AGO

MKT CAP:$4B

Assured Guaranty Ltd.

Market Cap

$4B

Financial Services·Insurance - Specialty·🇧🇲 Bermuda·NYSE

Financials·Insurance·🇧🇲·NYSE

Stock Price

$83.23-$5.51 (-6.21%)

Apr 22, 2026

Company Details

Assured Guaranty Ltd., through its subsidiaries, provides credit protection products to public finance, infrastructure, and structured finance markets in the United States and internationally. The company operates in two segments, Insurance...

CEO

Dominic John Frederico

IPO Date

Apr 23, 2004

Website

www.assuredguaranty.com

Key Metrics TTM

Revenue

$944M

+6.4% YoY

Net Income

$468M

EPS (Diluted)

$8.86

Free Cash Flow

$126M

Revenue / Share

$19.11

Gross Margin

97.1%

Operating Margin

63.8%

Net Margin

49.6%

FCF Margin

13.3%

P/S

4.0x

P/E

8.0x

Earnings Reports

Q4 2025

May 14, 2026

PENDING

FY 2025

Feb 27, 2026

$788M-3.2%EPS $10.18

Q3 2025

Nov 7, 2025

$199MEPS $2.11

Q1 2025

May 9, 2025

$325M+43.8%EPS $3.44

FY 2024

Feb 28, 2025

$814MEPS $6.87

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 18	$279M	$259M	$175M
Q4 18	$211M	$186M	$101M
Q1 19	$190M	$138M	$58M
Q2 19	$233M	$230M	$182M
Q3 19	$202M	$169M	$86M
Q4 19	$295M	$272M	$138M
Q2 20	$341M	$300M	$222M
Q4 20	$377M	$299M	$174M
Q3 21	$191M	$256M	$5M
Q4 21	$184M	$346M	$332M
Q1 23	$230M	$223M	$120M
Q4 23	$282M	$276M	$202M
Q1 24	$226M	$221M	$144M
Q2 24	$194M	$193M	$94M
Q1 25	$325M	$280M	$229M
Q3 25	$199M	$223M	$135M

Valuation

Quarter	P/S	P/E
Q3 18	3.5x	7.7x
Q4 18	3.8x	7.2x
Q1 19	4.2x	9.9x
Q2 19	4.1x	8.4x
Q3 19	4.5x	10.6x
Q4 19	4.1x	9.3x
Q2 20	3.5x	7.1x
Q4 20	3.1x	7.0x
Q3 21	3.1x	7.7x
Q4 21	3.4x	6.1x
Q1 23	3.8x	7.4x
Q4 23	4.2x	5.1x
Q1 24	4.1x	4.5x
Q2 24	4.0x	5.8x
Q1 25	3.7x	5.1x
Q3 25	4.0x	8.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 18	-$92M	-$92M
Q4 18	$110M	$110M
Q1 19	-$332M	-$332M
Q2 19	$134M	$134M
Q3 19	-$167M	-$167M
Q4 19	-$144M	-$144M
Q2 20	-$281M	-$281M
Q4 20	-$189M	-$189M
Q3 21	-$843M	-$843M
Q4 21	-$145M	-$145M
Q1 23	$312M	$312M
Q4 23	$203M	$203M
Q1 24	-$74M	-$74M
Q2 24	$58M	$58M
Q1 25	$87M	$87M
Q3 25	$55M	$55M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 18	-55.0%	-66.1%
Q4 18	-23.6%	-8.3%
Q1 19	-34.3%	+83.3%
Q2 19	+6.9%	-61.1%
Q3 19	-27.6%	+11.5%
Q4 19	+39.8%	+42.7%
Q2 20	+79.5%	-9.8%
Q4 20	+61.8%	+298.0%
Q3 21	-5.4%	+60.3%
Q4 21	-37.6%	-194.3%
Q1 23	-32.6%	-7.6%
Q4 23	-25.2%	-60.6%
Q1 24	+18.3%	-55.9%
Q2 24	+5.4%	+167.6%
Q1 25	+41.3%	-12.7%
Q3 25	-29.4%	-20.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 18	$0	0.0%
Q4 18	$19M	9.0%
Q1 19	$0	0.0%
Q2 19	$0	0.0%
Q3 19	$0	0.0%
Q4 19	$21M	7.1%
Q2 20	$0	0.0%
Q4 20	$25M	6.6%
Q3 21	$0	0.0%
Q4 21	$27M	14.7%
Q1 23	$0	0.0%
Q4 23	$36M	12.8%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q1 25	-$28M	-8.6%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q1 19	$41M
Q2 19	$39M
Q3 19	$38M
Q2 20	$46M
Q4 20	$61M
Q3 21	$59M
Q4 21	$57M
Q1 23	$82M
Q4 23	$52M
Q1 24	$58M
Q2 24	$48M
Q1 25	$60M
Q3 25	$50M

Revenue Segments

Quarter	Asset Management Segment	Insurance Segment
Q1 23	$41M	$190M
Q1 24	$1M	$229M
Q2 24	$7M	$189M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$119M	$8.7B	$8.9B
Q2 22	$138M	$8.3B	$8.4B
Q3 22	$131M	$2.1B	$2.2B
Q4 22	$107M	$7.9B	$8.0B
Q1 23	$118M	$2.2B	$2.3B
Q2 23	$114M	$2.5B	$2.6B
Q3 23	$108M	$2.2B	$2.3B
Q4 23	$97M	$8.0B	$8.1B
Q1 24	$115M	$2.5B	$2.6B
Q2 24	$92M	$2.6B	$2.7B
Q3 24	$147M	$2.7B	$2.8B
Q4 24	$121M	$2.3B	$2.5B
Q1 25	$177M	$2.3B	$2.4B
Q2 25	$301M	$2.0B	$2.3B
Q3 25	$157M	$2.5B	$2.6B
Q4 25	$388M	$6.4B	$6.8B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 18	109M	-3.2%	-9.4%
Q4 18	106M	-2.7%	-10.5%
Q1 19	104M	-2.3%	-10.8%
Q2 19	102M	-2.0%	-9.7%
Q3 19	99M	-2.9%	-9.5%
Q4 19	96M	-2.8%	-9.7%
Q2 20	87M	-9.5%	-16.3%
Q4 20	78M	-10.9%	-23.9%
Q3 21	74M	-5.0%	-25.6%
Q4 21	70M	-4.3%	-26.7%
Q1 23	60M	-14.2%	-30.6%
Q4 23	58M	-3.5%	-24.8%
Q1 24	57M	-2.1%	-22.4%
Q2 24	55M	-3.7%	-21.9%
Q1 25	51M	-7.8%	-16.1%
Q3 25	49M	-2.6%	-15.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 18	$900.0K	310
Q4 18	$676.3K	312
Q1 19	$609.0K	312
Q2 19	$746.8K	312
Q3 19	$647.4K	312
Q4 19	$668.9K	441
Q2 20	$773.2K	441
Q4 20	$915.0K	412
Q3 21	$463.6K	412
Q4 21	$452.1K	407
Q1 23	$575.0K	400
Q4 23	$805.7K	350
Q1 24	$645.7K	350
Q2 24	$554.3K	350
Q1 25	$900.3K	361
Q3 25	$551.2K	361

Revenue / Employee