A Business at a Glance
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OCTAVE SPECIALTY GROUP INC
OSG
$247M
Mkt Cap
$5.59
+0.90%
OCTAVE SPECIALTY GROUP INC (OSG) has a 5-year average return on invested capital (ROIC) of -10.8%. This is below average and may indicate limited pricing power.
OCTAVE SPECIALTY GROUP INC (OSG) has a market capitalization of $252M. It is classified as a small-cap stock.
OCTAVE SPECIALTY GROUP INC (OSG) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 11.90%.
OCTAVE SPECIALTY GROUP INC (OSG) operates in the Surety Insurance industry, within the Financials sector.
OCTAVE SPECIALTY GROUP INC (OSG) reported annual revenue of $251 million in its most recent fiscal year, based on SEC EDGAR filings.
OCTAVE SPECIALTY GROUP INC (OSG) has a net profit margin of -104.2%. The company is currently unprofitable.
OCTAVE SPECIALTY GROUP INC (OSG) generated $-52 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Octave Specialty Group, Inc. ("OSG"), headquartered in New York City, is a financial services holding company incorporated in the State of Delaware on April 29, 1991 and was formerly known as Ambac Financial Group, Inc. ("AFG"). In the fourth quarter of 2025, AFG changed its name and rebranded as OSG in connection with the sale of its Legacy Financial Guarantee business. References to "Octave," "OSG," the “Company,” “we,” “our,” and “us” are to OSG and its subsidiaries, as the context requires. Octave operates two principal businesses: •Insurance Distribution — Octave's specialty property and casualty ("P&C") insurance underwriting and distribution business, includes Managing General Agents and Underwriters (collectively "MGAs" or "MGA/Us"); an insurance broker; and other distribution, underwriting and related businesses.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 293M | 251M | - | 125M | - | 282M |
| Net Income | -222M | -262M | -556M | 3.6M | 522M | -28M |
| EPS | $-4.90 | $-5.93 | $-11.96 | $0.08 | $11.48 | $-0.61 |
| Free Cash Flow | 0 | -52M | 762K | 200M | 1.3B | -131M |
| ROIC | 0.0% | -32.1% | -41.7% | 0.2% | 20.3% | -0.8% |
| Gross Margin | - | -40.2% | - | - | - | - |
| Debt/Equity | 0.16 | 0.16 | 0.19 | 0.37 | 0.51 | 2.15 |
| Dividends/Share | $0.00 | $0.00 | - | - | - | - |
| Operating Income | 0 | -101M | -60M | 3.0M | -36M | 7.0M |
| Operating Margin | 0.0% | -40.2% | - | 2.4% | - | 2.5% |
| ROE | -31.2% | -34.6% | -51.5% | 0.3% | 45.6% | -2.6% |
| Shares Outstanding | 45M | 44M | 47M | 45M | 46M | 46M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.6B | 645M | 507M | 622M | 511M | 496M | N/A | 282M | N/A | 125M | N/A | 251M | 293M |
| Gross Margin | N/A | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -40.2% | 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 | 92M | 111M | 56M | 67M | 129M | 192M | 206M |
| EBIT | N/A | N/A | -14M | 20M | 264M | 38M | -441M | 7.0M | -36M | 3.0M | -60M | -101M | 0 |
| Op. Margin | N/A | N/A | -2.8% | 3.2% | 51.7% | 7.7% | N/A | 2.5% | N/A | 2.4% | N/A | -40.2% | 0.0% |
| Net Income | N/A | 493M | 75M | -329M | 186M | -216M | -437M | -28M | 522M | 3.6M | -556M | -262M | -222M |
| Net Margin | N/A | 76.5% | 14.8% | -52.9% | 36.4% | -43.5% | N/A | -9.9% | N/A | 2.9% | N/A | -104.2% | -75.9% |
| Non-Recurring | 0 | 515M | 90M | 55M | 3.0M | 0 | 0 | 0 | 0 | 0 | 6.5M | 3.1M | 3.1M |
| Returns on Capital | |||||||||||||
| ROIC | N/A | 3.5% | -4.9% | -15.1% | 5.4% | -4.9% | -10.8% | -0.8% | 20.3% | 0.2% | -41.7% | -32.1% | 0.0% |
| ROE | N/A | 29.3% | N/A | -19.6% | 12.5% | -14.1% | -34.2% | -2.6% | 45.6% | 0.3% | -51.5% | -34.6% | -31.2% |
| ROA | N/A | 2.1% | 1.0% | -2.8% | 1.0% | -1.5% | -3.3% | -0.2% | 5.2% | 0.0% | -6.8% | -5.1% | -9.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 0 | 92M | 830M | -221M | 1.5B | -311M | -175M | -131M | 1.3B | 200M | 762K | -52M | -50M |
| Free Cash Flow | N/A | 92M | 830M | -221M | 1.5B | -311M | -175M | -131M | 1.3B | 200M | 762K | -52M | 0 |
| Owner Earnings | -333K | -81M | 650M | -376M | 1.4B | -618M | -244M | -202M | 1.3B | 183M | -29M | -104M | -107M |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 0 | 170M | 175M | 151M | 107M | 295M | 58M | 57M | 3.8M | 5.2M | 20M | 42M | 45M |
| 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 | 0 | 170M | 175M | 151M | 107M | 295M | 58M | 57M | 3.8M | 5.2M | 20M | 42M | 45M |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 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 |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14M | 4.5M | 12M | 30M | 30M |
| Buyback Yield | 0.0% | 0.0% | 0.0% | N/A | N/A | N/A | N/A | N/A | 1.8% | 1.4% | 1.8% | 0.0% | 11.9% |
| Stock-Based Comp | 333K | 3.1M | 5.3M | 4.0M | 12M | 12M | 11M | 14M | 11M | 12M | 9.4M | 9.7M | 12M |
| Debt Repayment | 0 | 14M | 20M | 69M | 191M | 0 | 0 | 12M | 0 | 0 | 0 | 2.5M | 2.5M |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | 7.2B | -277M | -4.9B | -680M | -516M | -230M | -52M | -1.3B | 300M | -7.2M | -99M | 78M |
| Cash & Equiv. | 0 | 36M | 91M | 624M | 63M | 24M | 20M | 17M | 6.3M | 7.3M | 30M | 70M | 39M |
| Long-Term Debt | N/A | 12.3B | 20M | 992M | 2.9B | 2.8B | 2.7B | 2.2B | 639M | 508M | 0 | 118M | 117M |
| Debt/Equity | 40.03 | 7.32 | N/A | 0.72 | 1.84 | 1.91 | 2.54 | 2.15 | 0.51 | 0.37 | 0.19 | 0.16 | 0.16 |
| Interest Coverage | N/A | N/A | -0.1 | 0.2 | 1.1 | 0.1 | -2.0 | 0.0 | N/A | N/A | -6.4 | -5.4 | -5.4 |
| Equity | 12M | 1.7B | N/A | 1.4B | 1.6B | 1.5B | 1.1B | 1.0B | 1.3B | 1.4B | 798M | 716M | 713M |
| Total Assets | 494M | 23.7B | 175M | 23.2B | 14.6B | 13.3B | 13.2B | 12.3B | 8.0B | 8.4B | 8.1B | 2.2B | 2.3B |
| Total Liabilities | 482M | 21.8B | N/A | 21.5B | 13.0B | 11.8B | 12.1B | 11.2B | 6.6B | 7.0B | 6.9B | 1.1B | 1.2B |
| Intangibles | N/A | 1.2B | N/A | 847M | 719M | 427M | 409M | 362M | 326M | 61M | 345M | 475M | 458M |
| Retained Earnings | N/A | 1.5B | N/A | 1.2B | 1.4B | 1.2B | 759M | 726M | 1.2B | 1.2B | 684M | 370M | 364M |
| Working Capital | 0 | 0 | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Current Assets | 0 | 0 | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Current Liabilities | 0 | 0 | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Per Share Data | |||||||||||||
| EPS | N/A | 10.72 | 1.64 | -7.25 | 3.99 | -4.69 | -9.47 | -0.61 | 11.48 | 0.08 | -11.96 | -5.93 | -4.90 |
| Owner EPS | -0.01 | -1.76 | 14.25 | -8.29 | 30.55 | -13.42 | -5.29 | -4.40 | 29.01 | 4.04 | -0.61 | -2.36 | -2.37 |
| Book Value | 0.27 | 36.61 | N/A | 30.44 | 34.15 | 32.07 | 23.40 | 22.61 | 27.51 | 30.13 | 17.16 | 16.22 | 15.83 |
| Cash Flow/Share | N/A | 1.99 | 18.19 | -4.87 | 33.10 | -6.75 | -3.79 | -2.85 | 29.34 | 4.43 | 0.02 | -1.18 | -3.94 |
| Dividends/Share | 0.00 | 0.00 | 0.00 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.00 |
| Shares Out. | 45.0M | 46.0M | 45.6M | 45.4M | 46.6M | 46.1M | 46.1M | 45.9M | 45.5M | 45.2M | 46.5M | 44.1M | 45.0M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 4.2 | N/A | N/A | N/A | 1.5 | 91.2 | N/A | N/A | -1.1 |
| P/FCF | N/A | N/A | N/A | N/A | 0.5 | N/A | N/A | N/A | 0.6 | 3.7 | 753.4 | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | 26.8 | 7.4 | 99.7 | N/A | 318.8 | 2.0 | N/A | N/A | N/A | N/A |
| Price/Book | N/A | N/A | N/A | 0.5 | 0.5 | 0.7 | 0.7 | 0.4 | 0.6 | 0.2 | 0.7 | N/A | 0.4 |
| Price/Sales | N/A | N/A | N/A | 1.3 | 1.7 | 1.7 | N/A | 1.5 | 1.2 | 2.4 | N/A | N/A | 0.9 |
| FCF Yield | N/A | N/A | N/A | -30.8% | 196.4% | -31.3% | -22.8% | -29.8% | 173.2% | 60.4% | 0.1% | N/A | N/A |
| Market Cap | 0 | 0 | 0 | 716M | 785M | 992M | 767M | 439M | 771M | 331M | 641M | 0 | 252M |
| Avg. Price | 0.00 | 0.00 | 0.00 | 18.21 | 18.30 | 18.73 | 15.37 | 15.59 | 12.83 | 14.56 | 13.68 | 0.00 | 5.59 |
| Year-End Price | 0.00 | 0.00 | 0.00 | 15.80 | 16.85 | 21.55 | 16.62 | 15.75 | 16.70 | 16.42 | 12.34 | 0.00 | 5.59 |
OCTAVE SPECIALTY GROUP INC passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 381.1x vs a median of 0.6x. Total shareholder yield (buybacks) is 11.9%. At current prices, the estimated annualized return to fair value is -59.1%.
OCTAVE SPECIALTY GROUP INC (OSG) has a debt-to-equity ratio of 0.16. This indicates a conservatively financed balance sheet.
OCTAVE SPECIALTY GROUP INC (OSG) reported earnings per share (EPS) of $-5.93 in its most recent fiscal year.
OCTAVE SPECIALTY GROUP INC (OSG) has a return on equity (ROE) of -34.6%. A negative ROE may indicate losses or negative equity.
OCTAVE SPECIALTY GROUP INC (OSG) has a 5-year average gross margin of -40.2%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for OCTAVE SPECIALTY GROUP INC (OSG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
OCTAVE SPECIALTY GROUP INC (OSG) has a book value per share of $16.22, based on its most recent annual SEC filing.