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Hagerty (HGTY) Financials

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$10.58 +1.24 (+13.28%)
Closing price 08/8/2025 03:59 PM Eastern
Extended Trading
$11.07 +0.49 (+4.62%)
As of 08/8/2025 08:00 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
Annual Income Statements for Hagerty

Annual Income Statements for Hagerty

This table shows Hagerty's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders
10 -61 32 17 9.59
Consolidated Net Income / (Loss)
10 -61 2.40 28 78
Net Income / (Loss) Continuing Operations
10 -61 2.40 28 78
Total Pre-Tax Income
15 -55 11 45 94
Total Operating Income
16 -10 -68 10 66
Total Gross Profit
362 447 588 783 979
Total Revenue
500 619 788 1,000 1,200
Operating Revenue
500 619 788 1,000 1,200
Total Cost of Revenue
138 172 200 217 221
Operating Cost of Revenue
138 172 200 217 221
Total Operating Expenses
346 457 656 769 912
Selling, General & Admin Expense
51 65 89 85 83
Marketing Expense
86 107 141 156 191
Depreciation Expense
12 22 34 46 39
Other Operating Expenses / (Income)
197 263 374 472 600
Restructuring Charge
- 0.00 18 8.81 0.00
Total Other Income / (Expense), net
-0.99 -45 79 30 27
Other Income / (Expense), net
-0.99 -45 79 30 27
Income Tax Expense
4.82 6.75 7.02 17 15
Other Gains / (Losses), net
- 0.00 -1.68 0.00 0.00
Preferred Stock Dividends Declared
- 0.00 0.00 3.68 7.43
Net Income / (Loss) Attributable to Noncontrolling Interest
-0.13 -0.40 -30 7.95 61
Basic Earnings per Share
$101.66 ($0.56) $0.39 $0.19 $0.10
Weighted Average Basic Shares Outstanding
100K 82.33M 82.73M 84.18M 87.53M
Diluted Earnings per Share
$101.66 ($0.56) ($0.07) $0.09 $0.10
Weighted Average Diluted Shares Outstanding
100K 82.33M 336.15M 340.32M 88.50M
Weighted Average Basic & Diluted Shares Outstanding
- 333.49M 334.25M 335.69M 341.07M

Quarterly Income Statements for Hagerty

This table shows Hagerty's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders
15 -4.61 -2.10 2.41 3.52 13 -3.19 8.54 3.01 1.23 6.50
Consolidated Net Income / (Loss)
24 -32 -15 16 19 9.04 8.20 43 19 8.44 27
Net Income / (Loss) Continuing Operations
24 -32 -15 16 19 9.04 8.20 43 19 8.44 27
Total Pre-Tax Income
26 -29 -11 19 23 14 13 48 18 14 33
Total Operating Income
-21 -36 -16 17 16 -6.47 12 38 10 6.04 26
Total Gross Profit
167 184 163 208 224 188 216 256 276 231 260
Total Revenue
217 197 218 261 276 245 272 313 323 292 320
Operating Revenue
217 197 218 261 276 245 272 313 323 292 320
Total Cost of Revenue
50 13 55 54 51 57 56 58 47 60 59
Operating Cost of Revenue
50 13 55 54 51 57 56 58 47 60 59
Total Operating Expenses
188 220 180 190 204 195 203 218 266 225 235
Selling, General & Admin Expense
24 25 21 21 22 21 20 21 21 20 22
Marketing Expense
44 31 35 42 48 32 40 48 59 44 55
Depreciation Expense
8.89 9.55 14 10 11 11 11 10 9.18 9.15 9.49
Other Operating Expenses / (Income)
111 136 104 114 123 132 133 138 177 152 148
Total Other Income / (Expense), net
47 6.43 5.13 2.02 3.00 20 1.10 10 7.90 7.86 7.05
Other Income / (Expense), net
12 41 5.13 2.02 3.00 20 1.10 10 7.90 7.86 7.05
Income Tax Expense
-0.09 2.94 3.67 3.73 4.60 4.59 5.13 5.81 -1.02 5.46 5.49
Preferred Stock Dividends Declared
0.00 - 0.00 0.00 1.84 1.84 1.84 1.84 1.88 1.88 1.88
Net Income / (Loss) Attributable to Noncontrolling Interest
9.60 -28 -13 13 13 -5.53 9.55 32 14 5.34 19
Basic Earnings per Share
$0.18 ($0.05) ($0.03) $0.03 $0.04 $0.15 ($0.04) $0.09 $0.03 $0.02 $0.07
Weighted Average Basic Shares Outstanding
82.82M 82.73M 83.23M 84.37M 84.48M 84.18M 84.66M 85.69M 89.69M 87.53M 90.05M
Diluted Earnings per Share
$0.07 ($0.06) ($0.03) $0.03 $0.04 $0.05 ($0.04) $0.09 $0.03 $0.02 $0.07
Weighted Average Diluted Shares Outstanding
336.77M 336.15M 83.23M 85.56M 84.48M 340.32M 84.66M 85.69M 89.69M 88.50M 346.31M
Weighted Average Basic & Diluted Shares Outstanding
334.24M 334.25M 335.41M 335.51M 335.62M 335.69M 336.74M 340.84M 341.07M 341.07M 341.75M

Annual Cash Flow Statements for Hagerty

This table details how cash moves in and out of Hagerty's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents
78 305 -65 185 -491
Net Cash From Operating Activities
85 42 55 134 177
Net Cash From Continuing Operating Activities
85 42 55 134 177
Net Income / (Loss) Continuing Operations
10 -61 2.40 28 78
Consolidated Net Income / (Loss)
10 -61 2.40 28 78
Depreciation Expense
12 22 34 46 39
Amortization Expense
- - 0.20 0.03 -3.39
Non-Cash Adjustments To Reconcile Net Income
87 154 54 112 150
Changes in Operating Assets and Liabilities, net
-24 -72 -35 -53 -87
Net Cash From Investing Activities
-47 -69 -92 -53 -619
Net Cash From Continuing Investing Activities
-47 -69 -92 -53 -619
Purchase of Property, Plant & Equipment
-38 -43 -44 -26 -21
Acquisitions
-8.88 -15 -31 -8.68 -25
Purchase of Investments
0.00 -12 -4.23 -11 -680
Sale and/or Maturity of Investments
0.00 1.18 1.59 18 173
Other Investing Activities, net
-0.26 0.05 -14 -25 -65
Net Cash From Financing Activities
40 332 -28 103 -47
Net Cash From Continuing Financing Activities
40 332 -28 103 -47
Repayment of Debt
-29 -43 -122 -138 -91
Payment of Dividends
-4.00 -35 0.00 0.00 -12
Issuance of Debt
73 108 94 162 62
Issuance of Preferred Equity
- 0.00 0.00 79 0.00
Other Financing Activities, net
0.00 300 0.00 0.00 -5.84
Effect of Exchange Rate Changes
0.89 -0.46 -0.50 0.87 -2.97

Quarterly Cash Flow Statements for Hagerty

This table details how cash moves in and out of Hagerty's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Change in Cash & Equivalents
55 -77 -32 125 53 39 2.53 -411 7.91 -91 53
Net Cash From Operating Activities
34 -38 12 59 62 1.49 58 64 67 -13 44
Net Cash From Continuing Operating Activities
34 -38 12 59 62 1.49 58 64 67 -13 44
Net Income / (Loss) Continuing Operations
24 -32 -15 16 19 9.04 8.20 43 19 8.44 27
Consolidated Net Income / (Loss)
24 -32 -15 16 19 9.04 8.20 43 19 8.44 27
Depreciation Expense
8.89 9.55 14 10 11 11 11 10 9.18 9.15 9.49
Amortization Expense
- - - - - - - - - - -1.18
Non-Cash Adjustments To Reconcile Net Income
14 -85 35 154 -59 -18 10 139 6.28 -5.56 -2.74
Changes in Operating Assets and Liabilities, net
-14 70 -22 -121 91 -0.37 29 -128 33 -21 11
Net Cash From Investing Activities
-27 -12 -25 -6.50 -3.16 -18 -18 -462 -83 -56 -4.48
Net Cash From Continuing Investing Activities
-27 -12 -25 -6.50 -3.16 -18 -18 -462 -83 -56 -4.48
Purchase of Property, Plant & Equipment
-12 -11 -8.13 -8.12 -5.31 -4.85 -4.54 -7.40 -5.34 -4.07 -5.39
Acquisitions
0.81 -2.69 -6.08 -1.01 -1.61 0.01 -3.84 - -20 -1.26 0.00
Purchase of Investments
- -1.79 -4.35 -1.82 -1.11 -3.29 -2.96 -462 -111 -104 -39
Sale and/or Maturity of Investments
- 0.37 1.57 7.63 5.18 3.45 12 20 77 64 50
Other Investing Activities, net
-15 3.21 -7.81 -3.18 -0.33 -13 -19 -12 -23 -11 -10
Net Cash From Financing Activities
49 -29 -19 72 -4.67 55 -37 -14 24 -20 14
Net Cash From Continuing Financing Activities
49 -29 -19 72 -4.67 55 -37 -14 24 -20 14
Repayment of Debt
- -31 -47 -52 -34 -4.70 -45 -15 -2.45 -28 -121
Payment of Dividends
- - - - - - - - - -1.36 -25
Issuance of Debt
49 3.37 28 44 29 61 8.10 17 27 9.25 160
Other Financing Activities, net
- - - - - - - - -1.13 -0.12 -0.27
Effect of Exchange Rate Changes
-1.24 1.52 0.15 0.76 -0.62 0.58 -0.19 -0.10 -0.59 -2.09 -0.13

Annual Balance Sheets for Hagerty

This table presents Hagerty's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets
611 1,042 1,313 1,588 1,709
Total Current Assets
513 895 937 1,250 858
Cash & Equivalents
38 275 95 108 105
Restricted Cash
261 329 444 616 128
Short-Term Investments
- - - 11 74
Note & Lease Receivable
- 0.00 25 36 45
Accounts Receivable
34 47 58 72 85
Other Current Assets
166 214 254 408 421
Plant, Property, & Equipment, net
26 28 25 21 18
Total Noncurrent Assets
72 118 350 317 833
Long-Term Investments
- - - 5.53 516
Noncurrent Note & Lease Receivables
- 0.00 12 17 12
Goodwill
4.75 11 115 114 114
Intangible Assets
47 76 104 92 90
Other Noncurrent Operating Assets
20 31 119 89 101
Total Liabilities & Shareholders' Equity
611 1,042 1,313 1,588 1,709
Total Liabilities
493 771 945 1,095 1,101
Total Current Liabilities
385 496 667 842 915
Accounts Payable
12 9.08 77 87 73
Other Current Liabilities
329 439 590 755 842
Total Noncurrent Liabilities
109 275 278 253 186
Long-Term Debt
69 136 108 131 105
Noncurrent Deferred & Payable Income Tax Liabilities
0.00 11 13 16 18
Other Noncurrent Operating Liabilities
40 129 157 106 63
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest
0.00 593 0.00 83 85
Total Equity & Noncontrolling Interests
117 -322 367 411 524
Total Preferred & Common Equity
0.00 -324 59 93 150
Total Common Equity
117 -324 59 93 150
Common Stock
62 160 549 562 604
Retained Earnings
57 -482 -490 -469 -452
Accumulated Other Comprehensive Income / (Loss)
-1.95 -1.73 -0.21 -0.09 -1.51
Noncontrolling Interest
0.12 1.31 308 318 373

Quarterly Balance Sheets for Hagerty

This table presents Hagerty's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025
Total Assets
1,345 1,302 1,553 1,584 1,570 1,730 1,818 1,816
Total Current Assets
1,054 926 1,180 1,249 1,245 1,013 1,009 998
Cash & Equivalents
180 63 114 91 131 121 147 128
Restricted Cash
436 444 518 595 596 195 176 159
Short-Term Investments
- - - - - 65 62 105
Note & Lease Receivable
22 34 31 27 57 60 63 62
Accounts Receivable
70 63 77 82 72 88 93 98
Other Current Assets
298 322 440 454 390 483 468 447
Plant, Property, & Equipment, net
28 25 23 22 20 20 19 18
Total Noncurrent Assets
263 351 349 313 305 697 790 800
Long-Term Investments
- - - - - 405 472 481
Noncurrent Note & Lease Receivables
7.35 13 12 13 4.44 1.29 12 11
Goodwill
115 115 115 114 114 114 114 114
Intangible Assets
102 103 104 96 88 83 92 87
Other Noncurrent Operating Assets
39 120 119 90 98 94 101 107
Total Liabilities & Shareholders' Equity
1,345 1,302 1,553 1,584 1,570 1,730 1,818 1,816
Total Liabilities
955 945 1,095 1,105 1,065 1,194 1,210 1,197
Total Current Liabilities
721 695 849 891 849 970 1,001 987
Accounts Payable
26 75 79 76 95 77 75 117
Other Current Liabilities
646 620 770 815 754 894 926 870
Total Noncurrent Liabilities
234 250 246 214 216 224 209 210
Long-Term Debt
136 89 81 76 91 98 123 133
Noncurrent Deferred & Payable Income Tax Liabilities
14 14 17 18 15 18 21 18
Other Noncurrent Operating Liabilities
85 147 149 121 109 108 65 59
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest
0.00 - 79 81 85 81 83 87
Total Equity & Noncontrolling Interests
390 357 379 398 421 454 525 533
Total Preferred & Common Equity
99 62 67 74 94 94 148 163
Total Common Equity
99 62 67 74 94 94 148 163
Common Stock
546 554 557 558 564 555 602 607
Retained Earnings
-446 -492 -489 -484 -470 -460 -455 -444
Accumulated Other Comprehensive Income / (Loss)
-1.73 -0.27 0.08 -0.18 -0.24 -0.67 1.45 -0.46
Noncontrolling Interest
291 295 311 323 327 360 377 370

Annual Metrics And Ratios for Hagerty

This table displays calculated financial ratios and metrics derived from Hagerty's official financial filings.

Metric 2020 2021 2022 2023 2024
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics
- - - - -
Revenue Growth
0.00% 23.93% 27.22% 27.00% 19.98%
EBITDA Growth
0.00% -221.76% 239.19% 91.69% 49.29%
EBIT Growth
0.00% -467.47% 120.32% 267.33% 130.06%
NOPAT Growth
0.00% -165.84% -252.36% 126.37% 747.46%
Net Income Growth
0.00% -711.16% 103.92% 1,072.66% 177.88%
EPS Growth
0.00% -100.55% 87.50% 228.57% 11.11%
Operating Cash Flow Growth
0.00% -50.01% 30.86% 141.66% 32.40%
Free Cash Flow Firm Growth
0.00% 0.00% -226.91% 99.58% 11,553.47%
Invested Capital Growth
0.00% -75.31% 37.42% 5.63% 6.42%
Revenue Q/Q Growth
0.00% 0.00% 5.72% 5.05% 4.05%
EBITDA Q/Q Growth
0.00% 0.00% 263.43% 105.33% -3.71%
EBIT Q/Q Growth
0.00% 0.00% 118.86% 1,898.72% 0.18%
NOPAT Q/Q Growth
0.00% 0.00% 32.86% -95.10% 21.92%
Net Income Q/Q Growth
0.00% 0.00% 107.55% 315.17% -0.76%
EPS Q/Q Growth
0.00% 0.00% 99.87% 550.00% -23.08%
Operating Cash Flow Q/Q Growth
0.00% 0.00% 9.59% 42.26% -7.38%
Free Cash Flow Firm Q/Q Growth
0.00% 0.00% 0.00% -100.24% 18.75%
Invested Capital Q/Q Growth
0.00% 0.00% -36.57% 11.05% 13.40%
Profitability Metrics
- - - - -
Gross Margin
72.47% 72.23% 74.66% 78.32% 81.55%
EBITDA Margin
5.34% -5.24% 5.74% 8.66% 10.77%
Operating Margin
3.17% -1.63% -8.58% 1.04% 5.53%
EBIT Margin
2.97% -8.82% 1.41% 4.08% 7.81%
Profit (Net Income) Margin
2.01% -9.91% 0.31% 2.82% 6.53%
Tax Burden Percent
67.56% 112.36% 21.66% 62.94% 83.58%
Interest Burden Percent
100.00% 100.00% 100.00% 109.85% 99.91%
Effective Tax Rate
32.44% 0.00% 63.24% 37.06% 16.42%
Return on Invested Capital (ROIC)
0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)
0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)
8.56% -31.62% 0.75% 6.55% 14.22%
Cash Return on Invested Capital (CROIC)
0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)
2.43% -6.61% 0.94% 2.81% 5.69%
Return on Assets (ROA)
1.64% -7.43% 0.20% 1.94% 4.75%
Return on Common Equity (ROCE)
8.55% 16.83% -0.31% 1.16% 3.14%
Return on Equity Simple (ROE_SIMPLE)
0.00% 18.95% 4.06% 30.40% 52.09%
Net Operating Profit after Tax (NOPAT)
11 -7.05 -25 6.55 56
NOPAT Margin
2.14% -1.14% -3.15% 0.65% 4.63%
Net Nonoperating Expense Percent (NNEP)
-0.29% -15.55% 5.68% 3.93% 3.43%
Return On Investment Capital (ROIC_SIMPLE)
- - -5.22% 1.21% 8.83%
Cost of Revenue to Revenue
27.53% 27.77% 25.34% 21.69% 18.45%
SG&A Expenses to Revenue
10.25% 10.43% 11.31% 8.54% 6.88%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
69.30% 73.86% 83.24% 76.87% 76.02%
Earnings before Interest and Taxes (EBIT)
15 -55 11 41 94
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
27 -32 45 87 129
Valuation Ratios
- - - - -
Price to Book Value (P/BV)
0.85 0.00 47.44 28.24 21.89
Price to Tangible Book Value (P/TBV)
1.52 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)
0.20 0.34 3.57 2.62 2.74
Price to Earnings (P/E)
9.84 0.00 87.63 158.14 343.20
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield
10.17% 0.00% 1.14% 0.63% 0.29%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)
0.00 0.55 3.41 2.41 2.53
Enterprise Value to EBITDA (EV/EBITDA)
0.00 0.00 59.50 27.81 23.45
Enterprise Value to EBIT (EV/EBIT)
0.00 0.00 242.26 59.09 32.33
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 0.00 367.66 54.61
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 8.00 48.59 18.01 17.13
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 4.34 0.00 0.00 63.13
Leverage & Solvency
- - - - -
Debt to Equity
0.59 0.50 0.29 0.26 0.17
Long-Term Debt to Equity
0.59 0.50 0.29 0.26 0.17
Financial Leverage
-1.96 -1.80 -1.50 -1.28 -1.21
Leverage Ratio
5.21 4.26 3.69 3.37 2.99
Compound Leverage Factor
5.21 4.26 3.69 3.70 2.99
Debt to Total Capital
37.03% 33.35% 22.76% 20.94% 14.72%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital
37.03% 33.35% 22.76% 20.94% 14.72%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.07% 146.34% 64.78% 64.20% 64.20%
Common Equity to Total Capital
62.90% -79.69% 12.46% 14.86% 21.08%
Debt to EBITDA
2.59 -4.17 2.40 1.51 0.81
Net Debt to EBITDA
-8.63 14.43 -9.54 -7.04 -5.55
Long-Term Debt to EBITDA
2.59 -4.17 2.40 1.51 0.81
Debt to NOPAT
6.45 -19.22 -4.36 19.95 1.89
Net Debt to NOPAT
-21.49 66.46 17.35 -93.13 -12.92
Long-Term Debt to NOPAT
6.45 -19.22 -4.36 19.95 1.89
Altman Z-Score
1.40 0.40 2.14 2.04 2.27
Noncontrolling Interest Sharing Ratio
0.10% 153.23% 141.45% 82.35% 77.94%
Liquidity Ratios
- - - - -
Current Ratio
1.33 1.81 1.40 1.48 0.94
Quick Ratio
0.19 0.65 0.27 0.27 0.34
Cash Flow Metrics
- - - - -
Free Cash Flow to Firm (FCFF)
0.00 78 -99 -0.42 48
Operating Cash Flow to CapEx
221.06% 97.49% 124.68% 506.40% 829.39%
Free Cash Flow to Firm to Interest Expense
0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense
0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00
Efficiency Ratios
- - - - -
Asset Turnover
0.82 0.75 0.67 0.69 0.73
Accounts Receivable Turnover
14.74 15.36 15.00 15.41 15.36
Inventory Turnover
0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover
19.35 22.85 29.38 43.47 61.59
Accounts Payable Turnover
11.91 16.67 4.63 2.64 2.76
Days Sales Outstanding (DSO)
24.76 23.76 24.33 23.68 23.77
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)
30.64 21.90 78.78 138.18 132.31
Cash Conversion Cycle (CCC)
-5.89 1.86 -54.45 -114.50 -108.54
Capital & Investment Metrics
- - - - -
Invested Capital
-113 -198 -124 -117 -109
Invested Capital Turnover
-4.43 -3.99 -4.90 -8.32 -10.62
Increase / (Decrease) in Invested Capital
0.00 -85 74 6.97 7.49
Enterprise Value (EV)
-130 338 2,688 2,408 3,032
Market Capitalization
100 212 2,811 2,618 3,291
Book Value per Share
$1,171.98 ($21.66) $0.18 $0.28 $0.44
Tangible Book Value per Share
$658.36 ($27.53) ($0.48) ($0.34) ($0.16)
Total Capital
186 406 476 624 713
Total Debt
69 136 108 131 105
Total Long-Term Debt
69 136 108 131 105
Net Debt
-230 -468 -431 -610 -717
Capital Expenditures (CapEx)
38 43 44 26 21
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-170 -205 -270 -327 -364
Debt-free Net Working Capital (DFNWC)
129 399 269 408 -57
Net Working Capital (NWC)
129 399 269 408 -57
Net Nonoperating Expense (NNE)
0.67 54 -27 -22 -23
Net Nonoperating Obligations (NNO)
-230 -468 -491 -610 -717
Total Depreciation and Amortization (D&A)
12 22 34 46 36
Debt-free, Cash-free Net Working Capital to Revenue
-34.13% -33.03% -34.25% -32.72% -30.32%
Debt-free Net Working Capital to Revenue
25.74% 64.53% 34.21% 40.78% -4.75%
Net Working Capital to Revenue
25.74% 64.53% 34.21% 40.78% -4.75%
Earnings Adjustments
- - - - -
Adjusted Basic Earnings per Share
$0.00 ($0.56) $0.39 $0.19 $0.10
Adjusted Weighted Average Basic Shares Outstanding
0.00 82.33M 82.73M 84.18M 87.53M
Adjusted Diluted Earnings per Share
$0.00 ($0.56) ($0.07) $0.09 $0.10
Adjusted Weighted Average Diluted Shares Outstanding
0.00 82.33M 336.15M 340.32M 88.50M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 333.49M 334.25M 335.69M 341.07M
Normalized Net Operating Profit after Tax (NOPAT)
11 -7.05 -34 12 56
Normalized NOPAT Margin
2.14% -1.14% -4.38% 1.21% 4.63%
Pre Tax Income Margin
2.97% -8.82% 1.41% 4.48% 7.81%
Debt Service Ratios
- - - - -
EBIT to Interest Expense
0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense
0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00
Payout Ratios
- - - - -
Dividend Payout Ratio
39.84% -57.12% 0.00% 0.00% 15.69%
Augmented Payout Ratio
39.84% -57.12% 0.00% 0.00% 15.69%

Quarterly Metrics And Ratios for Hagerty

This table displays calculated financial ratios and metrics derived from Hagerty's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Growth Metrics
- - - - - - - - - - -
Revenue Growth
28.96% 27.61% 30.12% 26.81% 27.14% 24.39% 24.44% 19.90% 17.35% 19.05% 17.62%
EBITDA Growth
-101.22% 126.01% -90.51% 501.26% 34,040.91% 64.41% 901.17% 97.43% -9.04% -6.49% 71.99%
EBIT Growth
-769.50% 108.44% -163.10% 672.46% 312.91% 152.33% 217.35% 151.99% -5.91% 1.23% 145.96%
NOPAT Growth
-2,870.03% -70.08% -0.04% 732.68% 160.67% 82.83% 165.15% 140.80% -17.49% 185.39% 184.85%
Net Income Growth
4,544.79% 51.50% -194.70% 380.34% -23.40% 128.05% 154.57% 174.52% 2.06% -6.66% 232.88%
EPS Growth
101.46% 99.89% -200.00% 142.86% -42.86% 183.33% -33.33% 200.00% -25.00% -60.00% 275.00%
Operating Cash Flow Growth
94.61% 11.24% 30.11% 15.55% 83.32% 103.88% 396.57% 8.82% 9.28% -949.70% -24.74%
Free Cash Flow Firm Growth
0.00% 0.00% -175.71% -129.72% -68.70% 88.62% 163.44% 199.79% -89.60% 66.07% -83.89%
Invested Capital Growth
-188.92% 37.42% 63.62% 53.23% -44.88% 5.63% -110.63% -62.94% 3.88% 6.42% 7.10%
Revenue Q/Q Growth
5.21% -9.11% 10.84% 19.64% 5.49% -11.08% 10.88% 15.28% 3.24% -9.79% 9.55%
EBITDA Q/Q Growth
-101.78% 17,136.36% 112.09% 1,143.34% 0.68% -17.48% -3.08% 145.18% -53.61% -15.17% 78.26%
EBIT Q/Q Growth
-166.73% 160.61% 61.23% 269.67% -0.80% -28.16% -2.94% 264.31% -62.96% -22.71% 135.82%
NOPAT Q/Q Growth
-1,374.64% -17.42% 53.85% 220.54% -7.12% -133.22% 275.16% 345.53% -68.18% -65.62% 484.30%
Net Income Q/Q Growth
538.63% -232.58% 53.39% 203.42% 19.85% -51.45% -9.32% 420.27% -55.44% -55.60% 223.38%
EPS Q/Q Growth
200.00% -185.71% 50.00% 200.00% 33.33% 25.00% -180.00% 325.00% -66.67% -33.33% 250.00%
Operating Cash Flow Q/Q Growth
-33.93% -213.67% 130.67% 401.61% 4.82% -97.59% 3,821.75% 9.92% 5.26% -118.72% 447.36%
Free Cash Flow Firm Q/Q Growth
-45.06% -157.84% -20.57% 22.44% 157.87% -121.02% 772.28% 22.01% -93.97% -168.61% 419.15%
Invested Capital Q/Q Growth
54.72% -36.57% 50.16% -51.76% -40.27% 11.05% -11.24% -17.39% 17.25% 13.40% -10.43%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
76.88% 93.53% 74.71% 79.49% 81.38% 76.83% 79.35% 81.58% 85.41% 79.27% 81.51%
EBITDA Margin
-0.04% 7.61% 1.09% 11.36% 10.84% 10.06% 8.79% 18.70% 8.40% 7.90% 12.86%
Operating Margin
-9.79% -18.13% -7.55% 6.60% 5.85% -2.64% 4.50% 12.15% 3.12% 2.07% 8.05%
EBIT Margin
-4.14% 2.76% -5.20% 7.38% 6.94% 5.60% 4.91% 15.50% 5.56% 4.77% 10.26%
Profit (Net Income) Margin
11.22% -16.36% -6.88% 5.95% 6.76% 3.69% 3.02% 13.62% 5.88% 2.89% 8.54%
Tax Burden Percent
94.39% 110.04% 132.30% 80.64% 80.18% 66.32% 61.52% 88.01% 105.68% 60.72% 83.26%
Interest Burden Percent
-286.89% -538.28% 100.00% 100.00% 121.51% 99.28% 100.00% 99.82% 100.00% 100.00% 100.00%
Effective Tax Rate
-0.35% 0.00% 0.00% 19.36% 19.82% 33.68% 38.48% 11.99% -5.68% 39.28% 16.74%
Return on Invested Capital (ROIC)
-1,296.71% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)
-1,315.68% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)
1,285.49% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)
-11.21% 0.75% -8.80% -1.98% -3.02% 6.55% 11.92% 15.81% 14.52% 14.22% 17.32%
Cash Return on Invested Capital (CROIC)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)
-4.22% 1.85% -3.75% 4.90% 4.51% 3.86% 3.60% 10.44% 3.77% 3.47% 7.56%
Return on Assets (ROA)
11.43% -10.95% -4.96% 3.95% 4.39% 2.54% 2.21% 9.17% 3.99% 2.11% 6.29%
Return on Common Equity (ROCE)
-1.94% -0.31% -1.85% -0.37% -0.60% 1.16% 2.15% 2.58% 2.97% 3.14% 3.95%
Return on Equity Simple (ROE_SIMPLE)
-32.11% 0.00% -45.87% -10.99% -17.64% 0.00% 54.96% 83.15% 53.22% 0.00% 59.77%
Net Operating Profit after Tax (NOPAT)
-21 -25 -12 14 13 -4.29 7.52 34 11 3.67 21
NOPAT Margin
-9.83% -12.69% -5.29% 5.33% 4.69% -1.75% 2.77% 10.70% 3.30% 1.26% 6.70%
Net Nonoperating Expense Percent (NNEP)
18.98% -1.51% -0.79% 0.31% 1.05% 2.42% 0.13% 1.48% 1.24% 0.72% 0.85%
Return On Investment Capital (ROIC_SIMPLE)
- -5.26% - - - -0.79% - - - 0.58% 3.22%
Cost of Revenue to Revenue
23.12% 6.48% 25.29% 20.51% 18.62% 23.17% 20.65% 18.42% 14.59% 20.73% 18.49%
SG&A Expenses to Revenue
11.00% 12.70% 9.79% 8.16% 8.04% 8.39% 7.31% 6.82% 6.44% 7.00% 6.94%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
86.67% 111.66% 82.26% 72.89% 74.04% 79.51% 74.85% 69.46% 82.29% 77.21% 73.46%
Earnings before Interest and Taxes (EBIT)
-8.98 5.44 -11 19 19 14 13 49 18 14 33
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-0.09 15 2.39 30 30 25 24 59 27 23 41
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
30.25 47.44 47.04 46.57 36.92 28.24 32.84 37.08 23.38 21.89 18.90
Price to Tangible Book Value (P/TBV)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)
4.02 3.57 3.49 3.51 2.88 2.62 2.92 3.17 3.01 2.74 2.47
Price to Earnings (P/E)
0.00 87.63 1,181.76 301.50 0.00 158.14 198.63 162.15 164.35 343.20 159.96
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield
0.00% 1.14% 0.08% 0.33% 0.00% 0.63% 0.50% 0.62% 0.61% 0.29% 0.63%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)
3.77 3.41 3.34 3.33 2.66 2.41 2.70 2.94 2.77 2.53 2.24
Enterprise Value to EBITDA (EV/EBITDA)
0.00 59.50 0.00 243.72 60.12 27.81 26.36 23.77 23.77 23.45 19.11
Enterprise Value to EBIT (EV/EBIT)
0.00 242.26 0.00 0.00 0.00 59.09 43.52 34.36 34.10 32.33 24.73
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 0.00 39.51 18.97 367.66 98.38 68.24 70.10 54.61 40.69
Enterprise Value to Operating Cash Flow (EV/OCF)
55.63 48.59 48.20 45.16 26.98 18.01 15.80 17.56 16.70 17.13 17.22
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00 0.00 14.54 0.00 29.32 30.54 78.93 63.13 46.99
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.35 0.29 0.25 0.18 0.16 0.26 0.18 0.18 0.20 0.17 0.21
Long-Term Debt to Equity
0.35 0.29 0.25 0.18 0.16 0.26 0.18 0.18 0.20 0.17 0.21
Financial Leverage
-0.98 -1.50 -1.36 -1.39 -1.26 -1.28 -1.22 -1.25 -1.24 -1.21 -1.22
Leverage Ratio
2.97 3.69 3.59 3.60 3.37 3.37 3.33 3.30 3.13 2.99 3.01
Compound Leverage Factor
-8.53 -19.86 3.59 3.60 4.10 3.35 3.33 3.30 3.13 2.99 3.01
Debt to Total Capital
25.87% 22.76% 19.97% 15.00% 13.67% 20.94% 15.32% 15.48% 16.81% 14.72% 17.64%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital
25.87% 22.76% 19.97% 15.00% 13.67% 20.94% 15.32% 15.48% 16.81% 14.72% 17.64%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
55.28% 64.78% 66.09% 72.48% 72.94% 64.20% 69.01% 69.61% 62.91% 64.20% 60.69%
Common Equity to Total Capital
18.85% 12.46% 13.93% 12.51% 13.39% 14.86% 15.67% 14.91% 20.28% 21.08% 21.70%
Debt to EBITDA
-4.92 2.40 -7.12 6.61 1.80 1.51 0.85 0.72 0.92 0.81 0.91
Net Debt to EBITDA
17.38 -9.54 33.44 -45.13 -14.46 -7.04 -5.88 -5.02 -5.47 -5.55 -5.05
Long-Term Debt to EBITDA
-4.92 2.40 -7.12 6.61 1.80 1.51 0.85 0.72 0.92 0.81 0.91
Debt to NOPAT
-3.68 -4.36 -1.79 1.07 0.57 19.95 3.16 2.06 2.70 1.89 1.93
Net Debt to NOPAT
12.98 17.35 8.41 -7.32 -4.56 -93.13 -21.94 -14.42 -16.13 -12.92 -10.75
Long-Term Debt to NOPAT
-3.68 -4.36 -1.79 1.07 0.57 19.95 3.16 2.06 2.70 1.89 1.93
Altman Z-Score
2.25 2.12 2.15 2.15 1.97 1.99 2.31 2.15 2.04 2.11 1.96
Noncontrolling Interest Sharing Ratio
82.68% 141.45% 78.97% 81.33% 80.04% 82.35% 81.95% 83.71% 79.53% 77.94% 77.18%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
1.46 1.40 1.33 1.39 1.40 1.48 1.47 1.04 1.01 0.94 1.01
Quick Ratio
0.38 0.27 0.23 0.26 0.22 0.27 0.31 0.35 0.36 0.34 0.40
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
171 -99 -119 -93 54 -11 76 92 5.57 -3.82 12
Operating Cash Flow to CapEx
282.46% -349.31% 144.20% 724.67% 1,162.38% 30.64% 1,283.34% 865.33% 1,261.46% -310.33% 813.32%
Free Cash Flow to Firm to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
1.02 0.67 0.72 0.66 0.65 0.69 0.73 0.67 0.68 0.73 0.74
Accounts Receivable Turnover
0.00 15.00 15.14 13.26 12.55 15.41 15.64 13.39 13.15 15.36 14.73
Inventory Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover
0.00 29.38 31.98 34.65 38.35 43.47 47.42 51.07 57.39 61.59 66.13
Accounts Payable Turnover
17.88 4.63 4.04 3.82 3.38 2.64 2.56 2.86 2.89 2.76 2.12
Days Sales Outstanding (DSO)
0.00 24.33 24.10 27.54 29.07 23.68 23.34 27.26 27.76 23.77 24.79
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)
20.41 78.78 90.43 95.58 108.03 138.18 142.53 127.64 126.13 132.31 172.19
Cash Conversion Cycle (CCC)
-20.41 -54.45 -66.33 -68.04 -78.96 -114.50 -119.19 -100.37 -98.37 -108.54 -147.40
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
-91 -124 -62 -94 -131 -117 -130 -152 -126 -109 -121
Invested Capital Turnover
131.97 -4.90 -7.25 -6.09 -8.59 -8.32 -11.00 -8.99 -8.96 -10.62 -9.96
Increase / (Decrease) in Invested Capital
-192 74 108 106 -41 6.97 -68 -59 5.09 7.49 9.22
Enterprise Value (EV)
2,808 2,688 2,798 2,979 2,536 2,408 2,848 3,255 3,192 3,032 2,800
Market Capitalization
2,998 2,811 2,921 3,139 2,741 2,618 3,072 3,502 3,466 3,291 3,083
Book Value per Share
$0.30 $0.18 $0.19 $0.20 $0.22 $0.28 $0.28 $0.28 $0.44 $0.44 $0.48
Tangible Book Value per Share
($0.35) ($0.48) ($0.47) ($0.45) ($0.40) ($0.34) ($0.32) ($0.30) ($0.17) ($0.16) ($0.11)
Total Capital
526 476 446 539 554 624 597 633 731 713 752
Total Debt
136 108 89 81 76 131 91 98 123 105 133
Total Long-Term Debt
136 108 89 81 76 131 91 98 123 105 133
Net Debt
-480 -431 -418 -552 -610 -610 -635 -688 -734 -717 -740
Capital Expenditures (CapEx)
12 11 8.13 8.12 5.31 4.85 4.54 7.40 5.34 4.07 5.39
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-283 -270 -276 -301 -327 -327 -331 -338 -377 -364 -380
Debt-free Net Working Capital (DFNWC)
333 269 231 331 358 408 396 43 7.85 -57 11
Net Working Capital (NWC)
333 269 231 331 358 408 396 43 7.85 -57 11
Net Nonoperating Expense (NNE)
-46 7.22 3.48 -1.63 -5.70 -13 -0.68 -9.15 -8.34 -4.77 -5.87
Net Nonoperating Obligations (NNO)
-480 -491 -418 -552 -610 -610 -635 -688 -734 -717 -740
Total Depreciation and Amortization (D&A)
8.89 9.55 14 10 11 11 11 10 9.18 9.15 8.30
Debt-free, Cash-free Net Working Capital to Revenue
-38.03% -34.25% -32.96% -33.72% -34.39% -32.72% -31.42% -30.61% -32.72% -30.32% -30.48%
Debt-free Net Working Capital to Revenue
44.70% 34.21% 27.58% 37.07% 37.61% 40.78% 37.57% 3.85% 0.68% -4.75% 0.87%
Net Working Capital to Revenue
44.70% 34.21% 27.58% 37.07% 37.61% 40.78% 37.57% 3.85% 0.68% -4.75% 0.87%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$0.18 ($0.05) ($0.03) $0.03 $0.04 $0.15 ($0.04) $0.09 $0.03 $0.02 $0.07
Adjusted Weighted Average Basic Shares Outstanding
82.82M 82.73M 83.23M 84.37M 84.48M 84.18M 84.66M 85.69M 89.69M 87.53M 90.05M
Adjusted Diluted Earnings per Share
$0.07 ($0.06) ($0.03) $0.03 $0.04 $0.05 ($0.04) $0.09 $0.03 $0.02 $0.07
Adjusted Weighted Average Diluted Shares Outstanding
336.77M 336.15M 83.23M 85.56M 84.48M 340.32M 84.66M 85.69M 89.69M 88.50M 346.31M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
334.24M 334.25M 335.41M 335.51M 335.62M 335.69M 336.74M 340.84M 341.07M 341.07M 341.75M
Normalized Net Operating Profit after Tax (NOPAT)
-15 -12 -7.67 16 13 -4.32 7.52 34 7.06 3.67 21
Normalized NOPAT Margin
-6.85% -6.18% -3.51% 6.21% 4.83% -1.76% 2.77% 10.70% 2.18% 1.26% 6.70%
Pre Tax Income Margin
11.88% -14.87% -5.20% 7.38% 8.43% 5.56% 4.91% 15.47% 5.56% 4.77% 10.26%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 13.91% 13.84% 15.69% 37.95%
Augmented Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 13.91% 13.84% 15.69% 37.95%

Key Financial Trends

Hagerty (NYSE: HGTY) has shown a generally positive financial performance trend over the last four years, with improving revenue, profitability, and operating cash flow, but also some concerns around equity and liabilities structure to note.

  • Operating revenue has grown steadily from around $218 million in Q1 2023 to over $319 million in Q1 2025, demonstrating consistent top-line growth.
  • Gross profit has improved quarter-over-quarter, with Q1 2025 gross profit at approximately $260 million compared to $163 million in Q1 2023, indicating better cost control or improved margins.
  • Net income has turned positive and grown strongly, with continuing operations net income up to about $27.3 million in Q1 2025 from a loss of $15 million in Q1 2023.
  • Operating cash flow has recovered robustly, turning positive and reaching $43.8 million in Q1 2025 compared to just $11.7 million in Q1 2023, which supports operational sustainability.
  • Hagerty has been actively investing in property, plant and equipment with capex around $4.5-$7 million per quarter, showing focus on maintaining and expanding operational capacity.
  • The company raised significant debt financing in recent quarters (e.g., $160 million issued in Q1 2025), which helped improve liquidity and support growth initiatives.
  • Sales, General & Administrative (SG&A) and marketing expenses have increased but proportionally less than revenue, suggesting operational leverage and efficiency gains.
  • Restricted cash levels are very high relative to total cash & equivalents (e.g., $158.6 million restricted cash vs $127.7 million cash in Q1 2025), which may limit liquidity flexibility but could also relate to contractual or regulatory requirements.
  • There is substantial noncontrolling interest throughout the periods, impacting net income attributable to common shareholders, which could complicate equity valuation and shareholder returns.
  • Total common equity has declined from $62 million in Q1 2023 to $163 million in Q1 2025 with large negative retained earnings, reflecting accumulated losses or distributions that may concern investors about balance sheet strength.
  • Other operating expenses are significantly large (e.g., $148 million in Q1 2025), which could reflect non-recurring charges or inefficiencies that weigh on profitability.
  • Net income attributable to common shareholders remains relatively low compared to total net income, suggesting dilution or profit sharing with noncontrolling interests, which could reduce returns for common shareholders.
  • Hagerty’s leverage levels are moderately high given total liabilities above $1.19 billion in Q1 2025 against common equity of $163 million, indicating potential financial risk under adverse conditions.

In summary, Hagerty has made meaningful progress in growing its revenue and profit base while improving cash flow generation. The company’s investment push and debt raises suggest focus on scaling its business. However, investors should watch capital structure, expenses, and the impact of noncontrolling interests on shareholder returns when evaluating Hagerty’s stock going forward.

08/09/25 09:18 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Hagerty's Financials

When does Hagerty's financial year end?

According to the most recent income statement we have on file, Hagerty's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Hagerty's net income changed over the last 4 years?

Hagerty's net income appears to be on an upward trend, with a most recent value of $78.30 million in 2024, rising from $10.04 million in 2020. The previous period was $28.18 million in 2023. Find out what analysts predict for Hagerty in the coming months.

What is Hagerty's operating income?
Hagerty's total operating income in 2024 was $66.42 million, based on the following breakdown:
  • Total Gross Profit: $978.58 million
  • Total Operating Expenses: $912.24 million
How has Hagerty's revenue changed over the last 4 years?

Over the last 4 years, Hagerty's total revenue changed from $499.55 million in 2020 to $1.20 billion in 2024, a change of 140.2%.

How much debt does Hagerty have?

Hagerty's total liabilities were at $1.10 billion at the end of 2024, a 0.6% increase from 2023, and a 123.2% increase since 2020.

How much cash does Hagerty have?

In the past 4 years, Hagerty's cash and equivalents has ranged from $38.11 million in 2020 to $275.33 million in 2021, and is currently $104.78 million as of their latest financial filing in 2024.

How has Hagerty's book value per share changed over the last 4 years?

Over the last 4 years, Hagerty's book value per share changed from 1,171.98 in 2020 to 0.44 in 2024, a change of -100.0%.



This page (NYSE:HGTY) was last updated on 8/9/2025 by MarketBeat.com Staff
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