Donegal Group Inc. (DGICA) Balance Sheet
DGICA balance sheet, 2025
December 31, 2025 · U.S. dollars$2.39B assets = $1.75B liabilities + $640.4M equity
Both columns are drawn to the same scale: what DGICA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
DGICA financial health
Descriptive bands, not a rating. Fiscal 2025.
DGICA balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.62B2016 | $2.39B2025 | +4.4%/yr | |
| Total liabilities | $1.18B2016 | $1.75B2025 | +4.4%/yr | |
| Shareholders’ equity | $438.6M2016 | $640.4M2025 | +4.3%/yr | |
| Cash & short-term investments | $549.0M2016 | $521.2M2025 | −0.6%/yr | |
| Total debt | $74.0M2016 | $35.0M2025 | −8.0%/yr | |
| Net cash (debt) | $475.0M2016 | $486.2M2025 | +$11.1M | |
| Working capital | $1.57B2016 | −$448.6M2025 | −$2.0B | |
| Book value per share | $16.182016 | $20.502025 | +2.7%/yr | |
| Debt / equity | 0.172016 | 0.052025 | −0.11 | |
| Shares outstanding | 27.1M2016 | 31.2M2025 | +1.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DGICA assets
DGICA liabilities and equity
DGICA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
DGICA balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $521.2M | $695.4M | $645.4M | $606.2M | $603.0M | $679.1M | $628.3M | $595.9M | $587.8M | $549.0M |
| Cash & equivalents | $26.8M | $52.9M | $23.8M | $25.1M | $57.7M | $103.1M | $49.3M | $52.6M | $37.8M | $24.6M |
| Short-term investments | $494.4M | $642.5M | $621.7M | $581.1M | $545.3M | $576.0M | $579.0M | $543.3M | $550.0M | $524.4M |
| Receivables | $597.6M | $620.6M | $642.5M | $647.7M | $657.8M | $581.7M | $532.8M | $519.4M | $180.5M | $422.4M |
| Inventory | $0 | $0 | −$497.53B | −$219.6M | −$321.6M | −$377.9M | −$265.4M | −$271.9M | $87.13B | $70.45B |
| Other current assets | $171.1M | $176.2M | $497.70B | $380.2M | $498.5M | $374.7M | $265.4M | $271.9M | $559.0M | $254.1M |
| Total current assets | $1.29B | $1.49B | $1.46B | $1.41B | $1.44B | $1.26B | $1.16B | $1.12B | $88.46B | $71.68B |
| Property, plant & equipment (net) | $2.3M | $2.5M | $2.6M | $2.8M | $3.0M | $4.4M | $4.6M | $4.7M | $7.3M | $6.7M |
| Goodwill & intangible assets | $75.3M | $79.9M | $81.6M | $79.8M | $74.6M | $6.6M | $6.6M | $6.6M | $6.6M | $6.6M |
| Long-term investments | $1.50B | $1.38B | $1.33B | $1.30B | $1.28B | $1.23B | $1.12B | $1.04B | $1.01B | $951.8M |
| Other non-current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total assets | $2.39B | $2.34B | $2.27B | $2.24B | $2.26B | $2.16B | $1.92B | $1.83B | $1.74B | $1.62B |
| Liabilities | ||||||||||
| Accounts payable | $3.5M | $4.3M | $8.8M | $3.5M | $3.9M | $3.2M | $2.1M | $4.9M | $4.1M | $4.4M |
| Short-term debt | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M | $85.0M | $35.0M | $60.0M | $59.0M | $69.0M |
| Deferred revenue | $591.0M | $612.5M | $599.4M | $577.7M | $573.0M | — | — | — | — | — |
| Total current liabilities | $1.74B | $1.78B | $1.78B | $1.75B | $1.70B | $88.2M | $35.09B | $64.9M | $69.94B | $70.11B |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M |
| Other long-term liabilities | $7.8M | $8.1M | $7.7M | $7.9M | $25.7M | $1.64B | $1.44T | $0 | $1.22T | $1.11T |
| Total liabilities | $1.75B | $1.79B | $1.79B | $1.76B | $1.72B | $1.64B | $1.47B | $1.43B | $1.29B | $1.18B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $400,344 | $386,036 | $364,138 | $357,695 | $344,054 | $333,010 | $318,000 | $314,000 | $312,000 | $301,000 |
| Retained earnings (deficit) | $297.7M | $245.1M | $217.8M | $240.6M | $263.7M | $258.4M | $223.3M | $192.8M | $236.9M | $244.9M |
| Treasury stock | — | — | — | −$41.2M | — | −$41.2M | −$41.2M | −$41.2M | −$41.2M | −$41.2M |
| Accumulated other comprehensive income | −$8.3M | −$28.2M | −$32.9M | −$41.7M | $3.3M | $11.1M | $504,000 | −$14.2M | −$2.7M | −$2.3M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $640.4M | $545.8M | $479.7M | $483.6M | $531.0M | $517.8M | $451.0M | $398.9M | $448.7M | $438.6M |
| Key figures | ||||||||||
| Total debt | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M | $90.0M | $40.0M | $65.0M | $64.0M | $74.0M |
| Net cash (debt) | $486.2M | $660.4M | $610.4M | $571.2M | $568.0M | $589.1M | $588.3M | $530.9M | $523.8M | $475.0M |
| Working capital | −$448.6M | −$289.9M | −$322.2M | −$337.3M | −$260.7M | $1.17B | −$33.92B | $1.05B | $18.52B | $1.57B |
| Tangible book value | $565.2M | $465.8M | $398.1M | $403.8M | $456.4M | $511.2M | $444.4M | $392.3M | $442.1M | $432.0M |
| Book value per share | $20.50 | $16.50 | $14.48 | $15.12 | $17.07 | $17.57 | $15.67 | $13.95 | $15.90 | $16.18 |
| Shares outstanding | 31.2M | 33.1M | 33.1M | 32.0M | 31.1M | 29.5M | 28.8M | 28.6M | 28.2M | 27.1M |
| Current ratio | 0.74 | 0.84 | 0.82 | 0.81 | 0.85 | 14.25 | 0.03 | 17.19 | 1.26 | 1.02 |
| Quick ratio | 0.64 | 0.74 | 0.72 | 0.72 | 0.74 | 14.29 | 0.03 | 17.19 | 0.01 | 0.01 |
| Debt / equity | 0.05 | 0.06 | 0.07 | 0.07 | 0.07 | 0.17 | 0.09 | 0.16 | 0.14 | 0.17 |
| Equity / assets | 26.8% | 23.4% | 21.2% | 21.6% | 23.5% | 24.0% | 23.5% | 21.8% | 25.8% | 27.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $492.6M | $510.9M | $521.2M | $512.4M | $468.2M | $435.5M | $695.4M | $44.5M | $379.3M | $381.2M | $645.4M | $339.4M |
| Cash & equivalents | $23.7M | $35.5M | $26.8M | $38.6M | $57.4M | $64.3M | $52.9M | $28.7M | $24.2M | $19.8M | $23.8M | $23.7M |
| Short-term investments | $468.9M | $475.4M | $494.4M | $473.8M | $410.8M | $371.2M | $642.5M | $15.8M | $355.1M | $361.4M | $621.7M | $315.6M |
| Receivables | $650.3M | $634.0M | $597.6M | $621.2M | $636.5M | $611.4M | $620.6M | $434.1M | $660.8M | $644.8M | $632.5M | $634.5M |
| Inventory | $10,170 | $0 | $0 | $0 | $0 | $0 | $0 | −$434.1M | −$440.90B | −$435.52B | −$993.0M | −$251.2M |
| Other current assets | $198.0M | $179.3M | $171.1M | $180.4M | $182.8M | $182.9M | $176.2M | $194.3M | $439.88B | $435.70B | $26.6M | $514.5M |
| Total current assets | $1.34B | $1.32B | $1.29B | $1.31B | $1.29B | $1.23B | $1.49B | $238.7M | $24.2M | $1.21B | $311.5M | $1.24B |
| Property, plant & equipment (net) | $1.1M | $2.3M | $2.3M | $2.4M | $2.4M | $2.4M | $2.5M | $2.5M | $2.6M | $2.6M | $2.6M | $2.7M |
| Goodwill & intangible assets | $78.5M | $78.6M | $75.3M | $80.0M | $83.2M | $82.8M | $79.9M | $963.6M | $6.6M | $6.6M | $6.6M | $6.6M |
| Long-term investments | $1.52B | $1.50B | $1.50B | $1.49B | $1.43B | $1.41B | $1.38B | $1.37B | $1.34B | $1.33B | $1.33B | $1.31B |
| Other non-current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $958.1M | $0 | $618.5M | $0 |
| Total assets | $2.48B | $2.45B | $2.39B | $2.42B | $2.41B | $2.37B | $2.34B | $1.73B | $2.34B | $2.29B | $2.27B | $2.26B |
| Liabilities | ||||||||||||
| Accounts payable | $2.0M | $7.5M | $3.5M | $10.9M | $3.3M | $3.8M | $4.3M | $3.4M | $3.9M | $4.0M | $8.8M | $7.5M |
| Short-term debt | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M |
| Deferred revenue | $639.7M | $617.2M | $591.0M | $622.9M | $635.5M | $633.6M | $612.5M | $646.9M | −$35.00B | −$35.00B | −$29.4M | $27.5M |
| Total current liabilities | $1.81B | $1.79B | $1.74B | $1.79B | $1.79B | $1.77B | $1.78B | $703.8M | $714.0M | $42.7M | $703.0M | $35.0M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $8.1M | $7.9M | $7.8M | $8.6M | $8.6M | $9.1M | $8.1M | $509.6M | $1.85B | $1.81B | $1.78B | $1.74T |
| Total liabilities | $1.82B | $1.80B | $1.75B | $1.79B | $1.80B | $1.78B | $1.79B | $1.21B | $1.85B | $1.81B | $1.79B | $1.79B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $401,281 | $400,902 | $400,344 | $396,867 | $395,117 | $390,785 | $386,036 | $368,000 | $365,119 | $364,685 | $364,138 | $362,789 |
| Retained earnings (deficit) | $324.3M | $309.1M | $297.7M | $293.8M | $280.5M | $270.2M | $245.1M | $233.0M | $222.0M | $223.6M | $217.8M | $230.9M |
| Accumulated other comprehensive income | −$11.6M | −$12.4M | −$8.3M | −$12.1M | −$17.5M | −$21.5M | −$28.2M | −$21.0M | −$34.9M | −$34.5M | −$32.9M | −$50.3M |
| Total shareholders' equity | $666.1M | $649.1M | $640.4M | $627.4M | $605.7M | $584.7M | $545.8M | $513.4M | $484.1M | $485.1M | $479.7M | $473.3M |
| Key figures | ||||||||||||
| Total debt | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M |
| Net cash (debt) | $457.6M | $475.9M | $486.2M | $477.4M | $433.2M | $400.5M | $660.4M | $9.5M | $344.3M | $346.2M | $610.4M | $304.4M |
| Working capital | −$466.9M | −$467.6M | −$448.6M | −$471.7M | −$506.1M | −$544.7M | −$289.9M | −$465.1M | −$689.8M | $1.16B | −$391.5M | $1.20B |
| Tangible book value | $587.6M | $570.5M | $565.2M | $547.4M | $522.5M | $501.9M | $465.8M | −$450.3M | $477.5M | $478.5M | $473.2M | $466.8M |
| Book value per share | $20.87 | $17.57 | $20.16 | $20.19 | $16.66 | $16.24 | $16.50 | $15.52 | $14.48 | $14.51 | $14.41 | $14.24 |
| Shares outstanding | 31.9M | 36.9M | 31.8M | 31.1M | 36.4M | 36.0M | 33.1M | 33.1M | 33.4M | 33.4M | 33.3M | 33.2M |
| Current ratio | 0.74 | 0.74 | 0.74 | 0.74 | 0.72 | 0.69 | 0.84 | 0.34 | 0.03 | 28.24 | 0.44 | 35.35 |
| Quick ratio | 0.63 | 0.64 | 0.64 | 0.63 | 0.62 | 0.59 | 0.74 | 0.68 | 1.46 | 24.03 | 1.82 | 27.82 |
| Debt / equity | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 |
| Equity / assets | 26.8% | 26.5% | 26.8% | 25.9% | 25.2% | 24.7% | 23.4% | 29.7% | 20.7% | 21.1% | 21.2% | 20.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 6, 2026); data from EODHD.
DGICA financial position
At the end of fiscal 2025 (December 31, 2025), Donegal had total assets of $2.4 billion (up 2.2% from a year earlier), total liabilities of $1.7 billion and shareholders' equity of $640.4 million. It held $521.2 million in cash and short-term investments against $35.0 million of debt, a net cash position of $486.2 million. Its current ratio was 0.74. In the latest quarter (ended June 30, 2026) total assets were $2.5 billion and equity $666.1 million.
Related: DGICA income statement, DGICA cash flow statement, DGICA key metrics. See the DGICA stock overview for the latest quote and news.
DGICA balance sheet FAQ
What are Donegal's total assets?
Donegal reported total assets of $2.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.3 billion a year earlier.
How much debt does Donegal have?
Donegal had $35.0 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.05.
How much cash does Donegal have?
Donegal held $521.2 million in cash and short-term investments at the end of fiscal 2025; with $35.0 million of debt that is net cash of $486.2 million.
What is Donegal's book value?
Donegal's shareholders' equity (book value) was $640.4 million at the end of fiscal 2025, or $20.50 per share.
What is Donegal's current ratio?
Donegal had current assets of $1.3 billion and current liabilities of $1.7 billion, a current ratio of 0.74 (current liabilities exceed current assets).
How much goodwill does Donegal have?
Donegal carried $75.3 million of goodwill and intangible assets, 3.2% of total assets, at the end of fiscal 2025.