United Fire Group

UFCS · Nasdaq · Financials · Financials, fiscal 2016 to 2025

UFCS · Last close · November 6, 2026

$47.73

United Fire Group's revenue rose 10.6% to $1.4 billion in fiscal 2025. Its net margin was 8.5%, up from 4.9% a year earlier. It paid out $16 million in dividends and buybacks. The diluted share count rose 1.7%.

UNITED FIRE GROUP, INC Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0000101199-26-000015 Updated November 5, 2026

Revenue

$1.4B

10.6%

Net margin

8.5%

3.6 pts

Net income

$118M

90.8%

Free cash flow

—

Return on equity

13.7%

5.5 pts

Market cap

$1.3B

Nov 6 close

P/E

9.1x

On $5.23 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 9.8% a year and net income 10.1% a year, as new shares raised the share count by 2% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	132	97	102	201	156
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	31.4x	4.8x	−11.2x	11.6x	14.1x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for United Fire Group's filings doesn't give both for any year, so free cash flow is left out.

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project United Fire Group's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open United Fire Group's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 1 insider bought $203,535 of United Fire Group shares on the open market, and 2 insiders sold $1.0 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 3, 2026	Scott L CarltonDirector	Sold	9,777	$55.52	$542,819	Form 4
Jun 5, 2026	George D MilliganDirector	Bought	4,500	$45.23	$203,535	Form 4
Mar 4, 2026	Christopher R DrahozalDirector	Sold	4,250	$38.49	$163,582	Form 4
Mar 3, 2026	Christopher R DrahozalDirector	Sold	4,250	$37.94	$161,245	Form 4
Mar 2, 2026	Christopher R DrahozalDirector	Sold	4,250	$38.84	$165,070	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	—	—	—
Altman Z''	—	—	—
Accruals ratio	−6.7%	−8.4%	−4.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	—	—	—
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Fail
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put United Fire Group side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
United Fire Group	FY25	10.6%	—	—	—	—	—
Safety Insurance Group	FY25	12.8%	—	15.2%	—	—	—	Compare
Radian Group	FY25	−0.8%	—	9.7%	—	—	—	Compare
Assured Guaranty	FY25	27.3%	—	—	10.2%	—	—	Compare
Kinsale Capital Group	FY25	18.0%	—	52.8%	28.7%	0.1x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	996	1,053	1,070	1,201	1,069	1,066	980	1,096	1,253	1,386
Revenue growth	10.8%	5.7%	1.7%	12.2%	−11.0%	−0.2%	−8.1%	11.8%	14.4%	10.6%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	50	51	28	15	−113	81	15	−30	62	118
Diluted EPS (US$)	1.93	1.99	1.08	0.58	−4.50	3.16	0.59	−1.18	2.39	4.48
Diluted shares (millions)	26	26	26	26	25	26	25	25	26	26
Cash flow
Cash from operations	214	170	110	94	41	30	−1	172	340	270
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Free cash flow	—	—	—	—	—	—	—	—	—	—
Dividends paid	25	27	105	33	28	15	16	16	16	16
Share buybacks	4	30	5	12	3	2	0	0	0	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	4	5	5	6	5	3	3	3	6	9
Balance sheet at fiscal year end
Cash and short-term investments	89	96	65	121	88	132	97	102	201	156
Debt incl. finance leases	—	—	—	—	—	—	—	—	—	—
Total assets	4,055	4,183	2,817	3,014	3,070	3,013	2,882	3,144	3,488	3,841
Total liabilities	3,113	3,210	1,928	2,103	2,244	2,134	2,142	2,410	2,707	2,900
Shareholders' equity	942	973	888	910	825	879	740	734	782	941
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	5.0%	4.8%	2.6%	1.2%	−10.6%	7.6%	1.5%	−2.7%	4.9%	8.5%
Free cash flow margin	—	—	—	—	—	—	—	—	—	—
Rule of 40 (growth + FCF margin)	—	—	—	—	—	—	—	—	—	—
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	5.5%	5.3%	3.0%	1.6%	−13.0%	9.5%	1.9%	−4.0%	8.2%	13.7%
Return on assets	1.3%	1.2%	0.8%	0.5%	−3.7%	2.6%	0.5%	−1.0%	1.9%	3.2%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: United Fire Group's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with United Fire Group.