Underwriting profitability remains elusive, with the company reporting an operating margin of -134.38% and a combined ratio that peaked at 180.7% in 2025Q4.
| 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 |
|---|
| Revenue | 2.51M | 2.58M | 546K | -7.05M | 850K | 10.22M | 1.21M | 981K | 3.8M | 23.84M | 19.06M | 6.38M | 5.56M | 1.48M |
| Revenue Growth % | 84.01% | 371.98% | 107.75% | -929.29% | -91.69% | 742.26% | 23.75% | -74.2% | -84.05% | 25.07% | 198.78% | 14.77% | 274.85% | - |
| Medical Costs & Claims | 2.93M | 2.99M | 254K | 0 | 1.18M | 264K | 98K | 64K | 10.27M | 43.11M | 15.06M | 344K | 431K | 96K |
| Medical Cost Ratio % | 116.75% | 116.18% | 46.52% | 0% | 139.18% | 2.58% | 8.07% | 6.52% | 270.09% | 180.81% | 79.01% | 5.39% | 7.75% | 6.47% |
| Gross Profit | -420K | -417K | 292K | -7.05M | -333K | 9.96M | 1.12M | 917K | -6.47M | -19.27M | 4M | 6.04M | 5.13M | 1.39M |
| Gross Margin % | -16.75% | -16.18% | 53.48% | 100% | -39.18% | 97.42% | 91.93% | 93.48% | -170.09% | -80.81% | 20.99% | 94.61% | 92.25% | 93.53% |
| Gross Profit Growth % | - | -242.81% | 104.14% | -2016.82% | -103.34% | 792.56% | 21.7% | 114.18% | 66.43% | -581.55% | -33.71% | 17.71% | 269.72% | - |
| Operating Expenses | 3.13M | 3.05M | 1.92M | 2.18M | 1.41M | 1.3M | 1.03M | 1.07M | 1.28M | 1.32M | 1.42M | 1.44M | 1.13M | 534K |
| OpEx / Revenue % | 124.6% | 118.2% | 351.1% | -30.97% | 166.24% | 12.76% | 84.68% | 108.77% | 33.72% | 5.56% | 7.45% | 22.49% | 20.29% | 36.01% |
| Depreciation & Amortization | 2K | 1K | 3K | 6K | 4K | 7K | 10K | 10K | 18K | 24K | 21K | 18K | 13K | 0 |
| Combined Ratio % | 241.35% | 234.38% | 397.62% | -30.97% | 305.41% | 15.34% | 92.75% | 115.29% | 303.81% | 186.37% | 86.46% | 27.88% | 28.04% | 42.48% |
| Operating Income | -3.54M | -3.46M | -1.63M | -9.23M | -1.75M | 8.66M | 88K | -150K | -7.75M | -20.59M | 2.58M | 4.6M | 4M | 853K |
| Operating Margin % | -141.35% | -134.38% | -297.62% | 130.97% | -205.41% | 84.66% | 7.25% | -15.29% | -203.81% | -86.37% | 13.54% | 72.12% | 71.96% | 57.52% |
| Operating Income Growth % | - | -113.11% | 82.4% | -428.75% | -120.17% | 9736.36% | 158.67% | 98.06% | 62.37% | -897.83% | -43.9% | 15.02% | 368.93% | - |
| EBITDA | -3.54M | -3.46M | -1.62M | -9.23M | -1.74M | 8.66M | 98K | -140K | -7.73M | -20.57M | 2.6M | 4.62M | 4.01M | 853K |
| EBITDA Margin % | -141.27% | -134.34% | -297.07% | 130.88% | -204.94% | 84.72% | 8.07% | -14.27% | -203.34% | -86.27% | 13.65% | 72.4% | 72.19% | 57.52% |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | 0 | 0 | 0 | 141K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | -3.54M | -3.46M | -1.63M | -9.37M | -1.75M | 8.66M | 88K | -150K | -7.75M | -20.59M | 2.58M | 4.6M | 4M | 853K |
| Pretax Margin % | -141.35% | -134.38% | -297.62% | 132.97% | -205.41% | 84.66% | 7.25% | -15.29% | -203.81% | -86.37% | 13.54% | 72.12% | 71.96% | 57.52% |
| Income Tax | 0 | 0 | 0 | 542K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | -5.78% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -3.55M | -3.46M | -1.76M | -9.91M | -1.75M | 8.66M | 88K | -150K | -7.75M | -20.59M | 2.58M | 4.6M | 4M | 853K |
| Net Margin % | -141.51% | -134.46% | -323.08% | 140.66% | -205.41% | 84.66% | 7.25% | -15.29% | -203.81% | -86.37% | 13.54% | 72.12% | 71.96% | 57.52% |
| Net Income Growth % | -261.04% | -96.43% | 82.21% | -467.87% | -120.17% | 9736.36% | 158.67% | 98.06% | 62.37% | -897.83% | -43.9% | 15.02% | 368.93% | - |
| EPS (Diluted) | -0.46 | -0.28 | -0.45 | -1.69 | -0.61 | 1.49 | 0.02 | -0.03 | -1.00 | -3.55 | 0.43 | 0.76 | 0.82 | 0.14 |
| EPS Growth % | 20.9% | 37.78% | 73.37% | -177.05% | -140.94% | 9638.56% | 158.4% | 97.38% | 71.83% | -925.58% | -43.42% | -7.32% | 485.71% | - |
| EPS (Basic) | - | -0.28 | -0.45 | -1.69 | -0.61 | 1.49 | 0.02 | -0.03 | -1.00 | -3.55 | 0.43 | 0.76 | 0.82 | 0.14 |
| Diluted Shares Outstanding | 7.8M | 7.39M | 6.1M | 5.87M | 5.77M | 5.74M | 5.73M | 5.73M | 5.73M | 5.8M | 6.02M | 6.06M | 4.86M | 6M |
Catastrophic Event Exposure
As reported in financial statements, Oxbridge Re has experienced extreme revenue volatility, with quarterly figures swinging from negative values to growth exceeding 100% in recent periods, reflecting the inherent instability of its micro-cap reinsurance model and high sensitivity to the Florida renewal cycle.
The erratic top-line performance suggests that the company lacks a stable, recurring premium base, making it highly susceptible to contract-level fluctuations. Investors should monitor whether the recent pivot toward digital asset initiatives can provide a more predictable revenue stream than the current, highly cyclical property catastrophe book.
Based on reported figures, the company's combined ratio has frequently exceeded the 100% threshold, most notably reaching 180.7% in 2025Q4, which indicates that underwriting activities are currently failing to generate a profit and are instead eroding the firm's capital base.
The inability to consistently maintain a combined ratio below 100% suggests that the company's pricing power is insufficient to cover both loss costs and the high fixed administrative expenses associated with its public listing. This structural margin pressure appears to be a fundamental hurdle that may require a significant increase in scale to overcome.
According to recent SEC filings, the company's high fixed-cost base relative to its small revenue pool has resulted in an operating margin of -134.38%, highlighting the difficulty of achieving operational leverage within its current niche, collateralized reinsurance business model.
The disproportionate impact of corporate general and administrative expenses on the bottom line suggests that the current organizational structure is too heavy for the volume of premiums being written. Without a substantial expansion in underwriting capacity, the company may continue to struggle with high expense ratios that undermine any potential underwriting gains.
As noted in recent disclosures, the company's strategic shift toward Web3 and RWA tokenization may be interpreted as an attempt to distract from persistent net losses, as the core reinsurance business has yet to demonstrate a sustainable path to profitability in the current hard market.
While management frames these digital initiatives as a modernization effort, the lack of tangible financial contribution suggests that this pivot introduces significant execution risk without addressing the underlying underwriting deficiencies. Analysts should remain skeptical of whether these new ventures can truly transform the company's capital-light ambitions into actual earnings.
Quick answers to the most common questions about buying OXBR stock.
For fiscal year 2025, Oxbridge Re Holdings Limited (OXBR) reported total revenue of $2.6M. This represents a 73.8% increase compared to $1.5M in 2013.
Oxbridge Re Holdings Limited (OXBR) reported a net loss of $3.5M for the fiscal year ending 2025.
Oxbridge Re Holdings Limited (OXBR) reported an operating income of $-3.5M, resulting in an operating profit margin of -134.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Oxbridge Re Holdings Limited (OXBR) generated $-0.4M in gross profit for the year, representing a gross profit margin of -16.2%. This demonstrates the company's core pricing power and production efficiency.