What is United Fire Group's operating income?

United Fire Group's total operating income in 2025 was $163.03 million, based on the following breakdown: Total Gross Profit: $1.39 billion Total Operating Expenses: $1.23 billion

United Fire Group (UFCS) Financials

$54.39 +0.09 (+0.17%)

Closing price 09/18/2026 04:00 PM Eastern

Extended Trading

$54.45 +0.06 (+0.11%)

As of 09/18/2026 07:30 PM Eastern

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Annual Income Statements for United Fire Group

This table shows United Fire Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	89	50	51	28	15	-113	81	15	-30	62	118
Consolidated Net Income / (Loss)	89	50	51	28	15	-113	81	15	-30	62	118
Net Income / (Loss) Continuing Operations	85	49	45	2.26	15	-113	81	15	-30	62	118
Total Pre-Tax Income	115	57	16	-9.15	17	-170	97	12	-40	77	148
Total Operating Income	115	57	16	-9.15	17	-170	101	31	-38	90	163
Total Gross Profit	899	996	1,053	1,070	1,201	1,101	414	997	1,092	1,257	1,389
Total Revenue	899	996	1,053	1,070	1,201	1,101	1,066	996	1,094	1,259	1,390
Operating Revenue	898	991	1,049	1,090	1,201	1,101	1,066	996	1,094	1,259	1,390
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	652	-0.52	1.72	2.11	0.88
Operating Cost of Revenue	-	-	-	-	-	-	652	-0.52	1.72	2.11	0.88
Total Operating Expenses	784	939	1,037	1,079	1,184	1,271	314	966	1,130	1,167	1,226
Amortization Expense	180	203	208	206	217	210	203	213	245	281	315
Other Operating Expenses / (Income)	604	736	829	873	968	1,013	110	752	885	886	911
Total Other Income / (Expense), net	0.00	0.00	0.00	0.00	0.00	0.00	-3.19	-19	-1.99	-13	-15
Interest Expense	-	-	-	-	0.00	0.00	3.19	3.19	3.26	7.28	11
Other Income / (Expense), net	-	-	-	-	-	-	-	-16	1.27	-5.43	-3.82
Income Tax Expense	30	8.38	-29	-11	2.06	-57	16	-2.95	-10	15	30
Basic Earnings per Share	$3.56	$1.97	$2.03	$1.11	-	-	-	$0.60	($1.18)	$2.45	$4.64
Weighted Average Basic Shares Outstanding	25.05M	25.34M	25.10M	25.01M	25.14M	25.09M	25.10M	25.16M	25.25M	25.32M	25.47M
Diluted Earnings per Share	$3.53	$1.93	$1.99	$1.08	-	-	-	$0.59	($1.18)	$2.39	$4.48
Weighted Average Diluted Shares Outstanding	25.20M	25.46M	24.91M	25.11M	25.05M	25.09M	25.10M	25.32M	25.25M	25.92M	26.35M
Weighted Average Basic & Diluted Shares Outstanding	25.20M	25.46M	24.91M	25.11M	25.05M	25.09M	25.10M	25.22M	25.28M	25.38M	25.52M
Cash Dividends to Common per Share	$0.86	$0.97	$1.09	$4.21	$1.30	$1.14	$0.60	$0.63	$0.64	$0.64	$0.64

This table shows United Fire Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	20	14	-2.74	20	31	18	23	39	38	30	33
Consolidated Net Income / (Loss)	20	14	-2.74	20	31	18	23	39	38	30	33
Net Income / (Loss) Continuing Operations	20	14	-2.74	20	31	18	23	39	38	30	33
Total Pre-Tax Income	24	16	-3.77	25	40	22	29	49	48	38	42
Total Operating Income	23	18	-1.08	29	45	25	33	52	53	41	46
Total Gross Profit	460	296	302	324	515	332	336	354	367	369	383
Total Revenue	285	297	302	325	336	332	336	354	367	370	384
Operating Revenue	285	297	302	325	336	332	336	354	367	370	384
Total Cost of Revenue	-174	1.06	0.15	0.48	-179	0.14	0.34	0.41	-0.01	0.51	1.12
Operating Cost of Revenue	-174	1.06	0.15	0.48	-179	0.14	0.34	0.41	-0.01	0.51	1.12
Total Operating Expenses	437	278	303	295	470	307	303	302	314	328	337
Amortization Expense	63	66	67	71	77	77	74	82	82	82	84
Other Operating Expenses / (Income)	373	212	236	224	394	229	229	220	232	246	253
Total Other Income / (Expense), net	1.24	-2.06	-2.69	-4.16	-5.00	-3.24	-3.49	-3.52	-4.84	-3.44	-3.61
Interest Expense	0.87	0.86	1.46	2.48	2.48	2.48	2.48	3.12	3.18	3.18	3.19
Other Income / (Expense), net	-	-1.20	-1.23	-1.68	-	-0.75	-1.00	-0.41	-1.66	-0.25	-0.43
Income Tax Expense	4.52	2.78	-1.04	5.23	8.10	4.15	6.26	9.49	9.85	7.96	8.58
Basic Earnings per Share	-	$0.53	($0.11)	$0.78	-	$0.70	$0.90	$1.54	$1.50	$1.18	$1.30
Weighted Average Basic Shares Outstanding	25.25M	25.27M	25.31M	25.34M	25.32M	25.39M	25.47M	25.50M	25.47M	25.56M	25.68M
Diluted Earnings per Share	-	$0.52	($0.11)	$0.76	-	$0.67	$0.87	$1.49	$1.45	$1.15	$1.29
Weighted Average Diluted Shares Outstanding	25.25M	25.83M	25.31M	25.91M	25.92M	26.24M	26.39M	26.37M	26.35M	26.10M	25.90M
Weighted Average Basic & Diluted Shares Outstanding	25.28M	25.30M	25.34M	25.34M	25.38M	25.45M	25.49M	25.51M	25.52M	25.66M	25.71M

This table details how cash moves in and out of United Fire Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	39	-0.30	6.37	-31	56	-33	44	-35	5.40	99	-45
Net Cash From Operating Activities	440	214	170	110	94	41	30	-1.25	172	340	270
Net Cash From Continuing Operating Activities	60	312	93	111	94	41	30	-1.25	172	340	270
Net Income / (Loss) Continuing Operations	85	49	45	30	15	-113	81	15	-30	62	118
Consolidated Net Income / (Loss)	89	50	51	28	15	-113	81	15	-30	62	118
Depreciation Expense	6.47	6.04	4.57	5.17	11	6.66	6.57	7.67	11	11	11
Amortization Expense	5.42	-7.05	8.87	-8.79	9.37	10	14	9.00	7.09	4.53	1.55
Non-Cash Adjustments To Reconcile Net Income	-25	347	98	180	52	191	-56	-29	165	287	135
Changes in Operating Assets and Liabilities, net	-12	-4.74	-18	7.28	6.80	-54	-14	-3.64	19	-24	3.83
Net Cash From Investing Activities	-36	-112	-62	-19	4.50	-93	32	-19	-150	-292	-326
Net Cash From Continuing Investing Activities	-118	-128	-80	-34	4.50	-93	32	-19	-150	-292	-326
Purchase of Property, Plant & Equipment	-9.70	-7.60	-17	-33	-32	-19	-14	-2.14	-11	-12	-6.45
Purchase of Investments	-361	-448	-268	-514	-258	-445	-405	-297	-293	-961	-714
Sale and/or Maturity of Investments	252	328	205	264	312	376	451	280	162	680	394
Other Investing Activities, net	-	-	0.00	-26	-17	-5.56	0.00	-0.10	-8.14	0.00	0.00
Net Cash From Financing Activities	-138	-98	-108	-115	-42	19	-17	-15	-16	51	12
Net Cash From Continuing Financing Activities	-4.42	-19	-52	-104	-42	19	-17	-15	-16	51	12
Repayment of Debt	-	-	-	-	-	-	-	0.00	0.00	-3.05	-1.10
Payment of Dividends	-22	-25	-27	-105	-33	-29	-15	-16	-16	-16	-16
Issuance of Debt	-	-	-	0.00	0.00	50	0.00	0.00	0.00	70	30
Issuance of Common Equity	5.50	9.92	4.83	7.17	2.38	-0.07	-0.42	0.83	-0.29	0.35	-0.99
Cash Interest Paid	-	-	-	-	-	0.00	3.19	3.19	3.26	7.17	11
Cash Income Taxes Paid	-	-	-	-	-	0.14	5.36	22	1.35	16	24

This table details how cash moves in and out of United Fire Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	33	116	-64	44	3.58	-17	18	32	-77	5.70	-23
Net Cash From Operating Activities	22	36	91	56	156	36	53	61	120	57	34
Net Cash From Continuing Operating Activities	22	36	91	56	156	36	53	61	120	57	34
Net Income / (Loss) Continuing Operations	20	14	-2.74	20	31	18	23	39	38	30	33
Consolidated Net Income / (Loss)	20	14	-2.74	20	31	18	23	39	38	30	33
Depreciation Expense	2.67	2.67	3.15	2.50	2.59	2.50	2.50	2.82	2.96	2.93	2.68
Amortization Expense	1.85	1.67	1.40	0.86	0.61	0.26	0.54	0.35	0.41	0.22	-0.11
Non-Cash Adjustments To Reconcile Net Income	-19	81	36	19	151	43	30	31	32	43	16
Changes in Operating Assets and Liabilities, net	17	-63	54	14	-29	-28	-2.66	-12	47	-20	-18
Net Cash From Investing Activities	15	84	-218	-8.47	-149	-48	-30	-55	-192	-43	-52
Net Cash From Continuing Investing Activities	15	84	-218	-8.47	-149	-48	-30	-55	-192	-43	-52
Purchase of Property, Plant & Equipment	-2.85	-2.60	-3.24	-3.09	-2.94	-2.50	-1.74	-1.56	-0.66	-0.38	-0.52
Purchase of Investments	-46	-41	-395	-239	-285	-123	-93	-217	-281	-192	-210
Sale and/or Maturity of Investments	63	128	179	234	139	77	64	164	89	149	159
Net Cash From Financing Activities	-4.11	-4.30	63	-4.05	-3.36	-4.79	-4.57	26	-4.84	-7.55	-4.94
Net Cash From Continuing Financing Activities	-4.11	-4.30	63	-4.05	-3.36	-4.79	-4.57	26	-4.84	-7.55	-4.94
Payment of Dividends	-4.04	-4.05	-4.05	-4.06	-4.06	-4.06	-4.08	-4.08	-4.08	-5.11	-5.14
Issuance of Common Equity	-0.07	-0.26	-0.11	-0.04	0.76	-0.73	-0.49	0.99	-0.76	-2.44	0.20
Cash Interest Paid	0.87	0.86	1.46	2.48	2.37	2.43	2.53	3.12	3.18	3.11	3.11
Cash Income Taxes Paid	0.01	0.01	9.60	1.10	5.40	0.00	16	12	-4.25	0.50	13

This table presents United Fire Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	3,890	4,055	4,183	2,817	3,013	3,070	3,013	2,882	3,144	3,488	3,841
Total Current Assets	106	103	102	79	155	472	178	143	140	231	2,619
Cash & Equivalents	106	89	96	64	121	88	132	97	102	201	156
Short-Term Investments	-	-	-	-	15	0.18	14	15	16	16	2,224
Accounts Receivable	-	-	-	-	-	-	-	-	-	-	239
Current Deferred & Refundable Income Taxes	0.00	14	6.03	15	19	66	32	31	21	14	0.53
Plant, Property, & Equipment, net	53	56	69	97	117	130	138	133	134	136	133
Total Noncurrent Assets	3,731	3,896	4,013	2,640	2,741	2,468	2,697	2,606	2,870	3,121	1,089
Long-Term Investments	3,139	1,772	1,889	2,048	2,112	2,101	2,017	1,807	1,886	2,093	259
Noncurrent Note & Lease Receivables	3.96	-	0.00	26	400	208	364	404	465	682	498
Intangible Assets	-	-	-	-	-	-	-	-	-	3.91	3.20
Noncurrent Deferred & Refundable Income Taxes	-	-	0.00	0.91	-	-	0.00	16	14	23	15
Other Noncurrent Operating Assets	562	2,099	2,100	542	206	152	310	375	501	320	313
Total Liabilities & Shareholders' Equity	3,890	4,055	4,183	2,817	3,013	3,070	3,013	2,882	3,144	3,488	3,841
Total Liabilities	3,011	3,113	3,210	1,928	2,103	2,245	2,134	2,142	2,410	2,707	2,900
Total Current Liabilities	0.00	1,124	1,224	1,312	1,422	1,578	1,514	1,497	1,639	1,797	1,925
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	-	-	0.00
Other Current Liabilities	-	1,124	1,224	1,312	1,422	1,578	1,514	1,497	1,639	1,797	1,925
Total Noncurrent Liabilities	3,011	1,989	1,986	616	681	666	619	645	772	910	975
Long-Term Debt	-	-	-	-	0.00	50	50	50	50	117	146
Other Noncurrent Operating Liabilities	2,997	591	633	616	661	591	543	595	722	793	829
Total Equity & Noncontrolling Interests	879	942	973	888	910	825	879	740	734	782	941
Total Preferred & Common Equity	879	942	973	888	910	825	879	740	734	782	941
Total Common Equity	879	942	973	888	910	825	879	740	734	782	941
Common Stock	207	217	196	203	200	202	203	207	210	216	224
Retained Earnings	591	616	609	715	697	556	621	621	575	620	722
Accumulated Other Comprehensive Income / (Loss)	80	109	168	-30	13	67	54	-87	-51	-55	-5.06

This table presents United Fire Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	2,898	3,018	3,052	3,245	3,409	3,546	3,528	3,661	3,754	3,910	4,014
Total Current Assets	243	123	106	229	173	230	208	225	252	2,628	2,678
Cash & Equivalents	53	80	69	218	153	197	184	202	234	162	139
Short-Term Investments	159	-	-	0.10	0.10	16	16	17	16	2,236	2,302
Accounts Receivable	-	-	-	-	-	-	-	-	-	230	236
Current Deferred & Refundable Income Taxes	30	43	36	12	20	17	7.90	5.99	2.69	0.00	0.00
Plant, Property, & Equipment, net	133	134	134	134	135	135	136	136	135	130	128
Total Noncurrent Assets	2,523	2,761	2,812	2,881	3,101	3,181	3,184	3,301	3,367	1,152	1,208
Long-Term Investments	1,682	1,790	1,784	1,688	1,895	1,995	2,165	2,200	2,271	270	251
Noncurrent Note & Lease Receivables	200	241	257	281	285	609	685	513	754	546	600
Intangible Assets	5.15	4.97	4.79	4.44	4.26	4.08	3.73	3.55	3.37	3.02	3.02
Noncurrent Deferred & Refundable Income Taxes	14	22	37	23	27	14	20	22	17	14	20
Other Noncurrent Operating Assets	621	703	730	884	890	558	311	562	322	318	335
Total Liabilities & Shareholders' Equity	2,898	3,018	3,052	3,245	3,409	3,546	3,528	3,661	3,754	3,910	4,014
Total Liabilities	2,147	2,342	2,407	2,508	2,682	2,760	2,711	2,815	2,855	2,959	3,037
Total Current Liabilities	1,499	1,615	1,637	1,691	1,756	1,795	1,816	1,860	1,882	1,970	1,992
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	-	-	1.51
Other Current Liabilities	1,499	1,615	1,637	1,691	1,756	1,795	1,816	1,860	1,882	1,970	1,990
Total Noncurrent Liabilities	647	727	770	817	926	965	894	955	973	989	1,045
Long-Term Debt	50	50	50	50	117	117	117	117	146	146	146
Other Noncurrent Operating Liabilities	597	677	720	767	809	848	777	838	827	842	899
Total Equity & Noncontrolling Interests	752	676	645	737	727	786	818	846	899	951	977
Total Preferred & Common Equity	752	676	645	737	727	786	818	846	899	951	977
Total Common Equity	752	676	645	737	727	786	818	846	899	951	977
Common Stock	208	209	210	211	212	213	217	218	222	224	227
Retained Earnings	617	557	559	584	577	593	634	653	688	747	775
Accumulated Other Comprehensive Income / (Loss)	-73	-89	-124	-58	-63	-21	-33	-26	-11	-21	-25

This table displays calculated financial ratios and metrics derived from United Fire Group's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	25,514,329.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	25,514,329.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	4.63
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-52.40%	10.80%	5.66%	1.66%	12.24%	-8.34%	-3.16%	-6.57%	9.84%	15.04%	10.45%
EBITDA Growth	-39.90%	-55.62%	-48.49%	-143.87%	393.34%	-507.07%	179.17%	-73.53%	-159.06%	628.87%	71.95%
EBIT Growth	-39.42%	-50.16%	-72.78%	-158.47%	284.47%	-1,104.30%	159.29%	-84.81%	-338.85%	331.25%	88.82%
NOPAT Growth	-41.56%	-42.43%	-8.65%	-114.27%	331.38%	-900.68%	170.49%	-53.64%	-168.12%	373.26%	80.45%
Net Income Growth	50.71%	-44.01%	2.24%	-45.81%	-46.40%	-860.50%	171.51%	-81.35%	-297.59%	308.61%	90.76%
EPS Growth	52.16%	-45.33%	3.11%	-45.73%	0.00%	0.00%	0.00%	0.00%	-300.00%	302.54%	87.45%
Operating Cash Flow Growth	190.94%	-51.29%	-20.66%	-35.27%	-14.85%	-55.80%	-27.80%	-104.18%	13,827.90%	98.16%	-20.73%
Free Cash Flow Firm Growth	-94.91%	-23,830.74%	106.45%	763.42%	-91.73%	-210.79%	102.23%	-2,217.41%	198.75%	296.19%	3.12%
Invested Capital Growth	3.02%	119.91%	-28.68%	-464.40%	-9.28%	1.77%	6.12%	8.58%	-8.22%	-15.61%	-9.97%
Revenue Q/Q Growth	-54.12%	5.96%	7.60%	-1.95%	40.38%	-18.76%	-3.84%	-2.55%	2.48%	4.07%	2.43%
EBITDA Q/Q Growth	-52.09%	51.35%	226.95%	-114.36%	545.66%	8.89%	263.23%	-62.50%	16.12%	15.83%	5.92%
EBIT Q/Q Growth	-52.43%	71.09%	280.22%	-114.82%	95.43%	10.43%	649.11%	-76.65%	1.95%	21.56%	6.25%
NOPAT Q/Q Growth	-56.40%	83.90%	104.69%	-108.33%	145.12%	10.43%	392.07%	-30.46%	-1.47%	27.93%	6.32%
Net Income Q/Q Growth	-4.19%	-27.47%	199.69%	-73.15%	0.00%	0.00%	476.99%	-71.45%	-1.75%	23.61%	6.21%
EPS Q/Q Growth	-3.81%	-28.78%	220.97%	-73.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.41%
Operating Cash Flow Q/Q Growth	133.69%	-65.25%	476.18%	-10.49%	-3.40%	67.62%	-58.73%	93.07%	-3.55%	65.05%	-11.91%
Free Cash Flow Firm Q/Q Growth	-93.03%	-3,311.79%	104.79%	-7.34%	310.06%	-24.80%	-84.91%	52.82%	25.66%	28.33%	-7.33%
Invested Capital Q/Q Growth	0.20%	119.38%	-9.40%	0.40%	-6.65%	-3.25%	3.38%	-4.54%	-5.44%	-8.05%	-5.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	38.83%	100.05%	99.84%	99.83%	99.94%
EBITDA Margin	14.15%	5.67%	2.76%	-1.19%	3.12%	-13.84%	11.32%	3.21%	-1.72%	7.92%	12.34%
Operating Margin	12.83%	5.77%	1.49%	-0.86%	1.41%	-15.40%	9.43%	3.13%	-3.45%	7.13%	11.73%
EBIT Margin	12.83%	5.77%	1.49%	-0.86%	1.41%	-15.40%	9.43%	1.53%	-3.33%	6.70%	11.45%
Profit (Net Income) Margin	9.91%	5.01%	4.85%	2.58%	1.23%	-10.24%	7.56%	1.51%	-2.71%	4.92%	8.50%
Tax Burden Percent	77.25%	86.79%	326.03%	-302.19%	87.80%	66.49%	83.22%	124.46%	74.77%	80.43%	79.89%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	96.36%	79.12%	108.94%	91.36%	92.92%
Effective Tax Rate	26.05%	14.57%	-186.71%	0.00%	12.20%	0.00%	16.78%	-24.46%	0.00%	19.57%	20.11%
Return on Invested Capital (ROIC)	0.00%	0.00%	11.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	10.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	-5.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	10.51%	5.48%	5.33%	2.97%	1.65%	-12.99%	9.46%	1.86%	-4.03%	8.18%	13.72%
Cash Return on Invested Capital (CROIC)	0.00%	-591.85%	44.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	2.98%	1.45%	0.38%	-0.26%	0.58%	-5.57%	3.30%	0.52%	-1.21%	2.54%	4.34%
Return on Assets (ROA)	2.30%	1.26%	1.24%	0.79%	0.51%	-3.71%	2.65%	0.51%	-0.99%	1.87%	3.23%
Return on Common Equity (ROCE)	10.51%	5.48%	5.33%	2.97%	1.65%	-12.99%	9.46%	1.86%	-4.03%	8.18%	13.72%
Return on Equity Simple (ROE_SIMPLE)	10.14%	5.30%	5.24%	3.11%	1.63%	-13.66%	9.17%	2.03%	-4.05%	7.93%	0.00%
Net Operating Profit after Tax (NOPAT)	85	49	45	-6.41	15	-119	84	39	-26	72	130
NOPAT Margin	9.49%	4.93%	4.26%	-0.60%	1.23%	-10.78%	7.84%	3.89%	-2.41%	5.73%	9.37%
Net Nonoperating Expense Percent (NNEP)	0.12%	0.04%	1.11%	2.48%	0.00%	0.27%	-0.14%	-1.19%	-0.17%	-0.49%	-0.51%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	4.91%	-3.37%	8.03%	11.98%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	61.17%	-0.05%	0.16%	0.17%	0.06%
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%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	87.17%	94.23%	98.51%	100.86%	98.59%	115.40%	29.41%	96.92%	103.29%	92.70%	88.21%
Earnings before Interest and Taxes (EBIT)	115	57	16	-9.15	17	-170	101	15	-36	84	159
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	127	56	29	-13	37	-152	121	32	-19	100	172
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.83	1.03	0.93	1.34	1.06	0.70	0.62	0.88	0.67	0.92	0.98
Price to Tangible Book Value (P/TBV)	0.85	1.06	0.95	1.38	1.09	0.70	0.62	0.89	0.68	0.93	0.98
Price to Revenue (P/Rev)	0.81	0.97	0.86	1.11	0.80	0.52	0.51	0.65	0.45	0.57	0.66
Price to Earnings (P/E)	8.18	19.39	17.68	43.09	65.12	0.00	6.77	43.35	0.00	11.64	7.81
Dividend Yield	2.96%	2.54%	3.01%	8.86%	3.37%	4.95%	2.76%	2.44%	3.27%	2.25%	1.77%
Earnings Yield	12.23%	5.16%	5.66%	2.32%	1.54%	0.00%	14.78%	2.31%	0.00%	8.59%	12.81%
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	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	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	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	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	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	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	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.06	0.06	0.07	0.07	0.15	0.16
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.06	0.06	0.07	0.07	0.15	0.16
Financial Leverage	-3.83	-2.04	-0.58	-1.48	-2.42	-2.53	-2.50	-2.46	-2.59	-2.74	-2.72
Leverage Ratio	4.57	4.36	4.30	3.76	3.24	3.50	3.57	3.64	4.09	4.38	4.25
Compound Leverage Factor	4.57	4.36	4.30	3.76	3.24	3.50	3.44	2.88	4.45	4.00	3.95
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	5.71%	5.38%	6.33%	6.38%	13.03%	13.45%
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%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	5.71%	5.38%	6.33%	6.38%	13.03%	13.45%
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%	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%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	94.29%	94.62%	93.67%	93.62%	86.97%	86.55%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-0.33	0.41	1.57	-2.65	1.17	0.85
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	14.04	-17.51	-58.50	103.63	-21.98	-14.53
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-0.33	0.41	1.57	-2.65	1.17	0.85
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-0.42	0.60	1.29	-1.89	1.62	1.12
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	18.03	-25.26	-48.17	73.99	-30.38	-19.14
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-0.42	0.60	1.29	-1.89	1.62	1.12
Altman Z-Score	0.72	0.39	0.31	0.57	0.51	0.15	0.37	0.28	0.12	0.31	1.10
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.09	0.08	0.06	0.11	0.30	0.12	0.10	0.09	0.13	1.24
Quick Ratio	0.00	0.08	0.08	0.05	0.10	0.06	0.10	0.07	0.07	0.12	1.24
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	12	-2,788	180	1,554	128	-142	3.17	-67	66	263	271
Operating Cash Flow to CapEx	4,539.59%	2,820.84%	991.34%	333.11%	289.13%	219.67%	214.06%	-58.54%	1,577.59%	2,866.93%	4,184.66%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	1.00	-21.06	20.34	36.08	24.04
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	9.39	-0.39	52.68	46.74	23.94
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	5.00	-1.06	49.34	45.11	23.37
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.23	0.25	0.26	0.31	0.41	0.36	0.35	0.34	0.36	0.38	0.38
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	17.55	18.32	16.91	12.88	11.22	8.92	7.97	7.36	8.19	9.31	10.35
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	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	-2,366	471	336	-1,224	-1,338	-1,314	-1,234	-1,128	-1,221	-1,411	-1,552
Invested Capital Turnover	-0.37	-1.05	2.61	-2.41	-0.94	-0.83	-0.84	-0.84	-0.93	-0.96	-0.94
Increase / (Decrease) in Invested Capital	74	2,837	-135	-1,560	-114	24	80	106	-93	-191	-141
Enterprise Value (EV)	-2,516	-893	-1,082	-921	-1,283	-1,563	-1,568	-1,216	-1,460	-1,472	-1,570
Market Capitalization	729	968	902	1,191	965	576	545	652	495	721	923
Book Value per Share	$35.05	$37.14	$39.13	$35.43	$36.37	$32.96	$35.05	$29.37	$29.04	$30.84	$36.89
Tangible Book Value per Share	$34.03	$36.17	$38.16	$34.51	$35.47	$32.70	$34.81	$29.16	$28.86	$30.69	$36.76
Total Capital	879	942	973	888	910	875	929	790	784	899	1,087
Total Debt	0.00	0.00	0.00	0.00	0.00	50	50	50	50	117	146
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	50	50	50	50	117	146
Net Debt	-3,245	-1,861	-1,984	-2,113	-2,249	-2,140	-2,113	-1,868	-1,954	-2,193	-2,493
Capital Expenditures (CapEx)	9.70	7.60	17	33	32	19	14	2.14	11	12	6.45
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-1,110	-1,218	-1,297	-1,403	-1,195	-1,482	-1,466	-1,617	-1,783	-1,924
Debt-free Net Working Capital (DFNWC)	106	-1,020	-1,123	-1,233	-1,266	-1,107	-1,336	-1,354	-1,499	-1,566	456
Net Working Capital (NWC)	106	-1,020	-1,123	-1,233	-1,266	-1,107	-1,336	-1,354	-1,499	-1,566	456
Net Nonoperating Expense (NNE)	-3.81	-0.79	-6.15	-34	0.00	-5.95	3.04	24	3.29	10	12
Net Nonoperating Obligations (NNO)	-3,245	-471	-637	-2,113	-2,249	-2,140	-2,113	-1,868	-1,954	-2,193	-2,493
Total Depreciation and Amortization (D&A)	12	-1.01	13	-3.61	21	17	20	17	18	15	12
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-111.37%	-115.71%	-121.24%	-116.77%	-108.50%	-138.99%	-147.15%	-147.81%	-141.62%	-138.42%
Debt-free Net Working Capital to Revenue	11.84%	-102.41%	-106.64%	-115.22%	-105.44%	-100.50%	-125.32%	-135.96%	-137.02%	-124.39%	32.77%
Net Working Capital to Revenue	11.84%	-102.41%	-106.64%	-115.22%	-105.44%	-100.50%	-125.32%	-135.96%	-137.02%	-124.39%	32.77%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.56	$1.97	$2.03	$1.11	$0.59	($4.50)	$0.00	$0.00	$0.00	$2.45	$4.64
Adjusted Weighted Average Basic Shares Outstanding	25.05M	25.34M	25.10M	25.01M	25.14M	25.03M	25.09M	25.22M	25.28M	25.32M	25.47M
Adjusted Diluted Earnings per Share	$3.53	$1.93	$1.99	$1.08	$0.58	($4.50)	$0.00	$0.00	$0.00	$2.39	$4.48
Adjusted Weighted Average Diluted Shares Outstanding	25.20M	25.46M	24.91M	25.11M	25.05M	25.09M	25.10M	25.22M	25.28M	25.92M	26.35M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	25.20M	25.46M	24.91M	25.11M	25.05M	25.09M	25.10M	25.22M	25.28M	25.38M	25.52M
Normalized Net Operating Profit after Tax (NOPAT)	85	49	11	-6.41	15	-85	84	22	-26	72	130
Normalized NOPAT Margin	9.49%	4.93%	1.04%	-0.60%	1.23%	-7.76%	7.84%	2.19%	-2.41%	5.73%	9.37%
Pre Tax Income Margin	12.83%	5.77%	1.49%	-0.86%	1.41%	-15.40%	9.08%	1.21%	-3.63%	6.12%	10.64%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	31.53	4.79	-11.18	11.58	14.13
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	26.24	12.16	-8.10	9.91	11.56
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	27.15	4.12	-14.52	9.95	13.56
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	21.86	11.49	-11.44	8.28	10.99
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	24.30%	49.28%	53.58%	381.22%	220.39%	-25.31%	18.69%	105.52%	-54.42%	26.17%	13.80%
Augmented Payout Ratio	27.02%	56.78%	111.95%	400.77%	299.34%	-27.74%	21.18%	105.52%	-54.42%	26.17%	13.80%

This table displays calculated financial ratios and metrics derived from United Fire Group's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	25,514,329.00	25,522,051.00	25,656,166.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	25,514,329.00	25,522,051.00	25,656,166.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	1.50	1.18	1.30
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.84%	10.82%	13.70%	17.66%	17.70%	11.66%	11.27%	9.17%	9.86%	11.40%	14.17%
EBITDA Growth	-33.07%	310.00%	103.32%	126.91%	74.18%	26.13%	1,443.89%	78.11%	21.22%	63.65%	37.37%
EBIT Growth	-41.80%	2,053.64%	96.77%	199.31%	94.61%	41.96%	1,471.69%	88.64%	22.27%	69.27%	42.43%
NOPAT Growth	-46.78%	2,451.01%	98.51%	171.68%	90.42%	33.60%	3,494.52%	82.42%	22.47%	61.25%	41.09%
Net Income Growth	-2.54%	1,845.53%	95.15%	209.53%	60.35%	31.09%	939.01%	98.45%	21.98%	69.79%	45.40%
EPS Growth	0.00%	0.00%	95.07%	204.00%	0.00%	28.85%	890.91%	96.05%	18.85%	71.64%	48.28%
Operating Cash Flow Growth	-22.11%	632.88%	104.55%	-49.43%	603.35%	-1.35%	-41.55%	7.69%	-23.33%	58.74%	-35.86%
Free Cash Flow Firm Growth	256.84%	167.17%	675.80%	96.29%	102.96%	700.28%	357.44%	23.66%	-18.73%	-47.54%	-45.76%
Invested Capital Growth	-8.22%	-2.39%	-5.36%	-12.81%	-15.61%	-27.74%	-20.84%	-13.00%	-9.97%	-9.84%	-7.82%
Revenue Q/Q Growth	3.37%	2.62%	2.16%	7.36%	3.40%	-1.14%	1.39%	5.33%	3.68%	0.61%	3.91%
EBITDA Q/Q Growth	101.86%	-29.91%	-89.60%	1,279.23%	54.95%	-43.26%	28.16%	58.29%	-0.39%	-19.02%	7.58%
EBIT Q/Q Growth	149.54%	-34.38%	-113.47%	1,288.57%	62.25%	-45.37%	30.20%	63.46%	-0.79%	-19.83%	9.55%
NOPAT Q/Q Growth	119.33%	-33.04%	-105.32%	3,144.55%	53.74%	-42.62%	26.40%	63.61%	0.43%	-22.36%	10.59%
Net Income Q/Q Growth	207.34%	-31.14%	-120.26%	822.05%	59.22%	-43.71%	29.64%	70.78%	-2.13%	-21.65%	11.02%
EPS Q/Q Growth	0.00%	0.00%	0.00%	790.91%	0.00%	0.00%	29.85%	71.26%	-2.68%	-20.69%	12.17%
Operating Cash Flow Q/Q Growth	-80.09%	62.67%	152.57%	-38.18%	176.94%	-77.18%	49.66%	13.97%	96.94%	-52.74%	-39.52%
Free Cash Flow Firm Q/Q Growth	27.55%	-23.37%	49.95%	183.21%	31.88%	46.42%	-16.35%	-23.44%	-13.69%	-5.09%	-13.51%
Invested Capital Q/Q Growth	-5.44%	3.45%	-7.60%	-8.43%	-8.05%	-1.32%	-1.79%	-1.40%	-5.15%	-1.21%	0.08%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	161.16%	38.95%	99.95%	99.85%	153.39%	99.96%	99.90%	99.89%	100.00%	99.86%	99.71%
EBITDA Margin	9.61%	7.26%	0.74%	9.49%	14.22%	8.16%	10.32%	15.51%	14.90%	11.99%	12.42%
Operating Margin	8.03%	5.79%	-0.36%	8.97%	13.27%	7.56%	9.71%	14.73%	14.44%	11.21%	11.86%
EBIT Margin	8.03%	5.79%	-0.76%	8.46%	13.27%	7.33%	9.42%	14.61%	13.98%	11.14%	11.75%
Profit (Net Income) Margin	6.88%	4.56%	-0.90%	6.08%	9.37%	5.33%	6.82%	11.06%	10.44%	8.13%	8.69%
Tax Burden Percent	81.26%	82.92%	72.55%	79.07%	79.51%	80.99%	78.58%	80.51%	79.57%	79.06%	79.55%
Interest Burden Percent	105.42%	94.99%	163.20%	90.96%	88.77%	89.80%	92.16%	93.98%	93.81%	92.27%	92.94%
Effective Tax Rate	18.74%	17.08%	0.00%	20.93%	20.49%	19.01%	21.42%	19.49%	20.43%	20.94%	20.45%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-4.03%	-2.27%	5.24%	7.01%	8.18%	8.51%	11.68%	13.21%	13.72%	14.77%	15.46%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	2.91%	2.12%	-0.28%	3.10%	5.04%	2.80%	3.54%	5.43%	5.31%	4.28%	4.52%
Return on Assets (ROA)	2.50%	1.67%	-0.33%	2.23%	3.56%	2.04%	2.56%	4.11%	3.96%	3.12%	3.34%
Return on Common Equity (ROCE)	-4.03%	-2.27%	5.24%	7.01%	8.18%	8.51%	11.68%	13.21%	13.72%	14.77%	15.46%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-2.29%	5.06%	6.38%	0.00%	8.09%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	19	14	-0.76	23	35	20	26	42	42	33	36
NOPAT Margin	6.52%	4.80%	-0.25%	7.10%	10.55%	6.12%	7.63%	11.86%	11.49%	8.86%	9.43%
Net Nonoperating Expense Percent (NNEP)	0.05%	-0.04%	-0.11%	-0.17%	-0.19%	-0.13%	-0.13%	-0.13%	-0.16%	-0.11%	-0.12%
Return On Investment Capital (ROIC_SIMPLE)	2.37%	-	-	-	3.94%	2.17%	2.67%	4.02%	3.88%	2.99%	3.23%
Cost of Revenue to Revenue	-61.16%	61.05%	0.05%	0.15%	-53.39%	0.04%	0.10%	0.11%	0.00%	0.14%	0.29%
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%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	153.13%	33.16%	100.31%	90.88%	140.12%	92.40%	90.19%	85.16%	85.57%	88.65%	87.85%
Earnings before Interest and Taxes (EBIT)	23	17	-2.31	27	45	24	32	52	51	41	45
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	27	21	2.23	31	48	27	35	55	55	44	48
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.67	0.74	0.75	0.67	0.92	0.91	0.86	0.86	0.98	1.00	1.38
Price to Tangible Book Value (P/TBV)	0.68	0.75	0.75	0.68	0.93	0.92	0.87	0.87	0.98	1.00	1.38
Price to Revenue (P/Rev)	0.45	0.49	0.47	0.44	0.57	0.58	0.55	0.57	0.66	0.66	0.91
Price to Earnings (P/E)	0.00	0.00	14.78	10.40	11.64	11.30	7.95	6.97	7.81	7.25	9.54
Dividend Yield	3.27%	2.96%	2.98%	3.06%	2.25%	2.17%	2.23%	2.10%	1.77%	2.27%	1.37%
Earnings Yield	0.00%	0.00%	6.77%	9.62%	8.59%	8.85%	12.57%	14.35%	12.81%	13.80%	10.48%
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	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	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	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	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	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	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	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.07	0.07	0.16	0.15	0.15	0.14	0.14	0.16	0.16	0.15	0.15
Long-Term Debt to Equity	0.07	0.07	0.16	0.15	0.15	0.14	0.14	0.16	0.16	0.15	0.15
Financial Leverage	-2.59	-2.49	-2.67	-2.72	-2.74	-2.64	-2.69	-2.65	-2.72	-2.70	-2.66
Leverage Ratio	4.09	4.13	4.58	4.61	4.38	4.36	4.50	4.33	4.25	4.21	4.21
Compound Leverage Factor	4.31	3.92	7.48	4.19	3.89	3.91	4.14	4.07	3.99	3.88	3.91
Debt to Total Capital	6.38%	6.36%	13.87%	12.96%	13.03%	12.53%	12.17%	13.99%	13.45%	13.34%	13.02%
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%	0.00%
Long-Term Debt to Total Capital	6.38%	6.36%	13.87%	12.96%	13.03%	12.53%	12.17%	13.99%	13.45%	13.34%	13.02%
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%	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%	0.00%
Common Equity to Total Capital	93.62%	93.64%	86.13%	87.04%	86.97%	87.47%	87.83%	86.01%	86.55%	86.66%	86.98%
Debt to EBITDA	-2.65	-19.08	1.69	1.36	1.17	1.11	0.85	0.90	0.85	0.77	0.73
Net Debt to EBITDA	103.63	708.46	-27.92	-24.29	-21.98	-21.33	-16.70	-14.66	-14.53	-13.36	-12.62
Long-Term Debt to EBITDA	-2.65	-19.08	1.69	1.36	1.17	1.11	0.85	0.90	0.85	0.77	0.73
Debt to NOPAT	-1.89	-3.55	2.79	2.07	1.62	1.52	1.13	1.19	1.12	1.03	0.96
Net Debt to NOPAT	73.99	131.83	-46.06	-37.08	-30.38	-29.08	-22.23	-19.38	-19.14	-17.67	-16.62
Long-Term Debt to NOPAT	-1.89	-3.55	2.79	2.07	1.62	1.52	1.13	1.19	1.12	1.03	0.96
Altman Z-Score	0.18	0.21	0.14	0.19	0.27	0.26	0.26	0.31	1.00	1.06	1.15
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.09	0.14	0.10	0.13	0.13	0.11	0.12	0.13	1.24	1.33	1.34
Quick Ratio	0.07	0.13	0.09	0.12	0.12	0.11	0.12	0.13	1.24	1.33	1.34
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	111	40	60	171	226	331	277	212	183	174	150
Operating Cash Flow to CapEx	780.27%	1,389.20%	2,821.47%	1,827.12%	5,318.16%	1,429.82%	3,071.92%	3,905.46%	18,294.96%	14,746.88%	6,637.02%
Free Cash Flow to Firm to Interest Expense	128.10	46.96	41.43	69.05	91.07	133.23	111.40	67.95	57.46	54.52	47.11
Operating Cash Flow to Interest Expense	25.58	42.10	62.56	22.76	63.02	14.37	21.49	19.51	37.66	17.79	10.75
Operating Cash Flow Less CapEx to Interest Expense	22.30	39.07	60.34	21.51	61.84	13.36	20.79	19.02	37.45	17.67	10.59
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.36	0.37	0.36	0.37	0.38	0.38	0.38	0.37	0.38	0.38	0.38
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	8.19	8.40	8.64	8.98	9.31	9.56	9.82	10.05	10.35	10.72	11.19
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	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	-1,221	-1,119	-1,205	-1,306	-1,411	-1,430	-1,456	-1,476	-1,552	-1,571	-1,569
Invested Capital Turnover	-0.93	-1.02	-0.99	-0.98	-0.96	-1.01	-1.00	-0.98	-0.94	-0.95	-0.98
Increase / (Decrease) in Invested Capital	-93	-26	-61	-148	-191	-310	-251	-170	-141	-141	-114
Enterprise Value (EV)	-1,460	-1,310	-1,387	-1,562	-1,472	-1,500	-1,571	-1,599	-1,570	-1,575	-1,201
Market Capitalization	495	546	544	530	721	748	730	775	923	946	1,345
Book Value per Share	$29.04	$29.15	$28.72	$31.02	$30.84	$32.21	$33.23	$35.25	$36.89	$37.25	$38.09
Tangible Book Value per Share	$28.86	$28.97	$28.56	$30.85	$30.69	$32.07	$33.09	$35.12	$36.76	$37.13	$37.98
Total Capital	784	787	844	903	899	935	963	1,045	1,087	1,097	1,124
Total Debt	50	50	117	117	117	117	117	146	146	146	146
Total Long-Term Debt	50	50	117	117	117	117	117	146	146	146	146
Net Debt	-1,954	-1,856	-1,931	-2,092	-2,193	-2,248	-2,301	-2,375	-2,493	-2,521	-2,547
Capital Expenditures (CapEx)	2.85	2.60	3.24	3.09	2.94	2.50	1.74	1.56	0.66	0.38	0.52
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,617	-1,679	-1,736	-1,778	-1,783	-1,809	-1,854	-1,879	-1,924	-1,740	-1,756
Debt-free Net Working Capital (DFNWC)	-1,499	-1,461	-1,583	-1,565	-1,566	-1,609	-1,635	-1,630	456	658	686
Net Working Capital (NWC)	-1,499	-1,461	-1,583	-1,565	-1,566	-1,609	-1,635	-1,630	456	658	686
Net Nonoperating Expense (NNE)	-1.01	0.71	1.98	3.29	3.98	2.62	2.74	2.84	3.85	2.72	2.87
Net Nonoperating Obligations (NNO)	-1,954	-1,856	-1,931	-2,092	-2,193	-2,248	-2,301	-2,375	-2,493	-2,521	-2,547
Total Depreciation and Amortization (D&A)	4.52	4.34	4.54	3.36	3.20	2.76	3.04	3.17	3.36	3.14	2.57
Debt-free, Cash-free Net Working Capital to Revenue	-147.81%	-149.36%	-149.56%	-147.03%	-141.62%	-139.83%	-139.67%	-138.47%	-138.42%	-121.86%	-118.97%
Debt-free Net Working Capital to Revenue	-137.02%	-129.98%	-136.34%	-129.37%	-124.39%	-124.39%	-123.20%	-120.07%	32.77%	46.05%	46.48%
Net Working Capital to Revenue	-137.02%	-129.98%	-136.34%	-129.37%	-124.39%	-124.39%	-123.20%	-120.07%	32.77%	46.05%	46.48%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.11)	$0.78	$0.00	$0.70	$0.90	$1.54	$1.50	$1.18	$1.30
Adjusted Weighted Average Basic Shares Outstanding	25.25M	25.30M	25.34M	25.34M	25.32M	25.39M	25.47M	25.50M	25.47M	25.56M	25.68M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.11)	$0.76	$0.00	$0.67	$0.87	$1.49	$1.45	$1.15	$1.29
Adjusted Weighted Average Diluted Shares Outstanding	25.25M	25.83M	25.31M	25.91M	25.92M	26.24M	26.39M	26.37M	26.35M	26.10M	25.90M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	25.28M	25.30M	25.34M	25.34M	25.38M	25.45M	25.49M	25.51M	25.52M	25.66M	25.71M
Normalized Net Operating Profit after Tax (NOPAT)	19	14	-0.76	23	35	20	26	42	42	33	36
Normalized NOPAT Margin	6.52%	4.80%	-0.25%	7.10%	10.55%	6.12%	7.63%	11.86%	11.49%	8.86%	9.43%
Pre Tax Income Margin	8.46%	5.50%	-1.25%	7.69%	11.78%	6.59%	8.68%	13.73%	13.12%	10.28%	10.92%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	26.34	19.96	-1.58	11.07	17.95	9.80	12.76	16.61	16.15	12.94	14.17
NOPAT to Interest Expense	21.40	16.55	-0.52	9.29	14.28	8.18	10.34	13.48	13.26	10.30	11.37
EBIT Less CapEx to Interest Expense	23.06	16.93	-3.80	9.82	16.77	8.80	12.06	16.11	15.94	12.82	14.00
NOPAT Less CapEx to Interest Expense	18.13	13.52	-2.74	8.04	13.09	7.18	9.64	12.98	13.06	10.17	11.21
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-54.42%	-95.74%	44.03%	32.31%	26.17%	24.53%	17.70%	14.63%	13.80%	13.30%	13.07%
Augmented Payout Ratio	-54.42%	-95.74%	44.03%	32.31%	26.17%	24.53%	17.70%	14.63%	13.80%	13.30%	13.07%

Financials Breakdown Chart

Key Financial Trends

United Fire Group’s (NASDAQ:UFCS) financial trends have improved significantly from 2022 levels. The company moved from sizable insurance-related losses in 2022 to consistent profitability throughout the available 2025 and 2026 quarters. However, cash balances remain volatile because United Fire regularly reallocates funds among cash, investment securities and insurance-related assets.

Revenue growth has been consistent. Operating revenue increased from $240.5 million in Q2 2022 to $384.2 million in Q2 2026, a gain of approximately 60%. Q2 2026 revenue also rose 14% from $336.5 million in Q2 2025.
Profitability has recovered sharply. United Fire reported a $10.5 million net loss in Q2 2022 and a $2.7 million loss in Q2 2024, but generated net income of $22.9 million in Q2 2025 and $33.4 million in Q2 2026.
Recent earnings momentum remains favorable. Q2 2026 operating income reached $45.6 million, up from $32.7 million in Q2 2025 and $41.4 million in Q1 2026. Net income increased 11% sequentially from $30.1 million in Q1 2026.
Earnings per share have improved. Diluted EPS rose from a loss of $2.23 in Q2 2023 and $0.11 in Q2 2024 to $0.87 in Q2 2025 and $1.29 in Q2 2026. The improvement reflects both stronger earnings and relatively stable share counts.
Operating cash flow has remained positive in recent periods. United Fire generated $34.2 million of operating cash flow in Q2 2026, following $56.6 million in Q1 2026 and $53.4 million in Q2 2025. Q2 2026 operating cash flow also exceeded reported net income, providing some support for earnings quality.
The capital base has expanded. Total equity increased from $644.9 million in Q3 2023 to $977.3 million in Q2 2026. Retained earnings rose to $775.4 million from $559.1 million over the same period, indicating that sustained profitability has strengthened book value.
Accumulated other comprehensive losses have narrowed. AOCI improved from a loss of $124.1 million in Q3 2023 to a loss of $25.0 million in Q2 2026. This reduces the drag that investment-market movements had placed on reported equity.
Investment activity dominates the cash-flow statement. In Q2 2026, the company purchased $210.1 million of investments and received $158.8 million from investment sales or maturities, producing $51.9 million of net investing outflow. This pattern is typical for an insurer but can make quarterly cash trends difficult to interpret.
Liquidity is concentrated in investment securities. Cash and equivalents totaled $139.4 million at June 30, 2026, while short-term investments totaled $2.30 billion and long-term investments totaled $251.5 million. The large securities portfolio provides financial flexibility, although its value and liquidity can be affected by interest rates and market conditions.
Cash declined during Q2 2026. Net cash decreased by $22.6 million in the quarter as operating inflows were more than offset by investment purchases and $4.9 million of financing outflows. Cash also fell from $162.0 million at the end of Q1 2026 to $139.4 million at the end of Q2.
Liabilities and debt have increased alongside the asset base. Total liabilities rose from $2.41 billion in Q3 2023 to $3.04 billion in Q2 2026. Long-term debt also increased from $50.0 million in 2023 to approximately $146.4 million, which warrants monitoring even though equity growth has kept the balance sheet better capitalized.
Working-capital movements remain a cash-flow headwind. Changes in operating assets and liabilities reduced Q2 2026 operating cash flow by $17.8 million and reduced Q1 2026 operating cash flow by $19.8 million. This suggests that reported earnings do not always translate into cash at the same pace.
The company’s earnings history remains volatile. United Fire experienced major losses in 2022 and early 2024, while several historical figures have been restated. Investors should focus on whether the improved 2025–2026 results persist across multiple quarters rather than assuming that one strong quarter represents a permanent change in profitability.

Overall, the statements point to a stronger operating trend for UFCS. Revenue, earnings, operating cash flow and equity have generally improved, and the company continues to fund its quarterly dividend, which was $0.16 per share in the latest reported period. The primary risks are earnings volatility, investment-market exposure, rising liabilities and the possibility that unfavorable working-capital or claims-related movements could weaken cash generation.

09/19/26 11:30 PM ETAI Generated. May Contain Errors.

United Fire Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, United Fire Group's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

In the past 10 years, United Fire Group's net income has ranged from -$112.71 million in 2020 to $118.19 million in 2025, and is currently $118.19 million as of their latest financial filing in 2025. See where experts think United Fire Group is headed by visiting United Fire Group's forecast page.

United Fire Group's total operating income in 2025 was $163.03 million, based on the following breakdown:

Total Gross Profit: $1.39 billion
Total Operating Expenses: $1.23 billion

Over the last 10 years, United Fire Group's total revenue changed from $899.27 million in 2015 to $1.39 billion in 2025, a change of 54.6%.

United Fire Group's total liabilities were at $2.90 billion at the end of 2025, a 7.1% increase from 2024, and a 3.7% decrease since 2015.

In the past 10 years, United Fire Group's cash and equivalents has ranged from $64.45 million in 2018 to $200.95 million in 2024, and is currently $156.33 million as of their latest financial filing in 2025.

Over the last 10 years, United Fire Group's book value per share changed from 35.05 in 2015 to 36.89 in 2025, a change of 5.2%.

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Financial statements for NASDAQ:UFCS last updated on 8/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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United Fire Group (UFCS) Financials

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