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AII Stock Analysis: Top Small-Cap Hold (Score 57.1/100) | Blank Capital Research | Blank Capital Research
AII
American Integrity Insurance Group, Inc.
$18.24
-0.60 (-3.18%)
Score57.1
Data as of Apr 6, 2026
AII
American Integrity Insurance Group, Inc.
FinancialsInsurance
$18.24
-0.60 (-3.18%)
Open $18.85High $18.89Low $18.23Prev $18.84Vol ---52W: $15.78 – $26.36
Catalyst IntelligenceBearish Factor
Downward pressure identified in AII. The 3.2% decline correlates with broader sector weakness.
Hold
Composite score
01234567890123456789.0123456789
Global rank
#434
Percentile
Top 10%
Business quality
76th
percentile
Exceptional capital efficiency and structural profitability. This enterprise generates superior returns on invested capital compared to industry peers.
Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 75.6GRADE B+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
118.2%
Sector: 8.5%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, American Integrity Insurance Group, Inc. (AII) receives a "Hold" rating with a composite score of 57.1/100, ranked #434 out of 4446 stocks. Key factor scores: Quality 76/100, Value 80/100, Momentum 31/100. This is quantitative analysis only — not investment advice.
American Integrity Insurance Group, Inc. (AII) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does American Integrity Insurance Group, Inc. Do?
We are a profitable and growing insurance group headquartered in Tampa, Florida. Through our insurance carrier subsidiary, American Integrity Insurance Company of Florida, Inc. (“AIICFL”), we provide personal residential property insurance for single-family homeowners and condominium owners as well as coverage for vacant dwellings and investment properties, predominantly in Florida. 98.6% of our direct premiums written (“DPW”) for the year ended December 31, 2024 and 97.6% of our policies in-force as of December 31, 2024 were in Florida. We are the seventh largest writer of residential property insurance in Florida based on DPW for policies in-force as of December 31, 2024 according to data compiled by the Florida Office of Insurance Regulation (“FLOIR”), making us a leading specialty residential property insurer in the state. We have been a stable, disciplined provider of residential insurance coverage in Florida for more than 19 years. Our management team founded our company in 2006 to capitalize on dislocation in the Florida residential property insurance market following the 2004 and 2005 hurricane seasons, in which a number of severe hurricanes resulted in record insured property losses and caused a number of national insurance companies to retreat from writing residential property insurance in the state. --- Florida has a large and growing population with a growing residential property insurance market. According to the U.S. Census Bureau, Florida was the third most populous state in the United States with 23.4 million residents as of July 1, 2024, and recorded the second fastest population growth rate and second greatest nominal increase in population of all states in the U.S. from 2023 to 2024. Population growth supports growth in the property insurance market, which creates opportunity for insurance carriers with the specialized expertise to profitably underwrite property insurance in the Florida market. Florida is a complex property insurance market with a distinct regulatory environment and risk profile due to its geographic location, population centers concentrated along the coast, and elevated threat of property damage from catastrophic weather events including hurricanes, requiring a tailored approach to providing insurance coverage. We believe that consistently delivering underwriting profits in this market requires a high level of focus and specialization, including localized knowledge, market-specific expertise, granular and analytical underwriting and claims management, extensive historical data, effective use of technology, and a deep understanding of Florida’s regulatory environment – all of which we believe we have developed over our 19-year history writing residential property insurance in Florida. We believe this expertise is transferable and repeatable in other Southeastern coastal states. Through active monitoring of local market conditions and prudent risk selection and capital allocation, we seek to be a stable and reliable insurance market for our policyholders and distribution partners, and to consistently deliver best-in-class profitability and value creation for our stockholders. --- Our history of profitability and prudent exposure management is matched by our commitment to innovation. We have built a technology-forward platform that we believe augments the expertise of our underwriting and claims teams, enhances our access to risk and claims data, accelerates and improves our underwriting and claims decision making, and improves our distribution partner and policyholder interface. Our use of advanced technology solutions covers the insurance process end-to-end, from risk selection and underwriting to streamlined quoting, policy management and claims handling. Our technology and data capture are critical to our ability to monitor our underwriting results at a granular level, timely modify our underwriting criteria and pricing to respond to changing market conditions, and effectively navigate Florida’s historically volatile property insurance market cycles. We believe the current Florida residential property insurance market presents substantial attractive opportunities for carriers with specialized underwriting and claims expertise, established distribution relationships, advanced technology, and entrepreneurial leadership. Despite historical market-related disruptions and challenges caused by increasing hurricane catastrophe activity and other severe weather events, a general tort environment related to property insurance that led to increased litigation, and reduced insurance capacity as a result of multiple large national insurance carrier exits, we believe the legislative reforms in Florida enacted in late 2022, in addition to Assignment of Benefits (“AOB”) reform, which began in 2019, are proving effective at combating historically rampant property insurance legal system abuse and claims fraud, paving the way for a more stable and resilient property insurance market and greater opportunities for us to profitably underwrite residential property insurance in Florida. Our principal executive offices are located in Tampa, FL. American Integrity Insurance Group, Inc. (AII) is classified as a small-cap stock in the Financials sector, specifically within the Insurance industry. The company is led by CEO Robert Ritchie and employs approximately 294 people, headquartered in TAMPA, Florida. With a market capitalization of $370M, AII is one of the notable companies in the Financials sector.
American Integrity Insurance Group, Inc. (AII) Stock Rating — Hold (April 2026)
As of April 2026, American Integrity Insurance Group, Inc. receives a Hold rating with a composite score of 57.1/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.AII ranks #434 out of 4,446 stocks in our coverage universe. Within the Financials sector, American Integrity Insurance Group, Inc. ranks #142 of 891 stocks, placing it in the top quartile of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
AII Stock Price and 52-Week Range
American Integrity Insurance Group, Inc. (AII) currently trades at $18.24. The stock lost $0.60 (3.2%) in the most recent trading session. The 52-week high for AII is $26.36, which means the stock is currently trading -30.8% from its annual peak. The 52-week low is $15.78, putting the stock 15.6% above its annual trough. Recent trading volume was 65K shares, suggesting relatively thin trading activity.
Is AII Overvalued or Undervalued? — Valuation Analysis
American Integrity Insurance Group, Inc. (AII) carries a value factor score of 80/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 3.33x, compared to the Financials sector average of 14.88x — a discount of 78%. The price-to-book ratio stands at 1.08x, versus the sector average of 1.22x. The price-to-sales ratio is 0.33x, compared to 0.90x for the average Financials stock. On an enterprise value basis, AII trades at 0.79x EV/EBITDA, versus 3.26x for the sector.
Based on these multiples, American Integrity Insurance Group, Inc. appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
American Integrity Insurance Group, Inc. Profitability — ROE, Margins, and Quality Score
American Integrity Insurance Group, Inc. (AII) earns a quality factor score of 76/100, reflecting elite profitability and capital efficiency that places it among the highest-quality businesses in the market. The return on equity (ROE) is 118.2%, compared to the Financials sector average of 8.5%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 32.5% versus the sector average of 1.2%.
On a margin basis, American Integrity Insurance Group, Inc. reports gross margins of 89.9%. The operating margin is 41.6% (sector: 21.8%). Net profit margin stands at 36.0%, versus 17.7% for the average Financials stock. Revenue growth is running at 33.3% on a trailing basis, compared to 9.4% for the sector. These metrics collectively paint a picture of a highly profitable business with durable competitive advantages.
AII Debt, Balance Sheet, and Financial Health
American Integrity Insurance Group, Inc. has a debt-to-equity ratio of 0.0%, compared to the Financials sector average of 121.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 1.38x, suggesting adequate working capital coverage. Total debt on the balance sheet is $618,000. Cash and equivalents stand at $145M.
AII has a beta of -1.14, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for American Integrity Insurance Group, Inc. is 74/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
American Integrity Insurance Group, Inc. Revenue and Earnings History — Quarterly Trend
In TTM 2026, American Integrity Insurance Group, Inc. reported revenue of $276M and earnings per share (EPS) of $5.65. Net income for the quarter was $100M. Operating income came in at $115M.
In FY 2025, American Integrity Insurance Group, Inc. reported revenue of $276M and earnings per share (EPS) of $5.65. Net income for the quarter was $100M. Operating income came in at $115M.
In Q3 2025, American Integrity Insurance Group, Inc. reported revenue of $62M and earnings per share (EPS) of $0.67. Net income for the quarter was $13M. Operating income came in at $19M.
In Q2 2025, American Integrity Insurance Group, Inc. reported revenue of $74M and earnings per share (EPS) of $1.62. Net income for the quarter was $27M. Gross margin was 91.6%. Operating income came in at $24M.
Over the past 5 quarters, American Integrity Insurance Group, Inc. has demonstrated a growth trajectory, with revenue expanding from $72M to $276M. Investors analyzing AII stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
AII Dividend Yield and Income Analysis
American Integrity Insurance Group, Inc. (AII) does not currently pay a dividend. This is common among smaller companies in the Insurance industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Financials dividend stocks may want to explore other Financials stocks or use the stock screener to filter by dividend yield.
AII Momentum and Technical Analysis Profile
American Integrity Insurance Group, Inc. (AII) has a momentum factor score of 31/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 48/100 reflects moderate short selling activity.
AII vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing AII against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full AII vs S&P 500 (SPY) comparison to assess how American Integrity Insurance Group, Inc. stacks up against the broader market across all factor dimensions.
AII Next Earnings Date
No upcoming earnings date has been announced for American Integrity Insurance Group, Inc. (AII) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy AII? — Investment Thesis Summary
American Integrity Insurance Group, Inc. presents a balanced picture with arguments on both sides. The quality score of 76/100 indicates above-average profitability and business fundamentals. The value score of 80/100 suggests attractive pricing relative to fundamentals. Momentum is weak at 31/100, a headwind for near-term performance. Low volatility (stability score 74/100) reduces downside risk.
In summary, American Integrity Insurance Group, Inc. (AII) earns a Hold rating with a composite score of 57.1/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on AII stock.
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Institutional Research Dossier
American Integrity Insurance Group, Inc. (AII) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
American Integrity Insurance Group (AII) receives a Hold rating. This rating is predicated on the company's strong profitability and attractive valuation multiples, offset by its geographic concentration in the volatile Florida property insurance market and relatively weak momentum and investment scores. While AII demonstrates impressive financial metrics and benefits from recent legislative reforms in Florida, the inherent risks associated with operating in a catastrophe-prone region and the company's limited diversification warrant a cautious approach.
The key takeaway is that AII presents a compelling value proposition based on current financials, but its future performance is heavily reliant on the continued effectiveness of Florida's insurance reforms and the absence of major catastrophic events. Investors should closely monitor the company's ability to maintain profitability and manage risk exposure in the face of potential market disruptions.
Business Strategy & Overview
American Integrity Insurance Group (AII) operates as a specialty residential property insurer, primarily focused on the Florida market. The company generates revenue by underwriting insurance policies for single-family homeowners, condominium owners, and owners of vacant dwellings and investment properties. AII's core strategy revolves around capitalizing on the unique dynamics of the Florida insurance market, which has experienced significant dislocation due to hurricane activity and subsequent withdrawals of national insurance carriers.
AII differentiates itself through a combination of localized knowledge, granular underwriting practices, and a technology-forward platform. The company's management team has been operating in the Florida market since 2006, giving them a deep understanding of the regulatory environment and risk profile. This expertise is crucial for navigating the complexities of underwriting property insurance in a state prone to catastrophic weather events.
The company's technology platform plays a critical role in enhancing underwriting and claims management processes. By leveraging advanced data analytics and streamlined workflows, AII aims to improve risk selection, accelerate decision-making, and enhance the overall customer experience. This technology-driven approach allows the company to monitor underwriting results at a granular level and adapt its strategies to changing market conditions.
AII's strategic positioning is further strengthened by its established distribution relationships and entrepreneurial leadership. The company actively monitors local market conditions and allocates capital prudently to maintain a stable and reliable insurance market for its policyholders and distribution partners. While currently focused on Florida, AII believes its expertise is transferable to other Southeastern coastal states, suggesting potential future expansion opportunities.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
33.3%
Sector: 9.4%
+255% VS SCTR
Economic Moat Analysis
American Integrity Insurance Group's economic moat is assessed as Narrow. While the company possesses certain advantages within the Florida residential property insurance market, these are not substantial enough to create a wide and enduring competitive edge. The primary source of AII's moat stems from its specialized knowledge and expertise in navigating the complexities of the Florida insurance market.
The Florida market presents unique challenges due to its high exposure to hurricanes and a historically litigious environment. AII's 19-year operating history in the state has allowed it to accumulate valuable data and develop sophisticated underwriting models tailored to the specific risks present in Florida. This localized knowledge is difficult for new entrants to replicate quickly, providing AII with a competitive advantage in risk selection and pricing.
However, the moat is not wide due to several factors. The insurance industry, in general, faces intense competition, and the Florida market is particularly susceptible to disruption from new entrants or existing players adapting their strategies. While AII's technology platform enhances its operations, it is not a proprietary technology that cannot be replicated by competitors. Furthermore, the company's reliance on independent agents for distribution means it does not have exclusive relationships that create strong switching costs for policyholders.
The recent legislative reforms in Florida, while beneficial to the overall market, also reduce the barriers to entry for other insurers. While AII has benefited from these reforms, they do not inherently widen its moat. The company's ability to maintain its competitive position will depend on its continued focus on underwriting discipline, risk management, and technological innovation.
Financial Health & Profitability
American Integrity Insurance Group exhibits strong financial health, characterized by robust profitability and a healthy balance sheet. The company's revenue has grown significantly, with a 33.3% increase compared to the sector average of 9.3%. This growth reflects AII's ability to capitalize on opportunities within the Florida residential property insurance market.
AII's profitability metrics are particularly impressive. The company's net margin of 36.0% significantly exceeds the sector average of 17.8%, indicating efficient operations and effective cost management. Similarly, the operating margin of 41.6% is substantially higher than the sector average of 22.0%. The company's ROE of 118.2% is exceptionally high, demonstrating its ability to generate substantial returns on equity.
The balance sheet is also in good shape, with a current ratio of 1.38 indicating sufficient liquidity to meet short-term obligations. The company's debt-to-equity ratio is negligible at 0.00, reflecting a conservative approach to leverage. The company has a substantial cash balance of $144.78 million, providing financial flexibility for future growth initiatives or potential acquisitions.
Analyzing the quarterly financial history reveals consistent profitability. While revenue fluctuated slightly across the quarters, net income remained strong. The Q1 2025 results show a particularly high operating margin of 59.7%, indicating strong underwriting performance during that period. The free cash flow figures for Q1 and Q2 2025 are substantial, further reinforcing the company's strong cash flow generation capabilities. However, the absence of full-year FCF data limits a complete assessment of cash flow trends.
Valuation Assessment
American Integrity Insurance Group's valuation appears attractive based on several key metrics. The company's P/E ratio of 3.3x is significantly lower than the sector average of 15.5x, suggesting that the stock is undervalued relative to its earnings. Similarly, the EV/EBITDA multiple of 0.8x is substantially below the sector average of 3.5x, further indicating undervaluation.
These low multiples could be attributed to several factors, including the perceived risk associated with operating in the Florida insurance market and the company's relatively small market capitalization. However, given AII's strong profitability and growth prospects, the current valuation appears to offer a compelling entry point for investors.
The absence of free cash flow data makes it difficult to assess the company's valuation based on FCF yield. However, the strong net income and EBITDA figures suggest that the company is generating substantial cash flow, which could translate into attractive FCF yields if the company maintains its current performance.
Compared to its historical valuation, it's difficult to assess if the stock is cheap or expensive without historical price and financial data. However, given the recent legislative reforms in Florida and the company's strong financial performance, it is plausible that the stock is currently undervalued and has the potential for significant upside.
Risk & Uncertainty
American Integrity Insurance Group faces several specific risks that could impact its future performance. The most significant risk is its geographic concentration in Florida. The company's reliance on a single state exposes it to significant losses from catastrophic weather events, particularly hurricanes. A major hurricane could result in substantial claims, potentially straining the company's financial resources and impacting its profitability.
Another risk is the regulatory environment in Florida. The state's insurance market is subject to frequent legislative changes, which could impact AII's operations and profitability. Changes in regulations related to claims handling, underwriting standards, or reinsurance requirements could increase the company's costs or limit its ability to write profitable business.
Competition within the Florida insurance market is also a concern. The market is becoming increasingly competitive as new entrants seek to capitalize on the recent legislative reforms. Increased competition could put pressure on pricing and underwriting standards, potentially impacting AII's profitability.
While the company's debt levels are low, its reliance on reinsurance to manage its exposure to catastrophic losses introduces another layer of risk. Changes in the reinsurance market, such as increased pricing or reduced availability of coverage, could impact AII's ability to effectively manage its risk exposure.
Bulls Say / Bears Say
The Bull Case
BULL VIEWAII's strong profitability and attractive valuation multiples make it a compelling investment opportunity, especially given the recent positive legislative reforms in Florida.
BULL VIEWThe company's localized expertise and technology-driven platform provide a competitive advantage in the Florida market, allowing it to effectively manage risk and generate superior returns.
The Bear Case
BEAR VIEWAII's geographic concentration in Florida exposes it to significant losses from catastrophic weather events, which could severely impact its financial performance.
BEAR VIEWIncreased competition and potential regulatory changes in Florida could put pressure on pricing and underwriting standards, eroding AII's profitability.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score AII and 4,400+ other equities.
American Integrity Insurance Group, Inc. exhibits a 57% valuation discount relative to institutional benchmarks. This represents a constructive entry window based on current multiples.
Return on Assets
Efficiency of asset utilization
32.5%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
89.9%
Sector: 0.0%
Operating Margin
Core business profitability
41.6%
Sector: 21.8%
Net Margin
Bottom-line profitability
36.0%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
