Revenue growth remains robust at 52.7% as of 2024Q4, though underwriting profitability is inconsistent, evidenced by a combined ratio that deteriorated to 101.1% by 2025Q4.
| Revenue | 887.1M | 879.5M | 597.7M | 329.7M | 213.1M | 103.2M |
| Revenue Growth % | 52.94% | 47.15% | 81.29% | 54.72% | 106.49% | - |
| Medical Costs & Claims | 303.8M | 284.3M | 248.7M | 130.2M | 134.5M | 39.7M |
| Medical Cost Ratio % | 34.25% | 32.33% | 41.61% | 39.49% | 63.12% | 38.47% |
| Gross Profit | 583.3M | 595.2M | 349M | 199.5M | 78.6M | 63.5M |
| Gross Margin % | 65.75% | 67.67% | 58.39% | 60.51% | 36.88% | 61.53% |
| Gross Profit Growth % | - | 70.54% | 74.94% | 153.82% | 23.78% | - |
| Operating Expenses | 1.92B | 1.92B | 317M | 243.4M | 162.9M | 83.5M |
| OpEx / Revenue % | 216.29% | 217.98% | 53.04% | 73.82% | 76.44% | 80.91% |
| Depreciation & Amortization | 37.8M | 35.2M | 26.6M | 14.5M | 5.8M | 1.6M |
| Combined Ratio % | 250.54% | 250.3% | 94.65% | 113.32% | 139.56% | 119.38% |
| Operating Income | -1.34B | -1.32B | 32M | -43.9M | -84.3M | -20M |
| Operating Margin % | -150.54% | -150.3% | 5.35% | -13.32% | -39.56% | -19.38% |
| Operating Income Growth % | - | -4230.94% | 172.89% | 47.92% | -321.5% | - |
| EBITDA | -1.3B | -1.29B | 58.6M | -29.4M | -78.5M | -18.4M |
| EBITDA Margin % | -146.27% | -146.3% | 9.8% | -8.92% | -36.84% | -17.83% |
| Interest Expense | 56.5M | 69M | 32.4M | 15.1M | 4.2M | 2.9M |
| Non-Operating Income | -56.5M | -69M | -32.4M | -15.1M | -4.2M | -2.9M |
| Pretax Income | -1.34B | -1.32B | 32M | -43.9M | -84.3M | -20M |
| Pretax Margin % | -150.54% | -150.3% | 5.35% | -13.32% | -39.56% | -19.38% |
| Income Tax | 21.7M | 23.3M | 9.1M | 20.2M | 11.3M | 4.3M |
| Effective Tax Rate % | -1.62% | -1.76% | 28.44% | -46.01% | -13.4% | -21.5% |
| Net Income | -1.37B | -1.35B | 27.2M | -48.8M | -91.7M | -21.5M |
| Net Margin % | -153.96% | -153.96% | 4.55% | -14.8% | -43.03% | -20.83% |
| Net Income Growth % | -4394.97% | -5078.31% | 155.74% | 46.78% | -326.51% | - |
| EPS (Diluted) | -6.15 | -7.49 | 0.13 | -0.23 | -0.55 | -0.10 |
| EPS Growth % | -4680.5% | -5861.54% | 156.52% | 58.18% | -454.44% | - |
| EPS (Basic) | - | -7.49 | 0.17 | -0.30 | -0.55 | -0.13 |
| Diluted Shares Outstanding | 221.98M | 190.26M | 216.67M | 216.67M | 165.6M | 216.67M |
Underwriting volatility and scale
As reported in recent financial statements, Accelerant Holdings has demonstrated significant top-line momentum, with revenue growth reaching 52.7% in 2024Q4, suggesting that the company's proprietary MGA-focused exchange model is successfully capturing market share despite the inherent complexities of scaling a multi-jurisdictional insurance risk conduit.
The consistent revenue expansion indicates that the company's strategy of integrating niche MGAs into its data-ingestion loop is gaining traction. Investors should monitor whether this growth trajectory remains sustainable as the company moves beyond its initial onboarding phase and faces potential saturation in its core SME commercial lines.
Based on the provided quarterly data, the combined ratio has exhibited significant volatility, fluctuating from a low of 5.8% in 2025Q3 to 101.1% in 2025Q4, which suggests that the company's underwriting profitability remains highly sensitive to periodic claims spikes and the ongoing costs of platform infrastructure.
The wide variance in the combined ratio implies that the company has not yet achieved a stable underwriting margin profile. The recent breach of the 100% threshold in 2025Q4 warrants further investigation into whether this reflects a temporary claims event or a more permanent shift in the underlying risk quality of the MGA portfolio.
According to the income statement data, 2025Q3 represented a major inflection point characterized by a $1.4 billion operating loss, which appears to be an outlier that significantly distorted the company's short-term financial performance and highlights the potential for extreme earnings volatility within the current business model.
This massive quarterly loss suggests that the company's financial results are susceptible to non-recurring charges or significant reserve adjustments that can obscure core operational trends. Analysts should treat this period as a potential stress test for the company's capital adequacy and its ability to absorb large-scale underwriting or operational shocks.
As indicated by the net margin of -153.96%, the company's aggressive growth strategy appears to be heavily subsidized by capital investment, raising questions about whether the current exchange fee structure can eventually cover the high fixed costs associated with its technology-enabled risk-clearing house architecture.
The discrepancy between robust gross margins and deep operating losses suggests that the company may be prioritizing market share over immediate profitability. Investors should monitor whether the company can achieve operating leverage as it scales, or if the cost of maintaining its proprietary data-ingestion loop will continue to pressure the bottom line.
Quick answers to the most common questions about buying ARX stock.
For fiscal year 2025, Accelerant Holdings (ARX) reported total revenue of $879.5M. This represents a 752.2% increase compared to $103.2M in 2021.
Accelerant Holdings (ARX) reported a net loss of $1.35B for the fiscal year ending 2025.
Accelerant Holdings (ARX) reported an operating income of $-1321.9M, resulting in an operating profit margin of -150.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Accelerant Holdings (ARX) generated $595.2M in gross profit for the year, representing a gross profit margin of 67.7%. This demonstrates the company's core pricing power and production efficiency.