | — | — | — |
| P/B Ratio | 5.17 | 4.28 | — | — | — | — |
| P/FCF | 10.66 | 7.71 | — | — | — | — |
| P/OCF | 9.67 | 6.99 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.63 | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — |
| EV / FCF | — | 3.55 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 67.7% | 67.7% | 58.4% | 60.5% | 36.9% | 61.5% |
| Operating Margin | -150.3% | -150.3% | 5.4% | -13.3% | -39.6% | -19.4% |
| Net Profit Margin | -154.0% | -154.0% | 4.6% | -14.8% | -43.0% | -20.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -234.8% | -234.8% | 7.6% | -15.3% | -30.3% | -8.4% |
| ROA | -18.9% | -18.9% | 0.6% | -1.6% | -5.5% | -1.9% |
| ROIC | — | — | — | — | -1505.4% | -365.9% |
| ROCE | -40.0% | -40.0% | 0.7% | -2.2% | -23.1% | -5.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.17 | 0.17 | 0.28 | 0.42 | 0.29 | 0.19 |
| Debt / EBITDA | — | — | 2.07 | — | — | — |
| Net Debt / Equity | — | -2.31 | -2.59 | -2.28 | -0.99 | -0.98 |
| Net Debt / EBITDA | — | — | -18.84 | — | — | — |
| Debt / FCF | — | -4.16 | -1.47 | -2.55 | -8.86 | -2.57 |
| Interest Coverage | -18.16 | -18.16 | 1.99 | -1.91 | -19.07 | -5.90 |
Net cash position: cash ($1.8B) exceeds total debt ($121M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 1.08 | 1.08 | 9.69 | 32.48 | 1.00 | 1.11 |
| Quick Ratio | 1.08 | 1.08 | 9.69 | 32.48 | 1.00 | 1.11 |
| Cash Ratio | 0.35 | 0.35 | 2.38 | 7.75 | 0.28 | 0.42 |
| Asset Turnover | — | 0.11 | 0.10 | 0.09 | 0.10 | 0.09 |
| Inventory Turnover | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | 9.4% | 13.0% | — | — | — | — |
| Buyback Yield | 4.1% | 5.6% | — | — | — | — |
| Total Shareholder Yield | 4.1% | 5.6% | — | — | — | — |
| Shares Outstanding | — | $190M | $217M | $217M | $166M | $217M |
Includes 30+ ratios · 5 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ARX stock.
Accelerant Holdings's current P/E ratio is -2.6x. This places it at the 50th percentile of its historical range.
Accelerant Holdings's return on equity (ROE) is -234.8%. The historical average is -56.2%.
Based on historical data, Accelerant Holdings is trading at a P/E of -2.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Accelerant Holdings has 67.7% gross margin and -150.3% operating margin.
Key Metrics
Top Statement Risk
Operating margin sustainability
Metrics are mathematically derived from official filings.
Premium Valuation Reflects Platform Growth
Accelerant's P/B of 5.17 trades at a significant premium to traditional P&C peers like Arch Capital (1.52) and RenaissanceRe (0.77), suggesting the market is pricing in the high-growth, tech-enabled Exchange platform rather than its current underwriting returns.
The valuation premium appears to be driven by the company's 47.15% revenue growth and the strategic value of its proprietary data ecosystem, not by near-term profitability. The forward P/E of 22.09 implies the market expects a rapid transition to sustained earnings, a trajectory that is not yet supported by the volatile quarterly ROE, which has swung from -2.3% to 10.8% over the past year. Investors are essentially paying for the optionality of the platform's network effects, which warrants close monitoring of member retention and premium throughput metrics.
Volatile Combined Ratio Masks Core Trend
The combined ratio improved sharply to 83.4% in Q2 2026 from 99.0% in Q1, indicating a return to underwriting profitability, but the extreme volatility from a 5.8% ratio in Q3 2025 suggests significant reserve adjustments or one-time events obscure the underlying loss trend.
The Q2 2026 loss ratio of 29.8% is favorable, but its erratic path from 26.2% to 42.4% over recent quarters indicates inconsistent claims experience, which is a key risk for the Underwriting segment's ability to attract third-party capital. The expense ratio has remained elevated in the 53-63% range, reflecting the high fixed costs of the Exchange platform. For the combined ratio to stabilize below 100% on a sustained basis, the company must demonstrate that the recent improvement is due to better risk selection and not favorable reserve development.
ROE Volatility Highlights Earnings Quality
Accelerant's ROE has been highly erratic, ranging from -2.3% to 10.8% over the past four quarters, indicating that reported profitability is not yet driven by a stable underwriting or investment income stream.
The Q2 2026 ROE of 10.8% is the strongest in the dataset, but it follows a period of negative returns, suggesting the result may be influenced by non-recurring items or favorable reserve releases rather than core operational improvement. The deep negative operating margin of -150.30% confirms that the company's scale is insufficient to cover its high fixed-cost base, meaning any near-term ROE is likely driven by investment income on its $1.79 billion cash balance or volatile underwriting results, not sustainable operating leverage.
Low Leverage Supports Growth Ambitions
Accelerant's debt-to-equity ratio of 0.16 is exceptionally low compared to peers like Ryan Specialty (2.82), providing significant balance sheet flexibility to fund its aggressive platform expansion and absorb potential underwriting volatility.
The conservative leverage profile is a strategic choice, allowing the company to retain capital for growth and regulatory requirements rather than servicing debt. This low leverage, combined with a substantial cash position, suggests the company is well-capitalized to support its rapid premium growth, though it also means the return on equity is being generated from a relatively small equity base, amplifying both positive and negative quarterly swings.
The Peril of Misapplied P/E Ratio
The most commonly misapplied ratio to Accelerant is the P/E, as the company's negative TTM earnings (-2.63) and volatile quarterly results make the metric meaningless for valuation, obscuring the true driver of value in its platform growth.
Analysts focusing on the P/E will either dismiss the stock as unprofitable or be misled by a forward P/E that assumes a rapid, unproven earnings trajectory. The appropriate valuation anchor for a company in this growth phase is Price-to-Book (P/B), which at 5.17 reflects the market's assessment of the franchise value of the Exchange platform and its future earning power on the invested capital base. Relying on P/E ignores the strategic investment phase and the potential for the data-driven model to generate superior long-term returns on equity.