Ategrity Specialty Insurance Company Holdings (ASIC) vs Heritage Insurance Holdings, Inc. (HRTG)

Ategrity Specialty Insurance Company Holdings and Heritage Insurance Holdings, Inc. are both Insurance Property & Casualty companies. Ategrity Specialty Insurance Company Holdings is the larger, with a market value of $1.3B against $1.1B — 1.2× the size. Heritage Insurance Holdings, Inc. trades at the lower P/E: 5.1× against 12.3×. Ategrity Specialty Insurance Company Holdings grew revenue faster over the last twelve months: 36.6% against 1.54%. Heritage Insurance Holdings, Inc. has the higher net margin (25.2% vs 20.5%) and the higher return on invested capital (489.1% vs 14.1%). Across the 18 metrics below, Heritage Insurance Holdings, Inc. leads on 16 and Ategrity Specialty Insurance Company Holdings on 2.

Valuation

Metric ASIC HRTG Insurance Property & Casualty median
P/E 12.33 5.08 10.75
P/S 2.53 1.26 1.21
P/B 1.95 1.89 1.99
Price to free cash flow 7.55 3.57 7.76
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 8.11% 19.68% 9.08%
Free cash flow yield 13.24% 28.03% 12.11%

Profitability

Metric ASIC HRTG Insurance Property & Casualty median
Gross margin 28.38% 45.39% 41.16%
Operating margin 27.87% 34.46% 15.09%
Net margin 20.50% 25.19% 11.51%
Free cash flow margin 33.51% 35.21% 17.46%
Return on equity 17.22% 45.27% 17.34%
Return on assets 7.00% 8.63% 3.74%
Return on invested capital 14.08% 489.08% 12.06%

Growth

Metric ASIC HRTG Insurance Property & Casualty median
Revenue growth (TTM) 36.63% 1.54% 8.02%
EPS growth (last fiscal year) 7.33% 214.43% 39.61%
Revenue growth, 5-year CAGR — 7.38% 9.23%
Net income growth, 5-year CAGR — 83.79% 10.09%

Health

Metric ASIC HRTG Insurance Property & Casualty median
Debt to equity 0.00 0.13 0.25
Current ratio 0.53 0.83 0.42
Net debt to EBITDA (0.30) (1.77) 0.08

Dividend

Metric ASIC HRTG Insurance Property & Casualty median
Dividend yield — — 1.50%
Payout ratio — — 0.14

Size

Metric ASIC HRTG Insurance Property & Casualty median
Market cap 1.29b 1.09b 2.67b

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