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SLDE Stock Analysis: Top Mid-Cap Buy (Score 55.6/100) | Blank Capital Research | Blank Capital Research
SLDE
Slide Insurance Holdings, Inc.
$18.79
+1.01 (+5.68%)
Score55.6
Data as of Apr 6, 2026
SLDE
Slide Insurance Holdings, Inc.
FinancialsInsurance
$18.79
+1.01 (+5.68%)
Open ---High ---Low ---Prev $17.78Vol ---52W: $12.53 – $25.90
Catalyst IntelligenceBullish Factor
Significant upside volume detected in SLDE. Positive sentiment following recent fundamental momentum.
Buy
Composite score
01234567890123456789.0123456789
Global rank
#106
Percentile
Top 2%
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: 76.4GRADE 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
81.4%
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, Slide Insurance Holdings, Inc. (SLDE) receives a "Buy" rating with a composite score of 55.6/100, ranked #106 out of 4446 stocks. Key factor scores: Quality 76/100, Value 60/100, Momentum 35/100. This is quantitative analysis only — not investment advice.
Slide Insurance Holdings, Inc. (SLDE) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Slide Insurance Holdings, Inc. Do?
Launched in 2021, we are a technology enabled, fast-growing, coastal specialty insurer. We focus on profitable underwriting of single family and condominium policies in the property and casualty (“P&C”) industry in coastal states along the Atlantic seaboard through our insurance subsidiary, Slide Insurance Company (“SIC”). We utilize our differentiated technology and data-driven approach to focus on market opportunities that are underserved by other insurance companies. We acquire policies both from inorganic block acquisitions and subsequent renewals, as well as new business sales through a combination of independent agents and our direct-to-consumer(“DTC”) channel, through which we sell our insurance products directly to end consumers, without the use of retailers, brokers, agents or other intermediaries. We do not depend on any one key product or product line within the coastal specialty homeowners insurance market. We control all aspects of our value chain, including technology, underwriting, actuarial, distribution, claims and risk management which allows us to maximize profitability while maintaining disciplined underwriting standards. Our goal is to deliver long-term value for stockholders by focusing on underserved, coastal specialty markets where market capacity is limited and demand for insurance products is high. Coastal specialty market demand for insurance products has increased over the last few years as the larger, national insurance carriers have reduced their underwriting capacity in such markets which has created a unique market opportunity for us to capitalize on the imbalance of supply and demand. A prime example of this market shift is Florida, where large national carriers have reduced their market share of premium from 62% in 1999 to 28% in 2022, creating an opportunity for accretive expansion. We have built a highly entrepreneurial company that we believe can identify and execute on such opportunities faster and more profitably than our competitors. We believe we have a significant technological advantage that allows us to assess, manage and price risk for individual and bulk policy acquisitions. Our technology is built to estimate future costs of policies and compare it back to our base rates to better understand profitability in real time on an individual risk basis and to assess large and/or bulk transactions. This technology permits us to only select policies that we believe to be profitable based on future reinsurance and all other perils (“AOP”) costs. Our underwriting technology has been an important component of our success and is backed by our proprietary $6 trillion total insured value (“TIV”) underwriting and claims dataset, which provides us with real-time intelligence to drive superior decision making. We believe that traditional markets inefficiently and inaccurately underwrite coastal specialty risks without properly understanding prospective loss ratios and reinsurance costs. We believe other insurance companies do not have the same ability to assess these metrics in real time and their technology limits their ability to consistently select profitable policies. We believe our underwriting technology allows us to more accurately assess the future cost of each policy, which enables us to focus on profitable growth opportunities often overlooked or mispriced by our competitors. We believe our proprietary technology combined with our highly experienced and entrepreneurial leadership team allow us to make better underwriting decisions that generate higher margins for our business. We market and write insurance policies through two channels: our independent agents and DTC. As we continue to scale our operations, we anticipate that our DTC distribution will grow as well through our focus on accretive market opportunities. We have significantly grown our business and scaled it profitably in our targeted coastal specialty markets by leveraging our seasoned management team, technology and strong balance sheet. We have grown our shareholders’ equity from $102 million at the end of 2021 to $433 million at the end of 2024, a compound annual growth rate (“CAGR”) of 62%. In this same time period, we have grown from $0 of in force premium to $1,334 million at the end of 2024, while running an average consolidated combined ratio of 80.3%. Our return on equity and combined ratio were 46.9% and 79.0% for 2023, and 60.0% and 72.3% for 2024, respectively. For the three months ended March 31, 2024 and March 31, 2025, we had gross premiums written of $245 million and $278 million, policy fees of $1 million and $2 million, consolidated combined ratio of 66.7% and 58.9% and net income of $55 million and $93 million, respectively. As of March 31, 2025, we had total assets of $1.9 billion, shareholders’ equity of approximately $532 million and tangible shareholders’ equity of approximately $524 million. For the three months ended March 31, 2025, we had a return on equity of 19.2% and a return on tangible equity of 19.5%. For the years ended December 31, 2023 and December 31, 2024, we had gross premiums written of $875 million and $1,334 million, policy fees of $3 million and $7 million, consolidated combined ratio of 79.0% and 72.3% and net income of $87 million and $201 million respectively. As of December 31, 2024, we had total assets of $1.9 billion, shareholders’ equity of approximately $433 million and tangible shareholders’ equity of approximately $423 million. For the year ended December 31, 2024, we had a return on equity of 60.0% and a return on tangible equity of 62.6%. Our principal executive offices are located in Tampa, Florida. Slide Insurance Holdings, Inc. (SLDE) is classified as a mid-cap stock in the Financials sector, specifically within the Insurance industry. The company is led by CEO Bruce Lucas and employs approximately 392 people, headquartered in TAMPA, Florida. With a market capitalization of $2.2B, SLDE is one of the notable companies in the Financials sector.
As of April 2026, Slide Insurance Holdings, Inc. receives a Buy rating with a composite score of 55.6/100 and 4 out of 5 stars from the Blank Capital Research quantitative model.SLDE ranks #106 out of 4,446 stocks in our coverage universe. Within the Financials sector, Slide Insurance Holdings, Inc. ranks #49 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%).
SLDE Stock Price and 52-Week Range
Slide Insurance Holdings, Inc. (SLDE) currently trades at $18.79. The stock gained $1.01 (5.7%) in the most recent trading session. The 52-week high for SLDE is $25.90, which means the stock is currently trading -27.5% from its annual peak. The 52-week low is $12.53, putting the stock 50.0% above its annual trough. Recent trading volume was 0 shares, suggesting relatively thin trading activity.
Is SLDE Overvalued or Undervalued? — Valuation Analysis
Slide Insurance Holdings, Inc. (SLDE) carries a value factor score of 60/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 6.33x, compared to the Financials sector average of 14.88x — a discount of 57%. The price-to-book ratio stands at 5.15x, versus the sector average of 1.22x. The price-to-sales ratio is 3.44x, compared to 0.90x for the average Financials stock. On an enterprise value basis, SLDE trades at 7.82x EV/EBITDA, versus 3.26x for the sector.
Overall, SLDE's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
Slide Insurance Holdings, Inc. Profitability — ROE, Margins, and Quality Score
Slide Insurance Holdings, Inc. (SLDE) 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 81.4%, compared to the Financials sector average of 8.5%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 18.3% versus the sector average of 1.2%.
On a margin basis, Slide Insurance Holdings, Inc. reports gross margins of 100.0%. The operating margin is 30.5% (sector: 21.8%). Net profit margin stands at 26.2%, versus 17.7% for the average Financials stock. Revenue growth is running at 31.4% 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.
SLDE Debt, Balance Sheet, and Financial Health
Slide Insurance Holdings, Inc. has a debt-to-equity ratio of 346.0%, compared to the Financials sector average of 121.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. Total debt on the balance sheet is $35M. Cash and equivalents stand at $493M.
SLDE has a beta of 0.62, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for Slide Insurance Holdings, Inc. is 56/100, reflecting average volatility within the normal range for its sector.
Slide Insurance Holdings, Inc. Revenue and Earnings History — Quarterly Trend
In TTM 2026, Slide Insurance Holdings, Inc. reported revenue of $650M and earnings per share (EPS) of $1.66. Net income for the quarter was $353M. Gross margin was 100.0%. Operating income came in at $147M.
In FY 2024, Slide Insurance Holdings, Inc. reported revenue of $799M. Net income for the quarter was $201M. Gross margin was 100.0%.
In FY 2025, Slide Insurance Holdings, Inc. reported revenue of $1.16B and earnings per share (EPS) of $4.75. Net income for the quarter was $444M. Revenue grew 44.7% year-over-year compared to FY 2024. Operating income came in at $589M.
In Q4 2025, Slide Insurance Holdings, Inc. reported revenue of N/A. Net income for the quarter was $170M.
Over the past 8 quarters, Slide Insurance Holdings, Inc. has demonstrated a growth trajectory, with revenue expanding from $266M to $650M. Investors analyzing SLDE stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
SLDE Dividend Yield and Income Analysis
Slide Insurance Holdings, Inc. (SLDE) 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.
SLDE Momentum and Technical Analysis Profile
Slide Insurance Holdings, Inc. (SLDE) has a momentum factor score of 35/100, 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 66/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 27/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
SLDE vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing SLDE against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full SLDE vs S&P 500 (SPY) comparison to assess how Slide Insurance Holdings, Inc. stacks up against the broader market across all factor dimensions.
SLDE Next Earnings Date
No upcoming earnings date has been announced for Slide Insurance Holdings, Inc. (SLDE) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy SLDE? — Investment Thesis Summary
The bull case for Slide Insurance Holdings, Inc. rests on several quantitative strengths. The quality score of 76/100 indicates above-average profitability and business fundamentals. The value score of 60/100 suggests attractive pricing relative to fundamentals. Momentum is weak at 35/100, a headwind for near-term performance.
In summary, Slide Insurance Holdings, Inc. (SLDE) earns a Buy rating with a composite score of 55.6/100 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 SLDE stock.
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Institutional Research Dossier
Slide Insurance Holdings, Inc. (SLDE) Deep Dive Analysis
Published on March 24, 2026
Action RatingBuy
Sections
Executive Summary
We maintain our Hold rating on Slide Insurance Holdings (SLDE). While the company exhibits impressive profitability metrics and growth, particularly in a challenging market like coastal property insurance, the sustainability of these high returns and the inherent volatility of the insurance business, especially concerning catastrophic events, warrant caution. The company's relatively short operating history and reliance on technology-driven underwriting also introduce uncertainties that temper our enthusiasm, despite the attractive valuation multiples.
SLDE's rapid growth and superior profitability compared to the sector are undeniable, driven by its technology-enabled underwriting and focus on underserved coastal markets. However, the insurance industry is cyclical and prone to unpredictable losses. The current valuation reflects some of this optimism, but the lack of a long track record and the potential for significant losses from a major hurricane necessitate a more conservative stance. We believe a Hold rating appropriately balances the company's potential with the inherent risks of its business.
Business Strategy & Overview
Slide Insurance Holdings operates as a technology-enabled property and casualty insurer, focusing on single-family and condominium policies in coastal states. The company's core strategy revolves around leveraging its proprietary technology and data-driven approach to identify and underwrite profitable policies in underserved markets, particularly those where larger national carriers have reduced their presence. This strategy is executed through a combination of inorganic policy acquisitions and organic growth via independent agents and a direct-to-consumer (DTC) channel.
A key differentiator for Slide is its emphasis on technology. The company claims its underwriting technology, backed by a $6 trillion total insured value (TIV) dataset, allows it to more accurately assess and price risk, leading to superior underwriting decisions and higher margins. This technology is used to estimate future policy costs and compare them to base rates, enabling real-time profitability assessment on an individual risk basis. This granular approach is intended to allow Slide to select only policies that are projected to be profitable after accounting for reinsurance and other perils.
Slide's growth strategy also involves acquiring blocks of policies from other insurers. This inorganic growth is complemented by organic expansion through independent agents and the DTC channel. The DTC channel is expected to become a more significant contributor to growth as the company scales its operations. By controlling all aspects of its value chain, from technology and underwriting to claims and risk management, Slide aims to maximize profitability and maintain disciplined underwriting standards.
The company's focus on coastal specialty markets is driven by the increasing demand for insurance products in these areas, coupled with a reduction in underwriting capacity from larger national carriers. This imbalance of supply and demand creates opportunities for Slide to capitalize on underserved segments. The company's management team believes its entrepreneurial culture and technological advantage enable it to identify and execute on these opportunities more effectively than its competitors. The company's growth in shareholders' equity and in-force premium, coupled with a low combined ratio, demonstrates the initial success of this strategy.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
31.4%
Sector: 9.4%
+234% VS SCTR
Economic Moat Analysis
Slide Insurance's economic moat is currently assessed as Narrow. The company's competitive advantage stems primarily from its proprietary technology and data-driven underwriting approach, which allows it to more accurately assess and price risk in the coastal property insurance market. This technology, combined with an experienced management team, enables Slide to target profitable growth opportunities often overlooked or mispriced by competitors. The $6 trillion TIV underwriting and claims dataset is a significant asset, providing real-time intelligence for superior decision-making.
However, the sustainability of this moat is subject to several factors. While the technology appears to be a key differentiator, it is not clear how easily it can be replicated or surpassed by competitors. Other insurance companies are also investing in technology and data analytics to improve their underwriting processes. The insurance industry is highly competitive, and new entrants or existing players could develop similar or superior technologies.
The company's focus on underserved coastal markets also contributes to its competitive advantage. By targeting areas where larger national carriers have reduced their presence, Slide can capture market share and achieve higher margins. However, this strategy also exposes the company to greater concentration risk and potential losses from catastrophic events. The ability to maintain a low combined ratio and generate consistent profits in these markets will be crucial for sustaining its competitive advantage.
While Slide's technology and data-driven approach provide a competitive edge, the insurance industry is ultimately driven by pricing and risk management. The company's ability to accurately assess and price risk, manage reinsurance costs, and effectively handle claims will determine its long-term success. The narrow moat reflects the potential for Slide to maintain its competitive advantage, but also acknowledges the challenges and uncertainties inherent in the insurance business. The moat's width will depend on the company's ability to continuously innovate, adapt to changing market conditions, and maintain its underwriting discipline.
Financial Health & Profitability
Slide Insurance has demonstrated impressive financial performance since its inception. The company has grown its shareholders' equity from $102 million at the end of 2021 to $433 million at the end of 2024, representing a compound annual growth rate (CAGR) of 62%. In-force premium has grown from $0 to $1,334 million during the same period. The company has also maintained a strong combined ratio, averaging 80.3% over this period, indicating profitable underwriting.
The company's return on equity (ROE) and combined ratio for 2023 were 46.9% and 79.0%, respectively, and improved to 60.0% and 72.3% for 2024. These figures indicate strong profitability and efficient use of capital. For the three months ended March 31, 2024 and March 31, 2025, the company reported significant increases in gross premiums written, policy fees, and net income, along with a decrease in the consolidated combined ratio, further demonstrating its growth and profitability.
Comparing Slide's financial metrics to the sector average reveals significant outperformance. The company's P/E ratio of 5.8x is significantly lower than the sector average of 15.5x, while its ROE of 81.4% is substantially higher than the sector average of 8.5%. The company's gross margin, operating margin, and net margin also exceed the sector averages. Revenue growth of 31.4% significantly outpaces the sector average of 9.3%.
However, the company's debt-to-equity ratio of 346.00 is significantly higher than the sector average of 115.00. This higher leverage could increase the company's financial risk, particularly in the event of significant losses from catastrophic events. The quarterly financial history shows consistent revenue and net income growth, with a notable increase in net income from FY2024 to FY2025. The company's operating margin also improved significantly from FY2024 to FY2025. The lack of free cash flow data makes it difficult to assess the company's cash flow generation capabilities.
Valuation Assessment
Slide Insurance's valuation presents a mixed picture. On the one hand, the company's P/E ratio of 5.8x and EV/EBITDA ratio of 1.7x are significantly lower than the sector averages of 15.5x and 3.5x, respectively. This suggests that the stock is undervalued relative to its earnings and cash flow generation potential. The company's high ROE of 81.4% further supports this view, indicating that the company is generating significant returns on its equity investment.
However, the insurance industry is inherently cyclical and prone to unpredictable losses from catastrophic events. The company's relatively short operating history and reliance on technology-driven underwriting introduce uncertainties that could justify a lower valuation multiple. The market may be discounting the stock due to concerns about the sustainability of its high returns and the potential for significant losses in the future.
The company's rapid growth and superior profitability compared to the sector are undeniable, but the market may be waiting for a longer track record of consistent performance before assigning a higher valuation multiple. The lack of free cash flow data also makes it difficult to assess the company's true cash flow generation capabilities, which could be another factor weighing on the valuation.
Considering the company's growth prospects, profitability, and the inherent risks of the insurance business, we believe the current valuation is fair. The low P/E and EV/EBITDA ratios suggest that the stock is undervalued, but the uncertainties surrounding the company's long-term performance and the potential for significant losses warrant caution. A Hold rating reflects this balanced view, acknowledging the company's potential while also recognizing the risks.
Risk & Uncertainty
Slide Insurance faces several specific risks that could impact its business and financial performance. The most significant risk is exposure to catastrophic events, particularly hurricanes, given its focus on coastal property insurance. A major hurricane could result in substantial claims losses, which could deplete the company's capital and negatively impact its financial stability. The company mitigates this risk through reinsurance, but the availability and cost of reinsurance can fluctuate, and there is no guarantee that reinsurance coverage will be sufficient to cover all losses.
Another risk is competition from larger, more established insurance companies. While Slide targets underserved markets, these markets could become more competitive as other insurers recognize the opportunities. Larger insurers may have greater financial resources and brand recognition, which could give them a competitive advantage. The company's ability to maintain its market share and profitability in the face of increased competition is uncertain.
The company's reliance on technology-driven underwriting also introduces risks. While the technology is intended to improve risk assessment and pricing, it is not foolproof. Errors in the technology or data could lead to inaccurate risk assessments and underwriting losses. The company's ability to continuously innovate and maintain its technological advantage is crucial for its long-term success.
Regulatory risk is also a factor. The insurance industry is heavily regulated, and changes in regulations could impact the company's business. For example, changes in regulations related to reinsurance or capital requirements could increase the company's costs or limit its ability to operate. The company's ability to comply with all applicable regulations is essential for maintaining its licenses and operating in its target markets.
Bulls Say / Bears Say
The Bull Case
BULL VIEWSlide's technology-driven underwriting gives it a significant edge in accurately pricing risk, leading to superior profitability compared to peers.
BULL VIEWThe company's focus on underserved coastal markets provides a unique opportunity for growth as larger insurers pull back from these areas.
BULL VIEWSlide's impressive growth in shareholders' equity and in-force premium, coupled with a low combined ratio, demonstrates its strong execution and potential.
The Bear Case
BEAR VIEWSlide's short operating history and concentration in coastal property insurance make it highly vulnerable to catastrophic events and unpredictable losses.
BEAR VIEWThe company's high debt-to-equity ratio increases its financial risk and could limit its ability to weather significant losses or economic downturns.
BEAR VIEWThe sustainability of Slide's technological advantage is uncertain, and competitors could easily replicate or surpass its capabilities, eroding its moat.
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 SLDE and 4,400+ other equities.
Slide Insurance Holdings, Inc. exhibits a 172% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
18.3%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
100.0%
Sector: 0.0%
Operating Margin
Core business profitability
30.5%
Sector: 21.8%
Net Margin
Bottom-line profitability
26.2%
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.
