$17.01

+0.15 (+0.89%)

Weekly Expected Move ±7.9%

$14 $16 $17 $18 $20

NYSE · Financial Services · Insurance - Property & Casualty · Alpha Radar Strong Sell · Power 33 · $333.2M mcap · 7M float · 1.84% daily turnover · Short 36% of daily vol

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE

48.3 / 100

NoneWeakNarrowWide

Primary source: Switching Costs · ROIC: 60.7%

Cost Advantage

Intangibles

Switching Cost

Network Effect

Scale

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. AII shows a Weak competitive edge (48.3/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Switching Costs. ROIC of 60.7% confirms the company is generating returns well above its cost of capital — a hallmark of durable competitive advantages.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

Low

$25

Avg Target

$25

High

Based on 6 analyst ratings (12 mo)

Analyst Recommendations

Strong Buy: 0Buy: 5Hold: 0Sell: 0Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$25.00

Analysts6

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-01-16	Raymond James	—	$24	$28	+4	+47.1%	$19.03
2025-10-14	JMP Securities	—	$23	$26	+3	+12.2%	$23.18
2025-10-06	Piper Sandler	—	Initiated	$27	—	+18.8%	$22.73
2025-09-22	Raymond James	Gregory Peters	$22	$24	+2	+11.6%	$21.51
2025-08-18	Raymond James	Gregory Peters	Initiated	$22	—	+14.5%	$19.21
2025-06-02	JMP Securities	Matthew Carletti	Initiated	$23	—	+38.6%	$16.60

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

A+

May 22, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. AII receives an overall rating of A+. Strongest factors: DCF (5/5), ROE (5/5), ROA (5/5), D/E (4/5), P/E (4/5). Areas of concern: P/B (2/5).

Rating Change History

Date	From	To
2026-05-22	S-	A+
2026-05-12	A+	S-
2026-01-03	A	A+

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 53 Grade A

Profitability

Balance Sheet

Earnings Quality

Growth

—

Value

Momentum

—

Safety

100

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. AII scores highest in Safety (100/100) and lowest in Cash Flow (73/100). An overall grade of A places AII among the highest-quality companies in its peer group.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman-I Score

7.61

Safe Zone

Piotroski F-Score

3/9

✓ ✓ ✗ ✗ ✗ ✗ ✓ ✗ ✗

Beneish M-Score

—

Ohlson O-Score

-6.59

Bankruptcy prob: 0.1%

Low Risk

Credit Rating

Score: 89.1/100

Earnings Quality

75/100

OCF/NI: 0.94x

Accruals: 0.4%

The Altman-I Score is adapted for insurance companies, emphasizing return on equity, tangible net worth, and cash reserves alongside the standard equity and earnings components. AII scores 7.61, placing it in the Safe Zone (safe > 3.0, distress < 1.5). Bankruptcy is statistically unlikely within the next two years. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. AII scores 3/9, suggesting weak financial fundamentals — the company fails the majority of these accounting tests. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. AII's implied 0.1% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. AII receives an estimated rating of AA (score: 89.1/100). The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). AII's score of 75/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

4.09x

PEG

0.12x

P/S

1.13x

P/B

0.99x

P/FCF

5.34x

P/OCF

4.91x

EV/EBITDA

1.71x

EV/Revenue

0.59x

EV/EBIT

1.76x

EV/FCF

2.47x

Earnings Yield

21.57%

FCF Yield

18.74%

Shareholder Yield

13.47%

Graham Number

$40.14

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 4.1x earnings, AII trades at a deep value multiple. An earnings yield of 21.6% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $40.14 per share, suggesting a potential 136% margin of safety at the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.819

NI / EBT

Interest Burden

1.000

EBT / EBIT

EBIT Margin

0.336

EBIT / Rev

Asset Turnover

0.241

Rev / Assets

Equity Multiplier

3.635

Assets / Equity

ROE

24.2%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. AII's ROE of 24.2% is driven by financial leverage (equity multiplier: 3.63x). Note: high leverage means ROE is amplified by debt rather than operational performance.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Adj. Growth Rate

0.00%

Fair P/E

8.50x

Intrinsic Value

$35.35

Price/Value

0.55x

Margin of Safety

45.47%

Premium

-45.47%

Assessment

Undervalued

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with AII's realized 0.0% 3-year EPS CAGR — what the company actually delivered, not what analysts hope for. At an intrinsic value of $35.35, AII appears undervalued with a 45% margin of safety. The adjusted fair P/E of 8.5x compares to the current market P/E of 4.1x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 262 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$17.04

Median 1Y

$16.01

5th Pctile

$8.43

95th Pctile

$30.29

Ann. Volatility

38.8%

25th–75th percentile 5th–95th percentile Median path Historical

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Jon Ritchie President	$700,000	$4,402,078	$6,119,078
Robert Ritchie Chief Executive Officer	$866,667	$459,125	$3,823,292
Ben Lurie Financial ancial Officer	$425,000	$2,152,708	$3,555,319
David Clark Chairman	$587,500	$193,313	$1,785,813

CEO Pay Ratio

29:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $3,823,292

Avg Employee Cost (SGA/emp): $134,019

Employees: 313

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

313

Revenue / Employee

$883,339

Rev: $276,485,000

Profit / Employee

$318,278

NI: $99,621,000

SGA / Employee

$134,019

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q2'25	Q3'25	Q4'25	Q1'26	Current
ROE	16.9%	25.0%	18.3%	24.2%	24.16%
ROA	2.3%	3.4%	5.0%	6.6%	6.65%
ROIC	-28.6%	-42.3%	45.8%	60.7%	60.68%
ROCE	2.2%	3.9%	5.9%	8.1%	8.13%
Gross Margin	63.1%	42.1%	84.3%	65.1%	65.11%
Operating Margin	32.3%	30.3%	43.0%	30.0%	29.97%
Net Margin	36.9%	21.2%	30.7%	21.9%	21.90%
EBITDA Margin	33.2%	30.9%	44.1%	30.9%	30.85%
FCF Margin	36.1%	11.0%	31.9%	23.9%	23.93%
OCF Margin	36.8%	14.6%	34.3%	26.0%	26.02%
ROIC Economic	snapshot only				24.51%
Cash ROA	snapshot only				6.28%
Cash ROIC	snapshot only				57.30%
CROIC	snapshot only				52.70%
NOPAT Margin	snapshot only				27.56%
Pretax Margin	snapshot only				33.64%
R&D / Revenue	snapshot only				0.00%
SGA / Revenue	snapshot only				17.90%
SBC / Revenue	snapshot only				3.56%

Valuation

Metric	Q2'25	Q3'25	Q4'25	Q1'26	Current
P/E Ratio	11.35	10.74	6.63	4.64	4.090
P/S Ratio	4.19	3.20	1.99	1.28	1.128
P/B Ratio	1.92	2.69	1.21	1.12	0.993
P/FCF	11.59	29.13	6.25	5.34	5.338
P/OCF	11.39	21.92	5.82	4.91	4.909
EV/EBITDA	2.15	4.05	2.77	1.71	1.713
EV/Revenue	0.72	1.30	1.00	0.59	0.591
EV/EBIT	2.21	4.15	2.84	1.76	1.757
EV/FCF	1.98	11.88	3.14	2.47	2.470
Earnings Yield	8.8%	9.3%	15.1%	21.6%	21.57%
FCF Yield	8.6%	3.4%	16.0%	18.7%	18.74%
PEG Ratio	snapshot only				0.125
Price/Tangible Book	snapshot only				1.120
EV/OCF	snapshot only				2.271
EV/Gross Profit	snapshot only				0.921
Acquirers Multiple	snapshot only				1.757
Shareholder Yield	snapshot only				13.47%
Graham Number	snapshot only				$40.14

Leverage & Solvency

Metric	Q2'25	Q3'25	Q4'25	Q1'26	Current
Current Ratio	0.00	0.00	92.89	92.89	92.885
Quick Ratio	0.00	0.00	92.89	92.89	92.885
Debt/Equity	0.02	0.02	0.00	0.00	0.003
Net Debt/Equity	-1.59	-1.59	-0.60	-0.60	-0.602
Debt/Assets	0.00	0.00	0.00	0.00	0.001
Debt/EBITDA	0.15	0.08	0.01	0.01	0.011
Net Debt/EBITDA	-10.45	-5.89	-2.74	-1.99	-1.989
Interest Coverage	—	—	—	—	—
Equity Multiplier	7.38	7.38	3.63	3.63	3.635
Cash Ratio	snapshot only				76.083
Cash to Debt	snapshot only				189.500
FCF to Debt	snapshot only				65.728
Defensive Interval	snapshot only				1005.8 days

Efficiency & Turnover

Metric	Q2'25	Q3'25	Q4'25	Q1'26	Current
Asset Turnover	0.06	0.11	0.17	0.24	0.241
Inventory Turnover	—	—	—	—	—
Receivables Turnover	0.15	0.27	4.54	6.56	6.563
Payables Turnover	0.49	1.12	—	—	—
DSO	2517	1373	80	56	55.6 days
DIO	0	0	0	0	0.0 days
DPO	749	325	0	0	—
Cash Conversion Cycle	1768	1049	80	56	—
Fixed Asset Turnover	snapshot only				47.921
Cash Velocity	snapshot only				1.449
Capital Intensity	snapshot only				4.145

Growth Quality

Metric	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue Stability	—	—	—	—	—
Earnings Stability	—	—	—	—	—
Margin Stability	—	—	—	—	—
Rev. Growth Consistency	0.00	0.00	0.00	0.00	0.000
Earn. Growth Consistency	0.00	0.00	0.00	0.00	0.000
FCF Positive Streak	0	0	0	0	0
Earnings Persistence	—	—	—	—	—
Earnings Smoothness	—	—	—	—	—
ROE Trend	—	—	—	—	—
Gross Margin Trend	—	—	—	—	—
FCF Margin Trend	—	—	—	—	—
Sustainable Growth Rate	12.0%	6.0%	9.1%	9.1%	9.08%
Internal Growth Rate	1.7%	0.8%	2.6%	2.6%	2.56%

Cash Flow Quality

Metric	Q2'25	Q3'25	Q4'25	Q1'26	Current
OCF/Net Income	1.00	0.49	1.14	0.94	0.944
FCF/OCF	0.98	0.75	0.93	0.92	0.920
FCF/Net Income	snapshot only				0.868
OCF/EBITDA	snapshot only				0.754
CapEx/Revenue	0.6%	3.6%	2.4%	2.1%	2.09%
CapEx/Depreciation	snapshot only				2.393
Accruals Ratio	0.00	0.02	-0.01	0.00	0.004
Sloan Accruals	snapshot only				0.032
Cash Flow Adequacy	snapshot only				1.349
Earnings Quality Score	snapshot only				0.750

Dividends & Buybacks

Metric	Q2'25	Q3'25	Q4'25	Q1'26	Current
Dividend Yield	2.6%	7.1%	7.6%	13.5%	6.00%
Dividend/Share	$0.47	$1.58	$1.58	$2.60	$1.02
Payout Ratio	29.1%	75.9%	50.2%	62.4%	62.44%
FCF Payout Ratio	29.7%	2.1%	47.4%	71.9%	71.89%
Total Payout Ratio	29.1%	75.9%	50.2%	62.4%	62.44%
Div. Increase Streak	0	0	0	0	0
Chowder Number	—	—	—	—	—
Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.00%
Net Buyback Yield	-28.5%	0.0%	0.0%	0.0%	0.00%
Total Shareholder Return	-25.9%	7.1%	7.6%	13.5%	13.47%

DuPont Factors

Metric	Q2'25	Q3'25	Q4'25	Q1'26	Current
Tax Burden (NI/EBT)	1.14	0.95	0.85	0.82	0.819
Interest Burden (EBT/EBIT)	1.00	1.00	1.00	1.00	1.000
EBIT Margin	0.32	0.31	0.35	0.34	0.336
Asset Turnover	0.06	0.11	0.17	0.24	0.241
Equity Multiplier	7.38	7.38	3.63	3.63	3.635

Per Share

Metric	Q2'25	Q3'25	Q4'25	Q1'26	Current
EPS (Diluted TTM)	$1.62	$2.08	$3.14	$4.16	$4.16
Book Value/Share	$9.57	$8.30	$17.22	$17.21	$17.13
Tangible Book/Share	$9.57	$8.30	$17.22	$17.21	$17.21
Revenue/Share	$4.39	$6.98	$10.45	$15.09	$15.09
FCF/Share	$1.59	$0.77	$3.33	$3.61	$3.61
OCF/Share	$1.62	$1.02	$3.58	$3.93	$3.93
Cash/Share	$15.46	$13.40	$10.42	$10.41	$8.74
EBITDA/Share	$1.46	$2.24	$3.78	$5.21	$5.21
Debt/Share	$0.21	$0.19	$0.05	$0.05	$0.05
Net Debt/Share	$-15.25	$-13.21	$-10.36	$-10.36	$-10.36

Academic Models

Metric	Q2'25	Q3'25	Q4'25	Q1'26	Current
Altman-I Score	—	—	—	—	7.614
Altman Z-Prime	snapshot only				2.920
Piotroski F-Score	3	3	4	3	3
Beneish M-Score	—	—	—	—	—
Ohlson O-Score	snapshot only				-6.590
ROIC (Greenblatt)	snapshot only				39.38%
Net-Net WC	snapshot only				$-32.64
EVA	snapshot only				$68015580.76

Credit

Metric	Q2'25	Q3'25	Q4'25	Q1'26	Current
Credit Rating	snapshot only				AA
Credit Score	88.81	87.29	89.48	89.11	89.113
Credit Grade	snapshot only				3
Implied Spread (bps)	snapshot only				80.000
Industry Credit Rank	snapshot only				65
Sector Credit Rank	snapshot only				94

AII NYSE

Edge Score

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Scaling Efficiency

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