Financial stability has improved dramatically, with the debt-to-equity ratio falling from 3.41 in 2020Q4 to a negligible 0.03 as of 2026Q1.
| Total Assets | 379.77M | 347.73M | 89.64M | 625.57M | 160.76M | 96.23M |
| Asset Growth % | 0% | 287.94% | -85.67% | 289.12% | 67.06% | - |
| Total Investment Assets | 1000K | 0 | 0 | 0 | 2.14M | 491K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 2.14M | 491K |
| Total Current Assets | 260.93M | 325.82M | 0 | 0 | 0 | 0 |
| Cash & Equivalents | 231.38M | 305.37M | 54.5M | 15.05M | 101.72M | 51.86M |
| Receivables | 58.73M | 18.92M | 5.68M | 9.13M | 7.93M | 6.38M |
| Other Current Assets | 21.35M | 43K | -60.18M | -24.18M | -111.8M | -58.73M |
| Goodwill & Intangibles | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 16.84M | 17.55M | 18.8M | 17.36M | 6.37M | 6.39M |
| Other Assets | 99.1M | 1.39M | -19M | -17.92M | -9.55M | -8.4M |
| Total Liabilities | 104.83M | 93.58M | 74.13M | 554.71M | 154.21M | 79.27M |
| Total Debt | 6.93M | 7.25M | 8.35M | 65.93M | 22.32M | 738K |
| Net Debt | -224.45M | -298.13M | -46.15M | 50.87M | -79.41M | -51.12M |
| Long-Term Debt | 4.48M | 0 | 0 | 58.15M | 22M | 0 |
| Short-Term Debt | 2.45M | 0 | 2.13M | 1.74M | 0 | 0 |
| Total Current Liabilities | 98.58M | 84.39M | 0 | 0 | 0 | 0 |
| Accounts Payable | 0 | 7.55M | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 70.89M | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 96.13M | 0 | -2.13M | -1.74M | 0 | 0 |
| Deferred Taxes | 371K | 0 | 1000K | 1000K | 1000K | 1000K |
| Other Liabilities | 1.77M | 790K | -64.11M | -105.43M | -93.83M | -42.53M |
| Total Equity | 274.94M | 254.16M | 15.51M | 70.86M | 6.55M | 16.96M |
| Equity Growth % | 0% | 1538.98% | -78.12% | 981.74% | -61.38% | - |
| Shareholders Equity | 274.94M | 254.16M | 15.51M | 70.86M | 6.55M | 16.96M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 45.82M | 25.42M | -57.33M | -92.5M | -4.91M | 16.82M |
| Common Stock | 91K | 91K | 83K | 80K | 75K | 0 |
| Accumulated OCI | -361K | 0 | 0 | -1.8M | 384K | 143K |
| Return on Equity (ROE) | 30.93% | 61.37% | 102.13% | 53.67% | -105.67% | -40.74% |
| Return on Assets (ROA) | 18.73% | 37.84% | 12.33% | 5.28% | -9.67% | -7.18% |
| Equity / Assets | 72.4% | 73.09% | 17.3% | 11.33% | 4.07% | 17.63% |
| Debt / Equity | 0.03x | 0.03x | 0.54x | 0.93x | 3.41x | 0.04x |
| Book Value per Share | 3.02 | 2.80 | 0.17 | 0.78 | 0.07 | 0.19 |
| Tangible BV per Share | 3.02 | 2.80 | 0.17 | 0.78 | 0.07 | 0.19 |
Long-tail reserve volatility
According to recent quarterly filings, XZO has successfully transitioned from a precarious $6.6M equity base in 2020Q4 to a robust $274.9M by 2026Q1, signaling a fundamental strengthening of the balance sheet that supports the company's aggressive expansion into new, higher-margin specialty insurance underwriting lines.
The consistent growth in retained earnings from negative territory to $45.8M suggests that the company is effectively internalizing profits rather than relying on external financing. This trajectory implies a maturing business model that is increasingly capable of self-funding its operational scaling and risk retention requirements.
As reported in financial statements, XZO maintains a negligible debt-to-equity ratio of 0.03 as of 2026Q1, a stark improvement from the 3.41 ratio observed in 2020Q4, which indicates that the firm has successfully deleveraged while simultaneously scaling its total assets to nearly $380M.
The near-total absence of debt provides the company with significant strategic optionality, particularly in a high-interest-rate environment where peers may face refinancing pressures. Investors should monitor whether this lack of leverage is a permanent capital structure preference or a temporary state before a potential acquisition or capital return program.
Based on the reported figures, XZO holds $231.4M in cash as of 2026Q1, providing a significant liquidity buffer that, when combined with a current ratio of 2.65, suggests the firm is well-positioned to absorb potential underwriting shocks without needing to access external capital markets.
The high cash position relative to total liabilities indicates a conservative approach to liquidity management, which is prudent given the inherent volatility of catastrophe-exposed insurance. This liquidity profile appears to offer a strong defense against short-term claims spikes, though it may also raise questions regarding the efficiency of capital deployment.
While the headline balance sheet appears pristine, the shift toward longer-tail casualty lines, as noted in recent disclosures, warrants caution as the current $274.9M in equity may be sensitive to future reserve adjustments that are not yet fully reflected in the company's historical loss experience.
The transition from short-tail property risk to longer-tail casualty business implies that the 'Incurred But Not Reported' (IBNR) reserves may face future upward revisions. Investors should interpret the current strong equity position with the understanding that reserve adequacy is a dynamic estimate that could fluctuate as these newer insurance lines mature.
Quick answers to the most common questions about buying XZO stock.
As of 2025, Exzeo Group, Inc. (XZO) had total assets of $347.7M including $325.8M in current assets.
Exzeo Group, Inc. (XZO) carries total debt of $7.2M, offset by $305.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Exzeo Group, Inc. (XZO) has total shareholders' equity (book value) of $254.2M ($2.80 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Exzeo Group, Inc. (XZO) reported a current ratio of 3.86x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.