Latest Ratios: P/E Ratio -1.8x · EV/EBITDA N/A · ROE -234.8%. (2021–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Market Cap | $2.9B | $3.1B | — | — | — | — |
| Enterprise Value | $1.3B | $1.4B | — | — | — | — |
| P/E Ratio → | -1.80 | — | — | — | — | — |
| P/S Ratio | 3.34 | 3.54 | — | — | — | — |
| P/B Ratio | 3.53 | 4.28 | — | — | — | — |
| P/FCF | 7.28 | 7.71 | — | — | — | — |
| P/OCF | 6.60 | 6.99 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.63 | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — |
| EV / FCF | — | 3.55 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 67.7% | 67.7% | 58.4% | 60.5% | 36.9% | 61.5% |
| Operating Margin | -150.3% | -150.3% | 5.4% | -13.3% | -39.6% | -19.4% |
| Net Profit Margin | -154.0% | -154.0% | 4.6% | -14.8% | -43.0% | -20.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -234.8% | -234.8% | 7.6% | -15.3% | -30.3% | -8.4% |
| ROA | -18.9% | -18.9% | 0.6% | -1.6% | -5.5% | -1.9% |
| ROIC | — | — | — | — | -1505.4% | -365.9% |
| ROCE | -40.0% | -40.0% | 0.7% | -1.6% | -5.5% | -1.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.17 | 0.17 | 0.28 | 0.42 | 0.29 | 0.19 |
| Debt / EBITDA | — | — | 2.07 | — | — | — |
| Net Debt / Equity | — | -2.31 | -2.59 | -2.28 | -0.99 | -0.98 |
| Net Debt / EBITDA | — | — | -18.84 | — | — | — |
| Debt / FCF | — | -4.16 | -1.47 | -2.55 | -8.86 | -2.57 |
| Interest Coverage | -18.16 | -18.16 | 1.99 | -1.91 | -19.07 | -5.90 |
Net cash position: cash ($1.8B) exceeds total debt ($121M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 1.08 | 1.08 | 9.69 | 32.48 | 8.89 | 11.28 |
| Quick Ratio | 1.08 | 1.08 | 9.69 | 32.48 | 8.89 | 11.28 |
| Cash Ratio | 0.35 | 0.35 | 2.38 | 7.75 | 2.24 | 3.93 |
| Asset Turnover | — | 0.11 | 0.10 | 0.09 | 0.10 | 0.09 |
| Inventory Turnover | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | 13.7% | 13.0% | — | — | — | — |
| Buyback Yield | 6.0% | 5.6% | — | — | — | — |
| Total Shareholder Yield | 6.0% | 5.6% | — | — | — | — |
| Shares Outstanding | — | $190M | $217M | $217M | $166M | $217M |
Underwriting and reserve volatility
Based on a P/B ratio of 3.60, Accelerant Holdings commands a significant valuation premium compared to established reinsurers like Arch Capital, which trades at 1.52x, suggesting that investors are pricing in future platform network effects rather than current underwriting performance or tangible book value growth.
The current P/B multiple appears to reflect high expectations for the company's proprietary data-ingestion loop rather than its historical ROE, which has struggled to remain consistently positive. Investors should monitor whether this valuation can be sustained if the underwriting segment continues to exhibit the volatility seen in recent quarters.
As reported in quarterly financial data, the combined ratio has fluctuated wildly from 5.8% in 2025Q3 to 101.1% in 2025Q4, indicating that the company's underwriting profitability remains highly sensitive to claims spikes and the inherent risks of its MGA-sourced business model.
A combined ratio exceeding 100% suggests that the company is currently failing to generate an underwriting profit, which is the core engine for long-term insurance sustainability. This volatility warrants further investigation into whether the data-driven underwriting edge is effectively mitigating adverse selection or merely masking it through aggressive reinsurance ceding.
According to balance sheet figures, the company's rapid asset growth to $8.6 billion against a thin equity base of $692.6 million suggests that underwriting leverage is becoming increasingly strained, potentially limiting the firm's capacity to absorb future underwriting shocks without additional capital injections.
The reliance on external funding and reinsurance support to maintain this scale appears to be a structural necessity rather than a choice. Analysts should monitor the premium-to-surplus ratio closely, as any further deterioration in equity could trigger rating agency concerns regarding the company's long-term solvency.
The P/E ratio is frequently misapplied to Accelerant Holdings, as the company's current negative earnings and heavy investment in platform infrastructure render traditional valuation multiples largely meaningless for assessing the underlying value of its proprietary SME data-clearing house architecture.
Investors should instead focus on the trajectory of exchange fee growth and the loss ratio stability as more accurate proxies for the company's long-term viability. Relying on P/E in this context obscures the significant capital expenditure required to build the exchange, which is currently depressing net income and distorting the true economic performance of the business.
Includes 30+ ratios · 5 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ARX stock.
Accelerant Holdings's current P/E ratio is -1.8x. This places it at the 50th percentile of its historical range.
Accelerant Holdings's return on equity (ROE) is -234.8%. The historical average is -56.2%.
Based on historical data, Accelerant Holdings is trading at a P/E of -1.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Accelerant Holdings has 67.7% gross margin and -150.3% operating margin.