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Greenlight Capital Re (GLRE) Financials

Greenlight Capital Re logo
$12.95 -0.01 (-0.08%)
Closing price 04:00 PM Eastern
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$12.95 0.00 (0.00%)
As of 04:10 PM Eastern
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Annual Income Statements for Greenlight Capital Re

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.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 25 87 43
Consolidated Net Income / (Loss)		 25 87 43
Net Income / (Loss) Continuing Operations		 25 87 43
Total Pre-Tax Income 		25 87 44
Total Revenue		 516 659 687
Net Interest Income / (Expense)		 -11 -8.03 -9.18
Total Interest Income		 0.00 0.00 0.00
Total Interest Expense		 11 8.03 9.18
Deposits Interest Expense		 6.72 2.69 3.35
Other Interest Expense		 4.20 5.34 5.84
Total Non-Interest Income		 527 667 696
Other Service Charges		 0.00 0.27 2.12
Net Realized & Unrealized Capital Gains on Investments		 2.36 55 40
Premiums Earned		 469 583 620
Other Non-Interest Income		 55 29 34
Total Non-Interest Expense		 491 572 643
Property & Liability Insurance Claims		 316 360 427
Insurance Policy Acquisition Costs		 14 20 23
Other Operating Expenses		 18 24 16
Amortization Expense		 143 169 177
Income Tax Expense		 -0.82 0.10 0.75
Basic Earnings per Share		 $0.75 $2.55 $1.26
Weighted Average Basic Shares Outstanding		 33.91M 34.07M 34.10M
Diluted Earnings per Share		 $0.73 $2.50 $1.24
Weighted Average Diluted Shares Outstanding		 39.77M 34.80M 34.65M
Weighted Average Basic & Diluted Shares Outstanding		 34.84M 35.36M 34.56M

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
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
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
Period end date 12/31/2022 12/31/2023 12/31/2024
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
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
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
Period end date 12/31/2022 12/31/2023 12/31/2024
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
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
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
Period end date 12/31/2022 12/31/2023 12/31/2024
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
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
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 notable fluctuations in financial performance and balance sheet metrics over the past two years through Q4 2024. The company's latest quarterly results and historical trends highlight several positive developments as well as some cautionary signals for investors.

  • Despite a net loss in Q4 2024 of -$27.4 million, the company delivered positive net income in the first three quarters of 2024, including $27.0 million in Q1, $7.98 million in Q2, and a robust $35.2 million in Q3, indicating an uneven but generally profitable year until Q4.
  • Premiums earned remained strong and stable, with $148.1 million in Q4 2024 and consistently above $137 million each quarter compared to prior years, supporting revenue stability.
  • Net realized and unrealized capital gains on investments were positive in 2024 quarters except Q4 with a large $12.5 million gain in Q4 2024, showing effective investment portfolio management contributing to income.
  • The company’s cash and equivalents increased from $40 million in Q1 2023 to $54.6 million by Q3 2024, reflecting improved liquidity.
  • Continued reduction in long-term debt from $93.4 million in Q3 2022 to $62.5 million by Q3 2024 demonstrates the company's effort to strengthen its balance sheet and reduce leverage.
  • Total assets have steadily grown from $1.52 billion in Q3 2022 to $2.00 billion in Q3 2024, largely driven by increases in restricted cash, other assets, and unearned premiums assets, signifying business expansion but increasing risk exposure.
  • Property and liability insurance claims expenses have increased markedly to $123 million in Q4 2024 from $63.7 million in Q4 2022, putting pressure on underwriting profit margins and reflecting either higher claim frequency, severity, or reserve strengthening.
  • Q4 2024 showed a significant net loss of $27.4 million after profitable prior quarters, impacted by a large decline in other service charges (-$9.97 million) and other non-interest income (-$8.8 million), which were positive in previous quarters, indicating volatility in fee-related and non-core income streams.
  • Total non-interest expenses jumped significantly to $169 million in Q4 2024, up from $133 million in Q4 2023, driven by a high amortization expense of $38.5 million and insurance claims expenses, pressuring operating margins.
  • Net interest expense remains a cost for GLRE with $1.2 million in Q4 2024 increasing versus prior quarters, reflecting relatively high cost of financing deposits and other interest-bearing obligations which negatively affect the bottom line.

Summary:

Greenlight Capital Re showed growth in revenue and improved liquidity over the recent years while actively managing its debt levels downward. However, increased claims and operating expenses coupled with a fourth-quarter loss highlight challenges in maintaining consistent earnings. Investors should watch the company’s ability to control claims costs and sustain non-interest income to support profitability going forward.

08/08/25 06:01 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Greenlight Capital Re's Financials

When does Greenlight Capital Re's fiscal year end?

According to the most recent income statement we have on file, Greenlight Capital Re's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Greenlight Capital Re's net income changed over the last 2 years?

Greenlight Capital Re's net income appears to be on an upward trend, with a most recent value of $42.82 million in 2024, rising from $25.34 million in 2022. The previous period was $86.83 million in 2023.

How has Greenlight Capital Re's revenue changed over the last 2 years?

Over the last 2 years, Greenlight Capital Re's total revenue changed from $515.77 million in 2022 to $686.84 million in 2024, a change of 33.2%.

How much debt does Greenlight Capital Re have?

Greenlight Capital Re's total liabilities were at $1.38 billion at the end of 2024, a 21.2% increase from 2023, and a 28.1% increase since 2022.

How much cash does Greenlight Capital Re have?

In the past 2 years, Greenlight Capital Re's cash and equivalents has ranged from $38.24 million in 2022 to $64.69 million in 2024, and is currently $64.69 million as of their latest financial filing in 2024.

How has Greenlight Capital Re's book value per share changed over the last 2 years?

Over the last 2 years, Greenlight Capital Re's book value per share changed from 14.45 in 2022 to 18.26 in 2024, a change of 26.4%.


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This page (NASDAQ:GLRE) was last updated on 8/8/2025 by MarketBeat.com Staff
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