DGICADONEGAL GROUP INC

Fire, Marine & Casualty Insurance

Revenue: $978M; 1.2% YoY
Operating margin: —
EBITDA: —
Market cap: —
Employees: 851; $1M revenue each
Net debt / EBITDA: —
AI in 10-K: 2.0; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
88% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
77% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 36th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.0 per 10K words · 56th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
—
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$11M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$816M	$848M	$927M	$990M	$978M	1.2%
Net income	$25M	−$2M	$4M	$51M	$79M	56%
Operating cash flow	$77M	$67M	$29M	$67M	$70M	4.1%
Stock-based comp	$966K	$819K	$877K	$981K	$1M	1.9%
Dividends	$19M	$21M	$22M	$23M	$26M	13%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 29, 2022	DONEGAL MUTUAL INSURANCE CO	SC 13D/A	40.8%	Passive

Insider trading

Open-market buys, 12 mo: $14M · 70
Open-market sells, 12 mo: $4M · 19
Net: $11M

Pay vs performance

No pay-versus-performance disclosure yet.