Heritage Insurance Holdings, Inc. (HRTG) 10-Year Financial Performance & Capital Metrics

HRTG • • Insurance & Managed Care

Financial ServicesProperty & Casualty InsurancePersonal Lines InsuranceFlorida-Focused Residential

AboutHeritage Insurance Holdings, Inc., through its subsidiaries, provides personal and commercial residential insurance products. The company offers personal residential property insurance for single-family homeowners and condominium owners, and rental property insurance in the states of Alabama, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Rhode Island, South Carolina, and Virginia; commercial residential insurance for properties in Florida, New Jersey, and New York; and licensed in the state of Pennsylvania, as well as personal residential and wind-only property insurance. It also provides restoration, and emergency and recovery services; and property management, and reinsurance services. The company writes personal line policies through a network of retail independent agents, wholesale agents, and a partnership with a direct agency, as well as indirectly to approximately 1,500 retail locations through eight wholesale agency relationships; and personal and commercial insurance policies through a network of approximately 70 independent agencies. Heritage Insurance Holdings, Inc. was founded in 2012 and is headquartered in Tampa, Florida.Show more

Revenue $817M +11.1%
Combined Ratio 89.88% -3.3%
Net Income $62M +35.8%
Return on Equity 24.08% -6.6%
Medical Cost Ratio 78.12% -3.2%
Operating Margin 10.12% +43.1%
Net Margin 7.53% +22.3%
ROA 2.68% +33.6%
Equity / Assets 11.78% +13.3%
Book Value per Share 9.49 +13.1%
Tangible BV/Share 8.30 +22.6%
Debt/Equity 0.49 -27.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 89.9% combined ratio
✓Strong 5Y profit CAGR of 16.5%

✗Weaknesses

✗Shares diluted 16.8% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y13.33%

5Y9.83%

3Y8.96%

TTM4.5%

Profit (Net Income) CAGR

10Y2.71%

5Y16.53%

3Y-

TTM106.69%

EPS CAGR

10Y1%

5Y15.45%

3Y-

TTM93.2%

ROCE

10Y Avg2.61%

5Y Avg-1.06%

3Y Avg-0.56%

Latest3.6%

Peer Comparison

Florida-Focused Residential

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HCIHCI Group, Inc.	2.33B	179.41	20.18	36.26%	24.97%	23.84%	14.1%	0.40
UVEUniversal Insurance Holdings, Inc.	873.72M	31.15	15.50	9.27%	7.74%	24.72%	14.88%	0.27
HRTGHeritage Insurance Holdings, Inc.	828.12M	26.79	13.33	11.08%	17.72%	34.12%	9.52%	0.49
SLDESlide Insurance Holdings, Inc. Common Stock	2.19B	17.65	10.96	80.74%	33.29%	36.16%	24.79%	0.11
AIIAmerican Integrity Insurance Group, Inc.	386.84M	19.76	10.19	1.73%	31.63%	27.59%	38.16%	0.02
ACICAmerican Coastal Insurance Corporation	549.58M	11.27	7.37	12.51%	26%	26.04%	44.3%	0.65

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	394.79M	438.96M	406.62M	480.17M	511.31M	593.38M	631.56M	662.46M	735.5M	816.99M
Revenue Growth %	0.69%	0.11%	-0.07%	0.18%	0.06%	0.16%	0.06%	0.05%	0.11%	0.11%
Medical Costs & Claims+	198.38M	323.28M	285.37M	322.09M	381.19M	501.66M	573.34M	657.47M	593.74M	638.24M
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	196.41M	115.67M	121.25M	158.08M	130.11M	91.72M	58.22M	4.99M	141.76M	178.75M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.82%	-0.41%	0.05%	0.3%	-0.18%	-0.3%	-0.37%	-0.91%	27.39%	0.26%
Operating Expenses+	46.13M	59.27M	127.14M	119.09M	89.11M	89.51M	134.26M	171.16M	89.75M	96.07M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	1.35M	8.98M	7.74M	27.07M	10.44M	8.1M	8.45M	8.36M	8.69M	9.55M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	150.29M	56.4M	-5.89M	38.99M	41M	2.21M	-76.03M	-166.17M	52.01M	82.68M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	1.02%	-0.62%	-1.1%	7.62%	0.05%	-0.95%	-35.36%	-1.19%	1.31%	0.59%
EBITDA+	151.64M	65.38M	1.85M	66.06M	51.43M	10.31M	-67.58M	-157.81M	60.69M	92.23M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	0	362K	13.21M	20.02M	8.52M	7.97M	7.97M	8.81M	11.21M	10.93M
Non-Operating Income	0	-362K	-13.21M	-20.02M	-8.52M	-7.97M	-7.97M	-8.81M	-11.21M	-10.93M
Pretax Income+	150.29M	56.4M	-5.89M	38.99M	41M	2.21M	-76.03M	-166.17M	52.01M	82.68M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	57.78M	22.54M	-4.77M	11.84M	12.36M	-7.11M	-1.31M	-11.81M	6.7M	21.14M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	92.51M	33.87M	-1.12M	27.16M	28.64M	9.33M	-74.73M	-154.36M	45.31M	61.54M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.96%	-0.63%	-1.03%	25.27%	0.05%	-0.67%	-9.01%	-1.07%	1.29%	0.36%
EPS (Diluted)+	3.05	1.14	-0.04	1.04	0.98	0.33	-2.69	-5.86	1.73	2.01
EPS Growth %	0.68%	-0.63%	-1.04%	25.88%	-0.06%	-0.66%	-9.15%	-1.18%	1.3%	0.16%
EPS (Basic)	3.08	1.14	-0.04	1.05	0.98	0.33	-2.69	-5.86	1.73	2.01
Diluted Shares Outstanding	30.33M	29.63M	26.8M	26.1M	29.23M	27.99M	27.8M	26.34M	26.25M	30.65M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	837.4M	1.03B	1.77B	1.77B	1.94B	2.09B	1.98B	2.39B	2.12B	2.47B
Asset Growth %	0.36%	0.23%	0.71%	-0%	0.1%	0.08%	-0.05%	0.21%	-0.11%	0.16%
Total Investment Assets+	400.1M	602.98M	567.01M	526.11M	595.25M	589.02M	694.7M	653.57M	569.41M	663.44M
Long-Term Investments	400.1M	602.98M	567.01M	526.11M	588.87M	562.61M	670.77M	637.09M	562.35M	657.49M
Short-Term Investments	400.1M	602.98M	567.01M	526.11M	587.26M	561.01M	669.35M	113.68M	89.53M	91.33M
Total Current Assets+	638.63M	719.55M	771.25M	1.19B	0	0	0	0	0	0
Cash & Equivalents	236.28M	105.82M	153.7M	250.12M	268.35M	440.96M	359.34M	280.88M	463.64M	452.67M
Receivables	1000K	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	-1.58B	-1.71B	-1.65B	-1.61B	-1.44B	-1.7B
Goodwill & Intangibles+	44.95M	73M	254.09M	229.31M	221.1M	214.74M	147.88M	49.58M	42.55M	36.37M
Goodwill	5.68M	46.45M	152.46M	152.46M	152.46M	152.46M	91.96M	0	0	0
Intangible Assets	36.92M	26.54M	101.63M	76.85M	68.64M	62.28M	55.93M	49.58M	42.55M	36.37M
PP&E (Net)	17.11M	17.18M	18.75M	18M	20.75M	25.15M	45.18M	53.2M	57.66M	59.01M
Other Assets	-445.04M	-602.98M	-567.01M	-7.72M	-830.73M	-802.49M	-863.83M	-739.86M	-662.56M	-752.88M
Total Liabilities	480.85M	675.28M	1.39B	1.34B	1.49B	1.65B	1.64B	2.26B	1.9B	2.18B
Total Debt+	0	72.91M	184.41M	148.79M	137.62M	129.15M	151.93M	160.19M	148.19M	141.34M
Net Debt	-236.28M	-32.91M	30.71M	-101.32M	-130.73M	-311.8M	-207.41M	-120.69M	-315.45M	-311.33M
Long-Term Debt	0	72.91M	184.41M	148.79M	49.87M	51M	51.63M	29.82M	30.11M	36.19M
Short-Term Debt	0	0	0	0	79.38M	70M	69.13M	99.13M	89.63M	80.13M
Total Current Liabilities+	2.09M	96.67M	17.58M	195.35M	0	0	0	0	0	0
Accounts Payable	60.21M	103.47M	48.13M	175.53M	163.58M	171.17M	201.81M	217.46M	176.01M	248.21M
Deferred Revenue	0	0	15.37M	203.73M	0	0	0	0	0	0
Other Current Liabilities	-64.61M	-111.43M	-67.16M	-394.75M	-260.55M	-261.91M	-291.78M	-335.95M	-285.21M	-347.2M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0	0
Other Liabilities	478.75M	599.38M	1.21B	1.19B	-108.33M	-117.63M	-132.64M	-103.82M	-92.2M	-61.21M
Total Equity+	356.55M	357.96M	379.82M	425.33M	448.8M	442.34M	343.05M	131.04M	220.28M	290.8M
Equity Growth %	0.4%	0%	0.06%	0.12%	0.06%	-0.01%	-0.22%	-0.62%	0.68%	0.32%
Shareholders Equity	356.55M	357.96M	379.82M	425.33M	448.8M	442.34M	343.05M	131.04M	220.28M	290.8M
Minority Interest	0	0	0	0	0	0	0	0	0	0
Retained Earnings	155.96M	182.81M	175.23M	195.75M	217.27M	219.78M	138.38M	-19.19M	26.12M	87.66M
Common Stock	3K	3K	3K	3K	3K	3K	3K	3K	3K	3K
Accumulated OCI	-2.03M	-5.02M	-3.06M	-6.53M	7.33M	6.06M	-4.57M	-53.59M	-35.25M	-28.6M
Return on Equity (ROE)	0.3%	0.09%	-0%	0.07%	0.07%	0.02%	-0.19%	-0.65%	0.26%	0.24%
Return on Assets (ROA)	0.13%	0.04%	-0%	0.02%	0.02%	0%	-0.04%	-0.07%	0.02%	0.03%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	-	0.20x	0.49x	0.35x	0.31x	0.29x	0.44x	1.22x	0.67x	0.49x
Book Value per Share	11.76	12.08	14.17	16.30	15.35	15.80	12.34	4.97	8.39	9.49
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	153.86M	75.13M	7.57M	95.43M	119.66M	170.21M	60.13M	-34.26M	70.42M	87.09M
Operating CF Growth %	-0.21%	-0.51%	-0.9%	11.61%	0.25%	0.42%	-0.65%	-1.57%	3.06%	0.24%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	92.51M	33.87M	-1.12M	27.16M	28.64M	9.33M	-74.73M	-154.36M	45.31M	61.54M
Depreciation & Amortization	1.35M	8.98M	7.74M	27.07M	10.44M	8.1M	8.45M	8.36M	8.69M	9.55M
Stock-Based Compensation	2.65M	4.82M	4.82M	5.27M	5.38M	4.68M	1.16M	2.01M	1.36M	3.25M
Deferred Taxes	1.02M	3.1M	19.62M	-21.56M	-898K	6.24M	-5.96M	-11.2M	40K	-4.84M
Other Non-Cash Items	5.23M	6.28M	52.78M	23.14M	2.68M	-15.58M	66.52M	95.97M	-459K	-1.03M
Working Capital Changes	51.11M	18.09M	-76.27M	34.36M	73.42M	157.44M	64.68M	24.96M	15.48M	18.62M
Cash from Investing+	-86.96M	-249.42M	-7.24M	24.36M	-53.59M	22.06M	-124.48M	-37.86M	100.81M	-91.6M
Capital Expenditures	-1.17M	-1.62M	-385K	-2.28M	-4.98M	-755K	-1.01M	-12.38M	-9.89M	-8.23M
Acquisitions	-6M	-110.32M	-140.92M	2.28M	0	-472.52M	-210.1M	-89.54M	0	0
Purchase of Investments	-237.95M	-317.67M	-215.84M	-218.67M	-256.88M	-470.5M	-334.58M	-135M	-230.9M	-286.97M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	6.85M	-137.48M	134.06M	-2.28M	358K	472.52M	210.1M	89.54M	0	-270K
Cash from Financing+	8.9M	43.83M	47.56M	-31.95M	-45.43M	-28.9M	-17.28M	-5.06M	14.55M	-5.19M
Dividends Paid	0	-6.81M	-8.25M	-6.38M	-6.96M	-6.85M	-6.71M	-4.77M	-11K	-54K
Share Repurchases	0	-25.56M	-61.62M	-2M	-16.18M	-10M	-8.19M	-7.34M	0	-3K
Stock Issued	8.9M	0	0	0	0	0	0	0	24.67M	0
Debt Issuance (Net)	0	1000K	1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K
Other Financing	8.9M	-1.72M	-7.21M	-5.27M	-3.52M	-2.38M	-231K	-94K	-429K	-863K
Net Change in Cash+	75.8M	-130.46M	47.88M	87.84M	20.64M	163.38M	-81.63M	-77.18M	185.77M	-9.69M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	160.48M	236.28M	105.82M	174.53M	262.37M	283.01M	446.38M	364.75M	287.57M	473.34M
Cash at End	236.28M	105.82M	153.7M	262.37M	283.01M	446.38M	364.75M	287.57M	473.34M	463.64M
Free Cash Flow+	152.69M	73.51M	7.18M	93.15M	114.67M	169.46M	59.12M	-46.64M	60.52M	78.86M
FCF Growth %	-0.18%	-0.52%	-0.9%	11.97%	0.23%	0.48%	-0.65%	-1.79%	2.3%	0.3%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	5.03	2.48	0.27	3.57	3.92	6.05	2.13	-1.77	2.31	2.57

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	61.93%	87.15%	101.45%	91.88%	91.98%	99.63%	112.04%	125.08%	92.93%	89.88%
Medical Cost Ratio	50.25%	73.65%	70.18%	67.08%	74.55%	84.54%	90.78%	99.25%	80.73%	78.12%
Return on Equity (ROE)	30.25%	9.48%	-0.3%	6.75%	6.55%	2.09%	-19.03%	-65.12%	25.79%	24.08%
Return on Assets (ROA)	12.73%	3.62%	-0.08%	1.53%	1.54%	0.46%	-3.67%	-7.06%	2.01%	2.68%
Equity / Assets	42.58%	34.64%	21.44%	24.05%	23.14%	21.17%	17.32%	5.48%	10.39%	11.78%
Book Value / Share	11.76	12.08	14.17	16.3	15.35	15.8	12.34	4.97	8.39	9.49
Debt / Equity	-	0.20x	0.49x	0.35x	0.31x	0.29x	0.44x	1.22x	0.67x	0.49x
Revenue Growth	68.84%	11.19%	-7.37%	18.09%	6.48%	16.05%	6.43%	4.89%	11.03%	11.08%

Frequently Asked Questions

Valuation & Price

Heritage Insurance Holdings, Inc. (HRTG) has a price-to-earnings (P/E) ratio of 13.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Heritage Insurance Holdings, Inc. (HRTG) grew revenue by 11.1% over the past year. This is steady growth.

Yes, Heritage Insurance Holdings, Inc. (HRTG) is profitable, generating $149.2M in net income for fiscal year 2024 (7.5% net margin).

Dividend & Returns

Heritage Insurance Holdings, Inc. (HRTG) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.

Heritage Insurance Holdings, Inc. (HRTG) has a return on equity (ROE) of 24.1%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Heritage Insurance Holdings, Inc. (HRTG) has a combined ratio of 89.9%. A ratio below 100% indicates underwriting profitability.

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