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AII NYSE

American Integrity Insurance Group, Inc.
1W: +5.5% 1M: +17.2% 3M: +50.5% YTD: +46.3% 1Y: +28.1%
$28.59
-0.93 (-3.13%)
After Hours: $27.22 (-1.37, -4.79%)
Weekly Expected Move ±3.5%
$27 $28 $29 $30 $31
NYSE · Financial Services · Insurance - Property & Casualty · Tech Score Strong Buy · Power 75 · $578.4M mcap · 7M float · 2.61% daily turnover · Short 49% of daily vol
Credit Risk of going bust: not rated, financial company (lending is its business) Bonds: none of note held by US funds details ▾
Not rated: lending and leverage are a financial company's business, which the model misreads.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.

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
44.8 / 100
NoneWeakNarrowWide
Primary source: Switching Costs  ·  ROIC: -75.9%
Cost Advantage
56
Intangibles
43
Switching Cost
63
Network Effect
19
Scale
28
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 (44.8/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Switching Costs. Negative ROIC of -75.9% indicates the company is currently destroying value, though this may reflect a growth investment phase.

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
$26
Low
$26
Avg Target
$27
High
Based on 2 analysts since Aug 11, 2026 earnings
Analyst Recommendations
Strong Buy: 0Buy: 5Hold: 0Sell: 0Strong Sell: 0
Rating Summary
ConsensusBuy
Avg Target$26.50
Analysts2
Price Target Change History
DateFirmAnalystOldNewChangeUpside @ CallStock@Call
2026-08-20 Raymond James — $28 $27 -1 +8.6% $24.87
2026-08-13 Piper Sandler — $23 $26 +3 +13.5% $22.91
2026-07-15 Piper Sandler Paul Newsome $27 $23 -4 +23.1% $18.68
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+
Oct 27, 2026
DCF
4
ROE
5
ROA
5
D/E
4
P/E
4
P/B
3
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 (4/5), ROE (5/5), ROA (5/5), D/E (4/5), P/E (4/5).
Rating Change History
DateFromTo
2026-10-23 S- A+
2026-10-12 A+ S-
2026-09-28 S- A+
2026-07-27 A+ S-
2026-07-06 S- A+
2026-07-01 A+ S-
2026-06-17 S- A+
2026-06-02 A+ S-
2026-05-22 S- A+
2026-05-12 A+ S-

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.

★ ★ ★ ★ ★ 76 Grade A+
Profitability
85
Balance Sheet
79
Earnings Quality
72
Growth
78
Value
88
Momentum
100
Safety
100
Cash Flow
100
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 Earnings Quality (72/100). 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
7.40
Safe Zone
Piotroski F-Score
7/9
✓ ✓ ✓ ✓ ✗ ✓ ✗ ✓ ✓
Beneish M-Score
-2.57
Unlikely Manipulator
Ohlson O-Score
-6.31
Bankruptcy prob: 0.2%
Low Risk
Credit Rating
AA+
Score: 90.3/100
Trend: Stable
Earnings Quality
75/100
OCF/NI: 1.96x
Accruals: -5.3%
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 7.40, 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 7/9, signaling strong financial health across all three dimensions. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. AII's score of -2.57 falls below this threshold, suggesting earnings are unlikely to be manipulated. 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 0.2% 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: 90.3/100), with a stable trend. 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
6.40x
PEG
0.90x
P/S
1.68x
P/B
1.53x
P/FCF
2.19x
P/OCF
2.14x
EV/EBITDA
-0.94x
EV/Revenue
-0.35x
EV/EBIT
-0.96x
EV/FCF
-0.69x
Earnings Yield
23.89%
FCF Yield
45.59%
Shareholder Yield
17.07%
Graham Number
$43.70
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 6.4x earnings, AII trades at a deep value multiple. An earnings yield of 23.9% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $43.70 per share, suggesting a potential 48% 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
0.724
NI / EBT
×
Interest Burden
1.000
EBT / EBIT
×
EBIT Margin
0.362
EBIT / Rev
×
Asset Turnover
0.210
Rev / Assets
×
Equity Multiplier
4.772
Assets / Equity
=
ROE
26.2%
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 26.2% is driven by financial leverage (equity multiplier: 4.77x). 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.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate
15.00%
Fair P/E
38.50x
Intrinsic Value
$173.16
Price/Value
0.11x
Margin of Safety
89.13%
Premium
-89.13%
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 15.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. At an intrinsic value of $173.16, AII appears undervalued with a 89% margin of safety. The adjusted fair P/E of 38.5x compares to the current market P/E of 6.4x.

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 370 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price
$28.51
Median 1Y
$38.05
5th Pctile
$20.21
95th Pctile
$71.36
Ann. Volatility
38.3%
Analyst Target
$26.50
25th–75th percentile 5th–95th percentile Median path Historical Analyst target

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

ExecutiveSalaryStockTotal
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 Trend Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Current
ROE 9.1% 12.9% 18.3% 24.3% 26.2% 26.24%
ROA 1.7% 2.8% 5.0% 6.9% 5.5% 5.50%
ROIC 63.8% 23.7% 45.8% -5.8% -75.9% -75.93%
ROCE 1.5% 3.0% 5.9% 25.2% 7.6% 7.56%
Gross Margin 63.1% 42.1% 84.3% 65.1% 71.2% 71.22%
Operating Margin 32.3% 30.3% 43.0% 30.0% 40.3% 40.31%
Net Margin 36.9% 21.2% 30.7% 21.9% 29.6% 29.65%
EBITDA Margin 33.2% 30.9% 44.1% 30.9% 40.6% 40.56%
FCF Margin 36.1% 11.0% 31.9% 23.9% 50.0% 50.00%
OCF Margin 36.8% 14.6% 34.3% 26.0% 51.3% 51.32%
ROIC Economic snapshot only 22.23%
Cash ROA snapshot only 10.70%
NOPAT Margin snapshot only 26.20%
Pretax Margin snapshot only 36.21%
R&D / Revenue snapshot only 0.00%
SGA / Revenue snapshot only 14.32%
SBC / Revenue snapshot only 0.05%
Valuation
Metric Trend Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Current
P/E Ratio 11.35 10.74 6.63 4.64 4.19 6.402
P/S Ratio 4.19 3.20 1.99 1.28 1.10 1.679
P/B Ratio 1.03 1.38 1.21 1.13 1.00 1.527
P/FCF 11.59 29.13 6.25 5.34 2.19 2.194
P/OCF 11.39 21.92 5.82 4.91 2.14 2.137
EV/EBITDA 2.15 6.66 2.77 0.28 -0.94 -0.942
EV/Revenue 0.71 2.14 1.00 0.09 -0.35 -0.347
EV/EBIT 2.21 6.83 2.84 0.28 -0.96 -0.959
EV/FCF 1.97 19.52 3.14 0.40 -0.69 -0.694
Earnings Yield 8.8% 9.3% 15.1% 21.6% 23.9% 23.89%
FCF Yield 8.6% 3.4% 16.0% 18.7% 45.6% 45.59%
PEG Ratio snapshot only 0.896
Price/Tangible Book snapshot only 1.062
EV/OCF snapshot only -0.677
EV/Gross Profit snapshot only -0.520
Acquirers Multiple snapshot only -0.959
Shareholder Yield snapshot only 17.07%
Graham Number snapshot only $43.70
Leverage & Solvency
Metric Trend Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Current
Current Ratio 113.57 152.57 92.89 1.25 260.83 260.826
Quick Ratio 113.57 152.57 92.89 1.25 260.83 260.826
Debt/Equity 0.00 0.00 0.00 0.10 0.09 0.091
Net Debt/Equity -0.86 -0.46 -0.60 -1.04 -1.31 -1.314
Debt/Assets 0.00 0.00 0.00 0.03 0.02 0.021
Debt/EBITDA 0.03 0.02 0.01 0.33 0.27 0.270
Net Debt/EBITDA -10.46 -3.28 -2.74 -3.43 -3.92 -3.917
Interest Coverage — — — — — —
Equity Multiplier 5.27 4.54 3.63 3.50 4.36 4.363
Cash Ratio snapshot only 335.928
Cash to Debt snapshot only 15.503
FCF to Debt snapshot only 5.022
Defensive Interval snapshot only 2048.6 days
Efficiency & Turnover
Metric Trend Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Current
Asset Turnover 0.05 0.10 0.17 0.25 0.21 0.210
Inventory Turnover — — — — — —
Receivables Turnover 1.27 2.52 4.54 0.78 5.71 5.711
Payables Turnover 0.08 0.36 — 19.77 0.32 0.325
DSO 287 145 80 468 64 63.9 days
DIO 0 0 0 0 0 0.0 days
DPO 4581 1023 0 18 1124 1123.7 days
Cash Conversion Cycle -4294 -878 80 449 -1060 -1059.8 days
Fixed Asset Turnover snapshot only 7.092
Cash Velocity snapshot only 0.648
Capital Intensity snapshot only 4.796
Growth (YoY)
Metric Trend Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Current
Revenue — — — — 3.5% 3.51%
Net Income — — — — 2.2% 2.20%
EPS — — — — 1.8% 1.77%
FCF — — — — 5.2% 5.24%
EBITDA — — — — 4.0% 4.01%
Op. Income — — — — 4.1% 4.05%
OCF Growth snapshot only 5.30%
Asset Growth snapshot only 1.31%
Equity Growth snapshot only 22.41%
Debt Growth snapshot only 39.63%
Shares Change snapshot only 15.46%
Dividend Growth snapshot only 5.80%
Growth Quality
Metric Trend Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Current
Revenue Stability — — — — — —
Earnings Stability — — — — — —
Margin Stability — — — — — —
Rev. Growth Consistency 0.00 0.00 0.00 0.00 0.50 0.500
Earn. Growth Consistency 0.00 0.00 0.00 0.00 0.50 0.500
FCF Positive Streak 0 0 0 0 1 0
Earnings Persistence — — — — — —
Earnings Smoothness — — — — 0.00 0.000
ROE Trend — — — — — —
Gross Margin Trend — — — — — —
FCF Margin Trend — — — — — —
Sustainable Growth Rate 6.5% 3.1% 9.1% 9.1% 7.5% 7.53%
Internal Growth Rate 1.2% 0.7% 2.6% 2.7% 1.6% 1.60%
Cash Flow Quality
Metric Trend Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Current
OCF/Net Income 1.00 0.49 1.14 0.94 1.96 1.959
FCF/OCF 0.98 0.75 0.93 0.92 0.97 0.974
FCF/Net Income snapshot only 1.909
OCF/EBITDA snapshot only 1.392
CapEx/Revenue 0.6% 3.6% 2.4% 2.1% 1.3% 1.32%
CapEx/Depreciation snapshot only 1.996
Accruals Ratio 0.00 0.01 -0.01 0.00 -0.05 -0.053
Sloan Accruals snapshot only 0.052
Cash Flow Adequacy snapshot only 2.566
Earnings Quality Score snapshot only 0.750
Dividends & Buybacks
Metric Trend Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Current
Dividend Yield 2.6% 7.1% 7.6% 13.5% 17.0% 3.54%
Dividend/Share $0.47 $1.58 $1.58 $2.60 $3.21 $1.02
Payout Ratio 29.1% 75.9% 50.2% 62.4% 71.3% 71.31%
FCF Payout Ratio 29.7% 2.1% 47.4% 71.9% 37.4% 37.37%
Total Payout Ratio 29.1% 75.9% 50.2% 62.4% 71.4% 71.45%
Div. Increase Streak 0 0 0 0 1 0
Chowder Number — — — — 7.02 7.022
Buyback Yield 0.0% 0.0% 0.0% 0.0% 0.0% 0.03%
Net Buyback Yield -28.5% 0.0% 0.0% 0.0% -24.0% -24.04%
Total Shareholder Return -25.9% 7.1% 7.6% 13.5% -7.0% -7.01%
DuPont Factors
Metric Trend Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Current
Tax Burden (NI/EBT) 1.14 0.95 0.85 0.82 0.72 0.724
Interest Burden (EBT/EBIT) 1.00 1.00 1.00 1.00 1.00 1.000
EBIT Margin 0.32 0.31 0.35 0.34 0.36 0.362
Asset Turnover 0.05 0.10 0.17 0.25 0.21 0.210
Equity Multiplier 5.27 4.54 3.63 3.50 4.77 4.772
Per Share
Metric Trend Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Current
EPS (Diluted TTM) $1.62 $2.08 $3.14 $4.16 $4.50 $4.50
Book Value/Share $17.80 $16.14 $17.22 $17.13 $18.87 $18.87
Tangible Book/Share $17.80 $16.14 $17.22 $17.13 $17.72 $17.72
Revenue/Share $4.39 $6.98 $10.45 $15.09 $17.17 $17.17
FCF/Share $1.59 $0.77 $3.33 $3.61 $8.58 $8.58
OCF/Share $1.62 $1.02 $3.58 $3.93 $8.81 $8.81
Cash/Share $15.31 $7.40 $10.42 $19.54 $26.50 $26.50
EBITDA/Share $1.46 $2.24 $3.78 $5.21 $6.33 $6.33
Debt/Share $0.05 $0.04 $0.05 $1.69 $1.71 $1.71
Net Debt/Share $-15.26 $-7.36 $-10.36 $-17.85 $-24.79 $-24.79
Academic Models
Metric Trend Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Current
Altman-I Score — — — — — 7.403
Altman Z-Prime snapshot only 2.985
Piotroski F-Score 3 3 4 3 7 7
Beneish M-Score — — — — -2.57 -2.569
Ohlson O-Score snapshot only -6.313
ROIC (Greenblatt) snapshot only 27.12%
Net-Net WC snapshot only $-42.88
Credit
Metric Trend Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Current
Credit Rating snapshot only AA+
Credit Score 90.76 89.23 90.61 90.25 90.33 90.330
Credit Grade snapshot only 2
Credit Trend snapshot only -0.435
Implied Spread (bps) snapshot only 65.000
Industry Credit Rank snapshot only 71
Sector Credit Rank snapshot only 93

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