Accelerant Holdings ARX

Financials SIC 6411 - Insurance Agents, Brokers & Service NYSE

To become the preeminent specialty insurance marketplace connecting underwriters and risk capital in a transparent and modern way.

We operate a data-driven risk exchange that connects selected specialty insurance underwriters (the "Sellers" on our platform) with Risk Capital Partners (the "Buyers" on our platform). Our Risk Exchange reduces information asymmetries and operational barriers present in the traditional insurance value chain by leveraging proprietary technology to share actionable high-fidelity data and insights with platform participants.

The Accelerant Risk Exchange simplifies the traditional insurance value chain, which is fragmented, costly, and inflexible. Legacy technology, excessive intermediation, and misaligned incentives cause data leakage, high costs, and wasted resources. Our technology-powered platform addresses these issues by connecting specialty underwriters, typically MGAs (our "Members"), and Risk Capital Partners, including insurers, reinsurers, and institutional investors (our "Risk Capital Partners"). On the "supply side" of our Risk Exchange, we deliver a full service offering to our Members that includes insights and analytics, distribution management, operational resources, and the commitment of stable underwriting capacity. Our offerings free our Members to focus on growing their businesses through their core expertise of profitable underwriting. On the "demand side" of our Risk Exchange, we offer Risk Capital Partners an attractive, validated, and diversified portfolio of specialty insurance premium that may otherwise be difficult to access elsewhere. Risk Capital Partners who provide capacity through our Risk Exchange pay us recurring fees to source, manage, and monitor risks on their behalf. The Risk Exchange portfolio's strong returns to date promote confidence from these Risk Capital Partners in the quality of the portfolio's risk exposure, leading to better pricing and faster execution for our Members, which, in turn, empowers our Members to focus on profitable underwriting performance and growth.

Last close 19.88 2026-09-04
Market cap $4.34B estimated share count
52-week range 9.18 - 20.50

Valuation FY2025 figures against the last close

P/S4.8x
P/E
P/FCF9.8x
EV/EBITDA
Dividend yield
Diluted EPS-7.49

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022
Revenue $912.9M$602.6M$344.0M
SG&A $400.4M$249.3M$182.5M
Pre-tax income -$1.32B$32.0M-$43.9M
Income tax $23.3M$9.1M$20.2M
Net income -$1.35B$22.9M-$64.1M
EPS, basic -7.490.16-0.29
EPS, diluted -7.490.14-0.29
Shares, diluted (wtd. avg.) $190.3M$199.7M$165.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022
Cash and equivalents $1.72B$1.23B$775.4M$483.6M
Goodwill $63.1M$30.9M$20.7M$18.3M
Other intangibles $52.0M$33.1M$30.8M
Total assets $8.26B$6.09B
Long-term debt $121.3M$121.4M
Total liabilities $7.54B$5.67B
Retained earnings -$1.54B-$182.8M
Total equity $697.7M$304.3M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022
Operating cash flow $445.1M$785.7M$290.0M
Stock-based compensation $43.1M$8.4M$4.8M
Investing cash flow -$173.6M-$380.1M-$12.6M
Financing cash flow $205.8M$110.3M$10.3M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001997350-26-000003.

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