Ategrity Specialty Insurance Company Holdings (ASIC) Cash Flow Statement
Where ASIC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $147.2M +17.2% vs 2024
- Capital expenditures
- $6.5M 1.5% of revenue
- Free cash flow
- $140.7M 33.2% margin
- Returned to shareholders
- $9.6M 7% of free cash flow
- Change in cash
- $3.1M cash at year-end $29.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ASIC operating cash flow, capex and free cash flow
ASIC cash flow trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $85.7M2022 | $147.2M2025 | +19.8%/yr | |
| Capital expenditures | $02022 | $6.5M2025 | — | |
| Free cash flow | $85.7M2022 | $140.7M2025 | +18.0%/yr | |
| Free cash flow margin | 52.1%2023 | 33.2%2025 | −18.9 pts | |
| Operating cash flow / net income | 8.482022 | 1.932025 | −6.55 | |
| Stock-based compensation | $27,0002022 | $1.0M2025 | +235.5%/yr | |
| Dividends paid | $2.7M2022 | $6.9M2025 | +36.0%/yr | |
| Share buybacks (net) | $414,0002023 | $2.7M2025 | +157.3%/yr | |
| Capex / revenue | 0.0%2023 | 1.5%2025 | +1.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ASIC cash flow by activity
ASIC net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ASIC cash flow statement
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | $76.1M | $53.9M | $53.9M | $10.1M |
| Depreciation & amortization | $593,000 | $699,000 | $699,000 | $227,000 |
| Stock-based compensation | $1.0M | $2.0M | $2.0M | $27,000 |
| Change in working capital | $97.0M | $103.8M | $103.8M | $75.3M |
| Other non-cash items | −$27.6M | −$34.8M | −$34.8M | $3,000 |
| Cash from operating activities | $147.2M | $125.6M | $125.6M | $85.7M |
| Investing activities | ||||
| Capital expenditures | −$6.5M | $0 | $0 | $0 |
| Investments (net) | −$174.7M | −$363.3M | $14.5M | — |
| Acquisitions & other investing | −$93.0M | $0 | −$377.8M | $14.5M |
| Cash from investing activities | −$274.2M | −$363.3M | −$363.3M | $14.5M |
| Financing activities | ||||
| Dividends paid | −$6.9M | −$414,000 | −$414,000 | −$2.7M |
| Share repurchases & issuance (net) | −$2.7M | −$414,000 | −$414,000 | — |
| Shares issued | $121.7M | $0 | $35.0M | $0 |
| Other financing | $18.0M | $414,000 | −$34.6M | $35.0M |
| Cash from financing activities | $130.1M | −$414,000 | −$414,000 | $32.3M |
| Summary | ||||
| Net change in cash | $3.1M | −$238.1M | −$238.1M | $132.5M |
| Cash at end of period | $29.7M | $26.6M | $26.6M | $264.6M |
| Free cash flow | $140.7M | $125.6M | $125.6M | $85.7M |
| Free cash flow margin | 33.2% | 36.5% | 52.1% | — |
| Capex / revenue | 1.5% | 0.0% | 0.0% | — |
| Operating cash flow / net income | 1.93 | 2.33 | 2.33 | 8.48 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$25.5M | $25.5M | $25.3M | $22.7M | $17.6M | $8.4M | $22.7M | $17.6M | $8.4M | $9.0M | $4.9M | $9.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | $81,000 | — | $81,000 | — |
| Other non-cash items | $64.4M | $16.6M | $30.1M | $18.4M | $12.2M | $12.5M | $12.0M | $12.2M | $12.4M | $26.0M | $24.8M | $26.0M |
| Cash from operating activities | $38.9M | $42.0M | $55.3M | $41.1M | $29.8M | $21.0M | $34.7M | $29.8M | $21.0M | $34.9M | $29.8M | $34.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −$900,000 | $0 | −$6.5M | −$978,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | −$50.9M | −$22.2M | −$57.4M | −$29.6M | −$164.1M | −$21.7M | −$132.2M | $849,000 | −$82.0M | −$149.9M | — | — |
| Acquisitions & other investing | $1.6M | — | $5.2M | $978,000 | $0 | $0 | — | −$165.0M | $60.2M | $0 | −$82.0M | −$149.9M |
| Cash from investing activities | −$50.2M | — | −$58.6M | −$29.6M | −$164.1M | −$21.7M | — | −$164.1M | −$21.7M | −$149.9M | −$82.0M | −$149.9M |
| Financing activities | ||||||||||||
| Dividends paid | $0 | −$2.1M | −$1,000 | −$6.9M | $0 | −$6.9M | $0 | $0 | −$6.9M | −$414,000 | — | −$414,000 |
| Share repurchases & issuance (net) | −$2.8M | — | $6.9M | $0 | −$2.7M | — | — | −$2.7M | — | −$414,000 | — | −$414,000 |
| Shares issued | $0 | $0 | $0 | $0 | $101.7M | $20.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | −$8.2M | $6.2M | $19.9M | $0 | $0 | $121.6M | $20.0M | $414,000 | — | $414,000 |
| Cash from financing activities | −$2.8M | −$2.1M | −$1.3M | −$637,000 | $118.9M | $13.1M | $0 | $118.9M | $13.1M | −$414,000 | — | −$414,000 |
| Summary | ||||||||||||
| Net change in cash | −$14.2M | $17.8M | −$4.6M | $10.8M | −$15.4M | $12.4M | $10.8M | −$15.4M | $12.4M | −$115.3M | −$52.2M | −$115.3M |
| Cash at end of period | $33.3M | $47.5M | $29.7M | $34.3M | $23.5M | $38.9M | $34.3M | $23.5M | $38.9M | $149.3M | $97.1M | $149.3M |
| Free cash flow | $38.0M | $42.0M | $48.9M | $41.1M | $29.8M | $21.0M | $34.7M | $29.8M | $21.0M | $34.9M | $29.8M | $34.9M |
| Free cash flow margin | 25.6% | 32.6% | 39.6% | 35.4% | 29.3% | 25.2% | 34.5% | 33.1% | 27.7% | 45.9% | — | — |
| Capex / revenue | 0.6% | 0.0% | 5.2% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Operating cash flow / net income | — | 1.65 | 2.19 | 1.81 | 1.69 | 2.48 | 1.53 | 1.69 | 2.48 | 3.90 | 6.03 | 3.90 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ASIC cash generation
In fiscal 2025 (ended December 31, 2025), Ategrity Specialty Insurance generated $147.2 million of cash from operations (up 17.2%) and spent $6.5 million on capital expenditures, leaving free cash flow of $140.7 million, 33.2% of revenue. It returned $9.6 million to shareholders through dividends ($6.9 million) and net share buybacks ($2.7 million). Cash and equivalents rose by $3.1 million over the year.
Related: ASIC income statement, ASIC balance sheet. See the ASIC stock overview for the latest quote and news.
ASIC cash flow FAQ
What is Ategrity Specialty Insurance's free cash flow?
Ategrity Specialty Insurance's free cash flow was $140.7 million in fiscal 2025: $147.2 million of operating cash flow minus $6.5 million of capital expenditures It was $125.6 million a year earlier..
How much cash does Ategrity Specialty Insurance generate from operations?
Ategrity Specialty Insurance generated $147.2 million of cash from operating activities in fiscal 2025, 1.93 times its net income of $76.1 million.
How much does Ategrity Specialty Insurance spend on capital expenditures?
Ategrity Specialty Insurance spent $6.5 million on capital expenditures in fiscal 2025, 1.5% of revenue.
How much stock does Ategrity Specialty Insurance buy back?
Ategrity Specialty Insurance spent $2.7 million on net share repurchases in fiscal 2025.
How much does Ategrity Specialty Insurance pay in dividends?
Ategrity Specialty Insurance paid $6.9 million in dividends in fiscal 2025, 4.9% of free cash flow.