Tearsheet
Investment Highlights Market Valuation Price Chart Return vs. Risk About AHL Interactive Breakdown Better Bets vs. AHL Latest Trefis Analyses Trade Ideas Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Aspen Insurance (AHL)

Market Price (10/31/2025): $36.74 | Market Cap: $3.3 Bil
Sector: Financials | Industry: Property & Casualty Insurance

Aspen Insurance (AHL)

Market Price (10/31/2025): $36.74
Market Cap: $3.3 Bil
Sector: Financials
Industry: Property & Casualty Insurance

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.7%, FCF Yield is 14%		  Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -6.5%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -175%		  
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%		  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.7%, FCF Yield is 14%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -175%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%
3 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -6.5%

Market Valuation & Key Metrics

AHLS&P 500
REVENUE GROWTH 
Rev LTM ($ Bil)3.2
Rev Chg Q-6.5%6.4%
Rev Chg LTM6.5%5.4%
Rev Chg 3Y Avg11.1%5.3%
PROFITABILITYFAIR
Op Inc LTM ($ Bil)�
CFO LTM ($ Bil)0.5
Net Inc LTM ($ Bil)0.4
CFO/Rev LTM16.0%20.4%
Net Inc Mgn12.3%12.8%
VALUATIONLOW
P/S1.13.2
P/CFO6.615.5
P/FCF7.020.6
P/E8.623.6

AHL Stock

   
   
   
   
   
   
   
Factor Drivers of Stock Movement
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Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
AHL Return------0%
Peers Return4%27%11%16%31%3%133%
S&P 500 Return16%27%-19%24%23%16%110%

Monthly Win Rates [3]
AHL Win Rate-----75% 
Peers Win Rate60%57%53%62%68%64% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
AHL Max Drawdown------ 
Peers Max Drawdown-39%-6%-11%-14%-1%-5% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HIG, FNF, PGR, CB, TRV.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/30/2025 (YTD)

How Low Can It Go

AHL has limited trading history. Below is the Financials sector ETF (XLF) in its place.

Unique KeyEventXLFS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-26.9%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven36.7%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven525 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-43.3%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven76.5%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven295 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-26.1%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven35.2%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven338 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-83.7%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven515.2%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven4470 days1480 days

Compare to


In The Past

SPDR Select Sector Fund's stock fell -26.9% during the 2022 Inflation Shock from a high on 1/12/2022. A -26.9% loss requires a 36.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Aspen Insurance (AHL)

Better Bets than Aspen Insurance (AHL)

 AHLBetter Performance than AHL
MetricValueIndustry (Property & Casualty Insurance)
Rev Chg LTM6.5%PGR (21.5%), CB (6.7%), TRV (6.7%), ALL (9.8%), HIG (6.9%)
Rev Chg 3Y Avg11.1%PGR (20.0%), CB (12.2%), ACGL (29.8%), MKL (13.2%), CINF (22.7%)
CFO/Rev LTM16.0%PGR (20.4%), CB (22.6%), TRV (20.6%), HIG (21.6%), ACGL (33.3%)
FCF/Rev LTM15.2%PGR (20.0%), CB (22.6%), TRV (20.6%), HIG (21.2%), ACGL (33.0%)
Total Yield12.2%ALL (13.4%), CNA (15.8%), ORI (17.3%), RDN (15.9%), SLDE (24.1%)
 AHLBetter Performance than AHL
MetricValueAll Other Sectors
Rev Chg LTM6.5%NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AVGO (28.0%)
Rev Chg 3Y Avg11.1%NVDA (92.0%), MSFT (13.2%), AMZN (11.3%), AVGO (24.0%), META (17.3%)
CFO/Rev LTM16.0%NVDA (46.6%), AAPL (26.6%), MSFT (50.0%), GOOGL (39.3%), AMZN (18.1%)
FCF/Rev LTM15.2%NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), GOOGL (19.1%), AVGO (41.6%)
Total Yield12.2%BABA (36.3%), TM (2018.7%), VZ (19.0%), PFE (13.0%), CMCSA (20.0%)
 Best Bets In Financials Sector
 AHLDBRG OTF MTG NMIH CACC ENVA FNF ACGL APAM FI
What You Pay           
P/E8.639.713.28.47.512.310.213.98.610.510.6
P/EBIT8.164.79.06.45.59.97.88.97.66.15.8
What You Get           
Rev Chg Q-6.5%-102.4%1,228.5%-0.7%7.2%8.3%16.3%16.8%22.4%4.4%8.0%
Rev Chg LTM6.5%-84.8%89.0%2.2%10.0%12.5%21.1%7.4%23.5%10.0%6.7%
Rev Chg 3Y Avg11.1%125.8%221.9%1.2%10.1%6.9%23.5%-0.7%29.8%0.2%7.5%
FCF/Rev 3Y Avg�101.2%76.2%62.2%58.8%57.1%54.7%50.8%38.4%29.0%20.7%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

Latest Trefis Analyses

TitleTopic
0DASHBOARDS 
1How Low Can Aspen Insurance Stock Really Go?Return

Trade Ideas

Select past ideas related to AHL. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
HLNE_9302025_Dip_Buyer_FCFYield09302025HLNEHamilton LaneDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-14.4%-14.4%-14.4%
CNS_9302025_Dip_Buyer_ValueBuy09302025CNSCohen & SteersDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		5.9%5.9%-1.6%
JKHY_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025JKHYJack Henry & AssociatesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.3%0.3%-2.1%
FDS_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025FDSFactSet Research SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-7.7%-7.7%-7.7%
IBKR_9052025_Quality_Momentum_RoomToRun_10%09052025IBKRInteractive BrokersQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		15.0%15.0%0.0%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
HLNE_9302025_Dip_Buyer_FCFYield09302025HLNEHamilton LaneDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-14.4%-14.4%-14.4%
CNS_9302025_Dip_Buyer_ValueBuy09302025CNSCohen & SteersDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		5.9%5.9%-1.6%
JKHY_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025JKHYJack Henry & AssociatesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.3%0.3%-2.1%
FDS_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025FDSFactSet Research SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-7.7%-7.7%-7.7%
IBKR_9052025_Quality_Momentum_RoomToRun_10%09052025IBKRInteractive BrokersQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		15.0%15.0%0.0%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1INBXInhibrx Biosciences176.8%409.8%
2PUMPProPetro71.2%16.2%
3RNAAvidity Biosciences43.5%139.6%
4DYNDyne Therapeutics42.8%-0.0%
5GCIGannett39.3%3.8%
6FORMFormFactor38.3%34.7%
7MBXMBX Biosciences35.1%18.2%
8BBNXBeta Bionics33.8% 
9GHGuardant Health33.3%202.5%
10LUMNLumen Technologies32.7%94.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-75.2%5106.3%
2LRNStride-56.1%-35.8%
3NTLAIntellia Therapeutics-52.6%5.2%
4FMCFMC-48.7%-66.6%
5FIFiserv-47.4%-68.3%
6VRNSVaronis Systems-43.8%-21.2%
7THRYThryv-33.4%-44.8%
8NFENew Fortress Energy-30.5%-91.9%
9AKBAAkebia Therapeutics-29.5%10.5%
10UAMYUnited States Antimony-28.9%371.2%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1PRAXPraxis Precision Medicines279.1%161.2%
2INBXInhibrx Biosciences131.0%409.8%
3PUMPProPetro99.6%16.2%
4DYNDyne Therapeutics88.4%-0.0%
5VICRVicor85.4%89.2%
6CELCCelcuity74.6%503.2%
7GLUEMonte Rosa Therapeutics73.5%87.5%
8NVTSNavitas Semiconductor72.1%251.8%
9LUMNLumen Technologies70.3%94.7%
10BALYBallys63.4%4.1%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1PMIPicard Medical-62.9%5106.3%
2LRNStride-53.8%-35.8%
3FMCFMC-51.0%-66.6%
4FIFiserv-48.3%-68.3%
5NFENew Fortress Energy-43.6%-91.9%
6VGVenture Global-41.7% 
7OGNOrganon-40.2%-55.0%
8VRNSVaronis Systems-39.5%-21.2%
9ITGRInteger-38.5%-52.2%
10LENZLENZ Therapeutics-37.9%5.5%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1INBXInhibrx Biosciences176.8%409.8%
2PUMPProPetro71.2%16.2%
3RNAAvidity Biosciences43.5%139.6%
4DYNDyne Therapeutics42.8%-0.0%
5GCIGannett39.3%3.8%
6FORMFormFactor38.3%34.7%
7MBXMBX Biosciences35.1%18.2%
8BBNXBeta Bionics33.8% 
9GHGuardant Health33.3%202.5%
10LUMNLumen Technologies32.7%94.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-75.2%5106.3%
2LRNStride-56.1%-35.8%
3NTLAIntellia Therapeutics-52.6%5.2%
4FMCFMC-48.7%-66.6%
5FIFiserv-47.4%-68.3%
6VRNSVaronis Systems-43.8%-21.2%
7THRYThryv-33.4%-44.8%
8NFENew Fortress Energy-30.5%-91.9%
9AKBAAkebia Therapeutics-29.5%10.5%
10UAMYUnited States Antimony-28.9%371.2%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Aspen Insurance

Financials

AHLHIGFNFPGRCBTRVMedian
NameAspen In.Hartford.Fidelity.Progress.Chubb Traveler. 
Mkt Price36.76123.4655.11206.97278.06271.01165.22
Mkt Cap3.334.715.0121.3110.560.747.7
Rev LTM3,16327,69213,29782,37658,90048,40938,050
Op Inc LTM-------
FCF LTM4805,8656,72716,47213,3219,9858,356
FCF 3Y Avg-4,9226,25012,35013,4098,6828,682
CFO LTM5065,9886,87216,80013,3219,9858,428
CFO 3Y Avg-5,1096,38812,63413,4098,6828,682

Growth & Margins

AHLHIGFNFPGRCBTRVMedian
NameAspen In.Hartford.Fidelity.Progress.Chubb Traveler. 
Rev Chg LTM6.5%6.9%7.4%21.5%6.7%6.7%6.8%
Rev Chg 3Y Avg11.1%8.6%-0.7%20.0%12.2%10.1%10.6%
Rev Chg Q-6.5%6.4%16.8%21.3%8.2%4.8%7.3%
QoQ Delta Rev Chg LTM-1.5%1.6%4.0%4.9%2.2%1.2%1.9%
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM16.0%21.6%51.7%20.4%22.6%20.6%21.1%
CFO/Rev 3Y Avg-19.6%51.9%18.0%24.8%19.4%19.6%
FCF/Rev LTM15.2%21.2%50.6%20.0%22.6%20.6%20.9%
FCF/Rev 3Y Avg-18.9%50.8%17.6%24.8%19.4%19.4%

Valuation

AHLHIGFNFPGRCBTRVMedian
NameAspen In.Hartford.Fidelity.Progress.Chubb Traveler. 
Mkt Cap3.334.715.0121.3110.560.747.7
P/S1.11.31.11.51.91.31.3
P/EBIT8.17.58.99.08.47.98.3
P/E8.69.713.911.611.410.310.9
P/CFO6.65.82.27.28.36.16.3
Total Yield12.2%11.9%10.8%11.0%10.1%10.5%10.9%
Dividend Yield0.6%1.7%3.6%2.4%1.3%0.8%1.5%
FCF Yield 3Y Avg-15.8%50.1%10.3%12.9%17.2%15.8%
D/E0.10.10.30.10.20.20.1
Net D/E-1.7-0.5-1.8-0.0-0.2-1.5-1.0

Returns

AHLHIGFNFPGRCBTRVMedian
NameAspen In.Hartford.Fidelity.Progress.Chubb Traveler. 
1M Rtn0.1%-7.4%-8.9%-16.2%-1.5%-2.9%-5.2%
3M Rtn16.4%-0.4%-1.5%-14.5%4.9%4.6%2.1%
6M Rtn-2.1%-11.6%-25.4%-1.2%4.5%-1.2%
12M Rtn-11.4%-6.5%-13.1%-0.7%10.2%-0.7%
3Y Rtn-80.9%63.9%66.0%35.2%55.7%63.9%
1M Excs Rtn-1.5%-8.8%-10.3%-17.7%-2.8%-3.9%-6.3%
3M Excs Rtn8.3%-8.6%-11.1%-23.5%-5.0%-4.0%-6.8%
6M Excs Rtn--19.6%-33.3%-47.1%-22.9%-17.2%-22.9%
12M Excs Rtn--6.5%-23.1%-30.7%-20.0%-8.0%-20.0%
3Y Excs Rtn-11.8%-7.4%-2.2%-32.5%-13.7%-7.4%

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22022Q42022Q32019Q2
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/202312/31/20229/30/20226/30/2019
Filing Date8/13/20256/3/20253/19/202511/14/20248/14/20246/3/20254/1/202411/22/20238/22/20234/20/202311/22/20238/15/2019
Key Financials Quarterly            
Total Revenue714765908776764751719735731721642490
Net Income463724957691122308690164-161-47
EPS0.390.222.580.710.611.083.571.201.302.53-2.85-1.03
Key Financials TTM            
Total Revenue TTM3,1633,2123,1973,0092,9682,9352,9062,8282,5842,4052,2622,289
Net Income TTM38941148646749751756917945-33-345-199
Growth Rates Quarterly            
Total Revenue Growth-6.5%2.0%26.2%5.6%4.5%4.0%12.1%49.8%32.6%24.8%-4.2%-3.9%
Net Income Growth-32.6%-67.1%8.3%-34.3%-23.0%-31.8%242.4%284.0%729.6%211.0%-974.7%-216.9%
Margins Quarterly            
Net Income Margin6.5%4.8%27.4%7.3%9.0%14.9%31.9%11.7%12.3%22.7%-25.1%-9.6%
Cash & Debt            
Total Cash6,2116,1175,8945,8965,404-5,2619895,1504,806-1,195
Total Debt36737337638038203863003913950425
Net Debt / (Cash)-5,844-5,744-5,518-5,516-5,023--4,875-689-4,759-4,411--771
Cash Flows Quarterly            
FCF from Operations23105188190741033129----133
Cash Flows TTM            
FCF from Operations TTM506557555398237-------421
Returns to Shareholders Quarterly            
Dividends0020017502000000
Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC-------128.8%----9.8%
Return on Invested Capital (ROIC) TTM            
ROIC TTM-------44.9%----10.2%

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity1,672,809
Short Interest: % Change Since 930202569.0%
Average Daily Volume287,468
Days-to-Cover Short Interest5.82
Basic Shares Quantity90,976,909
Short % of Basic Shares1.8%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/6/2019   
10/24/2018   
8/1/2018   
5/2/2018   
1/25/2018   
10/16/2017   
7/26/2017   
4/26/2017   
...
SUMMARY STATS   
# Positive000
# Negative242424
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More

Report DateFiling DateFiling
630202581320256-K 6/30/2025
331202560320256-K 3/31/2025
12312024319202520-F 12/31/2024
9302024111420246-K 9/30/2024
630202481420246-K 6/30/2024
12312023401202420-F 12/31/2023
9302023112220236-K 9/30/2023
630202382220236-K 6/30/2023
12312022420202320-F 12/31/2022
630202290720226-K 6/30/2022
12312021516202220-F 12/31/2021
630202190720216-K 6/30/2021
12312020409202120-F 12/31/2020
6302020102020206-K 6/30/2020
12312019406202020-F 12/31/2019
630201981520196-K 6/30/2019

Insider Activity

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Industry Resources

External Quote Links


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