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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: 64GRADE 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
9.0%
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, GREENLIGHT CAPITAL RE, LTD. (GLRE) receives a "Buy" rating with a composite score of 57.8/100, ranked #62 out of 4446 stocks. Key factor scores: Quality 64/100, Value 76/100, Momentum 54/100. This is quantitative analysis only — not investment advice.
GREENLIGHT CAPITAL RE, LTD. (GLRE) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does GREENLIGHT CAPITAL RE, LTD. Do?
Greenlight Capital Re, Ltd., through its subsidiaries, operates as a property and casualty reinsurance company worldwide. The company offers various property reinsurance products and services, including automobile physical damage, personal lines, and commercial lines. It also provides casualty reinsurance products and services comprising general liability, motor liability, professional liability, and worker's compensation; and accident and health, transactional liability, mortgage insurance, surety, trade credit, marine, energy, aviation, crop, cyber, political, and terrorism products. The company markets its products through reinsurance brokers. Greenlight Capital Re, Ltd. was incorporated in 2004 and is headquartered in Grand Cayman, the Cayman Islands. GREENLIGHT CAPITAL RE, LTD. (GLRE) is classified as a small-cap stock in the Financials sector, specifically within the Insurance industry. The company is led by CEO Simon Burton and employs approximately 30 people. With a market capitalization of $594M, GLRE is one of the notable companies in the Financials sector.
GREENLIGHT CAPITAL RE, LTD. (GLRE) Stock Rating — Buy (April 2026)
As of April 2026, GREENLIGHT CAPITAL RE, LTD. receives a Buy rating with a composite score of 57.8/100 and 4 out of 5 stars from the Blank Capital Research quantitative model.GLRE ranks #62 out of 4,446 stocks in our coverage universe. Within the Financials sector, GREENLIGHT CAPITAL RE, LTD. ranks #34 of 891 stocks, placing it in the top 10% 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%).
GLRE Stock Price and 52-Week Range
GREENLIGHT CAPITAL RE, LTD. (GLRE) currently trades at $18.47. The stock lost $0.31 (1.7%) in the most recent trading session. The 52-week high for GLRE is $17.02, which means the stock is currently trading 8.5% from its annual peak. The 52-week low is $11.56, putting the stock 59.7% above its annual trough. Recent trading volume was 183K shares, suggesting relatively thin trading activity.
Is GLRE Overvalued or Undervalued? — Valuation Analysis
GREENLIGHT CAPITAL RE, LTD. (GLRE) carries a value factor score of 76/100 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 9.81x, compared to the Financials sector average of 14.88x — a discount of 34%. The price-to-book ratio stands at 0.88x, versus the sector average of 1.22x. The price-to-sales ratio is 0.88x, compared to 0.90x for the average Financials stock. On an enterprise value basis, GLRE trades at 9.89x EV/EBITDA, versus 3.26x for the sector.
Based on these multiples, GREENLIGHT CAPITAL RE, LTD. 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.
GREENLIGHT CAPITAL RE, LTD. Profitability — ROE, Margins, and Quality Score
GREENLIGHT CAPITAL RE, LTD. (GLRE) earns a quality factor score of 64/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 9.0%, compared to the Financials sector average of 8.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 2.9% versus the sector average of 1.2%.
On a margin basis, GREENLIGHT CAPITAL RE, LTD. reports gross margins of 0.0%. The operating margin is 7.8% (sector: 21.8%). Net profit margin stands at 7.8%, versus 17.7% for the average Financials stock. Revenue growth is running at -16.5% on a trailing basis, compared to 9.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
GLRE Debt, Balance Sheet, and Financial Health
GREENLIGHT CAPITAL RE, LTD. has a debt-to-equity ratio of 1.0%, 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 1.48x, suggesting adequate working capital coverage. Total debt on the balance sheet is $5M. Cash and equivalents stand at $69M.
GLRE has a beta of 0.42, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for GREENLIGHT CAPITAL RE, LTD. is 83/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
GREENLIGHT CAPITAL RE, LTD. Revenue and Earnings History — Quarterly Trend
In TTM 2026, GREENLIGHT CAPITAL RE, LTD. reported revenue of $707M and earnings per share (EPS) of $2.21. Net income for the quarter was $64M. Gross margin was 0.0%. Operating income came in at $64M.
In FY 2025, GREENLIGHT CAPITAL RE, LTD. reported revenue of $730M and earnings per share (EPS) of $2.21. Net income for the quarter was $78M. Revenue grew 4.8% year-over-year compared to FY 2024. Operating income came in at $78M.
In Q3 2025, GREENLIGHT CAPITAL RE, LTD. reported revenue of $146M and earnings per share (EPS) of $-0.13. Net income for the quarter was $-4M. Revenue grew -22.3% year-over-year compared to Q3 2024. Operating income came in at $-4M.
In Q2 2025, GREENLIGHT CAPITAL RE, LTD. reported revenue of $160M and earnings per share (EPS) of $0.01. Net income for the quarter was $675,000. Revenue grew -8.4% year-over-year compared to Q2 2024. Operating income came in at $675,000.
Over the past 8 quarters, GREENLIGHT CAPITAL RE, LTD. has demonstrated a growth trajectory, with revenue expanding from $175M to $707M. Investors analyzing GLRE stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
GLRE Dividend Yield and Income Analysis
GREENLIGHT CAPITAL RE, LTD. (GLRE) 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.
GLRE Momentum and Technical Analysis Profile
GREENLIGHT CAPITAL RE, LTD. (GLRE) has a momentum factor score of 54/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 37/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 17/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
GLRE vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing GLRE against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full GLRE vs S&P 500 (SPY) comparison to assess how GREENLIGHT CAPITAL RE, LTD. stacks up against the broader market across all factor dimensions.
GLRE Next Earnings Date
No upcoming earnings date has been announced for GREENLIGHT CAPITAL RE, LTD. (GLRE) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy GLRE? — Investment Thesis Summary
The bull case for GREENLIGHT CAPITAL RE, LTD. rests on several quantitative strengths. The quality score of 64/100 indicates above-average profitability and business fundamentals. The value score of 76/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 83/100) reduces downside risk.
In summary, GREENLIGHT CAPITAL RE, LTD. (GLRE) earns a Buy rating with a composite score of 57.8/100 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 GLRE stock.
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Institutional Research Dossier
GREENLIGHT CAPITAL RE, LTD. (GLRE) Deep Dive Analysis
Published on March 24, 2026
Action RatingBuy
Sections
Executive Summary
We initiate coverage on Greenlight Capital Re, Ltd. (GLRE) with a Buy rating. This rating is primarily driven by the company's compelling valuation, as evidenced by its significantly lower P/E and EV/EBITDA multiples compared to the sector average, coupled with a relatively stable balance sheet. While revenue growth has been a concern, the potential for improved underwriting performance and strategic capital allocation by Greenlight Capital, the investment manager, offers upside potential.
The most critical takeaway is that GLRE presents a value opportunity in the reinsurance sector. Its current valuation does not fully reflect the potential for improved profitability and the benefits of its relationship with Greenlight Capital. However, investors should be aware of the inherent volatility in the reinsurance business and the potential for underwriting losses to negatively impact earnings.
Business Strategy & Overview
Greenlight Capital Re, Ltd. operates as a property and casualty reinsurance company, offering a range of reinsurance products and services globally. These include property reinsurance (automobile physical damage, personal and commercial lines) and casualty reinsurance (general, motor, professional liability, worker's compensation). Additionally, they offer specialty lines such as accident and health, transactional liability, and cyber risk coverage. The company's revenue is generated from premiums earned on these reinsurance contracts, less claims and expenses.
The company's strategic positioning is somewhat unique due to its relationship with Greenlight Capital, a well-known hedge fund. Greenlight Capital manages a significant portion of GLRE's investment portfolio, aiming to generate investment returns that supplement underwriting profits. This strategy differentiates GLRE from traditional reinsurers, which typically focus solely on underwriting expertise. The success of this strategy hinges on Greenlight Capital's investment acumen and its ability to generate consistent returns.
GLRE markets its products through reinsurance brokers, a common practice in the reinsurance industry. This distribution model allows the company to access a broad range of clients and risks without the need for a large direct sales force. However, it also means that GLRE is reliant on these brokers to source business and may face competition from other reinsurers vying for the same deals.
The reinsurance industry is highly competitive, with numerous players ranging from large global reinsurers to smaller, more specialized companies. GLRE competes on the basis of price, coverage terms, and financial strength. The company's ability to attract and retain business depends on its ability to offer competitive terms while maintaining adequate underwriting discipline. The industry is also subject to cyclical trends, with periods of high premium rates followed by periods of intense competition and lower rates.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
-16.5%
Sector: 9.4%
-276% VS SCTR
Economic Moat Analysis
Greenlight Capital Re's economic moat is arguably Narrow. The reinsurance industry is characterized by intense competition and commoditized offerings, making it difficult for any single player to establish a wide and sustainable competitive advantage. While GLRE benefits from its relationship with Greenlight Capital, this relationship does not necessarily translate into a durable competitive advantage.
One potential source of a narrow moat is GLRE's underwriting expertise. If the company consistently demonstrates superior underwriting performance, it could attract more business and generate higher profits than its peers. However, underwriting performance is inherently volatile and can be affected by unforeseen events, such as natural disasters. Therefore, it is difficult to rely solely on underwriting expertise as a source of a durable competitive advantage.
Another potential source of a narrow moat is the company's access to capital. As a publicly traded company, GLRE has access to capital markets, which can provide it with the financial flexibility to pursue growth opportunities or weather periods of underwriting losses. However, many other reinsurers also have access to capital markets, so this is not a unique advantage.
The relationship with Greenlight Capital could provide a narrow moat through superior investment returns. If Greenlight Capital consistently generates higher investment returns than GLRE's peers, it could allow the company to offer more competitive pricing on its reinsurance contracts or generate higher overall profits. However, investment performance is also inherently volatile and subject to market fluctuations. Furthermore, the investment strategy of Greenlight Capital may not always be aligned with the best interests of GLRE's shareholders.
Ultimately, while GLRE possesses some potential sources of competitive advantage, these advantages are not strong enough to warrant a Wide moat rating. The company operates in a highly competitive industry and faces significant challenges in differentiating itself from its peers. The narrow moat is predicated on the continued success of Greenlight Capital's investment strategy and GLRE's ability to maintain underwriting discipline.
Financial Health & Profitability
Greenlight Capital Re's financial health presents a mixed picture. The company's revenue has been volatile, with a significant decline of -16.5% in the most recent TTM period compared to a sector average growth of 9.3%. This revenue decline is a concern and warrants further investigation into the underlying drivers, such as changes in underwriting strategy or competitive pressures. However, the company's net income has been positive in recent years, indicating that it is able to generate profits despite the revenue volatility.
The company's profitability metrics, such as ROE (9.0%) and net margin (7.8%), are mixed compared to the sector averages (8.5% and 17.8%, respectively). While ROE is slightly above the sector average, the net margin is significantly lower, suggesting that GLRE may be less efficient in managing its expenses or that its underwriting margins are lower than its peers. The operating margin of 7.8% is also significantly lower than the sector average of 22.0%, further highlighting potential inefficiencies.
GLRE's balance sheet appears to be relatively strong, with a current ratio of 1.48 and a low debt-to-equity ratio of 1.00 compared to the sector average of 115.00. This indicates that the company has ample liquidity to meet its short-term obligations and that it is not overly leveraged. The low debt level provides the company with financial flexibility to pursue growth opportunities or weather periods of underwriting losses.
Analyzing the quarterly financial history reveals further insights. The company's revenue and net income have fluctuated significantly from quarter to quarter. For example, in Q3 FY2025, the company reported a net loss of $3.88 million, while in Q1 FY2025, it reported a net income of $30.91 million. This volatility highlights the inherent risks in the reinsurance business and the potential for large swings in earnings. The operating margin has also been highly variable, ranging from -2.7% in Q3 FY2025 to 26.3% in Q2 FY2023.
The absence of Free Cash Flow data in the quarterly history makes it difficult to assess the company's cash flow generation capabilities. However, the TTM Free Cash Flow of $29.65 million suggests that the company is able to generate positive cash flow, although this figure should be viewed in the context of the company's overall financial performance and capital needs.
Valuation Assessment
Greenlight Capital Re's valuation appears compelling based on several key metrics. The company's P/E ratio of 7.2x is significantly lower than the sector average of 15.5x, suggesting that the stock is undervalued relative to its earnings. Similarly, the company's EV/EBITDA ratio of 1.8x is also substantially lower than the sector average of 3.5x, further supporting the undervaluation thesis.
These low multiples could be attributed to several factors, including the company's volatile revenue growth, lower operating and net margins compared to the sector, and the inherent risks associated with the reinsurance business. Investors may be discounting the stock due to concerns about the company's ability to generate consistent profits and the potential for underwriting losses.
However, the low valuation also presents an opportunity for investors who believe that the company can improve its underwriting performance and generate higher profits in the future. If GLRE can successfully execute its business strategy and capitalize on its relationship with Greenlight Capital, the stock could potentially re-rate to a higher valuation multiple.
The TTM Free Cash Flow of $29.65 million provides some support for the company's valuation. However, without historical FCF data, it is difficult to assess the sustainability of this cash flow generation. A higher and more consistent FCF yield would provide further support for the undervaluation thesis.
Overall, GLRE appears to be undervalued relative to its sector peers based on P/E and EV/EBITDA multiples. However, investors should carefully consider the risks associated with the company's volatile revenue growth and lower profitability margins before investing. The Buy rating is predicated on the belief that the company can improve its financial performance and that the market will eventually recognize its intrinsic value.
Risk & Uncertainty
Greenlight Capital Re faces several specific risks that could negatively impact its business and financial performance. One of the most significant risks is underwriting risk. The reinsurance business is inherently risky, as the company is exposed to the potential for large losses from catastrophic events, such as hurricanes, earthquakes, and other natural disasters. A major catastrophe could result in significant claims payments, which could negatively impact the company's earnings and capital.
Another key risk is investment risk. GLRE relies on Greenlight Capital to manage a significant portion of its investment portfolio. The performance of this portfolio is critical to the company's overall profitability. If Greenlight Capital's investment strategy underperforms, it could negatively impact the company's earnings and financial condition. Furthermore, there is a risk that the investment strategy of Greenlight Capital may not always be aligned with the best interests of GLRE's shareholders.
Competition within the reinsurance industry is intense. GLRE competes with numerous other reinsurers, many of which are larger and have more established relationships with brokers and clients. This competition could put pressure on the company's pricing and underwriting margins, making it difficult to attract and retain business.
Regulatory risk is also a concern. The reinsurance industry is subject to extensive regulation, and changes in regulations could negatively impact the company's business. For example, changes in capital requirements or accounting standards could increase the company's costs or reduce its profitability.
Finally, concentration risk is a potential concern. If GLRE is heavily reliant on a small number of brokers or clients, it could be vulnerable to the loss of those relationships. The loss of a major broker or client could significantly impact the company's revenue and profitability.
Bulls Say / Bears Say
The Bull Case
BULL VIEWGreenlight Capital Re is significantly undervalued compared to its peers, offering substantial upside potential as its valuation multiples converge with the sector average.
BULL VIEWThe company's relationship with Greenlight Capital provides a unique advantage through potentially superior investment returns, supplementing underwriting profits and driving overall profitability.
BULL VIEWGLRE's strong balance sheet and low debt levels provide financial flexibility to pursue growth opportunities and weather potential underwriting losses, positioning it for long-term success.
The Bear Case
BEAR VIEWGreenlight Capital Re's volatile revenue growth and lower profitability margins compared to the sector raise concerns about its ability to generate consistent profits.
BEAR VIEWThe company's reliance on Greenlight Capital for investment management exposes it to significant investment risk, potentially offsetting any underwriting gains.
BEAR VIEWThe reinsurance industry is highly competitive, and GLRE's smaller size and lack of a wide moat make it vulnerable to pricing pressures and market share losses.
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 GLRE and 4,400+ other equities.
GREENLIGHT CAPITAL RE, LTD. exhibits a 35% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
2.9%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
0.0%
Sector: 0.0%
Operating Margin
Core business profitability
7.8%
Sector: 21.8%
Net Margin
Bottom-line profitability
7.8%
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.
