HGTY Class A Hagerty, Inc. Class A Common Stock
NYSE · Insurance · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 5, 2026
$13.61
· of 52w range
· above low
· to high
$9.3652w low
$14.1752w high
Market Cap (MRQ)
$4.72B
Revenue
$1.46B
your badges
52W Range
$9–$14
Analyst Rating
BUY
Price Target
$14
P/E
·
ROE
80.3%
Net Profit Margin
4.9%
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HGTY Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$13.61
Market Cap (MRQ)
$4.72B
Revenue
$1.46B
ROE
80.3%
Debt/Equity (MRQ)
1.0
52W Range
$9–$14
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$1.46B2020-12-31 → 2025-12-31
EPS·2020-12-31 → 2021-12-31
Free Cash Flow$194M2021-12-31 → 2025-12-31
Net margin4.9%2021-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | HGTY | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/S (TTM) | 3.35Y avg ≈4.1 | ≈4.1 | 3.0 | Undervalued | |
| P/B (MRQ) | 21.95Y avg ≈21.1 | ≈21.1 | 2.5 | Overvalued | |
| Price / FCF (TTM) | 16.95Y avg ≈-1008.6 | ≈-1008.6 | · | · | |
| Price / Cash Flow (TTM) | 15.45Y avg ≈50.5 | ≈50.5 | 18.6 | Overvalued | |
| Price / Tangible Book (MRQ) | 37.4 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | HGTY | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| EBITDA Margin | 2.6%5Y avg ≈2.9% | ≈2.9% | 19.7% | Weak | |
| Pretax Margin (TTM) | 2.4%5Y avg ≈2.9% | ≈2.9% | 14.3% | Weak | |
| Net Profit Margin (TTM) | 4.9%5Y avg ≈3.2% | ≈3.2% | 8.5% | Weak | |
| ROA | 7.8%5Y avg ≈2.3% | ≈2.3% | 4.3% | Top tier | |
| ROE | 80.3%5Y avg ≈37.2% | ≈37.2% | 7.8% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | HGTY | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 1.05Y avg ≈0.9 | ≈0.9 | 0.6 | High debt | |
| Long-Term Debt / Equity (MRQ) | 1.05Y avg ≈0.9 | ≈0.9 | 0.7 | High debt |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | HGTY | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 17.3%5Y avg ≈23.9% | ≈23.9% | · | · | |
| Revenue CAGR 3Y | 22.7%5Y avg ≈25.3% | ≈25.3% | · | · | |
| Revenue CAGR 5Y | 23.9% | · | · | · | |
| Net Income YoY | 90.6%5Y avg ≈447.0% | ≈447.0% | · | · | |
| Net Income CAGR 3Y | 296.0% | · | · | · | |
| Net Income CAGR 5Y | 71.1% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | HGTY | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.85Y avg ≈0.7 | ≈0.7 | 0.4 | Top tier | |
| Receivables Turnover | 16.15Y avg ≈15.4 | ≈15.4 | 9.3 | Top tier | |
| Revenue / Employee | ≈$770.2K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
85.6%
Next Report
Nov 02, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 11, 2026 | $-0.02 | $-0.09 | 77.5% |
| March 31, 2026 | May 12, 2026 | $-0.04 | $-0.04 | 2.0% |
| Dec. 31, 2025 | $0.08 | $0.04 | 124.7% | |
| Sept. 30, 2025 | $0.13 | $0.08 | 60.7% | |
| June 30, 2025 | $0.13 | $0.12 | 12.5% | |
| March 31, 2025 | $0.08 | $0.02 | 236.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $1.46B | $1.24B | $1.03B | $788M | $619M | $500M | |
| SG&A Expense | $95M | $83M | $85M | $89M | $65M | $51M | |
| Operating Expenses | $1.28B | $1.13B | $977M | · | · | · | |
| Operating Income | · | $66M | $10M | $-68M | $-10M | $16M | |
| Interest Income | $39M | $39M | $27M | $7M | · | · | |
| Other Non-op | $-41M | $-6M | $-4M | $2M | $-2M | $-987.0K | |
| Pretax Income | $139M | $94M | $45M | $11M | $-55M | $15M | |
| Income Tax | $-10M | $15M | $17M | $7M | $7M | $5M | |
| Net Income | $149M | $78M | $28M | $2M | $-61M | $10M | |
| EPS (Basic) | · | · | · | $0.39 | $-0.56 | $101.66 | |
| EPS (Diluted) | · | · | · | · | $-0.56 | $101.66 | |
| Shares (Basic) | · | · | · | · | 82,327,000 | 100,000 | |
| Shares (Diluted) | · | · | · | · | 82,327,000 | 100,000 | |
| EBITDA | $38M | $105M | $56M | $-34M | $12M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $160M | $105M | $108M | $95M | $275M | $38M | |
| Short-term Investments | · | $74M | $11M | · | · | · | |
| Receivables | $99M | $85M | $72M | $58M | $47M | $34M | |
| Inventory | $12M | $18M | $5M | $2M | · | · | |
| Prepaid Expense | · | · | · | $46M | $30M | $15M | |
| Other Current Assets | · | $91M | $49M | $46M | · | · | |
| Current Assets | · | $858M | $1.25B | $937M | $895M | $513M | |
| PP&E (Net) | $16M | $18M | $21M | $25M | $28M | $26M | |
| PP&E (Gross) | · | $46M | $45M | $47M | $49M | $51M | |
| Accum. Depreciation | · | $27M | $24M | $22M | $21M | $25M | |
| Goodwill | $114M | $114M | $114M | $115M | $11M | $5M | |
| Intangibles | $89M | $90M | $92M | $104M | $76M | $47M | |
| Other Non-current Assets | · | $75M | $38M | $37M | $147M | $72M | |
| Total Assets | $2.09B | $1.71B | $1.59B | $1.31B | $1.04B | $611M | |
| Accounts Payable | · | · | · | $16M | $9M | $12M | |
| Accrued Liabilities | · | · | · | · | $46M | $36M | |
| Current Liabilities | · | $915M | $842M | $667M | $496M | $385M | |
| Capital Leases | · | $43M | $50M | $81M | $0 | · | |
| Deferred Tax | $23M | $18M | $16M | $13M | $11M | · | |
| Other Non-current Liabilities | · | $18M | $4M | $11M | $7M | $5M | |
| Total Liabilities | $1.35B | $1.10B | $1.09B | $945M | $771M | $493M | |
| Long-term Debt | $178M | $106M | $131M | $108M | $136M | $70M | |
| Total Debt | $178M | $106M | $134M | $108M | $136M | · | |
| Paid-in Capital | $623M | $604M | $562M | $549M | $160M | · | |
| Retained Earnings | $-403M | $-452M | $-469M | $-490M | $-482M | $57M | |
| AOCI | $1M | $-2M | $-88.0K | $-213.0K | $-2M | $-2M | |
| Stockholders' Equity | $221M | $150M | $93M | $59M | $-324M | $-1.5K | |
| Liabilities + Equity | $2.09B | $1.71B | $1.59B | $1.31B | $1.04B | $611M | |
| Shares Outstanding | · | 345,210,737 | 340,087,700 | 338,961,435 | 333,361,000 | 2,875,000 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $38M | $39M | $46M | $34M | $22M | $12M | |
| Stock-based Comp | $19M | $17M | $18M | $12M | $0 | · | |
| Deferred Tax | $-35M | $3M | $3M | $3M | $3M | $1M | |
| Amort. of Intangibles | $24M | $27M | $29M | $22M | $13M | $6M | |
| Restructuring | · | · | $9M | $18M | $0 | · | |
| Other Non-cash | $48M | $40M | $39M | $-26M | $63M | · | |
| Operating Cash Flow | $219M | $177M | $134M | $55M | $42M | $85M | |
| CapEx | $25M | $21M | $26M | $44M | $43M | $38M | |
| Investing Cash Flow | $-185M | $-619M | $-53M | $-92M | $-69M | $-47M | |
| Debt Issued | $257M | $62M | $162M | $94M | $108M | $73M | |
| Net Debt Issued | $69M | $-29M | $22M | $-28M | $68M | · | |
| Stock Issued | · | · | $2M | $0 | $0 | · | |
| Net Stock Activity | · | · | $2M | · | · | · | |
| Financing Cash Flow | $30M | $-47M | $103M | $-28M | $332M | $40M | |
| Net Change in Cash | $66M | $-491M | $185M | $-65M | $305M | $78M | |
| Taxes Paid | $16M | $18M | $10M | · | · | · | |
| Free Cash Flow | $194M | $156M | $107M | $11M | $-1M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | · | 5.5% | 1.0% | -8.6% | -1.6% | · | |
| Net Margin | 10.2% | 6.5% | 2.8% | 4.1% | -7.5% | · | |
| Pretax Margin | 9.6% | 7.8% | 4.5% | 1.4% | -8.8% | · | |
| EBITDA Margin | 2.6% | 8.8% | 5.6% | -4.3% | 1.9% | · | |
| ROA | 7.8% | 4.8% | 1.9% | 2.7% | -5.6% | · | |
| ROE | 80.3% | 64.4% | 37.1% | -24.2% | 28.2% | · | |
| ROIC | · | 21.7% | 2.9% | -14.8% | 6.0% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | · | 0.9 | 1.5 | 1.4 | 1.8 | · | |
| Quick Ratio | · | 0.3 | 0.2 | 0.2 | 0.6 | · | |
| Debt / Equity | 0.8 | 0.7 | 1.4 | 1.8 | -0.4 | · | |
| LT Debt / Equity | 0.8 | 0.7 | 1.4 | 1.8 | -0.4 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.8 | 0.7 | 0.7 | 0.7 | 0.7 | · | |
| Receivables Turnover | 16.1 | 15.4 | 15.4 | 15.0 | 15.4 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Book Value / Share | · | $0.44 | $0.27 | $0.17 | $-0.97 | · | |
| Revenue / Share | · | · | · | · | $7.52 | · | |
| Cash Flow / Share | · | · | · | · | $0.51 | · | |
| Cash / Share | · | $0.30 | $0.32 | $0.28 | $0.83 | · | |
| EPS (TTM) | · | · | · | · | $-0.56 | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 17.3% | 20.9% | 30.4% | 27.2% | 23.9% | · | |
| Revenue CAGR 3Y | 22.7% | 26.1% | 27.2% | · | · | · | |
| Revenue CAGR 5Y | 23.9% | · | · | · | · | · | |
| Net Income YoY | 90.6% | 177.9% | 1072.7% | · | · | · | |
| Net Income CAGR 3Y | 296.0% | · | 40.5% | · | · | · | |
| Net Income CAGR 5Y | 71.1% | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.46B | $1.24B | $1.03B | $788M | $619M | · | |
| Net Income TTM | $149M | $78M | $28M | $2M | $-61M | · | |
| Market Cap | · | $3.33B | $2.65B | $2.85B | $4.73B | · | |
| Enterprise Value | · | $3.26B | $2.68B | $2.86B | $4.59B | · | |
| P/E | · | · | · | · | -25.3 | · | |
| P/S | · | 2.7 | 2.6 | 3.6 | 7.6 | · | |
| P/B | · | 22.2 | 28.6 | 48.1 | -14.6 | · | |
| P / Cash Flow | · | 18.8 | 19.8 | 51.5 | 111.8 | · | |
| P / FCF | · | 21.4 | 24.7 | 260.3 | -4340.7 | · | |
| EV / EBITDA | · | 30.9 | 47.6 | -85.0 | 380.0 | · | |
| EV / FCF | · | 20.9 | 25.0 | 261.5 | -4213.2 | · | |
| EV / Revenue | · | 2.6 | 2.6 | 3.6 | 7.4 | · | |
| Earnings Yield | · | · | · | · | -4.0% | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $355M | $312M | $388M | $380M | $379M | $328M | $333M | $323M | $313M | $272M | $272M | $276M | $261M | $218M | $197M | $217M | |
| SG&A Expense | $95M | $72M | $25M | $24M | $162M | $144M | $20M | $21M | $21M | $20M | $21M | $22M | $21M | $21M | $25M | $24M | |
| Operating Expenses | $351M | $331M | · | · | $321M | $294M | · | · | · | · | · | · | · | · | · | · | |
| Operating Income | · | · | · | $34M | $48M | $26M | · | $10M | $38M | $12M | · | $16M | $17M | $-16M | $-36M | $-21M | |
| Interest Income | $11M | $10M | $10M | $10M | $10M | $9M | $9M | $10M | $11M | $9M | $9M | $7M | $6M | · | · | · | |
| Other Non-op | $-28.0K | $-922.0K | $-33M | $-21M | $-5M | $-2M | $-34M | $8M | $12M | $7M | $-20M | $6M | $4M | $6M | $2M | $662.0K | |
| Pretax Income | $2M | $-21M | $40M | $13M | $53M | $33M | $14M | $18M | $48M | $13M | $14M | $23M | $19M | $-11M | $-29M | $26M | |
| Income Tax | $-6M | $-8M | $11M | $-33M | $6M | $5M | $5M | $-1M | $6M | $5M | $5M | $5M | $4M | $4M | $3M | $-91.0K | |
| Net Income | $8M | $-13M | $29M | $46M | $47M | $27M | $8M | $19M | $43M | $8M | $9M | $19M | $16M | $-15M | $-44M | $24M | |
| EBITDA | · | $10M | · | $44M | $57M | $35M | · | $19M | $48M | $23M | · | $27M | $28M | $-3M | · | $-12M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $298M | $212M | $160M | $160M | $140M | $128M | $105M | $147M | $121M | $131M | $108M | $91M | $114M | $63M | $95M | $180M | |
| Short-term Investments | · | · | · | $130M | $119M | $105M | · | $62M | $65M | · | · | · | · | · | · | · | |
| Receivables | $27M | $28M | $96M | $107M | $108M | $98M | $85M | $93M | $88M | $72M | · | $82M | $77M | $63M | · | $70M | |
| Inventory | $25M | $32M | $12M | $14M | $18M | $14M | $18M | $9M | $14M | $4M | · | $2M | $5M | $5M | · | · | |
| Prepaid Expense | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $47M | |
| Other Current Assets | · | · | · | $99M | $116M | $102M | · | $78M | $84M | $81M | · | $57M | $64M | $58M | · | · | |
| Current Assets | · | · | · | $1.21B | $1.21B | $998M | · | $1.01B | $1.01B | $1.24B | · | $1.25B | $1.18B | $926M | · | $1.05B | |
| PP&E (Net) | $17M | $17M | $16M | $17M | $17M | $18M | $18M | $19M | $20M | $20M | · | $22M | $23M | $25M | · | $28M | |
| Goodwill | $114M | $114M | $114M | $114M | $114M | $114M | $114M | $114M | $114M | $114M | · | $114M | $115M | $115M | $115M | $115M | |
| Intangibles | $89M | $89M | $89M | $88M | $87M | $87M | $90M | $92M | $83M | $88M | · | $96M | $104M | $103M | · | $102M | |
| Other Non-current Assets | · | · | · | $86M | $67M | $63M | · | $55M | $47M | $49M | · | $38M | $41M | $40M | · | $263M | |
| Total Assets | $2.15B | $2.02B | $2.09B | $2.15B | $2.04B | $1.82B | $1.71B | $1.82B | $1.73B | $1.57B | · | $1.58B | $1.55B | $1.30B | · | $1.34B | |
| Accounts Payable | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $26M | |
| Accrued Liabilities | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $48M | |
| Current Liabilities | · | · | · | $1.22B | $1.15B | $987M | · | $1.00B | $970M | $849M | · | $891M | $849M | $695M | · | $721M | |
| Capital Leases | · | · | · | $41M | $41M | $42M | · | $45M | $47M | $49M | · | $52M | $77M | $79M | · | · | |
| Deferred Tax | $244.0K | $6M | $23M | $24M | $22M | $18M | $18M | $21M | $18M | $15M | · | $18M | $17M | $14M | · | $14M | |
| Other Non-current Liabilities | · | · | · | $14M | $3M | $2M | · | $4M | $3M | $3M | · | $4M | $5M | $4M | · | $7M | |
| Total Liabilities | $1.41B | $1.29B | $1.35B | $1.44B | $1.38B | $1.20B | $1.10B | $1.21B | $1.19B | $1.06B | · | $1.11B | $1.09B | $945M | · | $955M | |
| Long-term Debt | $216M | $229M | $178M | $104M | $153M | $133M | $106M | $123M | $98M | $91M | · | $76M | $81M | $89M | · | $136M | |
| Total Debt | $216M | $229M | · | $178M | $153M | $133M | · | $124M | $99M | $97M | · | $76M | $81M | $89M | · | $136M | |
| Paid-in Capital | $624M | $626M | $623M | $622M | $605M | $607M | $604M | $602M | $555M | $564M | · | $558M | $557M | $554M | · | $546M | |
| Retained Earnings | $-407M | $-407M | $-403M | $-412M | $-433M | $-444M | $-452M | $-455M | $-460M | $-470M | · | $-484M | $-489M | $-492M | · | $-446M | |
| AOCI | $-1M | $-66.0K | $1M | $998.0K | $262.0K | $-455.0K | $-2M | $1M | $-667.0K | $-236.0K | · | $-176.0K | $83.0K | $-272.0K | · | $-2M | |
| Stockholders' Equity | $215M | $219M | $221M | $212M | $172M | $163M | $150M | $148M | $94M | $94M | · | $74M | $67M | $62M | · | $99M | |
| Liabilities + Equity | $2.15B | $2.02B | $2.09B | $2.15B | $2.04B | $1.82B | $1.71B | $1.82B | $1.73B | $1.57B | · | $1.58B | $1.55B | $1.30B | · | $1.34B | |
| Shares Outstanding | 346,801,330 | · | · | 346,042,267 | 345,815,692 | 345,219,009 | · | 345,158,709 | 341,070,926 | 340,154,703 | · | 339,978,229 | 339,904,789 | 338,978,402 | · | 338,961,435 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $10M | $10M | $10M | $9M | $9M | $9M | $9M | $9M | $10M | $11M | $11M | $11M | $10M | $14M | $10M | $9M | |
| Stock-based Comp | $5M | $5M | $4M | $5M | $5M | $4M | $4M | $4M | $4M | $5M | $5M | $5M | $4M | $4M | $4M | $4M | |
| Deferred Tax | $-13M | $-14M | $-90.0K | $-36M | $3M | $-939.0K | $157.0K | $788.0K | $3M | $-571.0K | $-2M | $1M | $3M | $937.0K | $-400.0K | $820.0K | |
| Amort. of Intangibles | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $7M | $7M | $8M | $7M | $7M | $7M | $6M | $6M | |
| Restructuring | · | · | · | · | · | · | · | · | · | · | · | $473.0K | $3M | $6M | · | · | |
| Other Non-cash | · | $28M | · | · | · | $4M | · | · | · | $36M | · | · | · | $-5M | · | · | |
| Operating Cash Flow | $170M | $16M | $29M | $92M | $54M | $44M | $-13M | $67M | $64M | $58M | $1M | $62M | $59M | $12M | $-38M | $34M | |
| CapEx | $8M | $8M | $6M | $7M | $6M | $5M | $4M | $5M | $7M | $5M | $5M | $5M | $8M | $8M | $11M | $12M | |
| Investing Cash Flow | $-43M | $-40M | $-62M | $-91M | $-27M | $-4M | $-56M | $-83M | $-462M | $-18M | $-18M | $-3M | $-6M | $-25M | $-12M | $-27M | |
| Debt Issued | $43M | $58M | $16M | $48M | $32M | $160M | $9M | $27M | $17M | $8M | $61M | $29M | $44M | $28M | $3M | $49M | |
| Net Debt Issued | · | $52M | · | · | · | $39M | · | · | · | $-37M | · | · | · | $-19M | · | · | |
| Stock Issued | · | · | · | · | · | · | · | $0 | · | · | · | $0 | · | · | · | $0 | |
| Financing Cash Flow | $-26M | $91M | $-483.0K | $931.0K | $15M | $14M | $-20M | $24M | $-14M | $-37M | $55M | $-5M | $72M | $-19M | $-29M | $49M | |
| Net Change in Cash | $101M | $68M | $-34M | $2M | $44M | $53M | $-91M | $8M | $-411M | $3M | $39M | $53M | $125M | $-32M | $-77M | $55M | |
| Taxes Paid | $18M | $230.0K | · | · | $12M | $101.0K | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | · | $9M | · | · | · | $38M | · | · | · | $54M | · | · | · | $4M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | 9.0% | 12.9% | 8.1% | · | 3.1% | 12.2% | 4.5% | · | 5.9% | 6.6% | -7.5% | · | -9.8% | |
| Net Margin | 2.3% | -4.1% | · | 12.2% | 12.8% | 8.5% | · | 5.9% | 13.6% | 3.0% | · | 6.8% | 0.92% | -0.96% | · | 6.8% | |
| Pretax Margin | 0.63% | -6.7% | · | 3.5% | 14.5% | 10.3% | · | 5.6% | 15.5% | 4.9% | · | 8.4% | 7.4% | -5.2% | · | 11.9% | |
| EBITDA Margin | · | 3.1% | · | 11.5% | 15.3% | 11.0% | · | 6.0% | 15.3% | 8.4% | · | 9.8% | 10.6% | -1.3% | · | -5.7% | |
| ROA | 0.38% | -0.66% | · | 2.3% | 2.5% | 1.6% | · | 1.1% | 2.6% | 0.57% | · | 1.3% | 0.18% | -0.18% | · | 2.0% | |
| ROE | 4.2% | -6.7% | · | 25.7% | 35.4% | 21.3% | · | 17.1% | 52.7% | 10.5% | · | 21.5% | 3.5% | -3.1% | · | 34.5% | |
| ROIC | · | · | · | 30.5% | 13.0% | 7.2% | · | 3.9% | 17.3% | 3.9% | · | 8.6% | 9.4% | -14.4% | · | -9.1% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | · | · | · | 1.0 | 1.1 | 1.0 | · | 1.0 | 1.0 | 1.5 | · | 1.4 | 1.4 | 1.3 | · | 1.5 | |
| Quick Ratio | · | · | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | |
| Debt / Equity | 1.0 | 1.0 | · | 0.8 | 0.9 | 0.8 | · | 0.8 | 1.1 | 1.0 | · | 1.0 | 1.2 | 1.4 | · | 1.4 | |
| LT Debt / Equity | 1.0 | 1.0 | · | 0.5 | 0.9 | 0.8 | · | 0.8 | 1.0 | 1.0 | · | 1.0 | 1.2 | 1.4 | · | 1.4 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | |
| Receivables Turnover | 5.2 | 5.0 | · | 3.8 | 3.8 | 3.8 | · | 3.7 | 3.8 | 4.0 | · | 3.6 | 3.9 | 3.9 | · | 6.2 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $0.62 | · | · | $0.61 | $0.50 | $0.47 | · | $0.43 | $0.28 | $0.28 | · | $0.22 | $0.20 | $0.18 | · | $0.29 | |
| Cash / Share | $0.86 | · | · | $0.46 | $0.41 | $0.37 | · | $0.43 | $0.35 | $0.39 | · | $0.27 | $0.34 | $0.19 | · | $0.53 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.43B | $1.46B | · | $1.42B | $1.36B | $1.30B | · | $1.18B | $1.13B | $1.08B | · | $952M | $893M | $838M | · | $745M | |
| Net Income TTM | $70M | $109M | · | $129M | $102M | $97M | · | $79M | $79M | $51M | · | $-25M | $-19M | $-40M | · | $-20M | |
| Market Cap | $4.13B | · | · | $4.17B | $3.50B | $3.12B | · | $3.51B | $3.55B | $3.11B | · | $2.78B | $3.18B | $2.96B | · | $3.05B | |
| Enterprise Value | $4.05B | · | · | $4.05B | $3.39B | $3.02B | · | $3.43B | $3.46B | $3.08B | · | $2.76B | $3.15B | $2.99B | · | $3.00B | |
| P/S | 2.9 | · | · | 2.9 | 2.6 | 2.4 | · | 3.0 | 3.1 | 2.9 | · | 2.9 | 3.6 | 3.5 | · | 4.1 | |
| P/B | 19.2 | · | · | 19.7 | 20.3 | 19.2 | · | 23.7 | 37.6 | 33.3 | · | 37.4 | 47.2 | 47.7 | · | 30.7 | |
| P / Tangible Book | 344.2 | · | · | 460.4 | · | · | · | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | · | · | · | · | · | 71.2 | · | · | · | 53.4 | · | · | · | 252.6 | · | · | |
| EV / Revenue | 2.8 | · | · | 2.9 | 2.5 | 2.3 | · | 2.9 | 3.1 | 2.8 | · | 2.9 | 3.5 | 3.6 | · | 4.0 |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $1.46B | $1.24B | $1.03B | $788M | $619M |
| Operating Margin % | · | 5.5% | 1.0% | -8.6% | -1.6% |
| Net Income | $149M | $78M | $28M | $2M | $-61M |
| Diluted EPS | · | · | · | · | $-0.56 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.8 | 0.7 | 1.4 | 1.8 | -0.4 |
| Current Ratio | · | 0.9 | 1.5 | 1.4 | 1.8 |
| Quick Ratio | · | 0.3 | 0.2 | 0.2 | 0.6 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $194M | $156M | $107M | $11M | $-1M |
Institutional owners (13F) 136 filers · $1.1B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
136
Value held
$1.1B
New positions
19
Exited positions
8
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 19 (-6 vs prior Q) | 8 (-9 vs prior Q) | 45 (+14 vs prior Q) | 33 (-2 vs prior Q) | +1.4M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO | $617,456,000 | 51,800,000 | 57.73% | Shares |
| NEUBERGER BERMAN GROUP LLC | $113,579,779 | 9,528,505 | 10.62% | Shares |
| Polar Capital Holdings Plc | $71,520,000 | 6,000,000 | 6.69% | Shares |
| VANGUARD GROUP INC | $45,907,573 | 3,415,742 | 4.29% | Shares |
| Markel Group Inc. | $35,897,400 | 3,108,000 | 3.36% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $22,987,625 | 1,928,492 | 2.15% | Shares |
| Greenhaven Road Investment Management, L.P. | $22,235,926 | 1,865,430 | 2.08% | Shares |
| Pembroke Management, LTD | $20,298,878 | 1,702,926 | 1.90% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $19,671,922 | 1,650,329 | 1.84% | Shares |
| Lincoln Capital LLC | $11,605,924 | 973,651 | 1.09% | Shares |
| BlackRock, Inc. | $8,564,330 | 718,484 | 0.80% | Shares |
| ROYCE & ASSOCIATES LP | $6,258,000 | 525,000 | 0.59% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $5,329,655 | 446,889 | 0.50% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $4,465,002 | 374,615 | 0.42% | Shares |
| FIRST TRUST ADVISORS LP | $4,003,355 | 335,852 | 0.37% | Shares |
| SCHOLTZ & COMPANY, LLC | $3,676,188 | 308,405 | 0.34% | Shares |
| MORGAN STANLEY | $3,661,181 | 307,146 | 0.34% | Shares |
| STATE STREET CORP | $3,151,159 | 264,359 | 0.29% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $2,847,462 | 238,881 | 0.27% | Shares |
| BROWN ADVISORY INC | $2,598,560 | 218,000 | 0.24% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $2,550,248 | 213,947 | 0.24% | Shares |
| Woodline Partners LP | $2,537,983 | 212,918 | 0.24% | Shares |
| UBS Group AG | $2,450,644 | 205,591 | 0.23% | Shares |
| Garner Asset Management Corp | $2,060,074 | 172,825 | 0.19% | Shares |
| OXFORD FINANCIAL GROUP, LTD. LLC | $2,026,400 | 170,000 | 0.19% | Shares |
| LPL Financial LLC | $1,817,812 | 152,501 | 0.17% | Shares |
| National Philanthropic Trust | $1,788,000 | 150,000 | 0.17% | Shares |
| RAYMOND JAMES FINANCIAL INC | $1,624,875 | 136,315 | 0.15% | Shares |
| PALISADE CAPITAL MANAGEMENT, LP | $1,414,388 | 118,657 | 0.13% | Shares |
| CONFLUENCE INVESTMENT MANAGEMENT LLC | $1,369,635 | 101,756 | 0.13% | Shares |
| NORTHERN TRUST CORP | $1,307,886 | 109,722 | 0.12% | Shares |
| GABELLI & Co INVESTMENT ADVISERS, INC. | $1,231,336 | 103,300 | 0.12% | Shares |
| TD Asset Management Inc | $1,194,193 | 100,184 | 0.11% | Shares |
| OPPENHEIMER & CO INC | $1,065,851 | 89,417 | 0.10% | Shares |
| TWO SIGMA ADVISERS, LP | $1,064,448 | 79,200 | 0.10% | Shares |
| Swiss National Bank | $966,235 | 81,060 | 0.09% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $873,355 | 73,268 | 0.08% | Shares |
| TWO SIGMA INVESTMENTS, LP | $853,591 | 71,610 | 0.08% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $823,994 | 69,127 | 0.08% | Shares |
| Bristlecone Value Partners, LLC | $716,308 | 60,093 | 0.07% | Shares |
| 17 CAPITAL PARTNERS, LLC | $652,799 | 54,765 | 0.06% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $651,571 | 54,662 | 0.06% | Shares |
| GOLDMAN SACHS GROUP INC | $618,755 | 51,909 | 0.06% | Shares |
| Trexquant Investment LP | $609,851 | 51,162 | 0.06% | Shares |
| D. E. Shaw & Co., Inc. | $573,698 | 48,129 | 0.05% | Shares |
| AMERICAN CENTURY COMPANIES INC | $552,671 | 46,365 | 0.05% | Shares |
| BANK OF MONTREAL /CAN/ | $552,277 | 46,332 | 0.05% | Shares |
| Vident Advisory, LLC | $510,355 | 42,815 | 0.05% | Shares |
| E. Ohman J:or Asset Management AB | $480,558 | 45,637 | 0.04% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $476,124 | 45,216 | 0.04% | Shares |
Activists & 5%+ owners 5 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| HAGERTY HOLDING CORP. ×4 filings | Sept. 11, 2026 | 56.50% | Amendment | Passive investment | SEC |
| MARKEL GROUP INC. ×5 filings | April 15, 2026 | 44.80% | Amendment | Board campaign | SEC |
| State Farm Mutual Automobile Insurance Company ×7 filings | Nov. 6, 2025 | 53.50% | Amendment | · | SEC |
| Markel Corporation | Dec. 10, 2021 | · | Initial filing | Passive investment | SEC |
| Aldel Investors LLC, Aldel LLC, Robert I. Kauffman | May 17, 2021 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 32 insiders · 14 officers · 16 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Mckeel Hagerty | Chief Executive Officer | April 1, 2026 F | 1,037,740 | 0 | 0 | $0 |
| Patrick Mcclymont | Chief Financial Officer | April 2, 2026 A | 336,794 | 0 | 0 | $0 |
| Frederick Turcotte | Chief Financial Officer | April 10, 2023 F | 452,818 | 0 | 0 | $0 |
| Jeffrey Edward Briglia | President of Insurance | July 1, 2026 F | 157,135 | 0 | 0 | $0 |
| Kenneth Ahn | President, Hagerty Marketplace | April 1, 2026 F | 127,115 | 0 | 8 | $-5,754,573 |
| John Carlisle Butcher | President | April 5, 2023 F | 66,495 | 0 | 0 | $0 |
| Kevin M Delaney | Chief Accounting Officer | July 2, 2026 S | 83,972 | 0 | 3 | $-163,227 |
| Diana Chafey | Chief Legal Officer | April 2, 2026 A | 77,008 | 0 | 0 | $0 |
| Russell Andrew Page | Chief Information Officer | April 1, 2026 F | 131,743 | 0 | 0 | $0 |
| Collette Champagne | CHRO and CAO | April 1, 2026 F | 270,207 | 0 | 0 | $0 |
| Paul Rehrig | Pres. of Hagerty Media & Entmt | Oct. 1, 2024 A | 187,954 | 0 | 0 | $0 |
| Charles John Favour | Chief Underwriting Officer | April 1, 2024 A | 95,338 | 0 | 0 | $0 |
| Barbara E Matthews | SVP, Gen Counsel & Corp Secr. | April 10, 2023 F | 130,600 | 0 | 0 | $0 |
| Kelly Edward Smith | Chief Strategy Officer | April 1, 2022 A | 185 | 0 | 0 | $0 |
| Robert I. Kauffman | Director | Sept. 24, 2026 G | 674,097 | 0 | 14 | $-2,745,341 |
| Henrik Waersted Bjornstad | Director | July 1, 2026 A | 10,114 | 0 | 0 | $0 |
| Anthony J Kuczinski | Director | May 15, 2026 P | 68,648 | 3 | 0 | $298,170 |
| Laurie Harris | Director | April 7, 2026 S | 36,689 | 0 | 1 | $-60,896 |
| Randall Houston Harbert | Director | April 1, 2026 A | 45,832 | 0 | 0 | $0 |
| Mika Salmi | Director | April 1, 2026 A | 54,173 | 0 | 0 | $0 |
| Sabrina Kay | Director | April 1, 2026 A | 54,173 | 0 | 0 | $0 |
| Michael R Heaton | Director | April 1, 2026 A | 22,101 | 0 | 0 | $0 |
| William H Swanson | Director | April 1, 2026 A | 54,173 | 0 | 0 | $0 |
| Michael F Crowley | Director | April 1, 2025 A | 42,302 | 0 | 0 | $0 |
| Michael E Angelina | Director | April 1, 2023 A | 18,638 | 0 | 0 | $0 |
| Michael L. Tipsord | Director | April 1, 2022 A | 8,341 | 0 | 0 | $0 |
| Aldel Investors LLC | Director | April 12, 2021 P | 515,000 | 0 | 0 | $0 |
| Charles E. Nearburg | Director | April 9, 2021 P | 215,000 | 0 | 0 | $0 |
| Martin S. Friedman | Director | April 9, 2021 P | 25,000 | 0 | 0 | $0 |
| Hagerty Holding Corp. | 10% owner | Sept. 11, 2026 C | 0 | 0 | 2 | $-122,012,125 |
| State Farm Mutual Automobile Insurance Company | 10% owner | July 5, 2024 J | 56,040,881 | 0 | 0 | $0 |
| MARKEL GROUP INC. | 10% owner | July 3, 2024 J | 3,108,000 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 17 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| FYC · First Trust Exchange-Traded AlphaDE… | 0.13% | 144,465 NS | July 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.03% | 13,088 NS | July 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.02% | 15,096 SH | Sept. 11, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 433,617 SH | Aug. 19, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.01% | 1,047,706 SH | Aug. 19, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.01% | 602,623 SH | Aug. 19, 2026 | Daily |
| FNCL · FIDELITY COVINGTON TRUST | 0.01% | 11,064 NS | July 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.01% | 69,680 NS | July 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 2,496 SH | Sept. 11, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.00% | 1,173 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 1,000 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 1,758 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 958 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 5,045 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,446,997 SH | Aug. 19, 2026 | Daily |
| ISCB · iShares Trust | · | 1,857 SH | Sept. 11, 2026 | Daily |
| SMMV · iShares Trust | · | 17,300 SH | Sept. 1, 2026 | Daily |
HGTY Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 15 analysts
BUY
Median target
$14.50
+6.5%
3 20.0%
Strong Buy
6 40.0%
Buy
5 33.3%
Hold
1 6.7%
Sell
0 0.0%
Strong Sell
12-Month Price Target
8 analysts · 2026-10-03Mean target $14.50 +6.5%
Now
Current price $13.61
Low$13.00
Mean$14.50
High$16.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| HGTY | · | · | 17.3% | 10.2% | 80.3% | · |
| MRSH | $89.98B | 22.0 | 10.3% | 15.4% | 28.1% | · |
| AJG | $66.51B | 45.1 | 20.7% | 10.7% | 6.9% | · |
| BRO | $26.78B | 25.2 | 22.8% | 17.9% | 8.7% | · |
| RYAN | · | · | 21.3% | 2.1% | 9.9% | · |
| BWIN | · | -48.1 | 8.3% | -2.2% | -5.7% | · |
| LIFE | · | · | 52.0% | 18.4% | -108.4% | · |
| GSHD | · | 70.8 | 16.2% | 7.6% | -107.8% | · |
| TWFG | · | 54.3 | 22.0% | · | · | · |
| ABX | $833M | 23.8 | 110.2% | 15.5% | 8.8% | 87.7% |
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Source: SEC 10-Q filed Aug 5, 2026