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    Octave Specialty (OSG)

    Market Price (9/19/2026): $4.5 | Market Cap: $204.3 MilSector: Financials | Industry: Life & Health Insurance

    Octave Specialty (OSG)

    Market Price (9/19/2026): $4.5
    Market Cap: $204.3 Mil
    Sector: Financials
    Industry: Life & Health Insurance

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    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 -69%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26%

    Megatrend and thematic drivers
    Megatrends include US Energy Independence. Themes include US Oilfield Technologies.

    Weak multi-year price returns
    2Y Excs Rtn is -84%, 3Y Excs Rtn is -119%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -20%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -84%

    Key risks
    OSG key risks include [1] operational execution challenges in integrating its acquired businesses and [2] a weak financial position reflected in a low Altman Z-score and significant debt.

    0 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 -69%
    1 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26%
    2 Megatrend and thematic drivers
    Megatrends include US Energy Independence. Themes include US Oilfield Technologies.
    3 Weak multi-year price returns
    2Y Excs Rtn is -84%, 3Y Excs Rtn is -119%
    4 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -20%
    5 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -84%
    6 Key risks
    OSG key risks include [1] operational execution challenges in integrating its acquired businesses and [2] a weak financial position reflected in a low Altman Z-score and significant debt.

    OSG in ETFs

    Weight = OSG's share of each fund

    VTI0.00%
    VTWO0.01%
    SCHA0.00%
    DFAC0.00%
    DFAS0.00%
    SCHB0.00%

    Valuation & Metrics

    FYE: 12/31OSG [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$318.1 Mil—
    FY 2026 Sales$89.4 Mil—
    FY 2027 Sales$94.1 Mil—
    FY 2026 Sales Growth-71.9%—
    FY 2027 Sales Growth5.2%12.8%
    EARNINGS
    LTM Net Income (GAAP) [3]$-163.9 Mil—
    FY 2026 Net Income (Non-GAAP)$7.7 Mil—
    FY 2027 Net Income (Non-GAAP)$27.0 Mil—
    FY 2027 Net Income Growth249.8%18.1%
    FY 2026 EPS (Non-GAAP)$0.19—
    FY 2027 EPS (Non-GAAP)$0.57—
    FY 2027 EPS Growth196.7%—
    VALUATION
    FY 2026 P/S2.31.6
    FY 2027 P/S2.2—
    FY 2026 P/E26.57.4
    FY 2027 P/E7.6—

    [1] OSG forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
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    AI Analysis | Feedback

    MetricValueDateSource
    Insurance Distribution Premiums Produced245 million9302025Link
    Insurance Distribution Segment Organic Revenue Growth40.0%9302025Link
    Everspan Gross Premium Written97 million9302025Link
    Everspan Combined Ratio112.9%9302025Link
    Everspan Loss Ratio67.8%9302025Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/17/2026

    Octave Specialty (OSG) stock has lost about 20% since 5/31/2026 because of the following key factors:

    1. Octave Specialty Group (OSG) experienced a significant decline following its fiscal Q2 2026 earnings report, which was released on August 6, 2026. The company reported an Adjusted EPS of -$0.04, missing the consensus analyst estimate of -$0.01 by $0.03. While quarterly revenue of $83 million surpassed the $22.79 million consensus, the negative earnings surprise, coupled with lowered guidance for its Everspan segment due to higher acquisition costs, negatively impacted investor sentiment. This earnings release was immediately followed by a 12.90% drop in OSG's stock price on August 6, 2026.

    2. Persistent unprofitability has weighed on Octave Specialty Group's stock performance. For the twelve months ending June 30, 2026, the company reported a net income of -$163.88 million. In fiscal Q2 2026, Octave Specialty Group's total earnings were -$14.43 million, despite a year-over-year increase in EPS. This continued trend of net losses, following a reported net income of -$261.69 million in the fiscal year 2025, indicates ongoing challenges in achieving sustained profitability, which has contributed to investor caution.

    Show more
    Updated on 9/17/2026

    Octave Specialty (OSG) stock has lost about 20% since 5/31/2026 because of the following key factors:

    1. Octave Specialty Group (OSG) experienced a significant decline following its fiscal Q2 2026 earnings report, which was released on August 6, 2026. The company reported an Adjusted EPS of -$0.04, missing the consensus analyst estimate of -$0.01 by $0.03. While quarterly revenue of $83 million surpassed the $22.79 million consensus, the negative earnings surprise, coupled with lowered guidance for its Everspan segment due to higher acquisition costs, negatively impacted investor sentiment. This earnings release was immediately followed by a 12.90% drop in OSG's stock price on August 6, 2026.

    2. Persistent unprofitability has weighed on Octave Specialty Group's stock performance. For the twelve months ending June 30, 2026, the company reported a net income of -$163.88 million. In fiscal Q2 2026, Octave Specialty Group's total earnings were -$14.43 million, despite a year-over-year increase in EPS. This continued trend of net losses, following a reported net income of -$261.69 million in the fiscal year 2025, indicates ongoing challenges in achieving sustained profitability, which has contributed to investor caution.

    3. There has been an absence of significant insider buying activity in Octave Specialty Group shares since May 31, 2026. No insider trading transactions exceeding the specified threshold of USD 5 million have been reported during this period. While insider transactions were recorded in early 2026, the most recent notable insider purchase on January 2, 2026, by CEO Claude LeBlanc, amounted to $91,080.00, which falls considerably below the $5 million threshold. This lack of substantial insider investment during the stock's decline suggests a potential lack of strong conviction from company leadership to capitalize on lower prices.

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    Stock Movement Drivers

    Fundamental Drivers

    The -17.9% change in OSG stock from 5/31/2026 to 9/18/2026 was primarily driven by a -25.0% change in the company's P/S Multiple.
    (LTM values as of)53120269182026Change
    Stock Price ($)5.484.50-17.9%
    Change Contribution By: 
    Total Revenues ($ Mil)2903189.7%
    P/S Multiple0.90.6-25.0%
    Shares Outstanding (Mil)4545-0.2%
    Cumulative Contribution-17.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/18/2026
    ReturnCorrelation
    OSG-17.9% 
    Market (SPY)0.9%-13.5%
    Sector (XLF)8.3%26.5%

    Fundamental Drivers

    The -15.9% change in OSG stock from 2/28/2026 to 9/18/2026 was primarily driven by a -37.9% change in the company's P/S Multiple.
    (LTM values as of)22820269182026Change
    Stock Price ($)5.354.50-15.9%
    Change Contribution By: 
    Total Revenues ($ Mil)24931827.7%
    P/S Multiple1.00.6-37.9%
    Shares Outstanding (Mil)48456.0%
    Cumulative Contribution-15.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/18/2026
    ReturnCorrelation
    OSG-15.9% 
    Market (SPY)11.6%-6.8%
    Sector (XLF)9.2%12.6%

    Fundamental Drivers

    null
    null

    Market Drivers

    8/31/2025 to 9/18/2026
    ReturnCorrelation
    OSG  
    Market (SPY)19.4%-5.8%
    Sector (XLF)4.7%13.8%

    Fundamental Drivers

    null
    null

    Market Drivers

    8/31/2023 to 9/18/2026
    ReturnCorrelation
    OSG  
    Market (SPY)75.6%-5.8%
    Sector (XLF)69.8%13.8%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    OSG Return-----10%-43%-49%
    Peers Return36%8%12%34%-0%-12%93%
    S&P 500 Return27%-19%24%23%16%12%103%

    Monthly Win Rates [3]
    OSG Win Rate----50%33% 
    Peers Win Rate70%50%50%63%57%38% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    OSG Max Drawdown------49% 
    Peers Max Drawdown-11%-24%-17%-12%-27%-27% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: RYAN, BRO, AJG, WRB, MKL.
    [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

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

    EventXLFS&P 500
    2025 US Tariff Shock
      % Loss-15.5%-18.8%
      % Gain to Breakeven18.4%23.1%
      Time to Breakeven80 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-10.7%-9.5%
      % Gain to Breakeven12.0%10.5%
      Time to Breakeven26 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-16.1%-6.7%
      % Gain to Breakeven19.1%7.1%
      Time to Breakeven270 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-22.3%-24.5%
      % Gain to Breakeven28.6%32.4%
      Time to Breakeven467 days427 days
    2020 COVID-19 Crash
      % Loss-42.8%-33.7%
      % Gain to Breakeven74.8%50.9%
      Time to Breakeven289 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-19.7%-19.2%
      % Gain to Breakeven24.5%23.8%
      Time to Breakeven123 days105 days

    Compare to RYAN, BRO, AJG, WRB, MKL

    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.

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

    EventXLFS&P 500
    2022 Inflation Shock & Fed Tightening
      % Loss-22.3%-24.5%
      % Gain to Breakeven28.6%32.4%
      Time to Breakeven467 days427 days
    2020 COVID-19 Crash
      % Loss-42.8%-33.7%
      % Gain to Breakeven74.8%50.9%
      Time to Breakeven289 days140 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-21.4%-12.2%
      % Gain to Breakeven27.3%13.9%
      Time to Breakeven272 days62 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-26.1%-17.9%
      % Gain to Breakeven35.3%21.8%
      Time to Breakeven162 days123 days
    2008-2009 Global Financial Crisis
      % Loss-78.3%-53.4%
      % Gain to Breakeven359.8%114.4%
      Time to Breakeven2329 days1085 days

    Compare to RYAN, BRO, AJG, WRB, MKL

    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 Octave Specialty (OSG)

    Overseas Shipholding Group, Inc. (OSG) is a maritime transportation company that owns and operates a substantial fleet of oceangoing vessels. The core of its business involves the critical transport of crude oil and petroleum products. OSG primarily serves the United States flag trade, playing an essential role in the domestic energy supply chain by moving vital fuels and raw materials.

    As of late 2021, OSG managed a fleet comprising 24 vessels, totaling approximately 1.7 million deadweight tons, demonstrating its significant operational capacity. The company caters to a diverse clientele, including independent oil traders, refinery operators, and both United States and international government entities, providing indispensable shipping services to various segments of the energy and public sectors.

    AI Analysis | Feedback

    Here are 1-2 brief analogies to describe Octave Specialty (OSG):

    • It's like the UPS or FedEx of the seas, specifically for crude oil and petroleum products.
    • Think of it as a marine version of an oil pipeline company like Kinder Morgan.

    AI Analysis | Feedback

    • Crude Oil Shipping: Provides maritime transportation services for crude oil using its fleet of oceangoing vessels.
    • Petroleum Products Shipping: Offers maritime transportation for various refined petroleum products within the United States flag trade.

    AI Analysis | Feedback

    ```html

    Major Customers of Octave Specialty (OSG)

    Based on the provided information, Octave Specialty (OSG) primarily serves the following categories of customers:

    • Independent oil traders
    • Refinery operators
    • United States and international government entities

    The background information describes categories of customers rather than specific named customer companies, so specific company names and their symbols are not available.

    ```

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Samuel Norton, Chief Executive Officer

    Samuel Norton has served as Chief Executive Officer of OSG since July 2016 and was previously its President until October 2024. He serves on the OSG Board of Directors since the acquisition by Saltchuk in July 2024, and served on the Board since 2014 when OSG was publicly traded on the NYSE. Prior to leading OSG, Mr. Norton co-founded SeaChange Maritime, LLC in 2006, an owner and operator of container ships, and served as its Chairman and Chief Executive Officer. He spent 17 years as a senior executive officer at Tanker Pacific Management (Singapore) Pte. Ltd. In 1995, Mr. Norton initiated and led the entry of the Sammy Ofer Group into the container segment, acquiring and operating the first container vessels in the group's fleet. While at Tanker Pacific, he conceived and started Tanker Pacific Offshore Terminals, which owns and operates a fleet of floating, offshore oil storage terminals. Before joining the Ofer Group, Mr. Norton played a lead role in the Asian distressed assets group of the First National Bank of Boston. He holds a Bachelor of Arts in Chinese Language and Literature from Dartmouth College.

    Daniel Campbell, Vice President, Finance

    Daniel Campbell is the Vice President, Finance of OSG, overseeing the Company's finance, purchasing, and IT functions. He joined OSG in January 2025. Previously, Mr. Campbell was Senior Director of IT at Autoliv, where he directed business processes for integration, automation, and efficiency. He also held roles as Senior Director of Finance and Chief Financial Officer for Autoliv-Nissin Brake Systems. Mr. Campbell brings over 25 years of experience in driving business transformation and growth.

    Tim DiPietropolo, President and Chief Operating Officer

    Tim DiPietropolo serves as President and Chief Operating Officer of OSG, with oversight of all operations, maintenance, SQE, and commercial operations for the Fleet. He joined OSG in October 2024. Prior to OSG, Mr. DiPietropolo was Vice President of Operations & Marine with Tropical Shipping, holding various leadership roles since July 2000. In 2013, he also held senior leadership positions with Maersk Line as Director of U.S. Government Cargo Execution, and with SeaLand as Head of Trade for the Caribbean & Central America markets.

    Deanna Marshall, Vice President, Human Resources and Labor Relations

    Deanna Marshall is the Vice President, Human Resources and Labor Relations of OSG, overseeing the company's human resources and labor relations functions. She began her affiliation with OSG in November 2006 as part of the acquisition of Maritrans, where she served as Human Resources Manager since 2000. Ms. Marshall has served as OSG's top human resources professional as Director, Human Resources since 2015 and Vice President of Human Resources from 2013-2015.

    Jerry Kachler, Vice President, Fleet Operations

    Jerry Kachler is the Vice President, Fleet Operations of OSG, with oversight of operations and maintenance for the OSG Fleet. Prior to September 2024, he was Fleet Manager for OSG since 2012. Mr. Kachler began his affiliation with OSG in November 2006 as part of the acquisition of Maritrans, where he was Technical Superintendent. He joined Maritrans in May 2003 as Manager, Major Projects. Prior to Maritrans, Mr. Kachler was a Senior Project Manager with Tyco Telecom for seven years, managing undersea fiber optic cable installations.

    AI Analysis | Feedback

    The key risks to Overseas Shipholding Group, Inc. (OSG) are:

    1. High Indebtedness and Liquidity Risk: Overseas Shipholding Group, Inc. faces risks related to its significant indebtedness and its ability to generate sufficient cash flow. As of December 31, 2022, OSG had $423 million in outstanding indebtedness. A lower cash flow generation ability could hinder the company's capacity to expand or even maintain current operations, and weaker market conditions could pose serious challenges in meeting its obligations. Historically, the company filed for bankruptcy protection in 2012, partly due to billions of dollars in debt.
    2. Cyclicality and Volatility of Shipping Rates and Market Demand: The shipping industry is inherently cyclical and subject to significant fluctuations in global shipping rates and demand for crude oil and petroleum products. Historically, a decline in global shipping rates, coupled with a slowdown in demand for oil, contributed to OSG filing for Chapter 11 bankruptcy protection in 2012 after experiencing 13 consecutive quarters of net losses. An oversupply of tankers in the market can also depress rates, impacting the company's profitability.
    3. Regulatory Compliance and Environmental Risks: OSG has faced significant regulatory challenges in the past, highlighting ongoing compliance risks. In 2006, the company pleaded guilty to 33 felony counts related to deliberate vessel pollution, resulting in a record $37 million penalty. Furthermore, in 2017, the Securities and Exchange Commission (SEC) charged OSG and its former CFO for failing to recognize hundreds of millions in tax liabilities, which led to a material understatement of its income tax liabilities by approximately $512 million and contributed to its 2012 bankruptcy filing. The shipping business also carries inherent risks of environmental damage and potential regulatory changes.

    AI Analysis | Feedback

    The global energy transition and the accelerating shift away from fossil fuels, which will reduce demand for the transportation of crude oil and petroleum products.

    AI Analysis | Feedback

    The addressable market for Octave Specialty (OSG), also known as Overseas Shipholding Group, Inc., in the transportation of crude oil and petroleum products in the United States flag trade by oceangoing vessels, can be estimated by the size of the Jones Act tanker market.

    The Jones Act tanker market, which governs domestic waterborne transportation in the U.S., consists of approximately 43 self-propelled tankers. These vessels include medium-range product tankers and larger Aframax or Suezmax vessels used for crude oil, such as those serving the Alaska trade.

    The daily charter rates for medium-range product tankers in the Jones Act trade are estimated to be around $90,000 per day.

    Based on these figures, the estimated annual market size for the Jones Act self-propelled tanker fleet in the U.S. region is approximately $1.41 billion (43 vessels * $90,000/day * 365 days/year). This market size is for the U.S. region.

    AI Analysis | Feedback

    Here are the expected drivers of future revenue growth for Overseas Shipholding Group, Inc. (OSG) over the next 2-3 years:
    • Sustained Strong Charter Rates and Fleet Utilization: Overseas Shipholding Group expects to benefit from continued strong demand in the tanker market, enabling the company to maintain and extend its preferred profile of medium-term charters at favorable and escalating rates. This strategy provides strong cash flow and high forward revenue visibility for its U.S. Flag fleet.
    • Expansion of Specialized Services: Growth in specific, specialized services, such as increased Delaware Bay lightering volumes, is expected to contribute to revenue growth. This demonstrates the company's ability to capitalize on niche market opportunities.
    • New Articulated Tug Barge (ATB) Construction Projects: The company anticipates future revenue streams from new ATB construction projects. Discussions with customers are underway for these projects, which are expected to have deliveries three to four years after contract signing and come with assumed minimum firm contract periods of seven years following delivery, providing long-term revenue visibility.

    AI Analysis | Feedback

    Share Repurchases

    • Overseas Shipholding Group (OSG) repurchased $75.7 million of stock and retired warrants from June 2022.
    • In December 2023, the Board authorized an additional $25 million for common stock repurchases under its existing program.
    • As of August 2023, OSG had repurchased 16.76 million shares through open market and off-market transactions over the preceding fifteen months, at an average price of $3.33 per share.

    Share Issuance

    • No significant share issuances were reported for Overseas Shipholding Group over the last 3-5 years. The number of outstanding shares generally decreased during this period due to repurchases.

    Inbound Investments

    • In July 2024, Overseas Shipholding Group was acquired by Seattle-based transportation company Saltchuk, with the transaction valued at $950 million.
    • Saltchuk commenced a tender offer in May 2024 to acquire all outstanding shares of OSG it did not already own for $8.50 per share in cash.
    • The acquisition represented an aggregate equity value of approximately $653 million for OSG.

    Outbound Investments

    • No information on significant outbound investments made by Overseas Shipholding Group was available within the last 3-5 years.

    Capital Expenditures

    • In 2023, OSG made capital investments in Alaska class vessels.
    • The company committed nearly $60 million for lifecycle engine upgrades to its Alaskan Class fleet.

    Peer Outperformance in Life & Health Insurance

    null
    Share of Life & Health Insurance constituents that OSG has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    —
    insufficient peer history
    3Y
    —
    insufficient peer history
    5Y
    —
    insufficient peer history
    null
    Median price return by industry across the Financials sector, ranked by 5Y. Life & Health Insurance is OSG's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 23.6%68.8%129.8% SPNT 166% · RGA 145% · RNR 136%
    Investment Banking & Brokerage 13 -0.4%99.9%114.4% IBKR 505% · SNEX 246% · HOOD 183%
    Diversified Banks 12 27.9%126.2%112.2% CM 154% · JPM 151% · RY 143%
    Life & Health Insurance ← 20 10.2%54.1%102.9% JXN 562% · UNM 356% · FG 207%
    Multi-Sector Holdings 4 7.1%48.2%82.5% JONE 361% · BRK-B 84% · VOYA 81%
    Property & Casualty Insurance 42 9.6%65.5%65.4% ASIC 2760900% · HRTG 471% · UVE 319%
    Regional Banks 265 22.5%89.7%65.0% ESQ 369% · VBNK 335% · GCBC 329%
    Multi-line Insurance 9 11.0%68.1%61.6% GNW 186% · L 106% · SLF 98%
    Financial Exchanges & Data 15 -2.0%12.3%32.5% VIRT 184% · CBOE 136% · CME 80%
    Diversified Financial Services 4 -8.8%18.9%28.3% FRHC 167% · EQH 110% · TMS -54%
    Consumer Finance 30 -0.1%84.0%25.8% ENVA 445% · EZPW 333% · FCFS 163%
    Insurance Brokers 16 -15.4%-7.0%19.8% LIFE 249% · ARX 87% · AJG 70%
    Commercial & Residential Mortgage Finance 14 -50.7%29.9%10.9% FNMA 448% · FMCC 420% · ACT 204%
    Asset Management & Custody Banks 84 -12.4%13.6%10.0% WT 318% · SII 278% · VCTR 255%
    Specialized Finance 3 14.7%35.5%-3.0% EFC 27% · CACC -3% · HASI -18%
    Mortgage REITs 33 -13.9%3.4%-17.0% NREF 51% · RITM 41% · DX 34%
    Transaction & Payment Processing Services 15 -1.4%-9.4%-44.8% V 72% · MA 70% · CPAY 54%
    Diversified Capital Markets 20 -34.9%16.8%-55.4% OPY 190% · LPLA 129% · GOLD 90%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

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    ACVAACV Auctions1.840.3%30.7%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    ALMSAlumis1.0-67.6%-20.4%
    IESCIES12.8-47.5%-17.2%
    SWMRSwarmer0.4-46.9%-22.6%
    RAREUltragenyx Pharmaceutical1.5-44.7%-36.9%
    TTANServiceTitan5.2-42.1%-48.3%
    FLNCFluence Energy1.0-39.4%-63.0%
    KRMNKarman4.7-38.6%-51.1%
    XENEXenon Pharmaceuticals4.0-36.2%-11.3%
    DYNDyne Therapeutics2.8-36.1%-12.5%
    DKSDick's Sporting Goods10.7-36.1%-37.5%

    More From Trefis

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    Peer Comparisons

    Peers to compare with:

    Financials

    OSGRYANBROAJGWRBMKLMedian
    NameOctave S.Ryan Spe.Brown & .Arthur J.WR Berkl.Markel  
    Mkt Price4.5040.2765.02239.4869.991,776.3367.50
    Mkt Cap0.25.021.461.527.222.321.8
    Rev LTM3183,2186,66415,75514,91816,66910,791
    Op Inc LTM--1,6822,691--2,186
    FCF LTM-624971,4462,2853,4702,1181,782
    FCF 3Y Avg-454821,2072,1973,4002,2821,702
    CFO LTM-625591,5202,4493,6032,3251,923
    CFO 3Y Avg-455391,2852,3573,5012,5261,821

    Growth & Margins

    OSGRYANBROAJGWRBMKLMedian
    NameOctave S.Ryan Spe.Brown & .Arthur J.WR Berkl.Markel  
    Rev Chg LTM26.0%14.4%34.7%26.3%4.8%2.5%20.2%
    Rev Chg 3Y Avg191.4%19.5%19.4%19.6%8.7%3.6%19.4%
    Rev Chg Q51.0%7.2%32.4%24.2%2.7%17.8%21.0%
    QoQ Delta Rev Chg LTM9.7%1.9%6.5%5.2%0.7%4.9%5.1%
    Op Inc Chg LTM--18.1%2.4%--10.3%
    Op Inc Chg 3Y Avg--16.2%15.5%--15.9%
    Op Mgn LTM--25.2%17.1%--21.2%
    Op Mgn 3Y Avg--27.5%19.1%--23.3%
    QoQ Delta Op Mgn LTM---0.4%-1.1%---0.7%
    CFO/Rev LTM-19.5%17.4%22.8%15.5%24.2%14.0%16.5%
    CFO/Rev 3Y Avg-23.1%19.7%24.1%18.5%25.1%15.4%19.1%
    FCF/Rev LTM-19.5%15.4%21.7%14.5%23.3%12.7%15.0%
    FCF/Rev 3Y Avg-23.1%17.6%22.6%17.2%24.4%13.9%17.4%

    Valuation

    OSGRYANBROAJGWRBMKLMedian
    NameOctave S.Ryan Spe.Brown & .Arthur J.WR Berkl.Markel  
    Mkt Cap0.25.021.461.527.222.321.8
    P/S0.61.63.23.91.81.31.7
    P/Op Inc--12.722.8--17.8
    P/EBIT-3.110.010.923.410.77.010.4
    P/E-1.250.917.839.214.19.815.9
    P/CFO-3.39.014.125.17.69.69.3
    Total Yield-80.2%3.3%6.7%3.7%8.8%10.3%5.2%
    Dividend Yield0.0%1.3%1.0%1.1%1.8%0.0%1.1%
    FCF Yield 3Y Avg-7.6%4.8%3.5%13.4%9.9%7.6%
    D/E0.80.80.40.20.10.20.3
    Net D/E-0.70.70.30.2-0.9-0.3-0.0

    Returns

    OSGRYANBROAJGWRBMKLMedian
    NameOctave S.Ryan Spe.Brown & .Arthur J.WR Berkl.Markel  
    1M Rtn-0.9%-4.6%-9.1%-6.7%0.5%-1.0%-2.8%
    3M Rtn-21.9%15.5%10.3%12.2%5.1%-3.8%7.7%
    6M Rtn-5.5%17.0%-2.5%12.1%7.4%-5.3%2.5%
    12M Rtn-48.2%-23.2%-28.5%-18.3%-1.6%-8.7%-20.8%
    3Y Rtn-48.2%-15.3%-10.0%4.5%74.8%15.1%-2.7%
    1M Excs Rtn-0.1%-3.9%-8.3%-6.0%1.3%-0.3%-2.1%
    3M Excs Rtn-23.9%13.5%8.3%10.2%3.1%-5.8%5.7%
    6M Excs Rtn-22.1%0.9%-17.6%-0.9%-9.2%-21.4%-13.4%
    12M Excs Rtn-64.1%-39.5%-44.7%-33.1%-17.5%-23.8%-36.3%
    3Y Excs Rtn-119.5%-86.7%-80.4%-63.6%9.8%-53.2%-72.0%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/6/20265/6/20263/4/202611/10/20258/7/20255/12/20253/6/202511/12/20248/5/20245/6/20242/27/202411/7/2023
    Key Financials Quarterly            
    Total Revenue831046467556365705150-6872
    Net Income-14-7-30-113-73-46-548-28-120-1666
    EPS-0.33-0.13-0.84-2.35-1.51-1.21-11.73-0.63-0.020.44-0.241.44
    Key Financials TTM            
    Total Revenue TTM31829024924925224923510210411412213
    Net Income TTM-164-222-262-780-695-623-556-2569575195
    Growth Rates Quarterly            
    Total Revenue Growth51.0%66.0%-0.6%-4.9%7.7%26.6%194.8%-2.8%-16.3%-13.1%61.5%-10.0%
    Net Income Growth80.2%85.2%94.5%-309.5%-9593.2%-331.1%-3249.6%-141.7%94.2%162.7%-109.4%-80.6%
    Margins Quarterly            
    Net Income Margin-17.4%-6.6%-46.6%-169.1%-132.3%-73.9%-847.1%-39.3%-1.5%40.5%-91.7%
    Cash & Debt            
    Total Cash2963233374793103153322,1912,0412,1943552,010
    Total Debt15511711801501501503,6563,3653,43703,204
    Net Debt / (Cash)-140-206-220-479-160-165-1821,4651,3241,243-3551,194
    Cash Flows Quarterly            
    FCF from Operations-10-10-1-41-4231-76491018-7511
    Cash Flows TTM            
    FCF from Operations TTM-62-94-52-127-371511-37-2337123
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-027-00312-0-0-0-02
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-26.4%-10.4%-128.6%--134.8%---4.7%-4.2%-1.0%-5.5%22.4%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-42.7%-76.6%-103.8%--123.3%---4.9%-0.2%0.1%-0.7%-30.1%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Insurance Distribution16499523126
    Specialty Property & Casualty Insurance8812664182
    Corporate & Other-110945
    Legacy Financial Guarantee Insurance    250
    Total25123612554283


    Operating Income by Segment
    $ Mil20152014200320022001
    Financial Guarantee558659   
    Corporate and Other118323425
    Financial Services-48-18419-10523
    Financial Guarantee Insurance  912 589
    Total510493963-71638


    Net Income by Segment
    $ Mil20252024202320222021
    Specialty Property & Casualty Insurance3100-6-8
    Insurance Distribution-18-7644
    Corporate & Other-83-63-31-33-17
    Legacy Financial Guarantee Insurance    4
    Total-98-59-25-36-17


    Assets by Segment
    $ Mil20252024202320222021
    Insurance Distribution1,24490015513893
    Specialty Property & Casualty Insurance895751523316156
    Corporate & Other85140234226182
    Discontinued operations06,2677,5167,292 
    Legacy Financial Guarantee Insurance    11,871
    Total2,2238,0588,4287,97312,302


    Price Behavior

    Price Behavior
    Market Price$4.50 
    Market Cap ($ Bil)0.2 
    First Trading Date12/29/2006 
    Distance from 52W High-50.1% 
       50 Days200 Days
    DMA Price$6.59$6.60
    DMA Trenddowndown
    Distance from DMA-31.8%-31.8%
     3M1YR
    Volatility58.9%70.3%
    Downside Capture-50.2111.94
    Upside Capture-174.12-81.18
    Correlation (SPY)-19.0% 
    OSG Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta0.680.05-0.48-0.34-0.620.30
    Up Beta0.60-0.68-0.16-0.79-0.58-0.21
    Down Beta0.520.42-0.440.58-1.090.26
    Up Capture-97%-110%-90%-39%-31%-3%
    Bmk +ve Days10213268138427
    Stock +ve Days81627517474
    Down Capture376%206%-6%-24%28%16%
    Bmk -ve Days11213259113324
    Stock -ve Days13263772113113

    [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 OSG
    OSG-48.4%70.3%-0.89-
    Sector ETF (XLF)4.5%14.6%0.0813.8%
    Equity (SPY)16.9%12.9%0.94-5.8%
    Gold (GLD)19.1%29.3%0.60-4.7%
    Commodities (DBC)46.9%20.6%1.76-7.1%
    Real Estate (VNQ)4.9%13.6%0.108.3%
    Bitcoin (BTCUSD)-34.5%43.9%-0.84-1.1%

    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 OSG
    OSG-12.3%70.3%-0.89-
    Sector ETF (XLF)10.1%18.4%0.4113.8%
    Equity (SPY)12.9%17.2%0.57-5.8%
    Gold (GLD)19.1%18.8%0.83-4.7%
    Commodities (DBC)11.3%19.5%0.45-7.1%
    Real Estate (VNQ)1.1%18.8%-0.058.3%
    Bitcoin (BTCUSD)11.2%52.5%0.39-1.1%

    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 OSG
    OSG-6.4%70.3%-0.89-
    Sector ETF (XLF)12.9%22.1%0.5313.8%
    Equity (SPY)15.1%18.0%0.72-5.8%
    Gold (GLD)12.1%16.4%0.61-4.7%
    Commodities (DBC)8.3%18.1%0.37-7.1%
    Real Estate (VNQ)4.4%20.7%0.188.3%
    Bitcoin (BTCUSD)61.7%66.1%1.02-1.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date8312026
    Short Interest: Shares Quantity1.7 Mil
    Short Interest: % Change Since 815202610.4%
    Average Daily Volume0.5 Mil
    Days-to-Cover Short Interest3.7 days
    Basic Shares Quantity45.4 Mil
    Short % of Basic Shares3.8%

    Earnings Returns History

    Updated 9/9/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/6/2026-12.9%-16.8%-12.2%
    5/6/202643.4%32.9%29.4%
    2/23/2026-9.8%-1.4%-14.2%
    SUMMARY STATS   
    # Positive111
    # Negative222
    Median Positive43.4%32.9%29.4%
    Median Negative-11.3%-9.1%-13.2%
    Max Positive43.4%32.9%29.4%
    Max Negative-12.9%-16.8%-14.2%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/6/2026-12.9%-16.8%-12.2%
    5/6/202643.4%32.9%29.4%
    2/23/2026-9.8%-1.4%-14.2%
    SUMMARY STATS   
    # Positive111
    # Negative222
    Median Positive43.4%32.9%29.4%
    Median Negative-11.3%-9.1%-13.2%
    Max Positive43.4%32.9%29.4%
    Max Negative-12.9%-16.8%-14.2%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/06/202610-Q
    12/31/202503/04/202610-K
    09/30/202511/10/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/12/202510-Q
    12/31/202403/06/202510-K
    09/30/202411/12/202410-Q
    06/30/202408/05/202410-Q
    03/31/202405/06/202410-Q
    12/31/202302/27/202410-K
    09/30/202311/07/202310-Q
    06/30/202308/07/202310-Q
    03/31/202305/09/202310-Q
    12/31/202203/01/202310-K
    09/30/202211/08/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/06/202610-Q
    12/31/202503/04/202610-K
    09/30/202511/10/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/12/202510-Q
    12/31/202403/06/202510-K
    09/30/202411/12/202410-Q
    06/30/202408/05/202410-Q
    03/31/202405/06/202410-Q
    12/31/202302/27/202410-K
    09/30/202311/07/202310-Q
    06/30/202308/07/202310-Q
    03/31/202305/09/202310-Q
    12/31/202203/01/202310-K
    09/30/202211/08/202210-Q
    06/30/202208/08/202210-Q
    03/31/202205/10/202210-Q
    12/31/202102/24/202210-K
    09/30/202111/08/202110-Q
    06/30/202108/05/202110-Q
    03/31/202105/10/202110-Q
    12/31/202003/01/202110-K
    09/30/202011/09/202010-Q
    06/30/202008/06/202010-Q
    03/31/202005/11/202010-Q
    12/31/201903/02/202010-K
    09/30/201911/07/201910-Q

    Insider Activity

    Updated 7/13/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Leblanc, ClaudeChief Executive OfficerDirectBuy10520267.5912,00091,0807,846,367Form
    2Smith, R SharonExec VP & Group COODirectBuy1114202510.25202051,752,258Form
    3Leblanc, ClaudeChief Executive OfficerDirectBuy100120258.5425,000213,5008,725,976Form
    4Leblanc, ClaudeChief Executive OfficerDirectBuy81120257.0325,000175,7504,241,136Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Leblanc, ClaudeChief Executive OfficerDirectBuy10520267.5912,00091,0807,846,367Form
    2Smith, R SharonExec VP & Group COODirectBuy1114202510.25202051,752,258Form
    3Leblanc, ClaudeChief Executive OfficerDirectBuy100120258.5425,000213,5008,725,976Form
    4Leblanc, ClaudeChief Executive OfficerDirectBuy81120257.0325,000175,7504,241,136Form

    Investor Activity (13F)

    Updated Sep 19, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active 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.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Wolf Hill Capital Management, LP$6.8 Mil1.0%20TRIM -22.2%13F
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Wolf Hill Capital Management, LP$6.8 Mil1.0%20TRIM -22.2%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Wolf Hill Capital Management, LP$6.8 Mil1.0%20TRIM -22.2%13F

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