Share count
38Mpeak FY2025
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TIPT, Tiptree Inc.
Insurance — Property & Casualty financial
Tiptree, our mission is to build long-term value by allocating capital to select small and middle market companies across industries.
Long term performance in insurance and financial services businesses is driven by disciplined underwriting.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$1.5B
+0.0% YoY · 13% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $0 −100.0% vs yr-ago qtr
Net income $14M yr-ago $6M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Underwriting discipline and the float. What decides it: whether the combined ratio stays below 100% so the policies make money on their own, how large the float is against equity, and what that float earns once it is invested. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Claims run 49% of premiums, with underwriting costs on top. Book value per share, the measure Berkshire is judged on, has compounded about 3% a year across the record. The float runs about 3.2× equity, the leverage that magnifies both the underwriting and the investing. Whether the discipline holds through a soft market, and how the float is invested, are what the 10-K decides.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $506M | $582M | $626M | $773M | $810M | $1.2B | $1.4B | $1.1B | $1.5B | $488K | $1.5B | RevenueRevenue |
| $229M | $372M | $428M | $499M | $478M | $686M | $905M | $1.1B | $1.5B | — | $1.5B | Premiums earnedPremiums |
| $25M | $4M | $24M | $18M | ($29M) | $38M | ($8M) | $14M | $53M | $35M | $14M | Net incomeNet inc. |
| 33% | — | — | 33% | — | 36% | — | — | — | — | — | Effective tax rateTax rate |
| Cash flow & returns | |||||||||||
| $37M | $47M | $58M | $24M | $140M | $204M | $463M | $71M | $241M | $168M | $183M | Operating cash flowOp. cash |
| $35M | $45M | $54M | $15M | $133M | $202M | $452M | $67M | $241M | $168M | $183M | Owner earningsOwner earn. |
| — | — | — | — | — | — | — | 43% | 49% | — | 49% | Loss ratioLoss |
| 9% | 1% | 6% | 5% | -8% | 10% | -2% | 3% | 12% | 7% | 3% | Return on equityROE |
| 8% | 0% | 5% | 3% | −10% | 9% | −4% | 2% | 8% | 5% | 1% | Retained to equityRetained/eq |
| Balance sheet | |||||||||||
| $86M | $96M | $118M | $133M | $197M | $320M | $565M | $842M | $1.3B | — | $1.6B | Float (reserves)Float |
| $2.9B | $2.0B | $1.9B | $2.2B | $3.0B | $3.6B | $4.0B | $5.1B | $5.7B | $6.8B | $7.0B | Total assetsAssets |
| $50M | $111M | $86M | $133M | $137M | $176M | $538M | $469M | $34M | $52M | $34M | Cash & investmentsCash+inv |
| $293M | $300M | $387M | $398M | $356M | $383M | $397M | $417M | $458M | $509M | $504M | Shareholders’ equityEquity |
| Per share | |||||||||||
| — | — | 34.7M | 34.6M | 33.9M | 33.7M | 35.5M | 36.7M | 36.9M | 37.6M | 37.8M | Shares out (diluted)Shares |
| — | — | $0.69 | $0.53 | $-0.86 | $1.13 | $-0.23 | $0.38 | $1.45 | $0.93 | $0.38 | EPS (diluted)EPS |
| — | — | $1.55 | $0.44 | $3.94 | $5.98 | $12.73 | $1.84 | $6.53 | $4.48 | $4.85 | Owner earnings / shareOE/sh |
| — | — | $0.14 | $0.16 | $0.16 | $0.16 | $0.22 | $0.20 | $0.50 | $0.24 | $0.24 | Dividends / shareDiv/sh |
| — | — | $11.15 | $11.51 | $10.52 | $11.37 | $11.18 | $11.36 | $12.41 | $13.54 | $13.34 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | −64.4%/yr (7-yr) | −77.8%/yr |
| Owner earnings / share | +16.3%/yr (7-yr) | +2.6%/yr |
| EPS | +4.4%/yr (7-yr) | — |
| Dividends / share | +8.4%/yr (7-yr) | +8.0%/yr |
| Book value / share | +2.8%/yr (7-yr) | +5.2%/yr |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$488Klow FY2025
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Is it a good business?
- Loss ratio 49%Claims share of premiumsClaims incurred $722M ÷ premiums earned $1.5B
What this means
Claims as a share of premiums (the expense side was not cleanly tagged, so we show the loss ratio alone rather than a full combined ratio). Lower is better; the rest of underwriting cost sits on top of this.
- Below the cost of equityNet income $35M ÷ equity $509MIndustry peers: median 18%
What this means
What it earns on shareholders' capital, the underwriting result plus what the float earns invested. Durably above the ~10% cost of equity is what compounds book value.
The float
- Float (reserves) $1.3B2.5× equityLoss and claim reserves $1.3B, 2.5× equity
What this means
Money held against future claims and invested in the meantime. Buffett's insight was that good underwriting makes this float cost less than nothing, a pool of other people's money the owners earn on. Measured here from loss and claim reserves only; it excludes unearned premiums and funds held, so the true float is somewhat larger than shown. The larger it is against equity, the more that leverage works, for better or worse.
- Not enough data
What this means
Net investment income wasn't found.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Framed as a capability
The filing positions AI as something the company uses, not something it fears.
“Our insurance subsidiaries use AI, machine learning and statistical models to assist their decision-making in key areas, such as underwriting, claims, reserving, and catastrophe risk, but actual results could differ materially from the model outputs and related analyses.”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$36M
- Cash & short-term investments$34M
- Receivables$110M
- Inventory$2M
Current liabilities$28M
- Accounts payable$2M
- Other current liabilities$26M
Current ratio1.30×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.22×stricter: inventory excluded
Cash ratio1.22×strictest: cash alone against what's due
Working capital$8Mthe cushion left after near-term bills
Revenue, latest quarter vs. a year ago−100.0%the freshest read on whether the business is still growing
Current ratio, recent quarters2.5× → 1.3×
Deeper floors
Tangible book value$203Mequity stripped of goodwill & intangibles
Net current asset value($6.2B)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$75M$10M of it operating leases
From the company's latest filing.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|---|
| 2022 | Barnes | $4.3M | $5.2M | $452M |
| 2022 | Ilany | $4.4M | $5.2M | $452M |
| 2023 | Barnes | $5.4M | $13.0M | $67M |
| 2023 | Ilany | $5.5M | $12.7M | $67M |
| 2024 | Barnes | $6.9M | $10.2M | $241M |
| 2024 | Ilany | $9.0M | $12.5M | $241M |
| 2025 | Barnes | $8.2M | $1.9M | $168M |
| 2025 | Ilany | $10.3M | $3.9M | $168M |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Stock-based compensation$11M
The slice of the business handed to employees in shares this year, 2324% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Insurance — Property & Casualty
The same industry, side by side on the underwriting lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Combined ratio | Loss ratio | ROE |
|---|---|---|---|---|
| RLIRLI Corp | $1.9B | 90% | 48% | 20% |
| KNSLKinsale Capital Group Inc. | $1.9B | — | 57% | 18% |
| UVEUNIVERSAL INSURANCE HOLDINGS INC | $1.6B | 104% | 73% | 18% |
| ROOTRoot Inc. | $1.5B | — | — | -62% |
| SKWDSkyward Specialty Insurance Group Inc. | $1.4B | 94% | — | 13% |
| SAFTSafety Insurance Group Inc. | $1.3B | 97% | 65% | 10% |
| SLDESlide Insurance Holdings Inc. | $1.2B | — | — | 40% |
| TIPTTiptree Inc. | $1.5B | — | 49% | 5% |
| Group median | — | — | 57% | 15% |
The price
What a price has to assume.
What the price implies
price / tangible bookAn insurer is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what Tiptree Inc.’s record justifies.
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The assumptions
Tangible book / share, delivered49%/yr’20→’25
The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). An insurer earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for an insurer.
Enter a price above to run it.
Price / tangible book—
Justified by the return—
Normalized return on tangible equity9%
Price / book—
Earnings yield—
P/E (3-yr avg ’23–’25)—
Graham’s price gate—
Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Tangible book $203M on 38M shares, a 9% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the insurer keeps earning that return; an underwriting cycle, a reserve shortfall or a bad year on the float changes it, which is what the record and the 10-K are for.
Cite: Owner Scorecard, "Tiptree Inc. (TIPT), the owner's record," https://ownerscorecard.com/c/TIPT, data as of 2026-07-09.
Manual order: ← TILE its page in the Manual TITN →
Industry order: ← THG the Insurance — Property & Casualty chapter TRV →