Operating cash flow exhibits extreme inconsistency, highlighted by an OCF/NI ratio of 208.02 in 2025Q2, which suggests a significant disconnect between accounting earnings and actual cash generation.
| 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 |
|---|
| Cash from Operations | 237.08M | 210.21M | 111.5M | 7.51M | -31.8M | -56.3M | -91.32M | 1.63M | -59.31M | 94.42M | -35.79M | -59.95M | -133.73M | -92.7M | -50.59M | -26.43M | 38.46M | 50M | 46.38M | -273.72M | 54.69M | -31.73M |
| Operating CF Growth % | 675.03% | 88.52% | 1385.33% | 123.61% | 43.51% | 38.36% | -5699.2% | 102.75% | -162.81% | 363.84% | 40.3% | 55.18% | -44.27% | -83.22% | -91.43% | -168.72% | -23.08% | 7.81% | 116.94% | -600.52% | 272.35% | - |
| Operating CF / Revenue % | 33.56% | 30.19% | 17.21% | 1.19% | -6.66% | -9.87% | -19.07% | 0.33% | -24.32% | 14.62% | -6.08% | -48.72% | -27.87% | -12.13% | -9.28% | -6.56% | 9.85% | 11.93% | -414.97% | -217.77% | 63.48% | -108.46% |
| Net Income | 80.95M | 74.83M | 42.82M | 86.83M | 25.34M | 17.58M | 3.87M | -3.99M | -354.33M | -44.95M | 44.88M | -326.43M | 109.59M | 225.7M | 14.6M | 6.77M | 90.64M | 209.54M | -120.9M | 35.33M | 57M | 26.27M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 79K | 2.28M | 2.3M | 2.35M | 2.77M | 368K | 390K | 405K | 436K | 325K | 250K | 232K | 225K | 117K | 40K | 40K | 20K | 2K |
| Stock-Based Compensation | 8.23M | 7.09M | 4.46M | 6.14M | 4.68M | 3.23M | 2.48M | 3.88M | 4.62M | 4.85M | 3.97M | 4.27M | 3.96M | 3.67M | 3.69M | 2.92M | 4.09M | 3.41M | 3M | 2.88M | 2.86M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -21.12M | 0 | 1.77M | 0 | 114.78M | -28.28M | -351.86M | -158.19M | -64.28M | 0 | -85.83M | -38.51M | -31.23M | -101.42M | 0 | 0 |
| Other Non-Cash Items | 99.17M | -24.76M | -31.8M | -30.89M | -58.59M | -51.81M | -750K | -40.72M | 328.72M | -40.3M | -206.02M | 269.68M | 176.37M | -151.12M | -63.62M | -55.34M | -44.07M | -191.59M | 151.06M | -36.93M | 12.21M | -61.78M |
| Working Capital Changes | 48.73M | 153.05M | 96.03M | -54.57M | -3.31M | -27.57M | -78.1M | 40.1M | -42.86M | 174.45M | 6.22M | 20.41M | -72.23M | -13.09M | 58.77M | 18.99M | 73.4M | 67.03M | 44.41M | -173.62M | -17.41M | 3.78M |
| Cash from Investing | -199.26M | -149.17M | -96.56M | -53.13M | 47.02M | 23.09M | 95.63M | 63.33M | -845.26M | -106.53M | -30.43M | 177.69M | 142.04M | 74.02M | 29.88M | 23.16M | -24.67M | -112.73M | -14.13M | 0 | -162K | -40K |
| Capital Expenditures | -252K | 0 | 0 | 0 | -107.25M | -1.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.04M | 0 | -460K | 0 | -1.48M | 0 | 0 | -200K | -40K |
| Acquisitions | 0 | 0 | 0 | 0 | 60.24M | 1.23M | 0 | -1.28M | -13.65M | 2.08M | -7.76M | 0 | -9.5M | -10.76M | -7.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -246.76M | -165.43M | 0 | -7.14M | -78.35M | -119.6M | -82.59M | -50.14M | -800.47M | -1.15B | -1.37B | -1.28B | -1.62B | -995.19M | -901.17M | -1.68B | -1.07B | -1.24B | -1.57B | 0 | 0 | 0 |
| Sale/Maturity of Investments | 13.55M | 2.7M | 0 | 0 | 125.36M | 136.59M | 158.35M | 114.08M | 1.14B | 1.12B | 1.49B | 1.4B | 1.84B | 1.02B | 942.76M | 1.71B | 1.14B | 1.47B | 1.4B | 0 | 0 | 0 |
| Other Investing | 34.2M | 13.56M | -96.56M | -46M | 47.02M | 6.1M | 19.87M | 671K | -1.17B | -82.8M | -141.97M | 61.26M | -67.25M | 57.37M | -3.96M | -8.03M | -94.31M | -340.96M | 151.65M | 0 | 38K | 0 |
| Cash from Financing | -69.19M | -65.14M | -21.24M | -5.29M | -19.83M | -10M | -17.78M | 0 | 80.07M | -2.82M | 0 | -17.61M | 0 | 513K | 318K | 8K | 32K | 304K | -2.3M | 255.21M | 20.96M | 8.32M |
| Dividends Paid | 0 | 0 | -42.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -7M | -9.82M | -7.49M | 0 | -35K | -10M | -17.78M | 0 | -16.5M | -2.82M | 0 | -17.69M | 0 | 0 | 0 | 0 | 0 | 0 | -2.33M | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8K | 0 | 28K | 17K | 255.71M | 4.27M | 0 |
| Debt Issuance (Net) | -1.94M | -1000K | -1000K | -1000K | -1000K | 0 | 0 | 0 | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1000K |
| Other Financing | -37.81M | 0 | 42.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 83K | 0 | 513K | 318K | 0 | 32K | 276K | 21K | -500K | 16.69M | 0 |
| Net Change in Cash | -32.52M | -5.36M | -6.64M | -50.82M | -4.55M | -43.2M | -13.6M | 64.67M | -827.87M | -12.57M | -72.3M | 100.13M | 8.31M | -18.17M | -20.39M | -3.26M | 13.82M | -62.43M | 29.95M | -18.51M | 75.49M | -23.45M |
| Exchange Rate Effect | -1.15M | -1.26M | -345K | 100K | 59K | 0 | -122K | -290K | -3.37M | 2.36M | -6.08M | -2.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 643.73M | 649.09M | 655.73M | 706.55M | 711.1M | 754.31M | 767.91M | 703.23M | 1.53B | 39.86M | 112.16M | 12.03M | 3.72M | 21.89M | 42.28M | 45.54M | 31.72M | 94.14M | 64.19M | 82.7M | 7.22M | 30.66M |
| Cash at End | 610.24M | 643.73M | 649.09M | 655.73M | 706.55M | 711.1M | 754.31M | 767.91M | 703.23M | 27.29M | 39.86M | 112.16M | 12.03M | 3.72M | 21.89M | 42.28M | 45.54M | 31.72M | 94.14M | 64.19M | 82.7M | 7.22M |
| Free Cash Flow | 237.08M | 210.21M | 111.5M | 7.51M | -139.05M | -57.53M | -91.32M | 1.63M | -59.31M | 94.42M | -35.79M | -59.95M | -133.73M | -93.74M | -50.59M | -26.89M | 38.46M | 48.52M | 46.38M | -273.72M | 54.49M | -31.77M |
| FCF Growth % | 128.13% | 88.52% | 1385.33% | 105.4% | -141.72% | 37.01% | -5699.2% | 102.75% | -162.81% | 363.84% | 40.3% | 55.18% | -42.67% | -85.28% | -88.16% | -169.91% | -20.74% | 4.62% | 116.94% | -602.35% | 271.5% | - |
| FCF Margin % | 33.56% | 30.19% | 17.21% | 1.19% | -29.11% | -10.08% | -19.07% | 0.33% | -24.32% | 14.62% | -6.08% | -48.72% | -27.87% | -12.26% | -9.28% | -6.67% | 9.85% | 11.58% | -414.97% | -217.77% | 63.25% | -108.59% |
| FCF per Share | 6.94 | 6.09 | 3.22 | 0.22 | -3.5 | -1.67 | -2.52 | 0.05 | -1.65 | 2.55 | -0.96 | -1.63 | -3.53 | -2.49 | -1.35 | -0.72 | 1.03 | 1.32 | 1.29 | -8.88 | 2.54 | -1.5 |
Investment portfolio volatility concentration
According to quarterly financial data, GLRE's operating cash flow exhibits significant inconsistency, ranging from a low of $10.4 million in 2025Q1 to a peak of $100.2 million in 2025Q4, highlighting the inherent difficulty in maintaining stable premium-to-claim cash generation within the current reinsurance underwriting environment.
The wide variance in operating cash flow suggests that the company's underwriting cycle is highly sensitive to the timing of large loss events rather than a steady stream of premium inflows. Investors should monitor whether the recent spike in 2025Q4 cash generation represents a sustainable improvement in underwriting discipline or merely a temporary lull in claims activity.
As reported in recent filings, the company's investment activity shows a pattern of aggressive capital deployment, such as the $111.3 million purchase in 2026Q1, which contrasts sharply with the $109.7 million liquidation observed in 2024Q4, indicating a highly active and potentially volatile approach to managing the investment float.
This erratic pattern of purchases and sales suggests that the investment manager is frequently rotating the portfolio to capture market alpha, which may introduce liquidity risks during periods of market stress. The lack of a consistent net investment cash flow trend warrants further investigation into how these portfolio shifts impact the company's ability to meet long-term claim obligations.
Based on the provided financial statements, claims payments have fluctuated significantly, reaching as high as $169.8 million in 2025Q1, which suggests that the company faces substantial cash outflows that are not always synchronized with the timing of premium collections or the recognition of underwriting income.
The disparity between reported net income and actual cash outflows for claims indicates that the company's cash position is heavily influenced by the settlement timing of long-tail casualty lines. This mismatch may imply that current cash reserves are being pressured by older accident years, necessitating a closer look at the adequacy of IBNR reserves.
As evidenced by the OCF/NI ratio, which reached an extreme of 208.02 in 2025Q2, there is a clear disconnect between accounting net income and actual cash generation, suggesting that non-cash accruals and mark-to-market investment adjustments significantly distort the company's reported profitability metrics in any given quarter.
The extreme volatility in the OCF/NI ratio implies that investors should prioritize cash flow analysis over headline earnings to understand the company's true liquidity position. This divergence appears to be driven by the hedge-fund-managed investment portfolio, which creates accounting noise that masks the underlying cash-generating capacity of the insurance operations.
Quick answers to the most common questions about buying GLRE stock.
Greenlight Capital Re, Ltd. (GLRE) generated $210.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Greenlight Capital Re, Ltd. (GLRE) generated $210.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Greenlight Capital Re, Ltd. (GLRE) spent $0.0M 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, Greenlight Capital Re, Ltd. (GLRE) spent $9.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.