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Accelerant (ARX) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Accelerant
NYSE•Financial Services•Insurance Brokers
$19.84+0.03(<0.01%)Pre-market
Market Cap
$4.29B
P/S
3.2x
P/B
6.0x

Accelerant Holdings, together with its subsidiaries, operates a data-driven risk exchange that connects selected specialty insurance underwriters with risk capital partners. It operates through Exchange Services, MGA Operations, and Underwriting segments. The Exchange Services segment consists of risk exchange, its operating platform that incorporates various technology, data ingestion, and agency operations that serve the needs of its members and risk capital partners. Its Risk capital partners write premiums directly through the Risk Exchange pay us a fixed-percentage, volume-based fee for sourcing, managing, and monitoring the business they write. The MGA Operations segment includes the fees earned by members, predominantly for originating and underwriting a portfolio of insurance policies, reduced by the expenses associated with providing services. The Underwriting segment is involved in underwriting insurance policies and assumption of reinsurance policies issued or accepted by consolidated insurance and reinsurance companies. The activities of insurance companies include property and casualty insurance, policy issuance, and reinsurance arrangements. It serves small-to-medium sized commercial clients primarily in the United States, Europe, Canada, Australia, and the United Kingdom. Accelerant Holdings was founded in 2018 and is based in Grand Cayman, Cayman Islands.

B

How this company scores

GoodMetricSide Score: 60/100

Strongest: Balance Sheet & Red Flags (25/25); weakest: Profitability (9/25).

Profitability9/25
Growth10/25
Balance Sheet & Red Flags25/25
Cash & Earnings Quality16/25
Strengths
Low leverageInterest easily coveredCash-backed earningsImproving leverage

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 3.2x5y range 2.5x – 3.2x
P/S 3.2x
P/B · 6.0x5y range 4.3x – 12.7x
P/B 6.0x · above its 5-quarter median

Currently above its 5-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Cash Burn

Watch

FCF turned negative in 2 of the last 5 quarters — occasional cash consumption.

Price & Volume
Market Cap $4.29B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$1.32B
2Q
Q. Revenue
$356.90M
63%
TTM EBITDA
$-1.42B
TTM Op. Income
$-1.46B
Q. Op. Income
$29.80M
3Q
TTM Net Income
$-1.28B
Q. Net Income
$80.00M
809%
EPS
$0.36
2Q
Shares Out.
$218.41M
31%
$1.32B in TTM revenue grew from zero YoY, reaching $356.90M last quarter. TTM EBITDA of $-1.42B and TTM operating income of $-1.46B show growth is flowing through to the bottom line. However, net income is negative at $1.28B — growth is not yet reaching the bottom line. Across the last 5 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin
11.3%
3Q
Op. Margin
8.3%
3Q
Net Margin
22.4%
458%
Op. margin of 8.3% is up 10.4% YoY — cost efficiency is improving. Net margin at 22.4% Across the last 5 quarters, operating margin has risen for 3 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
N/A
P/S Ratio
3.2x
P/B Ratio
6.0x
53%
P/S of 3.2x and P/B of 6.0x.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$8.94B
4Q
Cash
$1.57B
13%
Long-Term Debt
$120.10M
4Q
Book Value
$717.40M
107%
D/E Ratio
0.2
54%
Debt/EBITDA
3.0
With $8.94B in assets and $120.10M in long-term debt, D/E is 0.2and book value is $717.40M — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is down 54% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$-68.60M
4Q
TTM Free Cash Flow
$45.80M
FCF Margin
3.5%
FCF / Net Income
-0.0
TTM FCF of $45.80M on $-68.60M in operating cash flow. The FCF / Net Income ratio of -0.0x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is up 0% — a weakening trend.

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Share Dilution

Red Flag

Shares outstanding increased 31.4% — significant dilution, likely from stock compensation or capital raises.