Octave Specialty Group (OSG) Stock Fundamentals, Analysis & Risk Signals

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

Octave Specialty Group

NYSE•Financial Services•Insurance - Specialty

$4.97+0.26(0.06%)Market closed

Market Cap

$214.70M

P/S

0.7x

P/B

0.3x

Octave Specialty Group, Inc., an insurance holding company, primarily engages in the specialty property and casualty insurance business in the United States and the United Kingdom. It operates in two segments, Specialty Property and Casualty Insurance; and Insurance Distribution. The Specialty Property and Casualty Insurance segment provides specialty property and casualty program insurance with a focus on commercial and personal liability risks. The Insurance Distribution segment offers property, niche specialty risk, accident and health, miscellaneous specialty, reinsurance, surety, marine and energy, specialty auto, excess and surplus lines commercial package, professional lines, and directors' and officers' insurance. The company was formerly known as Ambac Financial Group, Inc. and changed its name to Octave Specialty Group, Inc. in November 2025. The company was incorporated in 1991 and is headquartered in New York, New York.

How this company scores

WeakMetricSide Score: 50/100

Grade capped at D — Interest coverage below 1× (-7.0x) — earnings cannot cover interest. Strongest: Growth (22/25); weakest: Cash & Earnings Quality (3/25).

Profitability12/25

Growth22/25

Balance Sheet & Red Flags13/25

Cash & Earnings Quality3/25

Strengths

Growing revenueLow leverageProfit converts from growthNo share dilution

Grade capped at D

Interest coverage below 1× (-7.0x) — earnings cannot cover interest.

Valuation vs. 5-year range

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

P/E · 8.6x5y range 1.4x – 252.6x

Currently above its 9-quarter median.

P/S · 0.7x5y range 0.7x – 4.8x

Currently below its 20-quarter median.

P/B · 0.3x5y range 0.3x – 0.7x

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.

Earnings Quality

Red Flag

Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $214.70M

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $320.67M
Q. Revenue: $83.00M
TTM EBITDA: $-30.43M
TTM Op. Income: $-77.95M
Q. Op. Income: $-11.67M
TTM Net Income: $-160.66M
Q. Net Income: $-12.16M
EPS: $-0.33
Shares Out.: $45.39M

$320.67M in TTM revenue grew 120.4% YoY, reaching $83.00M last quarter. TTM EBITDA of $-30.43M and TTM operating income of $-77.95M show growth is flowing through to the bottom line. However, net income is negative at $160.66M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 3 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 0.7%
Op. Margin: -14.1%
Net Margin: -14.6%

Op. margin of -14.1% is up 27.7% YoY — cost efficiency is improving. Net margin at -14.6% Over the past year, operating margin is up 66% — a weakening trend.

Price Ratios

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

P/E Ratio: N/A
P/S Ratio: 0.7x
P/B Ratio: 0.3x

P/S of 0.7x and P/B of 0.3x. P/S is low relative to typical market levels.

Assets & Liabilities

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

Total Assets: $2.28B
Cash: $79.10M
Long-Term Debt: $155.46M
Book Value: $817.85M
D/E Ratio: 0.2
Debt/EBITDA: 262.2

With $2.28B in assets and $155.46M in long-term debt, D/E is 0.2and book value is $817.85M — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 0% — a weakening trend.

Cash Flow

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

Op. Cash Flow: $-10.23M
TTM Free Cash Flow: $-62.13M
FCF Margin: -19.4%
FCF / Net Income: 0.4

TTM FCF of $-62.13M on $-10.23M in operating cash flow. The FCF / Net Income ratio of 0.4x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is down 49% — a weakening trend.