Revenue growth remains under pressure with an 11.7% contraction in 2025Q4, while underwriting profitability exhibits extreme sensitivity to loss events, evidenced by the combined ratio fluctuating between 76.2% and 108.7% throughout 2025.
| Revenue | 2.5B | 2.42B | 3.59B | 1.52B | 1.19B | 782.6M |
| Revenue Growth % | 3.26% | -32.59% | 136.91% | 26.94% | 52.62% | - |
| Medical Costs & Claims | 1.09B | 2.16B | 1.42B | 0 | 946.9M | 503.7M |
| Medical Cost Ratio % | 43.58% | 89.01% | 39.6% | 0% | 79.28% | 64.36% |
| Gross Profit | 1.41B | 266.1M | 2.17B | 1.52B | 247.5M | 278.9M |
| Gross Margin % | 56.42% | 10.99% | 60.4% | 100% | 20.72% | 35.64% |
| Gross Profit Growth % | 430.14% | -87.73% | 43.09% | 512.61% | -11.26% | - |
| Operating Expenses | 1.14B | 129.7M | 122.3M | 1.44B | 168.8M | 155.4M |
| OpEx / Revenue % | 45.39% | 5.36% | 3.4% | 94.72% | 14.13% | 19.86% |
| Depreciation & Amortization | 0 | -14M | 300K | 3.9M | 4.5M | 2.6M |
| Combined Ratio % | 88.98% | 94.37% | 43.01% | 94.72% | 93.41% | 84.22% |
| Operating Income | 275.6M | 136.4M | 2.05B | 80.1M | 78.7M | 123.5M |
| Operating Margin % | 11.02% | 5.63% | 56.99% | 5.28% | 6.59% | 15.78% |
| Operating Income Growth % | 102.05% | -93.34% | 2455.81% | 1.78% | -36.28% | - |
| EBITDA | 323.3M | 122.4M | 2.05B | 84M | 83.2M | 126.1M |
| EBITDA Margin % | 12.93% | 5.05% | 57% | 5.54% | 6.97% | 16.11% |
| Interest Expense | 47.7M | 33.8M | 35.5M | 35.5M | 35.4M | 27.9M |
| Non-Operating Income | -47.7M | -33.8M | -35.5M | -35.5M | -35.4M | -27.9M |
| Pretax Income | 275.6M | 136.4M | 2.05B | 80.1M | 78.7M | 123.5M |
| Pretax Margin % | 11.02% | 5.63% | 56.99% | 5.28% | 6.59% | 15.78% |
| Income Tax | 50.1M | 23.1M | -85.3M | 17.8M | 400K | -3.1M |
| Effective Tax Rate % | 18.18% | 16.94% | -4.17% | 22.22% | 0.51% | -2.51% |
| Net Income | 225.5M | 113.3M | 2.13B | 52.6M | 68.3M | 126.5M |
| Net Margin % | 9.02% | 4.68% | 59.37% | 3.47% | 5.72% | 16.16% |
| Net Income Growth % | 99.03% | -94.69% | 3954.18% | -22.99% | -46.01% | - |
| EPS (Diluted) | 2.11 | 0.98 | 18.65 | 0.26 | 0.34 | 0.63 |
| EPS Growth % | 115.31% | -94.75% | 7073.08% | -23.53% | -46.03% | - |
| EPS (Basic) | 2.12 | 0.98 | 18.65 | 0.27 | 0.35 | 0.65 |
| Diluted Shares Outstanding | 106.74M | 115.63M | 114.32M | 199.32M | 200.38M | 186.7M |
MGU fee structure volatility
As reported in recent financial statements, Fidelis Insurance Holdings Limited experienced a revenue contraction of 11.7% in 2025Q4, signaling that the company is struggling to maintain top-line momentum despite the broader hard market environment that has historically supported premium rate increases across the specialty insurance sector.
The volatility in quarterly revenue growth suggests that the company's reliance on the MGU model may introduce lumpy premium recognition patterns. Investors should monitor whether this deceleration reflects a deliberate shift toward underwriting discipline or an inability to compete for high-quality specialty risks in a maturing pricing cycle.
Based on the provided quarterly data, the combined ratio fluctuated significantly, peaking at 108.7% in 2025Q1 before improving to 76.2% by 2025Q4, which highlights the inherent sensitivity of the company's underwriting results to idiosyncratic loss events within its specialty and reinsurance portfolios.
The wide variance in the combined ratio suggests that the company's underwriting performance is not yet stabilized post-IPO. While the 76.2% ratio in the most recent quarter indicates strong profitability, the historical volatility warrants caution regarding the consistency of the MGU's risk selection process.
According to historical performance metrics, the company's transition to a public entity has been marked by extreme earnings swings, including a net loss of $122.2 million in 2024Q4, which underscores the operational challenges of maintaining a bifurcated structure between the balance sheet and the MGU.
This period of instability appears to be a byproduct of the structural separation and the associated costs of establishing a standalone public identity. Analysts should investigate whether the recent improvement in net income is sustainable or if it remains vulnerable to the same operational frictions observed in previous quarters.
Data from recent filings indicates that the company's operating margin is heavily influenced by service fees paid to the MGU, creating a potential conflict where premium volume growth may not translate into proportional shareholder value if commission structures are renegotiated or if underwriting quality deteriorates.
The reliance on a third-party MGU for underwriting talent creates a unique agency risk that traditional peers do not face. Investors should consider whether the current fee arrangements provide sufficient protection against margin compression should the MGU prioritize volume-based commissions over the long-term underwriting profitability of the balance sheet.
Quick answers to the most common questions about buying FIHL stock.
For fiscal year 2025, Fidelis Insurance Holdings Limited (FIHL) reported total revenue of $2.50B. This represents a 219.5% increase compared to $782.6M in 2020.
Fidelis Insurance Holdings Limited (FIHL) is profitable, generating $225.5M in net income for the fiscal year ending 2025 with a net profit margin of 9.0%.
Fidelis Insurance Holdings Limited (FIHL) reported an operating income of $275.6M, resulting in an operating profit margin of 11.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Fidelis Insurance Holdings Limited (FIHL) generated $1.41B in gross profit for the year, representing a gross profit margin of 56.4%. This demonstrates the company's core pricing power and production efficiency.