Kinsale Capital Group vs RLI
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KIRA’s take AI analyst
I put Kinsale Capital Group and RLI side by side, using each one’s latest annual report. Here is what stands out:
- RLI is the larger business, with $1.9B of revenue in fiscal 2025 against $1.9B for Kinsale Capital Group.
- Kinsale Capital Group grew revenue faster (18.0%, against 6.3%).
- Kinsale Capital Group turned more of its sales into free cash flow (52.8% FCF margin, against 32.3%).
- Investors pay more for each dollar of Kinsale Capital Group’s earnings: a P/E of 16.1x against 15.1x for RLI.
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
Kinsale Capital Group
KNSL
6/6
Revenue growth5-year growthNet marginFCF marginReturn on equityShare count change
RLI
RLI
0/6
Side by side
Best in the row
| Latest fiscal year | KNSL FY25 | RLI FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.3B | $6.0B |
| Revenue | $1.9B | $1.9B |
| Free cash flow | $990M | $609M |
| Net income | $504M | $403M |
| Growth | ||
| Revenue growth | 18.0% | 6.3% |
| 5-year growth | 32.4% | 13.9% |
| Share count change | −0.3% | −0.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 26.9% | 21.4% |
| FCF margin | 52.8% | 32.3% |
| Return on capital | 28.7% | — |
| Return on equity | 29.3% | 24.4% |
| Balance sheet | ||
| Net debt | $57.2M | — |
| Net debt / EBITDA | 0.1x | — |
| Dividends and buybacks | $106M | $242M |
| Valuation & quality | ||
| P/E | 16.1x | 15.1x |
| Piotroski F-score | — | — |
Ten years
Revenue
FY16
KNSL $142M
RLI $816M
FY17
KNSL $187M
RLI $797M
FY18
KNSL $222M
RLI $818M
FY19
KNSL $316M
RLI $1.0B
FY20
KNSL $460M
RLI $984M
FY21
KNSL $654M
RLI $1.2B
FY22
KNSL $839M
RLI $1.7B
FY23
KNSL $1.2B
RLI $1.5B
FY24
KNSL $1.6B
RLI $1.8B
FY25
KNSL $1.9B
RLI $1.9B
KNSL
RLI
Operating margin
FY16
KNSL —
RLI —
FY17
KNSL —
RLI —
FY18
KNSL —
RLI —
FY19
KNSL —
RLI —
FY20
KNSL —
RLI —
FY21
KNSL —
RLI —
FY22
KNSL —
RLI —
FY23
KNSL —
RLI —
FY24
KNSL —
RLI —
FY25
KNSL —
RLI —
KNSL
RLI
Free cash flow
FY16
KNSL $73.2M
RLI $158M
FY17
KNSL $77.2M
RLI $188M
FY18
KNSL $103M
RLI $211M
FY19
KNSL $159M
RLI $270M
FY20
KNSL $247M
RLI $257M
FY21
KNSL $401M
RLI $377M
FY22
KNSL $551M
RLI $245M
FY23
KNSL $853M
RLI $458M
FY24
KNSL $952M
RLI $556M
FY25
KNSL $990M
RLI $609M
KNSL
RLI
Return on capital
FY16
KNSL —
RLI 12.6%
FY17
KNSL —
RLI 9.6%
FY18
KNSL —
RLI 7.6%
FY19
KNSL —
RLI 19.7%
FY20
KNSL —
RLI 14.1%
FY21
KNSL —
RLI 22.3%
FY22
KNSL 23.8%
RLI 43.8%
FY23
KNSL 33.6%
RLI 21.2%
FY24
KNSL 31.5%
RLI —
FY25
KNSL 28.7%
RLI —
KNSL
RLI
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.