MeritValue

Slide Insurance Holdings, Inc.

SLDEdata completeness 100%2 fiscal years on file
The thesis, from the filings

Slide Insurance Holdings, Inc. earns about 43% on equity, but has diluted owners by 9% 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$846.8M1$1.16B1
Net income$201.1M2$444M2
Operating cash flow$553.9M3$797.4M3
Capital expenditure$10.1M4$2.86M4
Free cash flow (derived)$543.8M3$794.6M3
Total debt$39.2M5$33.7M5
Cash & equivalents$493.4M6$1.2B6
Diluted shares121.1M132.0M

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
$84.36
your share of equity
Profit it earned you last year
$33.64
Free cash flow it threw off
$60.21
Debt you’d be carrying
$2.55

10 shares is a claim on $84.36 of net worth that earned you $33.64 and generated $60.21 of cash last year, against $2.55 of debt.

iii. Is this a good business?
Moat signal · return on equity
43% avg · 2y
FY24 46%FY25 40%

It earned an average 43% on equity over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+9% shares · 2y

Share count is up 9% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 14% — 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 v0.1.0
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
$25.25
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 0001193125-26-083277 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001193125-26-083277 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-083277 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-083277 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 10-K · period ending 2024-12-31 · accession 0001193125-26-083277 (LongTermDebt)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-083277 (CashAndCashEquivalentsAtCarryingValue)