JRVR

MKT CAP:$295M

James River Group Holdings, Ltd.

Market Cap

$295M

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

Financials·Insurance·🇧🇲·NASDAQ

Stock Price

$6.39+$0.23 (+3.73%)

Apr 21, 2026

Company Details

James River Group Holdings, Ltd., through its subsidiaries, provides specialty insurance and reinsurance services in the United States. It operates through Excess and Surplus Lines, Specialty Admitted Insurance, and Casualty Reinsurance seg...

CEO

Frank N. D'Orazio

IPO Date

Dec 12, 2014

Website

www.jrgh.net

Key Metrics TTM

Revenue

$789M

+3.8% YoY

Net Income

-$54M

EPS (Diluted)

-$1.52

Free Cash Flow

$181M

Revenue / Share

$20.73

Gross Margin

11.7%

Operating Margin

-5.0%

Net Margin

-6.8%

FCF Margin

22.9%

P/S

0.4x

P/E

—

Earnings Reports

Q3 2024

May 4, 2026

PENDING

FY 2025

Mar 3, 2026

$688M-2.8%EPS $0.79

FY 2024

Mar 4, 2025

$708M-12.9%EPS -$3.06

Q2 2024

Aug 6, 2024

$188MEPS $0.13

FY 2023

Feb 29, 2024

$812M+22.8%EPS -$3.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 18	$225M	$47M	$22M
Q4 18	$215M	$38M	$13M
Q1 19	$214M	$56M	$25M
Q2 19	$220M	$50M	$25M
Q3 19	$231M	-$4M	-$27M
Q4 19	$241M	$49M	$29M
Q1 20	$110M	-$11M	-$41M
Q3 20	$177M	$55M	$31M
Q4 20	$194M	$4M	-$17M
Q1 21	$183M	-$112M	-$141M
Q2 21	$192M	$58M	$32M
Q3 21	$191M	$5M	-$21M
Q4 21	$207M	-$40M	-$66M
Q3 22	$201M	$25M	-$5M
Q1 23	$192M	$49M	$11M
Q2 24	$188M	$59M	$20M

Valuation

Quarter	P/S	P/E
Q3 18	0.3x	5.6x
Q4 18	0.3x	4.6x
Q1 19	0.3x	4.2x
Q2 19	0.3x	4.0x
Q3 19	0.3x	10.0x
Q4 19	0.3x	7.7x
Q1 20	0.4x	—
Q3 20	0.4x	—
Q4 20	0.4x	—
Q1 21	0.4x	—
Q2 21	0.4x	—
Q3 21	0.4x	—
Q4 21	0.4x	—
Q3 22	0.4x	—
Q1 23	0.4x	—
Q2 24	0.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 18	$88M	$88M
Q4 18	$38M	$39M
Q1 19	$35M	$35M
Q2 19	$33M	$33M
Q3 19	$146M	$145M
Q4 19	$1.3B	$1.3B
Q1 20	-$65M	-$66M
Q3 20	-$86M	-$86M
Q4 20	-$52M	-$52M
Q1 21	-$81M	-$81M
Q2 21	-$12M	-$14M
Q3 21	-$968M	-$969M
Q4 21	$148M	$144M
Q3 22	$29M	$27M
Q1 23	$19M	$18M
Q2 24	-$9M	-$9M

Capital Expenditures

Quarter	CapEx
Q3 18	$125.0K
Q4 18	$595.0K
Q1 19	$144.0K
Q2 19	$53.0K
Q3 19	$245.0K
Q4 19	$442.0K
Q1 20	$342.0K
Q3 20	$104.0K
Q4 20	$234.0K
Q1 21	$0
Q2 21	$2M
Q3 21	$1M
Q4 21	$3M
Q3 22	$1M
Q1 23	$1M
Q2 24	$582.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 18	+1.7%	-2.3%
Q4 18	-1.6%	-5.0%
Q1 19	-1.9%	-6.3%
Q2 19	-3.4%	-6.7%
Q3 19	+3.0%	+27.8%
Q4 19	+12.4%	+5.4%
Q1 20	-48.5%	-19.7%
Q3 20	-19.5%	-24.9%
Q4 20	-16.1%	-18.3%
Q1 21	-24.1%	+52.5%
Q2 21	+73.7%	+5.0%
Q3 21	+7.6%	+44.7%
Q4 21	+6.8%	+29.4%
Q3 22	+10.0%	-36.4%
Q1 23	+0.1%	+13.6%
Q2 24	-1.4%	-20.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 18	$2M	0.7%
Q4 18	$6M	2.9%
Q1 19	$2M	0.8%
Q2 19	$2M	0.8%
Q3 19	$2M	0.8%
Q4 19	$0	0.0%
Q1 20	$2M	1.7%
Q3 20	$2M	1.2%
Q4 20	$2M	0.9%
Q1 21	$2M	1.0%
Q2 21	$2M	1.0%
Q3 21	$0	0.0%
Q4 21	$1M	0.7%
Q3 22	$2M	1.1%
Q1 23	$3M	1.4%
Q2 24	$2M	0.8%

Revenue Segments

Quarter	Casualty Reinsurance	Excess And Surplus Lines	Specialty Admitted Insurance	Corporate and Other
Q3 18	$59M	$150M	$14M	—
Q4 18	$54M	$147M	$13M	$975.0K
Q1 19	$46M	$152M	$14M	—
Q2 19	$46M	$159M	$15M	—
Q3 19	$42M	$171M	$16M	—
Q4 19	$49M	$176M	$16M	$353.0K
Q1 20	$13M	$84M	$13M	—
Q3 20	$47M	$113M	$17M	$437.0K
Q4 20	$49M	$120M	$17M	$7M
Q1 21	$46M	$119M	$19M	$102.0K
Q2 21	$46M	$124M	$21M	$469.0K
Q3 21	$42M	$128M	$21M	$214.0K
Q4 21	$46M	$138M	$23M	$57.0K
Q3 22	$41M	$141M	$20M	-$188.0K
Q2 24	—	$160M	$28M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$270M	$1.8B	$2.1B
Q2 22	$351M	$1.7B	$2.1B
Q3 22	$188M	$1.8B	$2.0B
Q4 22	$159M	$1.3B	$1.4B
Q1 23	$200M	$1.9B	$2.1B
Q2 23	$227M	$860M	$1.1B
Q3 23	$233M	$872M	$1.1B
Q4 23	$274M	$1.4B	$1.7B
Q1 24	$305M	$653M	$959M
Q2 24	$673M	$549M	$1.2B
Q3 24	$360M	$590M	$950M
Q4 24	$362M	$617M	$979M
Q1 25	$279M	$623M	$902M
Q2 25	$220M	$697M	$917M
Q3 25	$239M	$687M	$926M
Q4 25	$261M	$1.4B	$1.7B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 18	30M	+0.3%	+0.5%
Q4 18	30M	-0.1%	+0.4%
Q1 19	30M	+0.4%	+0.9%
Q2 19	31M	+0.7%	+1.3%
Q3 19	30M	-1.0%	+0.0%
Q4 19	31M	+1.1%	+1.2%
Q1 20	30M	-0.8%	+0.0%
Q3 20	31M	+1.5%	+0.8%
Q4 20	31M	-0.3%	+1.5%
Q1 21	31M	-0.4%	-0.0%
Q2 21	35M	+12.6%	+13.5%
Q3 21	37M	+7.8%	+20.5%
Q4 21	37M	+0.1%	+21.0%
Q3 22	37M	+0.4%	+21.9%
Q1 23	38M	+0.9%	+9.2%
Q2 24	38M	+0.7%	+2.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 18	$295.6K	760
Q4 18	$286.0K	750
Q1 19	$285.5K	750
Q2 19	$293.8K	750
Q3 19	$308.6K	750
Q4 19	$301.4K	800
Q1 20	$137.9K	800
Q3 20	$221.8K	800
Q4 20	$284.3K	683
Q1 21	$267.9K	683
Q2 21	$280.5K	683
Q3 21	$279.6K	683
Q4 21	$325.0K	638
Q3 22	$315.4K	638
Q1 23	$300.1K	639
Q2 24	$290.1K	649

Revenue / Employee