Cash conversion is weak, with cumulative operating cash flow of only $288.7M versus net income of $823.3M over ten quarters, and buybacks of $936.5M have been funded despite negative OCF in some quarters.
SiriusPoint Ltd. (SPNT) cash flow statement — 15-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 243.2M | 102.4M | 74.7M | 581.3M | 293.3M | 1.6M | 73.36M | 141.11M | 13.39M | -78.54M | 4.77M | 187.78M | 122.43M | 9.21M | -32.55M | -1.55M |
| Operating CF Growth % | 158.03% | 37.08% | -87.15% | 98.19% | 18231.25% | -97.82% | -48.02% | 954.1% | 117.05% | -1746.11% | -97.46% | 53.37% | 1229.17% | 128.29% | -1993.5% | - |
| Operating CF / Revenue % | 7.49% | 3.19% | 2.86% | 21.51% | 13.51% | 0.07% | 8.29% | 14.41% | 3.55% | -8.47% | 0.67% | 32.49% | 23.1% | 1.92% | -13.95% | - |
| Net Income | 505.6M | 460.1M | 202.4M | 363.7M | -386M | 55.8M | 143.86M | 200.62M | -317.47M | 281.77M | 28.88M | -87.44M | 56.71M | 227.31M | 99.4M | -1.13M |
| Depreciation & Amortization | 10.2M | 10.9M | 11.9M | 11.1M | 13.9M | 5.9M | -4.01M | 3.96M | 4.94M | 4.94M | -1.04M | -1.04M | -1.04M | 0 | 0 | 0 |
| Stock-Based Compensation | 34.2M | 35.9M | 20.7M | 21.4M | 30.5M | 11.4M | 6.6M | 7M | 4.96M | 3.6M | 8.94M | 10.87M | 9.26M | 9.8M | 6.41M | 0 |
| Deferred Taxes | 0 | 0 | 0 | -60.2M | -53.9M | 0 | 4.01M | -3.96M | -5.16M | -8.91M | -60.76M | -23.21M | -197.82M | 0 | 0 | 0 |
| Other Non-Cash Items | -290.2M | -204.6M | 7.3M | 83.1M | 393.6M | -413.9M | -255.21M | -243.96M | 242.28M | -460.5M | -58.03M | 43.55M | 93.27M | -315.55M | -171.49M | 0 |
| Working Capital Changes | -16.6M | -199.9M | -167.6M | 162.2M | 295.2M | 342.4M | 178.11M | 177.45M | 83.84M | 100.57M | 86.79M | 245.05M | 162.06M | 87.64M | 33.12M | -425K |
| Cash from Investing | -144.3M | 424.2M | 343.6M | -332.2M | -1.3B | 208.6M | 6.11M | 786.86M | 377.56M | 23.05M | -53.28M | -163.88M | -119.05M | -397.56M | -765.97M | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | -800K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 195.2M | 224.9M | 0 | 0 | 800K | 652.4M | 0 | 0 | -97.95M | 73.98M | 18.28M | 0 | 0 | 0 | 40.13M | 0 |
| Purchase of Investments | -2.49B | -2.4B | -2.73B | -4.97B | -6.16B | -3.41B | -446.96M | -418.46M | -4.34B | -3.89B | -4.99B | -3.9B | -3.35B | -2.58B | -2.85B | 0 |
| Sale/Maturity of Investments | 2.16B | 2.61B | 3.07B | 4.63B | 4.85B | 2.89B | 547.97M | 1.21B | 4.28B | 4.28B | 4.55B | 3.62B | 3.14B | 2.23B | 2.25B | 0 |
| Other Investing | -10.1M | -8.8M | 6.2M | 5.5M | 4.5M | 77.9M | -94.9M | -886K | 432.31M | -362.48M | 390.05M | 118.81M | 92.45M | -51.94M | -203.71M | 0 |
| Cash from Financing | -276.3M | -518.8M | -625M | -61.5M | -23.7M | 24.3M | -19.48M | 12.65M | -226.94M | 53.73M | 38.05M | -32.22M | -6.27M | 385.96M | 228.69M | 605.4M |
| Dividends Paid | -10.6M | -16M | -16M | -16M | -16M | -12.2M | -1.29M | -2.72M | -3.22M | -3.22M | -38K | -38K | -38K | 0 | 0 | 0 |
| Share Repurchases | -273.3M | 0 | -299.7M | 0 | -12.1M | 0 | -300K | 0 | -138.71M | -40.86M | -7.39M | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 300K | -489.9M | 18.4M | 27.8M | 0 | 50.8M | 0 | 1.9M | 0 | 1.5M | 5.14M | 4.33M | 599K | 286.1M | 158.59M | 605.4M |
| Debt Issuance (Net) | 0 | 0 | -1000K | -1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 0 | 1000K | 1000K | 0 |
| Other Financing | 7.3M | -12.9M | -203.7M | -55.3M | -13.2M | -14.3M | -17.89M | 13.47M | -84.94M | 97.82M | 45.48M | -79.56M | -6.83M | 29.37M | 19.65M | 0 |
| Net Change in Cash | -177.3M | 7.8M | -206.7M | 187.6M | -1.03B | 234.5M | 59.98M | 940.62M | 164M | -1.75M | -10.46M | -8.33M | -2.89M | -2.38M | -569.84M | 603.84M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 1.01B | 894.6M | 1.1B | 913.7M | 1.95B | 1.71B | 1.65B | 713.34M | 549.33M | 9.95M | 20.41M | 28.73M | 31.63M | 34.01M | 603.84M | 0 |
| Cash at End | 745.9M | 902.4M | 894.6M | 1.1B | 913.7M | 1.95B | 1.71B | 1.65B | 713.34M | 8.2M | 9.95M | 20.41M | 28.73M | 31.63M | 34.01M | 603.84M |
| Free Cash Flow | 243.2M | 102.4M | 74.7M | 581.3M | 292.5M | 1.6M | 73.36M | 141.11M | 13.39M | -78.54M | 4.77M | 187.78M | 122.43M | 9.21M | -32.55M | -1.55M |
| FCF Growth % | 74.96% | 37.08% | -87.15% | 98.73% | 18181.25% | -97.82% | -48.02% | 954.1% | 117.05% | -1746.11% | -97.46% | 53.37% | 1229.17% | 128.29% | -1993.5% | - |
| FCF Margin % | 7.49% | 3.19% | 2.86% | 21.51% | 13.47% | 0.07% | 8.29% | 14.41% | 3.55% | -8.47% | 0.67% | 32.49% | 23.1% | 1.92% | -13.95% | - |
| FCF per Share | 2.04 | 0.84 | 0.44 | 3.43 | 1.83 | 0.01 | 0.79 | 1.52 | 0.14 | -0.75 | 0.05 | 1.81 | 1.15 | 0.1 | -0.32 | -0.02 |
Quick answers to the most common questions about buying SPNT stock.
SiriusPoint Ltd. (SPNT) generated $102.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SiriusPoint Ltd. (SPNT) generated $102.4M 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.
SiriusPoint Ltd. (SPNT) 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, SiriusPoint Ltd. (SPNT) returned $16.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Social inflation casualty reserve risk
Metrics are mathematically derived from official filings.
Underwriting Cash Flow Volatility
Operating cash flow swung from -$152.3M in 2024Q2 to +$155.1M in 2025Q3, reflecting timing mismatches between premium collections and claim payments, as per quarterly cash flow statements.
The wide quarterly swings in OCF, with negative prints in 2024Q2, 2025Q1, and 2025Q4, suggest that underwriting cash generation is not yet stable despite reported underwriting profitability. The positive OCF in 2025Q3 and 2026Q1 may indicate improved collection timing or lower claim payments, but the recurring negative quarters warrant monitoring for underlying cash conversion quality.
Claims Payments Outpace Premiums
Claims paid averaged $453.6M per quarter over the last ten quarters, while OCF turned negative in four quarters, indicating that claim outflows are a primary driver of cash volatility, based on reported cash flow data.
The consistently high claims payments, peaking at $531.5M in 2025Q1, appear to be absorbing a significant portion of premium inflows. The negative OCF quarters coincide with elevated claims, suggesting that the company's cash conversion is sensitive to loss payment patterns. This may reflect the ongoing remediation of legacy casualty lines, which could continue to pressure cash flows.
Investment Portfolio Churn Intensifies
Investment purchases outpaced sales in most quarters, with net investment outflows averaging $112.4M per quarter, indicating active portfolio repositioning, as per the cash flow statement.
The consistent pattern of purchasing more investments than selling suggests that SiriusPoint is deploying cash into its investment portfolio, likely to support reserve growth and generate investment income. The large swings, such as $953.5M purchases in 2025Q3, may indicate a strategic shift toward longer-duration assets or higher-yielding securities, which could enhance future investment income but also introduces market risk.
Buybacks Resume Amid Cash Strain
Share repurchases totaled $936.5M over the last ten quarters, including $221.9M in 2026Q1, despite negative operating cash flow in that quarter, according to cash flow data.
The aggressive buyback activity, particularly in 2026Q1 when OCF was negative, suggests that management is prioritizing capital return over cash retention. This may be funded by portfolio sales or existing cash reserves, but it raises questions about the sustainability of such returns if underwriting cash generation remains volatile. Investors should monitor whether buybacks are being financed by debt or asset liquidation.
Earnings Outpace Cash Generation
Net income totaled $823.3M over the last ten quarters, while cumulative operating cash flow was only $288.7M, indicating a significant gap between reported earnings and cash generation, based on quarterly data.
The persistent gap between net income and OCF, with OCF/NI ratios often below 1 or negative, suggests that a substantial portion of earnings is non-cash, likely due to reserve releases or changes in working capital. This may indicate that reported profitability is not fully translating into cash, which could affect the company's ability to fund dividends and buybacks without relying on investment sales.
Cash Flow Obscures Reserve Risks
The cash flow statement does not directly reveal reserve development, but the gap between net income and OCF may signal that favorable reserve releases are inflating earnings, as per the income statement analysis.
Given the prior income statement finding that reserve releases contributed to low loss ratios, the cash flow data appears consistent with a scenario where earnings are boosted by non-cash reserve adjustments. If social inflation drives adverse development, cash flows could deteriorate as claims are paid, potentially exposing the gap between reported profitability and cash reality. This warrants close monitoring of reserve adequacy.