Hagerty (HGTY) Financials

$11.47 +0.23 (+2.04%)

Closing price 03:59 PM Eastern

Extended Trading

$11.46 0.00 (-0.03%)

As of 05:15 PM Eastern

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

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

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

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

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

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

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%

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, Inc. (NYSE: HGTY) has shown notable financial improvements and developments over the last several quarters, with positive trends emerging in revenue growth, profitability, and cash flow generation, balanced by some areas of concern such as restructuring charges and noncontrolling interests affecting net income attributable to common shareholders.

Positive highlights:

Revenue growth: Operating revenue increased steadily from $218.4 million in Q1 2023 to $319.6 million in Q1 2025, reflecting consistent top-line growth over the two-year period.
Gross profit expansion: Gross profit rose from $163.1 million in Q1 2023 to $260.5 million in Q1 2025, showing effective cost control relative to revenue increases.
Operating income recovery: Operating income improved from a negative $16.5 million in Q1 2023 to a positive $25.7 million in Q1 2025, indicating improved operational efficiency.
Improved net income: Net income attributable to common shareholders turned positive at $6.5 million in Q1 2025, compared to losses in earlier periods (e.g., -$3.2 million in Q1 2023), suggesting progress towards profitability for common shareholders.
Strong cash flow from operations: Operating cash flow improved substantially to $43.8 million in Q1 2025, up from $11.7 million in Q1 2023, supporting business activities and investments.
Reduction in restructuring charges: There were no restructuring charges reported in recent quarters, improving profitability.
Investments managing liquidity: While significant investments continue, cash and equivalents stood at $127.7 million in Q1 2025, reflecting adequate liquidity.

Neutral points:

Preferred stock dividends remained consistent around $1.8 million per quarter, which slightly reduces net income available to common shareholders.
Noncontrolling interest impact: A substantial portion of net income is attributable to noncontrolling interests (e.g., $18.9 million in Q1 2025), which affects the bottom line for common shareholders.
Long-term debt showed minor increases but remains under control, standing at $132.6 million in Q1 2025 compared to $89.0 million in Q1 2023.

Negative considerations:

Other operating expenses are high, $148.5 million in Q1 2025, and have increased from previous quarters, which may pressure margins despite revenue growth.
Negative net income in early 2023: Q1 2023 showed a net loss of $15.0 million, indicating past challenges before recent improvements.
Fluctuating total equity attributable to common shareholders: Equity fluctuated and remained negative retained earnings position due to accumulated losses.
Negative net cash from investing activities: Heavy investments and acquisitions (e.g., purchase of investments at $39.4 million in Q1 2025) consistently consume cash resources.
Volatility in net cash from financing activities: Large repayments and issuance of debt cause fluctuations, which may increase financial risk.

In summary, Hagerty, Inc. has demonstrated solid revenue growth and improvements in operational income and cash flows through Q1 2025, moving from losses to profitability for common shareholders. Liquidity levels remain healthy, supported by positive operating cash flow. However, investors should weigh high other operating expenses and significant noncontrolling interests, and monitor the company's ability to sustain growth and manage expenses.

08/29/25 06:47 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

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. View Hagerty's forecast to see where analysts expect Hagerty to go next.

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%.

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This page (NYSE:HGTY) was last updated on 8/29/2025 by MarketBeat.com Staff

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Hagerty (HGTY) Financials

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