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Octave Specialty Group, Inc.

OSG Financial Insurance Specialty

Octave Specialty Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $251.2 million, up 6.53% from fiscal 2024.

Revenue
+51.0%
EPS
+78.6%
Free cash flow
−576.1%
Total debt
+3.64%

Quarter to June 2026, against a year earlier

5.01 0.13 −2.53%
Market cap
$231.6M
P/E
0.0×
Fwd P/E
−4.5×
Dividend yield
0.00%
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 0.09
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — 1 — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 6.32%

Capital & Financial Ratios $m

Size
Market Cap 231.57
Revenue ttm 320.67
Net income ttm (75.53)
Free cash flow ttm (62.13)
Net debt Q 76.36
Valuation
P/E 0.00
Forward P/E (4.50) (negative: loss-making)
Price / sales 0.73
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.29
Financial health
Current ratio Q 0.83
Debt / equity Q 0.19
Interest coverage Q (0.14)
Growth
Revenue growth Q +51.02% (above 0%: growing)
Operating income growth Q +96.11% (above 0%: growing)
EPS, this year +132.97% (at or above 15%: strong)
EPS, next year A +196.69% (at or above 15%: strong)
Revenue, next year A +44.29% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +11.00%

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

Valuation vs history

P/S against its own 10 years 3.35%
10-year low 10-year high
P/B against its own 10 years 3.74%
10-year low 10-year high

Dividends

Yield
0.00%
Annual rate
0.00
Payout ratio
—
Growth, 2016–24
−24.2%/yr
  1. 0.55 ’16
  2. 0.00 ’17 −100
  3. 0.00 ’18
  4. 0.00 ’19
  5. 0.00 ’20
  6. 0.00 ’21
  7. 0.00 ’22
  8. 0.06 ’23
  9. 0.06 ’24 +0
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 19 47 68 79
Receivables 220 419 598 691
Inventory — — — —
Other — — — —
240 466 666 770
2023 2024 2025 Q'26
Payables 359 603 763 924
ST’ Debt — 150 — —
Other — — — —
359 755 764 924

Compound Annual Growth %

10y 5y 3y
Sales (8.99%) 10.00% 67.34%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value (8.19%) (6.08%) (13.89%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.01 Actual −0.04

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY24 0.19 0.18 Miss by 0.01
Q4 FY25 −0.21 −0.02 Beat by 0.19
Q1 FY26 0.02 0.37 Beat by 0.35
Q2 FY26 −0.01 −0.04 Miss by 0.03
Q3 FY26 −0.06 — Reports 9 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.13) (0.33) — — —
’25 (1.22) (1.54) (2.35) (0.66) (5.93)
’24 0.43 (0.02) (0.63) (10.23) (11.96)
’23 (0.73) (0.29) 1.41 (0.24) 0.18
’22 0.04 0.11 7.41 3.86 11.31
’21 0.36 (0.63) 0.35 (0.42) (0.34)
’20 (6.07) (0.77) (2.33) (0.31) (9.47)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 104 83 — — —
’25 63 55 67 67 251
’24 50 51 70 65 236
’23 58 62 74 76 125
’22 119 86 80 (231) 54
’21 129 49 51 53 282
’20 (70) 75 62 89 156
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (10) (10) — — —
’25 (13) 2 (41) (1) (52)
’24 7 20 49 (76) 1
’23 77 24 11 (75) 37
’22 9 2 48 11 70
’21 (40) (43) (53) 5 (131)
’20 (87) (25) (55) (8) (175)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (10) (10) — — —
’25 (13) 2 (41) (1) (52)
’24 7 20 49 (76) 1
’23 77 24 11 (75) 37
’22 9 2 48 11 70
’21 (40) (43) (53) 5 (131)
’20 (87) (25) (55) (8) (175)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
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 Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 507 622 511 496 156 282 54 125 236 251 321 (7.5%) 363 410 489 +24.8%
Gross margin, % 79.72 (2.09) 143.84 97.38 (44.23) 131.21 78.35 62.10 59.17 74.93 75.14 (4.8) pt
EBT 105 (284) 273 (183) (440) 2 (36) (24) (60) (101) (78) n/m
EBT margin, % 20.72 (45.66) 53.42 (36.90) (282.05) 0.71 (66.60) (19.42) (25.38) (40.21) (24.31) (60.9) pt
Net income 74 (329) 186 (216) (437) (16) (35) (23) (59) (96) (76) n/m
Per share, $
Per share, $ Revenue 11.21 13.71 11.19 10.79 3.38 6.06 1.17 2.73 5.02 5.32 7.06 (7.9%)
Earnings 1.66 (7.25) 4.07 (4.69) (9.47) (0.34) 11.48 0.18 (10.71) (5.93) (3.47) n/m
Cash flow 18.36 (4.87) (33.79) (6.77) (3.79) (2.82) 1.54 0.81 0.02 (1.11) (1.37) 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 18.36 (4.87) (33.79) (6.77) (3.79) (2.82) 1.54 0.81 0.02 (1.11) (1.37) n/m
Book value 43.75 36.26 35.76 33.42 24.70 23.60 28.54 31.00 21.21 17.66 18.02 (9.6%)
Shares, m 45 45 46 46 46 47 46 46 47 47 46 +0.5%
Valuation, ×
Valuation, × P/E 13.74 0.00 4.22 0.00 0.00 0.00 1.45 177.70 0.00 0.00 0.00 19.7
P/S 2.01 1.16 1.54 2.00 4.55 2.65 14.29 2.73 2.52 1.46 0.73 3.5
P/B 0.52 0.44 0.48 0.64 0.62 0.68 0.59 0.52 0.60 0.44 0.29 0.6
EV/Sales 26.03 21.30 17.42 16.71 50.68 25.43 83.03 33.60 17.86 2.25 — 29.4
EV/FCF 15.89 (59.95) (5.77) (26.64) (45.18) (54.73) 63.26 113.42 5,526.10 (10.83) — 551.6
Cash, $m
Cash, $m Operating cash flow 830 (221) (1,543) (311) (175) (131) 70 37 1 (52) (62) n/m
Capex — — — — — — — — — — — —
Free cash flow 830 (221) (1,543) (311) (175) (131) 70 37 1 (52) (62) n/m
Balance, $m
Balance, $m Working capital (4,422) (4,111) (299) 15 (138) (48) (927) (119) (289) (98) (154) (34.5%)
Net debt 12,174 12,528 8,115 7,295 7,197 6,423 3,685 3,456 103 49 76 (45.8%)
Shareholders’ equity 1,978 1,645 1,633 1,536 1,140 1,098 1,305 1,415 996 833 818 (9.2%)
Returns, %
Returns, % ROA 0.32 (1.44) 0.98 (1.55) (3.29) (0.13) 5.15 0.04 (6.75) (5.09) (3.03) (5.4) pt
ROIC 1.01 (0.72) 3.31 0.60 (1.63) 1.69 (0.23) 0.07 (0.55) (3.21) (1.66) (4.2) pt
ROE 3.80 (18.16) 11.35 (13.63) (32.66) (1.52) 43.50 0.27 (46.16) (28.61) (17.75) (32.4) pt
People
People Employees 154 124 113 93 125 132 155 178 380 275 — +6.7%
Revenue/emp, $m 3.29 5.02 4.52 5.33 1.25 2.14 0.35 0.70 0.62 0.91 — (13.3%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Octave Specialty Group, Inc. vs peers in Insurance Specialty (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
RDN Radian Group Inc. $4.9B 9.5× 8.8× +92.58% (above 0%: growing) −17.48% (below 0%: shrinking) +147.96% (above 0%: growing) 50.35% 30.09% Compare
NMIH NMI Holdings Inc $3.3B 8.5× 8.0× +8.12% (above 0%: growing) +13.82% (above 0%: growing) +10.69% (above 0%: growing) 93.00% 76.67% Compare
AGO Assured Guaranty Ltd. $3.2B 9.6× 11.1× −30.60% (below 0%: shrinking) −57.89% (below 0%: shrinking) −48.72% (below 0%: shrinking) 97.95% 42.05% Compare
EIG Employers Holdings Inc $826.5M 27.7× 13.0× −20.89% (below 0%: shrinking) n/m −142.36% (below 0%: shrinking) 8.35% 8.35% Compare
ITIC Investors Title Company $493.3M 12.2× 5.6× +17.45% (above 0%: growing) +19.05% (above 0%: growing) −18.47% (below 0%: shrinking) 55.58% 22.48% Compare
AMSF AMERISAFE, Inc. $376.8M 9.4× 9.6× −2.64% (below 0%: shrinking) −46.58% (below 0%: shrinking) −71.31% (below 0%: shrinking) 23.88% 11.27% Compare
OSG Octave Specialty Group, Inc. $231.6M — (loss-making) — (loss-making) +51.02% (above 0%: growing) n/m −576.08% (below 0%: shrinking) 76.26% (0.47%)
MBI MBIA, Inc. $227.5M — (loss-making) — (loss-making) +73.33% (above 0%: growing) n/m −181.11% (below 0%: shrinking) 0.00% 0.00% Compare
JRVR James River Group Holdings, Ltd. $185.0M 7.8× 5.5× −7.72% (below 0%: shrinking) +66.67% (above 0%: growing) −124.07% (below 0%: shrinking) 38.58% 9.26% Compare
Median of peers $659.9M 9.5× 8.8× +2.74% −1.83% −60.01% 44.47% 16.88%

All 15 Insurance Specialty stocks →

Pay and ownership Proxy statement filed 10 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 10.36m 7.15m 51.00
2024 6.34m 1.79m 59.00
2023 6.92m 7.05m 76.00
2022 6.19m 9.87m 81.00
2021 6.98m 8.27m 75.00

Ownership

Directors and executive officers, together 7.20%
BlackRock Inc. 7.90%
The Vanguard Group 5.90%
Western Standard, LLC 5.70%
Jane Street Group, LLC 5.30%
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

Octave Specialty Group, Inc. (OSG) Latest News

23 Oct

Impact 4 · · Business Wire

8 Oct

Impact 3 · · Business Wire

29 Sep

Impact 4 · · Business Wire

13 Aug

Impact 3 · · The Motley Fool transcript

10 Aug

Impact 3 ·

8 Aug

Impact 4 · · MarketBeat transcript

6 Aug

Impact 3 ·

3 Aug

Impact 3 ·

16 Jun

Impact 3 ·

14 May

Impact 3 · · MarketBeat

6 May

Impact 4 · · Business Wire

19 Mar

Impact 3 ·

25 Feb

Impact 4 · · MarketBeat

24 Feb

Impact 4 · · GuruFocus.com
Impact 4 · · The Motley Fool transcript

23 Feb

Impact 4 · · Business Wire
Impact 3 · · Zacks
Impact 3 · · Associated Press Finance

18 Feb

Impact 4 · · Business Wire

10 Feb

Impact 3 · · Business WireLife Insurance InternationalStockStoryGuruFocus.comMarketBeatWealth ManagementGuruFocus.com

10 Jan

Impact 4 · · Simply Wall St.

12 Dec

Impact 4 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

28 Nov

Impact 4 · · Simply Wall St.

13 Nov

Impact 4 · · Zacks
Impact 4 · · Simply Wall St.
Impact 4 · · Zacks

10 Nov

Impact 3 · · Zacks
Impact 3 · · Business WireMT NewswiresInsider MonkeyAssociated Press FinanceLife Insurance InternationalFortuneMT NewswiresInvesting.com
Impact 3 · · Associated Press FinanceInsider MonkeyAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceMT NewswiresAssociated Press FinanceAssociated Press Finance
Impact 3 · · Business Wire
stockrow.com/OSG · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com