Greenlight Capital Re (GLRE)
NASDAQ:GLRE
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Greenlight Capital Re
(NASDAQ:GLRE)
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Rating:75Outperform
Price Target:
$20.00
▲(51.98% Upside)
Action:ReiteratedDate:04/07/26
The score is driven primarily by solid financial resilience (low leverage, improving cash generation) and a constructive earnings outlook with strong underwriting/book-value momentum. Technicals are supportive but look overbought, and valuation is attractive on a low P/E; the main risks are earnings/revenue volatility, segment pressure in Innovations, and market softening/geopolitical exposures.
Positive Factors
Deleveraging and very low leverage
Material debt paydown to $5M (0.7% leverage) meaningfully improves financial flexibility for a reinsurer. Low leverage reduces refinancing risk, increases capacity to absorb catastrophe losses, supports regulatory capital, and enables ongoing buybacks and targeted fixed-maturity investments without stressing balance-sheet resilience.
Negative Factors
Extreme revenue decline in latest annual period
A ~91% revenue drop in the latest annual period signals a material contraction in top-line scale or a meaningful accounting/segment shift. Even with strong margins recently, such a sharp decline undermines earnings sustainability, reduces diversification of premium sources, and raises questions about the durability of recent profitability trends.
Read all positive and negative factors
Positive Factors
Negative Factors
Deleveraging and very low leverage
Material debt paydown to $5M (0.7% leverage) meaningfully improves financial flexibility for a reinsurer. Low leverage reduces refinancing risk, increases capacity to absorb catastrophe losses, supports regulatory capital, and enables ongoing buybacks and targeted fixed-maturity investments without stressing balance-sheet resilience.
Read all positive factors
Greenlight Capital Re (GLRE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$602.19M
Dividend YieldN/A
Average Volume (3M)163.85K
Price to Earnings (P/E)6.6
Beta (1Y)0.40
Revenue Growth2.74%
EPS Growth74.10%
CountryUS
Employees75
SectorFinancial
Sector Strength70
IndustryInsurance - Reinsurance
Share Statistics
EPS (TTM)2.21
Shares Outstanding33,983,604
10 Day Avg. Volume274,013
30 Day Avg. Volume163,847
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)0.70
Price to Sales (P/S)0.71
P/FCF Ratio2.35
Enterprise Value/Market Cap-0.07
Enterprise Value/Revenue-0.06
Enterprise Value/Gross Profit-0.14
Enterprise Value/Ebitda-0.47
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2
Revenue Forecast (FY)N/A
Greenlight Capital Re Business Overview & Revenue Model
Company Description
Greenlight Capital Re (GLRE) is a reinsurance and investment management company that specializes in providing property and casualty reinsurance products. Headquartered in the Cayman Islands, GLRE operates in the insurance sector, focusing on a ran...
How the Company Makes Money
GLRE primarily makes money through two engines: (1) underwriting income from reinsurance and (2) investment returns on the capital (float) it holds.
1) Underwriting (reinsurance) revenues and profit
- Premiums: GLRE earns gross written and earned...
Greenlight Capital Re Earnings Call Summary
Earnings Call Date:Mar 09, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call presented a predominately positive picture: record underwriting income, strong quarter and full-year net income, significant book-value growth, successful deleveraging, an AM Best upgrade, and meaningful premium and syndicate growth. Investment performance (Solasglas) contributed materially to results and produced solid positive returns, though it lagged the S&P 500 in 2025. Key challenges include a >100% combined ratio in the Innovations segment driven by a large surety loss and higher expense ratios from growth investments, prior-year reserve strengthening, rate softening in Specialty and Property at the 1/1 renewals, and some geopolitical exposure. Overall, the positive operational and capital-management achievements outweigh the noted headwinds.Positive Updates
Quarterly Net Income and Underwriting Profit
Q4 2025 net income of $49.3M (or $1.44 diluted EPS) driven by a net underwriting profit of $13.0M and a combined ratio of 92.1% (10 combined-ratio-point improvement vs. prior-year period after adjusting for Russia-Ukraine reserve strengthening).
Negative Updates
Innovations Combined Ratio Above 100%
Q4 Innovation combined ratio was 101.7% (underwriting loss of $0.4M) driven primarily by a large $2.1M surety loss; expense ratio in the segment rose to 9.5% from 3.3% year-over-year due to growth investments and higher incentive compensation.
Read all updates
Q4-2025 Updates
Positive
Negative
Quarterly Net Income and Underwriting Profit
Q4 2025 net income of $49.3M (or $1.44 diluted EPS) driven by a net underwriting profit of $13.0M and a combined ratio of 92.1% (10 combined-ratio-point improvement vs. prior-year period after adjusting for Russia-Ukraine reserve strengthening).
Read all positive updates
Company Guidance
Management’s guidance was broadly optimistic for 2026 while emphasizing disciplined execution: Q4 results included a $13.0M underwriting profit (combined ratio 92.1%), $49.3M net income, and $36.2M of Q4 investment gains from Solasglas (7.9%); full-year 2025 delivered $35.7M underwriting profit (combined ratio 94.6%), $74.8M net income, and fully diluted book value per share of $20.43 (+13.8% Y/Y; +42.6% over 3 years). They noted ~60% of business renews 1/1, grew their Funds at Lloyd’s book ~21%, Specialty premiums +6% despite ~11% rate declines, Property exposure roughly flat with rates down ~12% (North Atlantic 1-in-250 exposure +7% to $139M), and Innovations showing strong premium growth (Q4 GWP +80% to $37.1M; net earned premiums +27% to $24.2M) though Q4 Innovations had a modest underwriting loss (combined ratio 101.7%) and an elevated expense ratio expected to normalize over 18–24 months. On capital, they are deploying a $100M fixed-maturity allocation (≈$50M deployed at year-end, remainder in 2026), repurchased 201k shares for $2.8M in Q4 ($9.8M YTD at $13.76 avg; $20.2M repurchase capacity remaining), paid down $30M of debt to $5M outstanding (leverage 0.7% from 9.5%), and plan to continue opportunistic buybacks while monitoring geopolitical and market risks (Solasglas net exposure ~29% in Feb, down from ~40% at year-end).Greenlight Capital Re Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 696.35M | 647.97M | 632.35M | 477.63M | 570.46M |
| Gross Profit | 284.76M | 43.93M | 103.46M | 18.00M | 50.52M |
| EBITDA | 83.10M | 52.75M | 94.96M | 35.52M | 39.26M |
| Net Income | 74.83M | 42.82M | 86.83M | 25.34M | 17.58M |
Balance Sheet | |||||
| Total Assets | 2.17B | 2.02B | 1.74B | 1.58B | 1.43B |
| Cash, Cash Equivalents and Short-Term Investments | 643.73M | 64.69M | 51.08M | 38.24M | 76.31M |
| Total Debt | 7.40M | 60.75M | 73.28M | 80.53M | 98.06M |
| Total Liabilities | 1.46B | 1.38B | 1.14B | 1.08B | 951.83M |
| Stockholders Equity | 707.98M | 635.88M | 596.10M | 503.12M | 475.66M |
Cash Flow | |||||
| Free Cash Flow | 210.21M | 111.50M | 7.51M | -139.05M | -57.53M |
| Operating Cash Flow | 210.21M | 111.50M | 7.51M | -31.80M | -56.30M |
| Investing Cash Flow | -149.17M | -96.56M | -53.13M | 47.02M | 23.09M |
| Financing Cash Flow | -65.14M | -21.24M | -5.29M | -19.83M | -10.00M |
Greenlight Capital Re Technical Analysis
Positive
13.16
Price Trends
15.80
Positive
14.84
Positive
13.84
Positive
Market Momentum
0.76
Positive
69.34
Neutral
42.51
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GLRE, the sentiment is Positive. The current price of 13.16 is below the 20-day moving average (MA) of 17.63, below the 50-day MA of 15.80, and below the 200-day MA of 13.84, indicating a bullish trend. The MACD of 0.76 indicates Positive momentum. The RSI at 69.34 is Neutral, neither overbought nor oversold. The STOCH value of 42.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GLRE.
Greenlight Capital Re Risk Analysis
Greenlight Capital Re disclosed 2 risk factors in its most recent earnings report. Greenlight Capital Re reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
Greenlight Capital Re Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $602.19M | 6.59 | 11.10% | ― | 2.74% | 74.10% | |
75 Outperform | $2.72B | 5.55 | 20.87% | ― | 23.09% | 279.95% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
60 Neutral | $328.73M | 13.06 | 7.67% | 3.59% | 3.42% | 63.88% | |
58 Neutral | $284.55M | 6.16 | 7.44% | 0.63% | -2.83% | ― | |
55 Neutral | $73.63M | 1.26 | 33.48% | ― | -16.26% | ― | |
46 Neutral | $7.86M | -2.82 | -50.32% | ― | 371.98% | 37.76% |
* Financial Sector Average
GLRE
Greenlight Capital Re
17.57
4.26
32.01%
KG
Kestrel Group
9.75
-16.05
-62.21%
WSBF
Waterstone Financial
17.90
6.00
50.46%
SPNT
SiriusPoint
22.77
4.59
25.25%
JRVR
James River Group
6.13
1.25
25.69%
OXBR
Oxbridge Re Holdings
0.96
-0.87
-47.54%
Greenlight Capital Re Corporate Events
Business Operations and StrategyExecutive/Board ChangesPrivate Placements and Financing
Greenlight Capital Re Expands Credit Facilities and Maintains Leadership
Positive
Apr 6, 2026
On April 1, 2026, Greenlight Reinsurance Ireland DAC and Greenlight Reinsurance, Ltd. entered into new and amended master letter of credit agreements with CIBC Bank USA, establishing a combined committed letter of credit capacity of $300 million s...
Executive/Board Changes
Greenlight Capital Re announces upcoming general counsel resignation
Neutral
Feb 5, 2026
On February 2, 2026, Greenlight Capital Re, Ltd. announced that its General Counsel, Chief Compliance Officer and Corporate Secretary, David Sigmon, has given notice of his intention to resign effective May 1, 2026. The company stated that Sigmon&...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.