GLRE

MKT CAP:$639M

Greenlight Capital Re, Ltd.

Market Cap

$639M

Financial Services·Insurance - Reinsurance·🇰🇾 Cayman Islands·NASDAQ

Financials·Insurance·🇰🇾·NASDAQ

Stock Price

$18.46+$4.30 (+30.37%)

Apr 21, 2026

Company Details

Greenlight Capital Re, Ltd., through its subsidiaries, operates as a property and casualty reinsurance company worldwide. The company offers various property reinsurance products and services, including automobile physical damage, personal ...

CEO

Greg Richardson

IPO Date

May 24, 2007

Website

greenlightre.com

Key Metrics TTM

Revenue

$696M

+8.3% YoY

Net Income

$75M

EPS (Diluted)

$2.17

Free Cash Flow

$210M

Revenue / Share

$20.18

Gross Margin

40.9%

Operating Margin

11.2%

Net Margin

10.7%

FCF Margin

30.2%

P/S

0.9x

P/E

8.5x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Mar 9, 2026

$696M+7.5%EPS $2.17

Q4 2025

Mar 9, 2026

$178M+30.6%EPS $1.43

Q3 2025

Nov 3, 2025

$160M-4.6%EPS -$0.13

Q2 2025

Aug 4, 2025

$178M+4.6%EPS $0.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$129M	-$1M	-$6M
Q2 22	$110M	$12M	$15M
Q3 22	$118M	-$13M	-$19M
Q4 22	$115M	$115M	$0
Q1 23	$158M	$158M	$0
Q2 23	$157M	$28M	$50M
Q3 23	$169M	$25M	$14M
Q4 23	$155M	$36M	$18M
Q1 24	$168M	$17M	$28M
Q2 24	$171M	$18M	$8M
Q3 24	$168M	$29M	$36M
Q4 24	$136M	-$25M	-$28M
Q1 25	$180M	$10M	$31M
Q2 25	$178M	$31M	$675.0K
Q3 25	$160M	$25M	-$4M
Q4 25	$178M	$219M	$51M

Valuation

Quarter	P/S	P/E
Q1 22	0.4x	43.9x
Q2 22	0.6x	15.8x
Q3 22	0.5x	17.7x
Q4 22	0.6x	11.9x
Q1 23	0.7x	8.8x
Q2 23	0.6x	4.9x
Q3 23	0.6x	3.7x
Q4 23	0.6x	4.4x
Q1 24	0.7x	3.9x
Q2 24	0.7x	6.6x
Q3 24	0.7x	5.3x
Q4 24	0.7x	10.9x
Q1 25	0.7x	10.1x
Q2 25	0.7x	12.9x
Q3 25	0.7x	—
Q4 25	0.7x	6.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$12M	-$12M
Q2 22	-$2M	-$2M
Q3 22	-$13M	-$13M
Q4 22	-$4M	-$4M
Q1 23	-$1M	-$1M
Q2 23	$2M	$2M
Q3 23	-$15M	-$15M
Q4 23	$22M	$22M
Q1 24	$18M	$18M
Q2 24	$23M	$23M
Q3 24	$41M	$41M
Q4 24	$30M	$30M
Q1 25	$10M	$10M
Q2 25	$68M	$68M
Q3 25	$31M	$31M
Q4 25	$100M	$100M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-13.7%	-3.2%
Q2 22	-19.8%	-30.3%
Q3 22	-18.8%	-13.7%
Q4 22	-19.0%	-2.2%
Q1 23	+22.6%	+17.4%
Q2 23	+43.2%	+13.0%
Q3 23	+42.8%	+12.9%
Q4 23	+34.3%	+19.0%
Q1 24	+6.3%	-11.2%
Q2 24	+8.7%	+51.5%
Q3 24	-0.4%	-14.9%
Q4 24	-11.9%	+20.1%
Q1 25	+6.9%	+5.8%
Q2 25	+4.6%	+9.6%
Q3 25	-4.6%	+24.3%
Q4 25	+30.6%	-22.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	0.8%
Q2 22	$1M	1.0%
Q3 22	$1M	1.0%
Q4 22	$1M	1.2%
Q1 23	$1M	0.7%
Q2 23	$1M	0.8%
Q3 23	$1M	0.8%
Q4 23	$3M	1.7%
Q1 24	$1M	0.8%
Q2 24	$2M	0.9%
Q3 24	$2M	1.0%
Q4 24	-$121.0K	-0.1%
Q1 25	$1M	0.7%
Q2 25	$1M	0.7%
Q3 25	$2M	1.2%
Q4 25	$3M	1.5%

OpEx Breakdown

Quarter	G&A
Q1 22	$4M
Q2 22	$5M
Q3 22	$4M
Q4 22	$5M
Q1 23	$6M
Q2 23	$5M
Q3 23	$3M
Q4 23	$10M
Q1 24	$4M
Q2 24	$5M
Q3 24	$4M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$31M	$0	$31M
Q2 22	$28M	$0	$28M
Q3 22	$32M	$0	$32M
Q4 22	$38M	$0	$38M
Q1 23	$40M	$0	$40M
Q2 23	$56M	$0	$56M
Q3 23	$41M	$0	$41M
Q4 23	$51M	$0	$51M
Q1 24	$62M	$0	$62M
Q2 24	$52M	$0	$52M
Q3 24	$55M	$0	$55M
Q4 24	$65M	$0	$65M
Q1 25	$47M	$0	$47M
Q2 25	$82M	$0	$82M
Q3 25	$655M	$0	$655M
Q4 25	$644M	$0	$644M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	33M	-3.8%	-5.0%
Q2 22	40M	+21.8%	+15.2%
Q3 22	33M	-17.4%	+0.6%
Q4 22	38M	+15.3%	+11.6%
Q1 23	38M	+0.1%	+16.1%
Q2 23	38M	+0.1%	-4.6%
Q3 23	35M	-9.1%	+5.1%
Q4 23	35M	+1.5%	-7.5%
Q1 24	35M	-1.9%	-9.4%
Q2 24	35M	+0.1%	-9.3%
Q3 24	35M	+0.3%	+0.0%
Q4 24	34M	-2.8%	-4.2%
Q1 25	34M	+1.7%	-0.7%
Q2 25	34M	+0.0%	-0.8%
Q3 25	34M	-1.9%	-3.0%
Q4 25	35M	+2.2%	+1.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$3M	44
Q2 22	$2M	44
Q3 22	$3M	44
Q4 22	$2M	48
Q1 23	$3M	48
Q2 23	$3M	48
Q3 23	$4M	48
Q4 23	$2M	64
Q1 24	$3M	64
Q2 24	$3M	64
Q3 24	$3M	64
Q4 24	$2M	75
Q1 25	$2M	75
Q2 25	$2M	75
Q3 25	$2M	75
Q4 25	$2M	84

Revenue / Employee