HGTY Hagerty, Inc. Class A Common Stock
$12.80
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$9–$14
74% of range
Analyst Rating
BUY
14 analysts
Price Target
$14
+12% upside
P/E (TTM)
—
ROE
80.3%
Net Profit Margin
10.2%
HGTY Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$12.80
Market Cap
—
P/E (TTM)
—
EPS (TTM)
—
Revenue (TTM)
$1.46B
Div Yield
—
ROE
80.3%
Debt/Equity
0.8
52W Range
$9 – $14
HGTY Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$1.46B
2020-12-31
→
2025-12-31
EPS
—
2020-12-31
→
2021-12-31
Free Cash Flow
$194M
2021-12-31
→
2025-12-31
Margins
10.2%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
HGTY
Peer Median
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
HGTY
Peer Median
Net Profit Margin
10.2%
6.4%
ROA
7.8%
3.2%
ROE
80.3%
10.1%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
HGTY
Peer Median
Debt / Equity
0.8
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
HGTY
Peer Median
Revenue YoY
17.3%
—
Revenue CAGR 3Y
22.7%
—
Revenue CAGR 5Y
23.9%
—
Net Income YoY
90.6%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
HGTY
Peer Median
HGTY Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
14 analysts
- Strong Buy 3 21.4%
- Buy 5 35.7%
- Hold 5 35.7%
- Sell 1 7.1%
- Strong Sell 0 0.0%
12-Month Price Target
8 analysts · 2026-08-15
Median
$14.50
← Below all targets
$12.80
Low
$13.00
High
$16.00
Median target
$14.50
+13.3%
Mean target
$14.38
+12.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.04%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.02 | $-0.09 | 0.07% |
| March 31, 2026 | $-0.04 | $-0.04 | 0.00% |
| Dec. 31, 2025 | $0.08 | $0.04 | 0.04% |
| Sept. 30, 2025 | $0.13 | $0.08 | 0.05% |
| June 30, 2025 | $0.13 | $0.12 | 0.01% |
| March 31, 2025 | $0.08 | $0.02 | 0.06% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| 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% | — |
| GSHD | — | 70.8 | 16.2% | 7.6% | -107.8% | — |
| LIFE | — | — | 52.0% | 18.4% | -108.4% | — |
| TWFG | — | 54.3 | 22.0% | — | — | — |
| ABX | $833M | 23.8 | 110.2% | 15.5% | 8.8% | 87.7% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| 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 29
| 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 17
| 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 7
| 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 4
| 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 2
| 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 | · |
Growth Rates 6
| 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) 13
| 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 10
| 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 27
| 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 16
| 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 7
| 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 4
| 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 2
| 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 |
Valuation (TTM) 12
| 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 | $1.39B | · | $1.39B | $1.32B | $1.23B | · | $1.18B | $1.12B | $1.03B | · | $972M | $902M | $809M | · | $745M | |
| Net Income TTM | $89M | $108M | · | $140M | $136M | $97M | · | $88M | $85M | $27M | · | $43M | $19M | $31M | · | $46M | |
| 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 | · | · | 3.0 | 2.6 | 2.5 | · | 3.0 | 3.2 | 3.0 | · | 2.9 | 3.5 | 3.7 | · | 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 | · | · | |
| P / FCF | · | · | · | · | · | 81.2 | · | · | · | 58.0 | · | · | · | 824.1 | · | · | |
| EV / EBITDA | · | · | · | 92.7 | 60.0 | 85.8 | · | 177.8 | 72.0 | 135.1 | · | 102.8 | 113.9 | -1088.2 | · | -243.5 | |
| EV / FCF | · | · | · | · | · | 78.6 | · | · | · | 57.3 | · | · | · | 831.2 | · | · | |
| EV / Revenue | 2.8 | · | · | 2.9 | 2.6 | 2.5 | · | 2.9 | 3.1 | 3.0 | · | 2.8 | 3.5 | 3.7 | · | 4.0 |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 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 |
Balance Sheet
| 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 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $194M | $156M | $107M | $11M | $-1M |
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Institutional owners (13F) 138 filers · $1.0B total · As of June 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.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 27 (+8 vs prior Q) | 8 (-9 vs prior Q) | 37 (+8 vs prior Q) | 33 (-2 vs prior Q) | +5.1M |
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 | 61.42% | Shares |
| NEUBERGER BERMAN GROUP LLC | $112,452,624 | 9,433,945 | 11.19% | Shares |
| Polar Capital Holdings Plc | $71,520,000 | 6,000,000 | 7.11% | Shares |
| Markel Group Inc. | $35,897,400 | 3,108,000 | 3.57% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $22,987,625 | 1,928,492 | 2.29% | Shares |
| Greenhaven Road Investment Management, L.P. | $22,235,926 | 1,865,430 | 2.21% | Shares |
| Pembroke Management, LTD | $20,298,878 | 1,702,926 | 2.02% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $19,671,922 | 1,650,329 | 1.96% | Shares |
| Lincoln Capital LLC | $11,605,924 | 973,651 | 1.15% | Shares |
| ROYCE & ASSOCIATES LP | $6,258,000 | 525,000 | 0.62% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $4,338,281 | 363,720 | 0.43% | Shares |
| FIRST TRUST ADVISORS LP | $4,003,355 | 335,852 | 0.40% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $3,745,371 | 314,209 | 0.37% | Shares |
| SCHOLTZ & COMPANY, LLC | $3,676,188 | 308,405 | 0.37% | Shares |
| STATE STREET CORP | $3,151,159 | 264,359 | 0.31% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $2,847,462 | 238,881 | 0.28% | Shares |
| BROWN ADVISORY INC | $2,598,560 | 218,000 | 0.26% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $2,550,248 | 213,947 | 0.25% | Shares |
| Woodline Partners LP | $2,537,983 | 212,918 | 0.25% | Shares |
| Garner Asset Management Corp | $2,060,074 | 172,825 | 0.20% | Shares |
| OXFORD FINANCIAL GROUP, LTD. LLC | $2,026,400 | 170,000 | 0.20% | Shares |
| LPL Financial LLC | $1,817,812 | 152,501 | 0.18% | Shares |
| National Philanthropic Trust | $1,788,000 | 150,000 | 0.18% | Shares |
| MORGAN STANLEY | $1,729,461 | 145,089 | 0.17% | Shares |
| CONFLUENCE INVESTMENT MANAGEMENT LLC | $1,546,620 | 129,750 | 0.15% | Shares |
| PALISADE CAPITAL MANAGEMENT, LP | $1,414,388 | 118,657 | 0.14% | Shares |
| GABELLI & Co INVESTMENT ADVISERS, INC. | $1,231,336 | 103,300 | 0.12% | Shares |
| UBS Group AG | $1,194,312 | 100,194 | 0.12% | Shares |
| TD Asset Management Inc | $1,194,193 | 100,184 | 0.12% | Shares |
| OPPENHEIMER & CO INC | $1,065,851 | 89,417 | 0.11% | Shares |
| TWO SIGMA ADVISERS, LP | $1,064,448 | 79,200 | 0.11% | Shares |
| Swiss National Bank | $966,235 | 81,060 | 0.10% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $873,355 | 73,268 | 0.09% | Shares |
| TWO SIGMA INVESTMENTS, LP | $853,591 | 71,610 | 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 |
| Trexquant Investment LP | $609,851 | 51,162 | 0.06% | Shares |
| D. E. Shaw & Co., Inc. | $573,698 | 48,129 | 0.06% | 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 | 0.05% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $476,124 | 45,216 | 0.05% | Shares |
| Schonfeld Strategic Advisors LLC | $447,739 | 37,562 | 0.04% | Shares |
| Bank of New York Mellon Corp | $415,925 | 34,893 | 0.04% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $396,638 | 33,275 | 0.04% | Shares |
| CITADEL ADVISORS LLC | $385,457 | 32,337 | 0.04% | Shares |
| RAYMOND JAMES FINANCIAL INC | $368,328 | 30,900 | 0.04% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $364,013 | 30,538 | 0.04% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $351,765 | 33,406 | 0.03% | Shares |
| Dockside LLC | $309,503 | 25,965 | 0.03% | Shares |
| Meixler Investment Management, Ltd. | $304,258 | 25,525 | 0.03% | Shares |
| BARCLAYS PLC | $301,695 | 25,310 | 0.03% | Shares |
| Corton Capital Inc. | $290,850 | 24,157 | 0.03% | Shares |
| BANK OF AMERICA CORP /DE/ | $286,319 | 24,020 | 0.03% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $267,008 | 22,400 | 0.03% | Shares |
| CITADEL ADVISORS LLC | $262,240 | 22,000 | 0.03% | Call option |
| HSBC HOLDINGS PLC | $257,756 | 21,642 | 0.03% | Shares |
| Painted Porch Advisors LLC | $222,165 | 18,638 | 0.02% | Shares |
| CITADEL ADVISORS LLC | $209,792 | 17,600 | 0.02% | Put option |
| NORTHERN TRUST CORP | $208,111 | 17,459 | 0.02% | Shares |
| GOLDMAN SACHS GROUP INC | $207,074 | 17,372 | 0.02% | Shares |
| KLP KAPITALFORVALTNING AS | $201,448 | 16,900 | 0.02% | Shares |
| XTX Topco Ltd | $191,197 | 16,040 | 0.02% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $183,115 | 15,362 | 0.02% | Shares |
| Vanguard Global Advisers, LLC | $181,971 | 15,266 | 0.02% | Shares |
| Waverly Advisors, LLC | $179,336 | 15,045 | 0.02% | Shares |
| VANGUARD GROUP INC | $178,443 | 13,277 | 0.02% | Shares |
| Sequoia Financial Advisors, LLC | $169,825 | 14,247 | 0.02% | Shares |
| MILLENNIUM MANAGEMENT LLC | $169,049 | 14,182 | 0.02% | Shares |
| BlackRock, Inc. | $162,672 | 13,647 | 0.02% | Shares |
| Steward Partners Investment Advisory, LLC | $160,133 | 13,434 | 0.02% | Shares |
| ROYAL BANK OF CANADA | $160,000 | 13,400 | 0.02% | Shares |
| Vanguard Investments Australia, Ltd. | $158,262 | 13,277 | 0.02% | Shares |
| JANUS HENDERSON GROUP PLC | $157,319 | 14,933 | 0.02% | Shares |
| R Squared Ltd | $150,609 | 12,635 | 0.01% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $134,934 | 11,320 | 0.01% | Shares |
| ARIZONA STATE RETIREMENT SYSTEM | $132,968 | 11,155 | 0.01% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $129,260 | 10,844 | 0.01% | Shares |
| JANE STREET GROUP, LLC | $126,352 | 10,600 | 0.01% | Call option |
| WCM INVESTMENT MANAGEMENT, LLC | $117,870 | 10,023 | 0.01% | Shares |
| Legal & General Group Plc | $90,068 | 7,556 | 0.01% | Shares |
| CAZ INVESTMENTS LP | $89,400 | 7,500 | 0.01% | Shares |
| T. Rowe Price Investment Management, Inc. | $72,581 | 6,088,981 | 0.01% | Shares |
| Integrated Wealth Concepts LLC | $62,530 | 5,246 | 0.01% | Shares |
| IFP Advisors, Inc | $36,416 | 3,055 | 0.00% | Shares |
| MRP Capital Investments, LLC | $35,760 | 3,000 | 0.00% | Shares |
| Ancora Advisors LLC | $28,095 | 2,357 | 0.00% | Shares |
| SIMPLEX TRADING, LLC | $24,543 | 2,059 | 0.00% | Shares |
| DEUTSCHE BANK AG\ | $18,726 | 1,571 | 0.00% | Shares |
| WELLS FARGO & COMPANY/MN | $18,023 | 1,512 | 0.00% | Shares |
| Center for Financial Planning, Inc. | $17,916 | 1,503 | 0.00% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $17,581 | 1,495 | 0.00% | Shares |
| CITIGROUP INC | $17,534 | 1,471 | 0.00% | Shares |
| TRUST CO OF VERMONT | $15,496 | 1,300 | 0.00% | Shares |
| Geneos Wealth Management Inc. | $11,920 | 1,000 | 0.00% | Shares |
| FMR LLC | $9,989 | 838 | 0.00% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $9,453 | 793 | 0.00% | Shares |
| Rockefeller Capital Management L.P. | $8,582 | 720 | 0.00% | Shares |
| Farther Finance Advisors, LLC | $6,043 | 507 | 0.00% | Shares |
Company insiders 10 insiders · 2 officers · 5 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jeffrey Edward Briglia | President of Insurance | July 1, 2026 F | 157,135 | 0 | 0 | $0 |
| Kevin M Delaney | Chief Accounting Officer | July 2, 2026 S | 83,972 | 0 | 3 | $-163,227 |
| Henrik Waersted Bjornstad | Director | July 1, 2026 A | 10,114 | 0 | 0 | $0 |
| Robert I. Kauffman | Director | Sept. 16, 2025 S | 1,221,389 | 0 | 12 | $-3,221,243 |
| 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 | Aug. 13, 2025 C | 0 | 0 | 0 | $0 |
| 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
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 |
|---|---|---|---|---|---|
| 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 |
| HAGERTY HOLDING CORP. ×3 filings | Aug. 15, 2025 | 62.40% | 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.
ETF ownership Held by 23 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 |
|---|---|---|---|---|
| NBSM · Neuberger Berman ETF Trust | 1.38% | 304,875 NS | May 31, 2026 | N-PORT |
| OASC · Unified Series Trust | 0.37% | 30,512 NS | May 31, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.22% | 221,795 NS | April 30, 2026 | N-PORT |
| SMMV · iShares Trust | 0.08% | 17,694 SH | Aug. 8, 2026 | Daily |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.06% | 65,750 NS | April 30, 2026 | N-PORT |
| TMFX · RBB Fund, Inc. | 0.05% | 1,619 NS | May 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.04% | 20,681 NS | April 30, 2026 | N-PORT |
| ISCG · iShares Trust | 0.02% | 15,047 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.02% | 41,260 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 433,617 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.01% | 1,047,706 SH | Aug. 8, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.01% | 602,623 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.01% | 1,857 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 174,838 NS | May 31, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 0.01% | 11,235 NS | April 30, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 2,470 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.00% | 42,386 NS | April 30, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.00% | 1,173 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 23,635 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 1,000 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 5,045 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,446,997 SH | Aug. 8, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.00% | 958 NS | April 30, 2026 | N-PORT |