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Kinsale Capital Group, Inc.

KNSL Financial Insurance Property & Casualty

Kinsale Capital Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.9 billion, up 18.0% from fiscal 2024.

Revenue
−8.58%
EPS
−28.8%
Free cash flow
−9.58%
Total debt
+12.7%

Quarter to September 2026, against a year earlier

391.30 7.75 +2.02%
Market cap
$8.6B
P/E
16.6×
Fwd P/E
16.2×
Dividend yield
0.24%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Excess and Surplus Lines Segment

Every year since 2022 →

Insider Decisions last twelve months

Bought, $m 1.15
Sold, $m 10.71
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — — — — — 1 — — — — —
Sell — — 4 — — 2 — — — — — —
Insider Ownership 5.56%

Capital & Financial Ratios $m

Size
Market Cap 8,630.00
Revenue ttm 1,953.30
Net income ttm 503.61
Free cash flow ttm 973.04
Net debt Q 64.10
Valuation
P/E 16.65
Forward P/E 16.20
Price / sales 4.41
Forward P/S Powerpack
Price / FCF 8.85
Price / book 4.49
Financial health
Current ratio Q 0.07
Debt / equity Q 0.12
Interest coverage Q 39.39
Growth
Revenue growth Q −8.58% (below 0%: shrinking)
Operating income growth Q −30.10% (below 0%: shrinking)
EPS, this year +12.48%
EPS, next year A −0.33% (below 0%: weak)
Revenue, next year A +3.74%
EPS, past 5 yrs +41.11% (at or above 15%: strong)
EPS, next 5 yrs A +5.86%

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 8.48%
10-year low 10-year high
P/S against its own 10 years 7.86%
10-year low 10-year high
P/B against its own 10 years 19.64%
10-year low 10-year high

Dividends raised every year since 2017

Yield
0.24%
Annual rate
0.92
Payout ratio
4.01%
Growth, 2017–25
+13.9%/yr
  1. 0.24 ’17
  2. 0.28 ’18 +17
  3. 0.32 ’19 +14
  4. 0.36 ’20 +13
  5. 0.44 ’21 +22
  6. 0.52 ’22 +18
  7. 0.56 ’23 +8
  8. 0.60 ’24 +7
  9. 0.68 ’25 +13
  10. 1.00 ’26e +47
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 127 113 163 161
Receivables 143 140 125 120
Inventory — — — —
Other — — — —
270 253 288 280
2023 2024 2025 Q'26
Payables 2,487 3,213 3,852 4,266
ST’ Debt — — — —
Other — — — —
2,487 3,213 3,852 4,266

Compound Annual Growth %

10y 5y 3y
Sales 36.98% 32.44% 30.73%
Cash Flow 29.50% 30.11% 23.23%
Earnings 36.59% 41.62% 46.82%
Book Value 32.96% 27.74% 38.01%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 4.95 Actual 5.70

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 5.30 5.81 Beat by 0.51
Q1 FY26 4.70 5.11 Beat by 0.41
Q2 FY26 5.10 5.54 Beat by 0.44
Q3 FY26 4.95 5.70 Beat by 0.75
Q4 FY26 5.71 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 4.88 7.72 4.36 — —
’25 3.83 5.76 6.09 5.99 21.65
’24 4.24 3.97 4.90 4.68 17.78
’23 2.40 3.12 3.26 4.43 13.22
’22 1.38 1.17 1.43 2.90 6.88
’21 1.39 1.55 1.59 2.09 6.62
’20 0.22 1.33 0.65 1.65 3.87
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 467 549 455 — —
’25 423 470 498 483 1,874
’24 373 385 418 412 1,588
’23 263 296 314 351 1,224
’22 180 184 222 253 839
’21 138 153 165 197 653
’20 80 118 123 139 460
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 249 242 264 — —
’25 230 269 303 241 1,044
’24 210 279 274 213 976
’23 198 226 225 212 860
’22 122 157 178 101 558
’21 91 104 107 105 407
’20 60 73 74 74 280
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 241 239 262 — —
’25 218 252 290 231 990
’24 207 275 268 202 952
’23 195 224 223 210 853
’22 121 155 175 99 551
’21 90 102 105 104 401
’20 55 62 65 70 252
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 48.2% a year for ten years.

Implied
48.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3.1
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 142 187 222 316 460 653 839 1,224 1,588 1,874 1,953 +33.2% 1,944 1,944 1,980 +1.9%
Gross margin, % 29.73 20.85 18.30 24.09 22.13 29.15 23.91 32.28 33.31 34.50 34.47 +4.8 pt
EBT 40 39 40 76 100 189 196 384 515 634 658 +36.1%
EBT margin, % 27.92 20.62 18.22 24.08 21.83 28.89 23.31 31.36 32.42 33.85 33.68 +5.9 pt
Net income 26 25 34 63 88 153 159 308 415 504 504 +38.9%
Per share, $
Per share, $ Revenue 3.91 8.90 10.53 14.67 20.61 28.80 36.77 53.13 68.57 80.98 86.85 +40.1%
Earnings 0.57 1.19 1.60 2.94 3.96 6.73 6.97 13.37 17.92 21.76 23.00 +49.9%
Cash flow 2.03 3.69 4.93 8.28 12.54 17.94 24.45 37.31 42.17 45.11 44.30 +41.1%
Capex (0.02) (0.01) (0.06) (0.91) (1.25) (0.26) (0.30) (0.29) (1.03) (2.32) (1.03) +74.3%
Free cash flow 2.02 3.68 4.87 7.37 11.30 17.68 24.15 37.02 41.13 42.79 43.27 +40.4%
Book value 5.80 11.35 12.52 18.85 25.82 30.82 32.67 47.16 64.08 84.68 85.33 +34.7%
Shares, m 36 21 21 22 22 23 23 23 23 23 23 (4.9%)
Valuation, ×
Valuation, × P/E 25.58 36.82 34.51 34.58 50.67 35.35 37.29 25.92 25.96 17.97 16.65 32.5
P/S 8.73 4.88 5.28 6.93 9.71 8.26 7.08 6.52 6.78 4.83 4.41 6.9
P/B 5.88 3.83 4.44 5.39 7.75 7.72 7.97 7.35 7.26 4.62 4.49 6.2
EV/Sales 8.56 4.59 5.06 6.75 9.70 8.18 7.16 6.59 6.85 4.88 — 6.8
EV/FCF 16.57 11.11 10.94 13.43 17.68 13.33 10.90 9.46 11.41 9.23 — 12.4
Cash, $m
Cash, $m Operating cash flow 74 77 104 178 280 407 558 860 976 1,044 996 +34.2%
Capex (1) 0 (1) (20) (28) (6) (7) (7) (24) (54) (23) +65.9%
Free cash flow 73 77 103 159 252 401 551 853 952 990 973 +33.6%
Balance, $m
Balance, $m Working capital (327) (327) (410) (532) (798) (1,076) (1,539) (2,217) (2,960) (3,564) (3,986) +30.4%
Net debt (51) (82) (75) (84) (35) (78) 39 57 71 61 64 n/m
Shareholders’ equity 210 238 264 406 576 699 745 1,087 1,484 1,960 1,919 +28.2%
Returns, %
Returns, % ROA 4.51 3.88 4.69 6.79 6.70 8.55 6.67 9.45 9.58 9.22 8.56 +4.7 pt
ROIC 15.50 15.39 13.39 14.75 11.60 19.10 15.91 21.54 21.10 19.95 21.13 +4.5 pt
ROE 16.17 11.11 13.46 18.90 18.01 23.94 22.03 33.63 32.28 29.25 27.76 +13.1 pt
People
People Employees 145 164 190 275 335 375 466 574 674 720 — +19.5%
Revenue/emp, $m 0.98 1.14 1.17 1.15 1.37 1.74 1.80 2.13 2.36 2.60 — +11.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Kinsale Capital Group is a U.S. property and casualty insurer focused exclusively on the excess and surplus lines market, often called E&S. It writes coverage for risks that can be unusual or difficult to place with standard insurers. These include newly established companies or industries, high-risk operations, businesses in places with frequent litigation and companies with poor loss histories.

Its core clients are small and medium-sized accounts. Its commercial products cover risks ranging from property and construction to casualty, health care and entertainment. It also writes personal insurance, including homeowners coverage. Kinsale sells primarily through independent insurance brokers, which bring insurance applications from prospective customers to its underwriters.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Excess and Surplus Lines Segment 1,874 100.00%
Gross margin 34.50%
Operating margin 34.42%
Pre-tax margin 33.85%

Revenue by segment since 2022

Kinsale Capital 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
CNA CNA Financial Corporation $12.8B 12.4× 11.8× +0.10% (above 0%: growing) −51.35% (below 0%: shrinking) −9.94% (below 0%: shrinking) 38.58% 7.04% Compare
AFG American Financial Group, Inc. $12.7B 13.4× 12.4× +5.51% (above 0%: growing) +44.44% (above 0%: growing) −68.13% (below 0%: shrinking) 23.15% 16.75% Compare
ORI Old Republic International Corporation $9.3B 8.5× 8.9× +5.21% (above 0%: growing) −11.55% (below 0%: shrinking) −23.85% (below 0%: shrinking) 11.68% 11.68% Compare
KNSL Kinsale Capital Group, Inc. $8.6B 16.6× 16.2× −8.58% (below 0%: shrinking) −28.76% (below 0%: shrinking) −9.58% (below 0%: shrinking) 27.99% 27.89%
THG The Hanover Insurance Group, Inc. $8.5B 11.7× 11.6× +4.23% (above 0%: growing) +1.22% (above 0%: growing) −6.06% (below 0%: shrinking) 42.97% 13.27% Compare
RLI RLI Corp. $6.1B 15.6× 16.0× −6.34% (below 0%: shrinking) −34.81% (below 0%: shrinking) +8.17% (above 0%: growing) 29.66% 22.52% Compare
SIGI Selective Insurance Group, Inc. $5.9B 12.1× 11.7× −2.49% (below 0%: shrinking) +14.05% (above 0%: growing) −12.67% (below 0%: shrinking) 42.49% 13.22% Compare
MCY Mercury General Corporation $5.7B 8.9× 7.0× −12.84% (below 0%: shrinking) n/m −22.67% (below 0%: shrinking) 7.63% (0.92%) Compare
WTM White Mountains Insurance Group, Ltd. $5.5B 5.2× 5.1× +22.55% (above 0%: growing) +68.75% (above 0%: growing) −131.27% (below 0%: shrinking) 54.44% 32.51% Compare
Median of peers $7.3B 11.9× 11.6× +2.17% +1.22% −17.67% 34.12% 13.25%

All 46 Insurance Property & Casualty stocks →

From the latest earnings call

Updated

  • CEO Michael Kehoe said competition in commercial property weighed on premium growth, while submissions, quotes and bind orders grew in the mid single digits.
  • Kehoe said Kinsale’s business had shifted toward smaller accounts and he hoped for a return to modest premium growth in the near term.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 94.45%
Held by the ten largest 49.84%
Holder Shares Stake Change
BAMCO INC /NY/ 2.66m 11.70% +636.19k
Vanguard 2.08m 9.11% −20.75k
BlackRock 2.04m 8.94% −138.45k
Capital Group 1.28m 5.62% −31.36k
State Street 718.34k 3.15% +26.39k
Geode Capital Management 653.27k 2.87% −7.96k
DAVENPORT & Co LLC 533.17k 2.34% −3.78k
Morgan Stanley 517.95k 2.27% −74.48k
JPMorgan Chase 455.79k 2.00% +26.15k
Life Cycle Investment Partners Ltd 419.98k 1.84% −144.33k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 9 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 7.42m 6.44m 197.22
2024 6.77m 8.24m 234.16
2023 5.22m 6.13m 168.39
2022 3.78m 4.06m 131.27
2021 3.03m 3.43m 119.16

Ownership

Directors and executive officers, together 5.60%
BlackRock, Inc. 9.10%
Baron Capital Group, Inc. and affiliated entities 7.60%
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

Kinsale Capital Group, Inc. (KNSL) Latest News

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KNSL metrics, ten years each

stockrow.com/KNSL · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com