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Insufficient data to determine institutional momentum.
Data as of Q2 2026
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $403.7M FCF.
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.
How management deployed cash over 3 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Insufficient data. Current ROIC on all capital: -164%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 3 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.
Interest expense isn't separately reported — often netted into “other income (expense), net.” Effective rate ~9.0% on $121.3M of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
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.
EOD close · as of 2026-10-14
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.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue | $912.9M 100.0% | $602.6M 100.0% | $344.0M 100.0% |
| Selling, General & Admin | $400.4M 43.9% | $249.3M 41.4% | $182.5M 53.1% |
| Interest Expense | $10.9M 1.2% | $12.1M 2.0% | $10.9M 3.2% |
| Pretax Income | -$1.32B -144.8% | $32.0M 5.3% | -$43.9M -12.8% |
| Income Tax Expense | $23.3M 2.6% | $9.1M 1.5% | $20.2M 5.9% |
| Net Income | -$1.35B -147.4% | $22.9M 3.8% | -$64.1M -18.6% |
| Per Share | |||
| EPS (Basic) | -$7.49 | $0.16 | -$0.29 |
| EPS (Diluted) | -$7.49 | $0.14 | -$0.29 |
| Weighted Avg Shares (Basic) | 190.3M | 166.0M | 165.6M |
| Weighted Avg Shares (Diluted) | 190.3M | 199.7M | 165.6M |
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.
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.
Ranked against 12 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MRSH | $84.5B | 21.0× | 15.4× | 3.1× | 10.3% | — | 15.4% | 27.2% | 11.9% | 2.6× | 1,444 |
| AJG | $59.7B | 40.6× | — | 4.3× | 20.7% | — | 10.7% | 6.4% | 4.1% | — | 1,242 |
| AON | $58.3B | 16.1× | 16.0× | 3.4× | 9.4% | — | 21.5% | 39.5% | 15.0% | 3.1× | 1,212 |
| WTW | $27.6B | 18.3× | 12.5× | 2.8× | -2.2% | — | 16.5% | 20.1% | 11.2% | 1.3× | 667 |
| BRO | $21.4B | 20.3× | — | 3.6× | 22.8% | — | 17.9% | 8.4% | 5.2% | — | 777 |
| ACT | $6.2B | 9.9× | — | 5.0× | 2.8% | — | 54.6% | 12.6% | 11.1% | — | 242 |
| BWIN | $4.5B | — | 21.7× | 3.0× | 8.3% | — | -2.2% | -5.6% | -5.5% | -0.6× | 226 |
| ARX | $4.3B | — | — | 4.7× | 51.5% | — | -147% | -193% | -164% | — | 115 |
| CRVL | $4.0B | 36.8× | — | 4.2× | 7.0% | 24.3% | 11.5% | 28.0% | 28.0% | — | 279 |
| LIFE | $2.6B | 32.5× | 31.7× | 6.6× | 52.0% | 98.3% | 18.4% | -295% | -295% | -1.2× | 72 |
| TWFG | $1.3B | 45.8× | 20.9× | 5.3× | 22.0% | — | 16.6% | 49.4% | 47.1% | -2.8× | 80 |
| GSHD | $1.1B | 42.7× | 15.3× | 2.9× | 16.2% | — | 7.6% | -29.1% | 14.1% | 3.0× | 224 |
| WDH | $377M | 52.5× | 5.7× | 0.7× | 49.8% | — | 14.2% | 11.0% | 10.9% | -1.1× | 39 |
Peers = companies sharing ARX's sector (Insurance Agents, Brokers & Service) 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.
EOD close · as of 2026-10-14
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -193% against ROIC -164% — -29% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is -268.5% — the two diverge when buybacks or issuance move equity during the year.
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 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| SG&A | 53.1 | 41.4 | 43.9 |
| Income Tax | 5.9 | 1.5 | 2.6 |
| Net Income | -18.6 | 3.8 | -147.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ARX: 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 |
|---|---|---|---|
| FY2023 | not reported | not reported | -18.6% |
| FY2024 | not reported | not reported | 3.8% |
| FY2025 | not reported | not reported | -147.4% |
Return on equity is 29 points BELOW the return on invested capital, which means the equity base is carrying capital the operations are not earning on — usually cash, goodwill, or a recent raise.
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.
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.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Leverage is not measurable this way for a insurer.
Balance sheet at 2025-12-31. 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 $19.77, free cash flow must compound -10.0%/yr for 10 years. It has done 25.23%/yr over 2 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2024 | 191.9% | −10.0% |
| FY2025 | −46.3% | −10.0% |
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.
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