A Business at a Glance
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DONEGAL GROUP INC
DGICA
$683M
Mkt Cap
$18.76
+1.74%
DONEGAL GROUP INC (DGICA) has a current P/E ratio of 13.1, compared to its historical median P/E of 10.5. The stock is currently considered Fair based on its historical valuation range.
DONEGAL GROUP INC (DGICA) has a 5-year average return on invested capital (ROIC) of 5.7%. This is below average and may indicate limited pricing power.
DONEGAL GROUP INC (DGICA) has a market capitalization of $683M. It is classified as a small-cap stock.
Yes, DONEGAL GROUP INC (DGICA) pays a dividend with a trailing twelve-month yield of 3.85%.
Based on historical P/E analysis, DONEGAL GROUP INC (DGICA) appears fair. The current P/E of 13.1 is 26% above its historical median of 10.5. The estimated fair value CAGR (P/E method) is -15.7%.
DONEGAL GROUP INC (DGICA) operates in the Fire, Marine & Casualty Insurance industry, within the Financials sector.
DONEGAL GROUP INC (DGICA) reported annual revenue of $978 million in its most recent fiscal year, based on SEC EDGAR filings.
Donegal Group Inc., or DGI, is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty insurance in 21 Mid-Atlantic, Midwestern, Southern and Southwestern states. DGI has no significant business operations and is separate and distinct from its insurance subsidiaries. As used in this Form 10-K Report, the terms “we,” “us” and “our” refer to Donegal Group Inc. and its insurance subsidiaries. Our Class A common stock and our Class B common stock trade on the NASDAQ Global Select Market under the symbols “DGICA” and “DGICB,” respectively. Donegal Mutual Insurance Company, or Donegal Mutual, organized us as an insurance holding company on August 26, 1986. At December 31, 2025, Donegal Mutual held approximately 44% of our outstanding Class A common stock and approximately 85% of our outstanding Class B common stock.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 969M | 978M | 990M | 927M | 848M | 816M |
| Net Income | 66M | 79M | 51M | 4.4M | -2.0M | 25M |
| EPS | $0.00 | $2.18 | $1.53 | $0.14 | $-0.07 | $0.83 |
| Free Cash Flow | 65M | 70M | 67M | 29M | 67M | 76M |
| ROIC | 0.0% | 13.4% | 9.9% | 0.9% | -0.4% | 4.8% |
| Gross Margin | - | 10.0% | 6.3% | 0.5% | -0.4% | 3.7% |
| Debt/Equity | 0.05 | 0.05 | 0.06 | 0.07 | 0.07 | 0.07 |
| Dividends/Share | $0.72 | $0.71 | $0.68 | $0.69 | $0.73 | $0.63 |
| Operating Income | 0 | 98M | 62M | 5.1M | -3.6M | 30M |
| Operating Margin | 0.0% | 10.0% | 6.3% | 0.5% | -0.4% | 3.7% |
| ROE | 10.1% | 13.4% | 9.9% | 0.9% | -0.4% | 4.8% |
| Shares Outstanding | 36M | 36M | 33M | 32M | 28M | 30M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 587M | 636M | 688M | 739M | 772M | 812M | 778M | 816M | 848M | 927M | 990M | 978M | 969M |
| Gross Margin | 2.8% | 4.3% | 6.0% | 1.6% | -6.2% | 7.0% | 8.1% | 3.7% | -0.4% | 0.5% | 6.3% | 10.0% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 16M | 28M | 41M | 12M | -48M | 57M | 63M | 30M | -3.6M | 5.1M | 62M | 98M | 0 |
| Op. Margin | 2.8% | 4.3% | 6.0% | 1.6% | -6.2% | 7.0% | 8.1% | 3.7% | -0.4% | 0.5% | 6.3% | 10.0% | 0.0% |
| Net Income | 15M | 21M | 31M | 7.1M | -33M | 47M | 53M | 25M | -2.0M | 4.4M | 51M | 79M | 66M |
| Net Margin | 2.5% | 3.3% | 4.5% | 1.0% | -4.2% | 5.8% | 6.8% | 3.1% | -0.2% | 0.5% | 5.1% | 8.1% | 6.8% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 3.6% | 5.1% | 7.3% | 1.6% | -7.7% | 11.1% | 10.9% | 4.8% | -0.4% | 0.9% | 9.9% | 13.4% | 0.0% |
| ROE | 3.6% | 5.1% | 7.3% | 1.6% | -7.7% | 11.1% | 10.9% | 4.8% | -0.4% | 0.9% | 9.9% | 13.4% | 10.1% |
| ROA | 1.0% | 1.4% | 1.9% | 0.4% | -1.8% | 2.5% | 2.6% | 1.1% | -0.1% | 0.2% | 2.2% | 3.4% | 2.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 45M | 68M | 60M | 81M | 64M | 76M | 101M | 77M | 67M | 29M | 67M | 70M | 65M |
| Free Cash Flow | 42M | 68M | 60M | 80M | 64M | 76M | 101M | 76M | 67M | 29M | 67M | 70M | 65M |
| Owner Earnings | 39M | 52M | 44M | 64M | 48M | 61M | 71M | 54M | 39M | 11M | 26M | 47M | 41M |
| CapEx | 2.1M | 152K | 384K | 1.1M | 106K | 150K | 90K | 1.2M | 28K | 45K | 0 | 0 | 0 |
| Maint. CapEx | 3.5M | 14M | 14M | 14M | 14M | 11M | 12M | 9.7M | 9.5M | 9.7M | 9.8M | 3.1M | 9.8M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 3.5M | 14M | 14M | 14M | 14M | 11M | 12M | 9.7M | 9.5M | 9.7M | 9.8M | 3.1M | 9.8M |
| CapEx/OCF | 4.8% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 14M | 14M | 14M | 15M | 16M | 16M | 17M | 19M | 21M | 22M | 23M | 26M | 26M |
| Dividend Yield | 5.5% | 5.6% | 5.1% | 4.8% | 5.4% | 5.4% | 5.3% | 5.3% | 5.9% | 5.3% | 5.1% | N/A | 3.9% |
| Share Buybacks | 12K | 28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | 11.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 2.1M | 2.6M | 2.1M | 2.5M | 2.5M | 4.3M | 19M | 13M | 18M | 7.7M | 32M | 20M | 14M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -2.4M | 39M | 35M | 35M | -9.3M | -28M | -39M | -555M | -514M | -578M | -636M | -633M | 12M |
| Cash & Equiv. | 36M | 28M | 25M | 13M | 53M | 49M | 103M | 58M | 25M | 24M | 53M | 27M | 23M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 35M |
| Debt/Equity | 0.13 | 0.20 | 0.16 | 0.13 | 0.15 | 0.08 | 0.16 | 0.07 | 0.07 | 0.07 | 0.06 | 0.05 | 0.05 |
| Interest Coverage | 10.7 | 24.8 | 24.9 | 7.6 | -21.0 | 36.1 | 52.9 | 33.9 | -5.9 | 8.2 | 65.9 | 72.3 | 72.3 |
| Equity | 416M | 408M | 439M | 449M | 399M | 451M | 518M | 531M | 484M | 480M | 546M | 640M | 649M |
| Total Assets | 1.5B | 1.5B | 1.6B | 1.7B | 1.8B | 1.9B | 2.2B | 2.3B | 2.2B | 2.3B | 2.3B | 2.4B | 2.4B |
| Total Liabilities | 1.0B | 1.1B | 1.2B | 1.3B | 1.4B | 1.5B | 1.6B | 1.7B | 1.8B | 1.8B | 1.8B | 1.7B | 1.8B |
| Intangibles | 958K | 958K | 958K | 958K | 958K | 958K | 958K | 958K | 958K | 958K | 958K | 958K | 958K |
| Retained Earnings | 223M | 229M | 245M | 237M | 193M | 223M | 258M | 264M | 241M | 218M | 245M | 298M | 309M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 0.55 | 0.77 | 1.16 | 0.26 | -1.18 | 1.67 | 1.83 | 0.83 | -0.07 | 0.14 | 1.53 | 2.18 | 0.00 |
| Owner EPS | 1.47 | 1.90 | 1.64 | 2.35 | 1.72 | 2.15 | 2.45 | 1.77 | 1.41 | 0.36 | 0.78 | 1.30 | 1.12 |
| Book Value | 15.74 | 14.98 | 16.52 | 16.39 | 14.37 | 15.97 | 17.94 | 17.45 | 17.28 | 15.18 | 16.42 | 17.60 | 17.83 |
| Cash Flow/Share | 1.68 | 2.50 | 2.26 | 2.96 | 2.30 | 2.70 | 3.50 | 2.52 | 2.40 | 0.91 | 2.03 | 1.93 | 2.07 |
| Dividends/Share | 0.51 | 0.53 | 0.53 | 0.54 | 0.56 | 0.57 | 0.59 | 0.63 | 0.73 | 0.69 | 0.68 | 0.71 | 0.72 |
| Shares Out. | 26.4M | 27.3M | 26.6M | 27.4M | 27.8M | 28.2M | 28.9M | 30.4M | 28.0M | 31.6M | 33.2M | 36.4M | 36.4M |
| Valuation | |||||||||||||
| P/E Ratio | 18.1 | 12.1 | 10.7 | 49.1 | N/A | 7.2 | 6.7 | 15.2 | N/A | 102.3 | 10.3 | N/A | N/A |
| P/FCF | 6.3 | 3.7 | 5.2 | 4.2 | 4.3 | 4.1 | 3.2 | 4.7 | 5.2 | 14.0 | 7.2 | N/A | 10.6 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 0.6 | 0.6 | 0.7 | 0.8 | 0.7 | 0.7 | 0.7 | 0.7 | 0.9 | 0.9 | 1.0 | N/A | 1.1 |
| Price/Sales | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.5 | 0.5 | 0.5 | 0.5 | N/A | 0.7 |
| FCF Yield | 16.1% | 26.8% | 18.2% | 22.9% | 22.4% | 22.6% | 28.5% | 19.7% | 16.1% | 6.3% | 12.9% | N/A | 9.5% |
| Market Cap | 263M | 254M | 329M | 349M | 284M | 337M | 355M | 384M | 417M | 453M | 522M | 0 | 683M |
| Avg. Price | 9.42 | 9.52 | 10.35 | 11.33 | 10.51 | 10.58 | 11.09 | 11.95 | 12.41 | 13.02 | 13.34 | 0.00 | 18.76 |
| Year-End Price | 10.06 | 9.35 | 11.65 | 12.29 | 9.83 | 11.14 | 11.31 | 11.74 | 12.48 | 12.70 | 14.65 | 0.00 | 18.76 |
DONEGAL GROUP INC passes 2 of 9 quality checks, indicating weak fundamentals.
DONEGAL GROUP INC trades at 13.1x trailing earnings, compared to its 15-year median P/E of 10.5x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 9.9x vs a median of 4.7x. The company's 5-year average ROIC is 5.7% with a gross margin of 4.0%. Total shareholder yield (dividends) is 3.9%. At current prices, the estimated annualized return to fair value is -10.6%.
DONEGAL GROUP INC (DGICA) has a net profit margin of 8.1%. This is a modest margin.
DONEGAL GROUP INC (DGICA) generated $70 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
DONEGAL GROUP INC (DGICA) has a debt-to-equity ratio of 0.05. This indicates a conservatively financed balance sheet.
DONEGAL GROUP INC (DGICA) reported earnings per share (EPS) of $2.18 in its most recent fiscal year.
DONEGAL GROUP INC (DGICA) has a return on equity (ROE) of 13.4%. This indicates moderate shareholder returns.
DONEGAL GROUP INC (DGICA) has a 5-year average gross margin of 4.0%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for DONEGAL GROUP INC (DGICA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
DONEGAL GROUP INC (DGICA) has a book value per share of $17.60, based on its most recent annual SEC filing.