OCTAVE SPECIALTY GROUP INC OSG

Financials SIC 6351 - Surety Insurance NAICS Finance and Insurance › Insurance Carriers and Related Activities › Insurance Carriers derived NYSE

Octave Specialty Group, Inc. ("OSG"), headquartered in New York City, is a financial services holding company incorporated in the State of Delaware on April 29, 1991 and was formerly known as Ambac Financial Group, Inc. ("AFG"). In the fourth quarter of 2025, AFG changed its name and rebranded as OSG in connection with the sale of its Legacy Financial Guarantee business. References to "Octave," "OSG," the "Company," "we," "our," and "us" are to OSG and its subsidiaries, as the context requires. Octave operates two principal businesses:

•Insurance Distribution — Octave's specialty property and casualty ("P&C") insurance underwriting and distribution business, includes Managing General Agents and Underwriters (collectively "MGAs" or "MGA/Us"); an insurance broker; and other distribution, underwriting and related businesses. On October 31, 2025, the Company completed the acquisition of ArmadaCorp Capital, LLC and its subsidiaries (collectively, "ArmadaCorp"), a leading specialty accident and health MGA. Octave's insurance distribution platform operates in the following lines of business: property, niche specialty risk, accident & health, miscellaneous specialty, reinsurance, surety, marine & energy, specialty auto, E&S commercial package, professional lines and Directors & Officers ("D&O").

Last close 4.75 2026-10-23
Market cap $214.0M 2026-06-30 share count
52-week range 3.88 - 9.55

Valuation FY2025 figures against the last close

P/S1.5x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-5.93

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $143.4M$92.0M$51.3M$30.7M$26.0M$156.0M$496.0M$511.0M$622.0M$506.8M
SG&A $191.6M$129.2M$67.0M$56.3M$111.0M$92.0M————
Interest expense $18.6M$9.4M$0$0$187.0M—————
Pre-tax income -$101.0M-$59.8M-$24.2M-$35.7M$2.0M-$440.0M-$183.0M$273.0M-$284.0M$105.0M
Income tax $5.2M$924.0K$989.0K$462.0K$18.0M$3.0M$32.0M$5.0M$44.0M$30.7M
Net income -$259.0M-$556.0M$5.0M$522.0M-$17.0M-$437.0M-$216.0M$186.0M-$329.0M$74.8M
EPS, basic -5.93-11.960.1811.48-0.61-9.47-4.694.07-7.251.66
EPS, diluted -5.93-11.960.1811.48-0.61-9.47-4.693.99-7.251.64
Shares, diluted (wtd. avg.) 47.2M47.0M45.6M45.7M46.5M46.1M46.0M46.6M46.6M45.4M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $70.1M$47.3M$19.2M$19.9M$10.0M$20.0M$24.0M$63.0M$625.0M$96.0M
Short-term investments $146.4M$127.6M$200.5M———————
Receivables $86.5M$55.4M$9.4M———————
Goodwill $540.3M$418.2M$69.7M$46.0M——————
Other intangibles $475.0M$344.8M$61.4M——$409.0M$427.0M$719.0M$847.0M—
Total assets $2.22B$8.06B$8.43B$7.97B—$13.22B$13.32B$14.59B$23.19B—
Short-term debt $0$150.0M————————
Long-term debt $100.0M$0———$2.74B$2.82B$2.93B$991.7M—
Total liabilities $1.14B$6.86B$7.00B——$12.07B$11.78B$12.96B$21.55B—
Retained earnings $370.4M$683.6M$1.25B——$759.0M$1.20B$1.42B$1.23B—
Total equity $715.8M$798.4M$1.41B$1.31B$1.10B$1.08B$1.48B$1.63B$1.65B$1.98B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow -$52.3M$762.0K$36.9M$70.4M-$131.0M-$175.0M-$311.0M-$1.54B-$221.0M$830.3M
Depreciation and amortisation $42.0M$19.9M$5.2M$872.0K$2.0M$1.0M$0$1.0M$1.0M$1.2M
Stock-based compensation $9.7M$9.4M$12.3M$11.2M$14.0M$11.0M$12.0M$12.0M$4.0M$5.3M
Investing cash flow $199.9M-$166.4M-$26.7M-$41.2M$776.0M$432.0M$1.00B$1.59B$1.16B-$453.1M
Financing cash flow $21.4M$28.6M-$717.0K-$19.2M-$657.0M-$303.0M-$691.0M-$585.0M-$412.0M-$319.0M
Buybacks $29.9M$11.7M$4.5M$14.2M——————

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 0001628280-26-024684.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B -500M 0 500M 1B Revenue, FY2016: 506.8M Net income, FY2016: 74.8M Revenue, FY2017: 622M Net income, FY2017: -329M Revenue, FY2018: 511M Net income, FY2018: 186M Revenue, FY2019: 496M Net income, FY2019: -216M Revenue, FY2020: 156M Net income, FY2020: -437M Revenue, FY2021: 26M Net income, FY2021: -17M Revenue, FY2022: 30.7M Net income, FY2022: 522M Revenue, FY2023: 51.3M Net income, FY2023: 5M Revenue, FY2024: 92M Net income, FY2024: -556M Revenue, FY2025: 143.4M Net income, FY2025: -259M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $506.8M $622.0M $511.0M $496.0M $156.0M $26.0M $30.7M $51.3M $92.0M $143.4M
Gross profit — — — — — — — — — —
Net income $74.8M -$329.0M $186.0M -$216.0M -$437.0M -$17.0M $522.0M $5.0M -$556.0M -$259.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01
  • Results announced Item 2.02
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Material agreement signed Item 1.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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