|GLRE Overview
GLRE

GREENLIGHT CAPITAL RE, LTD.

Financials • CIK: 0001385613

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Market Cap
$430.02M
P/E (TTM)
-317.5x
Rev Growth (TTM)
-6.8%
Net Margin (TTM)
-0.3%
FCF Yield (TTM)
32.4%
FCF Margin (TTM)
21.1%

LATEST EARNINGS

Q3 FY2025
4 months ago
View source
Revenue
$165.42M
+8.9%
Net Income
$-4.41M
-112.5%
EPS
$-0.13
-112.9%
Net
-2.7% -25.9%
  • Achieved record quarterly underwriting income of $22.3 million, a significant increase from $6.1 million in the prior year.
  • Combined ratio improved to 86.6% from 95.9% in the prior year, marking the lowest in the Company's history.
  • Gross premiums written increased 9.5% to $184.4 million in Q3 2025.
  • Net premiums earned increased 8.9% to $165.4 million in Q3 2025.

Cash Flow Health

Free Cash Flow8/8 positive
TTM$140M
Q '25
$31M-54%
Q '25
$68M+559%
FCF Margin
TTM21.1%
Q '2521.3%-50%
Sector: 22.2%Below Avg
OCF Margin21.1%
OCF/NI-74.74x
CapEx Coverage
FCF Yield32.4%
FCF Growth (2Y)
Cash Conversion Cycle
0 days
DSO: 0+DIO: DPO:

Capital Allocation & Returns

Total Shareholder YieldFY
FY0.0%
Div Yield0.0%
+
Buyback (FY)1.6%

Insufficient data

Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$139.5M
Stock Repurchases (FY)$7.5M
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
-19.8%
P25MedianP75
25th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
-0.3%
8Q: 7.9%
Asset Turnover
0.31x
8Q: 0.36x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: -0.1%-19.8% ROIC
Asset & CapEx Efficiency
Invested Cap Turn
70.04x
8Q:42.55x
+15608.0%
Asset-based ROIC formula

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ 2025Q 2025Q 2025Q4 2024Q 2024Q 2024Q 2024Q4 2023
Revenue
$661.3M
$146.1M8.8%
$160.1M24.9%
$213.3M50.4%
$141.8M24.6%
$188.0M7.5%
$174.9M8.6%
$191.3M23.0%
$155.5M
Operating Income
$-641.0K
$-3.9M674.7%
$675.0K97.8%
$30.9M209.0%
$-28.3M178.8%
$36.0M327.4%
$8.4M69.4%
$27.5M56.5%
$17.6M
Net Income
$-1.9M
$-4.4M1438.9%
$329.0K98.9%
$29.6M208.1%
$-27.4M177.8%
$35.2M341.7%
$8.0M70.5%
$27.0M53.5%
$17.6M
Operating Cash Flow
$139.5M
$31.2M54.4%
$68.4M559.4%
$10.4M64.9%
$29.5M28.5%
$41.3M81.9%
$22.7M26.4%
$18.0M18.9%
$22.1M
Free Cash Flow
$139.5M
$31.2M54.4%
$68.4M559.4%
$10.4M64.9%
$29.5M28.5%
$41.3M81.9%
$22.7M26.4%
$18.0M18.9%
$22.1M
Total Equity
N/A

Valuation Analysis

Fair Value
Price-to-EarningsTTM
-317.5x
Valuation Lenses
Earnings
-317.5x
vs sector
Cash Flow
-1.2x
EV/FCF vs
Growth-Adj
PEG
N/A
Quality-Adj
P/E per %ROIC
ROIC: -19.8%
Shareholder Returns
Dividend
Buyback
Total Yield
Market Cap$430.02M
EV
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
-29/100
Below Average

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Bottom 25%
-0.3%
8Q:
Return on Invested Capital (ROIC)Below Avg
-19.8%
8Q:
vs Sector:0.1%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: -0.3%
Asset Turnover: 0.31x

Earnings Quality

Cash Conversion

-74.74x

OCF / Net Income

FCF Consistency

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin100.0%

Capital Efficiency

Invested Capital Turnover70.04x

Working Capital

Cash Conversion Cycle0 days

Growth Quality & Momentum

Low Quality
Growth Quality Score
43/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
-6.8%
OpInc Growth YoY
-110.8%
EPS Growth YoY
N/A
FCF 3Y CAGR
N/A

Growth Quality Analysis

Sustainability Index: 3.0/10 - Growth sustainability concerns

Margin Quality & Sustainability

Moderate
Profitability Cascade
Gross
100.0%
Operating
-0.1%
Below Avg in sector
Net
-0.3%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
FCF vs Net Gap
+21.4 pts
FCF: 21.1% | Net: -0.3%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $655.23M
Interest Coverage
+Net cash position: $655.23M
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis