NASDAQ : DGICA
Donegal Group Inc. — Financial statements
Financials · Insurance - Property & Casualty · United States
Last price 18.72 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 694.87M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 893.70M | 921.18M | 936.65M | 882.07M | 822.49M | 776.02M |
| Total Interest & Dividend Income | 57.63M | 52.63M | 44.92M | 40.85M | 34.02M | 31.13M |
| Gain (Loss) on Sale of Investments | 361.34K | 619.34K | 4.98M | 3.17M | -10.18M | 6.48M |
| Non-Insurance Activities Revenue | 3.23M | 3.58M | 3.05M | 1.24M | 1.90M | 2.85M |
| Total Revenue | 954.92M | 978.01M | 989.61M | 927.34M | 848.22M | 816.47M |
| Policy Benefits | 552.63M | 567.34M | 608.19M | 614.49M | 569.64M | 525.91M |
| Policy Acquisition & Underwriting Costs | 314.79M | 311.17M | 315.56M | 305.96M | 280.35M | 258.10M |
| Other Operating Expenses | 1.47M | 559.94K | 2.56M | 1.20M | 1.24M | 1.22M |
| Total Operating Expenses | 868.89M | 879.07M | 926.32M | 921.65M | 851.24M | 785.23M |
| Operating Income | 86.03M | 98.94M | 63.28M | 5.68M | -3.02M | 31.23M |
| Interest Expense | -1.35M | -1.35M | -946.02K | -619.81K | -620.56K | -895.61K |
| EBT Excluding Unusual Items | 84.67M | 97.59M | 62.34M | 5.06M | -3.64M | 30.34M |
| Pretax Income | 84.67M | 97.59M | 62.34M | 5.06M | -3.64M | 30.34M |
| Income Tax Expense | 15.51M | 18.25M | 11.48M | 637.97K | -1.68M | 5.08M |
| Net Income | 69.16M | 79.34M | 50.86M | 4.43M | -1.96M | 25.25M |
| Net Income to Common | 69.16M | 79.34M | 50.86M | 4.43M | -1.96M | 25.25M |
| Shares Outstanding (Basic) | 37.02M | 36.32M | 33.73M | 33.05M | 31.99M | 30.96M |
| Shares Outstanding (Diluted) | 37.52M | 36.82M | 33.82M | 33.14M | 31.99M | 31.11M |
| EPS (Basic) | 1.87 | 2.18 | 1.51 | 0.13 | -0.06 | 0.82 |
| EPS (Diluted) | 1.84 | 2.15 | 1.50 | 0.13 | -0.06 | 0.81 |
| Free Cash Flow | 70.20M | 67.44M | 28.58M | 67.11M | 76.73M | |
| Free Cash Flow Per Share | 1.91 | 1.99 | 0.86 | 2.10 | 2.47 | |
| Dividend Per Share | 0.75 | 0.72 | 0.69 | 0.68 | 0.66 | 0.63 |
| Operating Margin | 9.01% | 10.12% | 6.40% | 0.61% | -0.36% | 3.83% |
| Profit Margin | 7.24% | 8.11% | 5.14% | 0.48% | -0.23% | 3.09% |
| Free Cash Flow Margin | 7.18% | 6.82% | 3.08% | 7.91% | 9.40% | |
| EBITDA | 87.99M | 102.02M | 67.16M | 10.01M | 1.82M | 37.07M |
| EBITDA Margin | 9.21% | 10.43% | 6.79% | 1.08% | 0.21% | 4.54% |
| D&A For EBITDA | 1.97M | 3.08M | 3.87M | 4.33M | 4.84M | 5.84M |
| EBIT | 86.03M | 98.94M | 63.28M | 5.68M | -3.02M | 31.23M |
| EBIT Margin | 9.01% | 10.12% | 6.40% | 0.61% | -0.36% | 3.82% |
| Effective Tax Rate | 18.32% | 18.70% | 18.41% | 12.60% | 16.76% | |
| Revenue as Reported | 954.92M | 978.01M | 989.61M | 927.34M | 848.22M | 816.47M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 1.42B | 1.42B | 1.32B | 1.27B | 1.21B | 1.20B |
| Investments in Equity & Preferred Securities | 51.05M | 44.37M | 36.81M | 25.90M | 35.10M | 63.42M |
| Other Investments | 23.23M | 38.71M | 24.56M | 32.31M | 57.32M | 12.69M |
| Total Investments | 1.49B | 1.50B | 1.38B | 1.33B | 1.30B | 1.28B |
| Cash & Equivalents | 32.50M | 26.79M | 52.93M | 23.79M | 25.12M | 57.71M |
| Reinsurance Recoverable | 410.10M | 398.58M | 420.74M | 441.43M | 456.52M | 455.41M |
| Other Receivables | 220.72M | 199.05M | 199.90M | 201.05M | 191.22M | 202.41M |
| Deferred Policy Acquisition Cost | 69.14M | 68.67M | 73.35M | 75.04M | 73.17M | 68.03M |
| Property, Plant & Equipment | 2.33M | 2.48M | 2.63M | 2.76M | 2.96M | |
| Goodwill | 5.63M | 5.63M | 5.63M | 5.63M | 5.63M | |
| Other Intangible Assets | 958.01K | 958.01K | 958.01K | 958.01K | 958.01K | |
| Other Current Assets | 205.82M | 171.08M | 176.16M | 168.72M | 160.59M | 176.94M |
| Long-Term Deferred Tax Assets | 13.29M | 18.77M | 19.53M | 21.60M | 6.69M | |
| Other Long-Term Assets | 41.39M | 9.92K | 147.13K | 451.01K | 1.12M | 1.61M |
| Total Assets | 2.47B | 2.39B | 2.34B | 2.27B | 2.24B | 2.26B |
| Accrued Expenses | 2.22M | 2.92M | 3.95M | 4.23M | 4.03M | |
| Unpaid Claims | 1.13B | 1.10B | 1.12B | 1.13B | 1.12B | 1.08B |
| Unearned Premiums | 634.40M | 591.04M | 612.48M | 599.41M | 577.65M | 572.96M |
| Reinsurance Payable | 3.48M | 4.35M | 8.76M | 3.50M | 3.95M | |
| Current Income Taxes Payable | 356.10K | |||||
| Long-Term Debt | 35.00M | 35.00M | 35.00M | 35.00M | 35.00M | 35.00M |
| Other Current Liabilities | 6.65M | 6.03M | 5.57M | 5.30M | 23.03M | |
| Other Long-Term Liabilities | 14.38M | 7.77M | 8.15M | 7.70M | 13.04M | 7.56M |
| Total Liabilities | 1.81B | 1.75B | 1.79B | 1.79B | 1.76B | 1.72B |
| Common Stock | 404.00K | 400.34K | 386.04K | 364.14K | 357.69K | 344.05K |
| Additional Paid-In Capital | 399.25M | 391.81M | 369.68M | 335.69M | 325.60M | 304.89M |
| Retained Earnings | 335.25M | 297.73M | 245.14M | 217.79M | 240.56M | 263.75M |
| Treasury Stock | -41.23M | -41.23M | -41.23M | -41.23M | -41.23M | -41.23M |
| Comprehensive Income & Other | -32.40M | -8.30M | -28.20M | -32.88M | -41.70M | 3.28M |
| Shareholders' Equity | 661.28M | 640.42M | 545.78M | 479.75M | 483.59M | 531.04M |
| Total Liabilities & Equity | 2.47B | 2.39B | 2.34B | 2.27B | 2.24B | 2.26B |
| Filing Date Shares Outstanding | 37.24M | 37.00M | 35.64M | 33.39M | 32.74M | 31.36M |
| Total Common Shares Outstanding | 37.24M | 36.96M | 35.53M | 33.34M | 32.69M | 31.33M |
| Total Debt | 35.00M | 35.00M | 35.00M | 35.00M | 35.00M | 35.00M |
| Net Cash (Debt) | -2.50M | -8.21M | 17.93M | -11.21M | -9.88M | 22.71M |
| Net Cash Per Share | -0.07 | -0.22 | 0.53 | -0.34 | -0.31 | 0.73 |
| Book Value Per Share | 17.76 | 17.33 | 15.36 | 14.39 | 14.79 | 16.95 |
| Tangible Book Value | 661.28M | 633.83M | 539.19M | 473.16M | 477.01M | 524.45M |
| Tangible Book Value Per Share | 17.76 | 17.15 | 15.18 | 14.19 | 14.59 | 16.74 |
| Machinery | 8.33M | 8.33M | 8.33M | 8.29M | 8.71M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 79.34M | 50.86M | 4.43M | -1.96M | 25.25M | |
| Depreciation & Amortization | 3.08M | 3.87M | 4.33M | 4.84M | 5.84M | |
| Gain (Loss) on Sale of Investments | -619.34K | -4.98M | -3.17M | 10.18M | -6.48M | |
| Change in Accounts Receivable | 302.60K | -1.51M | -5.75M | -4.98M | 733.75K | |
| Reinsurance Recoverable | 22.16M | 20.69M | 13.96M | -1.11M | -46.50M | |
| Change in Unearned Revenue | -21.44M | 13.06M | 21.76M | 4.69M | 35.77M | |
| Change in Income Taxes | -4.38M | 8.46M | 408.58K | -3.22M | -2.20M | |
| Change in Deferred Taxes | 188.94K | -481.74K | 229.40K | -2.96M | 1.10M | |
| Change in Insurance Reserves / Liabilities | -20.94M | -5.17M | 5.11M | 43.43M | 115.61M | |
| Change in Other Net Operating Assets | 8.69M | -14.64M | -16.07M | 23.79M | -44.23M | |
| Operating Cash Flow | 70.20M | 67.44M | 28.62M | 67.11M | 76.73M | |
| Capital Expenditures | -425.00 | -44.70K | ||||
| Sale of Property, Plant & Equipment | 743.00 | 28.29K | 1.22M | |||
| Investment in Securities | -91.13M | -48.04M | -16.66M | -98.53M | -63.42M | |
| Investing Cash Flow | -91.13M | -48.04M | -16.71M | -98.50M | -62.20M | |
| Total Debt Repaid | -55.00M | |||||
| Net Debt Issued (Repaid) | -55.00M | |||||
| Issuance of Common Stock | 20.47M | 32.43M | 8.65M | 19.30M | 14.18M | |
| Common Dividends Paid | -25.67M | -22.70M | -21.89M | -20.50M | -19.10M | |
| Financing Cash Flow | -5.21M | 9.73M | -13.25M | -1.20M | -59.92M | |
| Net Cash Flow | -26.14M | 29.13M | -1.33M | -32.59M | -45.38M | |
| Free Cash Flow | 70.20M | 67.44M | 28.58M | 67.11M | 76.73M | |
| Free Cash Flow Margin | 7.18% | 6.82% | 3.08% | 7.91% | 9.40% | |
| Free Cash Flow Per Share | 1.91 | 1.99 | 0.86 | 2.10 | 2.47 | |
| Levered Free Cash Flow | 35.35M | 69.23M | 62.59M | 15.31M | 103.84M | |
| Unlevered Free Cash Flow | 36.19M | 69.82M | 62.98M | 15.70M | 104.40M | |
| Cash Interest Paid | 1.35M | 969.09K | 618.52K | 623.95K | 1.15M | |
| Cash Income Tax Paid | 22.70M | 3.75M | 250.05K | 4.50M | 6.20M | |
| Change in Working Capital | -11.60M | 17.69M | 23.04M | 54.04M | 52.12M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 694.87M | 719.33M | 516.78M | 468.12M | 472.59M | 443.12M |
| Enterprise Value | 697.37M | 715.76M | 523.13M | 479.40M | 480.93M | 409.22M |
| PE Ratio | 10.15 | 9.07 | 10.16 | 105.78 | 17.55 | |
| PS Ratio | 0.73 | 0.73 | 0.52 | 0.51 | 0.56 | 0.54 |
| PB Ratio | 1.05 | 1.12 | 0.95 | 0.98 | 0.98 | 0.83 |
| P/FCF Ratio | 11.90 | 10.25 | 7.66 | 16.38 | 7.04 | 5.78 |
| P/OCF Ratio | 11.90 | 10.25 | 7.66 | 16.35 | 7.04 | 5.78 |
| EV/Sales Ratio | 0.73 | 0.73 | 0.53 | 0.52 | 0.57 | 0.50 |
| EV/EBITDA Ratio | 7.93 | 7.02 | 7.79 | 47.89 | 263.67 | 11.04 |
| EV/EBIT Ratio | 8.11 | 7.23 | 8.27 | 84.35 | 13.10 | |
| EV/FCF Ratio | 11.94 | 10.20 | 7.76 | 16.77 | 7.17 | 5.33 |
| Debt / Equity Ratio | 0.05 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 |
| Debt / EBITDA Ratio | 0.40 | 0.34 | 0.52 | 3.50 | 19.19 | 0.94 |
| Debt / FCF Ratio | 0.50 | 0.52 | 1.23 | 0.52 | 0.46 | |
| Net Debt / Equity Ratio | 0.00 | 0.01 | -0.03 | 0.02 | 0.02 | -0.04 |
| Net Debt / EBITDA Ratio | 0.03 | 0.08 | -0.27 | 1.12 | 5.42 | -0.61 |
| Net Debt / FCF Ratio | 0.12 | -0.27 | 0.39 | 0.15 | -0.30 | |
| Quick Ratio | 0.16 | 0.15 | 0.15 | 0.14 | 0.15 | 0.16 |
| Current Ratio | 0.51 | 0.49 | 0.50 | 0.50 | 0.52 | 0.54 |
| Asset Turnover | 0.39 | 0.41 | 0.43 | 0.41 | 0.38 | 0.37 |
| Return on Equity (ROE) | 10.73% | 13.38% | 9.92% | 0.92% | -0.39% | 4.82% |
| Return on Assets (ROA) | 2.20% | 2.62% | 1.72% | 0.16% | -0.08% | 0.88% |
| Return on Invested Capital (ROIC) | 10.06% | 12.81% | 9.43% | 0.96% | -0.56% | 4.43% |
| Earnings Yield | 9.85% | 11.03% | 9.84% | 0.95% | -0.41% | 5.70% |
| FCF Yield | 8.40% | 9.76% | 13.05% | 6.11% | 14.20% | 17.32% |
| Dividend Yield | 4.11% | 3.70% | 4.73% | 4.81% | 4.53% | 4.45% |
| Payout Ratio | 41.77% | 32.36% | 44.63% | 494.72% | 75.63% | |
| Buyback Yield / Dilution | -3.67% | -8.87% | -2.06% | -3.61% | -2.81% | -5.59% |
| Total Shareholder Return | 0.45% | -5.17% | 2.67% | 1.20% | 1.72% | -1.14% |