Slide Insurance Holdings, Inc. (SLDE)
NASDAQ:SLDE
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Slide Insurance Holdings, Inc.
(NASDAQ:SLDE)
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Rating:88Outperform
Price Target:
$22.00
▲(12.07% Upside)
Action:Reiterated
Date:05/01/26
Overall score is driven primarily by exceptional financial performance (profitability, cash generation, and low leverage) and a very low P/E valuation. Earnings-call commentary reinforces strong operating momentum and reaffirmed guidance, while technicals are supportive but not strongly momentum-driven; key risks center on slowing growth, expense pressure, Florida pricing dynamics, and catastrophe exposure.
Positive Factors
Free cash flow and cash conversion
Exceptionally strong FCF and near‑1.0x cash conversion of net income provide durable funding for reinsurance, geographic expansion and buybacks. High and growing cash generation reduces refinancing risk and supports long‑term capital allocation flexibility across cycles.
Negative Factors
Florida pricing pressure and CAT exposure
Ongoing rate decreases in Florida and exposure to catastrophe events are structural risks for a homeowners insurer focused on catastrophe‑exposed markets. Over time, lower allowed pricing and periodic CATs can compress underwriting margins and raise reinsurance costs, challenging sustainable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow and cash conversion
Exceptionally strong FCF and near‑1.0x cash conversion of net income provide durable funding for reinsurance, geographic expansion and buybacks. High and growing cash generation reduces refinancing risk and supports long‑term capital allocation flexibility across cycles.
Read all positive factors
Slide Insurance Holdings, Inc. (SLDE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.07B
Dividend YieldN/A
Average Volume (3M)1.59M
Price to Earnings (P/E)4.5
Beta (1Y)0.52
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees392
SectorFinancial
Sector Strength70
IndustryInsurance - Property & Casualty
Share Statistics
EPS (TTM)3.96
Shares Outstanding114,559,240
10 Day Avg. Volume1,357,710
30 Day Avg. Volume1,588,098
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.00
Price to Sales (P/S)2.09
P/FCF Ratio3.03
Enterprise Value/Market Cap0.43
Enterprise Value/Revenue0.70
Enterprise Value/Gross Profit0.86
Enterprise Value/Ebitda1.37
Forecast
1Y Price Target
$25.17Price Target Upside28.21% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)3.49
Revenue Forecast (FY)$1.71B
Slide Insurance Holdings, Inc. Business Overview & Revenue Model
Company Description
Slide 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 Money
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Slide Insurance Holdings, Inc. Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Positive
The call presented robust operational and financial momentum: high top-line growth (+49% GWP), record net income (+50.8%), improved combined and accident-year loss ratios, strong liquidity ($1.2B cash) and active capital return through buybacks. Management reaffirmed full-year guidance and described prudent reinsurance capacity expansion and geographic growth (California imminent). Offsetting items include rising acquisition and G&A expenses, higher absolute loss dollars, prevalence of rate decreases in Florida and modest CAT activity in the quarter. On balance, the positives — notably strong profitability, underwriting discipline, balance sheet strength and clear capital priorities — materially outweigh the medium-term risks and cost pressures discussed.Positive Updates
Strong Top-Line Growth
Gross written premiums increased 49.1% year-over-year to $414.8 million in Q1 2026 (from $278.2 million), driven by voluntary new business, higher policy retentions and Citizens policy acquisitions.
Negative Updates
Increase in Policy Acquisition and Underwriting Expenses
Policy acquisition and other underwriting expenses rose to $44.1 million from $28.6 million (approximately a 54.2% increase), driven by renewals of previously assumed Citizens policies and acquisition activity.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line Growth
Gross written premiums increased 49.1% year-over-year to $414.8 million in Q1 2026 (from $278.2 million), driven by voluntary new business, higher policy retentions and Citizens policy acquisitions.
Read all positive updates
Company Guidance
Slide reaffirmed its full‑year 2026 guidance of gross written premiums of $1.85–$1.95 billion and net income of $455–$470 million (guidance excludes any assumed major CAT event), and said it expects continued YoY GWP growth driven by higher policy retentions, higher voluntary sales, launch of new states and double‑digit increases in policies in force and premium outside Florida; Q1 metrics included GWP $414.8M (up 49.1% YoY), net income $139.5M (up 50.8%), diluted EPS $1.02, policies in force 508,928 (up 46% YoY), net losses & LAE $111.1M, accident‑year loss ratio 28.4%, policy acquisition & other underwriting expenses $44.1M, G&A $46.2M, expense ratio 25.1%, combined ratio 55.5% (improved from 58.9%), ROE 12.5% (50% annualized), a first‑event reinsurance tower of ~ $3.5B (≈$1B increase vs. 2025) to be finalized in 1–2 weeks, cash & cash equivalents $1.2B, invested assets $720M (33.5% corporate, 31.3% muni, 24.1% U.S. gov’t, 11.1% ABS/other), and active capital return (completed $120M repurchase, Q1 repurchases ~7.7M shares at $17.75, total repurchases 13.3M shares for $230.9M at $17.30 avg; Board authorized a $125M program in March and an additional $100M).Slide Insurance Holdings, Inc. Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
94
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.26B | 1.16B | 846.81M | 468.53M | 242.43M |
| Gross Profit | 1.03B | 920.44M | 421.55M | 216.70M | 75.46M |
| EBITDA | 647.62M | 589.83M | 284.04M | 128.77M | 36.43M |
| Net Income | 490.98M | 443.96M | 201.13M | 87.37M | 22.30M |
Balance Sheet | |||||
| Total Assets | 2.88B | 0.00 | 1.93B | 1.08B | 704.97M |
| Cash, Cash Equivalents and Short-Term Investments | 1.27B | 0.00 | 550.08M | 360.58M | 176.65M |
| Total Debt | 41.68M | 0.00 | 48.25M | 42.31M | 32.13M |
| Total Liabilities | 1.77B | 0.00 | 1.50B | 839.10M | 569.62M |
| Stockholders Equity | 1.11B | 0.00 | 433.16M | 237.60M | 135.34M |
Cash Flow | |||||
| Free Cash Flow | 987.16M | 794.58M | 543.80M | 434.32M | 136.94M |
| Operating Cash Flow | 990.11M | 797.43M | 553.89M | 443.00M | 157.12M |
| Investing Cash Flow | -261.02M | -115.18M | -204.00M | -250.33M | -52.10M |
| Financing Cash Flow | 74.39M | 210.88M | -2.41M | 20.50M | 23.10M |
Slide Insurance Holdings, Inc. Risk Analysis
Slide Insurance Holdings, Inc. disclosed 68 risk factors in its most recent earnings report. Slide Insurance Holdings, Inc. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Slide Insurance Holdings, Inc. Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
88 Outperform | $2.07B | 4.53 | 66.67% | ― | ― | ― | |
78 Outperform | $5.43B | 6.47 | 36.48% | 1.34% | 9.70% | 193.37% | |
76 Outperform | $823.92M | 14.05 | 14.75% | ― | 22.83% | 2.00% | |
68 Neutral | $1.03B | 16.14 | 7.16% | 4.59% | 10.67% | -13.23% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
57 Neutral | $1.45B | 34.62 | 1.52% | 3.15% | 0.51% | -88.36% | |
52 Neutral | $4.46B | -31.86 | -26.52% | ― | 57.13% | 38.73% |
* Financial Sector Average
SLDE
Slide Insurance Holdings, Inc.
18.03
-5.27
-22.62%
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Slide Insurance Holdings, Inc. Corporate Events
Business Operations and StrategyStock Buyback
Slide Insurance Authorizes New $100 Million Share Repurchase
Positive
Apr 28, 2026
On April 28, 2026, Slide Insurance Holdings, Inc. announced that its board had authorized a new $100 million common stock repurchase program, effective immediately and without a time limit, which can be executed via open market purchases, private ...
Business Operations and StrategyStock Buyback
Slide Insurance Launches New $125 Million Buyback Program
Positive
Mar 23, 2026
On March 23, 2026, Slide Insurance Holdings, Inc. announced that it had completed its initial $120 million stock repurchase program, under which it bought back 7,109,417 shares at a weighted average price of $16.88, and that its board had authoriz...
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.