Reliance Global (EZRA)
Market Price (9/21/2026): $2.65 | Market Cap: $1.6 MilSector: Financials | Industry: Insurance Brokers
Reliance Global (EZRA)
Market Price (9/21/2026): $2.65Market Cap: $1.6 MilSector: FinancialsIndustry: Insurance Brokers
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -42% Attractive yieldDividend Yield is 8.2% | Weak multi-year price returns2Y Excs Rtn is -112%, 3Y Excs Rtn is -147% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -8.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -75% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 270% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -21%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.4%, Rev Chg QQuarterly Revenue Change % is -32% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 27% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -42%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -42% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -371% High stock price volatilityVol 12M is 150% Key risksEZRA key risks include [1] poor financial health and significant cash burn, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -42% |
| Attractive yieldDividend Yield is 8.2% |
| Weak multi-year price returns2Y Excs Rtn is -112%, 3Y Excs Rtn is -147% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -8.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -75% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 270% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -21%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.4%, Rev Chg QQuarterly Revenue Change % is -32% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 27% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -42%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -42% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -371% |
| High stock price volatilityVol 12M is 150% |
| Key risksEZRA key risks include [1] poor financial health and significant cash burn, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Reliance Global (EZRA) stock has lost about 35% since 5/31/2026 because of the following key factors:
1. Deteriorating Financial Performance in Fiscal Q2 2026. Reliance Global (EZRA) reported a significant 32% year-over-year decline in commission income to $2.11 million for fiscal Q2 2026 (ended June 30, 2026), primarily due to a strategic portfolio realignment and divestitures of non-core operations. While the GAAP net loss narrowed to $1.99 million from $2.71 million in the prior year, the Adjusted EBITDA loss actually worsened to $1.1 million, compared to a loss of $0.4 million in fiscal Q2 2025, signaling a deterioration in core operational profitability.
2. Significant Share Dilution from Equity Line of Credit. The company filed an S-1 registration on August 27, 2026, for the potential resale of up to 16,107,568 common shares by White Lion Capital, LLC, under an existing $50 million Equity Line of Credit. This registered amount is approximately 959% of the shares outstanding as of August 26, 2026, indicating a substantial risk of future share dilution that could exert considerable downward pressure on the stock price.
Show more
Reliance Global (EZRA) stock has lost about 35% since 5/31/2026 because of the following key factors:
1. Deteriorating Financial Performance in Fiscal Q2 2026. Reliance Global (EZRA) reported a significant 32% year-over-year decline in commission income to $2.11 million for fiscal Q2 2026 (ended June 30, 2026), primarily due to a strategic portfolio realignment and divestitures of non-core operations. While the GAAP net loss narrowed to $1.99 million from $2.71 million in the prior year, the Adjusted EBITDA loss actually worsened to $1.1 million, compared to a loss of $0.4 million in fiscal Q2 2025, signaling a deterioration in core operational profitability.
2. Significant Share Dilution from Equity Line of Credit. The company filed an S-1 registration on August 27, 2026, for the potential resale of up to 16,107,568 common shares by White Lion Capital, LLC, under an existing $50 million Equity Line of Credit. This registered amount is approximately 959% of the shares outstanding as of August 26, 2026, indicating a substantial risk of future share dilution that could exert considerable downward pressure on the stock price.
3. Persistent Nasdaq Listing Compliance Concerns. Despite a 1-for-40 reverse stock split becoming effective on May 15, 2026, to regain compliance with Nasdaq's minimum bid price, Reliance Global has indicated that its Market Value of Listed Securities has recently fallen below Nasdaq's proposed $5.0 million continued listing threshold. This ongoing risk of potential delisting creates investor uncertainty and negatively impacts market sentiment.
4. Uncertainty in Strategic Asset Divestiture. Reliance Global experienced complications with the sale of its Altruis Benefit Consulting subsidiary. An initial non-binding letter of intent to sell Altruis for $11 million in cash was terminated on August 14, 2026, with a new non-binding LOI with a different purchaser being entered into on August 27, 2026. This uncertainty surrounding a significant asset sale contributes to investor doubt regarding the company's strategic execution and financial stability.
Show less
Stock Movement Drivers
Fundamental Drivers
The -33.3% change in EZRA stock from 5/31/2026 to 9/20/2026 was primarily driven by a -30.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 5312026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.93 | 2.62 | -33.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12 | 11 | -8.1% |
| P/S Multiple | 0.1 | 0.1 | 4.1% |
| Shares Outstanding (Mil) | 0 | 1 | -30.3% |
| Cumulative Contribution | -33.3% |
Market Drivers
5/31/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| EZRA | -33.3% | |
| Market (SPY) | 0.9% | 23.7% |
| Sector (XLF) | 8.3% | 10.4% |
Fundamental Drivers
The -75.4% change in EZRA stock from 2/28/2026 to 9/20/2026 was primarily driven by a -76.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.67 | 2.62 | -75.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13 | 11 | -15.8% |
| P/S Multiple | 0.1 | 0.1 | 22.1% |
| Shares Outstanding (Mil) | 0 | 1 | -76.1% |
| Cumulative Contribution | -75.4% |
Market Drivers
2/28/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| EZRA | -75.4% | |
| Market (SPY) | 11.6% | 12.1% |
| Sector (XLF) | 9.2% | 7.6% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2025 to 9/20/2026| Return | Correlation | |
|---|---|---|
| EZRA | ||
| Market (SPY) | 19.4% | 8.8% |
| Sector (XLF) | 4.7% | -5.3% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2023 to 9/20/2026| Return | Correlation | |
|---|---|---|
| EZRA | ||
| Market (SPY) | 75.6% | 8.8% |
| Sector (XLF) | 69.8% | -5.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EZRA Return | - | - | - | - | - | -75% | -75% |
| Peers Return | -5% | -51% | 70% | 58% | -34% | -40% | -50% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| EZRA Win Rate | - | - | - | - | - | 22% | |
| Peers Win Rate | 53% | 30% | 62% | 57% | 48% | 31% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| EZRA Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | -45% | -62% | -30% | -36% | -53% | -54% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GSHD, SLQT, EHTH, BRO, AJG.
[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] 2026 data is for the year up to 9/18/2026 (YTD)
How Low Can It Go
EZRA has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.5% | -18.8% |
| % Gain to Breakeven | 18.4% | 23.1% |
| Time to Breakeven | 80 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.7% | -9.5% |
| % Gain to Breakeven | 12.0% | 10.5% |
| Time to Breakeven | 26 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.1% | -6.7% |
| % Gain to Breakeven | 19.1% | 7.1% |
| Time to Breakeven | 270 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.6% | 32.4% |
| Time to Breakeven | 467 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.8% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.7% | -19.2% |
| % Gain to Breakeven | 24.5% | 23.8% |
| Time to Breakeven | 123 days | 105 days |
In The Past
State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
EZRA has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.6% | 32.4% |
| Time to Breakeven | 467 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.8% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.4% | -12.2% |
| % Gain to Breakeven | 27.3% | 13.9% |
| Time to Breakeven | 272 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.1% | -17.9% |
| % Gain to Breakeven | 35.3% | 21.8% |
| Time to Breakeven | 162 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -78.3% | -53.4% |
| % Gain to Breakeven | 359.8% | 114.4% |
| Time to Breakeven | 2329 days | 1085 days |
In The Past
State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Reliance Global (EZRA)
Reliance Global Group, Inc. (EZRA) operates within the United States insurance sector, primarily engaging in the acquisition and management of wholesale and retail insurance agencies. The company's business model focuses on consolidating and operating a network of agencies, allowing it to serve a diverse client base across various segments of the market.
Through its acquired agencies, EZRA offers a comprehensive portfolio of insurance products. These include specialized healthcare and Medicare plans, general personal insurance, and a range of commercial insurance solutions. The company also provides niche offerings such as trucking insurance and various employee benefits packages, catering to the distinct needs of individuals, businesses, and specific industries like transportation.
AI Analysis | Feedback
Here are 1-3 brief analogies for Reliance Global (EZRA):
-
Think of it as Rollins (ROL) for insurance agencies, acquiring and managing independent agencies in a fragmented market.
-
A publicly traded aggregator of independent insurance agencies, akin to how Waste Management (WM) acquires and manages local waste collection companies.
AI Analysis | Feedback
- Healthcare and Medicare Insurance: Provides insurance products covering health needs and Medicare programs.
- Personal and Commercial Insurance: Offers insurance policies for individuals and businesses to protect against various risks.
- Trucking Insurance: Delivers specialized insurance coverage tailored for the trucking industry.
- Employee Benefits Insurance: Supplies insurance products designed to provide benefits to employees.
AI Analysis | Feedback
Reliance Global Group, Inc. (EZRA) Major Customers
Reliance Global Group, Inc. (EZRA), through its network of wholesale and retail insurance agencies, primarily serves a diverse base of individuals and businesses seeking various insurance products.
The company's customer categories include:
- Individuals: This category encompasses individuals seeking personal lines of insurance, including healthcare, Medicare, and other personal coverage needs.
- Businesses: This category includes various businesses, ranging from small to large enterprises, that require commercial insurance products. This segment covers general commercial insurance, trucking insurance for logistics and transportation companies, and employee benefits insurance packages for their workforces.
AI Analysis | Feedback
AI Analysis | Feedback
Ezra Beyman, Chief Executive Officer and Executive Chairman
Ezra Beyman has served as the Chairman and Chief Executive Officer of Reliance Global Group since 2018. Prior to his role at Reliance Global Group, he founded a mortgage company in 1985, which grew to become the third-largest residential mortgage broker in the United States by the early 2000s. Concurrently, he built and managed a substantial real estate portfolio, owning properties across 17 different states. He began acquiring private insurance agencies around 2005, before the company's public listing. Mr. Beyman has also personally invested $5 million into the company.
Joel Markovits, Chief Financial Officer
Joel Markovits is the Chief Financial Officer of Reliance Global Group. He received accelerated restricted stock awards in September 2025, a measure aimed at enhancing executive retention.
Yaakov Beyman, Executive Vice President of Insurance Division
Yaakov Beyman serves as the Executive Vice President of the Insurance Division at Reliance Global Group. He is the son of Ezra Beyman, the Chairman and CEO. In September 2025, he received accelerated restricted stock awards.
Grant Barra, Senior Vice President of Operations
Grant Barra holds the position of Senior Vice President of Operations at Reliance Global Group.
Jonathan Fortman, Vice President of Acquisitions
Jonathan Fortman is the Vice President of Acquisitions for Reliance Global Group.
```AI Analysis | Feedback
1. Financial Health and Going Concern Risks: Reliance Global Group demonstrates poor financial strength, with a Z-Score indicating distress and a Beneish M-Score suggesting it is unlikely to be a manipulator. The company reported negative revenue growth of -61.4% over the past three years and continues to face profitability challenges, with an operating margin of -66.32% and a net margin of -53.39%. An Altman Z-Score of -4.89 places the company in the distress zone, indicating a potential risk of bankruptcy within two years. Furthermore, the company has less than one year of cash runway, highlighting significant liquidity concerns. The ability to access capital on acceptable terms remains a critical risk.
2. Risks Associated with Acquisition-Driven Growth Strategy: The company's strategy involves an aggressive acquisition approach, initially focused on insurance agencies and more recently expanding into technology-driven businesses through its EZRA International Group and Scale51 operating model. This strategy carries substantial risks, particularly with recent investments like the planned acquisition of a controlling stake in Enquantum Ltd., a post-quantum cybersecurity company. Specific risks include potential delays or failure to consummate transactions, challenges in funding future tranche payments, the possibility of not achieving a controlling equity or board position, and the inherent uncertainties in the development, performance, commercialization, and market adoption of early-stage technology. Integration and execution challenges, along with the risk that anticipated synergies or operational benefits may not be realized, are also significant.
3. Market, Regulatory, and Industry-Specific Risks: As a participant in the insurance industry, Reliance Global Group is exposed to risks from regulatory changes and intense market competition. The company's stock has experienced high volatility. Furthermore, with its expansion into technology and digital assets, the company faces additional market price volatility risks for its digital asset holdings, as well as cybersecurity, regulatory, and data-protection risks, especially pertinent to its new cybersecurity ventures. Compliance with Nasdaq listing requirements also remains a factor.
AI Analysis | Feedback
The clear emerging threat to Reliance Global, operating through traditional wholesale and retail insurance agencies, is the rapid growth and increasing adoption of **Insurtech platforms and direct-to-consumer (DTC) insurance models**. These digital-first companies leverage technology, artificial intelligence, and data analytics to offer insurance products directly to consumers online, often with streamlined processes, competitive pricing, and enhanced convenience, thereby bypassing the need for traditional insurance agents and agencies. This trend mirrors the disruptive forces seen in other industries where digital solutions have disintermediated traditional brick-and-mortar or agent-based services.
AI Analysis | Feedback
Reliance Global Group, Inc. (symbol: EZRA) operates within several significant insurance markets in the United States. The addressable markets for its main products and services in the U.S. are substantial:
- Healthcare and Medicare Insurance: The U.S. health and medical insurance market was valued at approximately USD 1.65 trillion in 2026 and is projected to grow to USD 2.15 trillion by 2031, demonstrating a compound annual growth rate (CAGR) of 5.37%. Another estimate placed the U.S. health insurance market at USD 1.23 trillion in 2024, with an expectation to reach USD 1.77 trillion by 2030, growing at a CAGR of 6.98%. Specifically, the U.S. individual health insurance market was valued at USD 1.6 trillion in 2022 and is anticipated to reach USD 2.54 trillion by 2030, with a CAGR of 6.08%. The Medicare Advantage market in the U.S. is a rapidly expanding segment, with an estimated size of USD 445.97 billion in 2025, projected to grow to USD 1060.03 billion by 2034 at a CAGR of 10.1%. The U.S. Medicare Supplement health insurance market was valued at USD 30.55 billion in 2025 and is projected to reach approximately USD 50.33 billion by 2035, exhibiting a CAGR of 5.10%.
- Personal Insurance: The global personal lines insurance market was valued at USD 1189 billion in 2025 and is expected to reach USD 2176.42 billion by 2033, growing at a CAGR of 7.85%. North America, which includes the U.S., accounted for 38.80% of this global market share in 2025.
- Commercial Insurance: The U.S. commercial insurance market reached USD 294.6 billion in 2024 and is expected to reach USD 489.1 billion by 2033, with a CAGR of 5.20%. Another report estimates the U.S. Commercial Insurance Market at USD 271.93 billion in 2025, projected to grow to USD 416.83 billion by 2035 at a CAGR of 5.47%. North America held the largest revenue share of over 42% in the global commercial insurance market in 2025.
- Trucking Insurance: The global commercial truck insurance market, which includes the U.S. as a significant component, is forecasted to grow from USD 166.99 billion in 2026 to USD 341.03 billion by 2035, at a CAGR of 8.26%. The U.S. commercial truck insurance market covers over 13.5 million registered commercial trucks.
- Employee Benefits Insurance: The U.S. insurance brokerage for employee benefits market was valued at USD 34.74 billion in 2022 and is projected to reach USD 70.11 billion by 2032, with a CAGR of 7.5%. Furthermore, the U.S. employee benefit broker market size was estimated at USD 10.97 billion in 2024 and is predicted to be worth around USD 18.93 billion by 2034, with a CAGR of 5.61%. Healthcare insurance was the leading segment in the global employee benefit broker market, holding 31.5% of the revenue in 2023.
AI Analysis | Feedback
Reliance Global Group, Inc. (NASDAQ: EZRA) is strategically shifting its focus to drive future revenue growth through a combination of technology investments and the continued evolution of its core insurance operations. Over the next 2-3 years, the company is expected to see growth driven by several key initiatives:
- Expansion into Technology-Driven Sectors via Scale51 Initiative and EZRA International Group: Reliance Global Group launched its Scale51 initiative and EZRA International Group in 2025 to acquire and scale high-growth technology companies in cybersecurity, artificial intelligence (AI), fintech, and digital health. As part of this strategy, the company has already invested in Enquantum Ltd., a post-quantum cybersecurity firm, with plans to acquire a majority stake, and has a non-binding term sheet to acquire a majority stake in Scentech Medical, an AI-based diagnostics company. These technology investments are projected to contribute to revenue growth in 2025 and 2026.
- Organic Growth and Expansion of RELI Exchange: The company's insurance and InsurTech operations, particularly the RELI Exchange platform, remain a stable foundation generating commission income. RELI Exchange, a technology-enabled distribution network, has shown significant growth, including a 36% year-over-year increase in property and casualty (P&C) written premium and a 72% increase in health policies for 2025 enrollment. The platform also expanded its partner network by 285% since 2022.
- Strategic Acquisitions within the Insurance Sector: While the company is expanding its technology portfolio, its foundational strategy still involves the acquisition and management of wholesale and retail insurance agencies. The implementation of a "OneFirm" approach, integrating agency operations into a unified, tech-driven platform, suggests that targeted acquisitions within the insurance space will continue to contribute to revenue. For instance, the acquisition of Spetner Associates, nearing completion in late 2024, was anticipated to almost double annual revenue to approximately $28 million.
- Leveraging AI and Data Mining in InsurTech: Reliance Global Group positions itself as an InsurTech pioneer, utilizing artificial intelligence and cloud-based technologies to enhance the efficiency of the insurance agency/brokerage industry. Its proprietary RELI Exchange platform is built on an "AI and data mining backbone." Continuous advancements and broader adoption of its AI-powered platform, Reliaxchange, are expected to drive growth by optimizing operations and expanding market reach.
- Expansion into Cryptocurrency and Blockchain-Enabled Insurance-Linked Assets: In September 2025, Reliance Global Group announced a strategic move into the digital asset and blockchain sector. This initiative includes building a diversified portfolio of leading cryptocurrencies and exploring the tokenization of insurance-linked assets. This novel approach aims to create a new investment class and unlock long-term growth opportunities by leveraging the company's fintech and AI expertise.
AI Analysis | Feedback
Share Repurchases
- In September 2022, Reliance Global Group, Inc. authorized a share repurchase program to buy back up to 3.0 million shares of its outstanding common stock.
Share Issuance
- In January 2026, Reliance Global Group completed a public offering that generated approximately $2.0 million in gross proceeds from the issuance of common stock and warrants, intended for working capital, strategic investments, and general purposes.
- As of December 31, 2025, the company issued 1,098,004 shares for net proceeds of $859,607 under an Equity Line of Credit (ELOC) facility with White Lion Capital.
- During 2025, Reliance Global Group generated approximately $2.2 million in net proceeds from sales under an At-The-Market (ATM) program.
- For its April 2026 Annual Meeting, the company is seeking shareholder approval for a 14,000,000-share increase to its 2025 Equity Incentive Plan and to permit issuances beyond the Nasdaq 19.99% Exchange Cap under an amended equity line with White Lion Capital, increasing the commitment to $50,000,000.
Outbound Investments
- In February 2026, Reliance Global Group completed an initial investment in Enquantum Ltd., a post-quantum cybersecurity firm, for an aggregate purchase price of $2.125 million to acquire a 51% controlling interest over time. The initial 8% stake was acquired by converting a $166,000 secured bridge note and providing additional cash.
- The company launched EZRA International Group and its "Scale51" operating model in January 2026 to pursue majority ownership positions in high-growth technology businesses, including cybersecurity, artificial intelligence, fintech, and digital health sectors.
- In January 2026, Reliance Global Group entered a non-binding term sheet to acquire a majority stake in Scentech Medical, an Israeli diagnostics company focusing on AI-based breath analysis technology.
Capital Expenditures
- Reliance Global Group's average capital expenditure (CapEx AVG 3YRS) for the trailing twelve months ended December 31, 2025, was $29.62K.
- Over the past five years (approximately 2021-2025), the average CapEx AVG 3YRS was $44.59K, with a peak of $54.74K as of September 30, 2024.
Peer Outperformance in Insurance Brokers
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 24.2% | 70.6% | 133.7% | SPNT 170% · RGA 154% · RNR 140% |
| Investment Banking & Brokerage | 13 | -1.7% | 105.1% | 116.5% | IBKR 527% · SNEX 257% · HOOD 183% |
| Diversified Banks | 12 | 27.5% | 129.8% | 116.3% | CM 161% · JPM 159% · RY 149% |
| Life & Health Insurance | 20 | 8.6% | 57.6% | 105.8% | JXN 534% · UNM 373% · FG 207% |
| Multi-Sector Holdings | 4 | 6.8% | 50.2% | 87.3% | JONE 361% · VOYA 88% · BRK-B 87% |
| Property & Casualty Insurance | 42 | 9.6% | 67.5% | 67.8% | ASIC 2760900% · HRTG 445% · UVE 331% |
| Regional Banks | 265 | 23.9% | 91.7% | 67.1% | ESQ 391% · GCBC 340% · VBNK 335% |
| Multi-line Insurance | 9 | 8.8% | 71.2% | 64.1% | GNW 201% · L 112% · SLF 104% |
| Financial Exchanges & Data | 15 | -0.1% | 17.4% | 32.7% | VIRT 184% · CBOE 135% · CME 83% |
| Diversified Financial Services | 4 | -7.3% | 22.1% | 32.6% | FRHC 168% · EQH 119% · TMS -54% |
| Consumer Finance | 30 | 1.7% | 89.6% | 26.9% | ENVA 447% · EZPW 319% · FCFS 168% |
| Insurance Brokers ← | 16 | -15.1% | -6.3% | 20.3% | LIFE 200% · ARX 87% · AJG 70% |
| Commercial & Residential Mortgage Finance | 14 | -50.2% | 32.8% | 13.9% | FNMA 454% · FMCC 436% · ACT 204% |
| Asset Management & Custody Banks | 84 | -11.7% | 17.6% | 12.0% | WT 348% · SII 279% · VCTR 274% |
| Specialized Finance | 3 | 14.0% | 42.2% | -2.8% | EFC 27% · CACC -3% · HASI -16% |
| Mortgage REITs | 33 | -13.0% | 7.4% | -16.5% | NREF 53% · RITM 42% · DX 34% |
| Transaction & Payment Processing Services | 15 | -1.0% | -5.9% | -42.9% | V 74% · MA 73% · CPAY 58% |
| Diversified Capital Markets | 20 | -36.3% | 20.7% | -48.1% | OPY 196% · LPLA 136% · GOLD 90% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 28.58 |
| Mkt Cap | 0.7 |
| Rev LTM | 1,060 |
| Op Inc LTM | 74 |
| FCF LTM | 38 |
| FCF 3Y Avg | 30 |
| CFO LTM | 59 |
| CFO 3Y Avg | 45 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.9% |
| Rev Chg 3Y Avg | 18.1% |
| Rev Chg Q | 6.9% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Inc Chg LTM | 7.9% |
| Op Inc Chg 3Y Avg | 16.2% |
| Op Mgn LTM | 12.2% |
| Op Mgn 3Y Avg | 6.1% |
| QoQ Delta Op Mgn LTM | -0.5% |
| CFO/Rev LTM | 8.8% |
| CFO/Rev 3Y Avg | 9.6% |
| FCF/Rev LTM | 7.7% |
| FCF/Rev 3Y Avg | 8.6% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| ANDA217814 | DECITABINE | decitabine | injectable | 12192025 | |||||
| ANDA217453 | AZACITIDINE | azacitidine | powder | 5202025 | |||||
| ANDA211898 | BORTEZOMIB | bortezomib | injectable | 10112022 | |||||
| ANDA211899 | PEMETREXED DISODIUM | pemetrexed disodium | powder | 5252022 | |||||
| ANDA211724 | CAPECITABINE | capecitabine | tablet | 4272020 | |||||
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| ANDA217814 | DECITABINE | decitabine | injectable | 12192025 | |||||
| ANDA217453 | AZACITIDINE | azacitidine | powder | 5202025 | |||||
| ANDA211898 | BORTEZOMIB | bortezomib | injectable | 10112022 | |||||
| ANDA211899 | PEMETREXED DISODIUM | pemetrexed disodium | powder | 5252022 | |||||
| ANDA211724 | CAPECITABINE | capecitabine | tablet | 4272020 | |||||
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.66 | 3.54 | 2.29 | 1.00 | 0.34 | -1.06 |
| Up Beta | 4.36 | 5.80 | 3.17 | 2.13 | 0.27 | 1.03 |
| Down Beta | 0.13 | 3.17 | 2.77 | 0.48 | 0.42 | 1.64 |
| Up Capture | 646% | 167% | 77% | -59% | -8% | -1% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 12 | 16 | 23 | 52 | 62 | 62 |
| Down Capture | -303% | 290% | 212% | 187% | 142% | 79% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 9 | 24 | 39 | 73 | 86 | 86 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EZRA | |
|---|---|---|---|---|
| EZRA | -75.8% | 149.7% | -0.80 | - |
| Sector ETF (XLF) | 4.5% | 14.6% | 0.08 | -5.3% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 8.8% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | 10.8% |
| Commodities (DBC) | 46.3% | 20.6% | 1.73 | -0.2% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | -3.7% |
| Bitcoin (BTCUSD) | -30.6% | 44.3% | -0.70 | 8.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EZRA | |
|---|---|---|---|---|
| EZRA | -24.7% | 149.7% | -0.80 | - |
| Sector ETF (XLF) | 10.1% | 18.4% | 0.41 | -5.3% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 8.8% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | 10.8% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | -0.2% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | -3.7% |
| Bitcoin (BTCUSD) | 12.5% | 52.5% | 0.42 | 8.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EZRA | |
|---|---|---|---|---|
| EZRA | -13.2% | 149.7% | -0.80 | - |
| Sector ETF (XLF) | 12.9% | 22.1% | 0.53 | -5.3% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 8.8% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 10.8% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | -0.2% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | -3.7% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 8.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/16/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 7.2% | 6.3% | 23.0% |
| SUMMARY STATS | |||
| # Positive | 1 | 1 | 1 |
| # Negative | 0 | 0 | 0 |
| Median Positive | 7.2% | 6.3% | 23.0% |
| Median Negative | |||
| Max Positive | 7.2% | 6.3% | 23.0% |
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 7.2% | 6.3% | 23.0% |
| SUMMARY STATS | |||
| # Positive | 1 | 1 | 1 |
| # Negative | 0 | 0 | 0 |
| Median Positive | 7.2% | 6.3% | 23.0% |
| Median Negative | |||
| Max Positive | 7.2% | 6.3% | 23.0% |
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/10/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/07/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 05/20/2024 | 10-Q |
| 12/31/2023 | 04/04/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/18/2023 | 10-Q |
| 12/31/2022 | 03/30/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/10/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/07/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 05/20/2024 | 10-Q |
| 12/31/2023 | 04/04/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/18/2023 | 10-Q |
| 12/31/2022 | 03/30/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/31/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/17/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 03/24/2021 | 10-K |
| 05/31/2018 | 07/16/2018 | 10-Q |
| 02/28/2018 | 04/16/2018 | 10-Q |
| 11/30/2017 | 01/16/2018 | 10-Q |
| 08/31/2017 | 10/31/2017 | 10-K |
| 05/31/2017 | 07/06/2017 | 10-Q |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Beyman, Ezra | Chairman and CEO | Direct | Buy | 3262026 | 0.17 | 300,000 | 50,970 | 162,985 | Form |
| 2 | Markovits, Joel | Chief Financial Officer | Direct | Sell | 3242026 | 0.21 | 127,562 | 26,214 | 26 | Form |
| 3 | Markovits, Joel | Chief Financial Officer | Direct | Sell | 3122026 | 0.66 | 25,000 | 16,500 | 84,275 | Form |
| 4 | Markovits, Joel | Chief Financial Officer | Direct | Sell | 3122026 | 0.82 | 44,082 | 35,997 | 124,686 | Form |
| 5 | Markovits, Joel | Chief Financial Officer | Direct | Sell | 3122026 | 0.88 | 30,255 | 26,609 | 255,565 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Beyman, Ezra | Chairman and CEO | Direct | Buy | 3262026 | 0.17 | 300,000 | 50,970 | 162,985 | Form |
| 2 | Markovits, Joel | Chief Financial Officer | Direct | Sell | 3242026 | 0.21 | 127,562 | 26,214 | 26 | Form |
| 3 | Markovits, Joel | Chief Financial Officer | Direct | Sell | 3122026 | 0.66 | 25,000 | 16,500 | 84,275 | Form |
| 4 | Markovits, Joel | Chief Financial Officer | Direct | Sell | 3122026 | 0.82 | 44,082 | 35,997 | 124,686 | Form |
| 5 | Markovits, Joel | Chief Financial Officer | Direct | Sell | 3122026 | 0.88 | 30,255 | 26,609 | 255,565 | Form |
| 6 | Markovits, Joel | Chief Financial Officer | Direct | Sell | 3122026 | 0.88 | 155 | 136 | 282,334 | Form |
| 7 | Fruchtzweig, Ben | Direct | Sell | 7312025 | 2.85 | 26,000 | 74,001 | 107,433 | Form | |
| 8 | Blumenfrucht, Alex | Direct | Sell | 7242025 | 2.90 | 36,249 | 105,245 | 1,405 | Form | |
| 9 | Brickman, Sheldon | Direct | Sell | 7242025 | 2.82 | 15,236 | 43,039 | 136,989 | Form | |
| 10 | Markovits, Joel | Chief Financial Officer | Direct | Sell | 7242025 | 3.00 | 40,534 | 121,602 | 480,807 | Form |
| 11 | Beyman, Yaakov | EXEC VP, INSURANCE DIVISION | Direct | Sell | 7242025 | 3.06 | 20,000 | 61,149 | 215,474 | Form |
Investor Activity (13F)
Updated Sep 21, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Reliance Global — Investor Video Playlist
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Insurance Brokers Resources |
| Insurance Business America |
| A.M. Best |
| National Underwriter |
| Insurance News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.