Accelerant Holdings Class A Common Shares (ARX)

FairStock Score: 30/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for durable earnings, honest book value, and a price that leaves room for error. Accelerant is a specialty insurance exchange with real revenue momentum: fiscal 2025, the year ended 2025-12-31, produced revenue of $912.9 million, up from $602.6 million in fiscal 2024 and $344.0 million in fiscal 2023. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $356.9 million and net income was $80.0 million, or diluted EPS of $0.36. That is encouraging. But the same company reported a net loss of $1.3 billion and diluted EPS of -$7.49 for fiscal 2025, including a $1.4 billion net loss in fiscal Q3 2025, the quarter ended 2025-09-30. FairStock’s computed category is TURNAROUND—loss in the latest year after earlier profits—and that fits. Financial quality is mixed: FairStock-computed debt-to-equity of 0.16 is modest, but return on capital employed is only 0.54%, return on equity is -222%, Altman Z-score is 0.13, and trailing free cash flow is just $1.8 million. At the $19.77 close on 2026-10-13, market cap is $4.3 billion; FairStock-computed trailing EPS is -$6.30, P/E is -3.14, and P/B is 5.97. FairStock score is 30/100. The price is not cheap on assets or current earnings. If the fiscal Q2 2026 profit is repeatable, the growth could matter; if not, the 2025 loss shows how fragile the model can be. I need more quarters before trusting the turnaround.

In plain English: Accelerant runs a data-driven specialty insurance risk exchange that connects underwriters with capital partners. Revenue is growing, and fiscal Q2 2026 was profitable, but the company lost a huge amount in fiscal 2025, so the business still looks fragile. At the $19.77 close on 2026-10-13, the price looks expensive relative to current losses and the value of its net assets, even though it sits near the top of its 52-week range.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer