Hagerty (HGTY) Financials

$10.34 +0.07 (+0.63%)

Closing price 03:59 PM Eastern

Extended Trading

$10.36 +0.02 (+0.19%)

As of 04:10 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	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	10	-61	32	17	9.59	41
Consolidated Net Income / (Loss)	10	-61	2.40	28	78	149
Net Income / (Loss) Continuing Operations	10	-61	2.40	28	78	149
Total Pre-Tax Income	15	-55	11	45	94	139
Total Operating Income	16	-10	-68	53	99	180
Total Gross Profit	362	447	588	810	1,020	1,193
Total Revenue	500	619	788	1,027	1,242	1,456
Operating Revenue	500	619	788	1,027	1,242	1,456
Total Cost of Revenue	138	172	200	217	221	264
Operating Cost of Revenue	138	172	200	217	221	264
Total Operating Expenses	346	457	656	757	921	1,013
Selling, General & Admin Expense	51	65	89	85	83	95
Marketing Expense	86	107	141	156	191	258
Depreciation Expense	12	22	34	46	39	38
Other Operating Expenses / (Income)	197	263	374	461	609	622
Restructuring Charge	-	0.00	18	8.81	0.00	0.00
Total Other Income / (Expense), net	-0.99	-45	79	-8.10	-5.58	-41
Other Income / (Expense), net	-0.99	-45	79	-8.10	-5.58	-41
Income Tax Expense	4.82	6.75	7.02	17	15	-10
Preferred Stock Dividends Declared	-	0.00	0.00	3.68	7.43	7.56
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.13	-0.40	-30	7.95	61	100
Basic Earnings per Share	$101.66	($0.56)	$0.39	$0.19	$0.10	$0.41
Weighted Average Basic Shares Outstanding	100K	82.33M	82.73M	84.18M	87.53M	94.40M
Diluted Earnings per Share	$101.66	($0.56)	($0.07)	$0.09	$0.10	$0.37
Weighted Average Diluted Shares Outstanding	100K	82.33M	336.15M	340.32M	88.50M	346.97M
Weighted Average Basic & Diluted Shares Outstanding	-	333.49M	334.25M	335.69M	341.07M	342.62M

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	3.52	13	-3.19	8.54	3.01	1.23	6.50	9.10	19	6.92	-6.52
Consolidated Net Income / (Loss)	19	9.04	8.20	43	19	8.44	27	47	46	29	-13
Net Income / (Loss) Continuing Operations	19	9.04	8.20	43	19	8.44	27	47	46	29	-13
Total Pre-Tax Income	23	14	13	48	18	14	33	53	13	40	-21
Total Operating Income	16	-6.47	12	38	10	6.04	34	48	34	72	-20
Total Gross Profit	224	188	216	256	276	231	328	305	312	316	312
Total Revenue	276	245	272	313	323	292	328	369	380	388	312
Operating Revenue	276	245	272	313	323	292	328	369	380	388	312
Total Cost of Revenue	51	57	56	58	47	60	0.00	64	68	72	0.00
Total Operating Expenses	204	195	203	218	266	225	294	257	278	243	332
Selling, General & Admin Expense	22	21	20	21	21	20	144	23	24	25	72
Other Operating Expenses / (Income)	123	132	133	138	177	152	150	158	166	150	259
Total Other Income / (Expense), net	3.00	20	1.10	10	7.90	7.86	-1.69	5.66	-21	-33	-0.92
Other Income / (Expense), net	3.00	20	1.10	10	7.90	7.86	-1.69	5.66	-21	-33	-0.92
Income Tax Expense	4.60	4.59	5.13	5.81	-1.02	5.46	5.49	6.16	-33	11	-8.19
Preferred Stock Dividends Declared	1.84	1.84	1.84	1.84	1.88	1.88	1.88	1.88	1.90	1.90	2.03
Net Income / (Loss) Attributable to Noncontrolling Interest	13	-5.53	9.55	32	14	5.34	19	36	25	20	-8.25
Basic Earnings per Share	$0.04	$0.15	($0.04)	$0.09	$0.03	$0.02	$0.07	$0.09	$0.18	$0.07	($0.06)
Weighted Average Basic Shares Outstanding	84.48M	84.18M	84.66M	85.69M	89.69M	87.53M	90.05M	90.70M	96.17M	94.40M	101.03M
Diluted Earnings per Share	$0.04	$0.05	($0.04)	$0.09	$0.03	$0.02	$0.07	$0.09	$0.11	$0.10	($0.06)
Weighted Average Diluted Shares Outstanding	84.48M	340.32M	84.66M	85.69M	89.69M	88.50M	346.31M	90.70M	347.24M	346.97M	101.03M
Weighted Average Basic & Diluted Shares Outstanding	335.62M	335.69M	336.74M	340.84M	341.07M	341.07M	341.75M	341.98M	342.06M	342.62M	343.35M

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	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	78	305	-65	185	-491	66
Net Cash From Operating Activities	85	42	55	134	177	219
Net Cash From Continuing Operating Activities	85	42	55	134	175	219
Net Income / (Loss) Continuing Operations	10	-61	2.40	28	78	149
Consolidated Net Income / (Loss)	10	-61	2.40	28	78	149
Depreciation Expense	12	22	34	46	39	38
Amortization Expense	-	-	0.20	0.03	-3.39	-4.15
Non-Cash Adjustments To Reconcile Net Income	87	154	54	78	104	33
Changes in Operating Assets and Liabilities, net	-24	-72	-35	-19	-43	3.38
Net Cash From Investing Activities	-47	-69	-92	-53	-619	-185
Net Cash From Continuing Investing Activities	-47	-69	-92	-53	-619	-185
Purchase of Property, Plant & Equipment	-38	-43	-44	-26	-21	-25
Acquisitions	-8.88	-15	-31	-8.68	-25	-1.62
Purchase of Investments	0.00	-12	-4.23	-11	-680	-355
Sale and/or Maturity of Investments	0.00	1.18	1.59	18	173	268
Other Investing Activities, net	-0.26	0.05	-14	-25	-65	-72
Net Cash From Financing Activities	40	332	-28	103	-47	30
Net Cash From Continuing Financing Activities	40	332	-28	103	-47	30
Repayment of Debt	-29	-43	-122	-138	-91	-187
Payment of Dividends	-4.00	-35	0.00	0.00	-12	-36
Issuance of Debt	73	108	94	162	62	257
Issuance of Preferred Equity	-	0.00	0.00	79	0.00	0.00
Other Financing Activities, net	0.00	300	0.00	0.00	-5.84	-4.08
Effect of Exchange Rate Changes	0.89	-0.46	-0.50	0.87	-2.97	2.44

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	53	39	2.53	-411	7.91	-91	53	44	2.06	-34	68
Net Cash From Operating Activities	62	1.49	58	64	67	-13	44	54	92	29	16
Net Cash From Continuing Operating Activities	62	1.49	58	64	67	-13	44	54	92	29	16
Net Income / (Loss) Continuing Operations	19	9.04	8.20	43	19	8.44	27	47	46	29	-13
Consolidated Net Income / (Loss)	19	9.04	8.20	43	19	8.44	27	47	46	29	-13
Depreciation Expense	11	11	11	10	9.18	9.15	9.49	8.83	9.41	9.79	9.71
Amortization Expense	-	-	0.00	-	-	-	-1.18	-1.13	-1.17	-0.66	-2.67
Non-Cash Adjustments To Reconcile Net Income	-59	-18	55	139	6.28	-5.56	-22	28	89	-82	46
Changes in Operating Assets and Liabilities, net	91	-0.37	-16	-128	33	-21	30	-29	-52	73	-24
Net Cash From Investing Activities	-3.16	-18	-18	-462	-83	-56	-4.48	-27	-91	-62	-40
Net Cash From Continuing Investing Activities	-3.16	-18	-18	-462	-83	-56	-4.48	-27	-91	-62	-40
Purchase of Property, Plant & Equipment	-5.31	-4.85	-4.54	-7.40	-5.34	-4.07	-5.39	-6.16	-6.95	-6.04	-7.71
Purchase of Investments	-1.11	-3.29	-2.96	-462	-111	-104	-39	-59	-135	-121	-201
Sale and/or Maturity of Investments	5.18	3.45	12	20	77	64	50	55	74	89	217
Other Investing Activities, net	-0.33	-13	-19	-12	-23	-11	-10	-17	-21	-24	-48
Net Cash From Financing Activities	-4.67	55	-37	-14	24	-20	14	15	0.93	-0.48	91
Net Cash From Continuing Financing Activities	-4.67	55	-37	-14	24	-20	14	15	0.93	-0.48	91
Repayment of Debt	-34	-4.70	-45	-15	-2.45	-28	-121	-3.32	-46	-17	-6.16
Payment of Dividends	-	-	0.00	-	-	-1.36	-25	-11	-0.17	0.29	-0.36
Issuance of Debt	29	61	8.10	17	27	9.25	160	32	48	16	58
Other Financing Activities, net	-	-	0.00	-	-1.13	-0.12	-0.27	-2.41	-1.08	-0.32	40
Effect of Exchange Rate Changes	-0.62	0.58	-0.19	-0.10	-0.59	-2.09	-0.13	2.52	-0.07	0.13	0.37

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	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	611	1,042	1,313	1,588	1,709	2,094
Total Current Assets	513	895	937	1,250	318	398
Cash & Equivalents	38	275	95	108	105	160
Restricted Cash	261	329	444	616	128	139
Accounts Receivable	34	47	58	72	85	99
Plant, Property, & Equipment, net	26	28	25	21	0.00	0.00
Total Noncurrent Assets	72	118	350	317	1,392	1,696
Long-Term Investments	-	-	-	5.53	590	731
Noncurrent Note & Lease Receivables	-	0.00	12	17	211	294
Goodwill	4.75	11	115	114	114	114
Intangible Assets	47	76	104	92	90	89
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	0.00	43
Other Noncurrent Operating Assets	20	31	119	89	387	424
Total Liabilities & Shareholders' Equity	611	1,042	1,313	1,588	1,709	2,094
Total Liabilities	493	771	945	1,095	1,101	1,347
Total Current Liabilities	385	496	667	842	326	376
Accounts Payable	12	9.08	77	87	59	112
Other Current Liabilities	329	439	590	755	267	264
Total Noncurrent Liabilities	109	275	278	253	775	971
Long-Term Debt	69	136	108	131	106	178
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	11	13	16	18	23
Other Noncurrent Operating Liabilities	40	129	157	106	652	769
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	593	0.00	83	85	87
Total Equity & Noncontrolling Interests	117	-322	367	411	524	660
Total Preferred & Common Equity	0.00	-324	59	93	150	221
Total Common Equity	117	-324	59	93	150	221
Common Stock	62	160	549	562	604	623
Retained Earnings	57	-482	-490	-469	-452	-403
Accumulated Other Comprehensive Income / (Loss)	-1.95	-1.73	-0.21	-0.09	-1.51	1.23
Noncontrolling Interest	0.12	1.31	308	318	373	439

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	Q2 2025	Q3 2025	Q1 2026
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	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,345	1,302	1,553	1,584	1,570	1,730	1,818	1,816	2,041	2,152	2,025
Total Current Assets	1,054	926	1,180	1,249	1,245	1,013	1,009	998	1,213	1,214	1,068
Cash & Equivalents	180	63	114	91	131	121	147	128	140	160	212
Restricted Cash	436	444	518	595	596	195	176	159	190	172	154
Short-Term Investments	-	-	-	-	-	65	62	105	119	130	673
Accounts Receivable	70	63	77	82	72	88	93	98	108	107	28
Plant, Property, & Equipment, net	28	25	23	22	20	20	19	18	17	0.00	0.00
Total Noncurrent Assets	263	351	349	313	305	697	790	800	810	938	957
Long-Term Investments	-	-	-	-	-	405	472	481	482	544	48
Noncurrent Note & Lease Receivables	7.35	13	12	13	4.44	1.29	12	11	18	18	241
Goodwill	115	115	115	114	114	114	114	114	114	114	114
Intangible Assets	102	103	104	96	88	83	92	87	87	88	89
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	-	45	40
Other Noncurrent Operating Assets	39	120	119	90	98	94	101	107	109	128	424
Total Liabilities & Shareholders' Equity	1,345	1,302	1,553	1,584	1,570	1,730	1,818	1,816	2,041	2,152	2,025
Total Liabilities	955	945	1,095	1,105	1,065	1,194	1,210	1,197	1,380	1,437	1,291
Total Current Liabilities	721	695	849	891	849	970	1,001	987	1,146	1,216	290
Accounts Payable	26	75	79	76	95	77	75	117	138	148	86
Other Current Liabilities	646	620	770	815	754	894	926	870	1,008	995	204
Total Noncurrent Liabilities	234	250	246	214	216	224	209	210	234	221	1,001
Long-Term Debt	136	89	81	76	91	98	123	133	153	104	229
Noncurrent Deferred & Payable Income Tax Liabilities	14	14	17	18	15	18	21	18	22	62	5.70
Other Noncurrent Operating Liabilities	85	147	149	121	109	108	65	59	59	55	766
Commitments & Contingencies	0.00	0.00	0.00	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	83	85	89
Total Equity & Noncontrolling Interests	390	357	379	398	421	454	525	533	578	630	645
Total Preferred & Common Equity	99	62	67	74	94	94	148	163	172	212	219
Total Common Equity	99	62	67	74	94	94	148	163	172	212	219
Common Stock	546	554	557	558	564	555	602	607	605	622	626
Retained Earnings	-446	-492	-489	-484	-470	-460	-455	-444	-433	-412	-407
Accumulated Other Comprehensive Income / (Loss)	-1.73	-0.27	0.08	-0.18	-0.24	-0.67	1.45	-0.46	0.26	1.00	-0.07
Noncontrolling Interest	291	295	311	323	327	360	377	370	406	418	427

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

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	23.93%	27.22%	27.00%	19.98%	17.31%
EBITDA Growth	0.00%	-221.76%	239.19%	91.69%	49.29%	33.56%
EBIT Growth	0.00%	-467.47%	120.32%	267.33%	130.06%	48.57%
NOPAT Growth	0.00%	-165.84%	-252.36%	126.37%	747.46%	132.72%
Net Income Growth	0.00%	-711.16%	103.92%	1,072.66%	177.88%	90.57%
EPS Growth	0.00%	-100.55%	87.50%	228.57%	11.11%	270.00%
Operating Cash Flow Growth	0.00%	-50.01%	30.86%	141.66%	32.40%	23.70%
Free Cash Flow Firm Growth	0.00%	0.00%	-226.91%	99.58%	11,553.47%	154.19%
Invested Capital Growth	0.00%	-75.31%	37.42%	5.63%	6.42%	2.98%
Revenue Q/Q Growth	0.00%	0.00%	5.72%	5.05%	4.05%	7.09%
EBITDA Q/Q Growth	0.00%	0.00%	263.43%	105.33%	-3.71%	18.89%
EBIT Q/Q Growth	0.00%	0.00%	118.86%	1,898.72%	0.18%	22.75%
NOPAT Q/Q Growth	0.00%	0.00%	32.86%	-95.10%	21.92%	49.02%
Net Income Q/Q Growth	0.00%	0.00%	107.55%	315.17%	-0.76%	15.58%
EPS Q/Q Growth	0.00%	0.00%	99.87%	550.00%	-23.08%	27.59%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	9.59%	42.26%	-7.38%	23.53%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-100.24%	18.75%	61.29%
Invested Capital Q/Q Growth	0.00%	0.00%	-36.57%	11.05%	13.40%	7.93%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	72.47%	72.23%	74.66%	78.32%	81.55%	81.90%
EBITDA Margin	5.34%	-5.24%	5.74%	8.66%	10.77%	11.85%
Operating Margin	3.17%	-1.63%	-8.58%	1.04%	5.53%	12.36%
EBIT Margin	2.97%	-8.82%	1.41%	4.08%	7.81%	9.56%
Profit (Net Income) Margin	2.01%	-9.91%	0.31%	2.82%	6.53%	10.25%
Tax Burden Percent	67.56%	112.36%	21.66%	62.94%	83.58%	107.22%
Interest Burden Percent	100.00%	100.00%	100.00%	109.85%	99.91%	100.00%
Effective Tax Rate	32.44%	0.00%	63.24%	37.06%	16.42%	-7.22%
Return on Invested Capital (ROIC)	0.00%	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%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	8.56%	-31.62%	0.75%	6.55%	14.22%	22.02%
Cash Return on Invested Capital (CROIC)	0.00%	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%	7.32%
Return on Assets (ROA)	1.64%	-7.43%	0.20%	1.94%	4.75%	7.85%
Return on Common Equity (ROCE)	8.55%	16.83%	-0.31%	1.16%	3.14%	6.04%
Return on Equity Simple (ROE_SIMPLE)	0.00%	18.95%	4.06%	30.40%	52.09%	0.00%
Net Operating Profit after Tax (NOPAT)	11	-7.05	-25	6.55	56	193
NOPAT Margin	2.14%	-1.14%	-3.15%	0.65%	4.63%	13.26%
Net Nonoperating Expense Percent (NNEP)	-0.29%	-15.55%	5.68%	3.93%	3.43%	-5.59%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-5.22%	1.21%	8.83%	23.03%
Cost of Revenue to Revenue	27.53%	27.77%	25.34%	21.69%	18.45%	18.10%
SG&A Expenses to Revenue	10.25%	10.43%	11.31%	8.54%	6.88%	6.49%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	69.30%	73.86%	83.24%	76.87%	76.02%	69.54%
Earnings before Interest and Taxes (EBIT)	15	-55	11	41	94	139
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	27	-32	45	87	129	173
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.85	0.00	47.44	28.24	21.89	20.77
Price to Tangible Book Value (P/TBV)	1.52	0.00	0.00	0.00	0.00	252.09
Price to Revenue (P/Rev)	0.20	0.34	3.57	2.62	2.74	3.16
Price to Earnings (P/E)	9.84	0.00	87.63	158.14	343.20	110.88
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	10.17%	0.00%	1.14%	0.63%	0.29%	0.90%
Enterprise Value to Invested Capital (EV/IC)	0.00	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	2.93
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	59.50	27.81	23.45	24.75
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	242.26	59.09	32.33	30.69
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	367.66	54.61	22.12
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	8.00	48.59	18.01	17.13	19.50
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	4.34	0.00	0.00	63.13	22.50
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.59	0.50	0.29	0.26	0.17	0.24
Long-Term Debt to Equity	0.59	0.50	0.29	0.26	0.17	0.24
Financial Leverage	-1.96	-1.80	-1.50	-1.28	-1.21	-1.16
Leverage Ratio	5.21	4.26	3.69	3.37	2.99	2.81
Compound Leverage Factor	5.21	4.26	3.69	3.70	2.99	2.81
Debt to Total Capital	37.03%	33.35%	22.76%	20.94%	14.72%	19.23%
Short-Term Debt to Total Capital	0.00%	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%	19.23%
Preferred Equity to Total Capital	0.00%	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%	56.84%
Common Equity to Total Capital	62.90%	-79.69%	12.46%	14.86%	21.08%	23.93%
Debt to EBITDA	2.59	-4.17	2.40	1.51	0.81	1.03
Net Debt to EBITDA	-8.63	14.43	-9.54	-7.04	-5.55	-4.94
Long-Term Debt to EBITDA	2.59	-4.17	2.40	1.51	0.81	1.03
Debt to NOPAT	6.45	-19.22	-4.36	19.95	1.89	0.92
Net Debt to NOPAT	-21.49	66.46	17.35	-93.13	-12.92	-4.41
Long-Term Debt to NOPAT	6.45	-19.22	-4.36	19.95	1.89	0.92
Altman Z-Score	1.40	0.40	2.14	2.04	2.27	2.70
Noncontrolling Interest Sharing Ratio	0.10%	153.23%	141.45%	82.35%	77.94%	72.58%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	1.33	1.81	1.40	1.48	0.94	1.05
Quick Ratio	0.19	0.65	0.27	0.27	0.34	0.68
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	78	-99	-0.42	48	190
Operating Cash Flow to CapEx	221.06%	97.49%	124.68%	506.40%	829.39%	892.55%
Free Cash Flow to Firm to Interest Expense	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
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.82	0.75	0.67	0.69	0.73	0.77
Accounts Receivable Turnover	14.74	15.36	15.00	15.41	15.36	16.10
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	19.35	22.85	29.38	43.47	61.59	0.00
Accounts Payable Turnover	11.91	16.67	4.63	2.64	2.76	3.09
Days Sales Outstanding (DSO)	24.76	23.76	24.33	23.68	23.77	22.68
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	30.64	21.90	78.78	138.18	132.31	118.28
Cash Conversion Cycle (CCC)	-5.89	1.86	-54.45	-114.50	-108.54	-95.61
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	-113	-198	-124	-117	-109	-105
Invested Capital Turnover	-4.43	-3.99	-4.90	-8.32	-10.62	-13.63
Increase / (Decrease) in Invested Capital	0.00	-85	74	6.97	7.49	3.23
Enterprise Value (EV)	-130	338	2,688	2,408	3,032	4,271
Market Capitalization	100	212	2,811	2,618	3,291	4,597
Book Value per Share	$1,171.98	($21.66)	$0.18	$0.28	$0.44	$0.65
Tangible Book Value per Share	$658.36	($27.53)	($0.48)	($0.34)	($0.16)	$0.05
Total Capital	186	406	476	624	713	925
Total Debt	69	136	108	131	105	178
Total Long-Term Debt	69	136	108	131	105	178
Net Debt	-230	-468	-431	-610	-717	-852
Capital Expenditures (CapEx)	38	43	44	26	21	25
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-170	-205	-270	-327	-364	-280
Debt-free Net Working Capital (DFNWC)	129	399	269	408	-57	19
Net Working Capital (NWC)	129	399	269	408	-57	19
Net Nonoperating Expense (NNE)	0.67	54	-27	-22	-23	44
Net Nonoperating Obligations (NNO)	-230	-468	-491	-610	-717	-852
Total Depreciation and Amortization (D&A)	12	22	34	46	36	33
Debt-free, Cash-free Net Working Capital to Revenue	-34.13%	-33.03%	-34.25%	-32.72%	-30.32%	-19.22%
Debt-free Net Working Capital to Revenue	25.74%	64.53%	34.21%	40.78%	-4.75%	1.31%
Net Working Capital to Revenue	25.74%	64.53%	34.21%	40.78%	-4.75%	1.31%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.56)	$0.39	$0.19	$0.10	$0.41
Adjusted Weighted Average Basic Shares Outstanding	0.00	82.33M	82.73M	84.18M	87.53M	94.40M
Adjusted Diluted Earnings per Share	$0.00	($0.56)	($0.07)	$0.09	$0.10	$0.37
Adjusted Weighted Average Diluted Shares Outstanding	0.00	82.33M	336.15M	340.32M	88.50M	346.97M
Adjusted Basic & Diluted Earnings per Share	$0.00	$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	342.62M
Normalized Net Operating Profit after Tax (NOPAT)	11	-7.05	-34	12	56	126
Normalized NOPAT Margin	2.14%	-1.14%	-4.38%	1.21%	4.63%	8.66%
Pre Tax Income Margin	2.97%	-8.82%	1.41%	4.48%	7.81%	9.56%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	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
EBIT Less CapEx to Interest Expense	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
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	39.84%	-57.12%	0.00%	0.00%	15.69%	24.03%
Augmented Payout Ratio	39.84%	-57.12%	0.00%	0.00%	15.69%	24.03%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	342,618,689.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	342,618,689.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.02
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	27.14%	24.39%	24.44%	19.90%	17.35%	19.05%	17.62%	17.71%	17.51%	16.48%	-5.03%
EBITDA Growth	34,040.91%	64.41%	901.17%	97.43%	-9.04%	-6.49%	71.99%	5.65%	-17.59%	128.94%	-133.82%
EBIT Growth	312.91%	152.33%	217.35%	151.99%	-5.91%	1.23%	145.96%	9.90%	-25.84%	187.39%	-163.87%
NOPAT Growth	160.67%	82.83%	165.15%	140.80%	-17.49%	185.39%	184.85%	25.93%	1,014.22%	120.44%	-148.82%
Net Income Growth	-23.40%	128.05%	154.57%	174.52%	2.06%	-6.66%	232.88%	10.65%	142.92%	238.38%	-146.70%
EPS Growth	-42.86%	183.33%	-33.33%	200.00%	-25.00%	-60.00%	275.00%	0.00%	266.67%	400.00%	-185.71%
Operating Cash Flow Growth	83.32%	103.88%	396.57%	8.82%	9.28%	-949.70%	-24.74%	-15.83%	36.78%	330.63%	-62.92%
Free Cash Flow Firm Growth	-68.70%	88.62%	163.44%	199.79%	-89.60%	66.07%	-83.89%	-91.68%	1,819.82%	218.43%	-149.53%
Invested Capital Growth	-44.88%	5.63%	-110.63%	-62.94%	3.88%	6.42%	7.10%	22.64%	9.40%	2.98%	-3.62%
Revenue Q/Q Growth	5.49%	-11.08%	10.88%	15.28%	3.24%	-9.79%	9.55%	15.37%	3.06%	2.13%	-19.65%
EBITDA Q/Q Growth	0.68%	-17.48%	-3.08%	145.18%	-53.61%	-15.17%	78.26%	48.62%	-64.66%	126.32%	-128.46%
EBIT Q/Q Growth	-0.80%	-28.16%	-2.94%	264.31%	-62.96%	-22.71%	135.82%	62.78%	-75.01%	197.67%	-152.74%
NOPAT Q/Q Growth	-7.12%	-133.22%	275.16%	345.53%	-68.18%	-65.62%	484.30%	96.97%	181.57%	-56.20%	-126.93%
Net Income Q/Q Growth	19.85%	-51.45%	-9.32%	420.27%	-55.44%	-55.60%	223.38%	72.95%	-2.18%	-38.15%	-144.63%
EPS Q/Q Growth	33.33%	25.00%	-180.00%	325.00%	-66.67%	-33.33%	250.00%	28.57%	22.22%	-9.09%	-160.00%
Operating Cash Flow Q/Q Growth	4.82%	-97.59%	3,821.75%	9.92%	5.26%	-118.72%	447.36%	22.94%	71.05%	-68.43%	-44.15%
Free Cash Flow Firm Q/Q Growth	157.87%	-121.02%	772.28%	22.01%	-93.97%	-168.61%	419.15%	-36.97%	1,291.01%	-54.37%	-119.77%
Invested Capital Q/Q Growth	-40.27%	11.05%	-11.24%	-17.39%	17.25%	13.40%	-10.43%	2.24%	3.10%	7.93%	-18.80%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	81.38%	76.83%	79.35%	81.58%	85.41%	79.27%	81.51%	82.62%	82.08%	81.37%	100.00%
EBITDA Margin	10.84%	10.06%	8.79%	18.70%	8.40%	7.90%	12.86%	16.56%	5.68%	12.58%	-4.46%
Operating Margin	5.85%	-2.64%	4.50%	12.15%	3.12%	2.07%	8.05%	12.94%	9.03%	18.64%	-6.42%
EBIT Margin	6.94%	5.60%	4.91%	15.50%	5.56%	4.77%	10.26%	14.47%	3.51%	10.23%	-6.71%
Profit (Net Income) Margin	6.76%	3.69%	3.02%	13.62%	5.88%	2.89%	8.54%	12.80%	12.15%	7.36%	-4.09%
Tax Burden Percent	80.18%	66.32%	61.52%	88.01%	105.68%	60.72%	83.26%	88.45%	346.19%	71.94%	60.87%
Interest Burden Percent	121.51%	99.28%	100.00%	99.82%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	19.82%	33.68%	38.48%	11.99%	-5.68%	39.28%	16.74%	11.55%	-246.19%	28.06%	0.00%
Return on Invested Capital (ROIC)	0.00%	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)	0.00%	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)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-3.02%	6.55%	11.92%	15.81%	14.52%	14.22%	17.32%	17.04%	19.52%	22.02%	16.14%
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)	4.51%	3.86%	3.60%	10.44%	3.77%	3.47%	7.56%	10.01%	2.40%	7.83%	-5.03%
Return on Assets (ROA)	4.39%	2.54%	2.21%	9.17%	3.99%	2.11%	6.29%	8.85%	8.32%	5.64%	-3.06%
Return on Common Equity (ROCE)	-0.60%	1.16%	2.15%	2.58%	2.97%	3.14%	3.95%	3.80%	5.31%	6.04%	4.55%
Return on Equity Simple (ROE_SIMPLE)	-17.64%	0.00%	54.96%	83.15%	53.22%	0.00%	59.77%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	13	-4.29	7.52	34	11	3.67	21	42	119	52	-14
NOPAT Margin	4.69%	-1.75%	2.77%	10.70%	3.30%	1.26%	6.70%	11.44%	31.26%	13.41%	-4.49%
Net Nonoperating Expense Percent (NNEP)	1.05%	2.42%	0.13%	1.48%	1.24%	0.72%	0.85%	0.68%	-9.29%	-2.99%	0.16%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.79%	-	-	-	0.58%	3.22%	5.77%	14.71%	6.21%	-1.60%
Cost of Revenue to Revenue	18.62%	23.17%	20.65%	18.42%	14.59%	20.73%	18.49%	17.38%	17.92%	18.63%	0.00%
SG&A Expenses to Revenue	8.04%	8.39%	7.31%	6.82%	6.44%	7.00%	6.94%	6.12%	6.43%	6.52%	23.22%
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	74.04%	79.51%	74.85%	69.46%	82.29%	77.21%	73.46%	69.69%	73.05%	62.73%	106.42%
Earnings before Interest and Taxes (EBIT)	19	14	13	49	18	14	33	53	13	40	-21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	30	25	24	59	27	23	41	61	22	49	-14
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	36.92	28.24	32.84	37.08	23.38	21.89	18.90	20.05	19.45	20.77	16.50
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	455.01	252.09	234.15
Price to Revenue (P/Rev)	2.88	2.62	2.92	3.17	3.01	2.74	2.47	2.65	3.03	3.16	2.51
Price to Earnings (P/E)	0.00	158.14	198.63	162.15	164.35	343.20	159.96	174.20	115.11	110.88	126.83
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%	0.63%	0.50%	0.62%	0.61%	0.29%	0.63%	0.57%	0.87%	0.90%	0.79%
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)	2.66	2.41	2.70	2.94	2.77	2.53	2.24	2.43	2.79	2.93	2.27
Enterprise Value to EBITDA (EV/EBITDA)	60.12	27.81	26.36	23.77	23.77	23.45	19.11	21.13	26.12	24.75	27.76
Enterprise Value to EBIT (EV/EBIT)	0.00	59.09	43.52	34.36	34.10	32.33	24.73	26.81	33.44	30.69	38.19
Enterprise Value to NOPAT (EV/NOPAT)	18.97	367.66	98.38	68.24	70.10	54.61	40.69	40.92	29.26	22.12	20.34
Enterprise Value to Operating Cash Flow (EV/OCF)	26.98	18.01	15.80	17.56	16.70	17.13	17.22	20.76	21.39	19.50	17.05
Enterprise Value to Free Cash Flow (EV/FCFF)	14.54	0.00	29.32	30.54	78.93	63.13	46.99	73.87	32.21	22.50	19.80
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.16	0.26	0.18	0.18	0.20	0.17	0.21	0.23	0.25	0.24	0.31
Long-Term Debt to Equity	0.16	0.26	0.18	0.18	0.20	0.17	0.21	0.23	0.15	0.24	0.31
Financial Leverage	-1.26	-1.28	-1.22	-1.25	-1.24	-1.21	-1.22	-1.23	-1.18	-1.16	-1.18
Leverage Ratio	3.37	3.37	3.33	3.30	3.13	2.99	3.01	3.15	3.00	2.81	2.84
Compound Leverage Factor	4.10	3.35	3.33	3.30	3.13	2.99	3.01	3.15	3.00	2.81	2.84
Debt to Total Capital	13.67%	20.94%	15.32%	15.48%	16.81%	14.72%	17.64%	18.84%	19.89%	19.23%	23.75%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.19%	0.00%	0.00%
Long-Term Debt to Total Capital	13.67%	20.94%	15.32%	15.48%	16.81%	14.72%	17.64%	18.84%	11.70%	19.23%	23.75%
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	72.94%	64.20%	69.01%	69.61%	62.91%	64.20%	60.69%	60.00%	56.39%	56.84%	53.54%
Common Equity to Total Capital	13.39%	14.86%	15.67%	14.91%	20.28%	21.08%	21.70%	21.16%	23.72%	23.93%	22.72%
Debt to EBITDA	1.80	1.51	0.85	0.72	0.92	0.81	0.91	1.02	1.22	1.03	1.94
Net Debt to EBITDA	-14.46	-7.04	-5.88	-5.02	-5.47	-5.55	-5.05	-5.20	-5.71	-4.94	-7.31
Long-Term Debt to EBITDA	1.80	1.51	0.85	0.72	0.92	0.81	0.91	1.02	0.72	1.03	1.94
Debt to NOPAT	0.57	19.95	3.16	2.06	2.70	1.89	1.93	1.98	1.37	0.92	1.42
Net Debt to NOPAT	-4.56	-93.13	-21.94	-14.42	-16.13	-12.92	-10.75	-10.07	-6.40	-4.41	-5.35
Long-Term Debt to NOPAT	0.57	19.95	3.16	2.06	2.70	1.89	1.93	1.98	0.81	0.92	1.42
Altman Z-Score	1.97	1.99	2.31	2.15	2.04	2.11	1.96	1.97	2.10	2.55	2.53
Noncontrolling Interest Sharing Ratio	80.04%	82.35%	81.95%	83.71%	79.53%	77.94%	77.18%	77.70%	72.80%	72.58%	71.78%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.40	1.48	1.47	1.04	1.01	0.94	1.01	1.06	1.00	1.05	3.68
Quick Ratio	0.22	0.27	0.31	0.35	0.36	0.34	0.40	0.39	0.40	0.68	3.15
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	54	-11	76	92	5.57	-3.82	12	7.69	107	49	-9.65
Operating Cash Flow to CapEx	1,162.38%	30.64%	1,283.34%	865.33%	1,261.46%	-310.33%	813.32%	874.74%	1,326.20%	482.12%	210.75%
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	0.65	0.69	0.73	0.67	0.68	0.73	0.74	0.69	0.69	0.77	0.75
Accounts Receivable Turnover	12.55	15.41	15.64	13.39	13.15	15.36	14.73	13.28	13.53	16.10	22.93
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	38.35	43.47	47.42	51.07	57.39	61.59	66.13	70.15	0.00	0.00	0.00
Accounts Payable Turnover	3.38	2.64	2.56	2.86	2.89	2.76	2.12	2.15	2.26	3.09	2.60
Days Sales Outstanding (DSO)	29.07	23.68	23.34	27.26	27.76	23.77	24.79	27.48	26.97	22.68	15.92
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)	108.03	138.18	142.53	127.64	126.13	132.31	172.19	169.88	161.24	118.28	140.36
Cash Conversion Cycle (CCC)	-78.96	-114.50	-119.19	-100.37	-98.37	-108.54	-147.40	-142.40	-134.28	-95.61	-124.44
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-131	-117	-130	-152	-126	-109	-121	-118	-114	-105	-125
Invested Capital Turnover	-8.59	-8.32	-11.00	-8.99	-8.96	-10.62	-9.96	-9.64	-11.31	-13.63	-11.73
Increase / (Decrease) in Invested Capital	-41	6.97	-68	-59	5.09	7.49	9.22	35	12	3.23	-4.36
Enterprise Value (EV)	2,536	2,408	2,848	3,255	3,192	3,032	2,800	3,165	3,791	4,271	3,264
Market Capitalization	2,741	2,618	3,072	3,502	3,466	3,291	3,083	3,455	4,117	4,597	3,608
Book Value per Share	$0.22	$0.28	$0.28	$0.28	$0.44	$0.44	$0.48	$0.50	$0.62	$0.65	$0.64
Tangible Book Value per Share	($0.40)	($0.34)	($0.32)	($0.30)	($0.17)	($0.16)	($0.11)	($0.08)	$0.03	$0.05	$0.05
Total Capital	554	624	597	633	731	713	752	814	892	925	963
Total Debt	76	131	91	98	123	105	133	153	178	178	229
Total Long-Term Debt	76	131	91	98	123	105	133	153	104	178	229
Net Debt	-610	-610	-635	-688	-734	-717	-740	-779	-829	-852	-859
Capital Expenditures (CapEx)	5.31	4.85	4.54	7.40	5.34	4.07	5.39	6.16	6.95	6.04	7.71
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-327	-327	-331	-338	-377	-364	-380	-383	-392	-280	-262
Debt-free Net Working Capital (DFNWC)	358	408	396	43	7.85	-57	11	67	71	19	778
Net Working Capital (NWC)	358	408	396	43	7.85	-57	11	67	-1.83	19	778
Net Nonoperating Expense (NNE)	-5.70	-13	-0.68	-9.15	-8.34	-4.77	-5.87	-5.01	73	23	-1.27
Net Nonoperating Obligations (NNO)	-610	-610	-635	-688	-734	-717	-740	-779	-829	-852	-859
Total Depreciation and Amortization (D&A)	11	11	11	10	9.18	9.15	8.30	7.70	8.24	9.13	7.04
Debt-free, Cash-free Net Working Capital to Revenue	-34.39%	-32.72%	-31.42%	-30.61%	-32.72%	-30.32%	-30.48%	-29.38%	-28.79%	-19.22%	-18.18%
Debt-free Net Working Capital to Revenue	37.61%	40.78%	37.57%	3.85%	0.68%	-4.75%	0.87%	5.14%	5.24%	1.31%	54.03%
Net Working Capital to Revenue	37.61%	40.78%	37.57%	3.85%	0.68%	-4.75%	0.87%	5.14%	-0.13%	1.31%	54.03%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.04	$0.15	($0.04)	$0.09	$0.03	$0.02	$0.07	$0.09	$0.18	$0.07	($0.06)
Adjusted Weighted Average Basic Shares Outstanding	84.48M	84.18M	84.66M	85.69M	89.69M	87.53M	90.05M	90.70M	96.17M	94.40M	101.03M
Adjusted Diluted Earnings per Share	$0.04	$0.05	($0.04)	$0.09	$0.03	$0.02	$0.07	$0.09	$0.11	$0.10	($0.06)
Adjusted Weighted Average Diluted Shares Outstanding	84.48M	340.32M	84.66M	85.69M	89.69M	88.50M	346.31M	90.70M	347.24M	346.97M	101.03M
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	335.62M	335.69M	336.74M	340.84M	341.07M	341.07M	341.75M	341.98M	342.06M	342.62M	343.35M
Normalized Net Operating Profit after Tax (NOPAT)	13	-4.32	7.52	34	7.06	3.67	21	42	24	52	-14
Normalized NOPAT Margin	4.83%	-1.76%	2.77%	10.70%	2.18%	1.26%	6.70%	11.44%	6.32%	13.41%	-4.49%
Pre Tax Income Margin	8.43%	5.56%	4.91%	15.47%	5.56%	4.77%	10.26%	14.47%	3.51%	10.23%	-6.71%
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%	13.91%	13.84%	15.69%	37.95%	36.63%	29.05%	24.03%	10.57%
Augmented Payout Ratio	0.00%	0.00%	0.00%	13.91%	13.84%	15.69%	37.95%	36.63%	29.05%	24.03%	10.57%

Financials Breakdown Chart

Key Financial Trends

Here is Hagerty, Inc. (HGTY) viewed through the lens of the last four years of quarterly results. Below are the most impactful trends pulled from the income statements, cash flow statements, and balance sheets, focusing on Q4 2025 along with the preceding years’ quarters.

Longer-term revenue growth: Hagerty’s quarterly revenue has trended higher, rising from about $245.0 million in 2023 Q4 to $388.1 million in 2025 Q4, with ongoing gains in 2025 (Q3 revenue ≈ $380.0 million; Q4 ≈ $388.1 million).
Gross margin expansion: Gross profit grew from about $188.3 million on $245.0 million revenue in 2023 Q4 to $315.8 million on $388.1 million in 2025 Q4, lifting gross margin to roughly 81% in Q4 2025 (vs about 76-79% earlier years).
Operating cash flow strength: Positive cash from continuing operations in 2025 quarters, including roughly $92.2 million in 2025 Q3 and $29.1 million in 2025 Q4, signaling improving cash generation through the year.
Free cash flow generation: In Q4 2025, after capex of about $6.0 million, Hagerty generated roughly $23 million of free cash flow for that quarter, indicating available liquidity for potential investments or debt management.
Net income attributable to common shareholders improving: Q4 2025 net income attributable to common shareholders was about $6.92 million, up from about $1.23 million in Q4 2024, reflecting improved profitability for common holders despite other allocations.
Asset-sale liquidity: Hagerty booked about $88.5 million from sale/maturity of investments in 2025 Q4, providing a meaningful liquidity boost alongside operating cash flow.
Dividend activity and financing: Dividends were modest (around $0.29 million in 2025 Q4) with relatively small net cash from financing activities, suggesting limited near-term cash outflows for investors.
Significant noncontrolling interests: The balance sheet shows a substantial noncontrolling interest (about $418 million in 2025 Q3) and a relatively small net equity base, which can affect reported earnings per share and ownership dynamics.
High operating expenses in 2025: Total operating expenses in 2025 Q4 totaled about $243.5 million, driven by Marketing ($58.5 million) and Other Operating Expenses ($149.8 million), which pressure margins despite strong gross profit.
Leverage and liquidity considerations: Total liabilities around $1.437 billion with equity estimates near $0.63 billion (varies by quarter), yielding a rough liability-to-equity picture around 2.3x and highlighting ongoing balance-sheet leverage and funding considerations.

05/14/26 04:23 PM ETAI Generated. May Contain Errors.

Hagerty Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Hagerty's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Hagerty's net income appears to be on an upward trend, with a most recent value of $149.23 million in 2025, rising from $10.04 million in 2020. The previous period was $78.30 million in 2024. View Hagerty's forecast to see where analysts expect Hagerty to go next.

Hagerty's total operating income in 2025 was $180.08 million, based on the following breakdown:

Total Gross Profit: $1.19 billion
Total Operating Expenses: $1.01 billion

Over the last 5 years, Hagerty's total revenue changed from $499.55 million in 2020 to $1.46 billion in 2025, a change of 191.5%.

Hagerty's total liabilities were at $1.35 billion at the end of 2025, a 22.3% increase from 2024, and a 173.0% increase since 2020.

In the past 5 years, Hagerty's cash and equivalents has ranged from $38.11 million in 2020 to $275.33 million in 2021, and is currently $160.18 million as of their latest financial filing in 2025.

Over the last 5 years, Hagerty's book value per share changed from 1,171.98 in 2020 to 0.65 in 2025, a change of -99.9%.

Related Companies

Financial statements for NYSE:HGTY last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Hagerty (HGTY) Financials

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Hagerty (HGTY) Financials

Annual Income Statements for Hagerty

Quarterly Income Statements for Hagerty

Annual Cash Flow Statements for Hagerty

Quarterly Cash Flow Statements for Hagerty

Annual Balance Sheets for Hagerty

Quarterly Balance Sheets for Hagerty

Annual Metrics And Ratios for Hagerty

Quarterly Metrics And Ratios for Hagerty

Financials Breakdown Chart

Key Financial Trends

Hagerty Financials - Frequently Asked Questions

When does Hagerty's fiscal year end?

How has Hagerty's net income changed over the last 5 years?

What is Hagerty's operating income?

How has Hagerty's revenue changed over the last 5 years?

How much debt does Hagerty have?

How much cash does Hagerty have?

How has Hagerty's book value per share changed over the last 5 years?

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