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Donegal Group, Inc.

DGICA Financial Insurance Property & Casualty

Donegal Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $978.0 million, down 1.17% from fiscal 2024.

Revenue
−3.36%
EPS
+29.8%
Free cash flow
−33.3%
Total debt
0.00%

Quarter to September 2026, against a year earlier

18.92 0.18 −0.94%
Market cap
$732.0M
P/E
9.7×
Fwd P/E
10.3×
Dividend yield
4.02%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 9.81
Sold, $m 2.63
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 2 — — 1 — 10 2 — 6 4 — 1
Sell 1 — — 1 — — — — 4 5 — 1
Insider Ownership 55.06%

Capital & Financial Ratios $m

Size
Market Cap 731.97
Revenue ttm 954.55
Net income ttm 69.16
Free cash flow ttm 50.96
Net debt Q 2.50
Valuation
P/E 9.65
Forward P/E 10.30
Price / sales 0.73
Forward P/S Powerpack
Price / FCF 13.76
Price / book 1.06
Financial health
Current ratio Q 0.37
Debt / equity Q 0.05
Interest coverage Q 65.20
Growth
Revenue growth Q −3.36% (below 0%: shrinking)
Operating income growth Q −11.82% (below 0%: shrinking)
EPS, this year −17.05% (below 0%: weak)
EPS, next year A +5.56%
Revenue, next year A −2.93% (below 0%: weak)
EPS, past 5 yrs +3.56%
EPS, next 5 yrs A −2.95% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 32.11%
10-year low 10-year high
P/S against its own 10 years 97.80%
10-year low 10-year high
P/B against its own 10 years 88.71%
10-year low 10-year high

Dividends raised every year since 2018

Yield
4.02%
Annual rate
0.76
Payout ratio
39.4%
Growth, 2018–26
+3.72%/yr
  1. 0.57 ’18
  2. 0.58 ’19 +2
  3. 0.60 ’20 +3
  4. 0.63 ’21 +6
  5. 0.66 ’22 +4
  6. 0.68 ’23 +3
  7. 0.69 ’24 +2
  8. 0.72 ’25 +5
  9. 0.76 ’26 +6
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 24 53 27 33
Receivables 631 602 583 —
Inventory — — — —
Other — — — —
654 655 610 —
2023 2024 2025 Q'26
Payables 1,734 1,738 1,695 1,771
ST’ Debt — — — —
Other — — — —
1,738 1,741 1,697 1,773

Compound Annual Growth %

10y 5y 3y
Sales 4.39% 4.69% 4.86%
Cash Flow 0.29% (7.04%) 1.51%
Earnings 14.22% 8.48% 0.00%
Book Value 4.60% 4.34% 9.81%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.33 Actual 0.50

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY25 0.36 0.43 Beat by 0.07
Q1 FY26 0.14 0.32 Beat by 0.18
Q2 FY26 0.46 0.53 Beat by 0.07
Q3 FY26 0.33 0.50 Beat by 0.17
Q4 FY26 0.51 — Reports 18 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.31 0.60 — — —
’25 0.71 0.46 0.55 0.47 2.18
’24 0.18 0.13 0.51 0.70 1.53
’23 0.16 0.06 (0.02) (0.06) 0.14
’22 0.43 (0.26) (0.33) 0.11 (0.06)
’21 0.35 0.53 (0.22) 0.17 0.83
’20 0.13 0.79 0.41 0.49 1.83
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 236 241 238 — —
’25 245 247 246 240 978
’24 241 247 252 250 990
’23 225 229 234 239 927
’22 208 204 213 223 848
’21 198 205 203 210 816
’20 185 199 197 197 778
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 20 6 15 — —
’25 26 12 22 10 70
’24 5 22 13 28 67
’23 (1) 14 13 3 29
’22 21 14 15 17 67
’21 30 29 (1) 18 77
’20 11 37 20 33 101
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 20 6 15 — —
’25 26 12 22 10 70
’24 5 22 13 28 67
’23 (1) 14 13 3 29
’22 21 14 15 17 67
’21 31 30 (1) 19 78
’20 11 37 20 33 101
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 688 739 772 812 778 816 848 927 990 978 955 +4.0% 949 947 966 (0.4%)
Gross margin, % 22.12 33.19 9.94 22.47 23.76 19.74 16.58 17.37 22.85 25.80 0.00 +3.7 pt
EBT 41 12 (48) 57 63 30 (4) 5 62 98 85 +10.0%
EBT margin, % 6.00 1.64 (6.25) 7.03 8.13 3.72 (0.43) 0.55 6.30 9.98 8.87 +4.0 pt
Net income 31 7 (33) 47 53 25 (2) 4 51 79 69 +11.1%
Per share, $
Per share, $ Revenue 25.98 27.00 27.29 28.44 26.56 26.37 26.52 28.06 29.34 26.93 0.00 +0.4%
Earnings 1.19 0.27 (1.18) 1.68 1.84 0.83 (0.06) 0.14 1.53 2.22 1.96 +7.2%
Cash flow 2.27 2.96 2.26 2.67 3.45 2.48 2.10 0.87 2.00 1.93 0.00 (1.8%)
Capex (0.01) (0.04) 0.00 (0.01) 0.00 0.04 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow 2.25 2.92 2.25 2.67 3.45 2.52 2.10 0.86 2.00 1.93 0.00 (1.7%)
Book value 16.56 16.39 14.10 15.79 17.68 17.15 15.12 14.52 16.18 17.63 0.00 +0.7%
Shares, m 26 27 28 29 29 31 32 33 34 36 37 +3.6%
Valuation, ×
Valuation, × P/E 14.95 64.04 0.00 8.77 7.65 17.22 0.00 101.21 10.11 9.00 9.65 23.3
P/S 0.68 0.64 0.50 0.52 0.53 0.54 0.54 0.51 0.53 0.74 0.73 0.6
P/B 1.07 1.05 0.97 0.94 0.80 0.83 0.95 0.98 0.96 1.13 1.06 1.0
EV/Sales 0.76 0.68 0.52 0.51 0.51 0.51 0.55 0.52 0.51 0.75 — 0.6
EV/FCF 8.73 6.25 6.26 5.43 3.95 5.38 7.00 16.78 7.47 10.45 — 7.8
Cash, $m
Cash, $m Operating cash flow 60 81 64 76 101 77 67 29 67 70 51 +1.8%
Capex 0 (1) 0 0 0 1 0 0 0 0 0 (53.4%)
Free cash flow 60 80 64 76 101 78 67 29 67 70 51 +1.8%
Balance, $m
Balance, $m Working capital (657) (712) (790) (838) (857) (971) (1,048) (1,084) (1,086) (1,087) (1,116) +5.7%
Net debt 49 26 12 (9) (13) (23) 10 11 (18) 8 2 (18.1%)
Shareholders’ equity 439 449 399 451 518 531 484 480 546 640 661 +4.3%
Returns, %
Returns, % ROA 1.95 0.42 (1.84) 2.51 2.59 1.14 (0.09) 0.20 2.21 3.36 2.83 +1.4 pt
ROIC 5.51 1.80 (6.98) 8.30 7.98 3.84 (0.38) 0.72 7.49 9.53 8.10 +4.0 pt
ROE 7.27 1.60 (7.73) 11.10 10.90 4.82 (0.39) 0.92 9.92 13.38 10.73 +6.1 pt
People
People Employees — — — — 879 838 876 883 851 851 — (0.6%)
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.88 0.97 0.97 1.05 1.16 1.15 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Donegal Group, Inc. vs peers in Insurance Property & Casualty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ASIC Ategrity Specialty Insurance Company Holdings $1.2B 12.0× 11.8× +8.18% (above 0%: growing) −36.17% (below 0%: shrinking) +80.75% (above 0%: growing) 0.00% 11.63% Compare
BOW Bowhead Specialty Holdings Inc. $1.1B 19.1× 17.0× +19.34% (above 0%: growing) −12.71% (below 0%: shrinking) +68.59% (above 0%: growing) 29.41% 13.72% Compare
HRTG Heritage Insurance Holdings, Inc. $998.3M 4.8× 6.7× +2.96% (above 0%: growing) +32.90% (above 0%: growing) +237.57% (above 0%: growing) 50.25% 39.15% Compare
HIPO Hippo Holdings Inc. $926.2M 28.3× 31.6× +29.35% (above 0%: growing) −91.48% (below 0%: shrinking) +414.93% (above 0%: growing) 100.00% 6.47% Compare
OIG Orion180 Insurance Group Inc. $874.5M — — — — — — — Compare
DGICA Donegal Group, Inc. $732.0M 9.7× 10.3× −3.36% (below 0%: shrinking) +29.79% (above 0%: growing) −33.25% (below 0%: shrinking) 0.00% 9.42%
ROOT Root, Inc. $716.7M 9.2× 11.5× −1.68% (below 0%: shrinking) n/m −18.06% (below 0%: shrinking) 38.79% 4.80% Compare
AII American Integrity Insurance Group, Inc. $530.6M 6.0× 7.6× +54.59% (above 0%: growing) +7.41% (above 0%: growing) +345.10% (above 0%: growing) 56.10% 40.31% Compare
ACIC American Coastal Insurance Corporation $485.4M 5.7× 11.6× −21.78% (below 0%: shrinking) −38.66% (below 0%: shrinking) −54.47% (below 0%: shrinking) 53.61% 40.15% Compare
Median of peers $900.3M 9.2× 11.6× +8.18% −24.44% +80.75% 50.25% 13.72%

All 46 Insurance Property & Casualty stocks →

Pay and ownership Proxy statement filed 16 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 1.74m 1.91m 177.72
2024 1.46m 1.46m 130.65
2023 914.44k 898.00k 112.65
2022 1.18m 1.26m 109.16
2021 1.02m 1.04m 104.91

Ownership

Directors and executive officers, together 3.20%
Donegal Mutual Insurance Company 85.20%
BlackRock, Inc. 6.40%
Dimensional Fund Advisors LP 5.50%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Donegal Group, Inc. (DGICA) Latest News

29 Oct

Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · GlobeNewswire

6 Aug

Impact 3 · transcript

30 Jul

Impact 4 ·

8 May

Impact 3 · · Simply Wall St.

30 Apr

Impact 3 · · GlobeNewswire

16 Apr

Impact 3 · · GlobeNewswire

11 Mar

Impact 4 · · GlobeNewswire

19 Feb

Impact 4 · · GuruFocus.com
Impact 4 · · GlobeNewswire
Impact 3 · · Associated Press Finance

5 Feb

Impact 4 · · Simply Wall St.

22 Jan

Impact 3 · · Zacks

18 Dec

Impact 3 · · Simply Wall St.

17 Dec

Impact 4 · · Simply Wall St.

8 Dec

Impact 4 · · ZacksZacksZacksZacksZacksZacksZacks

1 Dec

Impact 3 · · Simply Wall St.

21 Nov

Impact 3 ·

10 Nov

Impact 3 · · Simply Wall St.

6 Nov

Impact 4 · · Simply Wall St.

5 Nov

Impact 3 · · Zacks
Impact 3 · · Zacks

4 Nov

Impact 4 · transcript

31 Oct

Impact 4 · · Simply Wall St.

30 Oct

Impact 4 · · GlobeNewswire
Impact 3 · · Associated Press Finance

28 Oct

Impact 3 · · Simply Wall St.

20 Oct

Impact 3 ·

2 Oct

Impact 3 ·
stockrow.com/DGICA · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com