NYSE : PLGO
Pelagos Insurance Capital Limited — Financial statements
Financials · Insurance - Diversified · Bermuda
Last price 26.33 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.18B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 2.30B | 2.29B | 2.26B | 1.83B | 1.50B | 1.16B |
| Total Interest & Dividend Income | 177.60M | 184.00M | 190.50M | 119.50M | 40.70M | 20.60M |
| Gain (Loss) on Sale of Investments | 33.50M | 22.80M | -28.60M | 4.90M | -33.70M | 13.50M |
| Other Revenue | 100.00K | 1.90M | 1.00M | |||
| Total Revenue | 2.51B | 2.50B | 2.42B | 1.96B | 1.51B | 1.19B |
| Policy Benefits | 880.30M | 1.09B | 1.16B | 698.80M | 830.20M | 696.80M |
| Policy Acquisition & Underwriting Costs | 999.90M | 990.10M | 999.70M | 723.80M | 384.40M | 250.10M |
| Selling, General & Administrative | 105.60M | 89.90M | 88.10M | 80.30M | 175.20M | 123.60M |
| Total Operating Expenses | 1.99B | 2.18B | 2.25B | 1.51B | 1.40B | 1.08B |
| Operating Income | 519.70M | 322.80M | 168.60M | 447.70M | 108.80M | 114.50M |
| Interest Expense | -57.00M | -47.70M | -33.80M | -35.50M | -35.50M | -35.40M |
| Currency Exchange Gain (Loss) | -3.00M | 500.00K | 1.60M | -4.10M | 6.80M | -400.00K |
| Other Non Operating Income (Expenses) | 1.64B | |||||
| EBT Excluding Unusual Items | 459.70M | 275.60M | 136.40M | 2.05B | 80.10M | 78.70M |
| Pretax Income | 459.70M | 275.60M | 136.40M | 2.05B | 80.10M | 78.70M |
| Income Tax Expense | 59.00M | 50.10M | 23.10M | -85.30M | 17.80M | 400.00K |
| Earnings From Continuing Ops. | 400.70M | 225.50M | 113.30M | 2.13B | 62.30M | 78.30M |
| Minority Interest in Earnings | -9.70M | -10.00M | ||||
| Net Income | 400.70M | 225.50M | 113.30M | 2.13B | 52.60M | 68.30M |
| Net Income to Common | 400.70M | 225.50M | 113.30M | 2.13B | 52.60M | 68.30M |
| Shares Outstanding (Basic) | 95.45M | 106.16M | 115.22M | 114.31M | 194.29M | 195.49M |
| Shares Outstanding (Diluted) | 96.34M | 106.74M | 115.63M | 114.32M | 199.32M | 200.38M |
| EPS (Basic) | 4.20 | 2.12 | 0.98 | 18.65 | 0.27 | 0.35 |
| EPS (Diluted) | 4.16 | 2.11 | 0.98 | 18.65 | 0.26 | 0.34 |
| Free Cash Flow | 630.10M | -409.50M | 613.60M | 488.80M | 722.60M | 338.70M |
| Free Cash Flow Per Share | 6.54 | -3.84 | 5.31 | 4.28 | 3.62 | 1.69 |
| Dividend Per Share | 0.60 | 0.50 | 0.40 | |||
| Operating Margin | 20.68% | 12.91% | 6.97% | 22.88% | 7.21% | 9.58% |
| Profit Margin | 15.94% | 9.02% | 4.68% | 108.96% | 3.48% | 5.72% |
| Free Cash Flow Margin | 25.07% | -16.38% | 25.36% | 24.98% | 47.87% | 28.35% |
| EBITDA | 168.90M | 448.00M | 112.70M | 119.00M | ||
| EBITDA Margin | 6.98% | 22.89% | 7.47% | 9.96% | ||
| D&A For EBITDA | 300.00K | 300.00K | 3.90M | 4.50M | ||
| EBIT | 519.70M | 322.80M | 168.60M | 447.70M | 108.80M | 114.50M |
| EBIT Margin | 20.68% | 12.91% | 6.97% | 22.88% | 7.21% | 9.58% |
| Effective Tax Rate | 12.83% | 18.18% | 16.93% | 22.22% | 0.51% | |
| Revenue as Reported | 2.51B | 2.50B | 2.42B | 3.60B | 1.51B | 1.19B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 2.86B | 2.64B | 3.41B | 3.29B | 2.31B | 2.50B |
| Other Investments | 916.50M | 597.00M | 423.10M | 47.50M | 117.10M | 253.10M |
| Total Investments | 3.77B | 3.24B | 3.83B | 3.34B | 2.42B | 2.78B |
| Cash & Equivalents | 444.30M | 873.00M | 743.00M | 712.40M | 1.22B | 325.10M |
| Reinsurance Recoverable | 1.63B | 1.63B | 1.53B | 1.29B | 1.14B | 1.05B |
| Other Receivables | 4.56B | 3.53B | 2.97B | 2.41B | 1.87B | 1.57B |
| Deferred Policy Acquisition Cost | 1.46B | 1.08B | 877.90M | 786.60M | 515.80M | 403.30M |
| Property, Plant & Equipment | 9.80M | 11.10M | 7.30M | 26.80M | 29.90M | |
| Restricted Cash | 72.80M | 374.60M | 203.60M | 251.70M | 185.90M | 150.90M |
| Other Current Assets | 1.89B | 1.44B | 1.42B | 1.06B | 823.70M | 677.20M |
| Long-Term Deferred Tax Assets | 40.30M | |||||
| Other Long-Term Assets | 149.40M | 260.50M | 165.80M | 166.20M | 104.20M | 23.60M |
| Total Assets | 13.99B | 12.44B | 11.77B | 10.03B | 8.31B | 7.05B |
| Accrued Expenses | 4.30M | |||||
| Insurance & Annuity Liabilities | 2.87B | 2.61B | 3.13B | 2.45B | 2.05B | 1.39B |
| Unearned Premiums | 5.63B | 4.38B | 3.65B | 3.15B | 2.62B | 2.11B |
| Reinsurance Payable | 1.80B | 1.66B | 1.54B | 1.07B | 1.06B | 947.80M |
| Current Portion of Leases | 3.00M | |||||
| Long-Term Debt | 720.50M | 843.20M | 507.30M | 506.60M | 505.90M | 505.30M |
| Long-Term Leases | 9.40M | 13.00M | 8.00M | 28.50M | 31.40M | |
| Other Current Liabilities | 641.70M | 459.40M | 386.30M | 335.80M | 200.00K | 1.00M |
| Other Long-Term Liabilities | 109.20M | 77.70M | 84.50M | 58.00M | 70.00M | 43.90M |
| Total Liabilities | 11.77B | 10.04B | 9.32B | 7.58B | 6.33B | 5.03B |
| Common Stock | 800.00K | 1.00M | 1.20M | 1.20M | 1.90M | 2.10M |
| Additional Paid-In Capital | 1.41B | 1.69B | 2.04B | 2.04B | 2.08B | 2.08B |
| Retained Earnings | 802.50M | 675.90M | 503.60M | 436.60M | 500.00K | -52.10M |
| Treasury Stock | -105.50M | |||||
| Comprehensive Income & Other | 7.30M | 37.10M | 4.50M | -27.00M | -100.80M | -11.30M |
| Total Common Equity | 2.22B | 2.40B | 2.45B | 2.45B | 1.98B | 2.01B |
| Minority Interest | 10.30M | 5.20M | ||||
| Shareholders' Equity | 2.22B | 2.40B | 2.45B | 2.45B | 1.99B | 2.02B |
| Total Liabilities & Equity | 13.99B | 12.44B | 11.77B | 10.03B | 8.31B | 7.05B |
| Filing Date Shares Outstanding | 82.73M | 86.48M | 111.77M | 117.67M | 211.46M | 195.49M |
| Total Common Shares Outstanding | 82.73M | 96.65M | 111.73M | 117.91M | 211.46M | 195.49M |
| Total Debt | 720.50M | 855.60M | 520.30M | 514.60M | 534.40M | 536.70M |
| Net Cash (Debt) | -276.20M | 17.40M | 222.70M | 197.80M | 687.60M | -211.60M |
| Net Cash Per Share | -2.87 | 0.16 | 1.93 | 1.73 | 3.45 | -1.06 |
| Book Value Per Share | 26.84 | 24.83 | 21.91 | 20.78 | 9.35 | 9.48 |
| Tangible Book Value | 2.22B | 2.40B | 2.45B | 2.45B | 1.98B | 2.01B |
| Tangible Book Value Per Share | 26.84 | 24.83 | 21.91 | 20.78 | 9.35 | 9.48 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 400.70M | 225.50M | 113.30M | 2.13B | 52.60M | 68.30M |
| Depreciation & Amortization | -14.20M | -19.20M | -14.00M | 300.00K | 3.90M | 4.50M |
| Gain (Loss) on Sale of Investments | -33.50M | -22.80M | 28.60M | -1.72B | 26.30M | 12.00M |
| Stock-Based Compensation | 10.20M | 7.90M | 7.80M | 27.60M | 10.80M | 9.80M |
| Change in Accounts Receivable | -738.60M | -495.60M | -572.70M | -321.30M | -342.00M | -479.10M |
| Reinsurance Recoverable | -83.40M | -60.90M | -271.60M | -148.00M | -106.00M | -578.30M |
| Change in Unearned Revenue | 942.20M | 733.30M | 502.00M | 530.90M | 504.90M | 708.20M |
| Change in Insurance Reserves / Liabilities | 361.30M | -582.50M | 728.00M | 383.90M | 695.30M | 592.30M |
| Change in Other Net Operating Assets | 206.90M | -41.30M | -329.50M | -45.00M | -125.50M | -302.40M |
| Other Operating Activities | 33.50M | 8.90M | 9.80M | -86.50M | -700.00K | -16.40M |
| Operating Cash Flow | 631.50M | -408.30M | 618.20M | 495.20M | 741.40M | 345.80M |
| Capital Expenditures | -1.40M | -1.20M | -4.60M | -6.40M | -18.80M | -7.10M |
| Investment in Securities | -598.50M | 683.90M | -471.20M | -828.50M | 234.70M | -1.08B |
| Investing Cash Flow | -599.90M | 682.70M | -475.80M | -834.90M | 215.90M | -1.09B |
| Net Debt Issued (Repaid) | -125.00M | |||||
| Issuance of Common Stock | 393.30M | 89.40M | 318.20M | |||
| Repurchases of Common Stock | -431.70M | -261.60M | -107.70M | -50.60M | -320.90M | |
| Repurchases of Preferred Stock | -59.60M | |||||
| Common Dividends Paid | -56.10M | -52.30M | -46.20M | -34.10M | -500.00K | -2.10M |
| Total Dividends Paid | -56.10M | -52.30M | -46.20M | -34.10M | -500.00K | -2.10M |
| Other Financing Activities | -111.60M | -15.70M | -13.40M | |||
| Financing Cash Flow | -612.80M | 19.80M | -153.90M | -106.90M | -16.20M | -18.20M |
| Foreign Exchange Rate Adjustments | -5.20M | 6.80M | -6.00M | 2.80M | -9.20M | -4.60M |
| Net Cash Flow | -586.40M | 301.00M | -17.50M | -443.80M | 931.90M | -762.50M |
| Free Cash Flow | 630.10M | -409.50M | 613.60M | 488.80M | 722.60M | 338.70M |
| Free Cash Flow Margin | 25.07% | -16.38% | 25.36% | 24.98% | 47.87% | 28.35% |
| Free Cash Flow Per Share | 6.54 | -3.84 | 5.31 | 4.28 | 3.62 | 1.69 |
| Levered Free Cash Flow | 460.29M | 350.94M | -246.25M | 164.62M | 107.11M | 9.74M |
| Unlevered Free Cash Flow | 495.91M | 380.75M | -225.12M | 186.81M | 129.30M | 31.86M |
| Cash Interest Paid | 42.60M | 42.60M | 29.60M | 29.70M | 29.60M | 29.30M |
| Cash Income Tax Paid | 26.70M | 26.70M | 5.60M | 14.70M | 11.90M | 24.10M |
| Change in Working Capital | 234.80M | -608.60M | 472.70M | 137.00M | 648.50M | 267.60M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.18B | 2.02B | 2.03B | 1.49B | ||
| Enterprise Value | 2.45B | 1.97B | 1.73B | 1.45B | ||
| PE Ratio | 6.33 | 8.94 | 17.88 | 0.70 | ||
| PS Ratio | 0.87 | 0.81 | 0.84 | 0.76 | ||
| PB Ratio | 0.98 | 0.84 | 0.83 | 0.61 | ||
| P/FCF Ratio | 3.46 | 3.30 | 3.06 | |||
| P/OCF Ratio | 3.45 | 3.28 | 3.02 | |||
| EV/Sales Ratio | 0.98 | 0.79 | 0.71 | 0.74 | ||
| EV/EBITDA Ratio | 10.22 | 3.23 | ||||
| EV/EBIT Ratio | 4.72 | 6.09 | 10.24 | 3.23 | ||
| EV/FCF Ratio | 3.90 | 2.81 | 2.96 | |||
| Debt / Equity Ratio | 0.32 | 0.36 | 0.21 | 0.21 | 0.27 | 0.27 |
| Debt / EBITDA Ratio | 1.38 | 2.63 | 3.04 | 1.14 | 4.57 | 4.41 |
| Debt / FCF Ratio | 1.14 | 0.85 | 1.05 | 0.74 | 1.58 | |
| Net Debt / Equity Ratio | 0.12 | -0.01 | -0.09 | -0.08 | -0.35 | 0.10 |
| Net Debt / EBITDA Ratio | -1.32 | -0.44 | -6.10 | 1.78 | ||
| Net Debt / FCF Ratio | 0.44 | 0.04 | -0.36 | -0.41 | -0.95 | 0.62 |
| Quick Ratio | 0.65 | 0.69 | 0.70 | 0.68 | 0.84 | 0.62 |
| Current Ratio | 1.10 | 1.22 | 1.27 | 1.26 | 1.43 | 1.24 |
| Asset Turnover | 0.19 | 0.21 | 0.22 | 0.21 | 0.20 | 0.19 |
| Return on Equity (ROE) | 17.64% | 9.30% | 4.63% | 96.13% | 3.11% | 3.86% |
| Return on Assets (ROA) | 2.41% | 1.67% | 0.97% | 3.05% | 0.89% | 1.15% |
| Return on Invested Capital (ROIC) | 15.00% | 8.49% | 4.72% | 16.32% | 3.33% | 4.52% |
| Earnings Yield | 15.81% | 11.18% | 5.59% | 142.74% | ||
| FCF Yield | 28.93% | -20.31% | 30.29% | 32.72% | ||
| Dividend Yield | 2.28% | 2.40% | 2.21% | |||
| Payout Ratio | 14.41% | 23.19% | 40.78% | 1.60% | 0.95% | 3.08% |
| Buyback Yield / Dilution | 13.66% | 7.69% | -1.14% | 42.64% | 0.53% | -7.33% |
| Total Shareholder Return | 15.93% | 10.08% | 1.07% | 42.64% | 0.53% | -7.33% |