FIHL

MKT CAP:$2B

Fidelis Insurance Holdings Limited

Market Cap

$2B

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

Financials·Insurance·🇧🇲·NYSE

Stock Price

$21.06+$1.68 (+8.67%)

Apr 24, 2026

Company Details

Fidelis Insurance Holdings Limited, together with its subsidiaries, provides insurance and reinsurance products in Bermuda, Ireland, and the United Kingdom. It operates in three segments: Specialty, Reinsurance, and Bespoke segments. The Sp...

CEO

Daniel Burrows

IPO Date

Jun 29, 2023

Website

www.fidelisinsurance.com

Key Metrics TTM

Revenue

$2.4B

+3.2% YoY

Net Income

$226M

EPS (Diluted)

$2.21

Free Cash Flow

-$410M

Revenue / Share

$23.94

Gross Margin

27.1%

Operating Margin

11.4%

Net Margin

9.3%

FCF Margin

-16.9%

P/S

0.9x

P/E

9.9x

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Mar 5, 2026

$2.5B+3.3%EPS $2.11

Q4 2025

Mar 5, 2026

$601M-11.7%EPS $1.17

Q3 2025

Nov 12, 2025

$650M-4.6%EPS $1.24

Q2 2025

Aug 13, 2025

$591M+10.0%EPS $0.18

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 22	$437M	$437M	$0
Q1 23	$2.1B	$1.8B	$1.7B
Q2 23	$453M	$120M	$91M
Q3 23	$540M	$127M	$96M
Q4 23	$549M	$161M	$126M
Q1 24	$446M	$127M	$95M
Q2 24	$538M	$98M	$63M
Q3 24	$681M	$150M	$118M
Q4 24	$680M	$680M	-$140M
Q1 25	$578M	-$20M	-$50M
Q2 25	$591M	$55M	$22M
Q3 25	$650M	$203M	$161M
Q4 25	$601M	$418M	$143M

Valuation

Quarter	P/S	P/E
Q3 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	0.6x	1.2x
Q4 23	0.6x	1.0x
Q1 24	1.1x	4.6x
Q2 24	1.1x	5.0x
Q3 24	1.0x	4.8x
Q4 24	1.0x	19.7x
Q1 25	0.9x	—
Q2 25	0.9x	—
Q3 25	0.9x	—
Q4 25	0.9x	9.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 22	$277M	$274M
Q1 23	-$102M	-$103M
Q2 23	$250M	$249M
Q3 23	$149M	$149M
Q4 23	$197M	$193M
Q1 24	-$35M	-$36M
Q2 24	$209M	$207M
Q3 24	$319M	$317M
Q4 24	$126M	$125M
Q1 25	-$433M	-$433M
Q2 25	-$359M	-$359M
Q3 25	$155M	$155M
Q4 25	$229M	$229M

Capital Expenditures

Quarter	CapEx
Q3 22	$2M
Q1 23	$900.0K
Q2 23	$900.0K
Q3 23	$0
Q4 23	$5M
Q1 24	$300.0K
Q2 24	$2M
Q3 24	$2M
Q4 24	$700.0K
Q1 25	$300.0K
Q2 25	$100.0K
Q3 25	$600.0K
Q4 25	$200.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 23	+25.6%	-3.2%
Q1 24	-78.3%	+11.2%
Q2 24	+18.6%	+31.1%
Q3 24	+26.2%	+26.8%
Q4 24	+24.0%	+93.8%
Q1 25	+29.5%	+79.0%
Q2 25	+10.0%	+19.9%
Q3 25	-4.6%	-13.1%
Q4 25	-11.7%	-44.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 22	$4M	0.9%
Q1 23	$21M	1.0%
Q2 23	$1M	0.3%
Q3 23	$0	0.0%
Q4 23	$3M	0.5%
Q1 24	$3M	0.7%
Q2 24	$2M	0.3%
Q3 24	$2M	0.3%
Q4 24	$0	0.0%
Q1 25	$1M	0.2%
Q2 25	$0	0.0%
Q3 25	$2M	0.4%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q3 22	$59M
Q1 23	$17M
Q2 23	$19M
Q3 23	$22M
Q4 23	$26M
Q1 24	$24M
Q2 24	$24M
Q3 24	$23M
Q4 24	$24M
Q1 25	$22M
Q2 25	$22M
Q3 25	$27M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$0	$0	$0
Q4 22	$1.2B	$2.3B	$3.5B
Q1 23	$431M	$2.8B	$3.2B
Q2 23	$557M	$711M	$1.3B
Q3 23	$569M	$647M	$1.2B
Q4 23	$712M	$605M	$1.3B
Q1 24	$672M	$3.3B	$4.0B
Q2 24	$629M	$3.5B	$4.1B
Q3 24	$807M	$3.7B	$4.5B
Q4 24	$743M	$370M	$1.1B
Q1 25	$733M	$3.2B	$4.0B
Q2 25	$919M	$2.9B	$3.8B
Q3 25	$893M	$2.9B	$3.8B
Q4 25	$1.2B	$0	$1.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 22	199M	—	—
Q1 23	118M	-40.7%	—
Q2 23	111M	-6.0%	—
Q3 23	118M	+6.5%	—
Q4 23	118M	+0.2%	-40.5%
Q1 24	118M	+0.1%	+0.4%
Q2 24	118M	-0.6%	+6.1%
Q3 24	115M	-2.5%	-2.7%
Q4 24	112M	-2.6%	-5.5%
Q1 25	112M	-0.2%	-5.8%
Q2 25	109M	-2.2%	-7.2%
Q3 25	105M	-3.8%	-8.5%
Q4 25	101M	-3.8%	-9.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	$22M	25
Q1 24	$18M	25
Q2 24	$22M	25
Q3 24	$27M	25
Q4 24	$27M	25
Q1 25	$23M	25
Q2 25	$24M	25
Q3 25	$26M	25
Q4 25	$24M	25

Revenue / Employee