NASDAQ : GLRE
Greenlight Capital Re, Ltd. — Financial statements
Financials · Insurance - Reinsurance · Cayman Islands
Last price 14.89 USD (Nov 2, 2026, 3:16 PM EST) · Market cap 486.03M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 647.00M | 661.14M | 619.95M | 583.15M | 469.48M | 539.28M |
| Total Interest & Dividend Income | 30.41M | 36.12M | 46.87M | 41.67M | -1.51M | -1.71M |
| Gain (Loss) on Sale of Investments | -13.90M | -11.66M | -918.00K | 1.74M | 9.86M | 33.77M |
| Other Revenue | 27.62M | 35.71M | 35.72M | 28.96M | 54.50M | 18.75M |
| Total Revenue | 691.13M | 721.31M | 701.63M | 655.52M | 532.33M | 590.09M |
| Policy Benefits | 391.87M | 411.59M | 427.27M | 360.00M | 316.49M | 374.98M |
| Policy Acquisition & Underwriting Costs | 213.61M | 213.48M | 199.63M | 188.46M | 156.96M | 144.96M |
| Selling, General & Administrative | 22.64M | 21.61M | 16.38M | 23.65M | 17.79M | 26.14M |
| Total Operating Expenses | 628.12M | 646.68M | 643.28M | 572.12M | 491.24M | 549.31M |
| Operating Income | 63.01M | 74.63M | 58.35M | 83.39M | 41.09M | 40.78M |
| Interest Expense | -2.21M | -4.79M | -9.18M | -8.03M | -10.92M | -17.92M |
| Currency Exchange Gain (Loss) | -7.64M | 8.46M | -5.61M | 11.57M | -5.99M | -1.54M |
| EBT Excluding Unusual Items | 53.15M | 78.31M | 43.56M | 86.93M | 24.18M | 21.32M |
| Other Unusual Items | 343.00K | |||||
| Pretax Income | 53.15M | 78.31M | 43.56M | 86.93M | 24.53M | 21.32M |
| Income Tax Expense | 2.12M | 3.48M | 749.00K | 100.00K | -816.00K | 3.75M |
| Earnings From Continuing Ops. | 51.03M | 74.83M | 42.82M | 86.83M | 25.34M | 17.58M |
| Net Income | 51.03M | 74.83M | 42.82M | 86.83M | 25.34M | 17.58M |
| Net Income to Common | 51.03M | 74.83M | 42.82M | 86.83M | 25.34M | 17.58M |
| Shares Outstanding (Basic) | 33.52M | 33.82M | 34.10M | 34.07M | 33.91M | 34.20M |
| Shares Outstanding (Diluted) | 34.23M | 34.50M | 34.65M | 34.80M | 39.77M | 34.35M |
| EPS (Basic) | 1.52 | 2.21 | 1.26 | 2.55 | 0.75 | 0.51 |
| EPS (Diluted) | 1.49 | 2.17 | 1.24 | 2.50 | 0.73 | 0.51 |
| Operating Margin | 9.12% | 10.35% | 8.32% | 12.72% | 7.72% | 6.91% |
| Profit Margin | 7.38% | 10.37% | 6.10% | 13.25% | 4.76% | 2.98% |
| EBITDA | 74.69M | 41.10M | 40.80M | |||
| EBITDA Margin | 10.36% | 7.72% | 6.91% | |||
| D&A For EBITDA | 58.67K | 16.00K | 16.00K | |||
| EBIT | 63.01M | 74.63M | 58.35M | 83.39M | 41.09M | 40.78M |
| EBIT Margin | 9.12% | 10.35% | 8.32% | 12.72% | 7.72% | 6.91% |
| Effective Tax Rate | 4.00% | 4.44% | 1.72% | 0.11% | 17.57% | |
| Revenue as Reported | 683.49M | 729.78M | 696.03M | 667.08M | 526.68M | 588.55M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 173.33M | 66.70M | 1.29M | 2.14M | 1.85M | |
| Investments in Equity & Preferred Securities | 64.46M | 61.82M | 71.87M | |||
| Other Investments | 493.41M | 504.56M | 387.14M | 330.05M | 246.63M | 230.64M |
| Total Investments | 731.20M | 633.08M | 460.30M | 332.18M | 248.48M | 230.64M |
| Cash & Equivalents | 76.32M | 111.76M | 64.69M | 51.08M | 38.24M | 76.31M |
| Reinsurance Recoverable | 798.77M | 785.00M | 819.82M | 662.35M | 536.95M | 416.51M |
| Deferred Policy Acquisition Cost | 96.70M | 99.95M | 82.25M | 79.96M | 82.39M | 63.03M |
| Property, Plant & Equipment | 2.70M | 900.00K | 1.40M | 1.90M | 2.40M | |
| Restricted Cash | 526.79M | 531.98M | 584.40M | 604.65M | 668.31M | 634.79M |
| Other Current Assets | 335.00K | |||||
| Long-Term Deferred Tax Assets | 374.00K | 1.09M | 500.00K | 500.00K | ||
| Other Long-Term Assets | 8.80M | 5.33M | 3.49M | 2.60M | 3.62M | 2.98M |
| Total Assets | 2.24B | 2.17B | 2.02B | 1.74B | 1.58B | 1.43B |
| Unpaid Claims | 983.77M | 967.96M | 860.97M | 661.55M | 555.47M | 524.01M |
| Unearned Premiums | 406.49M | 361.70M | 324.55M | 306.31M | 307.82M | 227.58M |
| Reinsurance Payable | 98.44M | 95.85M | 105.89M | 68.98M | 105.14M | 91.22M |
| Current Portion of Leases | 640.00K | 698.00K | ||||
| Long-Term Debt | 8.75M | 4.72M | 60.75M | 73.28M | 80.53M | 98.06M |
| Long-Term Leases | 2.16M | 1.98M | 1.00M | 2.00M | 2.50M | |
| Long-Term Deferred Tax Liabilities | 1.97M | |||||
| Other Current Liabilities | 33.10M | 16.11M | 21.88M | 17.29M | 21.91M | 3.79M |
| Other Long-Term Liabilities | 7.55M | 10.81M | 5.30M | 11.79M | 4.40M | 4.66M |
| Total Liabilities | 1.54B | 1.46B | 1.38B | 1.14B | 1.08B | 951.83M |
| Common Stock | 3.29M | 3.39M | 3.48M | 3.53M | 3.48M | 3.38M |
| Additional Paid-In Capital | 462.56M | 478.91M | 481.55M | 484.53M | 478.44M | 481.78M |
| Retained Earnings | 231.83M | 225.68M | 150.84M | 108.03M | 21.20M | -9.51M |
| Total Common Equity | 697.68M | 707.98M | 635.88M | 596.10M | 503.12M | 475.66M |
| Shareholders' Equity | 697.68M | 707.98M | 635.88M | 596.10M | 503.12M | 475.66M |
| Total Liabilities & Equity | 2.24B | 2.17B | 2.02B | 1.74B | 1.58B | 1.43B |
| Filing Date Shares Outstanding | 32.64M | 33.98M | 34.56M | 35.36M | 34.84M | 33.84M |
| Total Common Shares Outstanding | 32.88M | 33.90M | 34.83M | 35.34M | 34.82M | 33.84M |
| Total Debt | 11.55M | 7.40M | 61.75M | 73.28M | 82.53M | 100.56M |
| Net Cash (Debt) | 64.77M | 104.35M | 2.94M | -22.20M | -44.30M | -24.25M |
| Net Cash Per Share | 1.89 | 3.02 | 0.08 | -0.64 | -1.11 | -0.71 |
| Book Value Per Share | 21.22 | 20.89 | 18.26 | 16.87 | 14.45 | 14.05 |
| Tangible Book Value | 697.68M | 707.98M | 635.88M | 596.10M | 503.12M | 475.66M |
| Tangible Book Value Per Share | 21.22 | 20.89 | 18.26 | 16.87 | 14.45 | 14.05 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 51.03M | 74.83M | 42.82M | 86.83M | 25.34M | 17.58M |
| Depreciation & Amortization | 16.00K | |||||
| Gain (Loss) on Sale of Investments | 13.90M | 11.66M | 918.00K | -1.74M | -9.86M | -33.77M |
| Stock-Based Compensation | 7.36M | 7.09M | 4.46M | 6.14M | 4.68M | 3.23M |
| Reinsurance Recoverable | 113.61M | 44.50M | -145.19M | -126.29M | -100.19M | -75.13M |
| Change in Unearned Revenue | 23.07M | 37.15M | 18.24M | -1.51M | 80.24M | 26.50M |
| Change in Insurance Reserves / Liabilities | 38.79M | 106.99M | 199.41M | 106.09M | 31.46M | 29.83M |
| Change in Other Net Operating Assets | -13.79M | -7.85M | -11.05M | 1.78M | -2.91M | 4.32M |
| Other Operating Activities | -724.00K | -712.00K | 885.00K | -1.38M | -264.00K | 2.26M |
| Operating Cash Flow | 200.06M | 210.21M | 111.50M | 7.51M | -31.80M | -56.30M |
| Investment in Securities | -180.38M | -148.73M | -95.49M | -53.13M | 47.02M | 16.99M |
| Other Investing Activities | -530.00K | -441.00K | -1.07M | 6.10M | ||
| Investing Cash Flow | -180.91M | -149.17M | -96.56M | -53.13M | 47.02M | 23.09M |
| Long-Term Debt Issued | 75.00M | |||||
| Total Debt Repaid | -53.44M | -55.31M | -13.75M | -80.29M | -19.79M | |
| Net Debt Issued (Repaid) | -49.44M | -55.31M | -13.75M | -5.29M | -19.79M | |
| Repurchases of Common Stock | -24.02M | -9.82M | -7.49M | -35.00K | -10.00M | |
| Financing Cash Flow | -73.46M | -65.14M | -21.24M | -5.29M | -19.83M | -10.00M |
| Foreign Exchange Rate Adjustments | -1.63M | -1.26M | -345.00K | 100.00K | 59.00K | |
| Net Cash Flow | -55.95M | -5.36M | -6.64M | -50.82M | -4.55M | -43.20M |
| Levered Free Cash Flow | 234.37M | -310.58M | 157.12M | 61.31M | 7.64M | 114.05M |
| Unlevered Free Cash Flow | 235.76M | -307.59M | 162.86M | 66.33M | 14.46M | 125.25M |
| Cash Interest Paid | 2.42M | 4.76M | 5.19M | 5.12M | 4.12M | 4.00M |
| Cash Income Tax Paid | 1.81M | 1.22M | 223.00K | -1.02M | 664.00K | 3.70M |
| Change in Working Capital | 156.11M | 153.05M | 96.03M | -53.65M | 3.14M | -27.52M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 492.56M | 497.17M | 487.65M | 403.55M | 283.82M | 265.34M |
| Enterprise Value | 427.79M | 466.76M | 496.76M | 437.13M | 347.08M | 327.87M |
| PE Ratio | 10.13 | 6.64 | 11.39 | 4.65 | 11.20 | 15.10 |
| PS Ratio | 0.71 | 0.69 | 0.69 | 0.62 | 0.53 | 0.45 |
| PB Ratio | 0.69 | 0.70 | 0.77 | 0.68 | 0.56 | 0.56 |
| P/OCF Ratio | 2.46 | 2.37 | 4.37 | 53.76 | ||
| EV/Sales Ratio | 0.62 | 0.65 | 0.71 | 0.67 | 0.65 | 0.56 |
| EV/EBITDA Ratio | 6.25 | 8.44 | 8.04 | |||
| EV/EBIT Ratio | 6.79 | 6.25 | 8.51 | 5.24 | 8.45 | 8.04 |
| Debt / Equity Ratio | 0.02 | 0.01 | 0.10 | 0.12 | 0.16 | 0.21 |
| Debt / EBITDA Ratio | 0.18 | 0.10 | 1.05 | 1.98 | 2.44 | |
| Net Debt / Equity Ratio | -0.09 | -0.15 | -0.01 | 0.04 | 0.09 | 0.05 |
| Net Debt / EBITDA Ratio | -1.40 | 1.08 | 0.59 | |||
| Quick Ratio | 0.08 | 0.13 | 0.05 | 0.05 | 0.04 | 0.09 |
| Current Ratio | 1.50 | 1.65 | 1.12 | 1.25 | 1.26 | 1.33 |
| Asset Turnover | 0.31 | 0.34 | 0.37 | 0.40 | 0.35 | 0.42 |
| Return on Equity (ROE) | 7.50% | 11.14% | 6.95% | 15.80% | 5.18% | 3.74% |
| Return on Assets (ROA) | 1.78% | 2.23% | 1.94% | 3.14% | 1.71% | 1.83% |
| Return on Invested Capital (ROIC) | 8.30% | 10.09% | 8.39% | 13.27% | 7.07% | 5.91% |
| Earnings Yield | 9.87% | 15.05% | 8.78% | 21.52% | 8.93% | 6.62% |
| Buyback Yield / Dilution | 0.92% | 0.44% | 0.41% | 12.50% | -15.78% | 5.31% |