OSG

MKT CAP:$206M

Octave Specialty Group, Inc.

Market Cap

$206M

Financial Services·Insurance - Specialty·🇺🇸 United States·NYSE

Financials·Insurance·🇺🇸·NYSE

Stock Price

$4.59-$2.88 (-38.55%)

Apr 23, 2026

Company Details

Octave Specialty Group, Inc. operates as a financial services holding company. It operates in two segments, Specialty Property and Casualty Insurance; and Insurance Distribution. The Specialty Property and Casualty Insurance segment provide...

CEO

Claude LeBlanc

IPO Date

May 1, 2013

Website

www.octavegroup.com

Key Metrics TTM

Revenue

$312M

+9.9% YoY

Net Income

$328M

EPS (Diluted)

$7.16

Free Cash Flow

$82M

Revenue / Share

$6.75

Gross Margin

186.1%

Operating Margin

102.3%

Net Margin

105.2%

FCF Margin

26.3%

P/S

0.7x

P/E

0.6x

Earnings Reports

Q3 2024

May 6, 2026

PENDING

FY 2025

Mar 4, 2026

$251MEPS -$5.93

Q2 2024

Aug 5, 2024

$51M-16.3%EPS -$0.02

Q2 2023

Aug 7, 2023

$61MEPS -$0.28

Q3 2022

Nov 8, 2022

$80M+53.8%EPS $7.42

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 18	$52M	$94M	-$22M
Q1 19	$101M	$89M	-$40M
Q2 19	$89M	$222M	-$100M
Q3 19	$216M	$179M	$69M
Q4 19	$91M	-$6M	-$111M
Q1 20	-$70M	-$187M	-$286M
Q2 20	$75M	$59M	-$34M
Q3 20	$63M	-$20M	-$107M
Q4 20	$87M	$78M	-$13M
Q1 21	$95M	$87M	$18M
Q2 21	$50M	$76M	-$16M
Q3 21	$52M	$103M	$20M
Q1 22	$120M	$91M	$4M
Q3 22	$80M	$428M	$342M
Q2 23	$61M	$47M	-$12M
Q2 24	$51M	$15M	-$15M

Valuation

Quarter	P/S	P/E
Q4 18	0.4x	0.8x
Q1 19	0.5x	—
Q2 19	0.5x	—
Q3 19	0.4x	—
Q4 19	0.4x	—
Q1 20	0.6x	—
Q2 20	0.7x	—
Q3 20	1.3x	—
Q4 20	1.3x	—
Q1 21	0.6x	—
Q2 21	0.7x	—
Q3 21	0.7x	—
Q1 22	0.6x	25.7x
Q3 22	0.7x	0.6x
Q2 23	0.7x	0.6x
Q2 24	0.7x	0.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 18	-$125M	-$125M
Q1 19	-$95M	-$95M
Q2 19	-$170M	-$170M
Q3 19	-$31M	-$31M
Q4 19	-$15M	-$15M
Q1 20	-$88M	-$88M
Q2 20	-$25M	-$25M
Q3 20	-$55M	-$55M
Q4 20	-$8M	-$8M
Q1 21	-$40M	-$40M
Q2 21	-$43M	-$43M
Q3 21	-$53M	-$53M
Q1 22	$9M	$9M
Q3 22	$35M	$35M
Q2 23	$24M	$24M
Q2 24	$14M	$14M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 18	-72.5%	-62.2%
Q1 19	-40.9%	+202.6%
Q2 19	-40.9%	+31.0%
Q3 19	+61.2%	-4.5%
Q4 19	+75.8%	+172.8%
Q1 20	-169.3%	+53.2%
Q2 20	-15.7%	-42.3%
Q3 20	-70.8%	+15.6%
Q4 20	-4.8%	-50.5%
Q1 21	+235.7%	-64.4%
Q2 21	-33.3%	-39.4%
Q3 21	-17.5%	-81.2%
Q1 22	+37.9%	+16.0%
Q3 22	-15.8%	-440.3%
Q2 23	+22.0%	+10.6%
Q2 24	-1.9%	+105.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 18	$1M	2.7%
Q1 19	$4M	4.0%
Q2 19	$3M	3.4%
Q3 19	$0	0.0%
Q4 19	$0	0.0%
Q1 20	$0	—
Q2 20	$3M	4.0%
Q3 20	$2M	3.2%
Q4 20	$3M	3.4%
Q1 21	$4M	4.2%
Q2 21	$2M	4.0%
Q3 21	$0	0.0%
Q1 22	$5M	4.2%
Q3 22	$0	0.0%
Q2 23	$0	0.0%
Q2 24	$2M	3.6%

OpEx Breakdown

Quarter	G&A
Q4 18	$21M
Q1 20	$14M
Q3 20	$13M
Q4 20	$27M
Q1 21	$16M
Q2 21	$14M
Q3 21	$15M
Q1 22	$29M
Q3 22	$31M
Q2 23	$36M
Q2 24	$28M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$60M	$1.9B	$2.0B
Q2 22	$32M	$1.9B	$1.9B
Q3 22	$29M	$1.9B	$1.9B
Q4 22	$30M	$1.9B	$1.9B
Q1 23	$38M	$1.9B	$1.9B
Q2 23	$33M	$1.9B	$1.9B
Q3 23	$33M	$2.0B	$2.0B
Q4 23	$19M	$336M	$355M
Q1 24	$33M	$2.2B	$2.2B
Q2 24	$24M	$2.0B	$2.0B
Q3 24	$54M	$2.1B	$2.2B
Q4 24	$47M	$285M	$332M
Q1 25	$52M	$0	$52M
Q2 25	$46M	$264M	$310M
Q3 25	$52M	$0	$52M
Q4 25	$68M	$0	$68M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 18	46M	+0.0%	+0.8%
Q1 19	46M	+0.2%	+0.4%
Q2 19	46M	+0.3%	-1.0%
Q3 19	47M	+2.2%	+2.8%
Q4 19	46M	-2.2%	+0.5%
Q1 20	46M	+0.1%	+0.5%
Q2 20	46M	+0.2%	+0.4%
Q3 20	46M	+0.0%	-1.8%
Q4 20	46M	+0.0%	+0.4%
Q1 21	47M	+1.5%	+1.7%
Q2 21	47M	-0.6%	+0.9%
Q3 21	47M	+1.0%	+1.9%
Q1 22	47M	+0.7%	+2.6%
Q3 22	46M	-3.2%	-2.2%
Q2 23	46M	-0.2%	-1.8%
Q2 24	46M	+1.0%	-1.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 18	$509.3K	102
Q1 19	$990.2K	102
Q2 19	$872.5K	102
Q3 19	$2M	102
Q4 19	$982.2K	93
Q1 20	-$752.7K	93
Q2 20	$806.5K	93
Q3 20	$677.4K	93
Q4 20	$756.5K	115
Q1 21	$826.1K	115
Q2 21	$434.8K	115
Q3 21	$452.2K	115
Q1 22	$983.6K	122
Q3 22	$655.7K	122
Q2 23	$420.7K	145
Q2 24	$303.8K	168

Revenue / Employee