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Friday 6 November 2026
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Kestrel Group Ltd
KG Financial Insurance Reinsurance
Kestrel Group Ltd’s revenue for fiscal 2025 (year ended December 2025) was $34.0 million, up 785.1% from fiscal 2024.
- Revenue
- +20.1%
- EPS
- −106.8%
- Free cash flow
- −30.0%
- Total debt
- −33.3%
Quarter to June 2026, against a year earlier
4.15
0.14
−3.26%
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Target Price Range
Analyst price targets
Free accountTen 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 Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 2,052 | 2,139 | 2,165 | 576 | 184 | 99 | 58 | 89 | 4 | 34 | 45 | (36.6%) | — | — | — | — | |
| Gross margin, % | 7.16 | (2.82) | (17.09) | (8.06) | 56.23 | 67.44 | (31.60) | 9.57 | 100.00 | 64.40 | 46.28 | +57.2 pt | ||||||
| EBT | 79 | (154) | (450) | (110) | 37 | 19 | (60) | (46) | (1) | 50 | (35) | (5.1%) | ||||||
| EBT margin, % | 3.87 | (7.22) | (20.78) | (19.14) | 19.86 | 19.16 | (103.89) | (51.80) | (32.78) | 145.62 | (79.05) | +141.8 pt | ||||||
| Net income | 48 | (170) | (544) | (132) | 42 | 27 | (60) | (39) | (1) | 47 | (38) | (0.3%) | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 529.28 | 499.27 | 521.33 | 138.72 | 43.67 | 22.94 | 13.35 | 17.60 | 1.40 | 5.94 | 5.69 | (39.3%) | |||||
| Earnings | 4.00 | (46.40) | (137.40) | (31.80) | 9.90 | 6.19 | (13.78) | (7.60) | (0.47) | 8.08 | (4.93) | +8.1% | ||||||
| Cash flow | 121.27 | 107.04 | 43.90 | (275.12) | (128.48) | (91.66) | (44.98) | (11.79) | (0.46) | (16.78) | (14.87) | n/m | ||||||
| Capex | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | n/m | ||||||
| Free cash flow | 121.27 | 107.04 | 43.90 | (275.12) | (128.48) | (91.66) | (44.98) | (11.79) | (0.46) | (16.78) | (14.87) | n/m | ||||||
| Book value | 351.11 | 287.73 | 133.63 | 122.25 | 125.17 | 89.29 | 65.33 | 49.15 | 1.67 | 22.38 | 14.57 | (26.4%) | ||||||
| Shares, m | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 3 | 6 | 7 | +4.4% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 52.50 | 0.00 | 0.00 | 0.00 | 2.62 | 9.88 | 0.00 | 0.00 | 0.00 | 0.85 | 0.00 | 6.6 | |||||
| P/S | 0.67 | 0.27 | 0.06 | 0.11 | 1.14 | 2.67 | 3.12 | 2.62 | 2.95 | 1.72 | 0.73 | 1.5 | ||||||
| P/B | 1.32 | 0.76 | 1.52 | 1.46 | 1.57 | 1.17 | 0.64 | 0.94 | 20.18 | 0.46 | 0.28 | 3.0 | ||||||
| EV/Sales | 0.77 | 0.32 | 0.03 | 0.36 | 1.79 | 4.58 | 6.71 | 5.00 | 89.27 | 5.99 | — | 11.5 | ||||||
| EV/FCF | 3.37 | 1.51 | 0.33 | (0.18) | (0.61) | (1.15) | (1.99) | (7.46) | (271.05) | (2.12) | — | (27.9) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 470 | 459 | 182 | (1,143) | (542) | (394) | (196) | (60) | (1) | (96) | (116) | n/m | |||||
| Capex | — | — | — | — | — | — | — | — | — | — | (1) | — | ||||||
| Free cash flow | 470 | 459 | 182 | (1,143) | (542) | (394) | (196) | (60) | (1) | (96) | (116) | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (3,880) | (3,486) | (3,922) | (1,950) | (1,356) | (986) | (646) | (322) | 3 | (227) | (187) | (27.0%) | |||||
| Net debt | 202 | 105 | (76) | 148 | 119 | 189 | 209 | 212 | 250 | 157 | 149 | (2.7%) | ||||||
| Shareholders’ equity | 1,361 | 1,233 | 555 | 508 | 528 | 384 | 285 | 249 | 5 | 128 | 114 | (23.1%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 0.25 | (3.09) | (9.56) | (2.98) | 2.45 | 4.46 | 2.66 | (2.29) | (0.17) | 9.20 | (3.69) | +9.0 pt | |||||
| ROIC | 3.27 | (7.08) | (58.74) | (10.52) | 3.53 | 2.06 | (7.65) | (6.27) | (0.31) | (3.72) | (9.10) | (7.0) pt | ||||||
| ROE | 1.59 | (21.95) | (133.00) | (198.90) | 90.74 | 65.62 | 21.75 | (14.45) | (1.02) | 70.32 | (29.03) | +68.7 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 211 | 219 | 74 | 53 | 52 | 52 | 49 | 45 | 42 | 44 | — | (16.0%) | |||||
| Revenue/emp, $m | 9.72 | 9.77 | 29.25 | 10.87 | 3.54 | 1.90 | 1.19 | 1.98 | 0.09 | 0.77 | — | (24.5%) | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026
Kestrel Group Ltd vs peers in Insurance Reinsurance (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 |
|---|---|---|---|---|---|---|---|---|---|
| RGA Reinsurance Group of America, Incorporated | $17.1B | 11.4× | 10.4× | +18.54% (above 0%: growing) | +159.93% (above 0%: growing) | +40.98% (above 0%: growing) | 15.58% | 10.73% | Compare |
| EG Everest Group, Ltd. | $15.5B | 8.8× | 8.1× | −14.03% (below 0%: shrinking) | +0.49% (above 0%: growing) | −54.28% (below 0%: shrinking) | 9.00% | 8.19% | Compare |
| RNR RenaissanceRe Holdings Ltd. | $14.3B | 10.1× | 11.8× | −47.11% (below 0%: shrinking) | n/m | −49.80% (below 0%: shrinking) | 7.22% | (0.01%) | Compare |
| HG Hamilton Insurance Group, Ltd. | $3.6B | 6.2× | 6.9× | +13.34% (above 0%: growing) | −21.62% (below 0%: shrinking) | −42.62% (below 0%: shrinking) | 56.94% | 31.21% | Compare |
| SPNT SiriusPoint Ltd. | $3.1B | 6.2× | 10.0× | +14.78% (above 0%: growing) | +1.35% (above 0%: growing) | +9.25% (above 0%: growing) | 29.56% | 0.00% | Compare |
| GLRE Greenlight Capital Re, Ltd. | $528.1M | 9.4× | — (loss-making) | +1.52% (above 0%: growing) | n/m | −84.18% (below 0%: shrinking) | 12.42% | 12.42% | Compare |
| KG Kestrel Group Ltd | $32.4M | — (loss-making) | — (loss-making) | +20.12% (above 0%: growing) | n/m | −29.99% (below 0%: shrinking) | 62.64% | (94.30%) | |
| OXBR Oxbridge Re Holdings Limited | $6.3M | 38.5× | — (loss-making) | +41.57% (above 0%: growing) | n/m | +87.70% (above 0%: growing) | 95.32% | 31.17% | Compare |
| Median of peers | $3.6B | 9.4× | 10.0× | +13.34% | +0.92% | −42.62% | 15.58% | 10.73% |