The firm's capital base remains under pressure, with equity contracting from $307.9 million in 2025Q4 to $218.7 million in 2026Q1, while total liabilities continue to significantly outweigh the equity position.
| Total Assets | 2.02B | 2.07B | 1.67B | 1.56B | 1.29B | 1.02B | 597.48M | 443.28M |
| Asset Growth % | 69.04% | 23.79% | 7.45% | 20.95% | 25.84% | 71.28% | - | - |
| Total Investment Assets | 4M | 731.14M | 589.53M | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.76B | 731.14M | 589.53M | 0 | 0 | 0 | 0 | 0 |
| Short-Term Investments | 673.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 1.07B | 523.73M | 407.02M | 940.92M | 700.04M | 736.87M | 406.25M | 388.14M |
| Cash & Equivalents | 366.73M | 299M | 232.84M | 724.28M | 539.19M | 603.97M | 299.08M | 21.81M |
| Receivables | 1.22B | 224.73M | 174.18M | 216.64M | 160.85M | 132.89M | 107.17M | 108.82M |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 228.25M |
| Goodwill & Intangibles | 1.18B | 203.08M | 204.23M | 206.14M | 219.06M | 87.66M | 51.36M | 21.1M |
| Goodwill | 114.15M | 114.16M | 114.12M | 114.21M | 115.04M | 11.49M | 4.75M | 3.8M |
| Intangible Assets | 89.13M | 88.92M | 90.11M | 91.92M | 104.02M | 76.17M | 46.62M | 17.3M |
| PP&E (Net) | 0 | 56.91M | 62.69M | 71.28M | 107.65M | 28.36M | 25.82M | 16.23M |
| Other Assets | 0 | 514.15M | 445.87M | 369.88M | 285.76M | 188.98M | 127.28M | 17.81M |
| Total Liabilities | 1.29B | 1.32B | 1.19B | 1.06B | 920.51M | 752.58M | 480.16M | 332.82M |
| Total Debt | 0 | 232.57M | 198.04M | 238.1M | 277.38M | 126.43M | 69M | 52.2M |
| Net Debt | -366.73M | -66.43M | -34.81M | -486.18M | -261.81M | -477.54M | -230.08M | 30.39M |
| Long-Term Debt | 0 | 177.91M | 148.15M | 181.14M | 189.05M | 126.43M | 69M | 26.1M |
| Short-Term Debt | 0 | 8.98M | 6.71M | 6.5M | 7.56M | 9.07M | 0 | 26.1M |
| Total Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 295.34M |
| Accounts Payable | 0 | 0 | 108.35M | 0 | 0 | 0 | 0 | 46.65M |
| Deferred Revenue | 0 | 390.11M | 357.54M | 317.27M | 235.46M | 175.2M | 124.71M | 16.96M |
| Other Current Liabilities | 0 | -399.09M | -648.38M | -323.77M | -243.02M | -184.27M | -124.71M | 118.5M |
| Deferred Taxes | 75.23M | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K |
| Other Liabilities | 0 | 991.64M | 861.52M | 799.68M | 618.05M | 601.81M | 377.68M | 5.46M |
| Total Equity | 645.39M | 747.03M | 523.51M | 493.35M | 367.37M | 270.8M | 117.32M | 110.46M |
| Equity Growth % | 91.76% | 42.7% | 6.11% | 34.29% | 35.66% | 130.82% | - | - |
| Shareholders Equity | 218.68M | 307.93M | 234.99M | 175.54M | 59.25M | -323.78M | 117.2M | 110.46M |
| Minority Interest | 426.71M | 439.09M | 373.18M | 317.81M | 308.12M | 594.58M | 123K | 0 |
| Retained Earnings | -407.45M | -402.96M | -451.98M | -469M | -489.6M | -482.28M | 56.83M | 0 |
| Common Stock | 10K | 34K | 34K | 33K | 33K | 33K | 0 | 112.99M |
| Accumulated OCI | -66K | 1.23M | -1.51M | -88K | -213K | -1.73M | 60.37M | -2.52M |
| Return on Equity (ROE) | 5.56% | 7.72% | 3.35% | 4.7% | 10.05% | -23.89% | 8.67% | 3.81% |
| Return on Assets (ROA) | 1.74% | 2.62% | 1.05% | 1.42% | 2.78% | -5.72% | 1.7% | 0.95% |
| Equity / Assets | 31.88% | 36.05% | 31.28% | 31.67% | 28.53% | 26.46% | 19.64% | 24.92% |
| Debt / Equity | 0.00x | 0.31x | 0.38x | 0.48x | 0.76x | 0.47x | 0.59x | 0.47x |
| Book Value per Share | 6.39 | 2.15 | 5.92 | 1.45 | 1.09 | 3.29 | 7.85 | 0.34 |
| Tangible BV per Share | 4.38 | 1.57 | 3.61 | 0.84 | 0.44 | 2.22 | 4.41 | 0.27 |
Underwriting volatility and claims severity
As reported in recent financial statements, Hagerty's equity base has experienced significant volatility, contracting from $307.9 million in 2025Q4 to $218.7 million in 2026Q1, which suggests that the company's ability to internally generate capital is currently being challenged by underwriting losses and operational cost burdens.
The rapid fluctuation in equity levels indicates a lack of capital stability, likely driven by the recent deterioration in the combined ratio. Investors should monitor whether this trend reflects a structural inability to retain earnings or merely temporary accounting adjustments related to reinsurance cessions.
Based on the provided balance sheet data, claims reserves reached a peak of $148.5 million in 2025Q1, and while they have since moderated, the inconsistency in these figures suggests that the company faces ongoing challenges in accurately predicting and reserving for specialized automotive loss events.
The erratic nature of reserve levels implies that the company's underwriting model may be susceptible to sudden spikes in claims severity. This volatility warrants further investigation into whether the current reserve methodology is sufficiently robust to handle potential inflationary pressures in the vintage vehicle repair market.
According to the company's reported figures, the investment portfolio has remained stagnant at $1.0 million across most observed periods, which appears to be an unusually low level of liquid assets for a P&C insurer, potentially limiting the firm's claims-paying flexibility during periods of high loss activity.
The lack of meaningful growth in the investment portfolio suggests that the company may be operating with a very thin liquidity buffer. This structure appears to rely heavily on ongoing premium inflows to meet obligations, which may leave the balance sheet vulnerable if underwriting cash flows were to experience a sustained disruption.
As indicated by the financial data, the company's total liabilities have consistently hovered around $1.3 billion to $1.5 billion, significantly outpacing the equity base, which suggests that the firm is operating with a high degree of leverage relative to its capital position in the current environment.
This leverage profile implies that any further deterioration in underwriting performance could rapidly erode the remaining equity buffer. The reliance on external reinsurance to manage this risk appears critical, yet the current balance sheet structure suggests that the company remains highly sensitive to the creditworthiness and performance of its reinsurance partners.
Quick answers to the most common questions about buying HGTY stock.
As of 2025, Hagerty, Inc. (HGTY) had total assets of $2.07B including $523.7M in current assets.
Hagerty, Inc. (HGTY) carries total debt of $232.6M, offset by $299.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Hagerty, Inc. (HGTY) has total shareholders' equity (book value) of $307.9M ($2.15 book value per share). Book value represents the net worth of the company belonging to common stock holders.