The company's capital position has faced significant pressure, with total assets contracting from $9.3 billion in 2024Q3 to $2.1 billion in 2025Q3, signaling substantial structural downsizing.
Octave Specialty Group, Inc. (OSG) balance sheet — 30-year assets, liabilities & shareholders' equity history
| 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 |
|---|
| Total Current Assets | 307.87M | 1.08B | 898.99M | 0 | 2.6B | 4.32B | 0 | 5.74B | 6.11B | 1.18B | 521.81M | 261.53B | 433.97B | 348.49M | 705.5M | 799.07M | 718.29M | 1.08B | 1.56B | 1B | 343.63M | 500.33M | 71.41M | 282.29M | 433.52M | 506.86M | 308.63M | 1.01B | 970.78M | 439.04M | 172.01M |
| Cash & Short-Term Investments | 295.75M | 337.18M | 331.9M | 354.96M | 1.93B | 1.85B | 2.83B | 3.25B | 493.42M | 1.18B | 521.81M | 5.31B | 5.16B | 6.23B | 6.11B | 799.07M | 718.29M | 1.08B | 1.56B | 1B | 343.63M | 500.33M | 541.18M | 274.83M | 421.58M | 491.58M | 298.95M | 234.48M | 127.77M | 145.53M | 120.25M |
| Cash Only | 79.1M | 68.44M | 47.27M | 19.22M | 30M | 17M | 20M | 24M | 63.09M | 623.7M | 91.03M | 35.74M | 73.9M | 77.37M | 43.84M | 16M | 9.5M | 113.23M | 107.81M | 123.93M | 31.87M | 28.3M | 19.96M | 24.45M | 25.82M | 76.58M | 45.43M | 13.59M | 8.24M | 9.26M | 7.73M |
| Short-Term Investments | 216.65M | 268.74M | 284.62M | 335.73M | 1.9B | 1.83B | 2.81B | 3.23B | 3.55B | 5.21B | 5.99B | 5.27B | 5.09B | 6.16B | 6.06B | 783.07M | 708.8M | 962.01M | 1.45B | 879.07M | 311.76M | 472.03M | 521.23M | 250.38M | 395.76M | 415M | 253.52M | 220.9M | 119.53M | 136.28M | 112.51M |
| Accounts Receivable | 195.17M | 597.73M | 418.79M | 220.31M | 655M | 2.47B | 2.56B | 2.47B | 2.5B | 1.28B | 1.38B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | 582.58 | 868.43 | 648.21 | 644.71 | 4.46K | 3.65K | 5.99K | 1.82K | 1.79K | 759.33 | 1K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | -1.76B | -3.21B | 0 | -4.02B | 0 | 0 | 0 | 251.33B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | -331.29M | 0 | 0 | -685.67M | 1.65B | 3.12B | -5.46B | 3.95B | 3.12B | -1.28B | -1.38B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 981.75M | 1.14B | 7.16B | 0 | 4.32B | 5.7B | 0 | 6.78B | 7B | 846.97M | 962.08M | 1.21T | 1.93T | 2.11B | 8.33B | 6.88B | 8.76B | 9.23B | 10.28B | 18.38B | 263.48M | 257.99M | 14.68M | 13.77B | 12.54B | 10.29B | 8.32B | 8.96B | 8.74B | 6.91B | 5.2B |
| Property, Plant & Equipment | 0 | 0 | 18.11M | 0 | 21M | 23M | 25M | 25M | 6.79B | -285.09M | -523.66M | -631.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | 13.02x | - | 2.55x | 10.74x | 6.24x | 19.84x | 0.07x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 534.3M | 540.35M | 418.23M | 69.69M | 61M | 46M | 46M | 0 | 0 | 0 | 0 | 0 | 514.51M | 514.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 447.45M | 484.73M | 344.77M | 61.4M | 326M | 362M | 409M | 427M | 718.93M | 846.97M | 962.08M | 1.21B | 1.41B | 1.67B | 199.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 103.26M | 24.97M | 28.29M | 0 | 3.93B | 5.6B | 0 | 6.35B | 0 | 0 | 0 | 7.86B | 7.83B | 8.63B | 8.33B | 6.88B | 8.76B | 9.23B | 10.28B | 18.38B | 17.42B | 15.97B | 14.76B | 13.77B | 12.54B | 10.29B | 8.32B | 8.96B | 8.74B | 6.91B | 5.2B |
| Other Non-Current Assets | -25.02M | 92M | 6.35B | -131.1M | -4.32B | -6.01B | -480M | -176M | -718.93M | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 2.28B | 2.22B | 8.06B | 8.43B | 7.97B | 12.3B | 13.22B | 13.32B | 14.59B | 23.19B | 22.64B | 23.73B | 25.16B | 27.11B | 27.01B | 27.11B | 29.05B | 18.89B | 16.95B | 23.57B | 20.27B | 19.73B | 18.59B | 16.75B | 15.36B | 12.27B | 10.12B | 11.35B | 11.21B | 8.25B | 5.88B |
| Asset Turnover | 0.14x | 0.11x | 0.03x | 0.01x | 0.01x | 0.02x | 0.01x | 0.04x | 0.03x | 0.03x | 0.02x | 0.03x | 0.02x | 0.03x | 0.03x | 0.01x | 0.01x | 0.21x | -0.16x | -0.18x | 0.09x | 0.08x | 0.08x | 0.08x | 0.06x | 0.08x | 0.09x | 0.05x | 0.04x | 0.05x | 0.08x |
| Asset Growth % | -294.97% | -72.41% | -4.39% | 5.71% | -35.19% | -6.94% | -0.75% | -8.7% | -37.1% | 2.46% | - | -5.69% | -7.18% | 0.37% | -0.39% | -6.66% | 53.8% | 11.42% | -28.07% | 16.27% | 2.75% | 6.13% | 10.97% | 9.06% | 25.17% | 21.22% | -10.8% | 1.18% | 35.91% | 40.4% | 10.67% |
| Total Current Liabilities | 982.39M | 909.84M | 205.56M | 0 | 39M | 33M | 0 | 29M | 32.91M | 37.88M | 42.53M | 53.49M | 60.44M | 85.42M | 94.53M | 117.22M | 141.45M | 293.92M | 25.85M | 97.83M | 49.92M | 16.73M | 7.1B | 7.09B | 7.38B | 8.74B | 7.1B | 8.9B | 8.69B | 6.2B | 4.04B |
| Accounts Payable | 93.35M | 80.56M | 53M | 29.67M | 39M | 33M | 27M | 29M | 33M | 37.88M | 42.53M | 53.49M | 60.44M | 70.96M | 94.53M | 117.22M | 141.45M | 293.92M | 25.85M | 33.08M | 116.06M | 35.39M | 18.25M | 18.21M | 95.08M | 73.06M | 14.83M | 268.7M | 262.42M | 75.17M | 57.69M |
| Days Payables Outstanding | 594.67 | 623.07 | 141.04 | 141.11 | 486.72 | -167.29 | 43.8 | 814.23 | -54.01 | 26.95 | -1.35K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 150M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.36B | 7.25B | 7.08B | 7.08B | 7.28B | 5.51B | 4.89B | 6.14B | 5.96B | 4.32B | 0 |
| Deferred Revenue (Current) | 582.99M | 187.18M | 0 | 0 | -631M | -757M | 0 | -506M | 0 | 0 | -39.83M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 760.82M | 525.21M | 419.2M | -36.6M | 204M | 181M | -544M | 64M | -377.09M | -439.5M | -398.37M | -97.16M | -66.9M | -76.35M | -423.78M | -386.59M | -229.12M | -344.52M | -94.66M | -146.52M | -8.53B | -7.39B | -7.17B | -7.21B | -7.5B | -5.77B | -5.02B | -7.35B | -7.14B | -4.74B | -151.03M |
| Current Ratio | 0.31x | 1.19x | 4.37x | - | 66.69x | 130.97x | - | 197.79x | 185.67x | 31.18x | 12.27x | 4889.02x | 7180.62x | 4.08x | 7.46x | 6.82x | 5.08x | 3.66x | 60.42x | 10.25x | 6.88x | 29.91x | 0.01x | 0.04x | 0.06x | 0.06x | 0.04x | 0.11x | 0.11x | 0.07x | 0.04x |
| Quick Ratio | 0.31x | 1.19x | 4.37x | - | 111.90x | 228.30x | - | 336.55x | 185.67x | 31.18x | 12.27x | 190.68x | 7180.62x | 4.08x | 7.46x | 6.82x | 5.08x | 3.66x | 60.42x | 10.25x | 6.88x | 29.91x | 0.01x | 0.04x | 0.06x | 0.06x | 0.04x | 0.11x | 0.11x | 0.07x | 0.04x |
| Cash Conversion Cycle | -12.09 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 621.59M | 227.31M | 6.66B | 7B | 6.65B | 6.45B | 12.07B | 7.41B | 2.93B | 21.55B | 20.66B | 1.12T | 971.12B | 963.18M | 150.17M | 223.6M | 208.26M | 4.64B | 1.87B | 21.19B | 14.03B | 14.34B | 2.08B | 962.83M | 802.36M | 619M | 424M | 424M | 424M | 224M | 224M |
| Long-Term Debt | 155.46M | 117.56M | 0 | 3.48B | 3.75B | 6.45B | 7.23B | 7.38B | 8.2B | 13.15B | 12.27B | 13.45B | 13.85B | 15.05B | 150.17M | 14.51B | 16.31B | 4.64B | 1.87B | 1.67B | 991.8M | 2.23B | 791.8M | 791.8M | 0 | 619.32M | 424.06M | 424M | 423.93M | 223.86M | 223.8M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 25M | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 253.49M | 65.22M | 70.14M | 0 | 0 | 0 | 24M | 32M | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | 407.28M | 44.53M | 6.59B | 7B | 2.9B | 131M | 4.84B | 0 | -5.27B | 8.39B | 8.39B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 1.27B | 1.14B | 6.86B | 7B | 6.65B | 11.19B | 12.07B | 11.78B | 12.96B | 21.55B | 20.66B | 21.77B | 23.49B | 26.13B | 30.25B | 30.26B | 30.4B | 20.52B | 20.03B | 21.29B | 14.08B | 14.35B | 13.56B | 12.49B | 11.73B | 9.28B | 7.52B | 9.33B | 9.12B | 6.38B | 4.26B |
| Total Debt | 155.46M | 117.56M | 150M | 3.48B | 3.75B | 6.45B | 7.23B | 7.38B | 8.2B | 13.15B | 12.27B | 13.45B | 13.85B | 15.05B | 15.59B | 14.51B | 16.31B | 4.64B | 1.87B | 10.38B | 9.35B | 9.49B | 8.95B | 7.87B | 7.9B | 6.13B | 5.32B | 6.56B | 6.38B | 4.54B | 223.8M |
| Net Debt | 76.36M | 49.12M | 102.72M | 3.46B | 3.72B | 6.43B | 7.21B | 7.35B | 8.13B | 12.53B | 12.18B | 13.42B | 13.78B | 14.98B | 15.54B | 14.5B | 16.3B | 4.53B | 1.76B | 10.25B | 9.32B | 9.46B | 8.93B | 7.84B | 7.87B | 6.05B | 5.27B | 6.55B | 6.37B | 4.54B | 216.06M |
| Debt / Equity | 0.15x | 0.11x | 0.13x | 2.43x | 2.83x | 5.78x | 6.31x | 4.80x | 5.02x | 7.99x | 6.20x | 6.87x | 8.28x | 15.39x | - | - | - | - | - | 4.55x | 1.51x | 1.77x | 1.78x | 1.85x | 2.18x | 2.05x | 2.05x | 3.25x | 3.04x | 2.43x | 0.14x |
| Debt / EBITDA | -5.11x | - | - | - | - | 115.11x | - | 65.86x | 21.46x | - | 43.69x | 19.70x | 21.36x | - | - | - | - | 6.37x | - | - | 7.71x | 9.26x | 8.94x | 6.34x | 13.33x | 10.75x | 6.13x | 14.70x | 17.02x | 14.28x | 0.57x |
| Net Debt / EBITDA | -2.51x | - | - | - | - | 114.80x | - | 65.64x | 21.29x | - | 43.37x | 19.65x | 21.24x | - | - | - | - | 6.22x | - | - | 7.68x | 9.23x | 8.92x | 6.32x | 13.29x | 10.61x | 6.08x | 14.67x | 16.99x | 14.25x | 0.55x |
| Interest Coverage | -5.25x | -4.42x | -5.38x | - | -0.21x | 1.01x | -0.98x | 0.32x | 2.13x | -1.37x | 1.84x | 4.38x | 3.87x | -2.28x | -2.28x | -14.70x | -4.15x | 4.71x | -15.49x | -10.08x | 2.78x | 3.47x | 4.49x | 4.87x | 2.11x | 2.11x | 23.39x | 12.27x | 11.51x | 15.01x | 18.89x |
| Total Equity | 1.02B | 1.09B | 1.2B | 1.43B | 1.32B | 1.12B | 1.15B | 1.54B | 1.63B | 1.65B | 1.98B | 1.96B | 1.67B | 978.42M | -3.25B | -3.15B | -1.35B | -1.63B | -3.08B | 2.28B | 6.18B | 5.37B | 5.02B | 4.25B | 3.63B | 2.98B | 2.6B | 2.02B | 2.1B | 1.87B | 1.62B |
| Equity Growth % | -79.62% | -9.15% | -16.5% | 8.05% | 18.73% | -2.7% | -25.37% | -5.89% | -0.74% | -16.82% | - | 17% | 71.06% | 130.13% | -3.09% | -132.57% | 17.1% | 47% | -235.2% | -63.13% | 15.11% | 6.92% | 18.1% | 17.36% | 21.5% | 14.93% | 28.62% | -3.7% | 11.94% | 15.94% | 15.03% |
| Book Value per Share | 22.39 | 23.02 | 25.45 | 31.37 | 28.55 | 23.98 | 24.86 | 33.45 | 35.08 | 36.26 | 43.26 | 42.57 | 35.66 | 20.85 | -34.47 | -33.44 | -14.38 | -17.34 | -32.72 | 22.15 | 57.51 | 49.11 | 45.28 | 38.91 | 33.27 | 27.36 | 24.17 | 18.83 | 19.56 | 17.85 | 15.26 |
| Total Shareholders' Equity | 698.75M | 715.79M | 856.91M | 1.36B | 1.25B | 1.04B | 1.08B | 1.48B | 1.59B | 1.38B | 1.71B | 1.68B | 1.4B | 702.98M | -3.91B | -3.81B | -2.01B | -2.29B | -3.78B | 2.28B | 6.18B | 5.37B | 5.02B | 4.25B | 3.63B | 2.98B | 2.6B | 2.02B | 2.1B | 1.87B | 1.62B |
| Common Stock | 489K | 489K | 489K | 467K | 0 | 0 | 0 | 0 | 454K | 453K | 452K | 450K | 450K | 450K | 3.08M | 3.08M | 3.08M | 2.94M | 2.94M | 1.09M | 1.09M | 1.09M | 1.09M | 1.07M | 1.06M | 1.06M | 1.06M | 707K | 707K | 707K | 353K |
| Retained Earnings | 348.47M | 370.43M | 742.18M | 1.25B | 1.25B | 726M | 759M | 1.2B | 1.42B | 1.23B | 1.56B | 1.48B | 989.29M | 505.22M | -6.3B | -6.04B | -4.04B | -3.88B | -3.55B | 2.11B | 5.45B | 4.69B | 4.03B | 3.38B | 2.82B | 2.4B | 2.04B | 1.71B | 1.45B | 1.26B | 1.07B |
| Treasury Stock | -33.06M | -33.47M | -28.34M | -16.57M | -15M | -3M | -1M | 0 | -473K | -471K | -496K | -118K | -56K | -19K | -410.75M | -411.42M | -448.54M | -560.54M | -594.32M | -646.79M | -259.22M | -247.58M | 0 | 0 | -11.88M | -21.46M | -18.87M | -33.2M | -33.1M | -26.3M | -15.07M |
| Accumulated OCI | 3.29M | 8.48M | -188.44M | -160.05M | -253M | 58M | 79M | 42M | -48.72M | -52.24M | -38.99M | 15.21M | 220.28M | 11.66M | 625.38M | 463.26M | 291.77M | -24.83M | -1.67B | -22.14M | 197.58M | 202.31M | 296.81M | 266.92M | 265.43M | 62.48M | 45.15M | -187.54M | 159.31M | 135.22M | 58.91M |
| Minority Interest | 316.62M | 370.38M | 338.62M | 70.04M | 73M | 78M | 67M | 60M | 41.15M | 264.11M | 264.11M | 273.55M | 274.63M | 275.44M | 660.56M | 663.44M | 654.31M | 654.14M | 700M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying OSG stock.
As of 2025, Octave Specialty Group, Inc. (OSG) had total assets of $2.22B including $1.08B in current assets.
Octave Specialty Group, Inc. (OSG) carries total debt of $117.6M, offset by $337.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Octave Specialty Group, Inc. (OSG) has total shareholders' equity (book value) of $715.8M ($23.02 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Octave Specialty Group, Inc. (OSG) reported a current ratio of 1.19x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Legacy liability runoff volatility
Metrics are mathematically derived from official filings.
Equity Erosion Amid Structural Transition
As reported in recent financial statements, Ambac's equity base has contracted significantly from $1.5 billion in 2024Q3 to $843.4 million by 2025Q3, signaling that the ongoing transition toward a specialty insurance model is consuming capital faster than the legacy runoff can replenish it.
The sharp decline in shareholder equity suggests that the company is struggling to maintain its capital buffer while simultaneously funding the growth of its MGA and specialty P&C segments. Investors should monitor whether this trajectory indicates a permanent impairment of book value or merely a temporary phase of aggressive investment in new distribution channels.
Reserve Volatility Reflects Legacy Exposure
Based on quarterly data, claims and loss reserves have remained a persistent drag on the balance sheet, with $29.0 million in payments recorded in 2025Q3, illustrating the unpredictable nature of the legacy financial guarantee portfolio that continues to dominate the company's liability profile.
The fluctuation in loss reserves suggests that the company remains highly susceptible to adverse developments in its legacy RMBS and municipal bond exposures. This volatility complicates the assessment of the underlying underwriting performance of the newer Everspan segment, as legacy claims continue to obscure the true economic health of the firm.
Capital Adequacy Under Regulatory Pressure
According to recent SEC filings, the company's total assets dropped from $9.3 billion in 2024Q3 to $2.1 billion in 2025Q3, a massive shift that warrants further investigation into the regulatory constraints imposed by the Wisconsin OCI on capital upstreaming from the legacy subsidiary.
The dramatic reduction in total assets appears to reflect the aggressive de-risking of the legacy balance sheet, yet the concurrent decline in equity suggests that this process is not yet accretive to shareholders. The company's ability to deploy capital into its growth segments remains heavily dependent on the successful resolution of these legacy liabilities.
Legacy Liabilities Obscure Growth Potential
As indicated by the persistent negative ROE of -9.5% in 2025Q3, the company's balance sheet remains fundamentally tethered to legacy risks, which may be masking the potential value of the Cirrata MGA platform as noted in recent institutional research.
The primary risk to the balance sheet is not the growth of the new segments, but the potential for legacy litigation and claims to exceed current reserve estimates. Investors should be cautious, as the current valuation may be overly optimistic regarding the speed at which the company can fully ring-fence its historical liabilities.