UVEUNIVERSAL INSURANCE HOLDINGS, INC.

Fire, Marine & Casualty Insurance

Revenue: $1.6B; 5.5% YoY
Operating margin: —
EBITDA: —
Market cap: $1.3B
Employees: 929; $2M revenue each
Net debt / EBITDA: —; −$472M net debt
AI in 10-K: 2.2; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$4M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
209% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
12% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$2M · 56th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.2 per 10K words · 59th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$9M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.1B	$1.2B	$1.4B	$1.5B	$1.6B	5.5%
Net income	$20M	−$22M	$67M	$59M	$183M	210%
Operating cash flow	$234M	$325M	$71M	$137M	$381M	178%
Capex	$7M	$5M	$4M	$7M	$4M	40%
Stock-based comp	$6M	$5M	$3M	$8M	$9M	6.6%
Buybacks	$2M	$12M	$22M	$22M	$22M	2.1%
Dividends	$24M	$24M	$23M	$22M	$22M	0.7%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 30, 2025	DOWNES SEAN P	SCHEDULE 13D/A	6.6%	Passive
Jul 25, 2025	DOWNES SEAN P	SCHEDULE 13D/A	5.6%	Passive
Apr 7, 2025	Donaghy Stephen	SCHEDULE 13D	5.2%	Passive
Nov 26, 2019	DOWNES SEAN P	SC 13D/A	7.6%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $9M · 21
Net: −$9M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$5M	$9M	281	199
FY2024	$5M	$7M	170	183
FY2023	$4M	$7M	124	144
FY2022	$4M	$2M	79	128
FY2021	$4M	$3M	118	123