Root, Inc. ROOT
Root is a technology insurance company founded on the idea that car insurance rates should be based primarily on driving behaviors, not demographics. We are revolutionizing the archaic car insurance industry by using modern technology, data science, and telematics to offer fair, personalized rates to good drivers. We primarily reach customers through two channels: our direct channel, where we target consumers with what we believe to be a great insurance product at a great price, and through our partnership channel, where we meet consumers at contextually relevant times, such as during the car purchasing experience or through independent insurance agents.
Our primary focus is the United States personal auto insurance market. We have built our company around the principle that each individual has unique behaviors and that customers should be in control and rewarded for their actions. For centuries, traditional insurance companies have grouped people into risk pools and long relied on the ‘law of large numbers' to produce acceptable pricing on an aggregate basis. Root is different—we have the ability to use technology to measure risk based on individual driving performance, prioritizing fairness to the customer. We are fundamentally reinventing insurance through technology, data science, and a strong focus on the customer experience.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.52B | $1.18B | $455.0M | $310.8M | $345.4M | $346.8M | $290.2M | $43.3M | — |
| SG&A | $96.9M | $69.5M | $83.3M | $127.4M | $97.6M | $78.5M | $43.0M | $9.3M | — |
| Total operating expenses | $1.46B | $1.10B | $556.3M | $573.9M | $830.6M | $632.1M | $550.3M | $111.5M | — |
| Operating income | $61.8M | $78.5M | -$101.3M | -$263.1M | -$485.2M | -$285.3M | -$260.1M | — | — |
| Interest expense | $21.0M | $42.2M | $46.1M | $34.6M | $20.0M | $77.7M | $22.3M | $900.0K | — |
| Pre-tax income | $40.8M | $30.9M | -$147.4M | -$297.7M | -$521.1M | -$363.0M | -$282.4M | -$69.1M | — |
| Income tax | $500.0K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — |
| Net income | $40.0M | $31.0M | -$147.0M | -$298.0M | -$521.0M | -$363.0M | -$282.4M | -$69.1M | — |
| EPS, basic | 2.49 | 1.96 | -10.24 | -21.11 | -37.76 | -86.43 | -8.33 | — | — |
| EPS, diluted | 2.36 | 1.83 | -10.24 | -21.11 | -37.76 | -86.43 | -8.33 | -2.73 | — |
| Shares, diluted (wtd. avg.) | 17.1M | 16.9M | 14.4M | 14.1M | 13.8M | 4.2M | 33.9M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $669.3M | $599.3M | $679.7M | $763.1M | $707.0M | $1.11B | $416.6M | $122.3M | $18.1M |
| Short-term investments | — | — | $900.0K | $400.0K | $0 | $3.0M | $3.5M | — | — |
| Property, plant and equipment | $1.2M | $1.8M | $2.8M | $5.5M | $10.3M | $8.9M | $10.2M | — | — |
| Total assets | $1.67B | $1.50B | $1.35B | $1.31B | $1.32B | $1.76B | $728.6M | — | — |
| Long-term debt | $200.3M | $200.1M | $299.0M | $295.4M | $0 | $188.2M | $192.2M | — | — |
| Total liabilities | $1.28B | $1.18B | $1.07B | $923.8M | $670.9M | $729.9M | $542.2M | — | — |
| Retained earnings | -$1.64B | -$1.68B | -$1.72B | -$1.57B | -$1.27B | -$748.0M | -$385.0M | — | — |
| Total equity | $284.3M | $203.7M | $165.7M | $277.1M | $536.4M | $1.03B | -$374.0M | -$102.7M | -$33.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $206.5M | $195.7M | -$33.6M | -$210.6M | -$403.4M | -$287.2M | -$127.2M | -$26.1M | — |
| Depreciation and amortisation | $11.8M | $14.9M | $12.6M | $13.8M | $16.6M | $15.6M | $4.9M | $600.0K | — |
| Stock-based compensation | $40.1M | $18.5M | $17.3M | $30.5M | $19.3M | $3.7M | $1.4M | $100.0K | — |
| Capital expenditure | $0 | $400.0K | $200.0K | $0 | $4.6M | $1.8M | $6.6M | $1.2M | — |
| Investing cash flow | -$91.7M | -$154.4M | -$45.7M | -$16.6M | $76.9M | -$114.1M | -$114.0M | -$20.6M | — |
| Financing cash flow | -$25.2M | -$120.7M | -$4.1M | $283.3M | -$80.3M | $1.10B | $535.5M | $150.9M | — |
| Buybacks | — | — | — | $0 | $0 | $200.0K | $0 | $0 | — |
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 0001788882-26-000033.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $43.3M | $290.2M | $346.8M | $345.4M | $310.8M | $455.0M | $1.18B | $1.52B |
| Gross profit | — | — | — | — | — | — | — | — | — |
| Net income | — | -$69.1M | -$282.4M | -$363.0M | -$521.0M | -$298.0M | -$147.0M | $31.0M | $40.0M |
Recent filings and events
- 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
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Material agreement signed Item 1.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Results announced Item 2.02
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
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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