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Accelerant Holdings

ARX

Accelerant Holdings • NYSE
$14.57 ▼ -0.14% (-0.02)
Market Cap $3.23 B
52w High $31.18
52w Low $11.20
Dividend Yield 0%
P/E -2.3
Volume 282.64K
Outstanding Shares 221.82M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $267.4M ▲ $115.8M ▲ $-1.44B ▼ -538.407% ▼ $-6.99 ▼ $32.4M ▼
Q2-2025 $204.2M ▲ $112.4M ▲ $8.8M ▲ 4.31% ▲ $0.053 ▲ $37.5M ▲
Q1-2025 $170.7M ▲ $92.9M ▲ $6.5M ▲ 3.808% ▲ $0.04 ▲ $27.1M ▲
Q2-2024 $130.3M ▲ $75.3M ▲ $-9M ▼ -6.907% ▼ $-0.055 ▼ $4.2M ▼
Q1-2024 $128.8M $65.3M $7.1M 5.512% $0.04 $19.9M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.741B ▼ $7.859B ▲ $7.156B ▲ $676.1M ▲
Q2-2025 $2.21B ▲ $7.496B ▲ $7.014B ▲ $450.6M ▲
Q1-2025 $1.886B $6.664B $6.261B $374.1M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.367B ▼ $73.9M ▼ $-55.5M ▲ $208.6M ▲ $217.4M ▲ $91.2M ▼
Q2-2025 $13.1M ▲ $217.5M ▲ $-93.1M ▼ $3.2M ▲ $167.8M ▲ $206.8M ▲
Q1-2025 $7.8M ▲ $91.8M ▼ $-89.7M ▼ $-2.3M ▼ $17.7M ▼ $85.2M ▼
Q2-2024 $-9.2M ▼ $123.2M ▼ $-72.7M ▲ $-1.1M ▲ $46.2M ▼ $114.8M ▼
Q1-2024 $2.1M $144.3M $-90.3M $-1.9M $49.5M $138.6M

Five-Year Company Overview

Income Statement

Income Statement Accelerant’s income statement shows a young business scaling very quickly. Revenue has grown strongly each year, suggesting the platform model is gaining traction. Profitability has improved steadily: the company moved from meaningful losses a few years ago to a modest profit more recently, with healthier margins as it grows. This points to good operating leverage and cost discipline. The main caveat is that the profit base is still relatively small and the track record is short, so results could be more volatile than for a mature insurance group.

Balance Sheet

Balance Sheet The balance sheet looks like that of a fast‑growing but fairly conservatively financed company. Total assets and cash have risen quickly, reflecting growth in the platform and the underlying insurance flows. Debt remains low relative to the size of the business, which reduces financial risk. Equity has been building over time, but the capital base is still modest compared with large, established insurers. As Accelerant pushes toward a more capital‑light model, balance‑sheet risk should stay manageable, but the company still needs to carefully match its growth with adequate capital and risk controls.

Cash Flow

Cash Flow Cash flow is a clear strength. Operating cash flow has been positive for several years and has increased as the business scaled, which means earnings are backed by cash rather than just accounting profits. After relatively modest investment spending, free cash flow remains solidly positive, giving management flexibility to reinvest in technology, strengthen the balance sheet, or absorb shocks. That said, insurance and specialty risk businesses can face periods of stress, so sustaining this strong cash generation through different market conditions remains an important uncertainty.

Competitive Edge

Competitive Edge Competitively, Accelerant is positioned more like a technology‑enabled risk platform than a traditional insurance broker or carrier. Its core advantage is the data‑rich Risk Exchange, which ties together specialist underwriters and capital providers. The more participants it attracts, the more valuable the network becomes, creating a self‑reinforcing effect and raising switching costs. Its focus on careful selection of partners and better loss performance further strengthens its appeal. However, the company operates in a space where large global brokers, reinsurers, and newer insurtech players are all innovating. Regulatory scrutiny, the insurance pricing cycle, and potential imitation of its model are important ongoing risks to its competitive position.

Innovation and R&D

Innovation and R&D Innovation is central to Accelerant’s strategy. The firm leans heavily on proprietary technology, deep data sets, and AI‑driven analytics to improve underwriting, pricing, and portfolio monitoring. This has the potential to deliver structurally better risk outcomes and higher margins than traditional models. Future plans, such as AI‑supported referrals and continued expansion of the platform, show a clear innovation pipeline. The flip side is that the company must keep investing in technology, data quality, and talent to maintain this edge; if competitors catch up technologically or if the platform fails to evolve, its moat could narrow over time.

Summary

Overall, Accelerant comes across as a fast‑growing, tech‑driven specialty insurance platform that has successfully transitioned from losses to early profitability while generating strong cash flow and using modest leverage. Its data‑centric, capital‑light model and network effects provide a meaningful strategic advantage, but they are still being tested over a relatively short history. Key things to watch include the consistency of underwriting performance, the durability of its data and technology lead, the health of its partner network, and how well it manages growth, regulation, and insurance‑cycle swings. The business has attractive structural characteristics, but also the typical execution and market risks of a relatively young, rapidly scaling financial services platform.

NEWS

November 12, 2025 · 4:15 PM UTC

Accelerant Announces Third Quarter 2025 Results

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October 3, 2025 · 8:00 AM UTC

Accelerant Announces Date of Third Quarter 2025 Financial Results and Conference Call

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September 11, 2025 · 9:00 AM UTC

Accelerant Announces Partnership With AF Specialty to Expand Risk Exchange Capacity

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