Kinsale Capital Group, Inc.

KNSL

Kinsale Capital Group, Inc., a specialty insurance company, provides property and casualty insurance products in the United States. The company's commercial lines offerings include construction, small business, excess and general casualty, commercial property, allied health, life sciences, energy, environmental, health care, inland marine, public entity, and commercial insurance, as well as product, professional, and management liability insurance. It markets and sells its insurance products in all 50 states, the District of Columbia, the Commonwealth of Puerto Rico, and the U.S. Virgin Islands primarily through a network of independent insurance brokers. The company was founded in 2009 and is headquartered in Richmond, Virginia.

深度研究阅读完整报告

Kinsale Capital Group(KNSL)股票深度分析 — 一台E&S复杂风险承保机器，正在经历承保周期转软的质量测试

KNSL 不是普通财险股，而是一台 E&S 复杂风险承保机器。本报告拆解它如何把经纪商提交的复杂风险穿过筛选、定价、绑定、自留、赔付、费用、准备金和资本约束，最终沉淀为 BVPS 复利。

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📊 估值

关键估值指标

EV/EBITDA (TTM)

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

Enterprise Value, EBIT and Ratio

P/E Ratio (TTM)

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

Market Cap, Book Value and Ratio

P/TBV - Price to Tangible Book Value (Quarterly)

Market Cap, Tangible Book Value and Ratio

Price / OCF (TTM)

Market Cap, Operating Cash Flow and Ratio

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

Quarterly Revenue

Net Income (Quarterly)

Quarterly Net Income

EPS (Quarterly)

Earnings Per Share

FCF/Share (Quarterly)

Free Cash Flow Per Share

BVPS Growth YoY

(BVPS_current / BVPS_1y_ago) - 1

TBVPS Growth YoY

(TBVPS_current / TBVPS_1y_ago) - 1

💰 盈利

利润率和净资产收益率

Operating Margin (TTM)

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

Revenue, Net Income and Net Profit Margin

ROE (TTM)

Equity, Net Income and Return on Equity

ROA (TTM)

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

Net Income, Tangible Common Equity and ROTCE

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

Operating Cash Flow, Net Income and Ratio

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

Operating Cash Flow, Total Debt and Ratio

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

Operating Cash Flow, Total Assets and Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

Total Debt, Total Equity and Debt/Equity Ratio

Altman Z-Score

Financial Distress Prediction Model

Debt-to-Assets Ratio (MRQ)

Total Debt, Total Assets and Debt-to-Assets Ratio

Liquidity-to-Assets Ratio (MRQ)

Current Assets, Total Assets and Liquidity-to-Assets Ratio

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

NOPAT, Invested Capital and Return on Invested Capital

Asset Turnover (TTM)

Revenue, Total Assets and Turnover Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

SG&A Expenses, Revenue and Ratio

Operating Expense Ratio (TTM)

Operating Expenses, Revenue and Ratio

Cost-to-Income Ratio (TTM)

Operating Expenses, Operating Income and Ratio

Revenue per Employee (Quarterly)

Revenue and Revenue per Employee

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

Net Buyback and Buyback Yield

TSR - Total Shareholder Return (1Y)

(Price_end + Dividends_TTM) / Price_start - 1

Dividend Growth CAGR (3Y)

(Dividend_end / Dividend_start)^(1/3) - 1

利润瀑布图分析

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盈利能力指标 Profitability Margins

营业利润率 Operating Income Margini

29.92%

营业利润 Operating Income = $0.14B

营业收入 Revenue = $0.47B

税前利润率 Pre-tax Profit Margini

29.92%

税前利润 Income Before Tax = $0.14B

营业收入 Revenue = $0.47B

净利润率 Net Profit Margini

24.12%

净利润 Net Income = $0.11B

营业收入 Revenue = $0.47B

税务指标 Tax Metrics

应计税率 Effective Tax Ratei

19.41%

所得税费用 Income Tax Expense = $0.03B

税前利润 Income Before Tax = $0.14B

现金税率 TTM Cash Tax Rate (TTM)i

0.00%

实际缴纳所得税 Income Taxes Paid (TTM) = $0.00B

税前利润 Income Before Tax (TTM) = $0.66B

银行核心盈利指标 Financial Sector PPNR Metrics

拨备前净收入（监管口径） PPNRi

$-0.05B

PPNR = Net Interest Income + Non-Interest Income - Non-Interest Expense

net interest income: N/A | non interest income: N/A | non interest expense: $0.05B

PPNR利润率 PPNR Margini

-10.68%

拨备前净收入 PPNR = $-0.05B

营业收入 Revenue = $0.47B

PPNR资产回报率 PPNR / Avg Assetsi

-0.87%

PPNR ROA = PPNR / Avg Total Assets

ppnr: $-0.05B | avg total assets: $5.72B

成本效率指标 Cost Efficiency Metrics

效率比率（银行口径） Efficiency Ratioi

10.00%

非利息费用 Non-Interest Expense = $0.05B

营业收入 Revenue = $0.47B

成本收入比（非银） Cost-to-Incomei

10.00%

运营费用 Operating Expenses = $0.05B

营业收入 Revenue = $0.47B

成本资产比（UBPR思想） Cost-to-Assetsi

0.82%

运营费用 Operating Expenses = $0.05B

平均总资产 Avg Total Assets = $5.72B

运营杠杆指标 Operating Leverage Metrics

运营杠杆 (YoY) Operating JAWSi

50.47%

收入增长率 Revenue Growth (YoY) = 10.23%

费用增长率 Expense Growth (YoY) = -40.24%

营业利润率扩张 (YoY) Operating Margin Expansioni

2.79pp

当前营业利润率 Current Operating Margin = 29.92%

去年同期营业利润率 Prior Operating Margin = 27.13%

盈利质量指标 Earnings Quality Metrics

盈利质量 (OCF/NI) Earnings Qualityi

2.21x

经营现金流 Operating Cash Flow = $0.25B

净利润 Net Income = $0.11B

应计项/平均资产 (Sloan) Accruals / Avg Assetsi

-2.39%

Accruals / Avg Assets = (Net Income - OCF) / Avg Total Assets

net income: $0.11B | operating cash flow: $0.25B | avg total assets: $5.72B

波动性指标 Volatility Metrics

PPNR波动率 (8Q) PPNR Volatilityi

2.17x

核心收入波动率 (8Q) Core Revenue Volatilityi

0.08x

员工生产力指标 Employee Productivity Metrics

人均收入 TTM Revenue per Employeei

N/A

Revenue per Employee = Revenue (TTM) / Employee Count

revenue TTM: $1.92B | employee count: N/A

人均运营费用 TTM OpEx per Employeei

N/A

OpEx per Employee = Operating Expenses (TTM) / Employee Count

operating expenses TTM: $0.27B | employee count: N/A

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资本充足性 Capital Adequacy

有形普通股权 Tangible Common Equity (TCE)i

$1.84B

有形资产 Tangible Assets (TA)i

$6.09B

TCE/TA比率 TCE / TA Ratioi

30.28%

✅ 健康 Healthy

有形普通股权 TCE = $1.84B

有形资产 TA = $6.09B

杠杆指标 Leverage

股权资产比 Equity / Assets (E/A)i

31.65%

股东权益 Total Equity = $1.97B

总资产 Total Assets = $6.22B

资产股权倍数 Assets / Equity (A/E)i

3.16x

总资产 Total Assets = $6.22B

股东权益 Total Equity = $1.97B

资本质量 Capital Quality

AOCI侵蚀度 AOCI / TCEi

-3.56%

✅ 健康 Healthy

AOCI = $-0.07B

有形普通股权 TCE = $1.84B

商誉无形占比 (Goodwill + Intangibles) / Equityi

6.24%

✅ 健康 Healthy

商誉+无形资产 GW+Intangibles = $0.12B

股东权益 Total Equity = $1.97B

流动性 Liquidity

高流动性缓冲 Liquidity Buffer (HQLA proxy)i

44.93%

✅ 健康 Healthy

现金+短投 Cash+ST Inv = $2.79B

总资产 Total Assets = $6.22B

资金结构 Funding Structure

批发资金依赖度 Wholesale Funding Ratio (Core)i

5.28%

✅ 健康 Healthy

短期+长期债务 ST+LT Debt = $0.22B

总负债 Total Liabilities = $4.25B

证券类资产占比 Securities / Assetsi

82.09%

🔴 风险 Risk

短投+长投 ST+LT Inv = $5.10B

总资产 Total Assets = $6.22B

风险调整 Risk-Adjusted

风险调整后TCE Risk-Adjusted TCE (ATCE)i

$1.78B

ATCE/TA比率 ATCE / TAi

29.20%

风险调整TCE ATCE = $1.78B

有形资产 TA = $6.09B

ATCE剪刀差 ATCE Scissor Spreadi

108 bps

⚠️ 警告 Warning

TCE/TA = 3028.00%

ATCE/TA = 2920.00%

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现金流瀑布图

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流入

流出

小计

起止点

现金流生成能力 Cash Generation Capability

盈利现金含量 Earnings Cash Contenti

2.02x

经营现金流 TTM Operating Cash Flow (TTM) = $1.06B

净利润 TTM Net Income (TTM) = $0.53B

现金流资产收益率 Cash Flow ROA (CFROA)i

17.89%

经营现金流 TTM Operating Cash Flow (TTM) = $1.06B

平均总资产 Average Total Assets = $5.94B

流动性／偿债能力 Liquidity / Solvency

现金流充足率 Cash Flow Adequacyi

15.94x

经营现金流 TTM Operating Cash Flow (TTM) = $1.06B

CapEx + 债务偿还 + 分红 CapEx + Debt Repayment + Dividends = $0.07B

经营现金流覆盖短期债务比 OCF / Short-Term Debti

20.84x

经营现金流 TTM Operating Cash Flow (TTM) = $1.06B

短期债务 Short-Term Debt = $0.05B

持续性／稳定性 Sustainability / Stability

经营现金流增长率 OCF Growth Rate (YoY)i

8.31%

当期季度 Current Quarter OCF = $0.25B

去年同期 Same Quarter Last Year OCF = $0.23B

经营现金流波动性 OCF Volatility (CV)i

0.12x

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📊 估值

关键估值指标

EV/EBITDA (TTM)

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

Enterprise Value, EBIT and Ratio

P/E Ratio (TTM)

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

Market Cap, Book Value and Ratio

P/TBV - Price to Tangible Book Value (Quarterly)

Market Cap, Tangible Book Value and Ratio

Price / OCF (TTM)

Market Cap, Operating Cash Flow and Ratio

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

Quarterly Revenue

Net Income (Quarterly)

Quarterly Net Income

EPS (Quarterly)

Earnings Per Share

FCF/Share (Quarterly)

Free Cash Flow Per Share

BVPS Growth YoY

(BVPS_current / BVPS_1y_ago) - 1

TBVPS Growth YoY

(TBVPS_current / TBVPS_1y_ago) - 1

💰 盈利

利润率和净资产收益率

Operating Margin (TTM)

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

Revenue, Net Income and Net Profit Margin

ROE (TTM)

Equity, Net Income and Return on Equity

ROA (TTM)

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

Net Income, Tangible Common Equity and ROTCE

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

Operating Cash Flow, Net Income and Ratio

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

Operating Cash Flow, Total Debt and Ratio

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

Operating Cash Flow, Total Assets and Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

Total Debt, Total Equity and Debt/Equity Ratio

Altman Z-Score

Financial Distress Prediction Model

Debt-to-Assets Ratio (MRQ)

Total Debt, Total Assets and Debt-to-Assets Ratio

Liquidity-to-Assets Ratio (MRQ)

Current Assets, Total Assets and Liquidity-to-Assets Ratio

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

NOPAT, Invested Capital and Return on Invested Capital

Asset Turnover (TTM)

Revenue, Total Assets and Turnover Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

SG&A Expenses, Revenue and Ratio

Operating Expense Ratio (TTM)

Operating Expenses, Revenue and Ratio

Cost-to-Income Ratio (TTM)

Operating Expenses, Operating Income and Ratio

Revenue per Employee (Quarterly)

Revenue and Revenue per Employee

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

Net Buyback and Buyback Yield

TSR - Total Shareholder Return (1Y)

(Price_end + Dividends_TTM) / Price_start - 1

Dividend Growth CAGR (3Y)

(Dividend_end / Dividend_start)^(1/3) - 1

资本充足性 Capital Adequacy

有形普通股权 Tangible Common Equity (TCE)i

$1.84B

有形资产 Tangible Assets (TA)i

$6.09B

TCE/TA比率 TCE / TA Ratioi

30.28%

✅ 健康 Healthy

有形普通股权 TCE = $1.84B

有形资产 TA = $6.09B

杠杆指标 Leverage

股权资产比 Equity / Assets (E/A)i

31.65%

股东权益 Total Equity = $1.97B

总资产 Total Assets = $6.22B

资产股权倍数 Assets / Equity (A/E)i

3.16x

总资产 Total Assets = $6.22B

股东权益 Total Equity = $1.97B

资本质量 Capital Quality

AOCI侵蚀度 AOCI / TCEi

-3.56%

✅ 健康 Healthy

AOCI = $-0.07B

有形普通股权 TCE = $1.84B

商誉无形占比 (Goodwill + Intangibles) / Equityi

6.24%

✅ 健康 Healthy

商誉+无形资产 GW+Intangibles = $0.12B

股东权益 Total Equity = $1.97B

流动性 Liquidity

高流动性缓冲 Liquidity Buffer (HQLA proxy)i

44.93%

✅ 健康 Healthy

现金+短投 Cash+ST Inv = $2.79B

总资产 Total Assets = $6.22B

资金结构 Funding Structure

批发资金依赖度 Wholesale Funding Ratio (Core)i

5.28%

✅ 健康 Healthy

短期+长期债务 ST+LT Debt = $0.22B

总负债 Total Liabilities = $4.25B

证券类资产占比 Securities / Assetsi

82.09%

🔴 风险 Risk

短投+长投 ST+LT Inv = $5.10B

总资产 Total Assets = $6.22B

风险调整 Risk-Adjusted

风险调整后TCE Risk-Adjusted TCE (ATCE)i

$1.78B

ATCE/TA比率 ATCE / TAi

29.20%

风险调整TCE ATCE = $1.78B

有形资产 TA = $6.09B

ATCE剪刀差 ATCE Scissor Spreadi

108 bps

⚠️ 警告 Warning

TCE/TA = 3028.00%

ATCE/TA = 2920.00%

盈利能力指标 Profitability Margins

营业利润率 Operating Income Margini

29.92%

营业利润 Operating Income = $0.14B

营业收入 Revenue = $0.47B

税前利润率 Pre-tax Profit Margini

29.92%

税前利润 Income Before Tax = $0.14B

营业收入 Revenue = $0.47B

净利润率 Net Profit Margini

24.12%

净利润 Net Income = $0.11B

营业收入 Revenue = $0.47B

税务指标 Tax Metrics

应计税率 Effective Tax Ratei

19.41%

所得税费用 Income Tax Expense = $0.03B

税前利润 Income Before Tax = $0.14B

现金税率 TTM Cash Tax Rate (TTM)i

0.00%

实际缴纳所得税 Income Taxes Paid (TTM) = $0.00B

税前利润 Income Before Tax (TTM) = $0.66B

银行核心盈利指标 Financial Sector PPNR Metrics

拨备前净收入（监管口径） PPNRi

$-0.05B

PPNR = Net Interest Income + Non-Interest Income - Non-Interest Expense

net interest income: N/A | non interest income: N/A | non interest expense: $0.05B

PPNR利润率 PPNR Margini

-10.68%

拨备前净收入 PPNR = $-0.05B

营业收入 Revenue = $0.47B

PPNR资产回报率 PPNR / Avg Assetsi

-0.87%

PPNR ROA = PPNR / Avg Total Assets

ppnr: $-0.05B | avg total assets: $5.72B

成本效率指标 Cost Efficiency Metrics

效率比率（银行口径） Efficiency Ratioi

10.00%

非利息费用 Non-Interest Expense = $0.05B

营业收入 Revenue = $0.47B

成本收入比（非银） Cost-to-Incomei

10.00%

运营费用 Operating Expenses = $0.05B

营业收入 Revenue = $0.47B

成本资产比（UBPR思想） Cost-to-Assetsi

0.82%

运营费用 Operating Expenses = $0.05B

平均总资产 Avg Total Assets = $5.72B

运营杠杆指标 Operating Leverage Metrics

运营杠杆 (YoY) Operating JAWSi

50.47%

收入增长率 Revenue Growth (YoY) = 10.23%

费用增长率 Expense Growth (YoY) = -40.24%

营业利润率扩张 (YoY) Operating Margin Expansioni

2.79pp

当前营业利润率 Current Operating Margin = 29.92%

去年同期营业利润率 Prior Operating Margin = 27.13%

盈利质量指标 Earnings Quality Metrics

盈利质量 (OCF/NI) Earnings Qualityi

2.21x

经营现金流 Operating Cash Flow = $0.25B

净利润 Net Income = $0.11B

应计项/平均资产 (Sloan) Accruals / Avg Assetsi

-2.39%

Accruals / Avg Assets = (Net Income - OCF) / Avg Total Assets

net income: $0.11B | operating cash flow: $0.25B | avg total assets: $5.72B

波动性指标 Volatility Metrics

PPNR波动率 (8Q) PPNR Volatilityi

2.17x

核心收入波动率 (8Q) Core Revenue Volatilityi

0.08x

员工生产力指标 Employee Productivity Metrics

人均收入 TTM Revenue per Employeei

N/A

Revenue per Employee = Revenue (TTM) / Employee Count

revenue TTM: $1.92B | employee count: N/A

人均运营费用 TTM OpEx per Employeei

N/A

OpEx per Employee = Operating Expenses (TTM) / Employee Count

operating expenses TTM: $0.27B | employee count: N/A

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Kinsale Capital Group, Inc.

Kinsale Capital Group(KNSL)股票深度分析 — 一台E&S复杂风险承保机器，正在经历承保周期转软的质量测试

🔍 商业模式深度分析 (杜邦模型)

财务可视化指标

📊 估值

EV/EBITDA (TTM)

EV/EBIT (TTM)

P/E Ratio (TTM)

P/B Ratio (Quarterly)

P/TBV - Price to Tangible Book Value (Quarterly)

Price / OCF (TTM)

📈 成长

Revenue (Quarterly)

Net Income (Quarterly)

EPS (Quarterly)

FCF/Share (Quarterly)

BVPS Growth YoY

TBVPS Growth YoY

💰 盈利

Operating Margin (TTM)

Net Profit Margin (TTM)

ROE (TTM)

ROA (TTM)

ROTCE - Return on Tangible Common Equity (TTM)

💵 现金质量

OCF/NI Ratio (TTM)

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

🛡️ 财务韧性

Debt/Equity (quarterly)

Altman Z-Score

Debt-to-Assets Ratio (MRQ)

Liquidity-to-Assets Ratio (MRQ)

⚙️ 运营与资本效率

ROIC (TTM)

Asset Turnover (TTM)

SG&A/Revenue - SG&A Efficiency (TTM)

Operating Expense Ratio (TTM)

Cost-to-Income Ratio (TTM)

Revenue per Employee (Quarterly)

🎁 股东回报

Dividend Yield (TTM)

Buyback Yield (TTM)

TSR - Total Shareholder Return (1Y)

Dividend Growth CAGR (3Y)

利润表分析

利润瀑布图分析

资产负债表分析

现金流量表分析

📊 估值

EV/EBITDA (TTM)

EV/EBIT (TTM)

P/E Ratio (TTM)

P/B Ratio (Quarterly)

P/TBV - Price to Tangible Book Value (Quarterly)

Price / OCF (TTM)

📈 成长

Revenue (Quarterly)

Net Income (Quarterly)

EPS (Quarterly)

FCF/Share (Quarterly)

BVPS Growth YoY

TBVPS Growth YoY

💰 盈利

Operating Margin (TTM)

Net Profit Margin (TTM)

ROE (TTM)

ROA (TTM)

ROTCE - Return on Tangible Common Equity (TTM)

💵 现金质量

OCF/NI Ratio (TTM)

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

🛡️ 财务韧性

Debt/Equity (quarterly)

Altman Z-Score

Debt-to-Assets Ratio (MRQ)

Liquidity-to-Assets Ratio (MRQ)

⚙️ 运营与资本效率