TIPTREE INC. TIPT
At Tiptree, our mission is to build long-term value by allocating capital to select small and middle market companies across industries. We have a significant track record investing in the insurance and credit-related financial sectors. With proprietary access and a flexible capital base, we seek to uncover compelling investment opportunities and support management teams in unlocking the full value potential of their businesses. This investment philosophy, executed by our experienced leadership, is our hallmark and has delivered consistent risk-adjusted returns to our stockholders since 2007.
We acquire controlling interests and invest in businesses that we believe (i) operate in industries with long-term growth opportunities, (ii) have positive and stable cash flows, (iii) offer scalable business models with embedded optionality, and (iv) have strong management teams. We believe that our patient capital approach and long-term outlook enhances the ability for our businesses to grow earnings and cash flows across market cycles.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $488.0K | $1.5M | $2.1M | $300.2M | $258.6M | $163.6M | $89.0M | $76.8M | $66.2M | $75.1M |
| SG&A | — | $42.6M | $38.1M | $26.2M | $36.7M | $22.3M | $18.6M | $16.2M | $14.8M | $14.6M |
| Total operating expenses | $47.2M | $41.8M | $45.6M | $1.34B | $1.14B | $849.2M | $743.6M | $645.6M | $595.6M | $477.5M |
| Operating income | -$46.7M | -$40.3M | -$43.5M | — | — | — | — | — | — | — |
| Interest expense | — | — | $27.7M | $30.2M | $37.7M | $32.6M | $27.1M | $27.0M | $25.6M | $21.0M |
| Pre-tax income | -$44.6M | -$38.6M | -$43.5M | $54.0M | $65.3M | -$38.9M | $29.1M | -$19.8M | -$3.3M | $49.1M |
| Income tax | $5.7M | $6.2M | $4.7M | $50.5M | $21.3M | $13.6M | $9.0M | $5.9M | $12.6M | $12.5M |
| Net income | $34.9M | $53.4M | $14.0M | -$8.3M | $38.1M | -$29.2M | $18.4M | $23.9M | $3.6M | $25.3M |
| EPS, basic | 0.93 | 1.44 | 0.38 | -0.23 | 1.13 | -0.86 | 0.52 | 0.69 | — | — |
| EPS, diluted | 0.76 | 1.34 | 0.34 | -0.23 | 1.09 | -0.86 | 0.50 | 0.69 | — | — |
| Shares, diluted (wtd. avg.) | $37.6M | $36.9M | $36.7M | $35.5M | $33.7M | $33.9M | $34.6M | $34.7M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $30.8M | $19.4M | $47.0M | $135.3M | $195.1M | $195.3M | $144.6M | $96.5M | $142.2M | $74.3M |
| Short-term investments | $21.7M | $15.0M | — | — | — | — | — | — | — | — |
| Total current assets | $54.8M | $38.2M | — | — | — | — | — | — | — | — |
| Property, plant and equipment | $6.3M | $7.7M | $29.6M | $21.8M | $14.9M | $15.8M | $12.3M | $6.1M | $4.3M | $5.8M |
| Goodwill | — | $206.7M | $206.2M | $186.6M | $179.1M | $179.2M | $99.1M | $91.6M | $91.6M | $92.8M |
| Other intangibles | — | $102.9M | $118.8M | $117.0M | $122.8M | $138.2M | $48.0M | $52.1M | $64.0M | $73.7M |
| Total assets | $6.84B | $5.69B | $5.14B | $4.04B | $3.60B | $3.00B | $2.20B | $1.86B | $1.99B | $2.89B |
| Short-term debt | $8.1M | $0 | — | — | — | — | — | — | — | — |
| Total current liabilities | $29.1M | $15.6M | — | — | — | — | — | — | — | — |
| Long-term debt | $63.9M | $0 | $402.4M | $259.4M | $393.3M | $366.2M | $374.5M | $354.1M | $346.1M | $554.9M |
| Total liabilities | $6.09B | $5.04B | $4.56B | $3.51B | $3.20B | $2.62B | $1.79B | $1.47B | $1.59B | $2.50B |
| Retained earnings | $121.6M | $95.7M | $60.7M | $54.1M | $68.1M | $35.4M | $70.2M | $57.2M | $38.1M | $38.0M |
| Total equity | $508.6M | $457.7M | $576.6M | $533.6M | $400.2M | $373.5M | $411.4M | $399.3M | $396.8M | $390.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $168.2M | $240.8M | $71.5M | $463.1M | $204.3M | $140.2M | $23.7M | $57.7M | $46.9M | $36.6M |
| Depreciation and amortisation | $1.4M | $1.5M | $1.4M | $23.0M | $24.4M | $17.6M | $13.6M | $12.6M | $30.0M | $28.5M |
| Stock-based compensation | $11.3M | $8.7M | $6.2M | $9.7M | $11.1M | $8.1M | $6.4M | $6.7M | $6.8M | $2.8M |
| Capital expenditure | $0 | $33.0K | $4.1M | $10.7M | $2.8M | $6.7M | $8.5M | $3.7M | $1.7M | $1.5M |
| Investing cash flow | -$202.0M | -$323.0M | -$244.7M | $9.5M | -$273.8M | -$123.5M | -$8.3M | -$109.1M | $212.8M | -$314.3M |
| Financing cash flow | $11.5M | $6.3M | $113.4M | -$115.2M | $73.7M | $31.7M | $36.9M | -$2.0M | -$194.4M | $277.0M |
| Dividends paid | $9.1M | $18.3M | $7.4M | $7.8M | $5.4M | $5.6M | $5.5M | $4.8M | $3.5M | $3.2M |
| Buybacks | — | $0 | $0 | $1.7M | $8.1M | $13.9M | $9.1M | $14.1M | $7.3M | $43.8M |
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 0001393726-26-000009.
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