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Heritage Insurance Holdings, Inc.

HRTG Financial Insurance Property & Casualty

Heritage Insurance Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $847.3 million, up 3.71% from fiscal 2024.

Revenue
+3.19%
EPS
+5.52%
Free cash flow
+237.6%
Total debt
−11.1%

Quarter to September 2026, against a year earlier

33.48 0.21 −0.62%
Market cap
$998.3M
P/E
4.7×
Fwd P/E
6.7×
Dividend yield
—
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.38
Sold, $m 7.92
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 — — — — — —
Sell 4 1 1 3 3 1 1 1 6 5 1 —
Insider Ownership 19.64%

Capital & Financial Ratios $m

Size
Market Cap 998.32
Revenue ttm 861.41
Net income ttm 215.99
Free cash flow ttm 184.76
Net debt Q (474.95)
Valuation
P/E 4.68
Forward P/E 6.66
Price / sales 1.15
Forward P/S Powerpack
Price / FCF 5.37
Price / book 1.66
Financial health
Current ratio Q 0.83
Debt / equity Q 0.12
Interest coverage Q 45.70
Growth
Revenue growth Q +3.19% (above 0%: growing)
Operating income growth Q −1.33% (below 0%: shrinking)
EPS, this year −3.68% (below 0%: weak)
EPS, next year A −15.81% (below 0%: weak)
Revenue, next year A +1.50%
EPS, past 5 yrs +80.48% (at or above 15%: strong)
EPS, next 5 yrs A −8.60% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 13.16%
10-year low 10-year high
P/S against its own 10 years 94.61%
10-year low 10-year high
P/B against its own 10 years 88.78%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2016–23
−100.0%/yr
  1. 0.23 ’16
  2. 0.24 ’17 +4
  3. 0.24 ’18 +0
  4. 0.24 ’19 +0
  5. 0.24 ’20 +0
  6. 0.24 ’21 +0
  7. 0.12 ’22 −50
  8. 0.00 ’23 −100
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 473 464 573 545
Receivables 879 1,152 721 —
Inventory — — — —
Other — — — —
1,353 1,616 1,294 —
2023 2024 2025 Q'26
Payables 1,718 2,012 1,558 1,754
ST’ Debt — — — —
Other — — — —
1,727 2,021 1,567 1,761

Compound Annual Growth %

10y 5y 3y
Sales 7.94% 7.38% 8.55%
Cash Flow 2.18% 1.37% 0.00%
Earnings 7.77% 83.79% 0.00%
Book Value 3.55% 2.70% 56.81%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.04 Actual 1.72

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.61 2.15 Beat by 0.54
Q1 FY26 1.53 1.19 Miss by 0.34
Q2 FY26 0.99 2.05 Beat by 1.06
Q3 FY26 1.04 1.72 Beat by 0.68
Q4 FY26 1.06 — Reports 8 March 2027

EPS $

Mar Jun Sep Dec Year
’26 1.19 2.05 1.72 — —
’25 0.99 1.55 1.63 2.15 6.32
’24 0.47 0.61 0.27 0.66 2.01
’23 0.55 0.30 (0.28) 1.15 1.73
’22 (1.15) (3.32) (1.83) 0.48 (5.86)
’21 (0.19) (0.14) (0.59) (1.79) (2.69)
’20 0.27 0.15 (0.19) 0.10 0.33
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 213 214 219 — —
’25 212 208 212 215 847
’24 191 204 212 210 817
’23 177 185 186 187 735
’22 159 164 165 175 662
’21 147 150 167 167 632
’20 133 136 165 160 593
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 25 142 10 — —
’25 1 43 124 14 182
’24 4 152 (13) (56) 87
’23 15 9 (53) 100 70
’22 (39) (8) 32 (19) (34)
’21 39 65 (32) (13) 60
’20 86 46 (13) 52 170
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 23 141 9 — —
’25 (1) 42 126 11 177
’24 4 150 (16) (59) 79
’23 10 5 (56) 98 61
’22 (39) (13) 28 (30) (47)
’21 39 63 (33) (10) 59
’20 86 46 (13) 51 169
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 439 407 480 511 593 632 662 735 817 847 861 +7.6% 860 887 872 +1.0%
Gross margin, % 26.35 29.82 32.92 25.45 15.46 9.22 0.75 19.27 21.88 42.50 0.00 +16.2 pt
EBT 56 (6) 39 41 2 (76) (166) 52 83 259 287 +18.5%
EBT margin, % 12.85 (1.45) 8.12 8.02 0.37 (12.04) (25.08) 7.07 10.12 30.60 33.30 +17.8 pt
Net income 34 (1) 27 29 9 (75) (154) 45 62 196 216 +21.5%
Per share, $
Per share, $ Revenue 14.81 15.17 18.51 17.50 21.21 22.71 25.15 28.08 26.70 27.43 28.98 +7.1%
Earnings 1.14 (0.04) 1.05 0.98 0.33 (2.69) (5.86) 1.73 2.01 6.33 7.13 +21.0%
Cash flow 2.80 0.28 3.71 4.10 6.08 2.16 (1.30) 2.69 2.85 5.90 6.39 +8.6%
Capex (0.05) (0.01) (0.09) (0.17) (0.03) (0.04) (0.47) (0.38) (0.27) (0.16) (0.18) +12.5%
Free cash flow 2.74 0.27 3.63 3.93 6.06 2.13 (1.77) 2.31 2.58 5.74 6.22 +8.5%
Book value 12.08 14.17 16.40 15.36 15.81 12.34 4.97 8.41 9.50 16.36 20.15 +3.4%
Shares, m 30 27 26 29 28 28 26 26 31 31 30 +0.5%
Valuation, ×
Valuation, × P/E 14.03 0.00 14.02 13.52 30.70 0.00 0.00 3.74 5.99 4.62 4.68 8.7
P/S 1.08 1.17 0.80 0.76 0.48 0.26 0.07 0.23 0.45 1.07 1.15 0.6
P/B 1.32 1.25 0.90 0.86 0.64 0.48 0.37 0.77 1.27 1.79 1.66 1.0
EV/Sales 0.96 1.19 0.56 0.46 (0.07) (0.13) (0.17) (0.25) 0.03 0.48 — 0.3
EV/FCF 5.16 68.12 2.85 2.03 (0.25) (1.36) 2.36 (3.06) 0.29 2.31 — 7.8
Cash, $m
Cash, $m Operating cash flow 83 7 96 120 170 60 (34) 70 87 182 190 +9.1%
Capex (2) 0 (2) (5) (1) (1) (12) (10) (8) (5) (5) +13.1%
Free cash flow 81 7 94 115 169 59 (47) 61 79 177 185 +9.0%
Balance, $m
Balance, $m Working capital (294) (284) (261) (330) (324) (468) (570) (374) (405) (274) (299) (0.8%)
Net debt (54) 10 (114) (154) (325) (244) (159) (354) (347) (494) (475) +27.9%
Shareholders’ equity 358 380 425 449 442 343 131 220 291 505 599 +3.9%
Returns, %
Returns, % ROA 3.62 (0.08) 1.53 1.54 0.46 (3.67) (7.06) 2.01 2.68 8.39 9.33 +4.8 pt
ROIC 11.67 7.94 13.94 10.50 5.44 (42.95) 0.00 0.00 0.00 1,504.50 147.75 +1,492.8 pt
ROE 9.48 (0.30) 6.75 6.55 2.09 (19.03) (65.12) 25.79 24.08 49.14 41.68 +39.7 pt
People
People Employees 311 431 447 530 641 648 612 566 540 542 — +6.4%
Revenue/emp, $m 1.41 0.94 1.07 0.96 0.93 0.97 1.08 1.30 1.51 1.56 — +1.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Heritage Insurance Holdings, Inc. vs peers in Insurance Property & Casualty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
STC Stewart Information Services Corporation $1.5B 12.2× 10.7× +13.02% (above 0%: growing) −36.77% (below 0%: shrinking) −12.37% (below 0%: shrinking) 64.58% 8.51% Compare
UVE UNIVERSAL INSURANCE HOLDINGS INC $1.3B 5.7× 7.5× +9.56% (above 0%: growing) +32.87% (above 0%: growing) +34.17% (above 0%: growing) 24.43% 16.44% Compare
UFCS United Fire Group, Inc $1.2B 9.0× 11.5× +10.62% (above 0%: growing) −10.07% (below 0%: shrinking) +67.57% (above 0%: growing) 33.79% 11.44% Compare
ASIC Ategrity Specialty Insurance Company Holdings $1.2B 12.0× 11.8× +8.18% (above 0%: growing) −36.17% (below 0%: shrinking) +80.75% (above 0%: growing) 0.00% 11.63% Compare
BOW Bowhead Specialty Holdings Inc. $1.1B 19.1× 17.0× +19.34% (above 0%: growing) −12.71% (below 0%: shrinking) +68.59% (above 0%: growing) 29.41% 13.72% Compare
HRTG Heritage Insurance Holdings, Inc. $998.3M 4.8× 6.7× +2.96% (above 0%: growing) +32.90% (above 0%: growing) +237.57% (above 0%: growing) 50.25% 39.15%
HIPO Hippo Holdings Inc. $926.2M 28.3× 31.6× +29.35% (above 0%: growing) −91.48% (below 0%: shrinking) +414.93% (above 0%: growing) 100.00% 6.47% Compare
OIG Orion180 Insurance Group Inc. $874.5M — — — — — — — Compare
ROOT Root, Inc. $716.7M 9.2× 11.5× −1.68% (below 0%: shrinking) n/m −18.06% (below 0%: shrinking) 38.79% 4.80% Compare
Median of peers $1.2B 12.0× 11.5× +10.62% −24.44% +67.57% 33.79% 11.44%

All 46 Insurance Property & Casualty stocks →

Pay and ownership Proxy statement filed 30 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 5.34m 25.29m 1,625.56
2024 4.33m 8.73m 672.22
2023 5.00m 6.50m 362.22

Ownership

Directors and executive officers, together 9.20%
Raymond T. Hyer 7.90%
BlackRock, Inc. 6.30%
The Vanguard Group 5.40%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Heritage Insurance Holdings, Inc. (HRTG) Latest News

4 Nov

Impact 3 · · Zacks

30 Oct

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12 Aug

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6 Aug

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28 May

Impact 3 · · PR Newswire

11 May

Impact 4 · · Simply Wall St.

10 May

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Impact 4 · · Moby

7 May

Impact 4 · · Zacks
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6 May

Impact 3 · · Zacks

22 Apr

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7 Apr

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25 Mar

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24 Mar

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stockrow.com/HRTG · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com