Heritage maintains a conservative capital structure with a debt-to-equity ratio of 0.20, supporting a robust solvency profile despite high catastrophe exposure.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Assets | 2.02B | 2.2B | 2.47B | 2.12B | 2.39B | 1.98B | 2.09B | 1.94B | 1.77B | 1.77B | 1.03B | 837.4M | 616M | 281.98M | 81.86M |
| Asset Growth % | -22.44% | -11.06% | 16.48% | -11.41% | 20.79% | -5.2% | 7.72% | 9.67% | -0.14% | 71.42% | 23.39% | 35.94% | 118.45% | 244.45% | - |
| Total Investment Assets | 4M | 715.59M | 663.44M | 569.41M | 653.57M | 694.7M | 589.02M | 595.25M | 526.11M | 567.01M | 602.98M | 400.1M | 331.16M | 260.23M | 13.07M |
| Long-Term Investments | 2.54B | 616.18M | 572.11M | 479.89M | 539.89M | 25.34M | 562.61M | 588.87M | 526.11M | 567.01M | 602.98M | 400.1M | 324.31M | 130.11M | 13.07M |
| Short-Term Investments | 0 | 99.41M | 91.33M | 89.53M | 113.68M | 669.35M | 561.01M | 587.26M | 526.11M | 567.01M | 602.98M | 400.1M | 324.31M | 130.11M | 13.07M |
| Total Current Assets | 611.06M | 1.43B | 0 | 0 | 0 | 1.66B | 0 | 0 | 1.19B | 771.25M | 719.55M | 638.63M | 473.59M | 215.93M | 77.06M |
| Cash & Equivalents | 517.07M | 559.27M | 452.67M | 463.64M | 280.88M | 359.34M | 440.96M | 268.35M | 250.12M | 153.7M | 105.82M | 236.28M | 173.82M | 65.06M | 63.87M |
| Receivables | 1.65B | 432.6M | 844.88M | 586.78M | 909.93M | 353.06M | 464.73M | 495.76M | 0 | 0 | 0 | 30.57M | 20.03M | 20.76M | 120K |
| Other Current Assets | 0 | 13.31M | -1.7B | -1.44B | -1.61B | 8.58M | -1.71B | -1.58B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 326.12M | 94.73M | 36.37M | 42.55M | 49.58M | 147.88M | 214.74M | 221.1M | 229.31M | 254.09M | 73M | 44.95M | 24.37M | 9.77M | 32K |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 91.96M | 152.46M | 152.46M | 152.46M | 152.46M | 46.45M | 5.68M | 0 | 0 | 0 |
| Intangible Assets | 28.64M | 94.73M | 36.37M | 42.55M | 49.58M | 55.93M | 62.28M | 68.64M | 76.85M | 101.63M | 26.54M | 36.92M | 24.37M | 9.77M | 32K |
| PP&E (Net) | 46.75M | 45.73M | 59.01M | 57.66M | 53.2M | 45.18M | 25.15M | 20.75M | 18M | 18.75M | 17.18M | 17.11M | 17.09M | 10.94M | 201K |
| Other Assets | -753.72M | 2.96M | -667.49M | -580.1M | -642.66M | 106.15M | -802.49M | -830.73M | -7.72M | -567.01M | -602.98M | -445.04M | -348.68M | -141.05M | -13.27M |
| Total Liabilities | 1.5B | 1.69B | 2.18B | 1.9B | 2.26B | 1.64B | 1.65B | 1.49B | 1.34B | 1.39B | 675.28M | 480.85M | 360.91M | 201.99M | 53.74M |
| Total Debt | 99.05M | 99.81M | 141.34M | 148.19M | 160.19M | 151.93M | 129.15M | 137.62M | 148.79M | 184.41M | 72.91M | 0 | 0 | 0 | 1M |
| Net Debt | -418.02M | -459.46M | -311.33M | -315.45M | -120.69M | -207.41M | -311.8M | -130.73M | -101.32M | 30.71M | -32.91M | -236.28M | -173.82M | -65.06M | -62.87M |
| Long-Term Debt | 74.8M | 4.37M | 36.19M | 30.11M | 29.82M | 51.63M | 51M | 49.87M | 148.79M | 184.41M | 72.91M | 0 | 0 | 0 | 1M |
| Short-Term Debt | 6.16M | 74.06M | 80.13M | 89.63M | 99.13M | 69.13M | 70M | 79.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 15.5M | 1.66B | 0 | 0 | 0 | 1.55B | 0 | 0 | 195.35M | 17.58M | 96.67M | 2.09M | 12.81M | 29.59M | 8.99M |
| Accounts Payable | 0 | 251.65M | 248.21M | 176.01M | 217.46M | 201.81M | 171.17M | 163.58M | 175.53M | 48.13M | 103.47M | 60.21M | 17.11M | 29.59M | 8.99M |
| Deferred Revenue | 0 | 727.09M | 0 | 0 | 0 | 0 | 0 | 0 | 203.73M | 15.37M | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 9.34M | 579.48M | -347.2M | -285.21M | -335.95M | 1.26B | -261.91M | -260.55M | -394.75M | -67.16M | -111.43M | -64.61M | -30.36M | -32.9M | -12.89M |
| Deferred Taxes | 26.27M | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 |
| Other Liabilities | 951.93M | 36K | 213K | -66.98M | 2.13B | -49.64M | -117.63M | -108.33M | 1.19B | 1.21B | 599.38M | 478.75M | 347.13M | 0 | -1M |
| Total Equity | 520.37M | 505.25M | 290.8M | 220.28M | 131.04M | 343.05M | 442.34M | 448.8M | 425.33M | 379.82M | 357.96M | 356.55M | 255.09M | 79.98M | 28.12M |
| Equity Growth % | 238.56% | 73.75% | 32.01% | 68.1% | -61.8% | -22.45% | -1.44% | 5.52% | 11.98% | 6.11% | 0.39% | 39.78% | 218.92% | 184.45% | - |
| Shareholders Equity | 520.37M | 505.25M | 290.8M | 220.28M | 131.04M | 343.05M | 442.34M | 448.8M | 425.33M | 379.82M | 357.96M | 356.55M | 255.09M | 79.98M | 28.12M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 319.73M | 283.25M | 87.66M | 26.12M | -19.19M | 138.38M | 219.78M | 217.27M | 195.75M | 175.23M | 182.81M | 155.96M | 65.02M | 17.92M | -5.47M |
| Common Stock | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 62.85M | 33.59M |
| Accumulated OCI | -13.99M | -10.55M | -28.6M | -35.25M | -53.59M | -4.57M | 6.06M | 7.33M | -6.53M | -3.06M | -5.02M | -2.03M | 1.72M | -790K | 0 |
| Return on Equity (ROE) | 43.68% | 49.14% | 24.08% | 25.79% | -65.12% | -19.03% | 2.09% | 6.55% | 6.75% | -0.3% | 9.48% | 30.25% | 28.11% | 63.3% | -19.44% |
| Return on Assets (ROA) | 8.84% | 8.39% | 2.68% | 2.01% | -7.06% | -3.67% | 0.46% | 1.54% | 1.53% | -0.08% | 3.62% | 12.73% | 10.49% | 18.81% | -6.68% |
| Equity / Assets | 25.75% | 23.01% | 11.78% | 10.39% | 5.48% | 17.32% | 21.17% | 23.14% | 24.05% | 21.44% | 34.64% | 42.58% | 41.41% | 28.37% | 34.35% |
| Debt / Equity | 0.19x | 0.20x | 0.49x | 0.67x | 1.22x | 0.44x | 0.29x | 0.31x | 0.35x | 0.49x | 0.20x | - | - | - | 0.04x |
| Book Value per Share | 16.93 | 16.32 | 9.49 | 8.39 | 4.97 | 12.34 | 15.80 | 15.35 | 16.30 | 14.17 | 12.08 | 11.76 | 9.88 | 2.77 | 0.97 |
| Tangible BV per Share | 16.00 | 13.26 | 8.30 | 6.77 | 3.09 | 7.02 | 8.13 | 7.79 | 7.51 | 4.69 | 9.62 | 10.35 | 8.94 | 2.43 | 0.97 |
Florida catastrophe exposure concentration
As reported in recent financial statements, Heritage Insurance Holdings has successfully grown its equity base from $220.3 million in 2023Q4 to $520.4 million by 2026Q1, indicating a strengthening balance sheet trajectory driven by consistent earnings retention and improved underwriting performance across its core residential property segments.
The consistent growth in equity suggests that the company is effectively internalizing profits rather than distributing capital, which serves to bolster its solvency margin. This trend appears to be a deliberate strategy to enhance the company's capacity to absorb future catastrophe-related volatility without requiring external capital injections.
Based on the company's reported figures, quarterly claims and loss reserves have fluctuated significantly, peaking at $178.5 million in 2024Q3, which highlights the inherent sensitivity of the balance sheet to the timing and severity of weather-related events within the Florida property insurance market.
The variability in loss reserves suggests that the company remains highly susceptible to the unpredictable nature of catastrophe claims. Investors should monitor whether the recent downward trend in loss ratios is a sustainable structural improvement or merely a temporary reprieve from major hurricane activity.
According to historical data, the company maintains a lean capital structure with a debt-to-equity ratio of approximately 0.20, providing a robust buffer that appears designed to satisfy stringent regulatory requirements and maintain favorable ratings from agencies like Demotech despite the company's high-risk geographic concentration.
This low leverage profile suggests that management prioritizes balance sheet stability over aggressive financial engineering. By maintaining minimal debt, the company preserves its financial flexibility to navigate periods of elevated claims activity without the added burden of interest obligations.
As indicated by the company's reliance on third-party treaties, the balance sheet's apparent health is heavily contingent upon the availability and cost of reinsurance, which warrants further investigation into the potential for future margin compression should global reinsurance markets harden further or capacity become constrained.
The reliance on ceded premiums suggests that the company's net risk exposure is managed externally, which may mask the true volatility of the underlying insurance book. If reinsurance costs continue to rise, the company may be forced to retain more risk, potentially exposing the balance sheet to significant capital impairment.
Quick answers to the most common questions about buying HRTG stock.
As of 2025, Heritage Insurance Holdings, Inc. (HRTG) had total assets of $2.20B including $1.43B in current assets.
Heritage Insurance Holdings, Inc. (HRTG) carries total debt of $99.8M, offset by $658.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Heritage Insurance Holdings, Inc. (HRTG) has total shareholders' equity (book value) of $505.3M ($16.32 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Heritage Insurance Holdings, Inc. (HRTG) reported a current ratio of 0.86x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.