Operating cash flow generation remains highly erratic, swinging from a $433.1 million deficit in 2025Q1 to a $228.8 million surplus in 2025Q4, reflecting the unpredictable nature of claims payments and active portfolio rebalancing.
Fidelis Insurance Holdings Limited (FIHL) cash flow statement — 6-year operating, investing & financing cash flows
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Cash from Operations | -408.3M | 618.2M | 495.2M | 741.4M | 345.8M | 316.1M |
| Operating CF Growth % | -166.05% | 24.84% | -33.21% | 114.4% | 9.4% | - |
| Operating CF / Revenue % | -16.33% | 25.53% | 13.79% | 48.9% | 28.95% | 40.39% |
| Net Income | 225.5M | 113.3M | 2.13B | 52.6M | 78.3M | 126.6M |
| Depreciation & Amortization | -19.2M | -14M | 300K | 3.9M | 4.5M | 2.6M |
| Stock-Based Compensation | 7.9M | 7.8M | 27.6M | 10.8M | 9.8M | 32.6M |
| Deferred Taxes | 8.9M | 9.8M | -86.5M | -10.4M | -26.4M | -6M |
| Other Non-Cash Items | -22.8M | 28.6M | -1.72B | 36M | 12M | -10.8M |
| Working Capital Changes | -608.6M | 472.7M | 137M | 648.5M | 267.6M | 171.1M |
| Cash from Investing | 682.7M | -475.8M | -834.9M | 215.9M | -1.09B | -481.3M |
| Capital Expenditures | -1.2M | -4.6M | -6.4M | -18.8M | -7.1M | -2M |
| Acquisitions | 0 | 0 | 0 | 0 | -7.1M | 0 |
| Purchase of Investments | -2.03B | -2.52B | -2.24B | -1.71B | -2.25B | -1.27B |
| Sale/Maturity of Investments | 2.71B | 2.05B | 1.41B | 1.93B | 1.17B | 786.4M |
| Other Investing | 0 | 0 | 0 | 15.7M | 7.1M | 0 |
| Cash from Financing | 19.8M | -153.9M | -106.9M | -16.2M | -18.2M | 948M |
| Dividends Paid | -52.3M | -46.2M | 0 | -500K | -2.1M | -5.1M |
| Share Repurchases | -321M | -105.5M | 0 | 0 | -320.9M | 0 |
| Stock Issued | 0 | 0 | 89.4M | 0 | 318.2M | 691.8M |
| Debt Issuance (Net) | 1000K | 0 | 0 | 0 | 0 | 1000K |
| Other Financing | -200K | -2.2M | -196.3M | -15.7M | -13.4M | -600K |
| Net Change in Cash | 301M | -17.5M | -443.8M | 931.9M | -762.5M | 787.6M |
| Exchange Rate Effect | 6.8M | -6M | 2.8M | -9.2M | -4.6M | 4.8M |
| Cash at Beginning | 946.6M | 964.1M | 1.41B | 476M | 1.24B | 450.9M |
| Cash at End | 1.25B | 946.6M | 964.1M | 1.41B | 476M | 1.24B |
| Free Cash Flow | -409.5M | 613.6M | 488.8M | 722.6M | 338.7M | 314.1M |
| FCF Growth % | -166.74% | 25.53% | -32.36% | 113.35% | 7.83% | - |
| FCF Margin % | -16.38% | 25.34% | 13.61% | 47.66% | 28.36% | 40.14% |
| FCF per Share | -3.84 | 5.31 | 4.28 | 3.63 | 1.69 | 1.68 |
Quick answers to the most common questions about buying FIHL stock.
Fidelis Insurance Holdings Limited (FIHL) generated $-408.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Fidelis Insurance Holdings Limited (FIHL) reported negative free cash flow of $409.5M in 2025, indicating capital requirements exceeded cash from operations.
Fidelis Insurance Holdings Limited (FIHL) spent $1.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Fidelis Insurance Holdings Limited (FIHL) returned $52.3M to shareholders via cash dividends and spent $321.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
MGU fee structure volatility
Volatile Underwriting Cash Flow Generation
As evidenced by quarterly filings, Fidelis Insurance Holdings Limited experienced extreme cash flow volatility, with operating cash flow swinging from a $433.1 million deficit in 2025Q1 to a $228.8 million surplus by 2025Q4, reflecting the unpredictable nature of claims payments relative to premium collection cycles.
The erratic nature of these cash flows suggests that the company's underwriting results are highly sensitive to the timing of large loss events, which may be exacerbated by the bifurcated MGU model. Investors should monitor whether this volatility is a structural byproduct of the specialty risk portfolio or a temporary consequence of the post-IPO operational transition.
Active Portfolio Rebalancing and Liquidity
Based on recent financial statements, the company has been aggressively rotating its investment portfolio, with 2025Q4 showing $546.8 million in purchases against $611.5 million in sales, indicating a strategic effort to capture higher yields in the current interest rate environment while maintaining necessary liquidity for claims.
This high level of portfolio turnover suggests that management is actively managing duration to mitigate interest rate risk while seeking to optimize investment income. The ability to generate significant cash from asset sales during periods of underwriting stress appears to be a critical liquidity buffer for the firm.
Claims Payment Lags Impacting Liquidity
According to reported figures, claims and loss payments reached a peak of $597.1 million in 2025Q1, which directly contributed to the significant operating cash flow deficit observed during that period, highlighting the company's exposure to lumpy loss settlement cycles within its specialty and reinsurance segments.
The lack of consistent claims payment patterns suggests that the company may face periodic liquidity pressure when large, non-recurring losses materialize. This dynamic warrants further investigation into whether the current reserve levels are sufficient to cover potential future volatility without requiring further liquidation of the investment portfolio.
Capital Return Sustainability Under Scrutiny
As reported in recent filings, Fidelis Insurance Holdings Limited returned $118.7 million via buybacks in 2025Q4, a significant increase from prior periods, which raises questions about the sustainability of capital returns given the underlying volatility in operating cash flow and the company's ongoing reinvestment needs.
While the low debt-to-equity ratio provides a cushion, the reliance on investment portfolio liquidation to fund these returns may indicate that underwriting cash flow alone is not yet sufficient to support aggressive shareholder distributions. Investors should remain cautious regarding the long-term impact of these buybacks on the company's overall solvency margin.