ASIC

MKT CAP:$988M

Ategrity Specialty Holdings LLC

Market Cap

$988M

Financial Services·Insurance - Property & Casualty·🇺🇸 United States·NYSE

Financials·Insurance·🇺🇸·NYSE

Stock Price

$20.55+$0.39 (+1.93%)

Apr 24, 2026

Company Details

Ategrity Specialty Holdings LLC, through its subsidiaries, provides insurance and reinsurance products to small to medium-sized businesses in the United States. It offers property and casualty insurance. The company was incorporated in 2017...

CEO

Justin G. Cohen

IPO Date

Jun 11, 2025

Website

ategrity.com

Key Metrics TTM

Revenue

$424M

— YoY

Net Income

$74M

EPS (Diluted)

$1.53

Free Cash Flow

$100M

Revenue / Share

$8.53

Gross Margin

50.0%

Operating Margin

22.6%

Net Margin

17.4%

FCF Margin

23.5%

P/S

2.3x

P/E

13.3x

Earnings Reports

Q4 2025

Mar 6, 2026

$123MEPS $0.51

Q3 2025

Nov 12, 2025

$116MEPS $0.45

Q2 2025

Aug 13, 2025

$102M+34.4%EPS $0.40

Q1 2025

Mar 31, 2025

$83M+9.3%EPS $0.17

FY 2024

Dec 31, 2024

$344M+42.5%EPS $0.96

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 24	$76M	$20M	$11M
Q2 24	$76M	$15M	$5M
Q1 25	$83M	$22M	$11M
Q2 25	$102M	$35M	$22M
Q3 25	$116M	$60M	$30M
Q4 25	$123M	$95M	$33M

Valuation

Quarter	P/S	P/E
Q1 24	—	—
Q2 24	—	—
Q1 25	—	—
Q2 25	3.0x	26.1x
Q3 25	2.1x	14.7x
Q4 25	2.2x	12.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 24	$35M	$35M
Q2 24	$30M	$30M
Q1 25	$21M	$21M
Q2 25	$30M	$30M
Q3 25	$0	$0
Q4 25	$55M	$49M

Capital Expenditures

Quarter	CapEx
Q1 24	$0
Q2 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 25	+52.6%	+32.8%
Q4 25	+62.9%	+28.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 24	$0	—
Q2 24	$81.0K	—
Q1 25	$0	—
Q2 25	$0	—
Q3 25	$0	—
Q4 25	$0	0.0%

Revenue Segments

Quarter	Reportable Segment
Q2 25	$102M
Q3 25	$116M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 24	$0	$0	$0
Q1 25	$39M	$511M	$549M
Q2 25	$24M	$272M	$296M
Q3 25	$34M	$515M	$549M
Q4 25	$30M	$558M	$588M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 24	48M	—	—
Q2 24	48M	0.0%	—
Q1 25	48M	0.0%	—
Q2 25	42M	-12.8%	—
Q3 25	45M	+6.6%	-7.0%
Q4 25	50M	+10.5%	+2.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 24	—	—
Q2 24	—	—
Q1 25	—	—
Q2 25	—	—
Q3 25	—	—
Q4 25	$607.6K	203

Revenue / Employee