Annual Income Statements for Greenlight Capital Re
This table shows Greenlight Capital Re's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for Greenlight Capital Re
This table shows Greenlight Capital Re's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Income / (Loss) Attributable to Common Shareholders |
|
-18 |
35 |
5.89 |
50 |
13 |
18 |
27 |
7.98 |
35 |
-27 |
Consolidated Net Income / (Loss) |
|
-18 |
35 |
5.89 |
50 |
13 |
18 |
27 |
7.98 |
35 |
-27 |
Net Income / (Loss) Continuing Operations |
|
-18 |
35 |
5.89 |
50 |
13 |
18 |
27 |
7.98 |
35 |
-27 |
Total Pre-Tax Income |
|
-19 |
35 |
5.94 |
50 |
14 |
18 |
28 |
8.41 |
36 |
-28 |
Total Revenue |
|
127 |
136 |
154 |
189 |
165 |
151 |
189 |
171 |
186 |
141 |
Net Interest Income / (Expense) |
|
-7.24 |
-1.13 |
-0.91 |
-0.98 |
-1.74 |
-4.41 |
-2.13 |
-3.45 |
-2.40 |
-1.22 |
Total Interest Expense |
|
7.24 |
1.13 |
0.91 |
0.98 |
1.74 |
4.41 |
2.13 |
3.45 |
2.40 |
1.22 |
Deposits Interest Expense |
|
6.15 |
0.34 |
0.13 |
0.24 |
0.28 |
2.04 |
0.88 |
1.89 |
0.38 |
0.21 |
Other Interest Expense |
|
1.09 |
0.79 |
0.78 |
0.74 |
1.46 |
2.37 |
1.25 |
1.56 |
2.02 |
1.01 |
Total Non-Interest Income |
|
127 |
146 |
155 |
190 |
167 |
155 |
191 |
175 |
188 |
142 |
Other Service Charges |
|
-6.78 |
13 |
2.17 |
2.87 |
0.71 |
-5.47 |
5.04 |
4.84 |
2.21 |
-9.97 |
Net Realized & Unrealized Capital Gains on Investments |
|
3.04 |
-9.62 |
13 |
14 |
4.96 |
23 |
6.49 |
7.29 |
14 |
12 |
Premiums Earned |
|
122 |
111 |
143 |
140 |
163 |
137 |
162 |
158 |
152 |
148 |
Other Non-Interest Income |
|
8.52 |
30 |
-3.14 |
33 |
-1.85 |
0.91 |
18 |
4.33 |
20 |
-8.82 |
Total Non-Interest Expense |
|
139 |
110 |
148 |
139 |
152 |
133 |
162 |
163 |
150 |
169 |
Property & Liability Insurance Claims |
|
95 |
64 |
97 |
91 |
97 |
76 |
109 |
102 |
93 |
123 |
Other Operating Expenses |
|
7.39 |
-4.93 |
9.94 |
10 |
7.91 |
-4.21 |
11 |
11 |
10 |
-15 |
Amortization Expense |
|
37 |
37 |
41 |
38 |
47 |
42 |
42 |
50 |
46 |
39 |
Income Tax Expense |
|
-0.82 |
0.01 |
0.05 |
0.03 |
0.03 |
-0.01 |
0.52 |
0.44 |
0.72 |
-0.93 |
Basic Earnings per Share |
|
($0.56) |
$1.04 |
$0.17 |
$1.46 |
$0.40 |
$0.52 |
$0.79 |
$0.23 |
$1.03 |
($0.79) |
Weighted Average Basic Shares Outstanding |
|
33.13M |
33.91M |
34.06M |
34.07M |
34.07M |
34.07M |
34.27M |
34.24M |
34.12M |
34.10M |
Diluted Earnings per Share |
|
($0.56) |
$1.09 |
$0.17 |
$1.32 |
$0.39 |
$0.62 |
$0.78 |
$0.23 |
$1.01 |
($0.78) |
Weighted Average Diluted Shares Outstanding |
|
33.13M |
39.77M |
38.23M |
38.27M |
34.80M |
34.80M |
34.65M |
34.70M |
34.81M |
34.65M |
Weighted Average Basic & Diluted Shares Outstanding |
|
34.82M |
34.84M |
35.26M |
35.27M |
35.34M |
35.36M |
35.32M |
35.32M |
34.83M |
34.56M |
Annual Cash Flow Statements for Greenlight Capital Re
This table details how cash moves in and out of Greenlight Capital Re's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
Metric |
2022 |
2023 |
2024 |
Net Change in Cash & Equivalents |
-4.55 |
-51 |
-6.64 |
Net Cash From Operating Activities |
-32 |
7.51 |
112 |
Net Cash From Continuing Operating Activities |
-32 |
7.51 |
112 |
Net Income / (Loss) Continuing Operations |
25 |
87 |
43 |
Consolidated Net Income / (Loss) |
25 |
87 |
43 |
Non-Cash Adjustments to Reconcile Net Income |
-60 |
-26 |
-27 |
Changes in Operating Assets and Liabilities, net |
3.14 |
-54 |
96 |
Net Cash From Investing Activities |
47 |
-53 |
-97 |
Net Cash From Continuing Investing Activities |
47 |
-53 |
-97 |
Purchase of Investment Securities |
-78 |
-138 |
-131 |
Sale and/or Maturity of Investments |
125 |
85 |
35 |
Net Cash From Financing Activities |
-20 |
-5.29 |
-21 |
Net Cash From Continuing Financing Activities |
-20 |
-5.29 |
-21 |
Issuance of Debt |
0.00 |
75 |
0.00 |
Repayment of Debt |
-20 |
-80 |
-14 |
Repurchase of Common Equity |
-0.04 |
0.00 |
-7.49 |
Effect of Exchange Rate Changes |
0.06 |
0.10 |
-0.35 |
Cash Interest Paid |
4.12 |
5.12 |
5.19 |
Cash Income Taxes Paid |
0.66 |
-1.02 |
0.22 |
Quarterly Cash Flow Statements for Greenlight Capital Re
This table details how cash moves in and out of Greenlight Capital Re's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Change in Cash & Equivalents |
|
-16 |
25 |
-40 |
17 |
-19 |
-8.20 |
-13 |
-29 |
7.56 |
27 |
Net Cash From Operating Activities |
|
-13 |
-4.38 |
-1.26 |
1.83 |
-15 |
22 |
18 |
23 |
41 |
30 |
Net Cash From Continuing Operating Activities |
|
-13 |
-4.38 |
-1.26 |
1.83 |
-15 |
22 |
18 |
23 |
41 |
30 |
Net Income / (Loss) Continuing Operations |
|
-18 |
35 |
5.89 |
50 |
13 |
18 |
27 |
7.98 |
35 |
-27 |
Consolidated Net Income / (Loss) |
|
-18 |
35 |
5.89 |
50 |
13 |
18 |
27 |
7.98 |
35 |
-27 |
Non-Cash Adjustments to Reconcile Net Income |
|
-3.21 |
-39 |
3.35 |
-31 |
5.64 |
-3.34 |
-17 |
-2.86 |
-17 |
8.94 |
Changes in Operating Assets and Liabilities, net |
|
8.59 |
0.32 |
-11 |
-17 |
-34 |
8.37 |
7.56 |
18 |
23 |
48 |
Net Cash From Investing Activities |
|
3.60 |
43 |
-22 |
15 |
-15 |
-31 |
-30 |
-40 |
-27 |
0.66 |
Net Cash From Continuing Investing Activities |
|
3.60 |
43 |
-22 |
15 |
-15 |
-31 |
-30 |
-40 |
-27 |
0.66 |
Purchase of Investment Securities |
|
-14 |
-4.60 |
-48 |
-2.97 |
-51 |
-36 |
-30 |
-40 |
-41 |
-20 |
Sale and/or Maturity of Investments |
|
18 |
47 |
26 |
18 |
36 |
5.00 |
0.17 |
- |
14 |
21 |
Net Cash From Financing Activities |
|
-6.42 |
-13 |
-17 |
- |
12 |
- |
-0.94 |
-11 |
-7.49 |
-1.88 |
Net Cash From Continuing Financing Activities |
|
-6.42 |
-13 |
-17 |
- |
12 |
- |
-0.94 |
-11 |
-7.49 |
-1.88 |
Repayment of Debt |
|
-6.38 |
-13 |
-17 |
- |
-62 |
-0.95 |
-0.94 |
-11 |
- |
-1.88 |
Effect of Exchange Rate Changes |
|
-0.20 |
0.38 |
0.13 |
0.22 |
-0.50 |
0.25 |
-0.11 |
0.01 |
0.73 |
-0.96 |
Cash Interest Paid |
|
2.02 |
0.10 |
1.58 |
- |
1.76 |
1.79 |
1.72 |
1.59 |
0.51 |
1.37 |
Cash Income Taxes Paid |
|
- |
0.66 |
0.02 |
- |
0.04 |
-1.08 |
0.00 |
0.15 |
0.04 |
0.03 |
Annual Balance Sheets for Greenlight Capital Re
This table presents Greenlight Capital Re's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
Metric |
2022 |
2023 |
2024 |
Total Assets |
1,580 |
1,735 |
2,016 |
Cash and Due from Banks |
38 |
51 |
65 |
Restricted Cash |
668 |
605 |
584 |
Loans and Leases, Net of Allowance |
0.00 |
0.00 |
0.00 |
Unearned Premiums Asset |
524 |
637 |
734 |
Deferred Acquisition Cost |
82 |
80 |
82 |
Other Assets |
268 |
363 |
551 |
Total Liabilities & Shareholders' Equity |
1,580 |
1,735 |
2,016 |
Total Liabilities |
1,077 |
1,139 |
1,380 |
Long-Term Debt |
81 |
73 |
61 |
Claims and Claim Expense |
555 |
662 |
861 |
Unearned Premiums Liability |
308 |
306 |
325 |
Other Long-Term Liabilities |
133 |
98 |
134 |
Commitments & Contingencies |
0.00 |
0.00 |
0.00 |
Total Equity & Noncontrolling Interests |
503 |
596 |
636 |
Total Preferred & Common Equity |
503 |
596 |
636 |
Preferred Stock |
0.00 |
0.00 |
0.00 |
Total Common Equity |
503 |
596 |
636 |
Common Stock |
482 |
488 |
485 |
Retained Earnings |
21 |
108 |
151 |
Quarterly Balance Sheets for Greenlight Capital Re
This table presents Greenlight Capital Re's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Total Assets |
|
1,525 |
1,645 |
1,716 |
1,740 |
1,877 |
1,900 |
2,002 |
Cash and Due from Banks |
|
32 |
40 |
56 |
41 |
62 |
52 |
55 |
Restricted Cash |
|
649 |
626 |
628 |
623 |
581 |
562 |
567 |
Loans and Leases, Net of Allowance |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Unearned Premiums Asset |
|
487 |
602 |
636 |
659 |
719 |
715 |
754 |
Deferred Acquisition Cost |
|
79 |
85 |
83 |
85 |
85 |
83 |
82 |
Other Assets |
|
277 |
291 |
313 |
332 |
430 |
488 |
544 |
Total Liabilities & Shareholders' Equity |
|
1,525 |
1,645 |
1,716 |
1,740 |
1,877 |
1,900 |
2,002 |
Total Liabilities |
|
1,058 |
1,134 |
1,155 |
1,164 |
1,253 |
1,266 |
1,338 |
Long-Term Debt |
|
93 |
62 |
63 |
75 |
72 |
62 |
63 |
Claims and Claim Expense |
|
541 |
596 |
621 |
658 |
731 |
753 |
811 |
Unearned Premiums Liability |
|
298 |
338 |
338 |
341 |
349 |
349 |
347 |
Other Long-Term Liabilities |
|
125 |
138 |
132 |
90 |
101 |
103 |
117 |
Commitments & Contingencies |
|
- |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Total Equity & Noncontrolling Interests |
|
467 |
510 |
561 |
576 |
624 |
634 |
663 |
Total Preferred & Common Equity |
|
467 |
510 |
561 |
576 |
624 |
634 |
663 |
Preferred Stock |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Total Common Equity |
|
467 |
510 |
561 |
576 |
624 |
634 |
663 |
Common Stock |
|
481 |
483 |
484 |
485 |
489 |
491 |
485 |
Retained Earnings |
|
-14 |
27 |
77 |
90 |
135 |
143 |
178 |
Annual Metrics And Ratios for Greenlight Capital Re
This table displays calculated financial ratios and metrics derived from Greenlight Capital Re's official financial filings.
Metric |
2022 |
2023 |
2024 |
Growth Metrics |
- |
- |
- |
Revenue Growth |
-9.62% |
27.78% |
4.22% |
EBITDA Growth |
610.39% |
52.56% |
-13.86% |
EBIT Growth |
15.02% |
254.44% |
-49.89% |
NOPAT Growth |
44.17% |
242.63% |
-50.69% |
Net Income Growth |
44.17% |
242.63% |
-50.69% |
EPS Growth |
43.14% |
242.47% |
-50.40% |
Operating Cash Flow Growth |
43.51% |
123.61% |
1,385.33% |
Free Cash Flow Firm Growth |
241.72% |
-92.81% |
1,304.69% |
Invested Capital Growth |
1.73% |
14.69% |
4.07% |
Revenue Q/Q Growth |
-2.89% |
2.38% |
-1.50% |
EBITDA Q/Q Growth |
-0.01% |
-1.33% |
-18.36% |
EBIT Q/Q Growth |
8.13% |
-8.97% |
-51.33% |
NOPAT Q/Q Growth |
70.13% |
-16.49% |
-51.26% |
Net Income Q/Q Growth |
70.13% |
-16.49% |
-51.26% |
EPS Q/Q Growth |
102.78% |
-15.82% |
-53.03% |
Operating Cash Flow Q/Q Growth |
51.03% |
139.50% |
7.11% |
Free Cash Flow Firm Q/Q Growth |
934.09% |
-91.87% |
23.68% |
Invested Capital Q/Q Growth |
4.15% |
2.86% |
-4.05% |
Profitability Metrics |
- |
- |
- |
EBITDA Margin |
32.51% |
38.81% |
32.08% |
EBIT Margin |
4.76% |
13.19% |
6.34% |
Profit (Net Income) Margin |
4.91% |
13.18% |
6.23% |
Tax Burden Percent |
103.33% |
99.89% |
98.28% |
Interest Burden Percent |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
-3.33% |
0.12% |
1.72% |
Return on Invested Capital (ROIC) |
4.38% |
13.86% |
6.27% |
ROIC Less NNEP Spread (ROIC-NNEP) |
4.38% |
13.86% |
6.27% |
Return on Net Nonoperating Assets (RNNOA) |
0.80% |
1.94% |
0.68% |
Return on Equity (ROE) |
5.18% |
15.80% |
6.95% |
Cash Return on Invested Capital (CROIC) |
2.66% |
0.18% |
2.28% |
Operating Return on Assets (OROA) |
1.63% |
5.24% |
2.32% |
Return on Assets (ROA) |
1.69% |
5.24% |
2.28% |
Return on Common Equity (ROCE) |
5.18% |
15.80% |
6.95% |
Return on Equity Simple (ROE_SIMPLE) |
5.04% |
14.57% |
6.73% |
Net Operating Profit after Tax (NOPAT) |
25 |
87 |
43 |
NOPAT Margin |
4.91% |
13.18% |
6.23% |
Net Nonoperating Expense Percent (NNEP) |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
0.00% |
0.00% |
0.00% |
Operating Expenses to Revenue |
95.24% |
86.81% |
93.66% |
Earnings before Interest and Taxes (EBIT) |
25 |
87 |
44 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
168 |
256 |
220 |
Valuation Ratios |
- |
- |
- |
Price to Book Value (P/BV) |
0.56 |
0.68 |
0.77 |
Price to Tangible Book Value (P/TBV) |
0.56 |
0.68 |
0.77 |
Price to Revenue (P/Rev) |
0.55 |
0.61 |
0.71 |
Price to Earnings (P/E) |
11.20 |
4.65 |
11.39 |
Dividend Yield |
0.00% |
0.00% |
0.00% |
Earnings Yield |
8.93% |
21.52% |
8.78% |
Enterprise Value to Invested Capital (EV/IC) |
0.00 |
0.00 |
0.00 |
Enterprise Value to Revenue (EV/Rev) |
0.00 |
0.00 |
0.00 |
Enterprise Value to EBITDA (EV/EBITDA) |
0.00 |
0.00 |
0.00 |
Enterprise Value to EBIT (EV/EBIT) |
0.00 |
0.00 |
0.00 |
Enterprise Value to NOPAT (EV/NOPAT) |
0.00 |
0.00 |
0.00 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
0.00 |
0.00 |
0.00 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
0.00 |
0.00 |
0.00 |
Leverage & Solvency |
- |
- |
- |
Debt to Equity |
0.16 |
0.12 |
0.10 |
Long-Term Debt to Equity |
0.16 |
0.12 |
0.10 |
Financial Leverage |
0.18 |
0.14 |
0.11 |
Leverage Ratio |
3.07 |
3.02 |
3.05 |
Compound Leverage Factor |
3.07 |
3.02 |
3.05 |
Debt to Total Capital |
13.80% |
10.95% |
8.72% |
Short-Term Debt to Total Capital |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
13.80% |
10.95% |
8.72% |
Preferred Equity to Total Capital |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
86.20% |
89.05% |
91.28% |
Debt to EBITDA |
0.48 |
0.29 |
0.28 |
Net Debt to EBITDA |
-3.73 |
-2.28 |
-2.67 |
Long-Term Debt to EBITDA |
0.48 |
0.29 |
0.28 |
Debt to NOPAT |
3.18 |
0.84 |
1.42 |
Net Debt to NOPAT |
-24.70 |
-6.71 |
-13.74 |
Long-Term Debt to NOPAT |
3.18 |
0.84 |
1.42 |
Noncontrolling Interest Sharing Ratio |
0.00% |
0.00% |
0.00% |
Liquidity Ratios |
- |
- |
- |
Cash Flow Metrics |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
15 |
1.11 |
16 |
Operating Cash Flow to CapEx |
0.00% |
0.00% |
0.00% |
Free Cash Flow to Firm to Interest Expense |
1.41 |
0.14 |
1.69 |
Operating Cash Flow to Interest Expense |
-2.91 |
0.93 |
12.14 |
Operating Cash Flow Less CapEx to Interest Expense |
-2.91 |
0.93 |
12.14 |
Efficiency Ratios |
- |
- |
- |
Asset Turnover |
0.34 |
0.40 |
0.37 |
Fixed Asset Turnover |
0.00 |
0.00 |
0.00 |
Capital & Investment Metrics |
- |
- |
- |
Invested Capital |
584 |
669 |
697 |
Invested Capital Turnover |
0.89 |
1.05 |
1.01 |
Increase / (Decrease) in Invested Capital |
9.93 |
86 |
27 |
Enterprise Value (EV) |
-342 |
-179 |
-101 |
Market Capitalization |
284 |
404 |
488 |
Book Value per Share |
$14.45 |
$16.87 |
$18.26 |
Tangible Book Value per Share |
$14.45 |
$16.87 |
$18.26 |
Total Capital |
584 |
669 |
697 |
Total Debt |
81 |
73 |
61 |
Total Long-Term Debt |
81 |
73 |
61 |
Net Debt |
-626 |
-582 |
-588 |
Capital Expenditures (CapEx) |
0.00 |
0.00 |
0.00 |
Net Nonoperating Expense (NNE) |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
81 |
73 |
61 |
Total Depreciation and Amortization (D&A) |
143 |
169 |
177 |
Earnings Adjustments |
- |
- |
- |
Adjusted Basic Earnings per Share |
$0.75 |
$2.55 |
$1.26 |
Adjusted Weighted Average Basic Shares Outstanding |
33.91M |
34.07M |
34.10M |
Adjusted Diluted Earnings per Share |
$0.73 |
$2.50 |
$1.24 |
Adjusted Weighted Average Diluted Shares Outstanding |
39.77M |
34.80M |
34.65M |
Adjusted Basic & Diluted Earnings per Share |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
34.84M |
35.36M |
34.56M |
Normalized Net Operating Profit after Tax (NOPAT) |
17 |
87 |
43 |
Normalized NOPAT Margin |
3.33% |
13.18% |
6.23% |
Pre Tax Income Margin |
4.76% |
13.19% |
6.34% |
Debt Service Ratios |
- |
- |
- |
EBIT to Interest Expense |
2.25 |
10.82 |
4.74 |
NOPAT to Interest Expense |
2.32 |
10.81 |
4.66 |
EBIT Less CapEx to Interest Expense |
2.25 |
10.82 |
4.74 |
NOPAT Less CapEx to Interest Expense |
2.32 |
10.81 |
4.66 |
Payout Ratios |
- |
- |
- |
Dividend Payout Ratio |
0.00% |
0.00% |
0.00% |
Augmented Payout Ratio |
0.14% |
0.00% |
17.49% |
Quarterly Metrics And Ratios for Greenlight Capital Re
This table displays calculated financial ratios and metrics derived from Greenlight Capital Re's official financial filings.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
-7.94% |
-10.17% |
16.87% |
55.42% |
30.35% |
11.26% |
22.79% |
-9.16% |
12.37% |
-6.92% |
EBITDA Growth |
|
273.56% |
144.08% |
819.75% |
409.13% |
143.95% |
-5.44% |
45.83% |
-33.24% |
35.88% |
-82.93% |
EBIT Growth |
|
13.04% |
7.58% |
203.45% |
208.83% |
212.12% |
-32.74% |
363.52% |
-83.14% |
166.25% |
-261.10% |
NOPAT Growth |
|
-39.21% |
42.98% |
246.44% |
237.17% |
199.83% |
-49.34% |
358.96% |
-84.00% |
161.46% |
-212.70% |
Net Income Growth |
|
-33.32% |
42.98% |
202.79% |
237.17% |
172.97% |
-49.34% |
358.96% |
-84.00% |
161.46% |
-255.73% |
EPS Growth |
|
-33.33% |
51.39% |
200.00% |
256.76% |
169.64% |
-43.12% |
358.82% |
-82.58% |
158.97% |
-225.81% |
Operating Cash Flow Growth |
|
-1,369.89% |
88.34% |
89.16% |
176.17% |
-13.32% |
605.99% |
1,526.53% |
1,144.33% |
371.79% |
33.41% |
Free Cash Flow Firm Growth |
|
24.44% |
120.88% |
134.31% |
261.69% |
-185.70% |
-374.48% |
-6,124.91% |
-685.92% |
47.94% |
30.86% |
Invested Capital Growth |
|
2.45% |
1.73% |
0.75% |
6.67% |
16.12% |
14.69% |
21.75% |
11.43% |
11.56% |
4.07% |
Revenue Q/Q Growth |
|
4.37% |
7.15% |
13.47% |
22.48% |
-12.47% |
-8.54% |
26.68% |
-9.39% |
8.28% |
-24.24% |
EBITDA Q/Q Growth |
|
43.04% |
155.13% |
-24.98% |
85.97% |
-31.46% |
-1.11% |
19.15% |
-14.87% |
39.50% |
-87.58% |
EBIT Q/Q Growth |
|
-174.57% |
317.18% |
-77.29% |
739.72% |
-72.93% |
30.28% |
73.63% |
-69.45% |
327.43% |
-178.83% |
NOPAT Q/Q Growth |
|
-191.29% |
357.42% |
-83.06% |
746.95% |
-72.97% |
30.64% |
53.46% |
-70.47% |
341.68% |
-156.31% |
Net Income Q/Q Growth |
|
-224.89% |
288.15% |
-83.06% |
746.95% |
-72.97% |
30.64% |
53.46% |
-70.47% |
341.68% |
-177.81% |
EPS Q/Q Growth |
|
-251.35% |
294.64% |
-84.40% |
676.47% |
-70.45% |
58.97% |
25.81% |
-70.51% |
339.13% |
-177.23% |
Operating Cash Flow Q/Q Growth |
|
-459.68% |
67.38% |
71.22% |
244.96% |
-932.66% |
245.68% |
-18.87% |
26.44% |
81.87% |
-28.49% |
Free Cash Flow Firm Q/Q Growth |
|
-302.11% |
192.23% |
-93.48% |
568.67% |
-810.50% |
11.39% |
-43.11% |
34.97% |
36.87% |
-17.68% |
Invested Capital Q/Q Growth |
|
-4.24% |
4.15% |
-1.92% |
9.05% |
4.24% |
2.86% |
4.12% |
-0.19% |
4.37% |
-4.05% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
19.55% |
46.55% |
30.77% |
46.73% |
36.59% |
39.56% |
36.55% |
34.34% |
44.24% |
7.26% |
EBIT Margin |
|
-9.51% |
19.27% |
3.86% |
26.44% |
8.18% |
11.65% |
14.56% |
4.91% |
19.37% |
-20.16% |
Profit (Net Income) Margin |
|
-14.57% |
25.59% |
3.82% |
26.42% |
8.16% |
11.65% |
14.28% |
4.65% |
18.98% |
-19.50% |
Tax Burden Percent |
|
95.77% |
99.98% |
99.09% |
99.94% |
99.79% |
100.06% |
98.12% |
94.83% |
97.99% |
96.73% |
Interest Burden Percent |
|
160.09% |
132.86% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
|
0.00% |
0.02% |
0.91% |
0.06% |
0.21% |
-0.06% |
1.88% |
5.17% |
2.01% |
0.00% |
Return on Invested Capital (ROIC) |
|
-10.22% |
22.81% |
3.60% |
26.45% |
8.67% |
12.26% |
15.62% |
4.77% |
19.23% |
-14.19% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
-15.45% |
22.81% |
3.60% |
26.45% |
8.67% |
12.26% |
15.62% |
4.77% |
19.23% |
-25.49% |
Return on Net Nonoperating Assets (RNNOA) |
|
-3.20% |
4.16% |
0.60% |
4.15% |
1.40% |
1.72% |
1.86% |
0.50% |
2.13% |
-2.77% |
Return on Equity (ROE) |
|
-13.42% |
26.97% |
4.20% |
30.60% |
10.07% |
13.97% |
17.48% |
5.27% |
21.36% |
-16.96% |
Cash Return on Invested Capital (CROIC) |
|
0.27% |
2.66% |
5.73% |
5.45% |
2.25% |
0.18% |
-2.61% |
-0.80% |
1.83% |
2.28% |
Operating Return on Assets (OROA) |
|
-3.44% |
6.61% |
1.33% |
9.97% |
3.23% |
4.63% |
5.74% |
1.84% |
7.22% |
-7.38% |
Return on Assets (ROA) |
|
-5.27% |
8.78% |
1.32% |
9.97% |
3.22% |
4.63% |
5.63% |
1.74% |
7.08% |
-7.14% |
Return on Common Equity (ROCE) |
|
-13.42% |
26.97% |
4.20% |
30.60% |
10.07% |
13.97% |
17.48% |
5.27% |
21.36% |
-16.96% |
Return on Equity Simple (ROE_SIMPLE) |
|
3.19% |
0.00% |
7.25% |
12.84% |
18.06% |
0.00% |
17.29% |
10.42% |
13.24% |
0.00% |
Net Operating Profit after Tax (NOPAT) |
|
-13 |
35 |
5.89 |
50 |
13 |
18 |
27 |
7.98 |
35 |
-20 |
NOPAT Margin |
|
-10.65% |
25.59% |
3.82% |
26.42% |
8.16% |
11.65% |
14.28% |
4.65% |
18.98% |
-14.11% |
Net Nonoperating Expense Percent (NNEP) |
|
5.23% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
11.30% |
SG&A Expenses to Revenue |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Operating Expenses to Revenue |
|
109.51% |
80.73% |
96.14% |
73.56% |
91.82% |
88.35% |
85.44% |
95.09% |
80.63% |
120.16% |
Earnings before Interest and Taxes (EBIT) |
|
-12 |
26 |
5.94 |
50 |
14 |
18 |
28 |
8.41 |
36 |
-28 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
25 |
63 |
47 |
88 |
60 |
60 |
69 |
59 |
82 |
10 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
0.55 |
0.56 |
0.64 |
0.66 |
0.66 |
0.68 |
0.71 |
0.73 |
0.73 |
0.77 |
Price to Tangible Book Value (P/TBV) |
|
0.55 |
0.56 |
0.64 |
0.66 |
0.66 |
0.68 |
0.71 |
0.73 |
0.73 |
0.77 |
Price to Revenue (P/Rev) |
|
0.49 |
0.55 |
0.61 |
0.61 |
0.59 |
0.61 |
0.64 |
0.68 |
0.69 |
0.71 |
Price to Earnings (P/E) |
|
17.34 |
11.20 |
8.85 |
5.16 |
3.64 |
4.65 |
4.08 |
7.00 |
5.49 |
11.39 |
Dividend Yield |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Earnings Yield |
|
5.77% |
8.93% |
11.30% |
19.39% |
27.45% |
21.52% |
24.48% |
14.28% |
18.22% |
8.78% |
Enterprise Value to Invested Capital (EV/IC) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Enterprise Value to Revenue (EV/Rev) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Enterprise Value to EBIT (EV/EBIT) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
0.20 |
0.16 |
0.12 |
0.11 |
0.13 |
0.12 |
0.12 |
0.10 |
0.09 |
0.10 |
Long-Term Debt to Equity |
|
0.20 |
0.16 |
0.12 |
0.11 |
0.13 |
0.12 |
0.12 |
0.10 |
0.09 |
0.10 |
Financial Leverage |
|
0.21 |
0.18 |
0.17 |
0.16 |
0.16 |
0.14 |
0.12 |
0.10 |
0.11 |
0.11 |
Leverage Ratio |
|
3.20 |
3.07 |
3.18 |
3.07 |
3.13 |
3.02 |
3.10 |
3.03 |
3.02 |
3.05 |
Compound Leverage Factor |
|
5.13 |
4.08 |
3.18 |
3.07 |
3.13 |
3.02 |
3.10 |
3.03 |
3.02 |
3.05 |
Debt to Total Capital |
|
16.67% |
13.80% |
10.90% |
10.11% |
11.51% |
10.95% |
10.40% |
8.85% |
8.62% |
8.72% |
Short-Term Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
|
16.67% |
13.80% |
10.90% |
10.11% |
11.51% |
10.95% |
10.40% |
8.85% |
8.62% |
8.72% |
Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
|
83.33% |
86.20% |
89.10% |
89.89% |
88.49% |
89.05% |
89.60% |
91.15% |
91.38% |
91.28% |
Debt to EBITDA |
|
0.56 |
0.48 |
0.33 |
0.28 |
0.29 |
0.29 |
0.26 |
0.25 |
0.23 |
0.28 |
Net Debt to EBITDA |
|
-3.51 |
-3.73 |
-3.21 |
-2.77 |
-2.27 |
-2.28 |
-2.06 |
-2.23 |
-2.07 |
-2.67 |
Long-Term Debt to EBITDA |
|
0.56 |
0.48 |
0.33 |
0.28 |
0.29 |
0.29 |
0.26 |
0.25 |
0.23 |
0.28 |
Debt to NOPAT |
|
6.27 |
3.18 |
1.69 |
0.88 |
0.72 |
0.84 |
0.67 |
0.93 |
0.71 |
1.42 |
Net Debt to NOPAT |
|
-39.46 |
-24.70 |
-16.34 |
-8.61 |
-5.67 |
-6.71 |
-5.28 |
-8.36 |
-6.37 |
-13.74 |
Long-Term Debt to NOPAT |
|
6.27 |
3.18 |
1.69 |
0.88 |
0.72 |
0.84 |
0.67 |
0.93 |
0.71 |
1.42 |
Noncontrolling Interest Sharing Ratio |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
-27 |
25 |
1.62 |
11 |
-77 |
-68 |
-97 |
-63 |
-40 |
-47 |
Operating Cash Flow to CapEx |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Free Cash Flow to Firm to Interest Expense |
|
-3.72 |
21.88 |
1.78 |
11.05 |
-44.30 |
-15.45 |
-45.87 |
-18.40 |
-16.71 |
-38.70 |
Operating Cash Flow to Interest Expense |
|
-1.85 |
-3.86 |
-1.39 |
1.86 |
-8.76 |
5.02 |
8.45 |
6.59 |
17.24 |
24.27 |
Operating Cash Flow Less CapEx to Interest Expense |
|
-1.85 |
-3.86 |
-1.39 |
1.86 |
-8.76 |
5.02 |
8.45 |
6.59 |
17.24 |
24.27 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.36 |
0.34 |
0.35 |
0.38 |
0.39 |
0.40 |
0.39 |
0.37 |
0.37 |
0.37 |
Fixed Asset Turnover |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
560 |
584 |
572 |
624 |
651 |
669 |
697 |
696 |
726 |
697 |
Invested Capital Turnover |
|
0.96 |
0.89 |
0.94 |
1.00 |
1.06 |
1.05 |
1.09 |
1.03 |
1.01 |
1.01 |
Increase / (Decrease) in Invested Capital |
|
13 |
9.93 |
4.27 |
39 |
90 |
86 |
125 |
71 |
75 |
27 |
Enterprise Value (EV) |
|
-329 |
-342 |
-277 |
-249 |
-210 |
-179 |
-129 |
-90 |
-77 |
-101 |
Market Capitalization |
|
258 |
284 |
327 |
371 |
379 |
404 |
441 |
463 |
482 |
488 |
Book Value per Share |
|
$13.45 |
$14.45 |
$14.64 |
$15.91 |
$16.33 |
$16.87 |
$17.66 |
$17.95 |
$18.78 |
$18.26 |
Tangible Book Value per Share |
|
$13.45 |
$14.45 |
$14.64 |
$15.91 |
$16.33 |
$16.87 |
$17.66 |
$17.95 |
$18.78 |
$18.26 |
Total Capital |
|
560 |
584 |
572 |
624 |
651 |
669 |
697 |
696 |
726 |
697 |
Total Debt |
|
93 |
81 |
62 |
63 |
75 |
73 |
72 |
62 |
63 |
61 |
Total Long-Term Debt |
|
93 |
81 |
62 |
63 |
75 |
73 |
72 |
62 |
63 |
61 |
Net Debt |
|
-588 |
-626 |
-604 |
-620 |
-589 |
-582 |
-570 |
-553 |
-559 |
-588 |
Capital Expenditures (CapEx) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Expense (NNE) |
|
4.97 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
7.58 |
Net Nonoperating Obligations (NNO) |
|
93 |
81 |
62 |
63 |
75 |
73 |
72 |
62 |
63 |
61 |
Total Depreciation and Amortization (D&A) |
|
37 |
37 |
41 |
38 |
47 |
42 |
42 |
50 |
46 |
39 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
($0.56) |
$1.04 |
$0.17 |
$1.46 |
$0.40 |
$0.52 |
$0.79 |
$0.23 |
$1.03 |
($0.79) |
Adjusted Weighted Average Basic Shares Outstanding |
|
33.13M |
33.91M |
34.06M |
34.07M |
34.07M |
34.07M |
34.27M |
34.24M |
34.12M |
34.10M |
Adjusted Diluted Earnings per Share |
|
($0.56) |
$1.09 |
$0.17 |
$1.32 |
$0.39 |
$0.62 |
$0.78 |
$0.23 |
$1.01 |
($0.78) |
Adjusted Weighted Average Diluted Shares Outstanding |
|
33.13M |
39.77M |
38.23M |
38.27M |
34.80M |
34.80M |
34.65M |
34.70M |
34.81M |
34.65M |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
34.82M |
34.84M |
35.26M |
35.27M |
35.34M |
35.36M |
35.32M |
35.32M |
34.83M |
34.56M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
-13 |
35 |
5.89 |
50 |
13 |
12 |
27 |
7.98 |
35 |
-20 |
Normalized NOPAT Margin |
|
-10.65% |
25.59% |
3.82% |
26.42% |
8.16% |
8.15% |
14.28% |
4.65% |
18.98% |
-14.11% |
Pre Tax Income Margin |
|
-15.22% |
25.60% |
3.86% |
26.44% |
8.18% |
11.65% |
14.56% |
4.91% |
19.37% |
-20.16% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
-1.66 |
23.07 |
6.54 |
50.96 |
7.78 |
3.99 |
12.96 |
2.44 |
15.01 |
-23.29 |
NOPAT to Interest Expense |
|
-1.86 |
30.64 |
6.48 |
50.93 |
7.77 |
3.99 |
12.71 |
2.32 |
14.71 |
-16.30 |
EBIT Less CapEx to Interest Expense |
|
-1.66 |
23.07 |
6.54 |
50.96 |
7.78 |
3.99 |
12.96 |
2.44 |
15.01 |
-23.29 |
NOPAT Less CapEx to Interest Expense |
|
-1.86 |
30.64 |
6.48 |
50.93 |
7.77 |
3.99 |
12.71 |
2.32 |
14.71 |
-16.30 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Augmented Payout Ratio |
|
0.24% |
0.14% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
8.52% |
17.49% |
Key Financial Trends
Greenlight Capital Re (NASDAQ: GLRE) has experienced significant financial volatility over the past few years based on its detailed quarterly financial statements from 2022 through 2024. Here are the key takeaways and trends for retail investors:
- Revenue Growth and Premiums Earned: Total revenue has generally increased year-over-year with premiums earned rising from approximately $111M in Q4 2022 to above $148M in Q4 2024, reflecting growth in core insurance operations.
- Strong Capital Gains in 2024: Net realized and unrealized capital gains on investments showed substantial improvement in 2024, reaching nearly $12.5M in Q4 2024 compared to fluctuating and even negative figures in prior years, supporting non-interest income.
- Operating Cash Flow Improvement: Net cash from operating activities improved sharply in Q4 2024 ($29.5M) compared to negative cash flows in earlier quarters, indicating better cash generation capacity from core operations.
- Equity Growth: Total common equity steadily increased from about $467M in Q3 2022 to over $663M in Q3 2024, strengthening the company's balance sheet and capital base.
- Interest Expense Variability: Total interest expense has fluctuated, with Q2 2024 showing higher expenses ($3.4M) versus $1.2M in Q4 2024; however, net interest income remained negative across most quarters due to limited interest income offset by interest costs.
- Investment Activity: The company has been actively purchasing and selling investments, with net investing cash flows varying from negative to slightly positive; this suggests ongoing portfolio management but also potential market exposure risk.
- Amortization Expense Trends: Amortization expense has been high and fairly stable around $38M to $46M per quarter in 2024, indicating ongoing allocation of intangible assets or deferred costs.
- Q4 2024 Net Income Loss: The company reported a net loss of approximately $27.4M in Q4 2024, a severe downturn compared to consistent net profits in preceding quarters of 2024, likely caused by high claims and other operating expenses.
- High Claims and Insurance Costs: Property & Liability insurance claims have remained high, reaching $122.7M in Q4 2024, which burdens financial performance and reduced profitability.
- Non-Interest Income Volatility: Other service charges and other non-interest income showed large negative impacts in Q4 2024 (-$9.9M and -$8.8M respectively), representing operational headwinds outside core premiums and investment gains.
Summary: While Greenlight Capital Re displayed steady revenue growth, improved equity, and better cash flow from operations in the first three quarters of 2024, the sharp net loss and high claims expense in Q4 2024 raise concerns about profitability sustainability. Investors should monitor the company's ability to manage claims costs and stabilize non-interest income for a return to consistent earnings growth.
08/29/25 06:40 PM ETAI Generated. May Contain Errors.