United Fire Group, Inc. (UFCS) Balance Sheet
UFCS balance sheet, 2025
December 31, 2025 · U.S. dollars$3.84B assets = $2.90B liabilities + $941.2M equity
Both columns are drawn to the same scale: what UFCS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
UFCS financial health
Descriptive bands, not a rating. Fiscal 2025.
UFCS balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $4.05B2016 | $3.84B2025 | −0.6%/yr | |
| Total liabilities | $3.11B2016 | $2.90B2025 | −0.8%/yr | |
| Shareholders’ equity | $941.9M2016 | $941.2M2025 | −0.0%/yr | |
| Cash & short-term investments | $111.0M2016 | $1.27B2025 | +31.1%/yr | |
| Total debt | $15.9M2019 | $146.2M2025 | +44.8%/yr | |
| Net cash (debt) | $105.0M2019 | $1.13B2025 | +$1.0B | |
| Working capital | −$791.1M2016 | −$523.1M2025 | +$268.0M | |
| Book value per share | $36.502016 | $35.672025 | −0.3%/yr | |
| Debt / equity | 0.022019 | 0.162025 | +0.14 | |
| Shares outstanding | 25.8M2016 | 26.4M2025 | +0.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
UFCS assets
UFCS liabilities and equity
UFCS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
UFCS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.27B | $1.13B | $102.1M | $96.9M | $132.4M | $88.1M | $120.9M | $64.6M | $95.7M | $111.0M |
| Cash & equivalents | $156.3M | $200.9M | $102.0M | $96.7M | $132.1M | $87.9M | $120.7M | $64.5M | $95.6M | $110.9M |
| Short-term investments | $1.12B | $1.87B | $100,000 | $275,000 | $275,000 | $175,000 | $175,000 | $175,000 | $175,000 | $175,000 |
| Receivables | $755.2M | $695.8M | $464.8M | $365.7M | $477.0M | $544.0M | $357.6M | $346.8M | $328.5M | $306.2M |
| Inventory | $0 | $0 | −$566.8M | −$629.1M | −$558.7M | −$518.7M | −$569.5M | −$490.8M | −$551.5M | −$507.9M |
| Other current assets | $32.4M | $1.00B | $566.8M | $629.1M | $558.7M | $518.7M | $569.5M | $490.8M | $551.5M | $507.9M |
| Total current assets | $2.06B | $2.83B | $566.9M | $462.7M | $609.3M | $632.1M | $478.5M | $411.5M | $424.2M | $417.2M |
| Property, plant & equipment (net) | $132.6M | $136.0M | $134.2M | $133.1M | $137.7M | $129.9M | $117.0M | $97.2M | $69.0M | $55.5M |
| Goodwill & intangible assets | $161.4M | $3.9M | $4.6M | $5.3M | $6.0M | $13.5M | $22.5M | $23.3M | $24.0M | $24.7M |
| Long-term investments | $2.21B | $1.87B | $1.74B | $1.72B | $2.08B | $2.16B | $2.17B | $2.09B | $1.90B | $3.29B |
| Other non-current assets | $0 | $0 | $696.8M | $560.5M | $181.6M | $130.3M | $225.1M | $194.9M | $1.76B | $266.5M |
| Total assets | $3.84B | $3.49B | $3.14B | $2.88B | $3.01B | $3.07B | $3.01B | $2.82B | $4.18B | $4.05B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $515.3M | $1.51B | $126.6M | $155.5M | $122.9M | $167.4M | $159.0M |
| Short-term debt | $7.6M | $9.2M | — | $8.5M | $8.3M | $6.9M | $7.5M | — | — | — |
| Deferred revenue | $660.2M | $621.4M | — | — | — | — | — | — | — | — |
| Total current liabilities | $2.59B | $1.75B | $142.6M | $1.46B | $1.50B | $1.55B | $139.6M | $1.37B | $1.33B | $1.21B |
| Long-term debt | $146.2M | $117.1M | $50.0M | $50.0M | $50.0M | $50.0M | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $168.4M | $2.37B | $2.22B | $2.00B | $26.8M | $24.9M | $1.96B | $1.81B | $3.21B | $2.97B |
| Total liabilities | $2.90B | $2.71B | $2.41B | $2.14B | $76.8M | $74.9M | $2.10B | $1.93B | $3.21B | $3.11B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 |
| Retained earnings (deficit) | $722.3M | $620.4M | $574.7M | $620.6M | $621.4M | $555.9M | $697.1M | $715.5M | $608.7M | $616.3M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$5.1M | −$54.8M | −$51.0M | −$87.5M | $54.3M | $66.9M | $13.2M | −$30.5M | $168.3M | $109.1M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $941.2M | $781.5M | $733.7M | $740.1M | $2.94B | $2.99B | $910.5M | $888.4M | $973.4M | $941.9M |
| Key figures | ||||||||||
| Total debt | $146.2M | $117.1M | $50.0M | $50.0M | $58.3M | $56.9M | $15.9M | — | — | — |
| Net cash (debt) | $1.13B | $1.01B | $52.1M | $46.9M | $74.1M | $31.2M | $105.0M | — | — | — |
| Working capital | −$523.1M | $1.08B | $424.3M | −$995.8M | −$891.4M | −$919.1M | $338.9M | −$962.6M | −$904.1M | −$791.1M |
| Tangible book value | $779.8M | $777.6M | $729.1M | $734.8M | $2.93B | $2.98B | $887.9M | $865.1M | $949.4M | $917.1M |
| Book value per share | $35.67 | $30.15 | $29.06 | $29.23 | $117.01 | $119.66 | $35.59 | $34.67 | $37.96 | $36.50 |
| Shares outstanding | 26.4M | 25.9M | 25.2M | 25.3M | 25.1M | 25.0M | 25.6M | 25.6M | 25.6M | 25.8M |
| Current ratio | 0.80 | 1.62 | 3.97 | 0.32 | 0.41 | 0.41 | 3.43 | 0.30 | 0.32 | 0.35 |
| Quick ratio | 0.79 | 1.04 | 3.97 | 0.32 | 0.41 | 0.41 | 3.43 | 0.30 | 0.32 | 0.35 |
| Debt / equity | 0.16 | 0.15 | 0.07 | 0.07 | 0.02 | 0.02 | 0.02 | — | — | — |
| Equity / assets | 24.5% | 22.4% | 23.3% | 25.7% | 97.5% | 97.6% | 30.2% | 31.5% | 23.3% | 23.2% |
| 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 | $139.4M | $1.34B | $1.27B | $1.24B | $1.19B | $184.3M | $1.13B | $197.4M | $811.4M | $624.5M | $102.1M | $69.2M |
| Cash & equivalents | $139.4M | $162.0M | $156.3M | $233.7M | $202.1M | $183.7M | $200.9M | $197.4M | $153.4M | $217.8M | $102.0M | $69.2M |
| Short-term investments | $1.23B | $1.18B | $1.12B | $1.01B | $984.5M | $590,000 | $1.87B | $788.2M | $658.0M | $406.8M | $100,000 | $1.64B |
| Receivables | $599.7M | $793.3M | $755.2M | $772.6M | $782.8M | $452.6M | $695.8M | $875.5M | $848.1M | $769.7M | $464.8M | $475.6M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$933.5M | −$738.0M | −$736.0M | −$566.8M | −$682.6M |
| Other current assets | $0 | $30.3M | $32.4M | $32.3M | $39.7M | $0 | $1.00B | $1.78B | $0 | $77.8M | $566.8M | $682.6M |
| Total current assets | $739.1M | $2.16B | $2.06B | $2.04B | $2.01B | $636.9M | $2.83B | $1.92B | $738.0M | $736.0M | $566.9M | $544.8M |
| Property, plant & equipment (net) | $128.1M | $130.2M | $132.6M | $134.7M | $135.7M | $136.2M | $136.0M | $135.4M | $134.6M | $134.4M | $134.2M | $133.9M |
| Goodwill & intangible assets | $3.0M | $165.7M | $161.4M | $167.8M | $165.5M | $3.7M | $3.9M | $153.1M | $4.3M | $4.4M | $4.6M | $4.8M |
| Long-term investments | $2.28B | $2.22B | $2.21B | $2.02B | $1.95B | $0 | $1.87B | $1.85B | $1.80B | $1.59B | $1.74B | $1.69B |
| Other non-current assets | $860.6M | $0 | $0 | $0 | $0 | $2.75B | $0 | $0 | $735.6M | $780.5M | $696.8M | $678.6M |
| Total assets | $4.01B | $3.91B | $3.84B | $3.75B | $3.66B | $3.53B | $3.49B | $3.55B | $3.41B | $3.24B | $3.14B | $3.05B |
| Liabilities | ||||||||||||
| Short-term debt | — | — | $7.6M | — | — | — | — | — | — | — | — | — |
| Deferred revenue | — | $691.5M | $660.2M | $691.4M | $699.7M | — | $621.4M | $650.0M | — | — | — | — |
| Total current liabilities | $1.5M | $2.66B | $2.59B | $2.57B | $2.56B | — | $2.42B | $1.74B | $1.69B | $1.63B | $142.6M | $1.59B |
| Long-term debt | $146.3M | $146.3M | $146.2M | $146.1M | $117.2M | $0 | $117.1M | $117.0M | $117.0M | $50.0M | $50.0M | $50.0M |
| Other long-term liabilities | $2.62B | $150.9M | $168.4M | $135.6M | $138.5M | $2.71B | $2.37B | $2.35B | $2.29B | $2.19B | $2.22B | $2.20B |
| Total liabilities | $3.04B | $2.96B | $2.90B | $2.86B | $2.82B | $2.71B | $2.71B | $2.76B | $2.68B | $2.51B | $2.41B | $2.41B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $26,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 |
| Retained earnings (deficit) | $775.4M | $747.3M | $722.3M | $688.0M | $653.0M | $634.0M | $620.4M | $593.1M | $577.4M | $584.1M | $574.7M | $559.1M |
| Accumulated other comprehensive income | −$25.0M | −$20.7M | −$5.1M | −$11.0M | −$25.7M | −$33.2M | −$54.8M | −$20.6M | −$63.1M | −$58.3M | −$51.0M | −$124.1M |
| Total shareholders' equity | $977.3M | $950.6M | $941.2M | $898.7M | $845.7M | $817.7M | $781.5M | $785.8M | $726.6M | $736.8M | $733.7M | $644.9M |
| Key figures | ||||||||||||
| Total debt | $146.3M | $146.3M | $146.2M | $146.1M | $117.2M | $117.1M | $117.1M | $117.0M | $117.0M | $50.0M | $50.0M | $50.0M |
| Net cash (debt) | −$6.9M | $1.19B | $1.13B | $1.09B | $1.07B | $67.2M | $1.01B | $80.4M | $694.5M | $574.5M | $52.1M | $19.1M |
| Working capital | $737.6M | −$501.1M | −$523.1M | −$529.7M | −$550.7M | — | $407.6M | $176.0M | −$949.5M | −$896.0M | $424.3M | −$1.04B |
| Tangible book value | $974.3M | $784.9M | $779.8M | $730.9M | $680.1M | $813.9M | $777.6M | $632.7M | $722.3M | $732.3M | $729.1M | $640.1M |
| Book value per share | $37.74 | $36.42 | $35.58 | $34.05 | $32.04 | $31.16 | $30.08 | $30.33 | $28.70 | $28.52 | $28.81 | $25.21 |
| Shares outstanding | 25.9M | 26.1M | 26.5M | 26.4M | 26.4M | 26.2M | 26.0M | 25.9M | 25.3M | 25.8M | 25.5M | 25.6M |
| Current ratio | 491.12 | 0.81 | 0.80 | 0.79 | 0.78 | — | 1.17 | 1.10 | 0.44 | 0.45 | 3.97 | 0.34 |
| Quick ratio | 491.12 | 0.80 | 0.79 | 0.78 | 0.77 | — | 0.75 | 0.62 | 0.98 | 0.85 | 3.97 | 0.34 |
| Debt / equity | 0.15 | 0.15 | 0.16 | 0.16 | 0.14 | 0.14 | 0.15 | 0.15 | 0.16 | 0.07 | 0.07 | 0.08 |
| Equity / assets | 24.3% | 24.3% | 24.5% | 23.9% | 23.1% | 23.2% | 22.4% | 22.2% | 21.3% | 22.7% | 23.3% | 21.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
UFCS financial position
At the end of fiscal 2025 (December 31, 2025), United Fire had total assets of $3.8 billion (up 10.1% from a year earlier), total liabilities of $2.9 billion and shareholders' equity of $941.2 million. It held $1.3 billion in cash and short-term investments against $146.2 million of debt, a net cash position of $1.1 billion. Its current ratio was 0.80. In the latest quarter (ended June 30, 2026) total assets were $4.0 billion and equity $977.3 million.
Related: UFCS income statement, UFCS cash flow statement, UFCS key metrics. See the UFCS stock overview for the latest quote and news.
UFCS balance sheet FAQ
What are United Fire's total assets?
United Fire reported total assets of $3.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.5 billion a year earlier.
How much debt does United Fire have?
United Fire had $146.2 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.16.
How much cash does United Fire have?
United Fire held $1.3 billion in cash and short-term investments at the end of fiscal 2025; with $146.2 million of debt that is net cash of $1.1 billion.
What is United Fire's book value?
United Fire's shareholders' equity (book value) was $941.2 million at the end of fiscal 2025, or $35.67 per share.
What is United Fire's current ratio?
United Fire had current assets of $2.1 billion and current liabilities of $2.6 billion, a current ratio of 0.80 (current liabilities exceed current assets).
How much goodwill does United Fire have?
United Fire carried $161.4 million of goodwill and intangible assets, 4.2% of total assets, at the end of fiscal 2025.