MeritValue

American Integrity Insurance Group, Inc.

AIIdata completeness 100%2 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

The thesis, from the filings

American Integrity Insurance Group, Inc. earns about 74% on invested capital, but has diluted owners by 34% over 2 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2024FY 2025
Revenue$204.4M1$276.5M1
Net income$39.7M2$99.6M2
Operating cash flow$148.9M3$138.2M3
Capital expenditure$1.31M4$5.02M4
Free cash flow (derived)$147.6M3$133.2M3
Total debt$2.06M5$1.24M5
Cash & equivalents$173.2M6$203.9M6
Diluted shares12.9M17.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$195.54
your share of equity
Profit it earned you last year
$57.8
Free cash flow it threw off
$77.27
Debt you’d be carrying
$0.72

10 shares is a claim on $195.54 of net worth that earned you $57.8 and generated $77.27 of cash last year, against $0.72 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
74% avg · 2y
FY24 —FY25 74%

It earned an average 74% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+34% shares · 2y

Share count is up 34% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 40% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
Graham Number
$46.78
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-12-31 · accession 0002007587-26-000016 (Revenues)
  2. 10-K · period ending 2024-12-31 · accession 0002007587-26-000016 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0002007587-26-000016 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2024-12-31 · accession 0002007587-26-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 10-K · period ending 2024-12-31 · accession 0002007587-26-000016 (LongTermDebtNoncurrent)
  6. 10-K · period ending 2024-12-31 · accession 0002007587-26-000016 (CashAndCashEquivalentsAtCarryingValue)