Ambac Financial Group, Inc.
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Range $10 – $18
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About the company
Ambac Financial Group, Inc. operates as a financial services holding company, providing financial guarantees across a wide international footprint, including the United States, the United Kingdom, Italy, Austria, Australia, and France. Its diverse offerings include financial guarantee insurance policies, specialty property and casualty program insurance, credit derivative agreements, and interest rate derivative transactions.
- CEO
- David Trick
- IPO
- 2013
- Employees
- 380
- HQ
- New York City, NY, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $397.37M
- P/E
- -1.25
- Fwd P/E
- 124.41
- PEG
- -0.01
- P/S
- 0.64
- P/B
- 0.30
- EV/EBITDA
- -15.66
- Div Yield
- 0.00%
- Gross Margin
- 83.22%
- Op Margin
- -24.31%
- Net Margin
- -43.99%
- ROE
- -18.99%
- ROIC
- -4.61%
Latest fiscal year · YoY change
- Revenue
- $121.05M-48.7%
- Gross Profit
- $0-100.0%
- Op Income
- $-163,288,000
- Net Income
- $-261,692,000+53.0%
- EPS
- $-5.93-517.6%
- OCF Growth
- -6961.3%
- FCF Growth
- -6961.3%
- 52W High
- $13.64
- 52W Low
- $5.99
- 50D MA
- $8.75
- 200D MA
- $8.46
- Beta
- 0.87
- RSI (14)
- 21
- Avg Volume
- 860.70K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Octave posted sharply improved second-quarter results, led by 77% revenue growth in Insurance Distribution, but it trimmed Everspan and adjusted EPS guidance on higher program acquisition costs and revised financial assumptions.· August 7, 2026
- Insurance Distribution revenue rose 77% to $58.4 million, with 44% organic growth plus ArmadaCare contributing to the lift.
- Insurance Distribution adjusted EBITDA increased nearly fourfold to $9.8 million, with margin expanding to 16.8% from 7.6%.
- Consolidated net loss to shareholders improved to $14.4 million, or $0.33 per share, from $20.5 million, or $0.42 per share, a year ago.
- Everspan improved materially, with adjusted EBITDA of $1.8 million and a combined ratio of 100.6% versus 106.7% last year.
- Management raised Insurance Distribution guidance but lowered Everspan adjusted EBITDA guidance to $6 million and cut adjusted net income per share guidance to $0.15-$0.20.
For Q2 2026, Octave reported a net loss to shareholders of $14.4 million, or $0.33 per share, versus a loss of $20.5 million, or $0.42 per share, in Q2 2025. Consolidated EBITDA was negative $1.7 million and adjusted EBITDA to shareholders was positive $3.7 million, both improved from negative $9.8 million and negative $4.6 million a year ago. Consolidated adjusted net loss to shareholders was $1.8 million, or $0.04 per share, versus a loss of $10.6 million, or $0.22 per share, last year. Insurance Distribution revenue grew 77% to $58.4 million, and adjusted EBITDA to shareholders rose nearly fourfold to $9.8 million with margin of 16.8%; Everspan produced $1.8 million of adjusted EBITDA, with gross/net premiums written and premiums earned of $95 million/$23 million/$22 million and a combined ratio of 100.6%. Guidance was updated so Insurance Distribution organic growth is now expected at 25%+ and adjusted EBITDA at $45 million, while Everspan adjusted EBITDA is now expected at $6 million. Adjusted net income per share guidance was lowered to $0.15-$0.20, and management said 2026 should still be the first year of positive adjusted net income per share excluding the legacy financial guarantee business.
Claude LeBlanc framed the quarter as evidence of strong momentum across the platform and disciplined execution. He emphasized the scale-up of the Insurance Distribution business, the improving performance of Everspan, and the value of a diversified portfolio across A&H, Specialty P&C, and select property lines. He also highlighted AI as a meaningful operational advantage, citing submit-to-quote time reduced from several hours to about 7 minutes, and said the company is well positioned for profitable growth through market cycles.
David Trick focused on the financial improvement and the specific drivers behind it. He highlighted the year-over-year improvement in net loss, EBITDA, and adjusted net loss, then pointed to Insurance Distribution’s 77% revenue growth, $9.8 million of adjusted EBITDA to shareholders, and improved 16.8% margin. He also noted Everspan’s loss ratio improved to 61.4% and the combined ratio to 100.6%, while corporate GAAP expenses fell to $12 million from $14 million and adjusted expenses declined to $7.9 million from $8.3 million. On guidance, he said the Insurance Distribution raise reflects continued momentum, while Everspan’s lower EBITDA outlook mainly reflects higher acquisition costs tied to newer programs and the adjusted EPS cut reflects interest expense, depreciation, taxes, and noncontrolling interests.
Analysts pressed management on the startup MGA pipeline, capacity, property and excess liability pricing, AI rollout costs, Everspan underwriting quality, and profit commissions. Management said 2026 still likely includes only 1-2 MGA launches, with 2027 expected to be modest at 2-4 launches, while the class of 2024/2025 MGAs are still early in scaling and should contribute more EBITDA into 2027 and beyond. On capacity, management said strong underwriting results are supporting partner appetite; on property, they described 10%-20% rate declines in larger/cat-exposed lines but said their SME-heavy mix is seeing more muted pressure; and on Everspan they said excess liability pricing remains positive and above loss cost, with tighter oversight, more senior talent, and claims/audit monitoring helping underwriting quality. They also said AI and technology investments are in the low-to-mid-single-digit millions this year, with some costs rolling off early next year.
The strongest bull case is that Insurance Distribution is still growing quickly and profitably, with 44% organic growth, rising profit commissions, and EBITDA margins expanding sharply. Management also sounded confident that the newer MGA classes are just starting to scale, that capacity remains available, and that AI and operational upgrades could further improve underwriting speed and efficiency.
The main bear case is that the broader market is softening, especially in property, and management expects continued rate pressure in some lines through 2026 and 2027. Everspan’s outlook was cut because newer programs are bringing higher acquisition costs, and the company also lowered adjusted net income per share guidance materially, showing that near-term earnings remain sensitive to mix, costs, and financial assumptions.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 79.8%
- Shares Outstanding
- 47.93M
- Float Shares
- 38.25M
of shares held by institutions
160 13F filers
Buy/sell ratio 18.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 2.51M | ▼ 46.79K |
| Repertoire Partners LP | 721.19K | ▼ 452.69K |
| Skopos Labs, Inc. | 325.35K | ▲ 325.35K |
| Nebula Research & Development LLC | 107.12K | ▲ 34.02K |
| Wolverine Trading, LLC | 21.30K | ▲ 21.30K |
| Quest Partners LLC | 10.16K | ▲ 10.16K |
| Cwm, LLC | 3.20K | ▼ 2.40K |
| California State Teachers Retirement System | 2.23K | ▼ 306 |
| Cove Street Capital, LLC | 1.86K | ▲ 1.86K |
| Legacy Investment Solutions, LLC | 25 | ▲ 25 |
Held by 67 ETFs
Biggest fund positions in AMBC by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Feb 28, 24 | Smith R Sharon | other | 196 |
| Feb 28, 24 | Smith R Sharon | other | 196 |
| Feb 28, 24 | Smith R Sharon | other | 5,359 |
| Feb 28, 24 | Smith R Sharon | other | 196 |
| Feb 28, 24 | Smith R Sharon | other | 5,359 |
| Jun 22, 23 | Matus Kristi Ann | other | 0 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our AMBC coverage
Recent articles, reports, and earnings notes.
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Generate AMBC report →Ambac Financial Group (NYSE:AMBC) Trading Down 0.4% – Time to Sell?
defenseworld.net · Jan 13
60,546 Shares in Ambac Financial Group, Inc. $AMBC Bought by Aurelius Capital Management LP
defenseworld.net · Dec 1
AXQ Capital LP Acquires 7,694 Shares of Ambac Financial Group, Inc. $AMBC
defenseworld.net · Nov 25
Ambac (AMBC) Upgraded to Buy: Here's What You Should Know
zacks.com · Nov 13
Wall Street Analysts Predict a 48.03% Upside in Ambac (AMBC): Here's What You Should Know
zacks.com · Nov 13
Ambac Financial Group, Inc. (AMBC) Q3 2025 Earnings Call Transcript
seekingalpha.com · Nov 11
Ambac Financial Group (AMBC) Reports Q3 Loss, Tops Revenue Estimates
zacks.com · Nov 10
Ambac Financial Group Rebrands as Octave Specialty Group, Inc.
businesswire.com · Nov 10
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