Revenue growth has decelerated to -3.7% in 2026Q1, while the combined ratio shows stabilization at 94.0% following a peak of 101.0% in 2023Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 969.21M | 978.01M | 989.61M | 927.34M | 848.22M | 816.47M | 777.82M | 812.16M | 769.13M | 737.4M | 687.34M | 635.11M | 585.3M | 544.2M | 510.45M | 472.99M | 408.82M | 386.26M | 372.31M | 340.62M | 329.97M | 319.85M | 287.79M | 214.99M | 203.8M | 185.16M | 170.58M | 159.71M | 130.59M | 121.33M | 117.6M |
| Revenue Growth % | -2.46% | -1.17% | 6.71% | 9.33% | 3.89% | 4.97% | -4.23% | 5.59% | 4.3% | 7.28% | 8.22% | 8.51% | 7.55% | 6.61% | 7.92% | 15.7% | 5.84% | 3.75% | 9.3% | 3.23% | 3.16% | 11.14% | 33.86% | 5.49% | 10.07% | 8.55% | 6.81% | 22.3% | 7.63% | 3.17% | 15.75% |
| Medical Costs & Claims | 687.85M | 717.12M | 764.43M | 763.39M | 706.51M | 649.44M | 578.84M | 628.83M | 697.42M | 602.33M | 531.19M | 497.88M | 478.55M | 424.88M | 407.19M | 409.07M | 340.66M | 311.13M | 282.55M | 228.99M | 266.99M | 261.94M | 246.12M | 185.77M | 154.6M | 172.37M | 153.06M | 151.85M | 114.37M | 103.41M | 82.51M |
| Medical Cost Ratio % | 70.97% | 73.32% | 77.25% | 82.32% | 83.29% | 79.54% | 74.42% | 77.43% | 90.68% | 81.68% | 77.28% | 78.39% | 81.76% | 78.07% | 79.77% | 86.49% | 83.33% | 80.55% | 75.89% | 67.23% | 80.91% | 81.9% | 85.52% | 86.41% | 75.86% | 93.09% | 89.73% | 95.08% | 87.58% | 85.23% | 70.16% |
| Gross Profit | 281.35M | 260.9M | 225.18M | 163.95M | 141.71M | 167.02M | 198.98M | 183.33M | 71.71M | 135.07M | 156.14M | 137.23M | 106.76M | 119.32M | 103.26M | 63.92M | 68.15M | 75.13M | 89.76M | 111.63M | 62.98M | 57.91M | 41.67M | 29.22M | 49.2M | 12.79M | 17.52M | 7.86M | 16.22M | 17.92M | 35.09M |
| Gross Margin % | 29.03% | 26.68% | 22.75% | 17.68% | 16.71% | 20.46% | 25.58% | 22.57% | 9.32% | 18.32% | 22.72% | 21.61% | 18.24% | 21.93% | 20.23% | 13.51% | 16.67% | 19.45% | 24.11% | 32.77% | 19.09% | 18.1% | 14.48% | 13.59% | 24.14% | 6.91% | 10.27% | 4.92% | 12.42% | 14.77% | 29.84% |
| Gross Profit Growth % | - | 15.86% | 37.35% | 15.69% | -15.15% | -16.06% | 8.54% | 155.64% | -46.91% | -13.5% | 13.78% | 28.54% | -10.53% | 15.55% | 61.55% | -6.21% | -9.29% | -16.29% | -19.59% | 77.25% | 8.76% | 38.97% | 42.59% | -40.61% | 284.66% | -27% | 122.86% | -51.51% | -9.49% | -48.94% | 11.42% |
| Operating Expenses | 200.8M | 163.31M | 162.84M | 158.88M | 145.35M | 136.68M | 135.71M | 126.24M | 119.95M | 122.96M | 114.82M | 109.64M | 90.47M | 86.61M | 75.41M | 70.66M | 58.31M | 54.46M | 57.67M | 58.78M | 6.36M | 5.56M | 4.61M | 3.79M | 32.71M | 5.7M | 5.78M | 4.23M | 4.54M | 3.74M | -66.21M |
| OpEx / Revenue % | 20.72% | 16.7% | 16.45% | 17.13% | 17.14% | 16.74% | 17.45% | 15.54% | 15.6% | 16.67% | 16.7% | 17.26% | 15.46% | 15.92% | 14.77% | 14.94% | 14.26% | 14.1% | 15.49% | 17.26% | 1.93% | 1.74% | 1.6% | 1.76% | 16.05% | 3.08% | 3.39% | 2.65% | 3.48% | 3.08% | -56.3% |
| Depreciation & Amortization | 2.06M | 3.08M | 3.87M | 4.33M | 4.84M | 5.84M | 6.72M | 5.57M | 6.61M | 6.11M | 6.59M | 6.74M | 3.52M | 3.05M | 3.95M | 4.11M | 3.14M | 2.55M | 2.4M | 2.45M | 2.71M | 3.07M | 2.47M | 1.53M | 1.24M | 1.13M | 982.93K | 936.37K | 520.67K | 400K | 300K |
| Combined Ratio % | 91.69% | 90.02% | 93.7% | 99.45% | 100.43% | 96.28% | 91.87% | 92.97% | 106.27% | 98.36% | 93.99% | 95.66% | 97.22% | 93.99% | 94.54% | 101.42% | 97.59% | 94.65% | 91.38% | 84.48% | 82.84% | 83.63% | 87.12% | 88.17% | 91.91% | 96.17% | 93.12% | 97.73% | 91.06% | 88.32% | 13.86% |
| Operating Income | 80.55M | 97.59M | 62.34M | 5.06M | -3.64M | 30.34M | 63.27M | 57.08M | -48.24M | 12.11M | 41.33M | 27.59M | 16.28M | 32.71M | 27.86M | -6.74M | 9.84M | 20.68M | 32.09M | 52.85M | 56.62M | 52.35M | 37.05M | 25.44M | 16.49M | 7.09M | 11.74M | 3.63M | 11.68M | 14.17M | 101.3M |
| Operating Margin % | 8.31% | 9.98% | 6.3% | 0.55% | -0.43% | 3.72% | 8.13% | 7.03% | -6.27% | 1.64% | 6.01% | 4.34% | 2.78% | 6.01% | 5.46% | -1.42% | 2.41% | 5.35% | 8.62% | 15.52% | 17.16% | 16.37% | 12.88% | 11.83% | 8.09% | 3.83% | 6.88% | 2.27% | 8.94% | 11.68% | 86.14% |
| Operating Income Growth % | - | 56.55% | 1131.15% | 239.18% | -111.99% | -52.05% | 10.85% | 218.33% | -498.18% | -70.69% | 49.78% | 69.46% | -50.22% | 17.42% | 513.37% | -168.46% | -52.39% | -35.57% | -39.28% | -6.66% | 8.17% | 41.27% | 45.67% | 54.21% | 132.59% | -39.61% | 223.58% | -68.92% | -17.61% | -86.01% | 16.57% |
| EBITDA | 82.94M | 100.67M | 66.21M | 9.39M | 1.2M | 36.18M | 69.99M | 62.65M | -41.63M | 18.22M | 47.92M | 34.33M | 19.81M | 35.76M | 31.81M | -2.63M | 12.99M | 23.23M | 34.49M | 55.3M | 59.34M | 55.41M | 39.53M | 26.97M | 17.73M | 8.22M | 12.73M | 4.57M | 12.2M | 14.57M | 101.6M |
| EBITDA Margin % | 8.56% | 10.29% | 6.69% | 1.01% | 0.14% | 4.43% | 9% | 7.71% | -5.41% | 2.47% | 6.97% | 5.41% | 3.38% | 6.57% | 6.23% | -0.56% | 3.18% | 6.01% | 9.26% | 16.23% | 17.98% | 17.32% | 13.73% | 12.54% | 8.7% | 4.44% | 7.46% | 2.86% | 9.34% | 12.01% | 86.39% |
| Interest Expense | 1.35M | 1.35M | 946.02K | 619.81K | 620.56K | 895.61K | 1.2M | 1.58M | 2.3M | 1.59M | 1.66M | 1.11M | 1.52M | 1.64M | 2.36M | 2.13M | 799.58K | 1.75M | 1.82M | 2.88M | 2.8M | 2.27M | 1.61M | 1.29M | 1.12M | 2.25M | 3.29M | 1.54M | 1.3M | 900K | 400K |
| Non-Operating Income | -1.35M | -1.35M | -946.02K | -619.81K | -620.56K | -895.61K | -1.2M | -1.58M | -2.3M | -1.59M | -1.66M | -1.11M | -1.52M | -1.64M | -2.36M | -2.13M | -799.58K | -1.75M | -1.82M | -2.88M | -2.8M | -2.27M | -1.61M | -1.29M | -1.12M | -2.25M | -3.29M | -1.54M | -1.3M | -900K | 100.9M |
| Pretax Income | 80.56M | 97.59M | 62.34M | 5.06M | -3.64M | 30.34M | 63.27M | 57.08M | -48.24M | 12.11M | 41.33M | 27.59M | 16.28M | 32.71M | 27.86M | -6.74M | 9.84M | 20.68M | 32.09M | 52.85M | 56.62M | 52.35M | 37.05M | 25.44M | 16.49M | 7.09M | 11.74M | 3.63M | 11.68M | 14.17M | 10.8M |
| Pretax Margin % | 8.31% | 9.98% | 6.3% | 0.55% | -0.43% | 3.72% | 8.13% | 7.03% | -6.27% | 1.64% | 6.01% | 4.34% | 2.78% | 6.01% | 5.46% | -1.42% | 2.41% | 5.35% | 8.62% | 15.52% | 17.16% | 16.37% | 12.88% | 11.83% | 8.09% | 3.83% | 6.88% | 2.27% | 8.94% | 11.68% | 9.18% |
| Income Tax | 14.91M | 18.25M | 11.48M | 637.97K | -1.68M | 5.08M | 10.46M | 9.93M | -15.48M | 5M | 10.53M | 6.6M | 1.74M | 6.39M | 4.77M | -7.19M | -1.62M | 1.85M | 6.55M | 14.57M | 16.41M | 15.4M | 10.89M | 7.14M | 4.49M | 1.27M | 2.91M | -3.03M | 2.66M | 3.53M | 2.2M |
| Effective Tax Rate % | 18.51% | 18.7% | 18.41% | 12.6% | 46.14% | 16.76% | 16.53% | 17.4% | 32.08% | 41.26% | 25.47% | 23.93% | 10.71% | 19.53% | 17.11% | 106.72% | -16.49% | 8.93% | 20.41% | 27.57% | 28.98% | 29.41% | 29.38% | 28.08% | 27.23% | 17.96% | 24.75% | -83.43% | 22.77% | 24.92% | 20.37% |
| Net Income | 65.65M | 79.34M | 50.86M | 4.43M | -1.96M | 25.25M | 52.82M | 47.15M | -32.76M | 7.12M | 30.8M | 20.99M | 14.54M | 26.32M | 23.09M | 452.95K | 11.47M | 18.83M | 25.54M | 38.28M | 40.21M | 36.95M | 31.61M | 18.29M | 12M | 5.82M | 8.84M | 6.66M | 9.02M | 10.64M | 8.6M |
| Net Margin % | 6.77% | 8.11% | 5.14% | 0.48% | -0.23% | 3.09% | 6.79% | 5.81% | -4.26% | 0.97% | 4.48% | 3.3% | 2.48% | 4.84% | 4.52% | 0.1% | 2.8% | 4.87% | 6.86% | 11.24% | 12.19% | 11.55% | 10.99% | 8.51% | 5.89% | 3.14% | 5.18% | 4.17% | 6.91% | 8.77% | 7.31% |
| Net Income Growth % | -6.37% | 55.99% | 1049.3% | 325.86% | -107.76% | -52.18% | 12.01% | 243.93% | -560.37% | -76.9% | 46.74% | 44.37% | -44.76% | 13.98% | 4998.24% | -96.05% | -39.1% | -26.28% | -33.28% | -4.81% | 8.84% | 16.88% | 72.81% | 52.42% | 106.3% | -34.16% | 32.75% | -26.18% | -15.26% | 23.73% | -10.42% |
| EPS (Diluted) | 1.78 | 2.18 | 1.53 | 0.14 | -0.06 | 0.81 | 1.83 | 1.64 | -1.16 | 0.25 | 1.14 | 0.96 | 0.55 | 1.00 | 0.89 | 0.02 | 0.45 | 0.30 | 0.92 | 1.39 | 1.60 | 1.49 | 1.31 | 1.04 | 0.74 | 0.36 | 0.57 | 0.25 | 0.35 | 0.42 | 0.34 |
| EPS Growth % | -10.68% | 42.48% | 992.86% | 328.38% | -107.57% | -55.74% | 11.59% | 241.38% | -564% | -78.07% | 18.75% | 74.55% | -45% | 12.36% | 4350% | -95.56% | 50% | -67.39% | -33.81% | -13.13% | 7.38% | 13.74% | 25.96% | 40.54% | 105.56% | -36.84% | 128% | -28.57% | -16.67% | 23.53% | -15% |
| EPS (Basic) | - | 2.22 | 1.54 | 0.14 | -0.06 | 0.82 | 1.80 | 1.68 | -1.16 | 0.26 | 1.16 | 0.97 | 0.56 | 1.01 | 0.90 | 0.02 | 0.45 | 0.30 | 0.92 | 1.39 | 1.65 | 1.54 | 1.35 | 1.07 | 0.74 | 0.37 | 0.57 | 0.25 | 0.35 | 0.42 | 0.35 |
| Diluted Shares Outstanding | 36.95M | 31.25M | 33.08M | 33.14M | 31.99M | 31.11M | 29.46M | 28.77M | 28.6M | 28.22M | 27.11M | 27.97M | 27.14M | 26.34M | 25.88M | 25.61M | 25.56M | 25.47M | 25.53M | 25.54M | 20M | 24.8M | 24.22M | 17.57M | 16.28M | 16.16M | 15.55M | 26.85M | 25.93M | 25.4M | 25.1M |
Regional Catastrophe Exposure
As reported in recent financial filings, Donegal Group's revenue growth has decelerated to -1.17% year-over-year, suggesting a strategic shift toward underwriting discipline or a potential loss of market share within the competitive Mid-Atlantic independent agency channel as the company navigates a challenging property and casualty pricing environment.
The transition from positive growth in 2024 to negative figures in early 2026 indicates that the company may be prioritizing rate adequacy over volume expansion. Investors should monitor whether this contraction reflects a deliberate exit from unprofitable segments or a broader inability to compete effectively in a hardening market.
Based on the provided income statement data, the combined ratio has fluctuated significantly, reaching a peak of 101.0% in 2023Q4 before stabilizing near 94.0% in 2026Q1, which highlights the inherent volatility in the company's loss ratio and its ongoing sensitivity to inflationary pressures on claim settlement costs.
While the recent improvement in the combined ratio suggests better underwriting discipline, the historical volatility indicates that the company remains vulnerable to sudden spikes in loss severity. The reliance on the intercompany pooling agreement appears to be a critical factor in managing these margin swings, yet it does not fully insulate the firm from broader industry-wide cost inflation.
According to the company's reported figures, the extremely low debt-to-equity ratio of 0.05% underscores a conservative capital structure that relies heavily on the intercompany pooling agreement with Donegal Mutual to maintain operational scale and solvency without the need for significant external debt financing or leverage.
This capital-light approach suggests that the company prioritizes long-term stability and A.M. Best ratings over aggressive balance sheet expansion. However, this reliance on the mutual affiliate may limit the company's strategic flexibility and could potentially prioritize policyholder interests over the returns expected by minority public shareholders.
As indicated by the recent quarterly data, the company's reliance on the intercompany pooling agreement may mask underlying underwriting issues, as the net income volatility—ranging from a loss of $2.0M in 2023Q4 to a profit of $25.2M in 2025Q1—warrants further investigation into the sustainability of these earnings.
Investors should be cautious of the potential for reserve development to distort current period earnings, as the pooling structure can effectively smooth out performance at the expense of transparency. The lack of significant cash reserves relative to revenue suggests that any major catastrophe event could force a rapid and potentially dilutive capital call from the mutual affiliate.
Quick answers to the most common questions about buying DGICA stock.
For fiscal year 2025, Donegal Group Inc. (DGICA) reported total revenue of $978.0M. This represents a 731.6% increase compared to $117.6M in 1996.
Donegal Group Inc. (DGICA) is profitable, generating $79.3M in net income for the fiscal year ending 2025 with a net profit margin of 8.1%.
Donegal Group Inc. (DGICA) reported an operating income of $97.6M, resulting in an operating profit margin of 10.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Donegal Group Inc. (DGICA) generated $260.9M in gross profit for the year, representing a gross profit margin of 26.7%. This demonstrates the company's core pricing power and production efficiency.