Donegal Group Inc. (DGICB) Balance Sheet
DGICB 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 DGICB owns equals what it owes plus shareholders’ equity. Hover a block for its value.
DGICB financial health
Descriptive bands, not a rating. Fiscal 2025.
DGICB 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 | $143.0M2016 | $35.0M2025 | −14.5%/yr | |
| Net cash (debt) | $406.0M2016 | $486.2M2025 | +$80.1M | |
| Working capital | $1.57B2016 | −$448.6M2025 | −$2.0B | |
| Debt / equity | 0.332016 | 0.052025 | −0.27 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DGICB assets
DGICB liabilities and equity
DGICB debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
DGICB 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 | $500.1M | $458.7M | $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 | $291.2M | $280.8M | $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 | $1.22B | $1.11B | $1.03B | $1.01B | $945.5M |
| 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 | $37.1M | $64.9M | $69.94B | $70.11B |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $5.0M | $40.0M | $30.0M | $64.0M | $74.0M |
| Lease obligations | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Other long-term liabilities | $7.8M | $8.1M | $7.7M | $7.9M | $25.7M | $1.64B | $0 | $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 | $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 | $75.0M | $90.0M | $123.0M | $143.0M |
| Net cash (debt) | $486.2M | $660.4M | $610.4M | $571.2M | $568.0M | $589.1M | $553.3M | $505.9M | $464.8M | $406.0M |
| Working capital | −$448.6M | −$289.9M | −$322.2M | −$337.3M | −$260.7M | $1.17B | $1.12B | $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 | — | — | — | — | — | — | — | — | — | $16.18 |
| Shares outstanding | — | — | — | — | — | — | — | — | — | 27.1M |
| Current ratio | 0.74 | 0.84 | 0.82 | 0.81 | 0.85 | 14.25 | 31.28 | 17.19 | 1.26 | 1.02 |
| Quick ratio | 0.64 | 0.74 | 0.72 | 0.72 | 0.74 | 14.29 | 31.28 | 16.89 | 0.01 | 0.01 |
| Debt / equity | 0.05 | 0.06 | 0.07 | 0.07 | 0.07 | 0.17 | 0.17 | 0.23 | 0.27 | 0.33 |
| 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 | $376.7M | $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 | $348.0M | $355.1M | $361.4M | $621.7M | $315.6M |
| Receivables | $650.3M | $634.0M | $597.6M | $621.2M | $636.5M | $611.4M | $620.6M | $658.9M | $660.8M | $644.8M | $632.5M | $634.5M |
| Inventory | $10,170 | $0 | $0 | $0 | $0 | $0 | $0 | −$434.12B | −$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 | $434.31B | $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 | $1.22B | $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 | $85.1M | $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 | $2.35B | $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 | $1.82B | $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 | $9.7M | $1.85B | $1.81B | $1.78B | $1.74T |
| Total liabilities | $1.82B | $1.80B | $1.75B | $1.79B | $1.80B | $1.78B | $1.79B | $1.83B | $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 | $368,037 | $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 | $341.7M | $344.3M | $346.2M | $610.4M | $304.4M |
| Working capital | −$466.9M | −$467.6M | −$448.6M | −$471.7M | −$506.1M | −$544.7M | −$289.9M | −$602.1M | −$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 | $428.3M | $477.5M | $478.5M | $473.2M | $466.8M |
| Current ratio | 0.74 | 0.74 | 0.74 | 0.74 | 0.72 | 0.69 | 0.84 | 0.67 | 0.03 | 28.24 | 0.44 | 35.35 |
| Quick ratio | 0.63 | 0.64 | 0.64 | 0.63 | 0.62 | 0.59 | 0.74 | 0.57 | 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% | 21.9% | 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.
DGICB 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: DGICB income statement, DGICB cash flow statement, DGICB key metrics. See the DGICB stock overview for the latest quote and news.
DGICB 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.
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.