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Slide Insurance Holdings, Inc. (SLDE)
NASDAQ:SLDE
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Slide Insurance Holdings, Inc.
(NASDAQ:SLDE)
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Select Model
Rating:73Outperform
Price Target:
$16.50
▼(-7.15% Downside)
Action:UpgradedDate:10/23/25
Slide Insurance Holdings, Inc. receives a score of 73, driven by strong financial performance and a favorable valuation. The company's robust revenue growth and profitability are significant strengths. Technical analysis presents a mixed outlook, with neutral momentum indicators. The lack of earnings call data and corporate events limits additional insights.
Positive Factors
Revenue Growth
The significant revenue growth indicates robust business expansion and effective market penetration, enhancing long-term competitiveness and sustainability.
Cash Generation
Strong cash generation supports growth initiatives and operational needs, providing financial flexibility and resilience against economic fluctuations.
Margin Sustainability
High profit margins demonstrate efficient cost management and operational efficiency, contributing to sustainable profitability and competitive advantage.
Negative Factors
Regulatory Concerns
Regulatory scrutiny could lead to increased compliance costs and operational disruptions, impacting long-term strategic initiatives and market confidence.
Equity Ratio
A relatively low equity ratio could limit financial stability and flexibility, potentially affecting the company's ability to withstand economic downturns.
Insider Selling
Insider selling may indicate a lack of confidence in the company's future prospects, potentially undermining investor trust and affecting stock performance.
Slide Insurance Holdings, Inc. (SLDE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.21B
Dividend YieldN/A
Average Volume (3M)1.97M
Price to Earnings (P/E)1.7
Beta (1Y)0.38
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees392
SectorFinancial
Sector Strength70
IndustryInsurance - Property & Casualty
Share Statistics
EPS (TTM)1.23
Shares Outstanding124,289,800
10 Day Avg. Volume2,053,423
30 Day Avg. Volume1,965,572
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)5.84
Price to Sales (P/S)2.99
P/FCF Ratio4.65
Enterprise Value/Market Cap1.10
Enterprise Value/Revenue2.31
Enterprise Value/Gross Profit3.71
Enterprise Value/Ebitda5.01
Forecast
1Y Price Target
$24.00Price Target Upside35.06% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Slide Insurance Holdings, Inc. Business Overview & Revenue Model
Company DescriptionSlide Insurance Holdings, Inc. operates as a holding company. The company, through its subsidiaries, focuses on underwriting of single family and condominium policies in the property and casualty industry.
How the Company Makes MoneySlide Insurance generates revenue primarily through the sale of insurance policies, specifically in the homeowners' insurance market. The company earns premiums from policyholders, which serve as the main revenue stream. In addition, Slide may engage in reinsurance agreements, allowing it to mitigate risk and stabilize earnings by transferring portions of its risk exposure to other insurance companies. The company also benefits from partnerships with technology firms to enhance its platform's capabilities, potentially leading to cost savings and improved customer acquisition. Furthermore, Slide Insurance may explore additional revenue opportunities through value-added services, such as risk assessment tools and home safety assessments, which can provide additional income while fostering customer loyalty.
Slide Insurance Holdings, Inc. Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Positive
The call presented a strong set of operating and financial results—notably double-digit top-line growth, record quarterly net income, dramatic ROE, a solid balance sheet with ample liquidity, and clear expansion plans (NY/NJ/RI/CA). Management provided bullish 2026 guidance and highlighted reinsurance optimization (including a lower-cost ILS issuance). Key risks discussed include uncertainty around reinsurance renewal pricing ahead of the 6/1 renewals, a smaller future opportunity from Citizens depopulation, regulatory risk in New York, rising operating expenses, and competitive pricing pressure from new entrants. Overall, the positive operational momentum, robust capital position, and clear growth roadmap outweigh the noted risks and uncertainties.Q4-2025 Updates
Positive Updates
Strong Top-Line Growth (Q4)
Gross premiums written increased 57% year-over-year to $618.5 million in Q4 2025 (from $394.6 million), driven by voluntary sales and the assumption of ~152,000 Citizens policies.
Large Increase in Policies in Force
Policies in force reached ~493,500 at quarter end, up 44% year-over-year and up 40% from September 30, 2025.
Record Net Income and EPS
Net income more than doubled to $170.4 million in Q4 2025 (from $75.1 million prior year), with diluted EPS of $1.23; this represents roughly a 127% increase in net income year-over-year.
Exceptional Return on Equity
Quarterly ROE was 16.4% (Q4) and full-year 2025 ROE was 57.4%, despite a substantial IPO capital raise during the year.
Improved Profitability Metrics
Quarterly combined ratio improved to 38% from 60.9% a year ago; loss ratio improved to 8.3% from 26.3%, reflecting favorable prior-year development and lower catastrophe activity.
Strong Balance Sheet and Liquidity
Book value exceeded $1.1 billion, total assets of $2.9 billion, cash and cash equivalents of ~$1.2 billion, restricted cash $481.8 million, invested assets $593.7 million, and low long-term debt of $33.7 million (debt-to-capital of 2.9%).
Capital Deployment and Share Repurchases
Repurchased ~$20 million of stock in Q4 (approx. 1.2 million shares at $16.38 avg); $80 million remains available under a $120 million repurchase program.
Ambitious 2026 Financial Guidance
Company provided 2026 guidance expecting gross written premiums of $1.85B–$1.95B and after-tax net income of $455M–$470M, implying continued strong growth.
Expansion and Product Launches
Planned geographic expansion and new products: pending tailored-peril policies in NY & NJ (H1 2026), Rhode Island (H2 2026), and an excess & surplus product launch in California in the next 30–60 days.
Operational Track Record Since Launch
Since 2022, Slide reported a 55% CAGR in gross premiums written and a 7,399% CAGR in net income, underscoring rapid scaling and operating leverage.
Reinsurance Optimization
Placed a ~$320 million ILS cat bond with risk-adjusted cost down >20% year-over-year, and guidance embeds an expected reduction in reinsurance expense.
Negative Updates
Uncertainty in Reinsurance Pricing
Management has not yet received full reinsurance renewal quotes ahead of the 6/1 renewal; while guidance assumes lower reinsurance expense, the magnitude of the reduction is uncertain and could materially affect margins given >70% of premium dollars relate to reinsurance placement.
Diminishing Citizens Depopulation Opportunity
Executives warned the Citizens depopulation opportunity is smaller going forward — fewer policies will meet Slide's return criteria — making future opportunistic takeouts less predictable and likely reduced versus prior years.
Regulatory Risk in New York
Potential policy-level profitability caps discussed publicly in New York could hinder planned expansion and create risk of insurers pulling back from the admitted market, which may affect Slide's planned NY launch and profitability assumptions.
Rising Operating Expenses
Policy acquisition and other underwriting expenses rose to $42.3 million (from $29.1 million prior year) and G&A increased to $51.4 million (from $45.7 million), reflecting higher policies in force and investments in technology and staffing.
Competitive Environment and New Entrants
Management flagged increased competition from thinly capitalized new entrants that may reduce pricing in the short term; while Slide expects margins to hold, competitive pressure adds uncertainty to rate environments.
Favorable Prior-Year Development May Not Repeat
Q4 results benefited from $27.5 million of favorable prior-year development and unusually low catastrophe activity; these favorable items may not recur and could lead to more variable future quarter results.
Company Guidance
Slide guided 2026 gross written premiums of $1.85–$1.95 billion and after‑tax net income of $455–$470 million, expecting growth from higher policy retentions, stronger voluntary sales and new state launches (NY/NJ H1 2026, RI H2 2026, CA E&S in 30–60 days) with double‑digit increases in policies‑in‑force and GWP outside Florida; the guidance embeds a reduction in reinsurance expense (submissions pending, after placing a ~ $320M ILS with >20% year‑over‑year lower risk‑adjusted cost). For context, Slide closed 4Q25 with $618.5M GWP (+57% YoY), ~493,500 policies in force (up 44% YoY and 40% since Sept. 30), Q4 net income $170.4M (EPS $1.23), Q4 ROE 16.4% / FY ROE 57.4%, combined ratio 38% (vs. 60.9% prior year), and a strong balance sheet (book value ≈ $1.1B, assets $2.9B, cash & equivalents ~$1.2B, restricted cash $481.8M, invested assets $593.7M, long‑term debt $33.7M, debt‑to‑capital 2.9%); management also plans opportunistic buybacks (repurchased ~$20M in Q4 at $16.38 avg; ~$80M available under a $120M program).Slide Insurance Holdings, Inc. Financial Statement Overview
Summary
Slide Insurance Holdings, Inc. exhibits strong financial performance with robust revenue growth and profitability. The income statement reflects a positive growth trajectory, while the balance sheet shows a stable financial position with low leverage. The cash flow statement underscores strong cash generation, supporting growth initiatives. However, there is room for improvement in equity ratios for enhanced long-term stability.Income Statement
Slide Insurance Holdings, Inc. demonstrates strong revenue growth with a 50.4% increase in 2024, reflecting robust business expansion. The company maintains healthy profitability, with a gross profit margin of 49.8% and a net profit margin of 23.8%, indicating efficient cost management. EBIT and EBITDA margins are also solid at 32.3% and 33.5%, respectively, showcasing operational efficiency. Overall, the income statement reflects a positive growth trajectory and strong profitability.85
Very Positive
Balance Sheet
The balance sheet of Slide Insurance Holdings, Inc. is stable, with a low debt-to-equity ratio of 0.11, indicating conservative leverage. The return on equity is impressive at 46.4%, highlighting effective use of shareholder funds. The equity ratio stands at 22.4%, suggesting a strong equity base relative to total assets. While the company maintains a solid financial position, the relatively low equity ratio could be improved for enhanced stability.78
Positive
Cash Flow
The cash flow statement shows a significant 54.3% growth in free cash flow, reflecting strong cash generation capabilities. The free cash flow to net income ratio is high at 98.2%, indicating efficient conversion of earnings into cash. However, the operating cash flow to net income ratio is not available, which limits a full assessment of cash flow efficiency. Overall, the cash flow position is strong, supporting the company's growth and operational needs.82
Very Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 1.05B | 846.81M | 468.53M | 242.43M |
| Gross Profit | 653.74M | 421.55M | 216.70M | 75.46M |
| EBITDA | 483.56M | 284.04M | 128.77M | 36.43M |
| Net Income | 348.67M | 201.13M | 87.37M | 22.30M |
Balance Sheet | ||||
| Total Assets | 2.69B | 1.93B | 1.08B | 704.97M |
| Cash, Cash Equivalents and Short-Term Investments | 903.17M | 550.08M | 360.58M | 176.65M |
| Total Debt | 44.96M | 48.25M | 42.31M | 32.13M |
| Total Liabilities | 1.72B | 1.50B | 839.10M | 569.62M |
| Stockholders Equity | 964.22M | 433.16M | 237.60M | 135.34M |
Cash Flow | ||||
| Free Cash Flow | 531.07M | 543.80M | 434.32M | 136.94M |
| Operating Cash Flow | 534.15M | 553.89M | 443.00M | 157.12M |
| Investing Cash Flow | -10.57M | -204.00M | -250.33M | -52.10M |
| Financing Cash Flow | 230.15M | -2.41M | 20.50M | 23.10M |
Slide Insurance Holdings, Inc. Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $2.21B | 1.69 | 52.29% | ― | ― | ― | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
46 Neutral | $18.56M | 7.74 | 4.56% | ― | 19.30% | -17.56% | |
45 Neutral | $20.22M | -6.22 | ― | ― | -3.52% | 83.39% | |
44 Neutral | $8.67M | -3.02 | -50.32% | ― | ― | 55.30% | |
42 Neutral | $18.42M | -16.86 | ― | ― | ― | ― |
* Financial Sector Average
SLDE
Slide Insurance Holdings, Inc.
19.49
-3.81
-16.35%
GREE
Greenidge Generation Holdings
1.36
0.41
43.16%
OXBR
Oxbridge Re Holdings
1.12
-2.80
-71.43%
HUIZ
Huize Holding
1.93
-1.64
-45.94%
COOT
Australian Oilseeds Holdings
0.63
-0.75
-54.42%
Slide Insurance Holdings, Inc. Corporate Events
Executive/Board Changes
Slide Insurance Announces New CFO Appointment
Neutral
Nov 6, 2025
Slide Insurance Holdings, Inc. announced the departure of its CFO, Jesse Schalk, effective November 28, 2025, with plans for him to remain as a consultant until March 2026. Anastasios Omiridis will take over as CFO on December 1, 2025, bringing over 20 years of experience in finance and leadership. Additionally, Shannon Lucas will transition from Chief Risk Officer to President and Chief Operating Officer, with Matt Larson succeeding her as Chief Risk Officer.
The most recent analyst rating on (SLDE) stock is a Buy with a $22.00 price target. To see the full list of analyst forecasts on Slide Insurance Holdings, Inc. stock, see the SLDE Stock Forecast page.
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.