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Model output: KINSALE CAPITAL GROUP, INC. (KNSL), price $329.72 as of 2026-10-02

Financial snapshot (SEC XBRL; FY = fiscal year, TTM through 2026-06-30)

Metric FY2022 FY2023 FY2024 FY2025 TTM
Revenue $0.8B $1.2B $1.6B $1.9B $2.0B
Gross profit n/a n/a n/a n/a n/a
Operating income n/a n/a n/a n/a $0.7B
Net income $0.2B $0.3B $0.4B $0.5B $0.6B
Operating cash flow $0.6B $0.9B $1.0B $1.0B $1.0B
CapEx $0.0B $0.0B $0.0B $0.1B $0.0B
Free cash flow $0.6B $0.9B $1.0B $1.0B $1.0B
Diluted EPS $6.88 $13.22 $17.78 $21.65 $24.64

Balance sheet (latest): cash $0.2B, debt $0.2B, equity $2.0B; diluted shares 0.023B; market cap $7.6B; EV $7.6B.

WACC: Rf 5.3% (10y UST, ^TNX) + β 0.88 (raw 5y monthly vs S&P 500 0.83; Blume-adjusted) × ERP 4.5% = Ke 9.8%. Kd 5.4% pre-tax × (1 − 20.3%) = 4.3%. Weights E 97.1% / D 2.9% → WACC 9.6%.

DCF (10-yr, mid-year convention) — $B

Yr Revenue Growth EBIT margin NOPAT D&A CapEx ΔNWC FCF PV
1 2.1 4.0% 33.0% 0.5 0.0 0.0 0.0 0.5 0.5
2 2.2 8.0% 32.3% 0.6 0.0 0.0 0.1 0.5 0.4
3 2.5 11.0% 31.7% 0.6 0.0 0.0 0.1 0.5 0.4
4 2.8 12.0% 31.0% 0.7 0.0 0.0 0.1 0.5 0.4
5 3.1 11.0% 30.3% 0.7 0.0 0.0 0.2 0.6 0.4
6 3.4 10.0% 29.7% 0.8 0.0 0.0 0.2 0.7 0.4
7 3.7 8.0% 29.0% 0.8 0.0 0.0 0.1 0.7 0.4
8 3.9 7.0% 28.3% 0.9 0.0 0.0 0.1 0.8 0.4
9 4.2 6.0% 27.7% 0.9 0.0 0.0 0.1 0.8 0.4
10 4.4 5.0% 27.0% 0.9 0.0 0.0 0.1 0.8 0.4

PV of FCF $4.0B. Terminal value — perpetuity (g = 3.0%): TV $13.1B, PV $5.2B → EV $9.2B → $401.71/share (implies 10.7x terminal EBITDA). Exit multiple (11.0x EBITDA): TV $13.5B, PV $5.4B → EV $9.4B → $408.65/share (implies g = 3.2%). Net debt $0.0B.

Sensitivity, perpetuity method ($/share): rows WACC, columns terminal g

WACC \ g 2.0% 2.5% 3.0% 3.5% 4.0%
8.6% $429 $451 $476 $507 $544
9.1% $397 $415 $436 $460 $490
9.6% $370 $385 $402 $422 $445
10.1% $346 $358 $372 $389 $408
10.6% $325 $335 $347 $361 $377

Comparable companies (TTM; forward P/E uses next-FY consensus EPS supplied in config)

Company Price Mkt cap P/E TTM P/E fwd EV/EBITDA P/S P/FCF
KNSL $329.72 $7.6B 13.4x 15.3x 10.4x 3.8x 7.6x
RLI $55.94 $5.2B 11.8x n/a 9.6x 2.6x 10.0x
WRB $68.98 $27.1B 14.2x 13.5x 9.9x 1.8x 7.7x
MKL $1,737.18 $21.9B 9.6x n/a 6.7x 1.4x 10.4x
PLMR $126.49 $3.4B 17.0x n/a 13.1x 3.2x 8.3x
SKWD $55.01 $2.5B 12.8x n/a 8.6x 1.4x 6.2x
ACGL $93.60 $33.2B 7.3x n/a 6.0x 1.7x 5.5x
Peer median 12.3x 13.5x 9.1x 1.8x 8.0x
Peer mean 12.1x 13.5x 9.0x 2.0x 8.0x
Peer low 7.3x 13.5x 6.0x 1.4x 5.5x
Peer high 17.0x 13.5x 13.1x 3.2x 10.4x

Implied value per share from peer multiples:

Multiple Low Median Mean High
P/E TTM $180.46 $302.40 $298.36 $418.91
P/E fwd $290.50 $290.50 $290.50 $290.50
EV/EBITDA $191.68 $289.60 $285.87 $417.49
P/S $123.18 $154.36 $176.66 $274.60
P/FCF $239.06 $348.34 $349.29 $452.26

Dividends: DPS history FY2018 $0.28, FY2019 $0.32, FY2020 $0.36, FY2021 $0.44, FY2022 $0.52, FY2023 $0.56, FY2024 $0.60, FY2025 $0.68. 5y DPS CAGR 13.6%, 10y n/a; payout 2.8% of TTM EPS. Ke 9.8%. Gordon (D0 $0.68, g 4.0%): $12.29; two-stage (10y at 12.0%, then 4.0%): $22.65.

Rule #1 Big Five (10y / 5y / 1y): ROIC 17.6% / 21.9% / 23.1%; Sales 37.0% / 32.4% / 18.0%; EPS n/a / 41.1% / 21.8%; BVPS n/a / 27.3% / 32.5%; OCF 29.5% / 30.1% / 6.9%. Tests passed 12/13. LT debt / FCF = 0.23 yrs.

Sticker Price: EPS $24.64 × (1 + 13.0%)^10 = $83.64 × future P/E 26.0 (min of 2×g = 26.0 and 10y median P/E 37.18; avg 34.52) = $2,174.70 ÷ 1.15^10 = $537.55; MOS (50%) $268.78. Payback-Time (8y) price $629.42; Ten Cap price $436.62. Data-driven windage growth was 15.0%.