Ategrity Specialty Insurance Co Holdings

ASICdata completeness 88%2 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Ategrity Specialty Insurance Co Holdings earns about 14% on invested capital, but has diluted owners by 26% 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

Figure	FY 2024	FY 2025
Revenue	$343.8M¹	$424.3M¹
Net income	$47.1M²	$74M²
Operating cash flow	$125.6M³	$147.2M³
Capital expenditure	$164,000⁴	$6.47M⁴
Free cash flow (derived)	$125.4M³	$140.7M³
Total debt	—	—
Cash & equivalents	$26.6M⁵	$29.7M⁵
Diluted shares	36.6M	46.2M

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

Net assets behind them

$132.87

your share of equity

Profit it earned you last year

$16.01

Free cash flow it threw off

$30.44

Debt you’d be carrying

—

10 shares is a claim on $132.87 of net worth that earned you $16.01 and generated $30.44 of cash last year.

iii. Is this a good business?

Moat signal · return on invested capital

14% avg · 2y

FY24 15%FY25 13%

It earned an average 14% 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

+26% shares · 2y

Share count is up 26% over 2 years — owners have been diluted. Worth asking what they got for it.

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 v0.1.0

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

$21.73

assumptions (1)

grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2024-12-31 · accession 0002040491-26-000011 (Revenues)
10-K · period ending 2024-12-31 · accession 0002040491-26-000011 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0002040491-26-000011 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0002040491-26-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2024-12-31 · accession 0002040491-26-000011 (CashAndCashEquivalentsAtCarryingValue)