NASDAQ: ACGL
Arch Capital Group
Financials · Fire, Marine & Casualty Insurance
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$33.1B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $10.6B |
| FY2017, ended Dec 31, 2017 | $11.9B |
| FY2018, ended Dec 31, 2018 | $10.8B |
| FY2019, ended Dec 31, 2019 | $17.4B |
| FY2020, ended Dec 31, 2020 | $14.5B |
| FY2021, ended Dec 31, 2021 | $16.8B |
| FY2022, ended Dec 31, 2022 | $23.3B |
| FY2023, ended Dec 31, 2023 | $27.8B |
| FY2024, ended Dec 31, 2024 | $34.7B |
| FY2025, ended Dec 31, 2025 | $34.1B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $33.1B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$19.2B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.46B |
| FY2017, ended Dec 31, 2017 | $5.63B |
| FY2018, ended Dec 31, 2018 | $5.45B |
| FY2019, ended Dec 31, 2019 | $6.93B |
| FY2020, ended Dec 31, 2020 | $8.51B |
| FY2021, ended Dec 31, 2021 | $9.25B |
| FY2022, ended Dec 31, 2022 | $9.61B |
| FY2023, ended Dec 31, 2023 | $13.6B |
| FY2024, ended Dec 31, 2024 | $17.4B |
| FY2025, ended Dec 31, 2025 | $19.9B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $19.2B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $693M | $1.36B |
| FY2017, ended Dec 31, 2017 | $619M | $1.07B |
| FY2018, ended Dec 31, 2018 | $758M | $1.53B |
| FY2019, ended Dec 31, 2019 | $1.64B | $2.01B |
| FY2020, ended Dec 31, 2020 | $1.41B | $2.85B |
| FY2021, ended Dec 31, 2021 | $2.16B | $3.38B |
| FY2022, ended Dec 31, 2022 | $1.48B | $3.77B |
| FY2023, ended Dec 31, 2023 | $4.44B | $5.70B |
| FY2024, ended Dec 31, 2024 | $4.31B | $6.62B |
| FY2025, ended Dec 31, 2025 | $4.40B | $6.13B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $4.69B | $6.05B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$1.11B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $843M |
| FY2017, ended Dec 31, 2017 | $606M |
| FY2018, ended Dec 31, 2018 | $647M |
| FY2019, ended Dec 31, 2019 | $726M |
| FY2020, ended Dec 31, 2020 | $906M |
| FY2021, ended Dec 31, 2021 | $859M |
| FY2022, ended Dec 31, 2022 | $855M |
| FY2023, ended Dec 31, 2023 | $917M |
| FY2024, ended Dec 31, 2024 | $979M |
| FY2025, ended Dec 31, 2025 | $993M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.11B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.No figures for this period in the company’s filings.
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 7.5% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.341M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 369M |
| FY2017, ended Dec 31, 2017 | 393M |
| FY2018, ended Dec 31, 2018 | 403M |
| FY2019, ended Dec 31, 2019 | 407M |
| FY2020, ended Dec 31, 2020 | 403M |
| FY2021, ended Dec 31, 2021 | 379M |
| FY2022, ended Dec 31, 2022 | 371M |
| FY2023, ended Dec 31, 2023 | 374M |
| FY2024, ended Dec 31, 2024 | 375M |
| FY2025, ended Dec 31, 2025 | 356M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 341M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $3.33B more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $75.3M | $56.6M |
| FY2017, ended Dec 31, 2017 | $0 | $67.8M |
| FY2018, ended Dec 31, 2018 | $283M | $55.8M |
| FY2019, ended Dec 31, 2019 | $2.87M | $66.4M |
| FY2020, ended Dec 31, 2020 | $83.5M | $71.3M |
| FY2021, ended Dec 31, 2021 | $1.23B | $88.0M |
| FY2022, ended Dec 31, 2022 | $586M | $88.0M |
| FY2023, ended Dec 31, 2023 | $0 | $93.0M |
| FY2024, ended Dec 31, 2024 | $24.0M | $133M |
| FY2025, ended Dec 31, 2025 | $1.89B | $148M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $3.48B | $146M |
Revenue (TTM)
$19.2B
+0.4% YoY
Net income (TTM)
$4.69B
+25.7% YoY
Cash
$1.11B
+12.8% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $36.3B
- P/E
- 7.7×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.9×
- Price / Book
- 1.5×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $19.2B
- Revenue Growth YoY
- 0.4%
- Revenue CAGR 3Y
- 27.5%
- Revenue CAGR 5Y
- 18.6%
- EPS Growth YoY
- 32.2%
- Net Income Growth YoY
- 25.7%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- —
- Net Margin
- 24.4%
- FCF Margin
- 31.5%
- Return on Equity
- 19.9%
Earnings
Trailing 12 months- Net Income
- $4.69B
- EPS (diluted)
- $12.78
- EBITDA
- —. Operating income + depreciation & amortization
- Operating Income
- —
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $1.11B
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $85.2B
- Total Liabilities
- $61.1B
- Shareholders' Equity
- $24.0B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $6.10B
- Capital Expenditure
- $45.0M
- Free Cash Flow
- $6.05B
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 0.28
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $19.2B.
Note
Net margin of 24.4% over the last 12 months.
Strength
Turns 31.5% of revenue into free cash flow.
Strength
Share count is down 8.6% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 26, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K73Good news
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 27, 2025 · Read the filing on EDGAR
- After-tax operating income rose 11% to $3.54 billion. Net income to common shareholders fell 3% to $4.27 billion, because 2023 included a one-time $1.18 billion tax benefit.
- Premiums grew about 20%, helped by buying Allianz's U.S. MidCorp and Entertainment insurance businesses in August 2024. Hurricanes Helene and Milton pushed up claims costs.
- Arch paid a $5 per share special dividend ($1.9 billion). Book value per share still rose 13.1% to $53.11.
- Bermuda's 15% corporate tax starts in 2025. New mortgage capital rules from Fannie Mae and Freddie Mac would cut Arch's capital cushion for that business.
Business momentum
Strong improvement
“Our property and casualty underwriting teams continued to benefit from attractive market conditions, delivering a combined $1.6 billion of underwriting income and over $20 billion of gross premiums written in 2024, up nearly 19% from 2023.”
Outlook
Positive
“Overall, we believe the property and casualty environment remains favorable, despite increasing competition in many of our lines of business.”
Financial stress
Low
“We believe that Arch Capital has sufficient cash resources and available dividend capacity to service its indebtedness and other current outstanding obligations.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Strong premium growth across property and casualty
“Net premiums written by the reinsurance segment were 18.2% higher in 2024 than in 2023.”
Investment income up sharply
“The pre-tax investment income yield was 4.25% for 2024, compared to 3.53% for 2023.”
Book value grew despite a large special dividend
“Book value per share was $53.11 at December 31, 2024, a 13.1% increase from $46.94 at December 31, 2023”
Concerns
Hurricane losses hurt insurance profits
“The 2024 loss ratio included 4.6 points of current year catastrophic event activity, primarily related to Hurricanes Helene and Milton, compared to 2.7 points in 2023.”
Mortgage delinquencies rising
“The percentage of loans in default on U.S. primary mortgage insurance increased from 1.74% at December 31, 2023 to 2.09% at December 31, 2024.”
Return on equity fell
“Our Operating ROAE was 18.9% for 2024, compared to 21.6% for 2023.”
New risks since the previous report
Tighter capital rules for mortgage insurers
“If the GSEs had fully implemented this update to PMIERs as of December 31, 2024, the changes would have reduced available assets by 17% and resulted in a Pro-forma PMIERs Sufficiency Ratio of 154%”
Tariffs and policy changes under the new U.S. administration
“sustained escalation of tariffs and trade disputes may result in a global economic slowdown which impacts our clients.”
Extra global regulation after IAIG designation
“In August 2024, we were added to the list of IAIGs, subjecting our global operations to additional regulation and scrutiny.”
New OECD tax guidance could affect the $1.18 billion deferred tax asset
“In January 2025, the OECD issued administrative guidance introducing a new interpretation (with retroactive effect) for determining the treatment of deferred income tax assets and liabilities.”
Integrating the Allianz business acquisition
“we are currently integrating the MCE Acquisition into our internal control system.”
Biggest risks named
- Large catastrophe losses, worsened by climate change
- Claim reserves proving too low, especially with inflation
- Higher taxes from Bermuda's new tax and the global minimum tax
- Mortgage defaults and tighter mortgage insurer capital rules
- Rising competition softening insurance prices
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 73 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 26, 2026 | Pro | |||
| 10-K | Feb 27, 2025 | 73 | Strong improvement | None | |
| 10-K | Feb 23, 2024 | 75 | Strong improvement | None | |
| 10-K | Feb 24, 2023 | 58 | Mixed | None | |
| 10-K | Feb 25, 2022 | 75 | Strong improvement | None | |
| 10-K | Feb 26, 2021 | 46 | Sharp deterioration | None | |
| 10-K | Feb 28, 2020 | 75 | Strong improvement | None | |
| 10-K | Feb 28, 2019 | 75 | Strong improvement | None | |
| 10-K | Feb 28, 2018 | 51 | Mixed | None | |
| 10-K | Mar 1, 2017 | 52 | Mixed | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 4, 2026. View filings on SEC EDGAR