Latest Ratios: P/E Ratio 14.8x · EV/EBITDA 11.5x · ROE 14.6%. (2023–2025 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 |
|---|---|---|---|---|
| Market Cap | $1.1B | $971M | — | — |
| Enterprise Value | $1.1B | $942M | — | — |
| P/E Ratio → | 14.80 | 13.13 | — | — |
| P/S Ratio | 2.68 | 2.29 | — | — |
| P/B Ratio | 1.78 | 1.58 | — | — |
| P/FCF | 8.08 | 6.90 | — | — |
| P/OCF | 7.73 | 6.60 | — | — |
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 |
|---|---|---|---|---|
| EV / Revenue | — | 2.22 | — | — |
| EV / EBITDA | 11.48 | 9.76 | — | — |
| EV / EBIT | 11.55 | 9.68 | — | — |
| EV / FCF | — | 6.69 | — | — |
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 |
|---|---|---|---|---|
| Gross Margin | 50.0% | 50.0% | 31.4% | 17.0% |
| Operating Margin | 22.6% | 22.6% | 19.3% | 5.2% |
| Net Profit Margin | 17.4% | 17.4% | 13.7% | 4.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| ROE | 14.6% | 14.6% | 13.1% | 3.1% |
| ROA | 5.7% | 5.7% | 4.7% | 1.1% |
| ROIC | 15.0% | 15.0% | 23.1% | 16.4% |
| ROCE | 18.7% | 18.7% | 18.0% | 3.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Debt / Equity | — | — | — | — |
| Debt / EBITDA | — | — | — | — |
| Net Debt / Equity | — | -0.05 | -0.07 | -0.82 |
| Net Debt / EBITDA | -0.31 | -0.31 | -0.40 | -20.60 |
| Debt / FCF | — | -0.21 | -0.21 | -3.09 |
| Interest Coverage | 71.63 | 71.63 | 33.45 | 6.64 |
Net cash position: cash ($30M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Current Ratio | 0.69 | 0.69 | 1.28 | 1.07 |
| Quick Ratio | 0.69 | 0.69 | 1.28 | 1.07 |
| Cash Ratio | 0.32 | 0.32 | 0.72 | 0.66 |
| Asset Turnover | — | 0.29 | 0.31 | 0.27 |
| 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 |
|---|---|---|---|---|
| Dividend Yield | 0.6% | 0.7% | — | — |
| Payout Ratio | 9.3% | 9.3% | 0.9% | 27.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Earnings Yield | 6.8% | 7.6% | — | — |
| FCF Yield | 12.4% | 14.5% | — | — |
| Buyback Yield | 0.2% | 0.3% | — | — |
| Total Shareholder Yield | 0.9% | 1.0% | — | — |
| Shares Outstanding | — | $46M | $48M | $48M |
Reserve development and social inflation
According to current market data, Ategrity trades at a P/B of 1.78, which suggests investors are pricing in a premium for its specialized E&S franchise relative to distressed peers like James River, though it remains significantly discounted compared to the 3.90x multiple commanded by industry leader Kinsale.
The 1.78x P/B multiple indicates that the market recognizes the value of Ategrity's underwriting niche, yet the discount to Kinsale implies a lack of confidence in the company's long-term technological moat or historical loss consistency. Investors should monitor whether this valuation gap narrows as the company builds a longer track record of reserve stability and consistent ROE generation.
As reported in the quarterly filings, the combined ratio fluctuated from 87.1% in 2025Q1 to a highly profitable 73.5% in 2026Q1, demonstrating that while underwriting margins are currently strong, they remain highly sensitive to the company's quarterly loss picks and potential shifts in claims severity.
The sharp improvement in the combined ratio suggests that Ategrity is successfully leveraging the hard market to push through rate increases that outpace loss costs. However, the volatility in the loss ratio component warrants further investigation, as it may indicate that the company is still refining its actuarial models for its specialized casualty lines.
Based on the provided financial figures, Ategrity’s ROE has shown a steady upward trend from 2.3% in 2025Q1 to 4.1% in 2026Q1, reflecting the dual benefit of disciplined underwriting margins and the reinvestment of float into a higher-yielding interest rate environment.
The modest ROE levels appear to be a function of the company's rapid capital accumulation, which dilutes the return percentage even as absolute dollar profits grow. Future ROE expansion will likely depend on the company's ability to maintain these underwriting margins while managing the capital base as the business matures.
The P/E ratio is frequently misapplied to Ategrity, as it obscures the volatility inherent in reserve development and the significant impact of investment income on float, which can artificially inflate or deflate earnings in any given quarter regardless of the underlying underwriting performance.
Investors should prioritize the combined ratio and P/B as more reliable indicators of franchise health and capital efficiency. Relying on P/E ignores the fact that Ategrity's earnings are heavily influenced by subjective IBNR reserve estimates, which can lead to a distorted view of the company's true economic profitability.
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Quick answers to the most common questions about buying ASIC stock.
Ategrity Specialty Holdings LLC's current P/E ratio is 14.8x. The historical average is 13.1x. This places it at the 100th percentile of its historical range.
Ategrity Specialty Holdings LLC's current EV/EBITDA is 11.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.8x.
Ategrity Specialty Holdings LLC's return on equity (ROE) is 14.6%. The historical average is 10.3%.
Based on historical data, Ategrity Specialty Holdings LLC is trading at a P/E of 14.8x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ategrity Specialty Holdings LLC's current dividend yield is 0.63% with a payout ratio of 9.3%.
Ategrity Specialty Holdings LLC has 50.0% gross margin and 22.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.