A Business at a Glance
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GREENLIGHT CAPITAL RE, LTD.
GLRE
$586M
Mkt Cap
$16.99
+3.91%
GREENLIGHT CAPITAL RE, LTD. (GLRE) has a current P/E ratio of 13.7, compared to its historical median P/E of 12.9. The stock is currently considered Fair based on its historical valuation range.
GREENLIGHT CAPITAL RE, LTD. (GLRE) has a 5-year average return on invested capital (ROIC) of 7.6%. This is below average and may indicate limited pricing power.
GREENLIGHT CAPITAL RE, LTD. (GLRE) has a market capitalization of $572M. It is classified as a small-cap stock.
GREENLIGHT CAPITAL RE, LTD. (GLRE) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 2.59%.
Based on historical P/E analysis, GREENLIGHT CAPITAL RE, LTD. (GLRE) appears fair. The current P/E of 13.7 is 6% above its historical median of 12.9. The estimated fair value CAGR (P/E method) is 72.9%.
GREENLIGHT CAPITAL RE, LTD. (GLRE) operates in the Fire, Marine & Casualty Insurance industry, within the Financials sector.
Return to table of contents Unless otherwise indicated or unless the context otherwise requires, all references in this Form 10-K to “the Company,” “we,” “us,” “our,” and similar expressions are references to Greenlight Capital Re, Ltd. and its consolidated subsidiaries. Unless otherwise indicated or unless the context otherwise requires, all references in this Annual Report to entity names are as set forth in the following table: ReferenceEntity’s legal name Greenlight Capital Re or GLREGreenlight Capital Re, Ltd. Greenlight ReGreenlight Reinsurance, Ltd. GRIL Greenlight Reinsurance Ireland, Designated Activity Company VerdantVerdant Holding Company, Ltd. Greenlight Re UKGreenlight Re Marketing (UK) Limited Syndicate 3456Greenlight Innovation Syndicate 3456 GCMGreenlight Re Corporate Member Ltd. Viridis ReViridis Re SPC, Ltd. GRISGreenlight Re Ireland Services Limited We have included a Glossary of Selected Reinsurance Terms at the end of “Part I, Item 1. Business” of this Form 10-K.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 706M | 730M | 696M | 667M | 527M | 589M |
| Net Income | 81M | 75M | 43M | 87M | 25M | 18M |
| EPS | $2.40 | $2.17 | $1.24 | $2.50 | $0.73 | $0.51 |
| Free Cash Flow | 0 | 210M | 112M | 7.5M | -32M | -56M |
| ROIC | 0.0% | 10.6% | 6.3% | 13.9% | 4.4% | 3.1% |
| Gross Margin | - | 10.7% | 6.3% | 13.0% | 4.7% | 3.6% |
| Debt/Equity | 0.01 | 0.01 | 0.10 | 0.94 | 0.16 | 0.21 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 0 | 78M | 44M | 87M | - | - |
| Operating Margin | 0.0% | 10.7% | 6.3% | 13.0% | - | - |
| ROE | 10.9% | 11.1% | 7.0% | 15.8% | 5.2% | 3.7% |
| Shares Outstanding | 34M | 34M | 35M | 35M | 35M | 34M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 480M | N/A | 588M | 646M | 183M | 538M | 484M | 589M | 527M | 667M | 696M | 730M | 706M |
| Gross Margin | 23.5% | N/A | 8.0% | -6.9% | -193.4% | N/A | 0.9% | 3.6% | 4.7% | 13.0% | 6.3% | 10.7% | 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 | 25M | 23M | 26M | 26M | 25M | 30M | 26M | 29M | 32M | 43M | N/A | N/A | N/A |
| EBIT | 113M | -334M | 47M | -45M | -354M | 2.3M | 3.1M | N/A | N/A | 87M | 44M | 78M | 0 |
| Op. Margin | 23.5% | N/A | 8.0% | -6.9% | -193.4% | 0.4% | 0.7% | N/A | N/A | 13.0% | 6.3% | 10.7% | 0.0% |
| Net Income | 110M | -326M | 45M | -45M | -350M | -4.0M | 3.9M | 18M | 25M | 87M | 43M | 75M | 81M |
| Net Margin | 22.8% | N/A | 7.6% | -7.0% | -191.3% | -0.7% | 0.8% | 3.0% | 4.8% | 13.0% | 6.2% | 10.3% | 11.5% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 500K | 1.1M | 600K | 600K |
| Returns on Capital | |||||||||||||
| ROIC | 9.9% | -32.8% | 5.3% | -5.3% | -50.0% | -0.7% | 0.7% | 3.1% | 4.4% | 13.9% | 6.3% | 10.6% | 0.0% |
| ROE | 9.9% | -32.8% | 5.3% | -5.3% | -53.5% | -0.8% | 0.8% | 3.7% | 5.2% | 15.8% | 7.0% | 11.1% | 10.9% |
| ROA | 3.6% | -11.4% | 1.7% | -1.5% | -14.6% | -0.3% | 0.3% | 1.3% | 1.7% | 5.2% | 2.3% | 3.6% | 3.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -134M | -57M | -36M | 94M | -59M | 1.6M | -91M | -56M | -32M | 7.5M | 112M | 210M | 237M |
| Free Cash Flow | -134M | -57M | -36M | 94M | -59M | 1.6M | -91M | -56M | -32M | 7.5M | 112M | 210M | 0 |
| Owner Earnings | -138M | -62M | -40M | 89M | -64M | -2.3M | -94M | -60M | -36M | 1.4M | 107M | 203M | 229M |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 436K | 405K | 390K | 368K | 260K | 21K | 21K | 16K | 0 | 0 | 0 | 0 | 0 |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 436K | 405K | 390K | 368K | 260K | 21K | 21K | 16K | 0 | 0 | 0 | 0 | 0 |
| CapEx/OCF | N/A | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 15M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | 5.8% | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 18M | 0 | 2.8M | 17M | 0 | 18M | 10M | 35K | 0 | 7.5M | 9.8M | 15M |
| Buyback Yield | N/A | 2.6% | N/A | 0.4% | 5.3% | N/A | 7.0% | 3.9% | 0.0% | N/A | 1.6% | 0.0% | 2.6% |
| Stock-Based Comp | 4.0M | 4.3M | 4.0M | 4.9M | 4.6M | 3.9M | 2.5M | 3.2M | 4.7M | 6.1M | 4.5M | 7.1M | 8.2M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 947K | 14M | 55M | 55M |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | 60M | 73M | 68M | 87M | 22M | 42M | 511M | -3.9M | -102M | -65M |
| Cash & Equiv. | 12M | 1.3B | 1.2B | 27M | 18M | 26M | 8.9M | 76M | 38M | 51M | 65M | 112M | 75M |
| Long-Term Debt | N/A | N/A | N/A | 0 | 91M | 94M | 96M | 98M | 81M | 73M | 61M | 4.7M | 4.7M |
| Debt/Equity | 1.55 | 2.26 | 2.03 | 0.00 | 0.19 | 0.20 | 0.21 | 0.21 | 0.16 | 0.94 | 0.10 | 0.01 | 0.01 |
| Interest Coverage | 5.2 | -15.2 | N/A | N/A | -141.3 | 0.4 | 0.5 | N/A | N/A | 16.3 | 7.5 | 17.9 | 17.9 |
| Equity | 1.2B | 825M | 874M | 831M | 478M | 477M | 465M | 476M | 503M | 596M | 636M | 708M | 741M |
| Total Assets | 3.0B | 2.7B | 2.7B | 3.4B | 1.4B | 1.4B | 1.4B | 1.4B | 1.6B | 1.7B | 2.0B | 2.2B | 2.3B |
| Total Liabilities | 1.8B | 1.9B | 1.8B | 2.5B | 956M | 878M | 893M | 952M | 1.1B | 1.1B | 1.4B | 1.5B | 1.5B |
| Intangibles | 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 |
| Retained Earnings | 661M | 325M | 370M | 324M | -26M | -30M | -27M | -9.5M | 21M | 108M | 151M | 226M | 261M |
| 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 | 2.89 | -8.90 | 1.20 | -1.21 | -9.74 | -0.11 | 0.11 | 0.51 | 0.73 | 2.50 | 1.24 | 2.17 | 2.40 |
| Owner EPS | -3.64 | -1.69 | -1.07 | 2.40 | -1.79 | -0.06 | -2.67 | -1.73 | -1.05 | 0.04 | 3.10 | 5.89 | 6.79 |
| Book Value | 30.73 | 22.50 | 23.37 | 22.38 | 13.29 | 13.17 | 13.23 | 13.80 | 14.49 | 17.16 | 18.42 | 20.53 | 22.00 |
| Cash Flow/Share | -3.53 | -1.57 | -0.96 | 2.54 | -1.65 | 0.05 | -2.60 | -1.63 | -0.92 | 0.22 | 3.23 | 6.10 | 2.40 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.43 | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 37.9M | 36.7M | 37.4M | 37.2M | 35.9M | 36.2M | 35.1M | 34.5M | 34.7M | 34.7M | 34.5M | 34.5M | 33.7M |
| Valuation | |||||||||||||
| P/E Ratio | 11.5 | N/A | 19.3 | N/A | N/A | N/A | 65.5 | 14.6 | 11.0 | 4.6 | 11.2 | N/A | 7.1 |
| P/FCF | N/A | N/A | N/A | 8.0 | N/A | 223.5 | N/A | N/A | N/A | 52.8 | 4.3 | N/A | N/A |
| 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 | 1.1 | 0.8 | 1.0 | 0.9 | 0.7 | 0.8 | 0.5 | 0.5 | 0.6 | 0.7 | 0.8 | N/A | 0.8 |
| Price/Sales | 2.6 | N/A | 1.3 | 1.2 | 2.8 | 0.7 | 0.5 | 0.5 | 0.5 | 0.5 | 0.6 | N/A | 0.8 |
| FCF Yield | -10.6% | -8.5% | -4.1% | 12.5% | -19.0% | 0.4% | -36.1% | -21.9% | -11.4% | 1.9% | 23.3% | N/A | N/A |
| Market Cap | 1.3B | 674M | 866M | 756M | 312M | 365M | 253M | 257M | 278M | 397M | 478M | 0 | 572M |
| Avg. Price | 32.63 | 27.63 | 20.66 | 21.72 | 14.42 | 10.17 | 7.37 | 8.25 | 7.51 | 10.28 | 12.99 | 0.00 | 16.99 |
| Year-End Price | 33.14 | 18.38 | 23.15 | 20.35 | 8.68 | 10.06 | 7.20 | 7.47 | 8.02 | 11.42 | 13.83 | 0.00 | 16.99 |
GREENLIGHT CAPITAL RE, LTD. passes 4 of 9 quality checks, suggesting mixed fundamentals.
GREENLIGHT CAPITAL RE, LTD. trades at 13.7x trailing earnings, compared to its 15-year median P/E of 12.9x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 5.3x vs a median of 8.0x. The company's 5-year average ROIC is 7.6% with a gross margin of 7.7%. Total shareholder yield (buybacks) is 2.6%. At current prices, the estimated annualized return to fair value is +20.8%.
GREENLIGHT CAPITAL RE, LTD. (GLRE) reported annual revenue of $730 million in its most recent fiscal year, based on SEC EDGAR filings.
GREENLIGHT CAPITAL RE, LTD. (GLRE) has a net profit margin of 10.3%. This is a healthy margin.
GREENLIGHT CAPITAL RE, LTD. (GLRE) generated $210 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
GREENLIGHT CAPITAL RE, LTD. (GLRE) has a debt-to-equity ratio of 0.01. This indicates a conservatively financed balance sheet.
GREENLIGHT CAPITAL RE, LTD. (GLRE) reported earnings per share (EPS) of $2.17 in its most recent fiscal year.
GREENLIGHT CAPITAL RE, LTD. (GLRE) has a return on equity (ROE) of 11.1%. This indicates moderate shareholder returns.
GREENLIGHT CAPITAL RE, LTD. (GLRE) has a 5-year average gross margin of 7.7%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for GREENLIGHT CAPITAL RE, LTD. (GLRE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
GREENLIGHT CAPITAL RE, LTD. (GLRE) has a book value per share of $20.53, based on its most recent annual SEC filing.