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Held by 360 of 6,047 reporting institutions (95th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 24 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| KNSL | $7.7B | 15.7× | — | 4.1× | 18.0% | — | 26.9% | 25.7% | 23.1% | — | 574 |
| THG | $7.7B | 12.2× | — | 1.2× | 5.7% | — | 10.0% | 18.5% | 13.8% | — | 521 |
| AXS | $7.1B | 7.9× | — | 1.1× | 10.2% | — | 15.4% | 15.9% | 15.9% | — | — |
| FAF | $6.4B | 10.5× | — | 0.9× | 21.6% | — | 8.3% | 11.3% | 11.3% | — | 453 |
| MTG | $5.7B | 8.9× | — | 4.7× | 0.5% | — | 60.8% | 14.3% | 14.3% | — | 492 |
| ESNT | $5.7B | 9.2× | — | 4.5× | 1.5% | — | 54.7% | 12.0% | 12.0% | — | 347 |
| MCY | $5.7B | 10.5× | — | 0.9× | 9.4% | 99.7% | 9.0% | 22.4% | 18.1% | — | 341 |
| PFH | $5.2B | 1.5× | — | 0.1× | -13.7% | — | 5.9% | 11.0% | 6.8% | — | — |
| RLI | $5.2B | 12.9× | — | 2.7× | 6.3% | — | 21.4% | 22.7% | 21.5% | — | 403 |
| SIGI | $5.1B | 11.4× | — | 0.9× | 9.8% | — | 8.7% | 12.9% | 12.9% | — | 353 |
| CNO | $5.0B | 23.3× | 5.7× | 1.1× | 0.9% | — | 5.1% | 8.7% | 8.7% | 0.0× | — |
| WTM | $4.9B | 4.8× | — | 1.3× | 66.8% | 95.9% | 29.6% | 20.4% | 17.7% | — | 337 |
| RDN | $4.5B | 8.3× | — | 3.8× | -0.8% | — | 48.7% | 12.2% | 9.9% | — | 374 |
| GNW | $3.7B | 18.0× | — | 0.5× | 0.1% | — | 3.1% | 2.5% | 2.2% | — | 359 |
| HG | $3.5B | 6.3× | — | 1.2× | 24.7% | — | 28.9% | 29.8% | 28.3% | — | 236 |
| PLMR | $3.5B | 18.3× | — | 4.0× | 58.2% | — | 22.5% | 20.9% | 20.9% | — | 329 |
| AGO | $3.1B | 6.9× | — | 2.8× | 27.3% | — | 45.3% | 8.9% | 6.8% | — | 360 |
| NMIH | $3.1B | 8.3× | — | 4.3× | 8.5% | — | 55.1% | 15.0% | 15.0% | — | 349 |
| SLDE | $3.0B | 7.5× | — | 2.6× | 36.5% | — | 38.4% | 39.9% | 38.7% | — | 215 |
| SPNT | $2.9B | 6.9× | — | 0.9× | 23.1% | — | 14.3% | 18.6% | 14.6% | — | — |
| BHF | $2.8B | 8.6× | — | 0.4× | 43.2% | — | 6.4% | 6.4% | 4.4% | — | 472 |
| SKWD | $2.6B | 14.6× | — | 1.9× | 23.2% | — | 12.0% | 16.8% | 16.8% | — | 233 |
| FG | $2.6B | 10.4× | — | 0.5× | -0.2% | — | 4.6% | 5.5% | 3.8% | — | 320 |
| HCI | $2.4B | 8.5× | — | 2.7× | 20.1% | — | 33.2% | 28.7% | 28.7% | — | 278 |
| PLGO | $2.0B | 11.6× | — | 0.8× | 3.3% | — | 9.0% | 9.4% | 7.0% | — | — |
Peers = companies sharing AGO's sector (Surety Insurance) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 7%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Leverage ratios is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $107.0M covers the $0 due within a year 107000000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2022-12-31 (10-K).
Interest expense isn't separately reported — often netted into “other income (expense), net.” Effective rate ~5.3% on $1.69B of debt. Interest last disclosed in FY2023 (no longer broken out).
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 26% of free cash flow, leaving room to grow it and fund buybacks. Last year: $68.0M dividends + $500.0M buybacks = $568.0M returned on $259.0M FCF.
9 consecutive years of dividend increases · 12%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
A reverse discounted cash flow is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
EOD close · as of 2026-10-08
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.11B 100.0% | $872.0M 100.0% | $1.37B 100.0% | $723.0M 100.0% | $848.0M 100.0% | $1.11B 100.0% | $963.0M 100.0% | $1.00B 100.0% | $1.74B 100.0% | $1.68B 100.0% |
| Interest Expense | — | — | $90.0M 6.6% | $81.0M 11.2% | $87.0M 10.3% | $85.0M 7.6% | $89.0M 9.2% | $94.0M 9.4% | $97.0M 5.6% | $102.0M 6.1% |
| Pretax Income | $662.0M 59.6% | $488.0M 56.0% | $668.0M 48.7% | $148.0M 20.5% | $477.0M 56.3% | $413.0M 37.0% | $464.0M 48.2% | $580.0M 57.9% | $991.0M 57.0% | $1.02B 60.6% |
| Income Tax Expense | $119.0M 10.7% | $96.0M 11.0% | -$93.0M -6.8% | $11.0M 1.5% | $58.0M 6.8% | $45.0M 4.0% | $63.0M 6.5% | $59.0M 5.9% | $261.0M 15.0% | $136.0M 8.1% |
| Net Income | $503.0M 45.3% | $376.0M 43.1% | $739.0M 53.8% | $124.0M 17.2% | $389.0M 45.9% | $362.0M 32.5% | $402.0M 41.7% | $521.0M 52.0% | $730.0M 42.0% | $881.0M 52.5% |
| Per Share | ||||||||||
| EPS (Basic) | $10.39 | $7.01 | $12.54 | $1.95 | $5.29 | $4.22 | $4.04 | $4.73 | $6.05 | $6.61 |
| EPS (Diluted) | $10.26 | $6.87 | $12.30 | $1.92 | $5.23 | $4.19 | $4.00 | $4.68 | $5.96 | $6.56 |
| Weighted Avg Shares (Basic) | 48.1M | 53.3M | 58.4M | 62.9M | 73.5M | 85.5M | 99.3M | 110.0M | 120.6M | 133.0M |
| Weighted Avg Shares (Diluted) | 48.7M | 54.3M | 59.6M | 63.9M | 74.3M | 86.2M | 100.2M | 111.3M | 122.3M | 134.1M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-08
Where each multiple sits in its own 14-yr range · 48th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 9% against ROIC 7% — 2% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Income Tax | 5.9 | 6.5 | 4.0 | 6.8 | 1.5 | -6.8 | 11.0 | 10.7 |
| Net Income | 52.0 | 41.7 | 32.5 | 45.9 | 17.2 | 53.8 | 43.1 | 45.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AGO: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | not reported | 52.5% |
| FY2017 | not reported | not reported | 42.0% |
| FY2018 | not reported | not reported | 52.0% |
| FY2019 | not reported | not reported | 41.7% |
| FY2020 | not reported | not reported | 32.5% |
| FY2021 | not reported | not reported | 45.9% |
| FY2022 | not reported | not reported | 17.2% |
| FY2023 | not reported | not reported | 53.8% |
| FY2024 | not reported | not reported | 43.1% |
| FY2025 | not reported | not reported | 45.3% |
Leverage and buybacks account for 2 points of the 9% return on equity in FY2025. The business earns 7% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: positive EBIT.
Free cash flow has fallen short of reported profit in 3 of the last three years.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Missing from our data, so excluded from this answer: share_based_compensation.
Leverage is not measurable this way for a insurer.
This schedule comes from a filing dated 2022-12-31, 1378 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2022-12-31 (10-K); cash from the 2022-12-31 balance sheet; FCF from FY2022. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2022-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $70.72, free cash flow must compound 5.74%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2024 | −89.8% | 5.7% |
| FY2025 | 451.1% | 5.7% |
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $503M | $503M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | −$244M | $259M |
| Operating cash flow | $259M | $259M |
| Capex | $0 | $259M |
| Free cash flow | $259M | $259M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 15.8% | not reported | not reported |
| FY2021 | -23.9% | not reported | not reported |
| FY2022 | -14.7% | not reported | not reported |
| FY2023 | 89.9% | not reported | not reported |
| FY2024 | -36.5% | not reported | not reported |
| FY2025 | 27.3% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 6.4 percent |
| FY2020 | 7.9 percent |
| FY2021 | 12.8 percent |
| FY2022 | 15.4 percent |
| FY2023 | 2.2 percent |
| FY2024 | 2.8 percent |
| FY2025 | 2.0 percent |