Greenlight Capital Re Ltd

GLRE.US · Financial Services · Insurance - Reinsurance · USD · Fundamentals
Financials

Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures.

Physical asset ratio
—Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$2.17BtotalAssetsResult —
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
—Fixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$696.35MtotalRevenueNet PP&E—Not reportedResult —
Revenue per dollar of the physical asset base.
Capex / D&A
—Capex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A—Not reportedResult —
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$17.62Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.17BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$99.95MintangibleAssetsLiabilities$1.46BtotalLiabTangible book$608.02MShares34,502,525commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $17.62
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.91xPrice / tangible bookPrice / tangible book per sharePrice$16.05Latest quoteTangible book / share$17.622025-12-31Result 0.91x
Price $16.05.
Fixed-charge coverage
8.74xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$83.10MebitdaCapex$0.00capitalExpendituresInterest$4.79MinterestExpenseShort-term debt$4.72MshortTermDebtEBITDA − capex$83.10MPrincipal due is short-term debt.Result 8.74x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
39.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$210.21MfreeCashFlowMarket cap$528.09MMarketCapitalizationResult 39.8%
Latest free cash flow divided by current market cap ($528.09M).
ROIC
12.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$78.31MoperatingIncomeTax expense$3.48MincomeTaxExpensePretax income$78.31MincomeBeforeTaxTax rate4.4%Equity$707.98MtotalStockholderEquityDebt$4.72MshortLongTermDebtTotalCash$111.76McashInvested capital$600.95MResult 12.5%
After-tax operating income over equity plus debt minus cash.

Footprint and return

Turnover and reinvestment

Year Physical FAT Capex/D&A TBV/sh Coverage FCF ROIC EBIT/PP&E
2018 —Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$1.44BtotalAssetsResult — —Fixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$243.85MtotalRevenueNet PP&E—Not reportedResult — 0.00xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$2.77MdepreciationAndAmortizationResult 0.00x $11.95Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.44BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$49.93MintangibleAssetsLiabilities$955.98MtotalLiabTangible book$429.54MShares35,951,659commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $11.95 -139.21xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$348.73MebitdaCapex$0.00capitalExpendituresInterest$2.51MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex-$348.73MShort-term debt is total debt minus long-term debt.Result -139.21x -$59.31MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$59.31MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$59.31MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$59.31M —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$354.00MoperatingIncomeTax expense$332.00KincomeTaxExpensePretax income-$354.00MincomeBeforeTaxTax rate—Equity$477.29MtotalStockholderEquityDebt$91.19MshortLongTermDebtTotalCash$18.22McashInvested capital$550.26MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — —EBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$354.00MoperatingIncomeNet PP&E—Not reportedResult —
2019 -75.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$300.00KpropertyPlantAndEquipmentNetInventory-$1.02BinventoryTotal assets$1.36BtotalAssetsResult -75.1% 1,637.99xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$491.40MtotalRevenueNet PP&E$300.00KpropertyPlantAndEquipmentNetResult 1,637.99x 0.00xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$2.35MdepreciationAndAmortizationResult 0.00x $11.85Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.36BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$49.67MintangibleAssetsLiabilities$878.01MtotalLiabTangible book$427.52MShares36,079,419commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $11.85 0.82xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.11MebitdaCapex$0.00capitalExpendituresInterest$6.26MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$5.11MShort-term debt is total debt minus long-term debt.Result 0.82x $1.63MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$1.63MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$1.63MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.63M —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$3.50MoperatingIncomeTax expense$483.00KincomeTaxExpensePretax income-$3.50MincomeBeforeTaxTax rate—Equity$477.18MtotalStockholderEquityDebt$93.51MshortLongTermDebtTotalCash$25.81McashInvested capital$544.88MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — -11.68xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$3.50MoperatingIncomeNet PP&E$300.00KpropertyPlantAndEquipmentNetResult -11.68x
2020 -80.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$100.00KpropertyPlantEquipmentInventory-$1.09BinventoryTotal assets$1.36BtotalAssetsResult -80.3% 4,788.18xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$478.82MtotalRevenueNet PP&E$100.00KpropertyPlantEquipmentResult 4,788.18x 0.00xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$2.30MdepreciationAndAmortizationResult 0.00x $11.41Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.36BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$51.01MintangibleAssetsLiabilities$892.79MtotalLiabTangible book$413.84MShares36,278,028commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $11.41 1.88xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$12.87MebitdaCapex$0.00capitalExpendituresInterest$6.28MinterestExpenseShort-term debt$581.00KshortTermDebtEBITDA − capex$12.87MPrincipal due is short-term debt.Result 1.88x -$91.32MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$91.32MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$91.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$91.32M 0.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.29MoperatingIncomeTax expense$424.00KincomeTaxExpensePretax income$4.29MincomeBeforeTaxTax rate9.9%Equity$464.86MtotalStockholderEquityDebt$100.85MshortLongTermDebtTotalCash$8.94McashInvested capital$556.77MResult 0.7% 42.90xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$4.29MoperatingIncomeNet PP&E$100.00KpropertyPlantEquipmentResult 42.90x
2021 -78.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.40MpropertyPlantEquipmentInventory-$1.12BinventoryTotal assets$1.43BtotalAssetsResult -78.0% 237.69xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$570.46MtotalRevenueNet PP&E$2.40MpropertyPlantEquipmentResult 237.69x 76.94xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.23McapitalExpendituresD&A$16.00KdepreciationAndAmortizationResult 76.94x $12.01Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.43BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$63.03MintangibleAssetsLiabilities$951.83MtotalLiabTangible book$412.64MShares34,351,016commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $12.01 2.05xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$39.26MebitdaCapex$1.23McapitalExpendituresInterest$17.92MinterestExpenseShort-term debt$587.00KshortTermDebtEBITDA − capex$38.03MPrincipal due is short-term debt.Result 2.05x -$57.53MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$56.30MtotalCashFromOperatingActivitiesCapex$1.23McapitalExpendituresFree cash flow-$57.53MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$57.53M 3.5%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$21.32MoperatingIncomeTax expense$3.75MincomeTaxExpensePretax income$21.32MincomeBeforeTaxTax rate17.6%Equity$475.66MtotalStockholderEquityDebt$102.44MshortLongTermDebtTotalCash$76.31McashInvested capital$501.79MResult 3.5% 8.89xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$21.32MoperatingIncomeNet PP&E$2.40MpropertyPlantEquipmentResult 8.89x
2022 -66.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.90MpropertyPlantEquipmentInventory-$1.05BinventoryTotal assets$1.58BtotalAssetsResult -66.1% 251.38xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$477.63MtotalRevenueNet PP&E$1.90MpropertyPlantEquipmentResult 251.38x 1,357.63xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$107.25McapitalExpendituresD&A$79.00KdepreciationAndAmortizationResult 1,357.63x $10.58Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.58BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$82.39MintangibleAssetsLiabilities$1.08BtotalLiabTangible book$420.73MShares39,769,790commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $10.58 -6.57xFixed-charge coverage · 2022-12-31(EBITDA − capex) / interestEBITDA$35.52MebitdaCapex$107.25McapitalExpendituresInterest$10.92MinterestExpenseEBITDA − capex-$71.73MShort-term debt was not reported, so the denominator is interest only.Result -6.57x -$139.05MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$31.80MtotalCashFromOperatingActivitiesCapex$107.25McapitalExpendituresFree cash flow-$139.05MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$139.05M 4.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$24.53MoperatingIncomeTax expense-$816.00KincomeTaxExpensePretax income$24.53MincomeBeforeTaxTax rate0.0%Equity$503.12MtotalStockholderEquityDebt$102.44MlongTermDebt + shortLongTermDebtCash$38.24McashInvested capital$567.32MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 4.3% 12.91xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$24.53MoperatingIncomeNet PP&E$1.90MpropertyPlantEquipmentResult 12.91x
2023 -40.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.40MpropertyPlantAndEquipmentNetInventory-$696.17MinventoryTotal assets$1.74BtotalAssetsResult -40.0% 451.68xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$632.35MtotalRevenueNet PP&E$1.40MpropertyPlantAndEquipmentNetResult 451.68x 0.53xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$46.00McapitalExpendituresD&A$87.43MdepreciationAndAmortizationResult 0.53x $14.83Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.74BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$79.96MintangibleAssetsLiabilities$1.14BtotalLiabTangible book$516.14MShares34,797,859commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $14.83 5.65xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$94.96MebitdaCapex$46.00McapitalExpendituresInterest$8.03MinterestExpenseShort-term debt$637.00KshortTermDebtEBITDA − capex$48.96MPrincipal due is short-term debt.Result 5.65x -$38.49MFree cash flow · 2023-12-31Operating cash flow − capexOperating cash flow$7.51MtotalCashFromOperatingActivitiesCapex$46.00McapitalExpendituresFree cash flow-$38.49MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -$38.49M 14.0%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$86.93MoperatingIncomeTax expense$100.00KincomeTaxExpensePretax income$86.93MincomeBeforeTaxTax rate0.1%Equity$596.10MtotalStockholderEquityDebt$73.28MshortLongTermDebtTotalCash$51.08McashInvested capital$618.29MResult 14.0% 62.09xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$86.93MoperatingIncomeNet PP&E$1.40MpropertyPlantAndEquipmentNetResult 62.09x
2024 0.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$900.00KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.02BtotalAssetsInventory was not reported and is treated as zero.Result 0.0% 719.97xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$647.97MtotalRevenueNet PP&E$900.00KpropertyPlantAndEquipmentNetResult 719.97x —Capex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A—Not reportedResult — $15.98Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.02BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$82.25MintangibleAssetsLiabilities$1.38BtotalLiabTangible book$553.63MShares34,653,453commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $15.98 5.34xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$52.75MebitdaCapex$0.00capitalExpendituresInterest$9.18MinterestExpenseShort-term debt$686.00KshortTermDebtEBITDA − capex$52.75MPrincipal due is short-term debt.Result 5.34x $111.50MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$111.50MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$111.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $111.50M 6.8%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$43.57MoperatingIncomeTax expense$749.00KincomeTaxExpensePretax income$43.57MincomeBeforeTaxTax rate1.7%Equity$635.88MtotalStockholderEquityDebt$60.75MshortLongTermDebtTotalCash$64.69McashInvested capital$631.94MResult 6.8% 48.41xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$43.57MoperatingIncomeNet PP&E$900.00KpropertyPlantAndEquipmentNetResult 48.41x
2025 —Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$2.17BtotalAssetsResult — —Fixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$696.35MtotalRevenueNet PP&E—Not reportedResult — —Capex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A—Not reportedResult — $17.62Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.17BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$99.95MintangibleAssetsLiabilities$1.46BtotalLiabTangible book$608.02MShares34,502,525commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $17.62 8.74xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$83.10MebitdaCapex$0.00capitalExpendituresInterest$4.79MinterestExpenseShort-term debt$4.72MshortTermDebtEBITDA − capex$83.10MPrincipal due is short-term debt.Result 8.74x $210.21MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$210.21MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$210.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $210.21M 12.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$78.31MoperatingIncomeTax expense$3.48MincomeTaxExpensePretax income$78.31MincomeBeforeTaxTax rate4.4%Equity$707.98MtotalStockholderEquityDebt$4.72MshortLongTermDebtTotalCash$111.76McashInvested capital$600.95MResult 12.5% —EBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$78.31MoperatingIncomeNet PP&E—Not reportedResult —
  • Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: —
Inventory: —
Total assets: $2.17B
Goodwill: $0.00
Intangibles: $99.95M
Liabilities: $1.46B
Tangible book: $608.02M
Shares: 34,502,525
Revenue: $696.35M
Capex: $0.00
D&A: —
EBITDA: $83.10M
Interest: $4.79M
Short-term debt: $4.72M
Free cash flow: $210.21M
Operating income: $78.31M
Invested capital: $600.95M
Tax rate: 4.4%