Tiptree Inc. key statistics and ratios
In fiscal 2025, Tiptree Inc. had return on equity of 7.2%, an operating margin of -9574.6%, debt equal to 14.2% of equity and a current ratio of 1.88. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | — | — | — | — | — | — | — | — | — | — | — | −12.7% | −11.8% | <−999% | — |
| 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% | — |
| 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% | — |
| Return on equity | 8.1% | 10.0% | −0.9% | 1.9% | 8.4% | 1.2% | 7.0% | 4.7% | −7.7% | 10.3% | −2.1% | 3.4% | 12.2% | 7.2% | 58.5% |
| Return on assets | 0.2% | 0.2% | −0.0% | 0.1% | 0.9% | 0.1% | 1.2% | 0.9% | −1.1% | 1.2% | −0.2% | 0.3% | 1.0% | 0.6% | 10.6% |
| Asset turnover | 0.01 | 0.00 | 0.01 | 0.07 | 0.19 | 0.24 | 0.32 | 0.38 | 0.31 | 0.36 | 0.37 | 0.07 | 0.06 | 0.00 | — |
| Current ratio | — | — | — | — | — | — | — | — | — | — | — | — | 2.45 | 1.88 | 22.75 |
| Debt to equity | 180.6% | 272.4% | 127.7% | 215.3% | 191.1% | 118.7% | 94.1% | 96.3% | 106.6% | 105.7% | 67.5% | 98.7% | 96.6% | 14.2% | 0.0% |
| Interest cover (operating income ÷ interest) | — | — | — | — | — | — | — | — | — | — | — | n/m | n/m | — | — |
| Effective tax rate | −0.9% | 3.4% | — | — | 25.5% | — | — | 30.9% | — | 32.6% | 93.4% | — | — | — | — |
| SG&A as % of revenue | 6.8% | — | 4.8% | 3.3% | 2.9% | 2.5% | 2.6% | 2.4% | 2.8% | 3.1% | 1.9% | 11.2% | 12.5% | — | — |
| Capital spending as % of revenue | 0.0% | 0.1% | 0.3% | 1.0% | 0.3% | 0.3% | 0.6% | 1.1% | 0.8% | 0.2% | 0.8% | 1.2% | 0.0% | 0.0% | — |
| Free cash flow ÷ net income | 420.3% | −29.3% | — | −234.0% | 138.9% | >999% | 225.5% | 82.9% | — | 528.6% | — | 482.8% | 451.1% | 481.6% | −24.8% |
| Dividends ÷ net income | 6.4% | 3.5% | — | 57.3% | 12.6% | 97.1% | 20.0% | 30.0% | — | 14.2% | — | 53.0% | 34.3% | 26.0% | 2.2% |
| Dividends and buybacks ÷ free cash flow | 1.5% | — | 0.2% | — | 133.5% | 23.9% | 35.0% | 95.8% | 14.6% | 6.7% | 0.8% | 11.0% | 7.6% | 5.4% | — |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating margin | — | −15.3% | −14.5% | −16.3% | — | — | — | — |
| Net margin | — | 6.8% | 23.2% | 8.1% | — | — | — | — |
| Free-cash-flow margin | — | −41.8% | 24.5% | 168.3% | — | — | — | — |
| Current ratio | 2.45 | — | — | — | 1.88 | 1.30 | 5.07 | 22.75 |
| Debt to equity | 0.0% | 104.5% | 98.6% | 100.5% | 14.2% | 14.3% | 0.0% | 0.0% |
| SG&A as % of revenue | — | 12.8% | 15.4% | 14.6% | — | — | — | — |
Moat
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.
- Returns on capital 7 / 20
Net income has been a median 0.7% of total assets over 10 years.
- Durability 0 / 20
Net margin has been a median 0.4%; its worst year was -169.9%.
- Discipline 13 / 20
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).
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