NYSE : HGTY
Hagerty, Inc. — Financial statements
Financials · Insurance - Property & Casualty · United States
Last price 15.46 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 5.31B
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Financial statements
Hagerty, Inc. (HGTY) reported revenue of 1.42B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 1.37B | 1.41B | 1.20B | 1.00B | 787.59M | 619.08M |
| Other Revenue | 48.52M | 41.71M | 41.47M | 26.90M | ||
| Revenue | 1.42B | 1.46B | 1.24B | 1.03B | 787.59M | 619.08M |
| Cost of Revenue | 611.27M | 548.98M | 520.06M | 437.55M | 381.94M | 293.98M |
| Gross Profit | 804.13M | 907.41M | 721.45M | 589.56M | 405.64M | 325.10M |
| Selling, General & Admin | 577.11M | 689.81M | 574.75M | 493.62M | 421.00M | 313.02M |
| Operating Expenses | 614.63M | 727.33M | 613.65M | 539.43M | 454.89M | 335.17M |
| Operating Income | 189.50M | 180.08M | 107.80M | 50.14M | -49.24M | -10.07M |
| Interest Expense | -40.37M | -40.90M | -5.66M | -4.08M | -1.99M | |
| Earnings From Equity Investments | -1.68M | |||||
| Other Non Operating Income (Expenses) | -114.80M | -8.54M | 11.54M | 43.93M | -42.54M | |
| EBT Excluding Unusual Items | 34.33M | 139.18M | 93.59M | 57.60M | -6.99M | -54.60M |
| Merger & Restructuring Charges | -8.81M | -18.32M | ||||
| Gain (Loss) on Sale of Investments | 34.73M | |||||
| Gain (Loss) on Sale of Assets | 87.00K | -4.01M | ||||
| Other Unusual Items | -7.78M | -7.55M | -7.43M | -3.68M | ||
| Pretax Income | 26.55M | 131.63M | 86.25M | 41.09M | 9.42M | -54.60M |
| Income Tax Expense | -35.69M | -10.04M | 15.38M | 16.59M | 7.02M | 6.75M |
| Earnings From Continuing Operations | 62.24M | 141.67M | 70.88M | 24.50M | 2.40M | -61.35M |
| Minority Interest in Earnings | -44.56M | -100.21M | -61.29M | -7.95M | 29.68M | 15.00M |
| Net Income | 17.68M | 41.46M | 9.59M | 16.55M | 32.08M | -46.36M |
| Preferred Dividends & Other Adjustments | 1.69M | 2.78M | 690.00K | 673.00K | ||
| Net Income to Common | 15.99M | 38.68M | 8.90M | 15.88M | 32.08M | -46.36M |
| Shares Outstanding (Basic) | 99.93M | 94.40M | 87.53M | 84.18M | 82.73M | 82.33M |
| Shares Outstanding (Diluted) | 352.06M | 346.97M | 88.50M | 340.32M | 336.15M | 82.33M |
| EPS (Basic) | 0.16 | 0.41 | 0.10 | 0.19 | 0.39 | -0.56 |
| EPS (Diluted) | 0.16 | 0.37 | 0.10 | 0.09 | -0.07 | -0.56 |
| Free Cash Flow | 278.49M | 194.45M | 155.68M | 107.30M | 10.95M | -1.09M |
| Free Cash Flow Per Share | 0.79 | 0.56 | 1.76 | 0.32 | 0.03 | -0.01 |
| Gross Margin | 56.81% | 62.30% | 58.11% | 57.40% | 51.51% | 52.51% |
| Operating Margin | 13.39% | 12.37% | 8.68% | 4.88% | -6.25% | -1.63% |
| Profit Margin | 1.13% | 2.66% | 0.72% | 1.55% | 4.07% | -7.49% |
| Free Cash Flow Margin | 19.68% | 13.35% | 12.54% | 10.45% | 1.39% | -0.18% |
| EBITDA | 228.12M | 217.60M | 146.71M | 95.95M | -15.36M | 12.07M |
| EBITDA Margin | 16.12% | 14.94% | 11.82% | 9.34% | -1.95% | 1.95% |
| D&A For EBITDA | 38.62M | 37.52M | 38.91M | 45.81M | 33.89M | 22.14M |
| EBIT | 189.50M | 180.08M | 107.80M | 50.14M | -49.24M | -10.07M |
| EBIT Margin | 13.39% | 12.37% | 8.68% | 4.88% | -6.25% | -1.63% |
| Effective Tax Rate | 17.83% | 40.38% | 74.49% | |||
| Revenue as Reported | 1.42B | 1.46B | 1.24B | 1.03B | 787.59M | 619.08M |
| Advertising Expenses | 27.20M | 25.90M | 25.50M | 27.80M | 24.10M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 298.30M | 160.18M | 104.78M | 108.33M | 95.17M | 275.33M |
| Short-Term Investments | 756.51M | 731.14M | 589.53M | 10.95M | ||
| Cash & Short-Term Investments | 1.05B | 891.32M | 694.31M | 119.27M | 95.17M | 275.33M |
| Accounts Receivable | 27.31M | 96.20M | 84.76M | 71.53M | 58.26M | 46.73M |
| Other Receivables | 132.73M | 224.73M | 186.10M | 216.64M | 160.85M | 132.89M |
| Receivables | 160.04M | 320.93M | 270.87M | 324.07M | 244.60M | 179.62M |
| Prepaid Expenses | 49.85M | 21.95M | 18.52M | 30.16M | ||
| Restricted Cash | 169.33M | 138.82M | 128.06M | 615.95M | 444.02M | 328.64M |
| Other Current Assets | 100.20M | 179.22M | 156.47M | 190.93M | 152.99M | 81.53M |
| Total Current Assets | 1.53B | 1.55B | 1.27B | 1.25B | 936.78M | 895.28M |
| Property, Plant & Equipment | 54.36M | 56.91M | 62.69M | 71.28M | 107.65M | 28.36M |
| Long-Term Investments | 10.76M | 10.13M | 10.31M | 7.73M | ||
| Goodwill | 114.13M | 114.16M | 114.12M | 114.21M | 115.04M | 11.49M |
| Other Intangible Assets | 89.31M | 88.92M | 90.11M | 91.92M | 104.02M | 76.17M |
| Long-Term Deferred Tax Assets | 48.02M | 43.01M | ||||
| Long-Term Deferred Charges | 3.17M | 3.71M | 3.49M | |||
| Other Long-Term Assets | 141.15M | 111.00M | 103.42M | 35.83M | 37.08M | 30.57M |
| Total Assets | 2.15B | 2.09B | 1.71B | 1.59B | 1.31B | 1.04B |
| Accounts Payable | 89.83M | 111.95M | 58.89M | 80.67M | 77.05M | 9.08M |
| Accrued Expenses | 6.13M | 86.17M | 77.39M | 108.74M | 77.08M | 108.56M |
| Current Portion of Leases | 4.42M | 8.98M | 6.50M | |||
| Current Income Taxes Payable | 39.83M | 2.18M | ||||
| Current Unearned Revenue | 699.17M | 581.73M | 513.13M | 447.88M | 277.80M | 210.79M |
| Other Current Liabilities | 268.81M | 264.20M | 266.88M | 198.51M | 235.43M | 167.38M |
| Total Current Liabilities | 1.07B | 1.09B | 918.47M | 842.30M | 667.36M | 495.82M |
| Long-Term Debt | 215.95M | 177.91M | 105.76M | 130.68M | 108.28M | 135.50M |
| Long-Term Leases | 37.94M | 36.70M | 50.46M | 80.77M | ||
| Long-Term Unearned Revenue | 17.34M | 19.17M | 19.67M | |||
| Long-Term Deferred Tax Liabilities | 244.00K | 23.49M | 18.07M | 15.94M | 12.85M | 10.51M |
| Other Long-Term Liabilities | 91.14M | 16.00M | 58.88M | 38.16M | 56.72M | 109.58M |
| Total Liabilities | 1.41B | 1.35B | 1.10B | 1.09B | 945.15M | 771.07M |
| Common Stock | 34.00K | 34.00K | 34.00K | 33.00K | 33.00K | 33.00K |
| Additional Paid-In Capital | 623.66M | 623.01M | 603.78M | 561.75M | 549.03M | 160.19M |
| Retained Earnings | -407.17M | -402.96M | -451.98M | -469.00M | -489.60M | -482.28M |
| Comprehensive Income & Other | -1.07M | 1.23M | -1.51M | -88.00K | -213.00K | -1.73M |
| Total Common Equity | 215.46M | 221.32M | 150.32M | 92.70M | 59.25M | -323.78M |
| Minority Interest | 434.35M | 439.09M | 373.18M | 317.81M | 308.12M | 594.58M |
| Shareholders' Equity | 734.81M | 747.03M | 608.17M | 493.35M | 367.37M | 270.80M |
| Total Liabilities & Equity | 2.15B | 2.09B | 1.71B | 1.59B | 1.31B | 1.04B |
| Total Debt | 258.31M | 223.59M | 105.76M | 187.64M | 189.05M | 135.50M |
| Net Cash (Debt) | 796.50M | 667.73M | 588.55M | -68.37M | -93.88M | 139.83M |
| Net Cash Per Share | 2.26 | 1.92 | 6.65 | -0.20 | -0.28 | 1.70 |
| Filing Date Shares Outstanding | 102.07M | 101.07M | 90.04M | 84.66M | 83.21M | 82.45M |
| Total Common Shares Outstanding | 101.80M | 100.71M | 90.03M | 84.59M | 83.20M | 82.33M |
| Working Capital | 465.88M | 459.40M | 349.76M | 407.92M | 269.43M | 399.47M |
| Book Value Per Share | 2.12 | 2.20 | 1.67 | 1.10 | 0.71 | -3.93 |
| Tangible Book Value | 12.01M | 18.24M | -53.91M | -113.43M | -159.81M | -411.44M |
| Tangible Book Value Per Share | 0.12 | 0.18 | -0.60 | -1.34 | -1.92 | -5.00 |
| Land | 930.00K | 930.00K | 930.00K | |||
| Buildings | 1.20M | 1.20M | 1.75M | |||
| Machinery | 33.83M | 35.68M | 36.26M | |||
| Leasehold Improvements | 9.01M | 9.30M | 10.31M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 17.68M | 41.46M | 9.59M | 16.55M | 32.08M | -46.36M |
| Depreciation & Amortization | 38.62M | 37.52M | 38.91M | 45.81M | 33.89M | 22.14M |
| Loss (Gain) From Sale of Assets | 942.00K | 1.91M | 500.00K | 1.89M | 4.32M | 2.42M |
| Asset Writedown & Restructuring Costs | 4.70M | |||||
| Loss (Gain) From Sale of Investments | -10.02M | -3.06M | -2.22M | -34.73M | ||
| Stock-Based Compensation | 19.08M | 18.91M | 17.36M | 18.02M | 12.13M | |
| Other Operating Activities | 26.13M | 111.56M | 90.15M | 17.20M | -55.52M | 30.74M |
| Change in Accounts Receivable | 208.35M | -62.59M | 26.50M | -69.88M | -52.04M | -39.12M |
| Change in Unearned Revenue | 213.23M | 68.69M | 48.68M | 96.69M | 73.95M | |
| Change in Other Net Operating Assets | -206.59M | 4.59M | -52.44M | 7.42M | 36.56M | 72.46M |
| Operating Cash Flow | 307.43M | 218.99M | 177.02M | 133.71M | 55.33M | 42.28M |
| Capital Expenditures | -28.94M | -24.54M | -21.34M | -26.40M | -44.38M | -43.37M |
| Cash Acquisitions | -1.62M | -1.62M | -25.12M | -8.68M | -15.40M | -14.61M |
| Investment in Securities | -152.67M | -125.04M | -567.10M | -3.10M | -18.27M | -11.06M |
| Other Investing Activities | -52.83M | -34.00M | -5.00M | -14.46M | -13.47M | 48.00K |
| Investing Cash Flow | -236.06M | -185.20M | -618.56M | -52.65M | -91.52M | -68.99M |
| Long-Term Debt Issued | 257.19M | 61.97M | 161.55M | 94.37M | 108.04M | |
| Long-Term Debt Repaid | -187.88M | -90.78M | -139.85M | -122.50M | -42.50M | |
| Net Debt Issued (Repaid) | 40.48M | 69.31M | -28.80M | 21.70M | -28.13M | 65.54M |
| Repurchase of Common Stock | -4.65M | -3.85M | -5.84M | |||
| Preferred Dividends Paid | -5.60M | -5.60M | -5.60M | |||
| Common Dividends Paid | -4.06M | |||||
| Dividends Paid | -5.60M | -5.60M | -5.60M | -4.06M | ||
| Other Financing Activities | 35.55M | -29.93M | -6.68M | 2.31M | 49.00K | 270.59M |
| Financing Cash Flow | 65.78M | 29.93M | -46.92M | 103.16M | -28.08M | 332.07M |
| Foreign Exchange Rate Adjustments | -104.00K | 2.44M | -2.97M | 865.00K | -504.00K | -464.00K |
| Net Cash Flow | 137.05M | 66.16M | -491.43M | 185.09M | -64.78M | 304.89M |
| Free Cash Flow | 278.49M | 194.45M | 155.68M | 107.30M | 10.95M | -1.09M |
| Free Cash Flow Margin | 19.68% | 13.35% | 12.54% | 10.45% | 1.39% | -0.18% |
| Free Cash Flow Per Share | 0.79 | 0.56 | 1.76 | 0.32 | 0.03 | -0.01 |
| Levered Free Cash Flow | 520.65M | 197.27M | 738.45M | -54.68M | -79.26M | -62.40M |
| Unlevered Free Cash Flow | 545.87M | 222.83M | 741.99M | -52.13M | -79.26M | -61.15M |
| Cash Interest Paid | 11.86M | 10.16M | 8.61M | 6.13M | 4.87M | 2.50M |
| Cash Income Tax Paid | 22.62M | 16.41M | 5.25M | 2.16M | ||
| Change in Working Capital | 214.99M | 10.69M | 22.74M | 34.23M | 58.47M | 33.33M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.35B | 1.35B | 868.81M | 659.79M | 699.74M | 1.17B |
| Enterprise Value | 4.56B | 1.79B | 1.29B | 1.11B | 945.97M | 1.24B |
| Last Close Price | 15.58 | 13.44 | 9.65 | 7.80 | 8.41 | 14.18 |
| PE Ratio | 97.37 | 34.92 | 97.62 | 41.55 | 21.81 | |
| Forward PE | 39.93 | 36.63 | 33.51 | 65.00 | ||
| PS Ratio | 3.78 | 0.93 | 0.70 | 0.64 | 0.89 | 1.89 |
| PB Ratio | 7.36 | 1.81 | 1.43 | 1.34 | 1.91 | 4.31 |
| P/TBV Ratio | 445.77 | 74.07 | ||||
| P/FCF Ratio | 19.22 | 6.95 | 5.58 | 6.15 | 63.88 | |
| P/OCF Ratio | 17.41 | 6.17 | 4.91 | 4.93 | 12.65 | 27.61 |
| PEG Ratio | 0.39 | |||||
| EV/Sales Ratio | 3.22 | 1.23 | 1.04 | 1.08 | 1.20 | 2.00 |
| EV/EBITDA Ratio | 19.98 | 8.22 | 8.82 | 11.54 | 102.49 | |
| EV/EBIT Ratio | 24.05 | 9.93 | 12.01 | 22.09 | ||
| EV/FCF Ratio | 16.36 | 9.20 | 8.31 | 10.32 | 86.37 | |
| Debt / Equity Ratio | 0.35 | 0.30 | 0.17 | 0.38 | 0.52 | 0.50 |
| Debt / EBITDA Ratio | 1.08 | 0.98 | 0.72 | 1.68 | 11.22 | |
| Debt / FCF Ratio | 0.93 | 1.15 | 0.68 | 1.75 | 17.26 | |
| Net Debt / Equity Ratio | -1.08 | -0.89 | -0.97 | 0.14 | 0.26 | -0.52 |
| Net Debt / EBITDA Ratio | -3.49 | -3.07 | -4.01 | 0.71 | -6.11 | -11.58 |
| Net Debt / FCF Ratio | -2.86 | -3.43 | -3.78 | 0.64 | 8.57 | 128.40 |
| Asset Turnover | 0.68 | 0.77 | 0.75 | 0.71 | 0.67 | 0.75 |
| Quick Ratio | 1.14 | 1.11 | 1.05 | 0.48 | 0.47 | 0.92 |
| Current Ratio | 1.44 | 1.42 | 1.38 | 1.48 | 1.40 | 1.81 |
| Return on Equity (ROE) | 8.92% | 20.91% | 12.87% | 5.69% | 0.75% | -31.62% |
| Return on Assets (ROA) | 5.66% | 5.92% | 4.09% | 2.16% | -2.61% | -0.76% |
| Return on Invested Capital (ROIC) | 227.10% | 5.84% | -4.24% | -7.19% | ||
| Return on Capital Employed (ROCE) | 17.50% | 18.00% | 13.60% | 6.70% | -7.60% | -1.80% |
| Earnings Yield | 1.03% | 3.07% | 1.10% | 2.51% | 4.58% | -3.97% |
| FCF Yield | 5.20% | 14.39% | 17.92% | 16.26% | 1.57% | -0.09% |
| Payout Ratio | 13.51% | 58.39% | ||||
| Buyback Yield / Dilution | -287.52% | -292.04% | 73.99% | -1.24% | -308.31% | -82,227.00% |