UFCSUNITED FIRE GROUP INC
Fire, Marine & Casualty Insurance
- Revenue
- $1.4B
- 11% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $1.5B
- Employees
- —
- Net debt / EBITDA
- —
- $7M net debt
- AI in 10-K
- 0.1
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo228% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo6% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AIYes0.1 per 10K words · 9th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.5B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$994K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.1B | $980M | $1.1B | $1.3B | $1.4B | 11% |
| Net income | $81M | $15M | −$30M | $31M | $118M | 276% |
| Operating cash flow | $30M | −$1M | $172M | $340M | $270M | 21% |
| Stock-based comp | $3M | $3M | $3M | $6M | $9M | 64% |
| Buybacks | $2M | $0 | $0 | — | — | |
| Dividends | $15M | $16M | $16M | $16M | $16M | 0.6% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $204K · 1
- Open-market sells, 12 mo
- $1M · 5
- Net
- −$994K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 155 | 169 |
| FY2024 | — | — | 121 | 151 |
| FY2023 | — | — | 86 | 113 |
| FY2022 | — | — | 114 | 107 |
| FY2021 | — | — | 94 | 117 |