Tiptree Inc.

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Tiptree Inc. trades at $18.1, losing momentum at the top and 5 weeks into that stage. That is +2.7% against its own 200-day average. It sits at 24% of a 52-week range of $16 to $25. On relative strength it has been ahead of the S&P 500 on a trailing-13-week view for 1 straight week.

Today the stock is losing momentum at the top — week 5 of stage 3. At $18.1 it trades +2.7% versus its 200-day average and sits at 24% of its 52-week range ($16–$25).

Against the market, two honest reads. Cumulative: over the last 10.1 years the stock moved +228% while the S&P 500 moved +248% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/BV sits at the 43rd percentile of its own range.

Valuation For a bank we price the book, not the earnings: P/BV is what the market pays for each $1 of the bank's net worth. A bank below 1× book is priced below the value of what it owns, net of what it owes.

Tiptree Inc. trades at 1.3× P/BV, mid-range by its own standards (43rd percentile). Its long-run median P/BV is 1.4×, measured across 5.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/BV of 1.3× is mid-range by its own standards (43rd percentile), against a long-run median of 1.4× measured over 5.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

The honest context for that discount: a bank earning about −5% on its equity is worth less per dollar of book, and the market has priced that in rather than overlooked it. The discount closes only if the returns themselves improve.

🚨 Why the multiple sits where it does: over the past year book value grew while the price moved −16.2% — price and book moved together, holding the multiple in its range.

The price move, decomposed: over 5y, of the +13.4%/yr price move, ~+3.0%/yr came from book-value growth and ~+10.4 pp from the multiple (expanding). The split is the honest approximate (price return minus book-value growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the book-value line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read.

Tiptree Inc. reads as deteriorating on its fundamental arc. Deteriorating — revenue and profit growth are shrinking (revenue growth −45.4% latest against +504.2% at its 12-quarter best), ROE slipping at 4.0%. The read is built from 12 quarters across 3 curves, on partial evidence.

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

41.3/100 — rank 16 of 17 in Insurance - Specialty · 33% evidence confidence · provisional, ranked below fully-evidenced peers

Tiptree Inc. scores 41.3 out of 100 against the 17 companies it is compared with in Insurance - Specialty, ranking 16. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 17.6 + 9.1 + 9.5 + 5.1 = 41.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.

Revenue For a bank, revenue is everything the franchise earns — interest on the loan book plus fees from its businesses.

Tiptree Inc. reported $0.0 B of income in the Mar 26 quarter. The last full year, FY25, came in at $0.0 B. The last four reported quarters add to $1.1 B. A multi-year compound rate is not shown because the annual history behind it is too short to compute one honestly.

Tiptree Inc. reported $0.0 B of income in the Mar 26 quarter. The last full year, FY25, came in at $0.0 B. The last four reported quarters add to $1.1 B. A multi-year compound rate is not shown because the annual history behind it is too short to compute one honestly.

FY25 revenue came in at $0.0 B (null on the year). The latest quarter (Mar 26) printed $0.0 B, null year on year.

Acceleration check: trailing-twelve-month revenue grew −45.4% over the last 4 quarters against −15.8%/yr over the last 8 — rolling over; TTM profit −57.1% vs −13.4%/yr — rolling over.

→ Revenue slipped — did the net margin hold as it scaled? Next: the margin picture.

Net margin Net margin — what the bank keeps of every $100 of revenue after every cost, provision and tax. With big fee businesses in the mix, it is the cleanest margin we can read for this bank.

A clean net margin is not in our numbers for Tiptree Inc. — its accounts do not report the operating-profit line this section reads, which is common for lenders and holding companies. The sections above and below carry the readings this company's filings do support.

A clean net margin is not in our numbers for Tiptree Inc. — its accounts do not report the operating-profit line this section reads, which is common for lenders and holding companies. The sections above and below carry the readings this company's filings do support.

This company's accounts do not report the operating-profit line this section reads — common for lenders and holding companies classified outside the financial bucket. The revenue and net-profit sections are the cleaner reads for Tiptree Inc..

Why: the numbers show the net margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

→ The net margin slipped — did that reach the bottom line? Next: profit null in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Tiptree Inc. posted a net loss of $0.01 B in the Mar 26 quarter. The full FY25 year was a loss of $0.04 B. The same quarter a year earlier earned $0.0 B. 2 of the last 12 reported quarters were loss-making.

Tiptree Inc. posted a net loss of $0.01 B in the Mar 26 quarter. The full FY25 year was a loss of $0.04 B. The same quarter a year earlier earned $0.0 B. 2 of the last 12 reported quarters were loss-making.

Mar 26 profit was $−0.0 B, null year on year. On the full year, FY25 printed $−0.0 B (null).

Pace comparison, last four quarters: profit −33.3% vs revenue −31.1%. Profit and revenue are moving roughly in step.

→ Profit is up — how clean is the loan book behind it? Next: we hold no quarterly loan-book numbers — the section says so plainly.

Asset quality — the ladder Gross NPA is the slice of the loan book where repayments have stopped. Net NPA is what remains after the money already set aside against those loans. Falling is healing; rising is damage arriving.

Loan-book quality history is not available for Tiptree Inc., so this section names the gap rather than estimating a ratio. No gross or net non-performing-asset series is filed in a form this page can read, and none is inferred from the profit line. The income, margin and return sections above carry the evidence this business does report.

We do not hold quarterly loan-book quality numbers for this bank, so this section states that plainly rather than working around it.

Why: loan-book quality is the engine room of a bank, and its drivers — slippages, recoveries, provisioning — sit below what we hold for this name; the sections around it carry the reads we can stand behind.

→ Behind the profits — is the book itself still growing? Next: revenue grew null in FY25.

The loan book We read the loan book through revenue — when the book and the businesses grow, revenue grows with them. It is a rough proxy, and we say so: rate moves and fee swings can shift it a few points in any one year.

Tiptree Inc.'s revenue grew null in FY25 to $0.0 B, so the book is flat. Interest income is a proxy for the book; rate moves can shift it a few points in any one year.

FY25 revenue was $0.0 B, null on the year, and the latest quarter ran null year on year. The net margin on that revenue is null% this quarter (null pp YoY) — growth with a narrowing margin on it.

The synthesis: a lender compounds when the book grows while the margin holds and the loan book stays clean — with quarterly loan-quality numbers missing here, revenue growth and margin are the two we watch.

→ Does all of this actually earn its keep on equity? Next: ROE is −5%.

Returns on equity and assets Two numbers rate a bank: ROE — what it earns on shareholder money — and ROA — what it earns on everything it deploys. ROE above ~13–15% earns its keep; below that, growth builds book slowly.

Tiptree Inc. earns a return on equity of −5% in FY25. Its trough over the ladder below was −7% in FY23. On the asset side every $100 of the balance sheet earned about $−0.45, which is the return before leverage is applied.

FY25 ROE came in at −5%, recovered from a FY23 trough of −7%. On assets, the latest reading is about −0.45% — every $100 the bank deploys earns roughly $−0.45 a year. That return is below the bar a bank must clear to compound book value quickly — which is also the honest reason the stock trades where it does.

Why: the ROE ladder shows the move; the deposit-cost and provisioning drivers behind it sit below what we hold.

→ Who owns this bank, and are they adding or leaving? Next: short interest is 3.7% of the float.

Dividend A dividend is cash paid out per share. Dividend per share is the declared amount for the period; the trailing twelve-month total is the four most recent quarters added together.

Tiptree Inc. paid $0.24 per share over the last four reported quarters, up 20.0% on a year ago. The most recent declaration was $0.06 for Mar 26. Against the current price of $18.1 that is a trailing yield of 1.33%, measured on dividends already paid rather than on a forecast.

Tiptree Inc. paid $0.24 per share over the last four reported quarters, up 20.0% on a year ago. The most recent declaration was $0.06 for Mar 26. Against the current price of $18.1 that is a trailing yield of 1.33%, measured on dividends already paid rather than on a forecast.

Tiptree Inc. paid $0.24 per share across the last four reported quarters, most recently $0.06 for Mar 26. That is up 20.0% against the same quarter a year earlier. Against the current price of $18.1 the trailing twelve months work out to 1.33% — trailing dividends measured against today's price, not a forward estimate.

→ A payout is cash leaving the business. Next: what the balance sheet looks like behind it.

Debt

For a bank, borrowings are raw material, not a warning sign — solvency is read through the returns and the loan book. A manufacturer’s debt is a claim against its profits, so the debt-to-equity lens that works everywhere else misleads on a lender and is not applied here.

A manufacturer’s debt is a claim against its profits; a bank’s borrowings are its inventory — money taken in to be lent out. The debt lens that works everywhere else misleads here, so this page does not apply it. The solvency questions for a bank — is the loan book sound, is the equity earning — are read through the loan-book and returns sections above.

→ Who owns this, and are they adding or leaving? Next: short interest is 3.7% of the float.

Ownership There is no quarter-by-quarter holder register to read here, so we read the crowd through short interest — the slice of tradable shares currently sold short, positioned for a fall.

3.7% of Tiptree Inc.'s tradable float is currently sold short — some money is positioned against it. At typical trading volumes those positions would take about 3.1 days to buy back. There is no quarter-by-quarter holder register to read for this filer, so the crowd is read through short interest instead.

The latest reading: 3.7% of the float is sold short, and at typical trading volumes it would take about 3.1 days to buy those positions back. Some money is positioned against it. This is a single point-in-time reading — we do not yet hold its history, so we show no trend chart.

Why it sits there: who is doing the shorting, and why, does not travel with the number — the level is shown without inventing its story.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Tiptree Inc.: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre. The Z-score was built for manufacturers and is not applied to banks and lenders, so solvency here is read from the capital and asset-quality lines instead.

The safety line in one sentence: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre.

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