Latest Ratios: P/E Ratio -1.6x · EV/EBITDA N/A · ROE -21.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $225M | $367M | $594M | $752M | $809M | $747M | $710M | $991M | $803M | $725M | $1.0B |
| Enterprise Value | $274M | $416M | $697M | $4.2B | $4.5B | $7.2B | $7.9B | $8.3B | $8.9B | $13.3B | $13.2B |
| P/E Ratio → | -1.60 | — | — | 91.56 | 1.54 | — | — | — | 4.32 | — | 13.72 |
| P/S Ratio | 0.70 | 1.46 | 2.52 | 6.03 | 15.10 | 3.02 | 4.55 | 2.00 | 1.58 | 1.18 | 2.05 |
| P/B Ratio | 0.22 | 0.34 | 0.50 | 0.53 | 0.61 | 0.67 | 0.62 | 0.64 | 0.49 | 0.44 | 0.52 |
| P/FCF | — | — | 779.75 | 3.76 | 11.50 | — | — | — | — | — | 1.22 |
| P/OCF | — | — | 779.75 | 3.76 | 11.50 | — | — | — | — | — | 1.22 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.66 | 2.96 | 33.74 | 84.41 | 29.05 | 50.78 | 16.82 | 17.59 | 21.52 | 26.31 |
| EV / EBITDA | — | — | — | — | — | 128.14 | — | 74.49 | 23.40 | — | 47.03 |
| EV / EBIT | — | — | — | — | — | 37.97 | — | 97.01 | 17.35 | — | 57.58 |
| EV / FCF | — | — | 914.56 | 21.04 | 64.31 | — | — | — | — | — | 15.66 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 81.2% | 81.2% | 41.8% | 38.5% | 45.4% | 129.1% | -44.2% | 97.4% | 143.9% | 16.7% | 102.3% |
| Operating Margin | -40.2% | -40.2% | -25.4% | -19.4% | -66.6% | -0.4% | -282.1% | -36.9% | 53.9% | -46.3% | 20.9% |
| Net Profit Margin | -95.9% | -95.9% | -236.0% | 2.9% | 972.3% | -6.9% | -280.1% | -43.5% | 52.6% | -53.4% | 14.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -21.1% | -21.1% | -42.4% | 0.3% | 42.7% | -1.5% | -32.6% | -13.6% | 16.3% | -18.2% | 3.8% |
| ROA | -4.7% | -4.7% | -6.8% | 0.0% | 5.1% | -0.1% | -3.3% | -1.5% | 1.4% | -1.4% | 0.3% |
| ROIC | -6.2% | -6.2% | -1.5% | -0.4% | -0.4% | -0.0% | -3.8% | -1.5% | 1.7% | -1.5% | 0.6% |
| ROCE | -2.2% | -2.2% | -0.7% | -0.3% | -0.4% | -0.0% | -3.3% | -1.3% | 1.5% | -1.2% | 0.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.11 | 0.11 | 0.13 | 2.43 | 2.83 | 5.78 | 6.31 | 4.80 | 5.02 | 7.99 | 6.20 |
| Debt / EBITDA | — | — | — | — | — | 115.11 | — | 65.86 | 21.46 | — | 43.69 |
| Net Debt / Equity | — | 0.05 | 0.09 | 2.41 | 2.80 | 5.76 | 6.29 | 4.78 | 4.98 | 7.61 | 6.16 |
| Net Debt / EBITDA | — | — | — | — | — | 114.80 | — | 65.64 | 21.29 | — | 43.37 |
| Debt / FCF | — | — | 134.81 | 17.28 | 52.81 | — | — | — | — | — | 14.44 |
| Interest Coverage | -4.42 | -4.42 | -5.38 | — | -0.21 | 1.01 | -0.98 | 0.32 | 2.13 | -1.37 | 1.84 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.19 | 1.19 | 4.37 | — | 66.69 | 130.97 | — | 197.79 | 185.67 | 31.18 | 12.27 |
| Quick Ratio | 1.19 | 1.19 | 4.37 | — | 111.90 | 228.30 | — | 336.55 | 185.67 | 31.18 | 12.27 |
| Cash Ratio | 0.37 | 0.37 | 1.61 | — | 49.54 | 56.12 | — | 112.21 | 109.66 | 154.01 | 142.87 |
| Asset Turnover | — | 0.11 | 0.03 | 0.01 | 0.01 | 0.02 | 0.01 | 0.04 | 0.03 | 0.03 | 0.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 868.43 | 648.21 | 644.71 | 4459.36 | 3650.00 | 5987.40 | 1818.38 | 1794.82 | 759.33 | 1002.49 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 1.1% | 64.9% | — | — | — | 23.1% | — | 7.3% |
| FCF Yield | — | — | 0.1% | 26.6% | 8.7% | — | — | — | — | — | 82.0% |
| Buyback Yield | 13.3% | 8.2% | 2.0% | 0.7% | 1.8% | 0.8% | 0.4% | 0.3% | 0.1% | 0.1% | 0.0% |
| Total Shareholder Yield | 13.3% | 8.2% | 2.0% | 0.7% | 1.8% | 0.8% | 0.4% | 0.3% | 0.1% | 0.1% | 0.0% |
| Shares Outstanding | — | $47M | $47M | $46M | $46M | $47M | $46M | $46M | $47M | $45M | $46M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying OSG stock.
Octave Specialty Group, Inc.'s current P/E ratio is -1.6x. The historical average is 19.1x.
Octave Specialty Group, Inc.'s return on equity (ROE) is -21.1%. The historical average is 2.4%.
Based on historical data, Octave Specialty Group, Inc. is trading at a P/E of -1.6x. Compare with industry peers and growth rates for a complete picture.
Octave Specialty Group, Inc. has 81.2% gross margin and -40.2% operating margin.
Key Metrics
Top Statement Risk
Legacy liability runoff volatility
Metrics are mathematically derived from official filings.
Complexity Discount Masks Intrinsic Value
According to recent market data, Ambac trades at a P/B of 0.24, a valuation level that suggests investors are heavily discounting the company due to its legacy liabilities rather than pricing the potential growth of its emerging specialty insurance and MGA distribution platforms.
The current P/B multiple reflects a deep skepticism regarding the company's ability to successfully transition away from its legacy financial guarantee roots. This valuation appears to treat the firm as a distressed runoff entity, potentially ignoring the optionality provided by its NOL carryforwards and the fee-based revenue streams within the Cirrata segment.
Combined Ratio Reflects Persistent Drag
As reported in financial statements, the combined ratio reached 148.2% in 2025Q3, indicating that underwriting expenses and loss costs continue to significantly exceed premium income as the company struggles to achieve profitability within its specialty P&C and legacy financial guarantee segments.
The trajectory of the combined ratio, which has remained consistently above the 100% threshold, suggests that the company has yet to achieve the scale necessary to absorb its fixed cost base. Investors should monitor whether the expense ratio can be compressed as the MGA platform matures, or if legacy administrative burdens will continue to impair underwriting margins.
Negative ROE Driven by Runoff
Based on quarterly data, Ambac recorded a negative ROE of -9.5% in 2025Q3, highlighting the ongoing difficulty in generating positive returns on equity while the company remains tethered to the capital-intensive and volatile legacy financial guarantee portfolio.
The lack of positive ROE suggests that the investment income generated on float is insufficient to offset the underwriting losses and high administrative costs associated with legacy litigation. This performance warrants further investigation into whether the specialty segments can eventually generate enough earnings to overcome the structural drag of the legacy balance sheet.
Misapplied Metrics Obscure Operational Reality
According to recent institutional research, the P/E ratio is the most commonly misapplied metric for Ambac, as it fails to account for the massive, non-cash swings in net income caused by fair value adjustments and the valuation allowance on the company's significant NOL carryforwards.
Using P/E to value a company in the midst of a complex structural transition from a legacy monoline to a specialty insurer is fundamentally flawed due to the volatility of GAAP earnings. Analysts should instead focus on Adjusted Book Value and fee-based revenue growth to better assess the underlying economic trajectory of the firm.