Profits were positive in 6 years (at least 8 needed).
- 10y median
- $3.0M
- Worst year
- -$470M
- Latest · 2025
- $107M
# American Coastal Insurance (ACIC.US) Canonical: https://gigainvestors.com/s/ACIC Analysis as of: 2026-10-16T07:26:10.188Z. Financial observations: FY2015–FY2025. Listing currency: USD. Reporting currency: USD. ## Verdict Not a wonderful business Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no. Share price: $10.95 per share; close as of 2026-10-15. Estimated value: low $0.42 per share, central $0.46 per share, high $0.52 per share. Buy at or below the central value $0.46 per share. Valuation as of 2026-10-16T07:26:10.188Z; scenarios are not confidence intervals. Expected annual return: 0.9% at the stated quote. About 0.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points). ## Checklist ### understandable: fail - positive earnings in fewer than 8 of 10 years - Financial history: 10 years - Profitable years in the last ten: 6 - Required profitable years: 8 - Return on common equity variation (informational): 2.63× Chart: Net income; fiscal year observations. - FY2016: $5.7M - FY2017: $10M - FY2018: $290K - FY2019: -$30M - FY2020: -$96M - FY2021: -$58M - FY2022: -$470M - FY2023: $310M - FY2024: $76M - FY2025: $107M ### moat: fail - Common book per share - Parent-total proxy for common earnings - Underwriting economics assessed through return on tangible common equity - median return on common equity below threshold - Bank / P&C ROTE, median of available years: 1.2% - Required median return: 12.0% - Return uses tangible common equity: Yes - Bank ROTE, second-lowest year: -26.2% - Years with reported combined ratio: 0 Chart: Return on tangible common equity; fiscal year observations. - FY2016: 2.7% - FY2017: 2.4% - FY2018: 0.1% - FY2019: -7.4% - FY2020: -32.1% - FY2021: -26.2% - FY2022: 0.0% - FY2023: >100% - FY2024: 44.5% - FY2025: 42.0% ### economics: fail - Common book per share - Parent-total proxy for common earnings - nonpositive book value in the compounding window - Book return interval: 10 years - Starting book value per share: $11.15 - Ending book value per share: $6.38 ### management: fail - Common book per share - Parent-total proxy for common earnings - ordinary share count growth exceeds 2% annually in both the full and five-year windows - book per share gain below retained common earnings per share - Diluted shares, 10-year annual growth: 8.8% - Diluted shares, 5-year annual growth: 3.0% - Share growth excluding flagged crisis recapitalisations: 8.8% - Five-year share growth excluding flagged crisis recapitalisations: 3.0% - Flagged crisis recapitalisations: 0 - Book value created per share: -$4.77 - Earnings retained per share after dividends and buybacks: -$6.06 ### accounting: pass - Financial accounting warning count: 0 - Known restatement years: 0 ## Holders ## Price story Down 21% since Feb 2024 · net income +41.1% Story as of 2026-10-16T09:58:13.473Z; price observation 2026-10-15. The price assumes profits grow 9.6% a year forever ### Net income · FY2025 net income +41.1%; source https://www.sec.gov/Archives/edgar/data/1401521/000140152126000015/acic-20251231.htm; observed 2026-03-09. - FY2016: $5.7M - FY2017: $10M - FY2018: $290K - FY2019: -$30M - FY2020: -$96M - FY2021: -$58M - FY2022: -$470M - FY2023: $310M - FY2024: $76M - FY2025: $107M ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### How it makes money Operates in insurance property & casualty; annual sales are USD 335.4 million. - Source: https://www.sec.gov/Archives/edgar/data/1401521/000140152126000015/acic-20251231.htm#000140152126000015 (filed 2026-03-09); FY2025: revenue 335439000. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); ACIC.US: American Coastal Insurance Corporation, through its subsidiaries, primarily engages in the commercial and personal property and casualty insurance business in the United States. The company provides structure, content, and liability coverage for standard single-family homeowners, renters, and condominium unit owners. It also offers commercial multi-peril property insurance for residential condominium associations and apartments, as well as coverage to policyholders for loss or damage to buildings, inventory, and equipment caused by fire, wind, hail, water, theft, and vandalism. In addition, the company provides equipment breakdown, identity theft, and flood policies. The company markets and distributes its products through a network of independent agencies. The company was formerly known as United Insurance Holdings Corp. and changed its name to American Coastal Insurance Corporation in July 2023. American Coastal Insurance Corporation was founded in 1999 and is based in Saint Petersburg, Florida. ### Why customers stay It earns 1.2% on shareholders’ money, excluding intangible assets. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); 10-year return on tangible equity observations [[2016,0.026539110022263418],[2017,0.0242234526956202],[2018,0.0006973936715131519],[2019,-0.07393803185038142],[2020,-0.3206816987944597],[2021,-0.2620935262867331],[2022,0],[2023,3.0763145094847184],[2024,0.4446780521036435],[2025,0.4195972005121398]]; median 0.012460423183566676. ROIC follows the displayed moat series; financial companies use return on tangible equity. ### Where the cash goes Paid dividends in 8 of 10 years. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); Dividend observations: [[2016,4974000],[2017,8991000],[2018,10268000],[2019,10280000],[2020,10313000],[2021,10350000],[2022,2589000],[2023,0],[2024,24102000],[2025,0]]. Zero only counted when supported by a complete cash-flow statement. ### Are managers owners Insiders own 50.6% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); ACIC.US SharesStats.PercentInsiders = 50.63999999999999 percentage points; cache date 2026-10-05. ### What the price says The price assumes profits grow 9.6% a year forever. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); Price 10.95; FX 1; original perpetual distributable cash 0.04382264535061992; discount 0.1; growth 0.09599793193145024. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15. ## Monthly share-price history (USD per share) - 2016-10: $14.50 per share - 2016-11: $13.58 per share - 2016-12: $15.14 per share - 2017-01: $13.67 per share - 2017-02: $16.92 per share - 2017-03: $15.95 per share - 2017-04: $15.26 per share - 2017-05: $16.23 per share - 2017-06: $15.73 per share - 2017-07: $15.96 per share - 2017-08: $15.74 per share - 2017-09: $16.30 per share - 2017-10: $15.74 per share - 2017-11: $16.69 per share - 2017-12: $17.25 per share - 2018-01: $19.32 per share - 2018-02: $19.55 per share - 2018-03: $19.14 per share - 2018-04: $18.86 per share - 2018-05: $20.69 per share - 2018-06: $19.58 per share - 2018-07: $20.76 per share - 2018-08: $20.83 per share - 2018-09: $22.38 per share - 2018-10: $19.72 per share - 2018-11: $19.40 per share - 2018-12: $16.62 per share - 2019-01: $16.32 per share - 2019-02: $16.38 per share - 2019-03: $15.90 per share - 2019-04: $15.32 per share - 2019-05: $13.48 per share - 2019-06: $14.26 per share - 2019-07: $11.33 per share - 2019-08: $11.72 per share - 2019-09: $13.99 per share - 2019-10: $12.26 per share - 2019-11: $12.69 per share - 2019-12: $12.61 per share - 2020-01: $10.14 per share - 2020-02: $9.40 per share - 2020-03: $9.24 per share - 2020-04: $8.55 per share - 2020-05: $7.84 per share - 2020-06: $7.82 per share - 2020-07: $7.40 per share - 2020-08: $7.57 per share - 2020-09: $6.06 per share - 2020-10: $4.39 per share - 2020-11: $4.43 per share - 2020-12: $5.72 per share - 2021-01: $5.08 per share - 2021-02: $6.22 per share - 2021-03: $7.21 per share - 2021-04: $5.59 per share - 2021-05: $5.64 per share - 2021-06: $5.70 per share - 2021-07: $4.38 per share - 2021-08: $3.81 per share - 2021-09: $3.63 per share - 2021-10: $3.82 per share - 2021-11: $4.13 per share - 2021-12: $4.34 per share - 2022-01: $4.04 per share - 2022-02: $3.66 per share - 2022-03: $3.31 per share - 2022-04: $2.29 per share - 2022-05: $1.71 per share - 2022-06: $1.56 per share - 2022-07: $1.11 per share - 2022-08: $1.01 per share - 2022-09: $0.64 per share - 2022-10: $0.41 per share - 2022-11: $0.32 per share - 2022-12: $1.06 per share - 2023-01: $1.86 per share - 2023-02: $1.80 per share - 2023-03: $2.82 per share - 2023-04: $4.13 per share - 2023-05: $5.26 per share - 2023-06: $4.46 per share - 2023-07: $5.30 per share - 2023-08: $7.50 per share - 2023-09: $7.36 per share - 2023-10: $7.49 per share - 2023-11: $8.27 per share - 2023-12: $9.46 per share - 2024-01: $11.57 per share - 2024-02: $13.94 per share - 2024-03: $10.69 per share - 2024-04: $10.47 per share - 2024-05: $11.80 per share - 2024-06: $10.55 per share - 2024-07: $12.21 per share - 2024-08: $11.23 per share - 2024-09: $11.27 per share - 2024-10: $12.15 per share - 2024-11: $13.73 per share - 2024-12: $13.46 per share - 2025-01: $12.19 per share - 2025-02: $12.14 per share - 2025-03: $11.57 per share - 2025-04: $11.43 per share - 2025-05: $10.80 per share - 2025-06: $11.12 per share - 2025-07: $10.41 per share - 2025-08: $11.05 per share - 2025-09: $11.39 per share - 2025-10: $11.84 per share - 2025-11: $11.95 per share - 2025-12: $12.63 per share - 2026-01: $11.05 per share - 2026-02: $11.39 per share - 2026-03: $11.25 per share - 2026-04: $11.90 per share - 2026-05: $10.45 per share - 2026-06: $11.10 per share - 2026-07: $10.62 per share - 2026-08: $9.47 per share - 2026-09: $9.04 per share - 2026-10: $10.95 per share ## Annual estimated value (USD per share) - FY2016: low $10.96 per share, central $13.70 per share, high $18.27 per share - FY2017: low $12.36 per share, central $15.46 per share, high $20.61 per share - FY2018: low $7.82 per share, central $9.77 per share, high $13.03 per share - FY2019: low $1.72 per share, central $2.15 per share, high $2.87 per share - FY2020: low $1.28 per share, central $1.60 per share, high $2.13 per share - FY2021: low $1.19 per share, central $1.31 per share, high $1.45 per share - FY2023: low $0.26 per share, central $0.28 per share, high $0.31 per share - FY2024: low $0.24 per share, central $0.27 per share, high $0.30 per share - FY2025: low $0.36 per share, central $0.40 per share, high $0.45 per share Historical values use today's bond yield for every fiscal year Historical values use today's FX rate into trading currency for every fiscal year Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates ## Sources [Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1401521/000140152126000015/acic-20251231.htm); period 2025-12-31, filed 2026-03-09. Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.
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American Coastal Insurance
ACIC · US
Not a wonderful business
4 quality tests fail. A lower price would not fix the business.
- Share price
- $10.95
- Buy up to
- $0.46
- Expected / yr
- 0.9% at today's price (10.0% at central value)
The business
- How it makes money
- Why customers stay
- Where the cash goes
- Are managers owners
- What the price says
1. Is this a good business?
Earned a median 1.2% on tangible equity (minimum 12%).
- 10y median
- 1.2%
- Worst year
- -32.1%
- Latest · 2025
- 42.0%
Book value was zero or negative (must stay positive).
Revenue model: 95% estimated likelihood. ; Capital expenditure purpose: 92% estimated likelihood.
- owner cash / profit
- Passing bar
- ≥ 0.80×
Ordinary share growth was 8.8% over the full period and 3% over five years (either must be at most 2% a year), and book value gained -4.77 per share against 0 kept (must cover the amount kept).
Founder or family ownership or board role: 17% estimated likelihood. ; Compensation incentives: 100% estimated likelihood. ; Buybacks described as below intrinsic value: 3% estimated likelihood. ; Acquisitions are the main growth strategy: 7% estimated likelihood.
- per-share value change
- Passing bar
- ≥ $0
0 accounting warnings were found (none allowed).
Material weakness in internal control: 2% estimated likelihood. ; Auditor change within the past three years disclosed: 2% estimated likelihood. ; Going-concern uncertainty: 3% estimated likelihood. ; Material related-party transactions: 14% estimated likelihood.
- accounting warnings
- 0
- Passing bar
- ≤ 0
Profit record · fail 4 loss years in 10 (at most 2), three-year average earnings per share 3.55 USD. 4 loss years in the last 10; at most 2 allowed.
2. Is the price low enough?
| Value range | $0.42 – $0.52 |
|---|---|
| Buy at or below | Central value $0.46 |
| Discount to value | 1 − 10.95 / 0.46 = -2272.8% |
| Return / year | About 0.9% a year at today's price (required return 10.0%) |
| Cash-flow inputs | Book USD 5.90/share; ROE 1.2%; first payout USD 0.04/share, growing 0.5% perpetually (4× book payout cap applied). |
| Required return | 10.0% / year, earned by construction at the central value |
Net income$107M
FY2016 · Net income: $5.7M; FY2017 · Net income: $10M; FY2018 · Net income: $290K; FY2019 · Net income: -$30M; FY2020 · Net income: -$96M; FY2021 · Net income: -$58M; FY2022 · Net income: -$470M; FY2023 · Net income: $310M; FY2024 · Net income: $76M; FY2025 · Net income: $107M
Book / share$6.38
FY2016 · Book / share: $11.17; FY2017 · Book / share: $14.37; FY2018 · Book / share: $12.14; FY2019 · Book / share: $11.77; FY2020 · Book / share: $9.23; FY2021 · Book / share: $7.27; FY2022 · Book / share: -$4.23; FY2023 · Book / share: $3.80; FY2024 · Book / share: $4.77; FY2025 · Book / share: $6.38
Dividend / share$0
FY2016 · Dividend / share: $0.23; FY2017 · Dividend / share: $0.24; FY2018 · Dividend / share: $0.24; FY2019 · Dividend / share: $0.24; FY2020 · Dividend / share: $0.24; FY2021 · Dividend / share: $0.24; FY2022 · Dividend / share: $0.06; FY2023 · Dividend / share: $0; FY2024 · Dividend / share: $0.49; FY2025 · Dividend / share: $0
Return on tangible equity42.0%
FY2016 · Return on tangible equity: 2.7%; FY2017 · Return on tangible equity: 2.4%; FY2018 · Return on tangible equity: 0.1%; FY2019 · Return on tangible equity: -7.4%; FY2020 · Return on tangible equity: -32.1%; FY2021 · Return on tangible equity: -26.2%; FY2022 · Return on tangible equity: 0.0%; FY2023 · Return on tangible equity: >100%; FY2024 · Return on tangible equity: 44.5%; FY2025 · Return on tangible equity: 42.0%
Diluted shares50M
FY2016 · Diluted shares: 22M; FY2017 · Diluted shares: 37M; FY2018 · Diluted shares: 43M; FY2019 · Diluted shares: 43M; FY2020 · Diluted shares: 43M; FY2021 · Diluted shares: 43M; FY2022 · Diluted shares: 43M; FY2023 · Diluted shares: 44M; FY2024 · Diluted shares: 49M; FY2025 · Diluted shares: 50M
Prices 15 Oct 2026 · FY2025Original filing ↗ ·