PLGO Pelagos Insurance Capital Ltd

Overview and Growth

In fiscal 2025, Pelagos Insurance Capital Ltd recorded $2.50B of revenue, net income of $225.50M, and an operating cash outflow of $408.30M. Revenue of $2.50B sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line expanded 3.3% from $2.42B in fiscal 2024, increasing the company’s operating scale. Diluted earnings per share were $2.11, translating the period’s attributable earnings into the amount reported for each diluted share. Against diluted EPS of $0.98 in fiscal 2024, the current result was 115.3% higher. The diluted weighted-average share count was 106.74M, linking total earnings with the per-share result received by shareholders. At period end, total assets were $12.44B, framing the scale of the company’s operating and financing commitments. The revenue-to-assets relationship was 0.2x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Net income came to $225.50M, completing the progression from revenue through gross and operating profitability to the final reported result. Measured against reported revenue, net income produced a 9.0% margin after operating costs and the remaining recognized items. Before income taxes, the company reported $275.60M of earnings, providing a bridge between the operating result and final net income. Measured against revenue, pretax income equaled 11.0%, adding a pre-tax profitability layer between revenue and net income. The company recognized $50.10M of income tax for the period, completing the transition from pretax income to net income. The effective relationship between income tax and positive pretax income was 18.2%, without assuming a statutory-rate comparison. Return on period-end equity was 9.4%, relating annual net income to the equity capital on the balance sheet. Net income represented 1.8% of period-end assets, placing the company’s bottom-line result against the total resource base employed. Current net income of $225.50M was above fiscal 2024 net income of $113.30M, showing the direction of the bottom-line change.

Liquidity and Capital Structure

At period end, the $12.44B asset base was financed through $10.04B of liabilities and $2.40B of equity. Cash and equivalents totaled $873.00M, identifying the most liquid reported component available within the broader current-asset balance. The company carried $843.20M of total debt at period end, which frames its leverage and debt-service burden. The debt-to-equity relationship was 0.35x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 6.8%, showing how much of the asset base was matched by borrowing. Equity equaled 19.3% of assets, showing the shareholder-capital layer within the company’s balance sheet. The liabilities-to-assets relationship was 80.7%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 7.0% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 5.8% from $11.77B in fiscal 2024, leaving current total assets higher year over year. Against $2.45B of equity in fiscal 2024, the current book-equity balance moved 2.0% and ended lower. Cash and equivalents were 17.5% higher than fiscal 2024 cash of $743.00M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities used $408.30M of cash, resulting in an operating cash outflow for the year. The company spent $1.20M on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. Negative free cash flow was $409.50M, leaving a cash deficit after capital spending and reducing financial flexibility. Free-cash-flow margin was -16.4%, reflecting a cash deficit equal to 16.4% of revenue after capital spending. Relative to total assets, the post-investment cash deficit measured 3.3%.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 26, 2026.