Assured Guaranty (AGO) Financials

$76.93 -1.74 (-2.21%)

Closing price 05/22/2026 03:59 PM Eastern

Extended Trading

$76.88 -0.05 (-0.07%)

As of 05/22/2026 05:36 PM Eastern

Annual Income Statements for Assured Guaranty

This table shows Assured Guaranty'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	1,056	779	730	521	402	362	389	124	739	376	503
Consolidated Net Income / (Loss)	1,056	881	730	521	401	368	419	137	761	392	543
Net Income / (Loss) Continuing Operations	1,056	779	730	521	401	368	419	137	761	392	543
Total Pre-Tax Income	1,431	1,017	991	580	464	413	477	148	668	488	662
Total Operating Income	1,431	1,017	991	579	460	386	383	187	640	426	560
Total Gross Profit	1,783	1,382	1,351	937	870	912	1,068	707	1,211	898	1,054
Total Revenue	2,207	1,677	1,739	1,001	963	1,115	848	723	1,373	872	1,110
Operating Revenue	2,207	1,677	1,739	1,001	963	1,115	848	723	1,373	872	1,110
Total Cost of Revenue	424	295	388	64	93	203	-220	16	162	-26	56
Operating Cost of Revenue	424	295	388	64	93	203	-220	16	162	-26	56
Total Operating Expenses	352	365	360	358	410	526	685	520	571	472	494
Selling, General & Admin Expense	231	245	101	96	125	197	179	167	217	159	174
Amortization Expense	20	18	19	16	18	16	14	14	13	20	22
Other Operating Expenses / (Income)	101	102	240	246	267	313	492	339	341	293	298
Total Other Income / (Expense), net	0.00	-102	0.00	1.00	4.00	27	94	-39	28	62	102
Interest & Investment Income	-	-	0.00	1.00	4.00	27	94	-39	28	62	102
Income Tax Expense	375	136	261	59	63	45	58	11	-93	96	119
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	0.00	-1.00	6.00	30	13	22	16	40
Basic Earnings per Share	$7.12	$6.61	$6.05	$4.73	$4.04	$4.22	$5.29	$1.95	$12.54	$7.01	$10.39
Weighted Average Basic Shares Outstanding	135.93M	125.02M	115.33M	103.09M	92.58M	153.30M	66.06M	59.06M	55.46M	50.10M	44.95M
Diluted Earnings per Share	$7.08	$6.56	$5.96	$4.68	$4.00	$4.19	$5.23	$1.92	$12.30	$6.87	$10.26
Weighted Average Diluted Shares Outstanding	135.93M	125.02M	115.33M	103.09M	92.58M	153.30M	66.06M	59.06M	55.46M	50.10M	44.95M
Weighted Average Basic & Diluted Shares Outstanding	135.93M	125.02M	115.33M	103.09M	92.58M	153.30M	66.06M	59.06M	55.46M	50.10M	44.95M
Cash Dividends to Common per Share	$0.48	$0.52	$0.57	$0.64	$0.18	$0.20	$0.22	$1.00	$1.12	-	$0.34

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	157	376	109	78	171	18	176	103	105	119	88
Consolidated Net Income / (Loss)	159	379	113	81	176	22	185	106	114	138	85
Net Income / (Loss) Continuing Operations	159	379	113	81	176	24	185	106	114	138	85
Total Pre-Tax Income	202	202	144	94	220	30	229	133	135	165	65
Total Operating Income	184	199	120	89	202	15	161	130	115	139	82
Total Gross Profit	303	324	246	204	320	130	308	253	237	259	280
Total Revenue	403	327	245	202	269	156	308	281	207	277	280
Operating Revenue	403	327	245	202	269	156	204	281	207	277	278
Other Revenue	-	-	-	-	-	-	104	-	-	-	2.00
Total Cost of Revenue	100	3.00	-1.00	-2.00	-51	28	0.00	28	-30	18	0.00
Total Operating Expenses	119	125	126	115	118	114	147	123	122	120	198
Selling, General & Admin Expense	44	47	39	41	44	35	38	45	44	43	45
Amortization Expense	4.00	3.00	6.00	3.00	5.00	6.00	5.00	5.00	6.00	6.00	5.00
Other Operating Expenses / (Income)	71	75	81	71	69	72	104	73	72	71	148
Total Other Income / (Expense), net	18	3.00	24	5.00	18	15	68	3.00	20	26	-17
Interest Expense	-	-	-	-	-	-	22	-	-	-	22
Interest & Investment Income	18	3.00	24	5.00	18	15	53	3.00	20	26	31
Other Income / (Expense), net	-	-	-	-	-	-	37	-	-	-	-26
Income Tax Expense	43	-177	31	13	44	8.00	44	27	21	27	-20
Net Income / (Loss) Attributable to Noncontrolling Interest	2.00	3.00	4.00	3.00	5.00	4.00	9.00	3.00	9.00	19	-3.00
Basic Earnings per Share	$2.65	$6.43	$1.94	$1.43	$3.23	$0.41	$3.49	$2.10	$2.20	$2.60	$1.94
Weighted Average Basic Shares Outstanding	57.26M	55.46M	54.44M	52.64M	50.90M	50.10M	49.09M	47.62M	46.11M	44.95M	44.28M
Diluted Earnings per Share	$2.60	$6.30	$1.89	$1.41	$3.17	$0.40	$3.44	$2.08	$2.18	$2.56	$1.91
Weighted Average Diluted Shares Outstanding	57.26M	55.46M	54.44M	52.64M	50.90M	50.10M	49.09M	47.62M	46.11M	44.95M	44.28M
Weighted Average Basic & Diluted Shares Outstanding	57.26M	55.46M	54.44M	52.64M	50.90M	50.10M	49.09M	47.62M	46.11M	44.95M	44.28M
Cash Dividends to Common per Share	$0.28	-	$0.31	$0.31	$0.31	-	$0.34	$0.34	$0.34	-	$0.38

This table details how cash moves in and out of Assured Guaranty'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	72	-39	17	-40	79	115	44	-135	79	-158	291
Net Cash From Operating Activities	-71	-132	433	462	-509	-853	-1,937	-2,479	461	47	259
Net Cash From Continuing Operating Activities	-71	-132	433	462	-509	-853	-1,937	-2,479	461	47	259
Net Income / (Loss) Continuing Operations	1,056	881	730	521	401	368	419	137	761	392	543
Consolidated Net Income / (Loss)	1,056	881	730	521	401	368	419	137	761	392	543
Amortization Expense	-25	-34	-46	31	-35	-	0.00	5.00	-37	-23	-62
Non-Cash Adjustments To Reconcile Net Income	-632	-947	-333	-254	-913	-1,133	-2,328	-2,607	115	-276	-97
Changes in Operating Assets and Liabilities, net	-470	-32	82	162	38	-88	-28	-14	-378	-46	-125
Net Cash From Investing Activities	994	1,076	345	297	1,169	788	23	1,740	286	780	641
Net Cash From Continuing Investing Activities	994	1,076	345	297	1,169	788	23	1,740	286	780	641
Purchase of Investments	-1,680	-1,836	-2,807	-2,208	-1,102	-1,484	-1,315	-459	-754	-1,474	-1,744
Sale of Property, Plant & Equipment	-	-	-	-	-	-	-	36	29	41	44
Sale and/or Maturity of Investments	3,005	2,727	2,938	2,410	2,317	2,188	1,282	2,082	839	2,198	2,260
Other Investing Activities, net	469	620	119	95	99	84	56	81	172	15	81
Net Cash From Financing Activities	-847	-978	-766	-795	-584	183	1,960	612	-670	-983	-616
Net Cash From Continuing Financing Activities	-847	-978	-766	-795	-584	183	1,960	612	-665	-983	-616
Repayment of Debt	-4.00	-2.00	-38	-108	-325	-242	-2,955	-1,163	-495	2.00	2.00
Repurchase of Common Equity	-562	-308	-501	-500	-500	-446	-496	-500	-199	-502	-500
Payment of Dividends	-72	-69	-70	-71	-78	-112	-78	-90	-147	-78	-68
Other Financing Activities, net	-209	-599	-157	-116	-163	11	-14	-39	-169	-405	-50
Effect of Exchange Rate Changes	-4.00	-5.00	5.00	-4.00	3.00	-3.00	-2.00	-8.00	2.00	-2.00	7.00

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	111	429	-74	-103	65	-46	-36	60	-213	480	-274
Net Cash From Operating Activities	-178	203	-74	58	17	46	87	78	55	39	190
Net Cash From Continuing Operating Activities	-	461	0.00	-	-	47	0.00	-	-	259	0.00
Net Income / (Loss) Continuing Operations	-	761	0.00	-	-	392	0.00	-	-	543	0.00
Net Cash From Investing Activities	311	103	253	87	204	236	134	217	-73	363	-60
Net Cash From Continuing Investing Activities	311	103	253	87	204	236	134	217	-73	363	-60
Acquisitions	-	-	-	-	-	-	0.00	-	-	-	-145
Purchase of Investments	-284	-152	-377	-302	-393	-402	-359	-471	-494	-420	-313
Sale of Property, Plant & Equipment	5.00	13	17	16	2.00	6.00	10	13	16	5.00	43
Sale and/or Maturity of Investments	530	143	608	368	591	631	482	673	401	704	391
Other Investing Activities, net	74	85	5.00	5.00	4.00	1.00	1.00	2.00	4.00	74	-36
Net Cash From Financing Activities	-200	-137	-327	-173	-159	-324	-170	-157	-140	-149	-214
Net Cash From Continuing Financing Activities	-200	-137	-327	-173	-159	-324	-170	-157	-140	-149	-214
Repayment of Debt	-314	349	1.00	-	30	-	1.00	1.00	-	-	0.00
Repurchase of Common Equity	-64	-109	-129	-152	-131	-90	-120	-131	-118	-131	-75
Payment of Dividends	-24	-16	-22	-17	-23	-16	-19	-17	-17	-15	-116
Other Financing Activities, net	-143	-12	-177	-4.00	-35	-218	-32	-10	-5.00	-3.00	-23

This table presents Assured Guaranty'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	14,544	14,151	14,433	13,603	14,326	15,334	18,208	16,843	12,539	11,901	12,176
Total Current Assets	11,922	720	11,733	104	169	11,158	2,717	9,637	9,851	3,040	9,356
Cash & Equivalents	166	118	144	104	169	162	120	107	97	121	388
Short-Term Investments	11,023	590	10,674	-	-	9,624	1,225	8,232	8,286	1,368	7,396
Other Current Assets	693	-	915	-	-	1,372	1,372	1,298	1,468	1,551	1,572
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	2,622	13,431	2,581	13,499	14,157	4,176	15,491	7,206	2,688	8,861	2,820
Long-Term Investments	169	10,395	721	10,873	10,240	214	8,383	133	829	7,295	1,091
Other Noncurrent Operating Assets	2,177	1,963	1,860	2,602	3,701	3,759	6,933	6,910	1,859	1,566	1,729
Total Liabilities & Shareholders' Equity	14,544	14,151	14,433	13,603	14,326	15,334	18,208	16,843	12,539	11,901	12,176
Total Liabilities	8,481	7,647	7,594	7,048	7,674	8,629	11,708	11,551	6,774	6,348	6,387
Total Current Liabilities	0.00	0.00	0.00	4,689	4,786	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Liabilities	8,481	7,647	7,594	2,359	2,895	8,629	11,708	11,551	6,774	6,348	6,387
Long-Term Debt	1,300	1,306	1,292	1,233	1,235	1,224	1,673	1,675	1,694	1,699	1,704
Other Noncurrent Operating Liabilities	7,181	6,341	6,302	1,126	1,660	7,405	10,035	9,876	5,080	4,649	4,683
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6,063	6,504	6,839	6,555	6,645	6,684	6,478	5,292	5,765	5,553	5,789
Total Preferred & Common Equity	6,063	6,504	6,839	6,555	6,639	6,643	6,292	5,064	5,713	5,495	5,663
Total Common Equity	6,063	6,504	6,839	6,555	6,639	6,643	6,292	5,064	5,713	5,495	5,663
Common Stock	1,343	1,061	574	87	1.00	1.00	1.00	1.00	1.00	1.00	0.00
Retained Earnings	4,478	5,289	5,892	6,374	6,295	6,143	5,990	5,577	6,070	5,878	5,830
Accumulated Other Comprehensive Income / (Loss)	237	149	372	93	342	498	300	-515	-359	-385	-168
Other Equity Adjustments	5.00	5.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Noncontrolling Interest	-	-	-	0.00	6.00	41	186	228	52	58	126

This table presents Assured Guaranty'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	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	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
Total Assets	16,660	16,778	16,852	11,944	12,168	12,088	12,291	11,938	12,095	12,101	12,635
Total Current Assets	8,088	10,133	10,230	9,527	9,577	9,508	9,594	9,455	9,506	9,486	9,625
Cash & Equivalents	131	118	114	108	115	92	147	177	301	157	312
Short-Term Investments	7,957	8,442	8,478	8,043	8,012	7,944	7,934	7,710	7,574	7,746	7,770
Other Current Assets	-	1,346	1,417	1,376	1,450	1,472	1,513	1,568	1,631	1,583	1,543
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	8,572	6,645	6,622	2,417	2,591	2,580	2,697	2,483	2,589	2,615	3,010
Long-Term Investments	523	140	146	765	875	882	912	960	995	1,012	1,136
Other Noncurrent Operating Assets	7,883	6,499	6,470	1,646	1,716	1,698	1,785	1,523	1,594	1,603	1,874
Total Liabilities & Shareholders' Equity	16,660	16,778	16,852	11,944	12,168	12,088	12,291	11,938	12,095	12,101	12,635
Total Liabilities	11,486	11,363	11,397	6,643	6,486	6,493	6,509	6,281	6,366	6,364	7,071
Total Current Liabilities	4,478	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Liabilities	7,008	11,363	11,397	6,643	6,486	6,493	6,509	6,281	6,366	6,364	7,071
Long-Term Debt	1,675	1,676	1,677	1,693	1,695	1,696	1,698	1,700	1,701	1,702	1,705
Other Noncurrent Operating Liabilities	5,333	9,636	9,670	4,950	4,791	4,797	4,811	4,581	4,665	4,662	5,366
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,153	5,415	5,455	5,301	5,682	5,595	5,782	5,657	5,729	5,737	5,564
Total Preferred & Common Equity	4,929	5,220	5,276	5,252	5,629	5,539	5,728	5,590	5,633	5,658	5,542
Total Common Equity	4,929	5,220	5,276	5,252	5,629	5,539	5,728	5,590	5,633	5,658	5,542
Common Stock	1.00	1.00	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.00
Retained Earnings	5,579	5,638	5,732	5,815	6,014	5,929	5,957	5,903	5,859	5,836	5,821
Accumulated Other Comprehensive Income / (Loss)	-652	-420	-458	-565	-387	-392	-231	-314	-227	-179	-280
Other Equity Adjustments	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Noncontrolling Interest	224	195	179	49	53	56	54	67	96	79	22

This table displays calculated financial ratios and metrics derived from Assured Guaranty'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	-	-	-	-	-	-	-	-	-	-	46,109,095.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	46,109,095.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	10.91
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.68%	-24.01%	3.70%	-42.44%	-3.80%	15.78%	-23.95%	-14.74%	89.90%	-36.49%	27.29%
EBITDA Growth	-7.19%	-30.09%	-3.87%	-35.45%	-30.33%	-5.41%	-1.24%	-51.64%	214.06%	-33.17%	23.57%
EBIT Growth	-6.53%	-28.93%	-2.56%	-41.57%	-20.55%	-16.09%	-0.78%	-51.17%	242.25%	-33.44%	31.46%
NOPAT Growth	-2.94%	-16.57%	-17.14%	-18.46%	-23.56%	-13.48%	-2.18%	-48.55%	321.20%	-53.07%	34.23%
Net Income Growth	-2.94%	-16.57%	-17.14%	-28.63%	-23.03%	-8.23%	13.86%	-67.30%	455.47%	-48.49%	38.52%
EPS Growth	13.10%	-7.34%	-9.15%	-21.48%	-14.53%	4.75%	24.82%	-63.29%	540.63%	-44.15%	49.35%
Operating Cash Flow Growth	-112.31%	-85.92%	428.03%	6.70%	-210.17%	-67.58%	-127.08%	-27.98%	118.60%	-89.80%	451.06%
Free Cash Flow Firm Growth	42.51%	-72.33%	438.55%	-81.11%	-244.13%	56.54%	-57.44%	168.55%	693.74%	-87.60%	155.23%
Invested Capital Growth	9.29%	17.57%	-7.11%	9.58%	20.70%	18.11%	24.92%	3.22%	-16.48%	12.61%	9.79%
Revenue Q/Q Growth	-6.20%	-15.39%	-9.80%	-6.36%	9.43%	8.04%	-12.03%	4.18%	2.62%	-16.40%	12.23%
EBITDA Q/Q Growth	-13.80%	-27.08%	-15.93%	-6.59%	-3.41%	3.34%	62.70%	-51.88%	7.49%	-35.73%	8.73%
EBIT Q/Q Growth	-10.73%	-23.53%	-10.40%	-8.82%	8.75%	3.49%	67.25%	-51.30%	16.79%	-30.16%	28.44%
NOPAT Q/Q Growth	-8.89%	-20.84%	-16.57%	7.24%	13.68%	-2.08%	63.86%	-49.04%	62.01%	-50.57%	30.02%
Net Income Q/Q Growth	-8.89%	-20.84%	-16.57%	14.85%	13.60%	3.66%	46.50%	-59.35%	64.01%	-47.66%	27.17%
EPS Q/Q Growth	-1.26%	-18.81%	-13.50%	8.08%	15.27%	6.89%	58.01%	-52.00%	64.00%	-46.20%	26.67%
Operating Cash Flow Q/Q Growth	-137.17%	40.27%	5.35%	14.39%	-99.61%	-5.57%	2.22%	-24.39%	223.59%	-76.96%	-2.63%
Free Cash Flow Firm Q/Q Growth	13.71%	-58.18%	25.36%	151.74%	-146.89%	79.55%	-234.46%	-72.68%	60.17%	-57.21%	-2.19%
Invested Capital Q/Q Growth	6.75%	8.50%	-0.97%	5.25%	10.29%	-8.43%	5.81%	14.59%	8.79%	-1.26%	6.37%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	80.79%	82.41%	77.69%	187.21%	90.34%	81.79%	125.94%	97.79%	88.20%	102.98%	94.96%
EBITDA Margin	63.71%	58.62%	54.34%	128.76%	44.13%	36.05%	46.82%	26.56%	43.92%	46.22%	44.86%
Operating Margin	64.84%	60.64%	56.99%	126.24%	47.77%	34.62%	45.17%	25.86%	46.61%	48.85%	50.45%
EBIT Margin	64.84%	60.64%	56.99%	57.84%	47.77%	34.62%	45.17%	25.86%	46.61%	48.85%	50.45%
Profit (Net Income) Margin	47.85%	52.53%	41.98%	52.05%	41.64%	33.00%	49.41%	18.95%	55.43%	44.95%	48.92%
Tax Burden Percent	73.79%	86.63%	73.66%	0.00%	86.42%	89.10%	87.84%	92.57%	113.92%	80.33%	82.02%
Interest Burden Percent	100.00%	100.00%	100.00%	0.00%	100.87%	106.99%	124.54%	79.14%	104.38%	114.55%	118.21%
Effective Tax Rate	26.21%	13.37%	26.34%	0.00%	13.58%	10.90%	12.16%	7.43%	-13.92%	19.67%	17.98%
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)	17.87%	14.02%	10.94%	15.56%	6.08%	5.51%	6.35%	2.32%	13.77%	6.93%	9.58%
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)	9.71%	7.09%	6.93%	4.13%	3.29%	2.60%	2.28%	1.07%	4.36%	3.49%	4.65%
Return on Assets (ROA)	7.17%	6.14%	5.11%	3.72%	2.87%	2.48%	2.50%	0.78%	5.18%	3.21%	4.51%
Return on Common Equity (ROCE)	17.87%	14.02%	10.94%	15.56%	6.07%	5.49%	6.22%	2.24%	13.42%	6.86%	9.42%
Return on Equity Simple (ROE_SIMPLE)	17.42%	13.55%	10.67%	7.95%	6.04%	5.54%	6.66%	2.71%	13.32%	7.13%	0.00%
Net Operating Profit after Tax (NOPAT)	1,056	881	730	520	398	344	336	173	729	342	459
NOPAT Margin	47.85%	52.53%	41.98%	51.96%	41.28%	30.85%	39.67%	23.94%	53.10%	39.24%	41.38%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.01%	0.04%	0.27%	0.98%	-0.49%	0.45%	0.68%	1.17%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	2.48%	9.77%	4.72%	6.13%
Cost of Revenue to Revenue	19.21%	17.59%	22.31%	6.39%	9.66%	18.21%	-25.94%	2.21%	11.80%	-2.98%	5.05%
SG&A Expenses to Revenue	10.47%	14.61%	5.81%	19.18%	12.98%	17.67%	21.11%	23.10%	15.80%	18.23%	15.68%
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	15.95%	21.77%	20.70%	77.92%	42.58%	47.17%	80.78%	71.92%	41.59%	54.13%	44.50%
Earnings before Interest and Taxes (EBIT)	1,431	1,017	991	579	460	386	383	187	640	426	560
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,406	983	945	610	425	402	397	192	603	403	498
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.52	0.66	0.51	0.55	0.64	0.36	0.53	0.71	0.74	0.83	0.73
Price to Tangible Book Value (P/TBV)	0.52	0.66	0.51	0.55	0.66	0.37	0.55	0.74	0.74	0.83	0.73
Price to Revenue (P/Rev)	1.44	2.55	2.01	3.62	4.42	2.14	3.94	4.99	3.07	5.25	3.73
Price to Earnings (P/E)	3.01	5.49	4.80	6.95	10.59	6.58	8.59	29.11	5.71	12.19	8.24
Dividend Yield	2.13%	1.59%	1.91%	3.73%	1.61%	2.71%	1.84%	1.66%	1.52%	1.38%	1.51%
Earnings Yield	33.19%	18.22%	20.84%	14.38%	9.45%	15.20%	11.64%	3.43%	17.51%	8.21%	12.14%
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	0.21	0.20	0.19	0.00	0.19	0.18	0.26	0.32	0.29	0.31	0.29
Long-Term Debt to Equity	0.21	0.20	0.19	0.00	0.19	0.18	0.26	0.32	0.29	0.31	0.29
Financial Leverage	-1.71	-1.58	-1.51	-2.99	-1.43	-1.34	-1.27	-1.26	-1.29	-1.29	-1.26
Leverage Ratio	2.49	2.28	2.14	4.20	2.12	2.22	2.54	2.97	2.66	2.16	2.12
Compound Leverage Factor	2.49	2.28	2.14	0.00	2.13	2.38	3.16	2.35	2.77	2.47	2.51
Debt to Total Capital	17.66%	16.72%	15.89%	0.00%	15.67%	15.44%	20.47%	24.04%	22.71%	23.43%	22.74%
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	17.66%	16.72%	15.89%	0.00%	15.67%	15.44%	20.47%	24.04%	22.71%	23.43%	22.74%
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%	0.08%	0.78%	2.55%	3.27%	0.70%	0.80%	1.68%
Common Equity to Total Capital	82.34%	83.28%	84.11%	0.00%	84.25%	83.78%	76.99%	72.69%	76.59%	75.77%	75.58%
Debt to EBITDA	0.92	1.33	1.37	2.02	2.91	3.04	4.21	8.72	2.81	4.22	3.42
Net Debt to EBITDA	-7.15	-9.97	-10.84	-15.97	-21.59	-21.83	-20.29	-35.40	-12.47	-17.58	-14.40
Long-Term Debt to EBITDA	0.92	1.33	1.37	11.81	2.91	3.04	4.21	8.72	2.81	4.22	3.42
Debt to NOPAT	1.23	1.48	1.77	2.37	3.11	3.56	4.97	9.68	2.32	4.97	3.71
Net Debt to NOPAT	-9.52	-11.12	-14.04	-18.73	-23.08	-25.52	-23.94	-39.27	-10.31	-20.70	-15.61
Long-Term Debt to NOPAT	1.23	1.48	1.77	2.37	3.11	3.56	4.97	9.68	2.32	4.97	3.71
Altman Z-Score	2.12	1.28	2.17	0.77	0.73	1.76	0.93	1.42	2.27	1.62	1.60
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.05%	0.51%	2.04%	3.70%	2.53%	0.97%	1.62%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.00	0.00	0.04	0.00	0.00	0.00	0.00	0.00	0.00
Quick Ratio	0.00	0.00	0.00	0.00	0.04	0.00	0.00	0.00	0.00	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	647	179	964	182	-262	-114	-180	123	977	121	309
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%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.15	0.12	0.12	0.15	0.07	0.08	0.05	0.04	0.09	0.07	0.09
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	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
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	-3,995	-3,293	-3,527	-3,189	-2,529	-2,071	-1,555	-1,505	-1,753	-1,532	-1,382
Invested Capital Turnover	-0.53	-0.46	-0.51	-0.60	-0.34	-0.48	-0.47	-0.47	-0.84	-0.53	-0.76
Increase / (Decrease) in Invested Capital	409	702	-234	338	660	458	516	50	-248	221	150
Enterprise Value (EV)	-6,876	-5,522	-6,744	-6,121	-4,912	-6,333	-4,505	-2,959	-3,245	-2,445	-2,901
Market Capitalization	3,182	4,275	3,503	3,623	4,256	2,381	3,342	3,610	4,221	4,582	4,144
Book Value per Share	$42.90	$49.89	$58.23	$62.03	$69.60	$82.21	$90.08	$84.41	$99.78	$107.96	$122.82
Tangible Book Value per Share	$42.90	$49.89	$58.23	$61.81	$67.33	$79.70	$87.57	$81.69	$99.78	$107.96	$122.82
Total Capital	7,363	7,810	8,131	7,788	7,880	7,929	8,173	6,967	7,459	7,252	7,493
Total Debt	1,300	1,306	1,292	1,233	1,235	1,224	1,673	1,675	1,694	1,699	1,704
Total Long-Term Debt	1,300	1,306	1,292	1,233	1,235	1,224	1,673	1,675	1,694	1,699	1,704
Net Debt	-10,058	-9,797	-10,247	-9,744	-9,174	-8,776	-8,055	-6,797	-7,518	-7,085	-7,171
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-36	-29	-41	-44
Debt-free, Cash-free Net Working Capital (DFCFNWC)	733	12	915	-4,689	-4,786	1,372	1,372	1,298	1,468	1,551	1,572
Debt-free Net Working Capital (DFNWC)	11,922	720	11,733	-4,585	-4,617	11,158	2,717	9,637	9,851	3,040	2,987
Net Working Capital (NWC)	11,922	720	11,733	-4,585	-4,617	11,158	2,717	9,637	9,851	3,040	2,987
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	-0.90	-3.46	-24	-83	36	-32	-50	-84
Net Nonoperating Obligations (NNO)	-10,058	-9,797	-10,366	-9,744	-9,174	-8,776	-8,055	-6,797	-7,518	-7,085	-7,171
Total Depreciation and Amortization (D&A)	-25	-34	-46	31	-35	16	14	5.00	-37	-23	-62
Debt-free, Cash-free Net Working Capital to Revenue	33.21%	0.72%	52.62%	-468.43%	-496.99%	123.05%	161.79%	179.53%	106.92%	177.87%	141.62%
Debt-free Net Working Capital to Revenue	540.19%	42.93%	674.70%	-899.76%	-479.44%	1,000.72%	320.40%	1,332.92%	717.48%	348.62%	269.10%
Net Working Capital to Revenue	540.19%	42.93%	674.70%	-899.76%	-479.44%	1,000.72%	320.40%	1,332.92%	717.48%	348.62%	269.10%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$7.12	$6.61	$6.05	$4.73	$4.04	$4.22	$5.29	$1.95	$12.54	$7.01	$10.39
Adjusted Weighted Average Basic Shares Outstanding	135.93M	125.02M	115.33M	103.09M	92.58M	153.30M	66.06M	59.06M	55.46M	50.10M	44.95M
Adjusted Diluted Earnings per Share	$7.08	$6.56	$5.96	$4.68	$4.00	$4.19	$5.23	$1.92	$12.30	$6.87	$10.26
Adjusted Weighted Average Diluted Shares Outstanding	135.93M	125.02M	115.33M	103.09M	92.58M	153.30M	66.06M	59.06M	55.46M	50.10M	44.95M
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	135.93M	125.02M	115.33M	103.09M	92.58M	153.30M	66.06M	59.06M	55.46M	50.10M	44.95M
Normalized Net Operating Profit after Tax (NOPAT)	1,056	881	730	520	398	344	336	173	448	342	459
Normalized NOPAT Margin	47.85%	52.53%	41.98%	51.96%	41.28%	30.85%	39.67%	23.94%	32.63%	39.24%	41.38%
Pre Tax Income Margin	64.84%	60.64%	56.99%	115.88%	48.18%	37.04%	56.25%	20.47%	48.65%	55.96%	59.64%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	6.82%	7.83%	9.59%	13.63%	19.45%	30.43%	18.62%	65.69%	19.32%	19.90%	12.52%
Augmented Payout Ratio	60.04%	42.79%	78.22%	109.60%	144.14%	151.63%	136.99%	430.66%	45.47%	147.96%	104.60%

This table displays calculated financial ratios and metrics derived from Assured Guaranty's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	46,109,095.00	44,948,769.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	46,109,095.00	44,948,769.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	2.58	1.96
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	882.93%	11.99%	-13.43%	-43.89%	-33.25%	-52.29%	40.82%	39.11%	-23.05%	77.56%	-9.09%
EBITDA Growth	9,300.00%	83.64%	4.13%	-35.21%	10.11%	-89.60%	43.65%	46.74%	-41.55%	590.48%	-69.95%
EBIT Growth	9,300.00%	85.98%	1.69%	-35.97%	9.78%	-92.46%	46.67%	46.07%	-43.07%	826.67%	-71.72%
NOPAT Growth	10,445.12%	321.29%	-1.28%	-36.94%	11.58%	-97.05%	50.99%	35.10%	-39.91%	956.86%	-17.56%
Net Income Growth	3,080.00%	362.20%	16.49%	-35.71%	10.69%	-94.20%	63.72%	30.86%	-35.23%	527.27%	-54.05%
EPS Growth	1,344.44%	320.00%	41.04%	-31.55%	21.92%	-93.65%	82.01%	47.52%	-31.23%	540.00%	-44.48%
Operating Cash Flow Growth	-229.63%	132.17%	-123.72%	-53.23%	109.55%	-77.34%	217.57%	34.48%	223.53%	-15.22%	118.39%
Free Cash Flow Firm Growth	178.13%	1,508.68%	-117.17%	-114.47%	-181.16%	-133.80%	110.91%	-13.75%	124.30%	83.93%	11,574.94%
Invested Capital Growth	-9.08%	-16.48%	8.96%	8.44%	21.28%	12.61%	8.31%	11.49%	2.45%	9.79%	-30.81%
Revenue Q/Q Growth	11.94%	-18.86%	-25.08%	-17.55%	33.17%	-42.01%	121.15%	-18.55%	-26.33%	33.82%	1.08%
EBITDA Q/Q Growth	32.39%	7.45%	-37.62%	-26.98%	125.00%	-89.86%	761.90%	-25.41%	-10.37%	19.83%	-57.93%
EBIT Q/Q Growth	32.37%	8.15%	-39.70%	-25.83%	126.97%	-92.57%	1,073.33%	-26.14%	-11.54%	20.87%	-59.71%
NOPAT Q/Q Growth	19.08%	157.80%	-74.78%	-18.56%	110.71%	-93.19%	1,192.58%	-27.13%	-6.27%	19.71%	-7.76%
Net Income Q/Q Growth	26.19%	138.36%	-70.18%	-28.32%	117.28%	-87.50%	740.91%	-42.70%	7.55%	21.05%	-38.41%
EPS Q/Q Growth	26.21%	142.31%	-70.00%	-25.40%	124.82%	-87.38%	760.00%	-39.53%	4.81%	17.43%	-25.39%
Operating Cash Flow Q/Q Growth	-243.55%	214.04%	-136.45%	178.38%	-70.69%	170.59%	89.13%	-10.34%	-29.49%	-29.09%	387.18%
Free Cash Flow Firm Q/Q Growth	-39.83%	103.84%	-110.59%	-11.35%	-237.48%	15.12%	103.42%	-1,260.88%	172.08%	-156.14%	1,777.95%
Invested Capital Q/Q Growth	-8.16%	8.79%	7.30%	-0.12%	7.01%	-1.26%	2.74%	3.36%	-2.50%	6.37%	-41.03%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	75.19%	99.08%	100.41%	100.00%	118.96%	83.33%	88.41%	90.04%	114.49%	93.50%	100.00%
EBITDA Margin	46.65%	61.77%	51.43%	45.54%	76.95%	13.46%	52.46%	48.04%	58.45%	52.35%	21.79%
Operating Margin	45.66%	60.86%	48.98%	44.06%	75.09%	9.62%	51.01%	46.26%	55.56%	50.18%	29.29%
EBIT Margin	45.66%	60.86%	48.98%	44.06%	75.09%	9.62%	51.01%	46.26%	55.56%	50.18%	20.00%
Profit (Net Income) Margin	39.45%	115.90%	46.12%	40.10%	65.43%	14.10%	53.62%	37.72%	55.07%	49.82%	30.36%
Tax Burden Percent	78.71%	187.62%	78.47%	86.17%	80.00%	73.33%	80.79%	79.70%	84.44%	83.64%	130.77%
Interest Burden Percent	109.78%	101.51%	120.00%	105.62%	108.91%	200.00%	130.11%	102.31%	117.39%	118.71%	116.07%
Effective Tax Rate	21.29%	-87.62%	21.53%	13.83%	20.00%	26.67%	19.21%	20.30%	15.56%	16.36%	-30.77%
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)	8.86%	13.77%	14.00%	13.25%	13.52%	6.93%	8.18%	8.64%	7.41%	9.58%	7.90%
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)	4.27%	5.69%	4.52%	3.58%	6.46%	0.69%	4.11%	4.02%	4.51%	4.63%	1.76%
Return on Assets (ROA)	3.69%	10.83%	4.25%	3.26%	5.63%	1.01%	4.32%	3.28%	4.47%	4.59%	2.67%
Return on Common Equity (ROCE)	8.61%	13.42%	13.69%	12.97%	13.39%	6.86%	8.10%	8.52%	7.33%	9.42%	7.83%
Return on Equity Simple (ROE_SIMPLE)	8.83%	0.00%	13.80%	13.22%	13.08%	0.00%	8.30%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	145	373	94	77	162	11	142	104	97	116	107
NOPAT Margin	35.94%	114.18%	38.44%	37.97%	60.07%	7.05%	41.21%	36.87%	46.91%	41.97%	38.30%
Net Nonoperating Expense Percent (NNEP)	0.20%	0.08%	0.26%	0.06%	0.20%	0.15%	0.59%	0.03%	0.23%	0.31%	-0.30%
Return On Investment Capital (ROIC_SIMPLE)	-	5.01%	-	-	-	0.15%	1.93%	1.39%	1.31%	1.55%	1.48%
Cost of Revenue to Revenue	24.81%	0.92%	-0.41%	-0.99%	-18.96%	17.95%	11.59%	9.96%	-14.49%	6.50%	0.00%
SG&A Expenses to Revenue	10.92%	14.37%	15.92%	20.30%	16.36%	22.44%	12.17%	16.01%	21.26%	15.52%	16.07%
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	29.53%	38.23%	51.02%	56.93%	43.87%	73.08%	37.39%	43.77%	58.94%	43.32%	70.71%
Earnings before Interest and Taxes (EBIT)	184	199	120	89	202	15	176	130	115	139	56
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	188	202	126	92	207	21	181	135	121	145	61
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.66	0.74	0.88	0.76	0.73	0.83	0.79	0.76	0.71	0.73	0.66
Price to Tangible Book Value (P/TBV)	0.67	0.74	0.88	0.76	0.73	0.83	0.79	0.76	0.71	0.73	0.66
Price to Revenue (P/Rev)	2.61	3.07	3.71	3.55	4.01	5.25	4.54	4.07	4.08	3.73	3.38
Price to Earnings (P/E)	7.64	5.71	6.46	5.81	5.70	12.19	9.96	9.14	10.03	8.24	8.83
Dividend Yield	1.83%	1.52%	1.33%	1.54%	1.52%	1.38%	1.44%	1.49%	1.57%	1.51%	1.72%
Earnings Yield	13.09%	17.51%	15.48%	17.21%	17.54%	8.21%	10.04%	10.95%	9.97%	12.14%	11.33%
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	0.32	0.29	0.30	0.30	0.29	0.31	0.30	0.30	0.30	0.29	0.31
Long-Term Debt to Equity	0.32	0.29	0.30	0.30	0.29	0.31	0.30	0.30	0.30	0.29	0.31
Financial Leverage	-1.35	-1.29	-1.31	-1.31	-1.31	-1.29	-1.27	-1.27	-1.26	-1.26	-1.31
Leverage Ratio	2.73	2.66	2.61	2.62	2.19	2.16	2.13	2.14	2.12	2.12	2.19
Compound Leverage Factor	3.00	2.70	3.13	2.77	2.38	4.32	2.77	2.18	2.49	2.52	2.54
Debt to Total Capital	24.21%	22.71%	22.98%	23.26%	22.70%	23.43%	23.11%	22.89%	22.88%	22.74%	23.46%
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	24.21%	22.71%	22.98%	23.26%	22.70%	23.43%	23.11%	22.89%	22.88%	22.74%	23.46%
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	0.70%	0.70%	0.72%	0.77%	0.72%	0.80%	0.91%	1.29%	1.06%	1.68%	0.30%
Common Equity to Total Capital	75.09%	76.59%	76.30%	75.97%	76.58%	75.77%	75.98%	75.81%	76.06%	75.58%	76.24%
Debt to EBITDA	3.02	2.81	2.58	2.79	2.71	4.22	3.39	3.13	3.72	3.42	3.39
Net Debt to EBITDA	-12.88	-12.47	-11.10	-11.88	-11.63	-17.58	-14.27	-13.18	-15.75	-14.40	-14.94
Long-Term Debt to EBITDA	3.02	2.81	2.58	2.79	2.71	4.22	3.39	3.13	3.72	3.42	3.39
Debt to NOPAT	3.76	2.32	2.35	2.51	2.45	4.97	4.36	4.07	4.82	3.71	3.98
Net Debt to NOPAT	-16.05	-10.31	-10.14	-10.70	-10.54	-20.70	-18.31	-17.16	-20.42	-15.61	-17.56
Long-Term Debt to NOPAT	3.76	2.32	2.35	2.51	2.45	4.97	4.36	4.07	4.82	3.71	3.98
Altman Z-Score	2.12	2.16	2.24	2.14	2.14	1.51	2.19	2.15	2.11	1.48	1.97
Noncontrolling Interest Sharing Ratio	2.81%	2.53%	2.23%	2.13%	0.93%	0.97%	1.06%	1.34%	1.15%	1.62%	0.79%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Quick Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	305	621	-66	-73	-247	-210	7.18	-83	60	-34	566
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%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	25.74
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	8.64
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	10.59
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.09	0.09	0.09	0.08	0.09	0.07	0.08	0.09	0.08	0.09	0.09
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	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
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	-1,922	-1,753	-1,625	-1,627	-1,513	-1,532	-1,490	-1,440	-1,476	-1,382	-1,949
Invested Capital Turnover	-0.73	-0.84	-0.78	-0.69	-0.61	-0.53	-0.62	-0.69	-0.66	-0.76	-0.63
Increase / (Decrease) in Invested Capital	-160	-248	160	150	409	221	135	187	37	150	-459
Enterprise Value (EV)	-3,682	-3,245	-2,298	-2,983	-3,055	-2,445	-2,666	-2,797	-3,103	-2,901	-3,829
Market Capitalization	3,492	4,221	4,956	4,183	4,186	4,582	4,414	4,276	4,031	4,144	3,662
Book Value per Share	$89.61	$99.78	$103.39	$101.74	$108.82	$107.96	$111.57	$114.75	$118.83	$122.82	$123.30
Tangible Book Value per Share	$89.51	$99.78	$103.39	$101.74	$108.82	$107.96	$111.57	$114.75	$118.83	$122.82	$123.30
Total Capital	6,994	7,459	7,377	7,291	7,480	7,252	7,357	7,430	7,439	7,493	7,269
Total Debt	1,693	1,694	1,695	1,696	1,698	1,699	1,700	1,701	1,702	1,704	1,705
Total Long-Term Debt	1,693	1,694	1,695	1,696	1,698	1,699	1,700	1,701	1,702	1,704	1,705
Net Debt	-7,223	-7,518	-7,307	-7,222	-7,295	-7,085	-7,147	-7,169	-7,213	-7,171	-7,513
Capital Expenditures (CapEx)	-5.00	-13	-17	-16	-2.00	-6.00	-10	-13	-16	-5.00	-43
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,376	1,468	1,450	1,472	1,513	1,551	1,568	1,631	1,583	1,572	1,543
Debt-free Net Working Capital (DFNWC)	9,527	9,851	9,577	9,508	9,594	3,040	9,455	9,506	9,486	2,987	9,625
Net Working Capital (NWC)	9,527	9,851	9,577	9,508	9,594	3,040	9,455	9,506	9,486	2,987	9,625
Net Nonoperating Expense (NNE)	-14	-5.63	-19	-4.31	-14	-11	-43	-2.39	-17	-22	22
Net Nonoperating Obligations (NNO)	-7,223	-7,518	-7,307	-7,222	-7,295	-7,085	-7,147	-7,169	-7,213	-7,171	-7,513
Total Depreciation and Amortization (D&A)	4.00	3.00	6.00	3.00	5.00	6.00	5.00	5.00	6.00	6.00	5.00
Debt-free, Cash-free Net Working Capital to Revenue	102.84%	106.92%	108.61%	125.06%	145.06%	177.87%	161.32%	155.19%	160.06%	141.62%	142.61%
Debt-free Net Working Capital to Revenue	712.03%	717.48%	717.38%	807.82%	919.85%	348.62%	972.74%	904.47%	959.15%	269.10%	889.56%
Net Working Capital to Revenue	712.03%	717.48%	717.38%	807.82%	919.85%	348.62%	972.74%	904.47%	959.15%	269.10%	889.56%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.65	$6.43	$1.94	$1.43	$3.23	$0.41	$3.49	$2.10	$2.20	$2.60	$1.94
Adjusted Weighted Average Basic Shares Outstanding	57.26M	55.46M	54.44M	52.64M	50.90M	50.10M	49.09M	47.62M	46.11M	44.95M	44.28M
Adjusted Diluted Earnings per Share	$2.60	$6.30	$1.89	$1.41	$3.17	$0.40	$3.44	$2.08	$2.18	$2.56	$1.91
Adjusted Weighted Average Diluted Shares Outstanding	57.26M	55.46M	54.44M	52.64M	50.90M	50.10M	49.09M	47.62M	46.11M	44.95M	44.28M
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	57.26M	55.46M	54.44M	52.64M	50.90M	50.10M	49.09M	47.62M	46.11M	44.95M	44.28M
Normalized Net Operating Profit after Tax (NOPAT)	145	139	94	77	162	11	142	104	97	116	57
Normalized NOPAT Margin	35.94%	42.60%	38.44%	37.97%	60.07%	7.05%	41.21%	36.87%	46.91%	41.97%	20.50%
Pre Tax Income Margin	50.12%	61.77%	58.78%	46.53%	81.78%	19.23%	66.38%	47.33%	65.22%	59.57%	23.21%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.55
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.87
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.50
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.83
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	32.97%	19.32%	10.42%	10.79%	10.41%	19.90%	16.16%	15.34%	16.16%	12.52%	37.25%
Augmented Payout Ratio	73.92%	45.47%	52.38%	72.81%	79.97%	147.96%	122.41%	111.86%	123.65%	104.60%	139.95%

Financials Breakdown Chart

Key Financial Trends

Assured Guaranty (AGO) shows a notable shift higher in quarterly earnings in 2025, driven by investment-related gains and strong cash generation. Over the four-year window, results have been choppier, but 2025 delivered several standout quarters, supported by a solid balance sheet and ongoing capital returns to shareholders through buybacks and steady dividends.

Very strong Q4 2025 profitability: Net income attributable to common shareholders of $119 million on revenue of $277 million, yielding a high margin for the quarter.
Strong 2025 quarterly earnings trend: Earnings per share in 2025 ranged meaningfully higher (approx. $3.44 in Q1, then about $2.08 (Q2), $2.18 (Q3), and $2.56 (Q4) in diluted terms), indicating sustained profitability across the year.
Investment income supports profits: In Q4 2025, Interest & Investment Income was $26 million and Total Other Income was $26 million, contributing to a robust pre-tax income of $165 million.
Solid year-end cash generation: Q4 2025 produced a net change in cash & equivalents of $480 million, with net cash from operating activities of $259 million and notable investing activity cash inflows, supporting liquidity into 2026.
Ongoing shareholder-friendly capital returns: AGO continued substantial share repurchases in 2025 (roughly $120M in Q1, $131M in Q2, $118M in Q3, $131M in Q4), contributing to per-share performance even as earnings are volatile.
Solid balance sheet with reasonable leverage: At mid-2025, Total Assets were about $12.1B, Total Equity around $5.74B, and Long-Term Debt about $1.70B, indicating a stable capital structure with moderate leverage.
Revenue mix remains volatile: Operating Revenue hovered in the mid-to-high hundreds of millions across quarters, but the large year-over-year earnings swings in 2025 suggest material contributions from non-operating/investment gains rather than purely underwriting results.
Dividends per share are steady: Cash dividends per share sit around $0.34, indicating a stable payout approach despite earnings fluctuations.
Leverage and liabilities remain within a reasonable range: Long-term debt around $1.7B in recent periods with total liabilities roughly $6.3B–$6.6B—typical for an asset-intensive insurer and manageable relative to equity.
Occasional near-term liquidity swings: While Q4 2025 showed a strong cash uptick, quarters like Q3 2025 posted a substantial negative net change in cash (about -$213 million) before the year-end rebound, highlighting near-term cash flow volatility.

05/24/26 01:55 AM ETAI Generated. May Contain Errors.

Assured Guaranty Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Assured Guaranty's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Assured Guaranty's net income appears to be on a downward trend, with a most recent value of $543 million in 2025, falling from $1.06 billion in 2015. The previous period was $392 million in 2024. See where experts think Assured Guaranty is headed by visiting Assured Guaranty's forecast page.

Assured Guaranty's total operating income in 2025 was $560 million, based on the following breakdown:

Total Gross Profit: $1.05 billion
Total Operating Expenses: $494 million

Over the last 10 years, Assured Guaranty's total revenue changed from $2.21 billion in 2015 to $1.11 billion in 2025, a change of -49.7%.

Assured Guaranty's total liabilities were at $6.39 billion at the end of 2025, a 0.6% increase from 2024, and a 24.7% decrease since 2015.

In the past 10 years, Assured Guaranty's cash and equivalents has ranged from $97 million in 2023 to $388 million in 2025, and is currently $388 million as of their latest financial filing in 2025.

Over the last 10 years, Assured Guaranty's book value per share changed from 42.90 in 2015 to 122.82 in 2025, a change of 186.3%.

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Financial statements for NYSE:AGO last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Assured Guaranty (AGO) Financials

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Assured Guaranty (AGO) Financials

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Assured Guaranty Financials - Frequently Asked Questions

When does Assured Guaranty's financial year end?

How has Assured Guaranty's net income changed over the last 10 years?

What is Assured Guaranty's operating income?

How has Assured Guaranty's revenue changed over the last 10 years?

How much debt does Assured Guaranty have?

How much cash does Assured Guaranty have?

How has Assured Guaranty's book value per share changed over the last 10 years?

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