Tearsheet

Slide Insurance (SLDE)

Market Price (4/20/2026): $19.635 | Market Cap: $2.4 Bil
Sector: Financials | Industry: Property & Casualty Insurance

Slide Insurance (SLDE)

Market Price (4/20/2026): $19.635
Market Cap: $2.4 Bil
Sector: Financials
Industry: Property & Casualty Insurance

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 18%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 14%, FCF Yield is 33%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -50%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 36%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 69%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 69%

Megatrend and thematic drivers
Megatrends include AI in Financial Services, Fintech & Digital Payments, and Smart Buildings & Proptech. Themes include AI for Fraud Detection, Show more.

Weak multi-year price returns
2Y Excs Rtn is -42%, 3Y Excs Rtn is -77%

Key risks
SLDE key risks include [1] its geographic concentration in catastrophe-prone Florida, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 18%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 14%, FCF Yield is 33%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -50%
2	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 36%
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 69%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 69%
4	Megatrend and thematic drivers Megatrends include AI in Financial Services, Fintech & Digital Payments, and Smart Buildings & Proptech. Themes include AI for Fraud Detection, Show more.
5	Weak multi-year price returns 2Y Excs Rtn is -42%, 3Y Excs Rtn is -77%
6	Key risks SLDE key risks include [1] its geographic concentration in catastrophe-prone Florida, Show more.

Valuation, Metrics & Events

	4/20/26	2025	2024	2023	2022
Share Price CYE	$19.64	$19.48	�	�	�
Market Cap CYE ($ Bil)	2.4	2.4	-	-	-
Total Debt ($ Bil)	0.0	0.0	0.0	0.0	0.0
Total Cash ($ Bil)	1.2	1.2	0.5	0.3	0.0
Enterprise Value ($ Bil)	1.3	2.4
Valuation Ratios
P/S TTM	2.1	2.1	-	-	-
P/EBIT TTM	4.1	4.1	-	-	-
P/E TTM	5.5	5.4	-	-	-
P/FCF TTM	3.1	3.0	-	-	-
Sector Ratios
P/S TTM (Sector)	3.3	3.1	3.1	2.7	2.7
P/EBIT TTM (Sector)	6.8	6.5	8.0	7.1	6.7
P/E TTM (Sector)	11.7	11.0	11.4	9.8	9.2
P/FCF TTM (Sector)	8.9	8.6	8.9	7.7	6.4

	4/20/26	2025	2024
Share Price CYE	$19.64	$19.48	�
Market Cap CYE ($ Bil)	2.4	2.4	-
Total Debt ($ Bil)	0.0	0.0	0.0
Total Cash ($ Bil)	1.2	1.2	0.5
Enterprise Value ($ Bil)	1.3	2.4
Valuation Ratios
P/S TTM	2.1	2.1	-
P/EBIT TTM	4.1	4.1	-
P/E TTM	5.5	5.4	-
P/FCF TTM	3.1	3.0	-
Sector Ratios
P/S TTM (Sector)	3.3	3.1	3.1
P/EBIT TTM (Sector)	6.8	6.5	8.0
P/E TTM (Sector)	11.7	11.0	11.4
P/FCF TTM (Sector)	8.9	8.6	8.9

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Metric	Value	Date	Source
Policies in Force	348439	6302025	Link
Gross Premiums Written	435.4 million	6302025	Link
Combined Ratio	67.4%	6302025	Link
Loss Ratio	37.4%	6302025	Link

Upcoming
5/26/2026	Earnings Release	Rev: $326 Mil (E) EPS: $0.84 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Slide Insurance (SLDE) stock has remained largely at the same level since 12/31/2025 because of the following key factors:

1. Significant insider selling by CEO Bruce Lucas. Between late March and early April 2026, CEO Bruce Lucas offloaded approximately 391,000 shares, valued at around $7.1 million. Additionally, he sold over 532,000 shares, totaling approximately $9.6 million, on April 9 and April 13, 2026. Cumulatively, from March 17 to April 14, 2026, Bruce Lucas sold approximately 1.76 million shares, generating about $31.9 million, which may have dampened investor sentiment despite these being executed under pre-arranged 10b5-1 trading plans.

2. Broader macroeconomic headwinds. The general market faced pressures from rising oil prices due to Middle East tensions and a hawkish stance from the Federal Reserve, which signaled only one potential rate cut in 2026. These macroeconomic uncertainties contributed to a cautious investing environment and affected the broader financial services sector, potentially impacting Slide Insurance's stock performance.

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Stock Movement Drivers

Fundamental Drivers

The 0.8% change in SLDE stock from 12/31/2025 to 4/19/2026 was primarily driven by a 15.4% change in the company's Net Income Margin (%).

(LTM values as of)	12312025	4192026	Change
Stock Price ($)	19.48	19.63	0.8%
Change Contribution By:
Total Revenues ($ Mil)	1,047	1,156	10.4%
Net Income Margin (%)	33.3%	38.4%	15.4%
P/E Multiple	7.0	5.5	-21.6%
Shares Outstanding (Mil)	125	124	0.9%
Cumulative Contribution			0.8%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/19/2026

	Return	Correlation
SLDE	0.8%
Market (SPY)	-5.4%	27.5%
Sector (XLF)	-4.3%	39.1%

Fundamental Drivers

The 24.4% change in SLDE stock from 9/30/2025 to 4/19/2026 was primarily driven by a 47.7% change in the company's Net Income Margin (%).

(LTM values as of)	9302025	4192026	Change
Stock Price ($)	15.79	19.63	24.4%
Change Contribution By:
Total Revenues ($ Mil)	982	1,156	17.7%
Net Income Margin (%)	26.0%	38.4%	47.7%
P/E Multiple	4.1	5.5	32.9%
Shares Outstanding (Mil)	67	124	-46.2%
Cumulative Contribution			24.4%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/19/2026

	Return	Correlation
SLDE	24.4%
Market (SPY)	-2.9%	25.3%
Sector (XLF)	-2.3%	35.1%

Fundamental Drivers

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Market Drivers

3/31/2025 to 4/19/2026

	Return	Correlation
SLDE
Market (SPY)	16.3%	14.5%
Sector (XLF)	6.3%	22.1%

Fundamental Drivers

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Market Drivers

3/31/2023 to 4/19/2026

	Return	Correlation
SLDE
Market (SPY)	63.3%	14.5%
Sector (XLF)	70.3%	22.1%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
SLDE Return	-	-	-	-	-4%	-3%	-6%
Peers Return	-15%	-28%	63%	82%	45%	-2%	158%
S&P 500 Return	27%	-19%	24%	23%	16%	3%	87%
Monthly Win Rates [3]
SLDE Win Rate	-	-	-	-	71%	50%
Peers Win Rate	37%	47%	63%	62%	65%	45%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
SLDE Max Drawdown	-	-	-	-	-37%	-19%
Peers Max Drawdown	-30%	-42%	-18%	-5%	-13%	-14%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: HRTG, UVE, HIPO, PGR, ALL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/17/2026 (YTD)

How Low Can It Go

SLDE has limited trading history. Below is the Financials sector ETF (XLF) in its place.

Unique Key	Event	XLF	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-26.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	36.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	525 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-43.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	76.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	295 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-26.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	35.2%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	338 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-83.7%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	515.2%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	4,470 days	1,480 days

Compare to HRTG, UVE, HIPO, PGR, ALL

In The Past

SPDR Select Sector Fund's stock fell -26.9% during the 2022 Inflation Shock from a high on 1/12/2022. A -26.9% loss requires a 36.7% gain to breakeven.

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About Slide Insurance (SLDE)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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.

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Here are 1-3 brief analogies to describe Slide Insurance (SLDE):

The Tesla of coastal property insurance.
Think of it as a highly specialized, data-driven Progressive, but focused exclusively on profitably underwriting homes in coastal areas.

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Single-Family Homeowners Insurance: Provides property and casualty coverage for single-family homes located in coastal regions.
Condominium Homeowners Insurance: Offers property and casualty coverage for condominium units situated in coastal regions.

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Slide Insurance (SLDE) sells primarily to individuals.

The company serves the following categories of customers:

Owners of single-family homes located in coastal states along the Atlantic seaboard.
Owners of condominiums located in coastal states along the Atlantic seaboard.

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Bruce Lucas, Founder & Chief Executive Officer

Bruce Lucas is the Founder and CEO of Slide, driving the company's vision and innovation. He co-founded Slide Insurance in 2021. Before establishing Slide, Mr. Lucas founded Heritage Insurance (NYSE: HRTG), where he served as CEO, Chief Information Officer, and Chairman of the board of directors from 2012 to 2020. He grew Heritage from a single-state startup to over $1 billion in annual revenue across 15 states, maintaining profitability throughout his 9-year tenure. Mr. Lucas has been recognized as an EY Entrepreneur of the Year and has been on the Tampa Bay Business Journal's Power 100 list in 2024 and 2025. He holds a Doctor of Law from Indiana University Maurer School of Law.

Andy Omiridis, Chief Financial Officer

Andy Omiridis was appointed Chief Financial Officer of Slide, effective December 1, 2025. He brings over 30 years of financial leadership experience, with deep expertise in complex operations and public markets. Prior to joining Slide, Mr. Omiridis served as Executive Vice President and CFO of Amerisafe, Inc. since September 2022. His previous roles include Senior Vice President, Deputy Chief Financial Officer, and Principal Accounting Officer of Kemper Corporation from September 2019 to August 2022. He also served as Senior Vice President and CFO with Chubb Life from 2017 to 2019 and as Chief Accounting Officer for ARGO Limited from 2013 to 2017, in addition to multiple leadership positions with American Life Insurance Company prior to 2013.

Shannon Lucas, President & Chief Operating Officer

Shannon Lucas is a co-founder of Slide and serves as its President and Chief Operating Officer, leading the company's operations and enterprise risk management. She has over 20 years of experience in property and casualty insurance with notable companies such as Tower Hill, Heritage, UPC, and HomeWise. Previously, she held the role of Chief Risk Officer at Slide since the company's founding in April 2021 and served as CEO of Securus Risk Management, LLC, from 2016 to 2020.

Gauthaman Krishnamurthy, Chief Information Officer

Gauthaman Krishnamurthy leads Slide's technology strategy and delivery as Chief Information Officer. He possesses over 20 years of technology leadership experience in the insurance industry, covering personal, commercial, and specialty lines, with extensive experience across the entire insurance value chain. Before joining Slide, Mr. Krishnamurthy was the Chief Applications Officer at PURE Insurance, where he led technology transformations and championed digital innovation, automation, and AI adoption.

John Devoe, Chief Claims Officer

John Devoe leads Slide's claims and customer experience operations. He brings over 30 years of insurance claims experience and holds 33 adjuster licenses, an Associate in Claims (AIC) designation, and FEMA-NFIP certification. Prior to Slide, Mr. Devoe was the President and COO of RYZE Claim Solutions.

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Exposure to Catastrophic Weather Events and Escalating Reinsurance Costs

As a coastal specialty insurer, Slide Insurance is inherently exposed to significant risks from catastrophic weather events such as hurricanes and storms. The company's profitability is directly tied to its ability to accurately assess and price for "future reinsurance and all other perils (“AOP”) costs" associated with these events. The increasing frequency and severity of natural disasters in coastal regions could lead to higher claims, making it challenging to maintain profitable underwriting and secure adequate reinsurance at favorable rates, even with their technology-driven approach.
Reliance on Proprietary Underwriting Technology and Data Accuracy

Slide Insurance's core competitive advantage is predicated on its "significant technological advantage" and "proprietary $6 trillion total insured value (“TIV”) underwriting and claims dataset". This technology is crucial for assessing, managing, and pricing risk, allowing them to identify profitable policies often overlooked by competitors. Any failure, inaccuracy, or obsolescence of this proprietary technology or dataset, or a successful development of comparable technology by competitors, could severely undermine their ability to accurately predict prospective loss ratios and reinsurance costs, thereby impacting their underwriting discipline and profitability.
Dependence on Niche Market Conditions and Competitive Pressures

The company's growth strategy capitalizes on "market opportunities that are underserved by other insurance companies" due to larger national carriers reducing their underwriting capacity in coastal states. Slide's business model is thus partly dependent on the continuation of this market dynamic. Should larger carriers re-enter these markets, increase their capacity, or new well-capitalized competitors emerge, the intensified competition could lead to reduced market share, pressure on pricing, and diminished profitability for Slide Insurance.

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Expected Drivers of Future Revenue Growth for Slide Insurance (SLDE)

Over the next 2-3 years, Slide Insurance (SLDE) is expected to drive revenue growth through several key initiatives:

Capitalizing on Underserved Coastal Specialty Markets: Slide Insurance plans to continue expanding its presence in coastal states along the Atlantic seaboard, particularly in markets where larger national carriers have reduced their underwriting capacity. The company aims to leverage the imbalance of supply and demand in these underserved markets, such as Florida, to acquire more policies and increase premiums.
Growth of Direct-to-Consumer (DTC) Distribution Channel: The company anticipates significant growth in its direct-to-consumer channel. By selling insurance products directly to end consumers, Slide Insurance can expand its reach and acquire new business without relying on intermediaries.
Profitable Policy Acquisition via Proprietary Technology and Data-Driven Underwriting: Slide Insurance's advanced underwriting technology and data-driven approach enable it to accurately assess and price risk, allowing it to focus on profitable growth opportunities that competitors may overlook or misprice. This technological advantage supports the acquisition of individual and bulk policies, contributing to revenue expansion.
Inorganic Block Acquisitions and Independent Agent Sales: The company will continue to grow its policy base through strategic inorganic block acquisitions and new business sales generated via its network of independent agents. These channels are crucial for scaling operations and increasing in-force premiums.

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There is no explicit information available within the provided background regarding share repurchases, share issuances, inbound investments, outbound investments, or capital expenditures for Slide Insurance over the last 3-5 years.

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HBAN_3312026_Insider_Buying_45D_2Buy_200K	03312026	HBAN	Huntington Bancshares	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
NP_3312026_Insider_Buying_45D_2Buy_200K	03312026	NP	Neptune Insurance	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
JKHY_3272026_Monopoly_xInd_xCD_Getting_Cheaper	03272026	JKHY	Jack Henry & Associates	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	3.1%	3.1%	0.0%
MKTX_3202026_Dip_Buyer_FCFYield	03202026	MKTX	MarketAxess	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-5.2%	-5.2%	-5.7%
RYAN_3202026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	03202026	RYAN	Ryan Specialty	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	-2.7%	-2.7%	-8.5%

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PIPR	Piper Sandler Cos	6.1	-69.4%	8.7%
REPL	Replimune	0.2	-67.9%	-77.7%
VRDN	Viridian Therapeutics	1.4	-46.6%	-52.4%
MAZE	Maze Therapeutics	1.3	-42.0%	-32.2%
BUR	Burford Capital	1.1	-39.7%	-44.4%
WVE	WAVE Life Sciences	1.4	-37.1%	-55.9%
TE	T1 Energy	0.8	-31.4%	-24.7%
BTU	Peabody Energy	3.1	-29.3%	-13.4%
CSIQ	Canadian Solar	0.9	-28.7%	-44.5%
LCID	Lucid	2.4	-26.6%	-30.9%

Peer Comparisons

Peers to compare with:

Financials

	SLDE	HRTG	UVE	HIPO	PGR	ALL	Median
Name	Slide In.	Heritage.	Universa.	Hippo	Progress.	Allstate
Mkt Price	19.63	27.22	35.58	28.89	202.58	216.16	32.23
Mkt Cap	2.4	0.8	1.0	0.7	118.8	56.5	1.7
Rev LTM	1,156	794	1,604	469	87,637	67,069	1,380
Op Inc LTM	-	-	-	-	-	-	-
FCF LTM	795	174	377	-4	17,200	9,881	586
FCF 3Y Avg	-	105	191	-36	14,142	7,521	191
CFO LTM	797	182	381	9	17,548	10,110	589
CFO 3Y Avg	-	113	197	-12	14,437	7,756	197

Growth & Margins

	SLDE	HRTG	UVE	HIPO	PGR	ALL	Median
Name	Slide In.	Heritage.	Universa.	Hippo	Progress.	Allstate
Rev Chg LTM	36.5%	1.9%	5.5%	25.9%	16.3%	5.6%	11.0%
Rev Chg 3Y Avg	-	6.4%	9.5%	59.5%	21.0%	10.0%	10.0%
Rev Chg Q	45.5%	-11.0%	6.0%	18.2%	12.2%	5.3%	9.1%
QoQ Delta Rev Chg LTM	10.4%	-2.2%	1.5%	4.1%	2.9%	1.3%	2.2%
Op Inc Chg LTM	-	-	-	-	-	-	-
Op Inc Chg 3Y Avg	-	-	-	-	-	-	-
Op Mgn LTM	-	-	-	-	-	-	-
Op Mgn 3Y Avg	-	-	-	-	-	-	-
QoQ Delta Op Mgn LTM	-	-	-	-	-	-	-
CFO/Rev LTM	69.0%	23.0%	23.8%	2.0%	20.0%	15.1%	21.5%
CFO/Rev 3Y Avg	-	14.9%	12.6%	-9.8%	19.1%	12.2%	12.6%
FCF/Rev LTM	68.7%	21.9%	23.5%	-0.9%	19.6%	14.7%	20.8%
FCF/Rev 3Y Avg	-	13.7%	12.3%	-19.2%	18.7%	11.8%	12.3%

Valuation

	SLDE	HRTG	UVE	HIPO	PGR	ALL	Median
Name	Slide In.	Heritage.	Universa.	Hippo	Progress.	Allstate
Mkt Cap	2.4	0.8	1.0	0.7	118.8	56.5	1.7
P/S	2.1	1.1	0.6	1.5	1.4	0.8	1.2
P/Op Inc	-	-	-	-	-	-	-
P/EBIT	4.1	3.1	4.0	-	8.2	4.2	4.1
P/E	5.5	4.3	5.4	12.5	10.5	5.5	5.5
P/CFO	3.1	4.6	2.6	78.3	6.8	5.6	5.1
Total Yield	18.2%	23.3%	20.9%	8.0%	11.9%	20.0%	19.1%
Dividend Yield	0.0%	0.0%	2.3%	0.0%	2.4%	1.8%	0.9%
FCF Yield 3Y Avg	-	25.0%	25.6%	-19.6%	11.5%	15.3%	15.3%
D/E	0.0	0.1	0.1	0.1	0.1	0.1	0.1
Net D/E	-0.5	-0.7	-0.5	-0.6	-0.1	0.0	-0.5

Returns

	SLDE	HRTG	UVE	HIPO	PGR	ALL	Median
Name	Slide In.	Heritage.	Universa.	Hippo	Progress.	Allstate
1M Rtn	19.9%	6.1%	7.4%	12.9%	-1.6%	5.1%	6.8%
3M Rtn	20.5%	4.2%	19.8%	-4.8%	0.2%	13.0%	8.6%
6M Rtn	33.7%	18.5%	28.4%	-15.8%	-4.5%	11.4%	15.0%
12M Rtn	-3.1%	44.3%	57.8%	18.5%	-18.7%	13.2%	15.9%
3Y Rtn	-3.1%	715.0%	104.2%	56.2%	60.2%	97.2%	78.7%
1M Excs Rtn	3.0%	-7.8%	-0.8%	4.2%	-6.8%	-1.8%	-1.3%
3M Excs Rtn	18.8%	2.7%	16.9%	-8.0%	-3.0%	8.5%	5.6%
6M Excs Rtn	21.1%	-5.9%	15.9%	-26.2%	-11.7%	2.1%	-1.9%
12M Excs Rtn	-35.1%	25.3%	28.0%	-10.4%	-53.9%	-18.7%	-14.6%
3Y Excs Rtn	-77.2%	739.3%	40.5%	-9.1%	-24.5%	25.2%	8.1%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022
Filing Date	3/2/2026	3/2/2026	6/18/2025	1/22/2025	1/22/2025
Key Financials
Total Revenue	1,156	1,156	847	469	242
Net Income	444	444	201	87	22
EPS	4.14	4.75	1.61	0.70	0.18
Growth Rates
Total Revenue Growth	36.5%	36.5%	80.7%	93.3%	-
Net Income Growth	120.7%	120.7%	130.2%	291.8%	-
Margins
Net Income Margin	38.4%	38.4%	23.8%	18.6%	9.2%
Cash & Debt
Total Cash	1,250	1,250	550	361	177
Total Debt	43	43	48	42	32
Net Debt / (Cash)	-1,206	-1,206	-502	-318	-145
Cash Flows
Net Cash from Operations	797	797	554	443	157
Free Cash from Operations	795	795	544	434	137
Returns to Shareholders
Dividends	0	-0	-0	-0	-0
Share Repurchases	20	40	1	4	-0

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023
Filing Date	3/2/2026	11/6/2025	8/12/2025	6/18/2025	6/18/2025	1/22/2025	9/4/2024	6/18/2025	1/22/2025
Key Financials Quarterly
Total Revenue	347	266	262	282	238	200	209	199	154
Net Income	170	111	70	93	75	18	54	55	33
EPS	1.46	0.89	1.05	0.74	0.60	0.14	0.43	0.44	0.26
Key Financials TTM
Total Revenue TTM	1,156	1,047	982	929	847	762	665	-	-
Net Income TTM	444	349	255	239	201	159	156	-	-
Growth Rates Quarterly
Total Revenue Growth	45.5%	32.8%	25.1%	41.4%	55.1%	93.4%	-	-	-
Net Income Growth	126.9%	531.5%	30.4%	69.1%	127.0%	23.7%	-	-	-
Margins Quarterly
Net Income Margin	49.1%	41.8%	26.8%	32.8%	31.5%	8.8%	25.7%	27.5%	21.5%
Cash & Debt
Total Cash	1,250	903	976	671	550	477	428	-	361
Total Debt	43	45	45	46	48	47	49	0	42
Net Debt / (Cash)	-1,206	-858	-931	-625	-502	-430	-379	-	-318
Cash Flows Quarterly
FCF from Operations	422	25	254	97	158	120	86	190	159
Cash Flows TTM
FCF from Operations TTM	797	534	629	461	554	555	456	-	-
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0
Share Repurchases	20	-0	-0	-0	-0	1	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023
Insurance	847	469
Single Segment			242
Total	847	469	242

Price Behavior

Price Behavior

Market Price	$19.63
Market Cap ($ Bil)	2.4
First Trading Date	06/18/2025
Distance from 52W High	-15.8%
	50 Days	200 Days
DMA Price	$19.94	$19.94
DMA Trend	indeterminate	indeterminate
Distance from DMA	-1.6%	-1.6%
	3M	1YR
Volatility	41.5%	52.4%
Downside Capture	-0.02	0.19
Upside Capture	135.79	29.02
Correlation (SPY)	32.8%

SLDE Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.00	1.37	0.93	0.88	0.04	-0.21
Up Beta	0.52	1.84	3.02	2.05	-0.01	-0.06
Down Beta	1.40	1.26	1.09	1.14	-0.61	-0.22
Up Capture	91%	209%	23%	76%	15%	2%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	13	24	31	62	88	88
Down Capture	88%	77%	61%	28%	52%	32%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	8	17	31	61	103	103

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with SLDE
SLDE	2.1%	52.2%	0.22	-
Sector ETF (XLF)	12.1%	15.3%	0.55	21.5%
Equity (SPY)	21.1%	12.9%	1.32	13.8%
Gold (GLD)	50.9%	27.5%	1.49	-3.6%
Commodities (DBC)	25.2%	16.2%	1.40	4.4%
Real Estate (VNQ)	17.5%	13.7%	0.93	12.0%
Bitcoin (BTCUSD)	-7.8%	42.6%	-0.08	9.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with SLDE
SLDE	0.4%	52.2%	0.22	-
Sector ETF (XLF)	10.0%	18.7%	0.42	21.5%
Equity (SPY)	10.8%	17.1%	0.49	13.8%
Gold (GLD)	22.6%	17.8%	1.04	-3.6%
Commodities (DBC)	11.6%	18.8%	0.51	4.4%
Real Estate (VNQ)	4.4%	18.8%	0.14	12.0%
Bitcoin (BTCUSD)	5.2%	56.5%	0.31	9.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with SLDE
SLDE	0.2%	52.2%	0.22	-
Sector ETF (XLF)	13.4%	22.2%	0.55	21.5%
Equity (SPY)	14.0%	17.9%	0.67	13.8%
Gold (GLD)	14.3%	15.9%	0.75	-3.6%
Commodities (DBC)	8.5%	17.6%	0.40	4.4%
Real Estate (VNQ)	5.6%	20.7%	0.24	12.0%
Bitcoin (BTCUSD)	68.4%	66.9%	1.07	9.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	6.6 Mil
Short Interest: % Change Since 3152026	29.4%
Average Daily Volume	2.8 Mil
Days-to-Cover Short Interest	2.3 days
Basic Shares Quantity	124.1 Mil
Short % of Basic Shares	5.3%

Returns Analyses

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Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/24/2026	9.7%	8.9%	0.0%
11/6/2025	-0.1%	-0.2%	9.0%
8/12/2025	-9.1%	-16.3%	-18.8%
SUMMARY STATS
# Positive	1	1	2
# Negative	2	2	1
Median Positive	9.7%	8.9%	4.5%
Median Negative	-4.6%	-8.2%	-18.8%
Max Positive	9.7%	8.9%	9.0%
Max Negative	-9.1%	-16.3%	-18.8%

	Forward Returns
2/24/2026	9.7%	8.9%	0.0%
11/6/2025	-0.1%	-0.2%	9.0%
8/12/2025	-9.1%	-16.3%	-18.8%
SUMMARY STATS
# Positive	1	1	2
# Negative	2	2	1
Median Positive	9.7%	8.9%	4.5%
Median Negative	-4.6%	-8.2%	-18.8%
Max Positive	9.7%	8.9%	9.0%
Max Negative	-9.1%	-16.3%	-18.8%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	03/02/2026	10-K
09/30/2025	11/06/2025	10-Q
06/30/2025	08/12/2025	10-Q
03/31/2025	06/18/2025	424B4
09/30/2024	01/22/2025	DRS/A
06/30/2024	09/04/2024	DRS/A

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/24/2026

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Prior: Q3 2025 Earnings Reported 11/6/2025

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Insider Activity

Expand for More

#	Owner	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Bruce, Beth Witte	Beth W. Bruce Witte Family 1992 Trust	Sell	6252025	15.81	31,029	490,568	3,978,507	Form
2	Rohde, Stephen L	Direct	Sell	6252025	15.81	11,082	175,206	147,586	Form
3	Rohde, Stephen L	Direct	Sell	6242025	15.81	7,083	111,982	322,793	Form
4	Gries, Robert Jr	GRM Family Limited Partnership	Sell	6242025	15.81	358,457	5,667,205	32,114,300	Form
5	Bruce, Beth Witte	Beth W. Bruce Witte Family 1992 Trust	Sell	6242025	15.81	19,831	313,528	4,469,076	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Bruce, Beth Witte		Beth W. Bruce Witte Family 1992 Trust	Sell	6252025	15.81	31,029	490,568	3,978,507	Form
2	Rohde, Stephen L		Direct	Sell	6252025	15.81	11,082	175,206	147,586	Form
3	Rohde, Stephen L		Direct	Sell	6242025	15.81	7,083	111,982	322,793	Form
4	Gries, Robert Jr		GRM Family Limited Partnership	Sell	6242025	15.81	358,457	5,667,205	32,114,300	Form
5	Bruce, Beth Witte		Beth W. Bruce Witte Family 1992 Trust	Sell	6242025	15.81	19,831	313,528	4,469,076	Form
6	Rohde, Stephen L		Direct	Sell	3052026	19.16	5,000			Form
7	Rohde, Stephen L		Direct	Sell	3052026	19.50	5,000			Form
8	Larson, Matthew Paul	Chief Risk Officer	Direct	Sell	3052026	19.01	11,250			Form
9	Rohde, Stephen L		Direct	Sell	3032026	18.83	9,335			Form
10	Bruce, Beth Witte		Beth W. Bruce Witte Family 1992 Trust	Sell	3032026	18.94	25,000	473,500	4,292,656	Form
11	Lucas, Shannon	President & COO	Securus Risk Management, LLC	Sell	3092026	19.37	17,075	330,743	31,629,757	Form
12	Lucas, Shannon	President & COO	Securus Risk Management, LLC	Sell	3092026	18.59	23,884	444,004	29,912,072	Form
13	Lucas, Shannon	President & COO	Securus Risk Management, LLC	Sell	3092026	18.23	11,700	213,291	29,119,526	Form
14	Lucas, Bruce	Chief Executive Officer	IIM Holdings II, LLC	Sell	3092026	19.37	172,644	3,344,114	769,034,636	Form
15	Lucas, Bruce	Chief Executive Officer	IIM Holdings II, LLC	Sell	3092026	18.59	241,493	4,489,355	733,577,443	Form
16	Lucas, Bruce	Chief Executive Officer	IIM Holdings II, LLC	Sell	3092026	18.23	118,300	2,156,609	717,214,923	Form
17	Lucas, Shannon	President & COO	Securus Risk Management, LLC	Sell	3122026	17.80	11,700	208,260	28,224,410	Form
18	Lucas, Shannon	President & COO	Securus Risk Management, LLC	Sell	3122026	17.42	270	4,703	27,617,163	Form
19	Lucas, Bruce	Chief Executive Officer	IIM Holdings II, LLC	Sell	3122026	17.80	118,300	2,105,740	698,191,881	Form
20	Lucas, Bruce	Chief Executive Officer	IIM Holdings II, LLC	Sell	3122026	17.42	2,730	47,557	683,239,105	Form
21	Gries, Robert Jr		GRM Family Limited Partnership	Sell	3182026	18.35	28,212	517,690	36,756,023	Form
22	Gries, Robert Jr		GRM Family Limited Partnership	Sell	3182026	17.85	28,212	503,584	35,250,912	Form
23	Lucas, Shannon	President & COO	Securus Risk Management, LLC	Sell	3182026	18.13	22,500	407,925	28,334,851	Form
24	Lucas, Shannon	President & COO	Securus Risk Management, LLC	Sell	3182026	18.44	9,763	180,030	28,639,312	Form
25	Lucas, Bruce	Chief Executive Officer	IIM Holdings II, LLC	Sell	3182026	18.13	227,500	4,124,575	706,961,818	Form
26	Lucas, Bruce	Chief Executive Officer	IIM Holdings II, LLC	Sell	3182026	18.44	98,716	1,820,323	717,229,645	Form
27	Rohde, Stephen L		Direct	Sell	3172026	17.78	10,000			Form
28	Larson, Matthew Paul	Chief Risk Officer	Direct	Sell	3172026	18.00	11,250			Form
29	Larson, Matthew Paul	Chief Risk Officer	Direct	Sell	3252026	18.00	11,250			Form
30	Lucas, Bruce	Chief Executive Officer	IIM Holdings II, LLC	Sell	4012026	18.09	135,376	2,448,952	696,870,306	Form
31	Lucas, Bruce	Chief Executive Officer	IIM Holdings II, LLC	Sell	4012026	18.10	247,008	4,470,845	692,784,686	Form
32	Lucas, Bruce	Chief Executive Officer	IIM Holdings II, LLC	Sell	4012026	18.01	8,771	157,966	689,181,934	Form
33	Lucas, Shannon	President & COO	Securus Risk Management, LLC	Sell	4012026	18.09	13,389	242,207	27,428,528	Form
34	Lucas, Shannon	President & COO	Securus Risk Management, LLC	Sell	4012026	18.10	24,429	442,165	27,001,526	Form
35	Lucas, Shannon	President & COO	Securus Risk Management, LLC	Sell	4012026	18.01	868	15,633	26,851,631	Form
36	Larson, Matthew Paul	Chief Risk Officer	Direct	Sell	4012026	18.00	11,250			Form
37	Larson, Matthew Paul	Chief Risk Officer	Direct	Sell	4082026	18.00	11,250			Form
38	Gries, Robert Jr		GRM Family Limited Partnership	Sell	4082026	18.06	28,212	509,509	35,156,120	Form
39	Gries, Robert Jr		GRM Family Limited Partnership	Sell	4082026	18.02	28,212	508,380	34,569,874	Form
40	Lucas, Bruce	Chief Executive Officer	IIM Holdings II, LLC	Sell	4082026	18.09	136,500	2,469,285	689,773,979	Form
41	Lucas, Bruce	Chief Executive Officer	IIM Holdings II, LLC	Sell	4082026	18.00	114,077	2,053,386	684,288,882	Form
42	Lucas, Bruce	Chief Executive Officer	IIM Holdings II, LLC	Sell	4082026	18.01	121,414	2,186,666	682,482,376	Form
43	Lucas, Shannon	President & COO	Securus Risk Management, LLC	Sell	4082026	18.09	13,500	244,215	26,726,691	Form
44	Lucas, Shannon	President & COO	Securus Risk Management, LLC	Sell	4082026	18.00	11,283	203,094	26,390,628	Form
45	Lucas, Shannon	President & COO	Securus Risk Management, LLC	Sell	4082026	18.01	12,008	216,264	26,189,025	Form
46	Lucas, Bruce	Chief Executive Officer	IIM Holdings II, LLC	Sell	4132026	18.11	273,702	4,956,743	681,315,097	Form
47	Lucas, Bruce	Chief Executive Officer	IIM Holdings II, LLC	Sell	4132026	18.05	259,055	4,675,943	674,381,898	Form
48	Lucas, Shannon	President & COO	Securus Risk Management, LLC	Sell	4132026	18.11	27,069	490,220	25,844,220	Form
49	Lucas, Shannon	President & COO	Securus Risk Management, LLC	Sell	4132026	18.05	25,621	462,459	25,296,136	Form
50	Larson, Matthew Paul	Chief Risk Officer	Direct	Sell	4152026	18.00	10,000			Form

SLDE Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

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Diversification Alternatives

How Is The Market Pricing SLDE?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What SLDE Makes & Who Pays

TTM figures based on

SLDE Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Financials Resources

Federal Reserve Economic Data

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
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Slide Insurance (SLDE)

Market Price (4/20/2026): $19.635 | Market Cap: $2.4 BilSector: Financials | Industry: Property & Casualty Insurance

Slide Insurance (SLDE)

Market Price (4/20/2026): $19.635Market Cap: $2.4 BilSector: FinancialsIndustry: Property & Casualty Insurance

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Slide Insurance (SLDE)

Exposure to Catastrophic Weather Events and Escalating Reinsurance Costs

Reliance on Proprietary Underwriting Technology and Data Accuracy

Dependence on Niche Market Conditions and Competitive Pressures

Expected Drivers of Future Revenue Growth for Slide Insurance (SLDE)

Interactive Breakdown

Better Bets vs. Slide Insurance (SLDE)

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FDIC Bank Data

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Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

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Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

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Earnings Returns History

SEC Filings

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Insider Activity

SLDE Trade Sentinel

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CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

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Position Sizing

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Market Price (4/20/2026): $19.635 | Market Cap: $2.4 Bil
Sector: Financials | Industry: Property & Casualty Insurance

Market Price (4/20/2026): $19.635
Market Cap: $2.4 Bil
Sector: Financials
Industry: Property & Casualty Insurance