NYSE : OSG

Octave Specialty Group, Inc. — Financial statements

Financials · Insurance - Specialty · United States

Last price 5.04 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 227.06M

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Financial statements

Income statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Premiums & Annuity Revenue77.10M67.23M99.00M51.91M13.87M47.00M
Total Interest & Dividend Income9.46M10.65M14.45M13.16M4.50M139.00M
Gain (Loss) on Sale of Investments-62.00K7.00M
Other Revenue234.12M173.34M127.30M59.66M35.30M56.00M
Total Revenue320.67M251.22M240.75M124.73M53.61M249.00M
Policy Benefits58.74M47.19M72.63M36.71M9.07M-88.00M
Policy Acquisition & Underwriting Costs62.76M52.83M64.54M40.02M20.18M16.00M
Amortization of Goodwill & Intangibles2.92M55.00M
Depreciation & Amortization47.51M41.95M19.95M5.23M872.00K
Selling, General & Administrative191.80M165.96M121.57M66.98M56.28M111.00M
Other Operating Expenses4.94M
Total Operating Expenses360.82M307.93M283.62M148.95M89.32M94.00M
Operating Income-40.15M-56.70M-42.87M-24.22M-35.71M155.00M
Interest Expense-12.48M-18.64M-9.38M-187.00M
Other Non Operating Income (Expenses)1.00M
EBT Excluding Unusual Items-52.62M-75.34M-52.24M-24.22M-35.71M-31.00M
Merger & Restructuring Charges-20.45M-20.79M-7.60M
Gain (Loss) on Sale of Investments1.13M
Other Unusual Items-4.88M-4.88M33.00M
Pretax Income-77.95M-101.01M-59.84M-24.22M-34.58M2.00M
Income Tax Expense-2.42M-5.21M-924.00K-989.00K-462.00K18.00M
Earnings From Continuing Ops.-75.53M-95.80M-58.92M-23.23M-34.11M-16.00M
Earnings From Discontinued Ops.-80.89M-163.29M-497.17M28.18M557.36M
Net Income to Company-156.42M-259.09M-556.09M4.95M523.25M-16.00M
Minority Interest in Earnings-7.46M-2.60M-361.00K-1.32M-871.00K-1.00M
Net Income-163.88M-261.69M-556.45M3.63M522.38M-17.00M
Preferred Dividends & Other Adjustments7.50M18.18M5.22M-4.79M-2.47M12.00M
Net Income to Common-171.38M-279.87M-561.67M8.42M524.85M-29.00M
Shares Outstanding (Basic)45.99M47.18M46.97M45.64M45.72M46.54M
Shares Outstanding (Diluted)45.99M47.18M46.97M45.64M45.72M46.54M
EPS (Basic)-3.73-5.93-11.960.1811.48-0.62
EPS (Diluted)-3.73-5.93-11.960.1811.48-0.62
Operating Margin-12.52%-22.57%-17.80%-19.42%-66.60%62.25%
Profit Margin-53.45%-111.40%-233.30%6.75%978.98%-11.65%
EBITDA7.37M-14.75M-22.92M-18.99M-31.91M212.00M
EBITDA Margin2.30%-5.87%-9.52%-15.23%-59.53%85.14%
D&A For EBITDA47.51M41.95M19.95M5.23M3.79M57.00M
EBIT-40.15M-56.70M-42.87M-24.22M-35.71M155.00M
EBIT Margin-12.52%-22.57%-17.80%-19.42%-66.60%62.25%
Effective Tax Rate900.00%
Revenue as Reported320.67M251.22M235.81M124.73M53.61M282.00M

Balance sheet

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Investments in Debt Securities134.14M122.30M157.02M135.22M3.33B5.05B
Investments in Equity & Preferred Securities25.02M24.97M28.29M18.32M123.00M143.00M
Other Investments82.51M146.44M127.60M200.51M922.00M904.00M
Total Investments241.67M293.71M312.92M354.05M4.71B6.34B
Cash & Equivalents26.79M27.69M29.61M7.34M44.00M21.00M
Reinsurance Recoverable495.65M436.09M306.19M165.00M115.00M55.00M
Other Receivables243.50M193.39M132.00M55.31M2.38B5.16B
Deferred Policy Acquisition Cost16.42M9.73M8.57M10.96M3.00M
Property, Plant & Equipment9.19M18.11M18.42M21.00M23.00M
Goodwill534.30M540.35M418.23M69.69M61.00M46.00M
Other Intangible Assets447.45M475.00M344.77M61.40M326.00M362.00M
Restricted Cash52.31M40.75M17.67M11.88M17.00M2.00M
Other Current Assets63.00K6.27B7.52B122.00M158.00M
Other Long-Term Assets222.71M197.42M203.11M157.15M172.00M135.00M
Total Assets2.28B2.22B8.06B8.43B7.97B12.30B
Accrued Expenses128.26M116.90M73.99M6.93M427.00M576.00M
Unpaid Claims499.04M459.99M349.06M197.09M805.00M1.57B
Unearned Premiums202.89M187.18M182.45M154.88M372.00M395.00M
Reinsurance Payable93.35M80.56M53.00M29.67M39.00M33.00M
Current Portion of Long-Term Debt1.09B2.03B
Current Portion of Leases2.52M
Short-Term Debt150.00M
Long-Term Debt155.46M117.56M3.75B6.45B
Long-Term Leases7.33M21.54M22.04M25.00M28.00M
Long-Term Deferred Tax Liabilities58.85M65.22M70.14M
Other Current Liabilities8.00K5.89B6.54B1.00M
Other Long-Term Liabilities123.51M96.93M71.97M44.16M148.00M104.00M
Total Liabilities1.27B1.14B6.86B7.00B6.65B11.19B
Common Stock489.00K489.00K489.00K467.00K
Additional Paid-In Capital379.56M369.86M331.01M291.76M274.00M257.00M
Retained Earnings348.47M370.43M683.64M1.25B1.25B726.00M
Treasury Stock-33.06M-33.47M-28.34M-16.57M-15.00M-3.00M
Comprehensive Income & Other3.29M8.48M-188.44M-160.05M-252.00M58.00M
Total Common Equity698.75M715.79M798.36M1.36B1.25B1.04B
Minority Interest316.62M370.38M397.16M70.04M73.00M78.00M
Shareholders' Equity1.02B1.09B1.20B1.43B1.32B1.12B
Total Liabilities & Equity2.28B2.22B8.06B8.43B7.97B12.30B
Filing Date Shares Outstanding45.05M44.95M46.24M45.20M45.29M46.34M
Total Common Shares Outstanding45.02M45.01M46.51M45.20M44.97M46.30M
Total Debt155.46M127.41M171.54M22.04M4.86B8.51B
Net Cash (Debt)-128.67M-99.73M-141.94M-14.70M-4.81B-8.49B
Net Cash Per Share-2.80-2.11-3.02-0.32-105.27-182.38
Book Value Per Share15.5215.9017.1730.1327.8422.42
Tangible Book Value-283.00M-299.55M35.35M1.23B865.00M630.00M
Tangible Book Value Per Share-6.29-6.660.7627.2319.2313.61

Cash flow statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Net Income-163.88M-261.69M-556.45M3.63M522.38M-17.00M
Depreciation & Amortization47.51M41.95M19.95M5.23M3.79M57.00M
Gain (Loss) on Sale of Investments6.97M-20.00M
Stock-Based Compensation1.65M9.71M9.36M12.27M11.23M14.00M
Change in Accounts Receivable-59.13M-49.58M-11.33M-30.23M-13.48M48.00M
Change in Unearned Revenue19.18M6.67M-10.32M27.91M14.68M-82.00M
Change in Insurance Reserves / Liabilities-18.97M-18.97M10.78M23.74M7.90M-147.00M
Change in Other Net Operating Assets18.36M30.74M-3.16M103.00M
Other Operating Activities-5.36M-1.96M21.44M12.86M57.19M-85.00M
Operating Cash Flow-96.98M-52.28M762.00K36.95M70.37M-131.00M
Cash Acquisitions-217.94M-217.94M-243.78M-6.95M-18.44M
Investment in Securities47.13M20.63M67.04M-14.87M-25.05M772.00M
Other Investing Activities-64.23M-10.05M-3.75M-4.85M2.33M4.00M
Investing Cash Flow172.25M199.94M-166.37M-26.68M-41.16M776.00M
Short-Term Debt Issued147.00M
Long-Term Debt Issued117.47M1.17B
Total Debt Issued156.56M117.47M147.00M1.17B
Total Debt Repaid-1.50M-1.64B
Net Debt Issued (Repaid)155.06M117.47M147.00M-467.00M
Repurchases of Common Stock-31.02M-35.25M-12.39M-9.10M-17.79M-6.00M
Other Financing Activities-162.14M-208.52M59.61M-1.89M-1.44M-184.00M
Financing Cash Flow-38.09M-126.30M194.22M-10.99M-19.23M-657.00M
Foreign Exchange Rate Adjustments-956.00K1.46M-558.00K
Net Cash Flow36.22M22.82M28.05M-717.00K9.97M-12.00M
Levered Free Cash Flow341.30M333.25M715.31M-1.04B696.71M-63.00M
Unlevered Free Cash Flow349.10M344.90M721.17M-1.04B696.71M53.88M
Cash Interest Paid13.28M19.77M3.82M80.00M
Cash Income Tax Paid6.58M5.55M526.00K347.00K15.00M
Change in Working Capital-22.95M-3.58M9.30M31.15M26.17M-72.00M

Ratios

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Market Capitalization227.06M340.86M600.16M744.81M784.30M743.18M
Enterprise Value355.73M617.37M5.86B5.05B6.94B9.20B
PE Ratio88.421.49
PS Ratio0.711.362.495.9714.632.98
PB Ratio0.320.310.500.520.590.67
P/OCF Ratio787.6120.1611.15
EV/Sales Ratio1.112.4624.3440.49129.4236.96
EV/EBITDA Ratio48.2843.41
EV/EBIT Ratio59.38
Debt / Equity Ratio0.150.120.140.013.677.62
Debt / EBITDA Ratio9.0039.39
Net Debt / Equity Ratio0.130.090.120.013.637.61
Net Debt / EBITDA Ratio17.46-6.76-6.19-0.77-150.8240.03
Quick Ratio0.380.430.040.040.520.66
Current Ratio0.971.001.031.150.610.71
Asset Turnover0.060.050.030.010.010.02
Return on Equity (ROE)-6.76%-8.40%-4.49%-1.69%-2.79%-1.41%
Return on Assets (ROA)-0.46%-0.69%-0.33%-0.18%-0.22%0.76%
Return on Invested Capital (ROIC)-3.46%-4.40%-3.04%-0.63%-0.45%-12.41%
Earnings Yield-73.99%-76.78%-92.72%0.49%66.61%-2.29%
Buyback Yield / Dilution3.85%-0.45%-2.92%0.18%1.75%-0.84%