1.Sales and profit
See section β- Octave Specialty Group Inc had $251M of revenue in fiscal 2025, up 6.5% on the year before. Over five years, revenue changed +10.0% a year on average.
- Octave Specialty Group Inc lost $259M in fiscal 2025.
Octave Specialty Group Inc
OSG NYSE Surety Insurance Financials FY2016βFY2025
Octave Specialty Group Inc had $251M of revenue in fiscal 2025, up 6.5% on the year before. Over five years, revenue changed +10.0% a year on average.
Download report
3-page PDF: the company, its results and charts with peers.
Last close Β· Oct 23, 2026
$4.75
0.6%KIRAβs summary AI analyst
Hi! I read Octave Specialty Group Incβs latest annual report (fiscal 2025). Here is what stands out:
2 strengths 2 to watch
2.Cash and shareholders
See section β- Octave Specialty Group Inc returned $29.9M to shareholders in fiscal 2025. The diluted share count rose 0.5%.
- No open-market insider trades in the last 12 months.
3.Financial health
See section β- Octave Specialty Group Inc has $97.3M more cash than debt.
- Octave Specialty Group Inc passes 2 of 7 financial health tests (Piotroski F-score).
Octave Specialty Group Inc in 30 seconds
Good So-so Weak
Good
Are sales growing?
+6.5%
Yes. Sales grew 6.5% last year.
Weak
Does it make a profit?
β103.1%
No. It lost money last year.
Weak
How healthy are the accounts?
2 / 7
Weak. It passes 2 of 7 health tests.
For information
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
$216M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
β
On β$3.67 EPS (TTM)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Results dates
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Octave Specialty Group Inc did it, and the next one. Share prices often move a lot on those days.
Next results
November 9, 2026
Monday Β· in 14 days
- Time
- After the market closes
- Covers
- Period ended Sep 30, 2026
- Expected EPS
- β$0.06
- Source
- Earnings calendar
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 6, 2026 | Q2 '26 | After the market closes | 8-K β |
| May 6, 2026 | Q1 '26 | After the market closes | 8-K β |
| Feb 23, 2026 | Q4 '25 | After the market closes | 8-K β |
| Nov 10, 2025 | Q3 '25 | After the market closes | 8-K β |
| Aug 7, 2025 | Q2 '25 | After the market closes | 8-K β |
| May 12, 2025 | Q1 '25 | After the market closes | 8-K β |
| Feb 26, 2025 | Q4 '24 | After the market closes | 8-K β |
| Nov 12, 2024 | Q3 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
Revenue and margins
KIRA Β· Octave Specialty Group Inc had $251M of revenue in fiscal 2025, up 6.5% on the year before. Over five years, revenue changed +10.0% a year on average.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
FY16
Revenue β
FY17
Revenue $622M
FY18
Revenue $511M
FY19
Revenue $496M
FY20
Revenue $156M
FY21
Revenue $282M
FY22
Revenue $53.6M
FY23
Revenue $125M
FY24
Revenue $236M
FY25
Revenue $251M
Revenue
Q3 '23
Revenue $74.0M
Q4 '23
Revenue β$69.3M
Q1 '24
Revenue $49.6M
Q2 '24
Revenue $51.0M
Q3 '24
Revenue $70.0M
Q4 '24
Revenue $65.2M
Q1 '25
Revenue $62.8M
Q2 '25
Revenue $55.0M
Q3 '25
Revenue $66.6M
Q4 '25
Revenue $66.9M
Q1 '26
Revenue $104M
Q2 '26
Revenue $83.0M
Margins, % of revenue
FY16
Gross β
Operating β
Net β
FCF β
FY17
Gross β
Operating β
Net β52.9%
FCF β
FY18
Gross β
Operating β
Net 36.4%
FCF β
FY19
Gross β
Operating β
Net β43.5%
FCF β
FY20
Gross β
Operating β
Net β280.1%
FCF β
FY21
Gross β
Operating β
Net β6.0%
FCF β
FY22
Gross β
Operating β
Net 973.9%
FCF β
FY23
Gross β
Operating β
Net 4.0%
FCF β
FY24
Gross β
Operating β
Net β235.8%
FCF β
FY25
Gross β
Operating β
Net β103.1%
FCF β
Gross
Operating
Net
FCF
Margins, % of revenue
Q3 '23
Gross β
Operating β
Net 89.0%
FCF β
Q4 '23
Gross β
Operating β
Net 22.6%
FCF β
Q1 '24
Gross β
Operating β
Net 41.9%
FCF β
Q2 '24
Gross β
Operating β
Net β1.5%
FCF β
Q3 '24
Gross β
Operating β
Net β39.3%
FCF β
Q4 '24
Gross β
Operating β
Net β840.6%
FCF β
Q1 '25
Gross β
Operating β
Net β73.9%
FCF β
Q2 '25
Gross β
Operating β
Net β132.7%
FCF β
Q3 '25
Gross β
Operating β
Net β169.1%
FCF β
Q4 '25
Gross β
Operating β
Net β40.9%
FCF β
Q1 '26
Gross β
Operating β
Net β6.6%
FCF β
Q2 '26
Gross β
Operating β
Net β14.6%
FCF β
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· Octave Specialty Group Inc lost $259M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
FY16
Net income β
FY17
Net income β$329M
FY18
Net income $186M
FY19
Net income β$216M
FY20
Net income β$437M
FY21
Net income β$17.0M
FY22
Net income $522M
FY23
Net income $5.0M
FY24
Net income β$556M
FY25
Net income β$259M
Net income
Q3 '23
Net income $65.9M
Q4 '23
Net income β$15.7M
Q1 '24
Net income $20.8M
Q2 '24
Net income β$0.8M
Q3 '24
Net income β$27.5M
Q4 '24
Net income β$548M
Q1 '25
Net income β$46.4M
Q2 '25
Net income β$73.0M
Q3 '25
Net income β$113M
Q4 '25
Net income β$27.4M
Q1 '26
Net income β$6.9M
Q2 '26
Net income β$12.2M
Diluted EPS
FY16
Diluted EPS β
FY17
Diluted EPS β$7.25
FY18
Diluted EPS $3.99
FY19
Diluted EPS β$4.69
FY20
Diluted EPS β$9.47
FY21
Diluted EPS β$0.61
FY22
Diluted EPS $11.48
FY23
Diluted EPS $0.18
FY24
Diluted EPS β$11.96
FY25
Diluted EPS β$5.93
Diluted EPS
Q3 '23
Diluted EPS $1.44
Q4 '23
Diluted EPS β$0.24
Q1 '24
Diluted EPS $0.44
Q2 '24
Diluted EPS β$0.02
Q3 '24
Diluted EPS β$0.63
Q4 '24
Diluted EPS β$10.23
Q1 '25
Diluted EPS β$1.21
Q2 '25
Diluted EPS β$1.51
Q3 '25
Diluted EPS β$2.35
Q4 '25
Diluted EPS β$0.86
Q1 '26
Diluted EPS β$0.13
Q2 '26
Diluted EPS β$0.33
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
FY16
Free cash flow β
FY17
Free cash flow β
FY18
Free cash flow β
FY19
Free cash flow β
FY20
Free cash flow β
FY21
Free cash flow β
FY22
Free cash flow β
FY23
Free cash flow β
FY24
Free cash flow β
FY25
Free cash flow β
Cash from operations vs capital spending
FY16
Cash from operations β
Capital spending β
FY17
Cash from operations β$221M
Capital spending β
FY18
Cash from operations β$1.5B
Capital spending β
FY19
Cash from operations β$311M
Capital spending β
FY20
Cash from operations β$175M
Capital spending β
FY21
Cash from operations β$131M
Capital spending β
FY22
Cash from operations $1.3B
Capital spending β
FY23
Cash from operations $200M
Capital spending β
FY24
Cash from operations $0.8M
Capital spending β
FY25
Cash from operations β$52.3M
Capital spending β
Cash from operations
Capital spending
Cash from operations vs capital spending
Q3 '23
Cash from operations $11.0M
Capital spending β
Q4 '23
Cash from operations $88.0M
Capital spending β
Q1 '24
Cash from operations $7.1M
Capital spending β
Q2 '24
Cash from operations $20.4M
Capital spending β
Q3 '24
Cash from operations $48.9M
Capital spending β
Q4 '24
Cash from operations β$75.6M
Capital spending β
Q1 '25
Cash from operations β$12.6M
Capital spending β
Q2 '25
Cash from operations $2.1M
Capital spending β
Q3 '25
Cash from operations β$41.2M
Capital spending β
Q4 '25
Cash from operations β$0.7M
Capital spending β
Q1 '26
Cash from operations β$10.1M
Capital spending β
Q2 '26
Cash from operations β$10.2M
Capital spending β
Cash from operations
Capital spending
Dividends, buybacks and share count
KIRA Β· Octave Specialty Group Inc returned $29.9M to shareholders in fiscal 2025. The diluted share count rose 0.5%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
FY16
Dividends β
Buybacks β
FY17
Dividends β
Buybacks β
FY18
Dividends β
Buybacks β
FY19
Dividends β
Buybacks β
FY20
Dividends β
Buybacks β
FY21
Dividends β
Buybacks β
FY22
Dividends β
Buybacks $14.2M
FY23
Dividends β
Buybacks $4.5M
FY24
Dividends β
Buybacks $11.7M
FY25
Dividends β
Buybacks $29.9M
Dividends
Buybacks
Diluted shares outstanding (annual)
FY16
Diluted shares β
FY17
Diluted shares 0.05B
FY18
Diluted shares 0.05B
FY19
Diluted shares 0.05B
FY20
Diluted shares 0.05B
FY21
Diluted shares 0.05B
FY22
Diluted shares 0.05B
FY23
Diluted shares 0.05B
FY24
Diluted shares 0.05B
FY25
Diluted shares 0.05B
Insider trades
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
KIRA Β· Octave Specialty Group Inc has $97.3M more cash than debt.
Cash, debt and the ratios that show how comfortably Octave Specialty Group Inc can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
FY16
Cash $91.0M
Debt β
FY17
Cash $624M
Debt $992M
FY18
Cash $63.0M
Debt $2.9B
FY19
Cash $24.0M
Debt $2.8B
FY20
Cash $512M
Debt $2.7B
FY21
Cash $431M
Debt $2.2B
FY22
Cash $513M
Debt $639M
FY23
Cash $208M
Debt $508M
FY24
Cash $157M
Debt $150M
FY25
Cash $215M
Debt $118M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $431M | $513M | $208M | $157M | $215M |
| Debt incl. finance leases | $2.2B | $639M | $508M | $150M | $118M |
| Debt / equity | 2.1x | 0.5x | 0.4x | 0.2x | 0.2x |
| Total assets | $12.3B | $8.0B | $8.4B | $8.1B | $2.2B |
| Total liabilities | $11.2B | $6.6B | $7.0B | $6.9B | $1.1B |
| Shareholders' equity | $1.0B | $1.3B | $1.4B | $798M | $716M |
| Net debt (β = net cash) | $1.8B | $126M | $300M | β$7.2M | β$97.3M |
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY16
Return on capital β
Return on equity β
Return on assets β
FY17
Return on capital β
Return on equity β19.6%
Return on assets β1.4%
FY18
Return on capital β
Return on equity 12.5%
Return on assets 1.0%
FY19
Return on capital β
Return on equity β14.1%
Return on assets β1.5%
FY20
Return on capital β
Return on equity β34.2%
Return on assets β3.3%
FY21
Return on capital β
Return on equity β1.6%
Return on assets β0.1%
FY22
Return on capital β
Return on equity 45.6%
Return on assets 5.2%
FY23
Return on capital β
Return on equity 0.4%
Return on assets 0.1%
FY24
Return on capital β
Return on equity β51.5%
Return on assets β6.7%
FY25
Return on capital β
Return on equity β34.2%
Return on assets β5.0%
Return on capital
Return on equity
Return on assets
Piotroski F-score
KIRA Β· Octave Specialty Group Inc passes 2 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 4 / 7 | 2 / 7 | 2 / 7 | 3 / 7 | 6 / 7 | 6 / 7 | 4 / 7 | 2 / 7 |
| Accruals ratio | β0.5% | 9.2% | 0.7% | β2.0% | 0.9% | β8.0% | β2.4% | β6.8% | β4.0% |
| Altman Z'' | β | β | β | β | β | β | β | β | β |
All figures
Every number, year by year.
10 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | β | $622M | $511M | $496M | $156M | $282M | $53.6M | $125M | $236M | $251M |
| Interest expense | β | $120M | $242M | $269M | $222M | $187M | $0.0M | $0.0M | $9.4M | $18.6M |
| Pretax income | β | β$284M | $273M | β$183M | β$440M | $2.0M | β$35.7M | β$24.2M | β$59.8M | β$101M |
| Income tax | β | $44.0M | $5.0M | $32.0M | β$3.0M | $18.0M | β$0.5M | $1.0M | $0.9M | $5.2M |
| Net income | β | β$329M | $186M | β$216M | β$437M | β$17.0M | $522M | $5.0M | β$556M | β$259M |
| Net income to common | β | β | β | β$216M | β$437M | β$28.0M | $522M | $3.6M | β$556M | β$262M |
| Diluted EPS | β | β$7.25 | $3.99 | β$4.69 | β$9.47 | β$0.61 | $11.48 | $0.18 | β$11.96 | β$5.93 |
| Diluted shares | β | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B |
| Cash flow | ||||||||||
| Cash from operations | β | β$221M | β$1.5B | β$311M | β$175M | β$131M | $1.3B | $200M | $0.8M | β$52.3M |
| Depreciation and amortization | β | $1.0M | $1.0M | $0.0M | $1.0M | $2.0M | $0.9M | $5.2M | $19.9M | $42.0M |
| Stock-based compensation | β | $4.0M | $12.0M | $12.0M | $11.0M | $14.0M | $11.2M | $12.3M | $9.4M | $9.7M |
| Acquisitions | β | β | β | β | β$74.0M | $0.0M | $18.4M | $7.0M | $244M | $218M |
| Share buybacks | β | β | β | β | β | β | $14.2M | $4.5M | $11.7M | $29.9M |
| Dividends and buybacks | β | β | β | β | β | β | $14.2M | $4.5M | $11.7M | $29.9M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $91.0M | $624M | $63.0M | $24.0M | $512M | $431M | $513M | $208M | $157M | $215M |
| Total debt | β | $992M | $2.9B | $2.8B | $2.7B | $2.2B | $639M | $508M | $150M | $118M |
| Goodwill | β | β | β | β | $46.0M | $46.0M | $46.1M | $69.7M | $418M | $540M |
| Intangible assets | β | $847M | $719M | $427M | $409M | $362M | $326M | $61.4M | $345M | $475M |
| Total assets | β | $23.2B | $14.6B | $13.3B | $13.2B | $12.3B | $8.0B | $8.4B | $8.1B | $2.2B |
| Total liabilities | β | $21.5B | $13.0B | $11.8B | $12.1B | $11.2B | $6.6B | $7.0B | $6.9B | $1.1B |
| Preferred stock | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $2.0B | $1.4B | $1.6B | $1.5B | $1.1B | $1.0B | $1.3B | $1.4B | $798M | $716M |
| Margins | ||||||||||
| Net margin | β | β52.9% | 36.4% | β43.5% | β280.1% | β6.0% | 973.9% | 4.0% | β235.8% | β103.1% |
| Returns | ||||||||||
| Return on equity | β | β19.6% | 12.5% | β14.1% | β34.2% | β1.6% | 45.6% | 0.4% | β51.5% | β34.2% |
| Return on assets | β | β1.4% | 1.0% | β1.5% | β3.3% | β0.1% | 5.2% | 0.1% | β6.7% | β5.0% |
| Return on tangible equity | β | β61.6% | 21.3% | β20.6% | β69.9% | β4.4% | 59.4% | 0.3% | β1,573.9% | β |
| Growth | ||||||||||
| Revenue growth | β | β | β17.8% | β2.9% | β68.5% | 80.8% | β81.0% | 132.6% | 89.1% | 6.5% |
| Net income growth | β | β | β | β216.1% | β | β | β | β99.1% | β11,331.8% | β |
| EPS growth | β | β | β | β217.5% | β | β | β | β98.4% | β6,744.4% | β |
| Share count change | β | β | 0.0% | β1.3% | 0.4% | 0.8% | β1.8% | β0.2% | 2.9% | 0.5% |
| Financial health | ||||||||||
| Debt / equity | β | 0.7x | 1.8x | 1.9x | 2.5x | 2.1x | 0.5x | 0.4x | 0.2x | 0.2x |
| Capital allocation | ||||||||||
| Stock comp / revenue | β | 0.6% | 2.3% | 2.4% | 7.1% | 5.0% | 20.9% | 9.8% | 4.0% | 3.9% |
| Quality scores | ||||||||||
| Piotroski F-score | β | β | 4.0 | 2.0 | 2.0 | 3.0 | 6.0 | 6.0 | 4.0 | 2.0 |
| Accruals ratio | β | β0.5% | 9.2% | 0.7% | β2.0% | 0.9% | β8.0% | β2.4% | β6.8% | β4.0% |
Source: SEC EDGAR XBRL filings (CIK 0000874501). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.