Revenue expanded at a consistent double-digit pace to $369.4 million in 2026Q1, while underwriting profitability recovered significantly as the combined ratio improved from 101.3% in 2024Q2 to 86.8% by 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 | 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 |
|---|
| Revenue | 1.43B | 1.39B | 1.25B | 1.1B | 988.22M | 1.06B | 1.08B | 1.2B | 1.08B | 1.06B | 986.18M | 896.96M | 939.98M | 870.01M | 810.68M | 705.14M | 590.68M | 572.19M | 601.45M | 638.53M | 635.6M | 619.61M | 608.13M | 573.28M | 510.88M | 472.95M | 420.58M | 353.22M | 338.27M | 311.13M | 300.27M |
| Revenue Growth % | 10.79% | 10.75% | 13.98% | 11.14% | -6.46% | -2.02% | -10.15% | 11.09% | 2.34% | 7.03% | 9.95% | -4.58% | 8.04% | 7.32% | 14.97% | 19.38% | 3.23% | -4.86% | -5.81% | 0.46% | 2.58% | 1.89% | 6.08% | 12.22% | 8.02% | 12.45% | 19.07% | 4.42% | 8.72% | 3.62% | 13.49% |
| Medical Costs & Claims | 730.63M | 764.4M | 1.03B | 1.01B | 850.38M | 855.59M | 1.08B | 1.05B | 937.84M | 933.46M | 875.4M | 723.95M | 770.56M | 685.28M | 686.04M | 658.97M | 493.38M | 406.39M | 429.8M | 276.38M | 460.95M | 558.32M | 449.06M | 0 | 0 | 396.11M | 0 | 0 | 0 | 0 | 0 |
| Medical Cost Ratio % | 51.24% | 55.14% | 81.95% | 92.36% | 86.05% | 80.98% | 100.14% | 87.24% | 86.81% | 88.43% | 88.77% | 80.71% | 81.98% | 78.77% | 84.63% | 93.45% | 83.53% | 71.02% | 71.46% | 43.28% | 72.52% | 90.11% | 73.84% | 0% | 0% | 83.75% | 0% | 0% | 0% | 0% | 0% |
| Gross Profit | 325.77M | 622.01M | 225.92M | 83.93M | 137.84M | 200.91M | -1.46M | 153.18M | 142.44M | 122.09M | 110.78M | 173.01M | 169.42M | 184.73M | 124.64M | 46.18M | 97.3M | 165.8M | 171.65M | 362.15M | 174.65M | 61.28M | 159.07M | 573.28M | 510.88M | 76.84M | 420.58M | 353.22M | 338.27M | 311.13M | 300.27M |
| Gross Margin % | 22.85% | 44.86% | 18.05% | 7.64% | 13.95% | 19.02% | -0.14% | 12.76% | 13.19% | 11.57% | 11.23% | 19.29% | 18.02% | 21.23% | 15.37% | 6.55% | 16.47% | 28.98% | 28.54% | 56.72% | 27.48% | 9.89% | 26.16% | 100% | 100% | 16.25% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 175.33% | 169.19% | -39.11% | -31.39% | 13870.05% | -100.95% | 7.54% | 16.67% | 10.21% | -35.97% | 2.12% | -8.29% | 48.22% | 169.9% | -52.54% | -41.31% | -3.41% | -52.6% | 107.35% | 184.99% | -61.47% | -72.25% | 12.22% | 564.83% | -81.73% | 19.07% | 4.42% | 8.72% | 3.62% | 13.49% |
| Operating Expenses | 199.69M | 474.07M | 148.88M | 123.65M | 125.76M | 104.06M | 168.06M | 136.3M | 151.59M | 106.44M | 53.28M | 57.64M | 92.95M | 82.83M | 78.56M | 58.89M | 38.92M | 194.51M | 204.79M | 202.81M | 49.16M | 54.73M | 44.26M | 573.28M | 510.88M | 48.21M | 420.58M | 353.22M | 338.27M | 311.13M | 300.27M |
| OpEx / Revenue % | 14% | 34.19% | 11.89% | 11.26% | 12.73% | 9.85% | 15.59% | 11.36% | 14.03% | 10.08% | 5.4% | 6.43% | 9.89% | 9.52% | 9.69% | 8.35% | 6.59% | 33.99% | 34.05% | 31.76% | 7.73% | 8.83% | 7.28% | 100% | 100% | 10.19% | 100% | 100% | 100% | 100% | 100% |
| Depreciation & Amortization | 5.32M | 0 | 10.9M | 10.51M | 7.67M | 6.57M | 6.66M | 11.19M | 5.17M | 4.57M | 6.04M | 6.47M | 6.89M | 5.6M | 7.98M | 5.58M | 2.87M | 3.53M | 3.62M | 3.57M | 3.48M | 3.75M | 3.91M | 3.97M | 3.75M | 4.05M | 4.45M | 3.08M | 468K | 1.12M | 2.1M |
| Combined Ratio % | 65.25% | 89.33% | 93.85% | 103.62% | 98.78% | 90.83% | 115.72% | 98.59% | 100.85% | 98.52% | 94.17% | 87.14% | 91.87% | 88.29% | 94.32% | 101.8% | 90.12% | 105.02% | 105.51% | 75.05% | 80.26% | 98.94% | 81.12% | 100% | 100% | 93.95% | 100% | 100% | 100% | 100% | 100% |
| Operating Income | 164.09M | 147.94M | 77.03M | -39.72M | 12.08M | 96.84M | -169.51M | 16.88M | -9.15M | 15.65M | 57.5M | 115.37M | 76.46M | 101.9M | 46.07M | -12.71M | 58.38M | -28.71M | -33.14M | 159.33M | 125.49M | 6.56M | 114.81M | 0 | 0 | 28.63M | 0 | 0 | 0 | 0 | 0 |
| Operating Margin % | 11.51% | 10.67% | 6.15% | -3.62% | 1.22% | 9.17% | -15.72% | 1.41% | -0.85% | 1.48% | 5.83% | 12.86% | 8.13% | 11.71% | 5.68% | -1.8% | 9.88% | -5.02% | -5.51% | 24.95% | 19.74% | 1.06% | 18.88% | 0% | 0% | 6.05% | 0% | 0% | 0% | 0% | 0% |
| Operating Income Growth % | - | 92.04% | 293.94% | -428.9% | -87.53% | 157.13% | -1104.3% | 284.47% | -158.47% | -72.78% | -50.16% | 50.88% | -24.96% | 121.17% | 462.36% | -121.78% | 303.38% | 13.37% | -120.8% | 26.97% | 1814.15% | -94.29% | - | - | -100% | - | - | - | - | - | - |
| EBITDA | 172.59M | 159.2M | 87.94M | -29.21M | 19.75M | 103.41M | -162.86M | 28.07M | -3.98M | 20.22M | 63.53M | 121.84M | 83.35M | 107.5M | 54.05M | -7.13M | 61.26M | -25.17M | -29.52M | 162.91M | 128.97M | 10.3M | 118.72M | 140.33M | 81.54M | 32.68M | 64.21M | 52.6M | 55.46M | 61.78M | 50.18M |
| EBITDA Margin % | 12.1% | 11.48% | 7.02% | -2.66% | 2% | 9.79% | -15.1% | 2.34% | -0.37% | 1.92% | 6.44% | 13.58% | 8.87% | 12.36% | 6.67% | -1.01% | 10.37% | -4.4% | -4.91% | 25.51% | 20.29% | 1.66% | 19.52% | 24.48% | 15.96% | 6.91% | 15.27% | 14.89% | 16.4% | 19.86% | 16.71% |
| Interest Expense | 11.97M | 11.27M | 7.28M | 3.26M | 3.19M | 3.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 42.83M | 42.99M | 41.65M | 40.18M | 43.09M | 49.16M | 54.73M | 56.39M | 56.46M | 51.73M | 48.21M | 42.41M | 32.3M | 26.6M | 22.5M | 20.7M |
| Non-Operating Income | -8.78M | -11.27M | -7.28M | -3.26M | -3.19M | -3.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -42.83M | -42.99M | -41.65M | -40.18M | -43.09M | -49.16M | -54.73M | -56.39M | -136.36M | -77.79M | -48.21M | -59.76M | -49.52M | -55M | -60.67M | -48.08M |
| Pretax Income | 164.09M | 147.94M | 77.03M | -39.72M | 12.08M | 96.84M | -169.51M | 16.88M | -9.15M | 15.65M | 57.5M | 115.37M | 76.46M | 101.9M | 46.07M | -12.71M | 58.38M | -28.71M | -33.14M | 159.33M | 125.49M | 6.56M | 114.81M | 79.9M | 26.05M | 28.63M | 17.35M | 17.22M | 28.4M | 38.17M | 27.38M |
| Pretax Margin % | 11.51% | 10.67% | 6.15% | -3.62% | 1.22% | 9.17% | -15.72% | 1.41% | -0.85% | 1.48% | 5.83% | 12.86% | 8.13% | 11.71% | 5.68% | -1.8% | 9.88% | -5.02% | -5.51% | 24.95% | 19.74% | 1.06% | 18.88% | 13.94% | 5.1% | 6.05% | 4.13% | 4.87% | 8.39% | 12.27% | 9.12% |
| Income Tax | 33.55M | 29.75M | 15.08M | -10.02M | -2.95M | 16.25M | -56.81M | 2.06M | -11.4M | -29.22M | 8.38M | 30.05M | 17.33M | 25.76M | 5.86M | -12.73M | 10.87M | -18.27M | -20.07M | 47.94M | 37.41M | -2.49M | 35.99M | 24.32M | 5.27M | 4.54M | 1.82M | 1.83M | 4.72M | 9.44M | 5.42M |
| Effective Tax Rate % | 20.45% | 20.11% | 19.57% | 25.23% | -24.46% | 16.78% | 33.51% | 12.2% | 124.64% | -186.71% | 14.57% | 26.05% | 22.66% | 25.28% | 12.72% | 100.09% | 18.62% | 63.63% | 60.57% | 30.09% | 29.81% | -37.95% | 31.35% | 30.44% | 20.22% | 15.85% | 10.5% | 10.65% | 16.62% | 24.72% | 19.79% |
| Net Income | 130.54M | 118.19M | 61.96M | -29.7M | 15.03M | 80.59M | -112.71M | 14.82M | 27.65M | 51.02M | 49.9M | 89.13M | 59.14M | 76.14M | 40.21M | 11K | 47.51M | -10.44M | -13.06M | 111.39M | 88.08M | 9.04M | 78.82M | 55.57M | 20.79M | 24.09M | 15.53M | 15.38M | 23.68M | 28.73M | 21.96M |
| Net Margin % | 9.16% | 8.52% | 4.95% | -2.7% | 1.52% | 7.63% | -10.45% | 1.23% | 2.56% | 4.83% | 5.06% | 9.94% | 6.29% | 8.75% | 4.96% | 0% | 8.04% | -1.82% | -2.17% | 17.45% | 13.86% | 1.46% | 12.96% | 9.69% | 4.07% | 5.09% | 3.69% | 4.36% | 7% | 9.23% | 7.31% |
| Net Income Growth % | 97.33% | 90.76% | 308.61% | -297.59% | -81.35% | 171.51% | -860.5% | -46.4% | -45.81% | 2.24% | -44.01% | 50.71% | -22.33% | 89.35% | 365463.64% | -99.98% | 555.06% | 20.08% | -111.73% | 26.46% | 873.96% | -88.53% | 41.82% | 167.36% | -13.73% | 55.17% | 0.93% | -35.03% | -17.59% | 30.84% | -23.76% |
| EPS (Diluted) | 5.00 | 4.48 | 2.39 | -1.18 | 0.59 | 3.16 | -4.50 | 0.58 | 1.08 | 1.99 | 1.93 | 3.53 | 2.32 | 2.98 | 1.58 | 0.00 | 1.81 | -0.39 | -0.48 | 4.03 | 3.36 | 0.22 | 3.34 | 2.36 | 0.88 | 1.20 | 0.78 | 0.77 | 1.14 | 1.34 | 1.02 |
| EPS Growth % | 96.05% | 87.45% | 302.54% | -300% | -81.33% | 170.22% | -875.86% | -46.3% | -45.73% | 3.11% | -45.33% | 52.16% | -22.15% | 88.61% | - | -99.98% | 564.1% | 18.75% | -111.91% | 19.94% | 1427.27% | -93.41% | 41.53% | 168.18% | -26.67% | 53.85% | 1.3% | -32.46% | -14.93% | 31.37% | -23.31% |
| EPS (Basic) | - | 4.48 | 2.45 | -1.18 | 0.60 | 3.21 | -4.50 | 0.59 | 1.10 | 2.05 | 1.96 | 3.54 | 2.36 | 3.00 | 1.59 | 0.00 | 1.81 | -0.39 | -0.48 | 4.04 | 3.37 | 0.22 | 3.68 | 2.53 | 0.88 | 1.20 | 0.78 | 0.77 | 1.14 | 1.34 | 1.02 |
| Diluted Shares Outstanding | 26.1M | 26.38M | 25.92M | 25.25M | 25.32M | 25.09M | 25.03M | 25.58M | 25.62M | 25.64M | 25.8M | 25.24M | 25.49M | 25.53M | 25.5M | 25.96M | 26.2M | 26.59M | 26.96M | 27.64M | 26.22M | 22.54M | 22.18M | 21.54M | 20.07M | 20.07M | 20.09M | 20.16M | 20.79M | 21.45M | 21.55M |
Midwest catastrophe loss volatility
As reported in recent financial filings, UFCS has maintained a steady revenue growth trajectory, with quarterly revenue expanding from $290.2 million in 2023Q4 to $369.4 million by 2026Q1, representing a consistent double-digit year-over-year growth trend that suggests successful rate implementation within its core commercial lines.
The consistent top-line expansion appears to reflect the company's ability to push rate increases through its regional agency network, effectively navigating the current hard market cycle. Investors should monitor whether this growth is driven primarily by rate adjustments or if there is underlying exposure expansion that could increase the company's sensitivity to regional weather events.
Based on the provided income statement data, the combined ratio has fluctuated significantly, peaking at 101.3% in 2024Q2 before improving to 86.8% by 2025Q4, indicating that underwriting profitability remains highly sensitive to seasonal loss patterns and the frequency of convective storm activity in the Midwest.
The volatility in the combined ratio suggests that while the company is capable of achieving underwriting profit, its margins are frequently pressured by loss ratios that have historically spiked above 80%. The recent improvement in the combined ratio warrants further investigation into whether this reflects a structural shift in underwriting discipline or merely a favorable period of lower catastrophe activity.
According to the quarterly performance data, 2024Q2 served as a critical inflection point where the company reported an operating loss of $3.8 million, a stark contrast to the subsequent recovery that saw operating income climb to $48.2 million by the end of 2025Q4.
This period of negative operating performance appears to have been a catalyst for the company's current focus on underwriting discipline and the 'One UFG' initiative. The subsequent rebound in profitability suggests that management's efforts to centralize underwriting may be beginning to mitigate the impact of the volatile loss ratios observed in previous quarters.
While net income has shown strong growth, reaching $38.4 million in 2025Q4, analysts should remain cautious as the reliance on prior-year reserve development remains unclear, potentially masking the true underlying accident-year underwriting performance in a period of rising commercial litigation costs and social inflation.
The lack of explicit disclosure regarding reserve releases necessitates a skeptical view of the reported net income growth. If current earnings are being bolstered by favorable development from older, lower-cost accident years, the company may face margin compression as those reserves are exhausted and replaced by more expensive, current-year claims.
Quick answers to the most common questions about buying UFCS stock.
For fiscal year 2025, United Fire Group, Inc. (UFCS) reported total revenue of $1.39B. This represents a 361.7% increase compared to $300.3M in 1996.
United Fire Group, Inc. (UFCS) is profitable, generating $118.2M in net income for the fiscal year ending 2025 with a net profit margin of 8.5%.
United Fire Group, Inc. (UFCS) reported an operating income of $147.9M, resulting in an operating profit margin of 10.7%. This margin reflects the operational efficiency of the business before interest and taxes.
United Fire Group, Inc. (UFCS) generated $622.0M in gross profit for the year, representing a gross profit margin of 44.9%. This demonstrates the company's core pricing power and production efficiency.