Tiptree Inc. is a US-listed company in the property & casualty insurance industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Tiptree has little or no product revenue yet; it used $102m of cash in the twelve months to September 2026. That growth ranks 1 of 47 among the property & casualty insurance companies we cover. The diluted share count is up 3.0% on a year earlier, which dilutes existing holders.
Our model value for Tiptree is under review, so past values are not shown until it is resolved.
Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Tiptree Inc.'s trailing-twelve-month revenue grew 74.5% year on year, with a free-cash-flow margin of 42.1%. Where it stands out: revenue growth of 74.5% ranks 1 of 48 property & casualty insurance companies we cover. Where it lags: net margin of -169.9% ranks 48 of 48 property & casualty insurance companies we cover.
Current signal Earnings running well ahead of cash (high accruals): Over the last 12 months net income exceeded operating cash flow by an amount equal to 54.5% of total assets. Earnings built on accounting accruals rather than cash have historically proved less persistent.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Loading chart…
Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No model value for Tiptree Inc. at the moment. Current status: valuation models disagree too widely to rate. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Tiptree Inc. as an insurer, with every model that fits that kind of business. Cost of equity 7.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.64 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$79 ~$53–$120 | Primary model, counts double |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$69 ~$57–$87 | Included |
| Price-to-book vs return on equity (peers) The price-to-book that peers with this return on equity trade on, from a line fitted across peers. | ~$48 ~$33–$62 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$29 ~$26–$50 | Included |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$120 ~$94–$170 | Left out: out of range vs price (6.55x) |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | ~$74 ~$59–$97 | Included |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Tiptree Inc. with property, casualty and specialty insurers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard Tiptree's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 0.7% of total assets over 10 years.
Net margin has been a median 0.4%; its worst year was -169.9%.
The diluted share count rose 10.1% over five years; stock-based pay has been a median 1.0% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (34 before it).
No analyst estimates are published for Tiptree Inc.: too few analysts cover it.
Last 12 months +0.7%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | −$539m | −$164m | −69.7% |
| Net margin | -10.4% | -252.9% | +2332.6% |
| P/E multiple | 11.4x | 1.6x | −86.0% |
| Share count | 37m | 38m | −2.6% |
Biggest factor: net margin.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| TIPT | +180% | +1% | +39% | +13% | −11% | −3% |
| Industry peers (median) | +14% | −3% | +9% | +31% | +9% | +10% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| TIPT | 67% | 50% | 50% | 42% | 42% | 46% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| TIPT | −42% | −29% | −26% | −24% | −33% | −14% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since October 29, 2015: 46% from December 11, 2019 to March 18, 2020. Getting back needed a 83% gain, reached on March 17, 2021, 364 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 28, 2026 | +4.8% | 0.0% | — | — |
| July 29, 2026 | −2.6% | +0.1% | −0.7% | +1.7% |
| April 30, 2026 | +0.1% | +1.3% | 0.0% | +4.0% |
| March 6, 2026 | −2.3% | −0.4% | −1.8% | +0.8% |
| October 31, 2025 | +4.1% | +0.5% | +4.6% | +6.2% |
| July 30, 2025 | −3.3% | −0.5% | −2.3% | +9.8% |
| April 30, 2025 | −7.6% | +0.7% | −5.5% | −0.7% |
| February 26, 2025 | +6.1% | −1.5% | +6.6% | +10.0% |
| October 30, 2024 | +3.6% | −2.3% | +11.7% | +16.0% |
| July 31, 2024 | −8.7% | +0.2% | −12.3% | −0.8% |
| May 1, 2024 | +3.4% | +0.6% | +3.8% | +10.1% |
| February 28, 2024 | −1.4% | +0.2% | −2.9% | −2.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q4 | $341.4M |
| FY24 Q1 | $458M |
| FY24 Q2 | $600.1M |
| FY24 Q3 | $678M |
| FY24 Q4 | $341.5M |
| FY25 Q1 | -$74.4M |
| FY25 Q2 | -$539.3M |
| FY25 Q3 | -$954.4M |
| FY25 Q4 | $488K |
| FY26 Q1 | -$81.9M |
| FY26 Q2 | -$163.6M |
| FY26 Q3 | -$242.9M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q1 | 18.2% |
| FY23 Q2 | 19.5% |
| FY23 Q3 | 16.7% |
| FY23 Q4 | -75.6% |
| FY24 Q1 | -68.5% |
| FY24 Q2 | -60.5% |
| FY24 Q3 | -56.9% |
| FY24 Q4 | 0.0% |
| FY25 Q4 | -99.9% |
| FY26 Q1 | -10.1% |
| FY26 Q2 | 69.7% |
| FY26 Q3 | 74.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY25 Q4 | -9574.6% |
| FY26 Q1 | 52.7% |
| FY26 Q2 | 24.6% |
| FY26 Q3 | 13.8% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | 19.7% |
| FY24 Q1 | 19.9% |
| FY24 Q2 | 25.1% |
| FY24 Q3 | 22.8% |
| FY24 Q4 | 70.5% |
| FY25 Q1 | -194.1% |
| FY25 Q2 | -22.0% |
| FY25 Q3 | -20.0% |
| FY25 Q4 | 34470.9% |
| FY26 Q1 | -223.9% |
| FY26 Q2 | -131.5% |
| FY26 Q3 | 42.1% |
| Fiscal year | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Sept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||
| Revenue | 70 | 24 | 80 | 392 | 506 | 582 | 626 | 773 | 810 | 1,201 | 1,398 | 341 | 341 | 0 | −243 |
| EBITDA | — | — | — | — | — | — | — | — | — | — | — | −42 | −39 | −45 | −32 |
| Operating income | — | — | — | — | — | — | — | — | — | — | — | −43 | −40 | −47 | −33 |
| Net income | 9 | 10 | −2 | 6 | 25 | 4 | 24 | 18 | −29 | 38 | −8 | 14 | 53 | 35 | 413 |
| Diluted EPS | $0.42 | $0.51 | −$0.05 | — | — | — | $0.69 | $0.50 | −$0.86 | $1.09 | −$0.23 | $0.34 | $1.34 | $0.76 | $10.94 |
| Growth (year on year) | |||||||||||||||
| Revenue | — | −66.2% | +238.3% | +388.5% | +29.1% | +14.9% | +7.6% | +23.5% | +4.9% | +48.2% | +16.4% | −75.6% | +0.0% | −99.9% | — |
| Net income | — | +19.1% | −116.5% | — | — | −85.8% | — | −23.3% | −258.8% | — | −121.7% | — | +282.5% | −34.6% | +715.9% |
| Diluted EPS | — | +18.8% | −109.9% | — | — | — | — | −27.5% | −272.0% | — | −121.1% | — | +294.1% | −43.3% | +692.4% |
| Margins | |||||||||||||||
| EBITDA margin | — | — | — | — | — | — | — | — | — | — | — | −12.3% | −11.4% | <−999% | 13.2% |
| Operating margin | — | — | — | — | — | — | — | — | — | — | — | −12.7% | −11.8% | <−999% | 13.8% |
| Net margin | 12.4% | 43.8% | −2.1% | 1.5% | 5.0% | 0.6% | 3.8% | 2.4% | −3.6% | 3.2% | −0.6% | 4.1% | 15.6% | >999% | −169.9% |
| Free-cash-flow margin | 52.3% | −12.8% | 29.1% | −3.4% | 6.9% | 7.8% | 8.6% | 2.0% | 16.5% | 16.8% | 32.4% | 19.7% | 70.5% | >999% | 42.1% |
| Cash flow | |||||||||||||||
| Cash from operations | 37 | −3 | 24 | −9 | 37 | 47 | 58 | 24 | 140 | 204 | 463 | 71 | 241 | 168 | −102 |
| Capital spending | 0 | 0 | 0 | 4 | 1 | 2 | 4 | 9 | 7 | 3 | 11 | 4 | 0 | 0 | 0 |
| Free cash flow | 37 | −3 | 23 | −14 | 35 | 45 | 54 | 15 | 133 | 202 | 452 | 67 | 241 | 168 | −102 |
| Stock-based pay | 0 | 3 | 1 | 0 | 3 | 7 | 7 | 6 | 8 | 11 | 10 | 6 | 9 | 11 | 18 |
| Free cash flow after stock pay | 36 | −6 | 23 | −14 | 32 | 38 | 47 | 9 | 125 | 190 | 443 | 61 | 232 | 157 | −120 |
| Balance sheet | |||||||||||||||
| Cash | 89 | 98 | 52 | 61 | 50 | 111 | 86 | 133 | 137 | 176 | 538 | 469 | 19 | 31 | 198 |
| Total debt | 196 | 270 | 363 | 674 | 561 | 356 | 364 | 383 | 380 | 405 | 268 | 411 | 442 | 72 | 0 |
| Net debt (negative = net cash) | 107 | 172 | 311 | 613 | 511 | 245 | 278 | 250 | 243 | 229 | −270 | −57 | 423 | 41 | −198 |
| Diluted shares | 21m | 21m | 34m | 33m | — | — | 35m | 35m | 34m | 34m | 36m | 37m | 37m | 38m | 38m |
| Returned to shareholders | |||||||||||||||
| Dividends | 1 | 0 | 0 | 3 | 3 | 3 | 5 | 6 | 6 | 5 | 2 | 7 | 18 | 9 | 9 |
| Buybacks | 0 | 0 | 0 | 4 | 44 | 7 | 14 | 9 | 14 | 8 | 2 | 0 | 0 | — | — |
| Total returned | 1 | 0 | 0 | 7 | 47 | 11 | 19 | 15 | 19 | 14 | 4 | 7 | 18 | 9 | 9 |
| Quarter | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 | 2026 Q3 Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | −1,198 | 82 | 82 | 79 | −243 | 0 | 0 | 0 |
| EBITDA | — | −12 | −12 | −13 | −9 | −9 | −9 | −6 |
| Operating income | — | −13 | −12 | −13 | −9 | −9 | −9 | −6 |
| Net income | 20 | 6 | 19 | 6 | 4 | 14 | 389 | 5 |
| Diluted EPS | $0.51 | $0.13 | $0.39 | $0.13 | $0.06 | $0.34 | $10.30 | $0.14 |
| Growth (year on year) | ||||||||
| Revenue | — | −83.5% | −85.0% | −84.0% | — | −100.0% | −100.0% | −100.0% |
| Net income | — | — | +47.5% | −46.1% | — | +152.8% | +>999% | −19.0% |
| Diluted EPS | +218.8% | — | +25.8% | −55.2% | −88.2% | +161.5% | +>999% | +7.7% |
| Margins | ||||||||
| EBITDA margin | — | −14.8% | −14.1% | −15.8% | 3.7% | — | — | — |
| Operating margin | — | −15.3% | −14.5% | −16.3% | 3.9% | — | — | — |
| Net margin | −1.6% | 6.8% | 23.2% | 8.1% | −1.6% | — | — | — |
| Free-cash-flow margin | −6.0% | −41.8% | 24.5% | 168.3% | −20.3% | — | — | — |
| Cash flow | ||||||||
| Cash from operations | 70 | −33 | 21 | 135 | 45 | −18 | 53 | −182 |
| Capital spending | −2 | 1 | 1 | 2 | −4 | — | 0 | 0 |
| Free cash flow | 72 | −34 | 20 | 133 | 49 | — | 53 | −182 |
| Stock-based pay | −5 | 7 | 2 | 2 | 1 | 1 | 14 | 1 |
| Free cash flow after stock pay | 77 | −41 | 18 | 131 | 48 | — | 40 | −183 |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 74.5% | 8.3% | 1 of 48 |
| Change in growth rate Growth | +4.9pp | -0.7pp | 5 of 48 |
| Operating margin Profitability | 13.8% | 8.0% | 4 of 9 |
| Net margin Profitability | -169.9% | 10.8% | 48 of 48 |
| Stock pay as % of revenue Cash generation | -7.3% | 0.7% | 1 of 34 |
| Change in share count Balance sheet | 3.0% | -0.7% | 39 of 47 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Dimensional Fund Advisors LP | $39.6M | 2.2M | 13.1% | ▲ 2.9% |
| Blackrock, Inc. | $38.9M | 2.2M | 12.9% | ▲ 6.5% |
| Veradace Capital Management LLC | $23.3M | 1.3M | 7.7% | ▼ 29.3% |
| Vanguard Capital Management LLC | $17.9M | 997K | 5.9% | ▲ 0.7% |
| Geode Capital Management, LLC | $11.7M | 654K | 3.9% | ▲ 4.8% |
| State Street Corp | $10M | 557K | 3.3% | ▲ 6.2% |
| Gabelli Funds LLC | $9.6M | 537K | 3.2% | ▲ 70.8% |
| Arrowstreet Capital, Limited Partnership | $9.2M | 512K | 3.0% | ▲ 87.5% |
| Nuveen, LLC | $9.1M | 509K | 3.0% | ▲ 33.6% |
| Kennedy Capital Management LLC | $8.7M | 485K | 2.9% | ▼ 1.8% |
| Morgan Stanley | $7.6M | 422K | 2.5% | ▲ 53.2% |
| Heartland Advisors Inc | $7.2M | 400K | 2.4% | 0.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Tiptree Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Barnes Michael Gene Chairman and CEO | October 23, 2026 | Buy pre-set plan | 30,930 | $16.24 | $502,303 |
| Ilany Jonathan Director | May 27, 2026 | Buy | 990 | $17.45 | $17,276 |
| Mckinney Scott T. Chief Financial Officer | March 12, 2026 | Buy | 1,232 | $15.98 | $19,687 |
| Mckinney Scott T. Chief Financial Officer | March 11, 2026 | Buy | 2,600 | $16.15 | $41,990 |
| Mielle Dominique Director | November 7, 2025 | Buy | 5,500 | $18.29 | $100,595 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
New research on the companies we cover arrives in the weekly email. Free, one email a week.
