Kinsale exhibits strong cash conversion efficiency, consistently maintaining an OCF/NI ratio above 1.7x, which enabled $725.8 million in investment purchases during 2025Q4 to bolster future float.
| Cash from Operations | 1.06B | 1.04B | 976.3M | 859.84M | 557.82M | 407.04M | 279.97M | 178.36M | 103.98M | 77.4M | 73.74M | 78.7M | 80.07M |
| Operating CF Growth % | 28.87% | 6.91% | 13.55% | 54.14% | 37.04% | 45.39% | 56.97% | 71.53% | 34.34% | 4.96% | -6.3% | -1.71% | - |
| Operating CF / Revenue % | 55.43% | 55.7% | 61.5% | 70.22% | 66.5% | 62.29% | 60.88% | 56.46% | 46.81% | 41.44% | 52.07% | 97.65% | 125.74% |
| Net Income | 526.94M | 503.61M | 414.84M | 308.09M | 159.11M | 152.66M | 88.42M | 63.32M | 33.79M | 24.9M | 26.17M | 22.27M | 12.97M |
| Depreciation & Amortization | 5.83M | 5.83M | 5.8M | 3.27M | 2.72M | 2.31M | 1.57M | 682K | 631K | 515K | 636K | 642K | 570K |
| Stock-Based Compensation | 17.88M | 17.88M | 14.15M | 9.36M | 6.68M | 4.84M | 3.58M | 2.74M | 1.6M | 652K | 492K | 65K | 58K |
| Deferred Taxes | 343K | 343K | -3.83M | -9.43M | -14.19M | -576K | 616K | -125K | -3.23M | 1.06M | 561K | -879K | -2.23M |
| Other Non-Cash Items | 422.6M | -63.22M | -50.72M | -21.13M | 26.9M | -25.64M | -20.39M | -12.75M | 6.27M | -151K | -176K | -59K | -201K |
| Working Capital Changes | 0 | 579.29M | 596.06M | 569.67M | 376.6M | 273.45M | 206.18M | 124.49M | 64.92M | 50.42M | 46.06M | 56.66M | 68.9M |
| Cash from Investing | -855.68M | -922.21M | -960.13M | -860.89M | -708.57M | -351.95M | -379.43M | -230.79M | -106.54M | -42.43M | -88.14M | -80.05M | -82.57M |
| Capital Expenditures | -49.1M | -53.69M | -23.94M | -6.61M | -6.9M | -5.92M | -32.88M | -19.62M | -1.27M | -179K | -565K | -231K | -1.06M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -2.41B | -2.49B | -1.71B | -1.4B | -803.55M | -679.79M | -567.55M | -336.09M | -207.65M | -143.19M | -152.01M | -128.58M | -99.49M |
| Sale/Maturity of Investments | -263.24M | 0 | 778.15M | 489.45M | 178.5M | 333.75M | 215.92M | 124.92M | 102.38M | 100.94M | 64.44M | 48.76M | 17.98M |
| Other Investing | 1.87B | 1.63B | -312K | 59.92M | -76.62M | 0 | 5.08M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -125.91M | -71.38M | -29.66M | -28.52M | 185.99M | -11.14M | 76.14M | 77.75M | -4.1M | -3.97M | 40.61M | 1.93M | 10.24M |
| Dividends Paid | -17.6M | -15.78M | -13.94M | -12.95M | -11.93M | -10.02M | -8.07M | -6.93M | -5.91M | -5.04M | -2.1M | 0 | 0 |
| Share Repurchases | -142.53M | -90M | -17.05M | -4.28M | -3.29M | -2.1M | -1.8M | -617K | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 202K | 681K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 2M | 1000K | 0 | -1000K | 1000K | 0 | 1000K | 1000K | 0 | -9K | -1000K | 1000K | 1000K |
| Other Financing | -68.48M | -6.28M | 1.33M | 713K | 46.21M | 982K | 60.32M | 68M | 1.81M | 1.08M | 72.84M | 60K | -133K |
| Net Change in Cash | 81.24M | 50.15M | -13.48M | -29.58M | 35.23M | 43.95M | -23.32M | 25.32M | -6.66M | 31M | 26.21M | 586K | 7.74M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 163.36M | 113.21M | 126.69M | 156.27M | 121.04M | 77.09M | 100.41M | 75.09M | 81.75M | 50.75M | 24.54M | 23.96M | 16.22M |
| Cash at End | 223.26M | 163.36M | 113.21M | 126.69M | 156.27M | 121.04M | 77.09M | 100.41M | 75.09M | 81.75M | 50.75M | 24.54M | 23.96M |
| Free Cash Flow | 1.01B | 990.05M | 952.36M | 853.23M | 550.91M | 401.12M | 247.1M | 158.74M | 102.71M | 77.22M | 73.18M | 78.47M | 79.01M |
| FCF Growth % | 5.25% | 3.96% | 11.62% | 54.87% | 37.34% | 62.33% | 55.67% | 54.55% | 33.01% | 5.53% | -6.75% | -0.68% | - |
| FCF Margin % | 52.87% | 52.83% | 59.99% | 69.68% | 65.68% | 61.38% | 53.73% | 50.25% | 46.24% | 41.34% | 51.67% | 97.36% | 124.08% |
| FCF per Share | - | 42.57 | 40.82 | 36.61 | 23.82 | 17.39 | 10.81 | 7.17 | 4.74 | 3.59 | 3.47 | 3.74 | 3.77 |
Social inflation reserve volatility
According to quarterly financial data, Kinsale consistently maintains an OCF/NI ratio well above 1.7x, with a peak of 3.01 in 2024Q2, demonstrating that the company's underwriting operations generate substantial cash flow that significantly exceeds reported net income, effectively fueling its internal investment float expansion.
The persistent gap between net income and operating cash flow suggests that the company is successfully collecting premiums well in advance of claim settlements. This structural cash generation provides a significant liquidity buffer, allowing the firm to scale its underwriting footprint without relying on external financing.
As indicated by recent cash flow statements, Kinsale has aggressively deployed capital into investment purchases, reaching a high of $725.8 million in 2025Q4, which suggests a strategic effort to lock in higher yields while managing the liquidity requirements of its growing insurance float.
The significant volume of investment purchases relative to sales indicates that management is prioritizing the accumulation of interest-bearing assets to capitalize on the current rate environment. Investors should monitor whether this reinvestment pace remains sustainable if the underwriting cycle begins to soften or if claims payments accelerate.
Based on reported figures, claims payments reached $272.4 million in 2025Q3, reflecting an upward trend in cash outflows that appears to track with the company's expanding premium base and the inherent long-tail nature of its specialty casualty and property insurance risk portfolio.
The rising absolute level of claims payments is a natural consequence of growth, yet it necessitates careful scrutiny of the underlying loss development patterns. If cash outflows for claims begin to outpace premium growth, it may indicate that the company is facing pressure from social inflation or adverse loss trends.
Data from recent filings shows that Kinsale's capital return strategy remains secondary to growth, with share buybacks totaling $62.5 million in 2026Q1, a figure that remains modest relative to the company's robust operating cash flow and overall investment portfolio size.
The company appears to be utilizing its excess cash primarily to support underwriting growth and portfolio expansion rather than aggressive shareholder distributions. This approach suggests management maintains a high degree of confidence in the internal return on capital generated by its proprietary technology platform.
Quick answers to the most common questions about buying KNSL stock.
Kinsale Capital Group, Inc. (KNSL) generated $1.04B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kinsale Capital Group, Inc. (KNSL) generated $990.1M 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.
Kinsale Capital Group, Inc. (KNSL) spent $53.7M 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, Kinsale Capital Group, Inc. (KNSL) returned $15.8M to shareholders via cash dividends and spent $90.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.