Greenlight Capital Re

GLRE

Insurance - Reinsurance · Financial Services

Price

$15.29

-0.09 (-0.59%)

Market Cap

$507.1M

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

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Winston Score History

The full picture

Greenlight Capital Re is a reinsurance company based in the Cayman Islands. Reinsurance means it sells insurance to other insurance companies — when a big disaster happens and insurers need help paying claims, Greenlight Re steps in to share the cost. It operates mainly in property and casualty reinsurance, serving insurance companies across North America and Europe.

The company makes money by collecting premiums from its insurance clients and investing those premiums to generate returns. What makes Greenlight Re unusual is that its investment portfolio is managed by Greenlight Capital, the hedge fund run by well-known investor David Einhorn, giving it an investment-driven business model rather than a purely underwriting-focused one. This strategy can boost profits when investments perform well, but it also adds risk — poor investment returns or a bad year for claims can quickly hurt earnings, and the company remains small compared to major reinsurers like Munich Re or Swiss Re.

Share count broadly stable

+0.4% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 34.4M (2021) → 34.5M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-50.7%

Thin — -50.7% gross margin

Profit after running costs

Operating Margin

-26.1%

Losing money on operations — -26.1%

Return on the money invested

ROCE

6.6%

Weak — 6.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-3.9%

Shrinking sales (-3.9% YoY)

Profit growth

EPS YoY

+36.4%

Earnings growing fast (+36.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

467%

Turns 467% of profit into real cash

Spare cash per sale

FCF Margin

37.3%

Converts sales into free cash efficiently (37.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

25.56x

Comfortably covers interest (25.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

10.2x

Attractive valuation — P/E 10.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+0.8

GROWING

Earnings roughly flat

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Dividends

Not applicable for this business.

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