AHL-PE

MKT CAP:$2B

Aspen Insurance Holdings Limited

Market Cap

$2B

Financial Services·Insurance - Property & Casualty·🇧🇲 Bermuda·NYSE

Financials·Insurance·🇧🇲·NYSE

Stock Price

$20.52+$0.43 (+2.14%)

Apr 16, 2026

Company Details

Aspen Insurance Holdings Limited, through its subsidiaries, engages in insurance and reinsurance businesses in Australia/Asia, the Caribbean, Canada, the United States, the United Kingdom, Europe, and internationally. Its Aspen Insurance se...

CEO

James Andrew Shea

IPO Date

Aug 7, 2019

Website

www.aspen.co

Key Metrics TTM

Revenue

$3.1B

-3.3% YoY

Net Income

$340M

EPS (Diluted)

$3.28

Free Cash Flow

$421M

Revenue / Share

$33.59

Gross Margin

52.0%

Operating Margin

30.1%

Net Margin

11.0%

FCF Margin

13.6%

P/S

0.6x

P/E

5.6x

Earnings Reports

FY 2025

Mar 30, 2026

$3.1B-2.5%EPS $3.15

Q4 2025

Mar 30, 2026

$815M-10.2%EPS $1.35

Q3 2025

Nov 13, 2025

$796M+2.7%EPS $1.21

Q2 2025

Aug 7, 2025

$714M-6.5%EPS $0.39

Q1 2025

Mar 31, 2025

$765M+2.0%EPS $0.33

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 18	$577M	$577M	-$147M
Q1 19	$551M	$551M	$5M
Q2 19	$490M	$490M	-$46M
Q3 22	$642M	-$15M	-$155M
Q4 22	$721M	$250M	$75M
Q2 23	$731M	$251M	$109M
Q3 23	$735M	$735M	$0
Q4 23	$719M	$221M	$56M
Q1 24	$751M	$273M	$126M
Q2 24	$764M	$238M	$94M
Q3 24	$776M	$210M	$84M
Q4 24	$908M	$339M	$206M
Q1 25	$765M	$214M	$56M
Q2 25	$714M	$245M	$67M
Q3 25	$796M	$796M	$625M
Q4 25	$815M	$351M	$183M

Valuation

Quarter	P/S	P/E
Q4 18	0.7x	—
Q1 19	0.7x	—
Q2 19	0.7x	—
Q3 22	0.5x	—
Q4 22	0.5x	—
Q2 23	0.4x	24.1x
Q3 23	0.4x	6.1x
Q4 23	0.4x	2.1x
Q1 24	0.4x	2.4x
Q2 24	0.4x	2.4x
Q3 24	0.4x	2.7x
Q4 24	0.4x	2.4x
Q1 25	0.4x	2.9x
Q2 25	0.6x	4.7x
Q3 25	0.6x	4.3x
Q4 25	0.6x	5.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 17	-$159M	-$168M
Q1 18	-$123M	-$131M
Q2 18	-$89M	-$94M
Q3 18	-$27M	-$35M
Q4 18	-$82M	-$88M
Q1 19	-$180M	-$183M
Q2 19	-$133M	-$142M
Q3 23	$29M	$23M
Q4 23	$31M	$30M
Q2 24	$75M	$70M
Q3 24	$190M	$189M
Q4 24	$188M	$180M
Q1 25	$105M	$99M
Q2 25	$23M	$13M
Q3 25	-$4M	-$6M
Q4 25	$315M	$315M

Capital Expenditures

Quarter	CapEx
Q4 17	$8M
Q1 18	$8M
Q2 18	$5M
Q3 18	$8M
Q4 18	$7M
Q1 19	$4M
Q2 19	$9M
Q3 23	$6M
Q4 23	$2M
Q2 24	$5M
Q3 24	$1M
Q4 24	$8M
Q1 25	$7M
Q2 25	$10M
Q3 25	$1M
Q4 25	$400.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 18	+0.7%	-5.7%
Q1 19	-1.9%	+3.2%
Q2 19	-3.5%	+1.9%
Q3 22	-4.2%	+13.8%
Q4 22	+25.0%	-10.7%
Q2 23	+32.6%	+13.8%
Q3 23	+49.8%	+36.9%
Q4 23	+12.1%	-16.7%
Q1 24	+4.0%	-3.4%
Q2 24	+4.5%	+7.7%
Q3 24	+5.6%	-5.9%
Q4 24	+26.2%	+5.8%
Q1 25	+2.0%	+13.6%
Q2 25	-6.5%	-3.3%
Q3 25	+2.7%	-75.2%
Q4 25	-10.2%	-9.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 17	$3M	0.5%
Q1 18	$5M	0.8%
Q2 18	$4M	0.7%
Q3 18	$500.0K	0.1%
Q4 18	$1M	0.2%
Q1 19	$0	0.0%
Q2 19	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$9M	1.1%
Q4 25	$4M	0.5%

OpEx Breakdown

Quarter	G&A
Q4 18	$100M
Q1 19	$137M
Q2 19	$65M
Q3 22	$97M
Q4 22	$211M
Q2 23	$118M
Q3 23	$120M
Q4 23	$247M
Q1 24	$131M
Q2 24	$144M
Q3 24	$126M
Q4 24	$133M
Q1 25	$158M
Q2 25	$105M
Q3 25	$172M
Q4 25	$236M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 20	$1.1B	$5.3B	$6.4B
Q4 20	$1.7B	$4.5B	$6.2B
Q2 21	$1.3B	$0	$1.3B
Q4 21	$1.3B	$4.9B	$6.2B
Q2 22	$1.3B	$0	$1.3B
Q4 22	$959M	$0	$959M
Q2 23	$1.1B	$4.1B	$5.2B
Q3 23	$989M	$0	$989M
Q4 23	$1.0B	$4.2B	$5.3B
Q2 24	$921M	$4.5B	$5.4B
Q3 24	$1.2B	$4.7B	$5.9B
Q4 24	$914M	$5.0B	$5.9B
Q1 25	$845M	$5.3B	$6.1B
Q2 25	$939M	$5.3B	$6.2B
Q3 25	$1.1B	$0	$1.1B
Q4 25	$1.7B	$6.3B	$7.9B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 18	60M	-0.6%	+1.0%
Q1 19	60M	-0.0%	-0.8%
Q2 19	60M	0.0%	+0.6%
Q3 22	60M	0.0%	-0.6%
Q4 22	60M	0.0%	-0.0%
Q2 23	60M	0.0%	0.0%
Q3 23	60M	0.0%	0.0%
Q4 23	60M	0.0%	0.0%
Q1 24	60M	+0.6%	+0.6%
Q2 24	60M	0.0%	+0.6%
Q3 24	60M	0.0%	+0.6%
Q4 24	60M	0.0%	+0.6%
Q1 25	60M	0.0%	0.0%
Q2 25	91M	+50.7%	+50.7%
Q3 25	92M	+1.1%	+52.4%
Q4 25	92M	0.0%	+52.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 18	$501.5K	1K
Q1 19	$479.1K	1K
Q2 19	$426.1K	1K
Q3 22	$705.1K	910
Q4 22	$762.6K	946
Q2 23	$772.6K	946
Q3 23	$776.5K	946
Q4 23	$683.0K	1K
Q1 24	$712.8K	1K
Q2 24	$725.3K	1K
Q3 24	$736.5K	1K
Q4 24	$804.5K	1K
Q1 25	$678.5K	1K
Q2 25	$633.2K	1K
Q3 25	$706.0K	1K
Q4 25	$697.3K	1K

Revenue / Employee