Accelerant ARX

Insurance - Brokers, Financial Services

$19.77

+0.05%

Market cap: $4.3B
PE: n/m; a loss over the last year
Forward PE: n/m; not a meaningful number
Price to sales: 3.7×
EV/EBIT: n/m; a loss over the last year
Revenue, 12 months: $1.1B; +55% on a year ago
Net margin: n/m; outside −100% to 100%
Free cash flow yield: n/m; not a meaningful number

Accelerant trades at 3.7× sales. Its trailing earnings are negative, so it has no PE. Revenue was $1.1B over the last twelve months, up 55% on a year earlier.

Charts

Financials

Income statement for ARX, by quarter
Income statement	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
	$128.1M	$130.1M	$153.7M	$190.7M	$178M+39%	$219.1M+68%	$267.4M+74%	$248.4M+30%	$273.3M+54%	$356.9M+63%
SG&A	$49.1M	$57.8M	$67.3M	$71.3M	$75.3M+53%	$89.1M+54%	$115.8M+72%	$120.2M+69%	$123.8M+64%	$129.5M+45%
Interest expense	$3M	$3M	$3.1M	$3M	$2.6M−13%	$2.5M−17%	$2.6M−16%	$3.2M+7%	$2.5M−4%	$2.4M−4%
Pre-tax income	$12M	−$4.3M	$1.3M	$23M	$15.5M+29%	$22.3M	−$1.4B	−$2.2M	$2M−87%	$87.4M+292%
	$9.9M	$4.9M	−$8.1M	$2.4M	$7.7M−22%	$9.2M+88%	$9.5M	−$3.1M	$6.1M−21%	$7.4M−20%
Net income	$7.1M	−$9M	$8.1M	$21M	$6.5M−9%	$8.8M	−$1.4B	−$600K	−$5.2M	$78.7M+794%
	$0.04	−$0.05	$0.04	$0.10	$0.03−25%	$0.04	−$6.99	$0.00	−$0.02	$0.36+800%
	165.6M	165.9M	199.7M	200.5M	205.3M+24%	205.9M+24%	206.1M+3%	221.8M+11%	222M+8%	219.7M+7%

Revenue: Q1 FY24 and Q1 FY25: 6 months less the 3 months printed beside them.

SG&A: Q1 FY24: 6 months less the 3 months printed beside them.

Interest expense: Q1 FY24 and Q1 FY25: 6 months less the 3 months printed beside them.

Pre-tax income: Q1 FY24 and Q1 FY25: 6 months less the 3 months printed beside them.

Income tax: Q1 FY24 and Q1 FY25: 6 months less the 3 months printed beside them.

Net income: Q1 FY24 and Q1 FY25: 6 months less the 3 months printed beside them.

EPS, diluted: 4 periods, Q1 FY24 to Q4 FY25: quarter's net income to common over its shares, to the cent.

Diluted shares: Q1 FY24: share-days: the 6-month average less the second quarter's. Q4 FY24: share-days: the 12-month average less the 9-month, weighted by days. Q4 FY25: a loss quarter: its basic count, share-days: the 12-month average less the 9-month, weighted by days.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Peers

Companies in Insurance - Brokers nearest Accelerant's size, closest first.

Company	Market cap	PE	Its 10y median PE	Fwd PE	P/S	Revenue growth	Net margin
ARXAccelerant	$4.3B	n/m	n/a	n/m	3.7×	+55%	n/m
CRVLCorvel	$4.2B	37.3×	38.1×	n/m	4.3×	+7%	11.7%
NPNeptune Insurance	$3.9B	91.7×	126×	n/m	19.9×	+34%	22.7%
HGTYHagerty	$5.4B	260×	50.9×	n/m	3.7×	+8%	1.8%
ACTEnact	$6.6B	10.1×	7.8×	n/m	5.3×	+2%	54.5%
GSHDGoosehead Insurance	$1.7B	39.8×	175×	n/m	4.3×	+18%	8.8%
RYANRyan Specialty	$11.2B	60.7×	92.3×	n/m	3.5×	+14%	3.1%
TWFGTWFG	$1.5B	47.1×	45.8×	n/m	5.2×	+35%	n/m
ERIEErie Indemnity	$13.3B	23.0×	31.6×	n/m	3.2×	+4%	14.0%
BROBrown & Brown	$24.4B	21.8×	29.1×	15.7×	3.6×	+34%	17.7%
WTWWillis Towers Watson Public	$30.2B	19.9×	26.0×	15.5×	3.0×	+3%	15.5%
Peer median	$6B	38.5×	41.9×	15.6×	4.0×	+11%	14.0%