Heritage Insurance (HRTG) Financials

$21.15 +0.14 (+0.65%)

Closing price 08/4/2025 03:59 PM Eastern

Extended Trading

$21.74 +0.59 (+2.78%)

As of 04:08 AM Eastern

Annual Income Statements for Heritage Insurance

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	47	93	34	-1.12	27	29	9.33	-75	-154	45	62
Consolidated Net Income / (Loss)	47	93	34	-1.12	27	29	9.33	-75	-154	45	62
Net Income / (Loss) Continuing Operations	47	93	34	-1.12	27	29	9.33	-75	-154	45	62
Total Pre-Tax Income	74	150	56	-5.89	39	41	2.21	-76	-166	52	83
Total Revenue	234	395	354	310	375	503	585	624	654	724	806
Net Interest Income / (Expense)	0.00	0.00	-0.36	-13	-20	-8.52	-7.97	-7.97	-8.81	-11	-11
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	0.00	0.00	0.36	13	20	8.52	7.97	7.97	8.81	11	11
Long-Term Debt Interest Expense	-	-	0.36	13	20	8.52	7.97	7.97	8.81	11	11
Total Non-Interest Income	234	395	355	323	396	511	593	632	662	735	817
Other Service Charges	6.06	9.60	16	15	15	14	14	15	14	14	13
Net Realized & Unrealized Capital Gains on Investments	4.15	8.93	-74	-72	-74	19	35	5.64	12	25	36
Premiums Earned	224	376	412	380	454	479	545	611	637	697	768
Total Non-Interest Expense	160	245	298	273	326	462	583	700	820	672	723
Property & Liability Insurance Claims	90	141	239	201	237	273	373	427	501	426	447
Insurance Policy Acquisition Costs	-	-	-	-	-	108	128	146	156	168	191
Other Operating Expenses	33	46	59	72	89	81	82	66	70	78	85
Impairment Charge	-	-	-	-	-	0.00	0.00	61	92	0.77	0.00
Income Tax Expense	27	58	23	-4.77	12	12	-7.11	-1.31	-12	6.70	21
Basic Earnings per Share	$1.92	$3.08	$1.14	($0.04)	$1.05	$0.98	$0.33	($2.69)	($5.86)	$1.73	$2.01
Weighted Average Basic Shares Outstanding	24.57M	30.06M	29.63M	26.80M	25.94M	29.21M	27.98M	27.80M	26.34M	26.19M	30.60M
Diluted Earnings per Share	$1.82	$3.05	$1.14	($0.04)	$1.04	$0.98	$0.33	($2.69)	($5.86)	$1.73	$2.01
Weighted Average Diluted Shares Outstanding	25.82M	30.33M	29.63M	26.80M	26.10M	29.23M	27.99M	27.80M	26.34M	26.25M	30.65M
Weighted Average Basic & Diluted Shares Outstanding	24.50M	30M	29.70M	28M	25.90M	28.93M	27.97M	26.82M	25.56M	30.22M	42.84M

This table shows Heritage Insurance'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	-48	13	14	7.78	-7.42	31	14	19	8.15	20	30
Consolidated Net Income / (Loss)	-48	13	14	7.78	-7.42	31	14	19	8.15	20	30
Net Income / (Loss) Continuing Operations	-48	13	14	7.78	-7.42	31	14	19	8.15	20	30
Total Pre-Tax Income	-49	12	17	14	-12	33	20	25	8.99	29	40
Total Revenue	165	170	174	183	184	184	188	201	209	208	209
Net Interest Income / (Expense)	-2.03	-3.06	-2.88	-2.74	-2.59	-3.00	-2.83	-2.78	-2.76	-2.57	-2.43
Total Interest Income	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Expense	2.03	3.06	2.88	2.74	2.59	3.00	2.83	2.78	2.76	2.57	2.43
Long-Term Debt Interest Expense	2.03	3.06	2.88	2.74	2.59	3.00	2.83	2.78	2.76	2.57	2.43
Total Non-Interest Income	165	175	177	185	186	187	191	204	212	210	212
Other Service Charges	2.92	3.63	3.41	3.48	3.17	3.47	3.33	3.47	3.20	3.20	2.92
Net Realized & Unrealized Capital Gains on Investments	2.88	4.79	7.48	5.03	6.49	5.79	8.55	9.78	9.81	7.79	8.57
Premiums Earned	160	166	166	177	177	178	179	190	199	199	200
Total Non-Interest Expense	213	160	157	169	196	151	169	176	200	179	169
Property & Liability Insurance Claims	156	104	97	107	131	91	102	106	130	109	99
Insurance Policy Acquisition Costs	39	40	40	41	42	43	47	47	49	49	46
Other Operating Expenses	18	15	19	20	22	17	20	23	22	21	24
Income Tax Expense	-1.10	-0.65	3.20	5.87	-4.60	2.23	5.65	5.99	0.84	8.66	9.54
Basic Earnings per Share	($1.83)	$0.44	$0.55	$0.30	($0.28)	$1.16	$0.47	$0.62	$0.27	$0.65	$0.99
Weighted Average Basic Shares Outstanding	26.37M	26.34M	25.56M	25.57M	26.70M	26.19M	30.38M	30.65M	30.68M	30.60M	30.70M
Diluted Earnings per Share	($1.83)	$0.44	$0.55	$0.30	($0.28)	$1.16	$0.47	$0.61	$0.27	$0.66	$0.99
Weighted Average Diluted Shares Outstanding	26.37M	26.34M	25.62M	25.63M	26.70M	26.25M	30.44M	30.71M	30.74M	30.65M	30.76M
Weighted Average Basic & Diluted Shares Outstanding	25.88M	25.56M	26.47M	25.56M	39.02M	30.22M	30.64M	30.68M	30.68M	42.84M	30.99M

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

Metric	2013	2014	2015	2016	2017	2019	2020	2021	2022	2023	2024
Period end date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	1.19	95	76	-123	48	21	163	-82	-77	186	-9.69
Net Cash From Operating Activities	105	194	153	83	7.49	120	170	60	-34	70	87
Net Cash From Continuing Operating Activities	105	194	147	83	7.49	120	170	60	-34	70	87
Net Income / (Loss) Continuing Operations	34	47	93	34	-1.12	29	9.33	-75	-154	45	62
Consolidated Net Income / (Loss)	34	47	93	34	-1.12	29	9.33	-75	-154	45	62
Provision For Loan Losses	-	-	-0.25	-	0.00	0.29	0.16	0.00	-0.00	0.86	0.05
Depreciation Expense	0.15	0.78	1.35	8.98	7.74	10	8.10	8.45	8.36	8.69	9.55
Amortization Expense	0.89	2.53	6.25	8.02	11	6.51	6.64	5.84	4.16	-3.02	-1.79
Non-Cash Adjustments to Reconcile Net Income	23	31	34	63	302	183	34	-35	626	-283	192
Changes in Operating Assets and Liabilities, net	47	112	19	-31	-312	-109	112	155	-518	301	-175
Net Cash From Investing Activities	-136	-200	-87	-249	-7.24	-54	22	-124	-38	101	-92
Net Cash From Continuing Investing Activities	-136	-200	-87	-249	-7.24	-54	22	-124	-38	101	-92
Purchase of Property, Leasehold Improvements and Equipment	-11	-6.93	-1.17	-1.62	-0.39	-4.98	-0.76	-1.01	-12	-9.89	-8.23
Purchase of Investment Securities	-133	-232	-244	-428	-357	-257	-471	-335	-135	-231	-287
Sale and/or Maturity of Investments	7.42	39	158	180	350	208	493	211	110	342	204
Net Cash From Financing Activities	33	101	9.64	44	48	-45	-29	-17	-5.06	15	-5.19
Net Cash From Continuing Financing Activities	33	101	9.64	44	48	-45	-29	-17	-5.06	15	-5.19
Issuance of Debt	-	-	-	78	149	0.00	0.00	2.78	35	0.00	5.50
Issuance of Common Equity	34	101	-	-	-	-	-	0.00	0.00	25	-0.00
Repayment of Debt	-1.00	-	-	-	-25	-19	-9.67	-4.93	-5.32	-9.68	-9.77
Repurchase of Common Equity	-	-	-	-26	-62	-16	-10.00	-8.19	-30	0.00	0.00
Payment of Dividends	-	-	-	-6.81	-8.25	-6.96	-6.85	-6.71	-4.77	-0.01	0.05
Other Financing Activities, Net	-	-	9.64	-1.72	-6.79	-3.52	-2.38	-0.23	-0.09	-0.43	-0.97
Cash Interest Paid	0.02	-	-	-	4.05	7.30	6.21	5.28	7.84	9.31	9.47
Cash Income Taxes Paid	28	13	69	32	4.50	14	16	0.53	-0.29	8.57	13

This table details how cash moves in and out of Heritage Insurance'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	7.47	-16	49	-80	-18	235	-76	94	29	-57	-24
Net Cash From Operating Activities	32	-19	15	9.17	-53	100	4.31	152	-13	-56	0.84
Net Cash From Continuing Operating Activities	32	-19	15	9.17	-53	100	4.31	152	-13	-56	0.84
Net Income / (Loss) Continuing Operations	-48	13	14	7.78	-7.42	31	14	19	8.15	20	30
Consolidated Net Income / (Loss)	-48	13	14	7.78	-7.42	31	14	19	8.15	20	30
Provision For Loan Losses	0.01	-0.01	0.03	0.06	-0.04	0.80	-0.80	0.10	0.02	0.74	0.01
Depreciation Expense	2.13	2.13	2.13	2.14	2.20	2.23	2.23	2.27	2.24	2.82	2.88
Amortization Expense	0.96	0.68	-0.16	-0.86	-1.10	-0.90	-0.53	-0.60	-0.73	0.07	0.05
Non-Cash Adjustments to Reconcile Net Income	617	-77	-156	-154	152	-125	-6.00	-18	-49	265	-203
Changes in Operating Assets and Liabilities, net	-539	43	155	154	-199	191	-4.82	150	26	-345	170
Net Cash From Investing Activities	-19	-4.36	37	-87	38	113	-83	-55	45	2.24	-3.47
Net Cash From Continuing Investing Activities	-19	-4.36	37	-87	38	113	-83	-55	45	2.24	-3.47
Purchase of Property, Leasehold Improvements and Equipment	-3.71	-3.93	-2.41	-3.68	-2.35	-1.45	-0.23	-2.46	-2.98	-2.56	-2.10
Purchase of Investment Securities	-29	-39	-110	-418	277	20	-113	-94	18	-99	-22
Sale and/or Maturity of Investments	13	39	149	335	-237	95	30	41	30	104	21
Net Cash From Financing Activities	-5.13	6.89	-2.38	-2.44	-2.44	22	3.11	-2.44	-2.44	-3.42	-22
Net Cash From Continuing Financing Activities	-5.13	6.89	-2.38	-2.44	-2.44	22	3.11	-2.44	-2.44	-3.42	-22
Issuance of Debt	10	10	0.00	-	-	-	5.50	-	-	-	0.00
Repayment of Debt	-12	20	-2.36	-2.44	-2.44	-2.44	-2.44	-2.44	-2.44	-2.45	-22
Repurchase of Common Equity	-1.73	-23	-	-	-	-	-0.00	-	-	0.00	0.00
Payment of Dividends	-1.55	0.00	-	-	-	-	0.05	-	-	-	0.00
Cash Interest Paid	1.97	3.59	2.38	2.38	2.05	2.51	2.40	2.15	2.67	2.24	2.09
Cash Income Taxes Paid	0.34	-6.51	-0.68	7.12	1.22	0.90	0.00	12	0.52	-0.11	0.00

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	615	837	1,033	1,771	1,769	1,940	2,089	1,981	2,393	2,120	2,469
Cash and Due from Banks	160	236	106	154	250	268	441	359	281	464	453
Restricted Cash	4.34	13	21	21	12	15	5.43	5.42	6.69	9.70	11
Trading Account Securities	324	400	603	567	526	589	563	671	637	562	657
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accrued Investment Income	2.62	3.41	4.76	5.06	4.47	4.38	2.74	3.17	3.82	4.07	5.59
Premises and Equipment, Net	17	17	17	19	18	21	19	17	26	33	38
Unearned Premiums Asset	63	109	149	296	608	717	678	607	1,205	866	1,152
Deferred Acquisition Cost	24	35	43	42	73	77	89	94	100	69	63
Intangible Assets	-	2.12	27	102	77	69	62	56	50	43	36
Other Assets	12	13	16	415	47	28	77	76	84	69	52
Total Liabilities & Shareholders' Equity	615	837	1,033	1,771	1,769	1,940	2,089	1,981	2,393	2,120	2,469
Total Liabilities	360	481	675	1,391	1,343	1,491	1,647	1,638	2,262	1,899	2,178
Non-Interest Bearing Deposits	5.14	12	19	24	20	17	18	25	27	24	15
Long-Term Debt	-	-	73	184	149	129	121	121	129	120	116
Claims and Claim Expense	51	84	140	470	432	614	659	590	1,132	846	1,043
Unearned Premiums Liability	241	302	318	475	472	486	570	590	657	676	703
Other Long-Term Liabilities	62	82	126	238	270	245	279	312	318	234	301
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	255	357	358	380	425	449	442	343	131	220	291
Total Preferred & Common Equity	255	357	358	380	425	449	442	343	131	220	291
Total Common Equity	255	357	358	380	425	449	442	343	131	220	291
Common Stock	188	203	206	295	325	330	332	333	335	360	363
Retained Earnings	65	156	183	175	196	217	220	138	-19	26	88
Treasury Stock	-	-	-26	-87	-89	-105	-115	-124	-131	-131	-131
Accumulated Other Comprehensive Income / (Loss)	1.72	-2.03	-5.02	-3.06	-6.53	7.33	6.06	-4.57	-54	-35	-29

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

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	6/30/2022	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	2,030	2,523	2,159	2,357	2,369	2,130	2,599	2,374	2,213
Cash and Due from Banks	291	298	330	247	229	386	481	510	426
Restricted Cash	5.42	6.27	6.70	9.68	9.73	11	11	11	13
Trading Account Securities	637	635	615	697	653	646	701	674	668
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accrued Investment Income	3.22	3.52	3.54	3.57	3.73	4.58	5.15	5.23	5.23
Premises and Equipment, Net	20	23	28	31	32	33	35	37	39
Unearned Premiums Asset	839	457	951	1,140	1,211	837	1,143	929	899
Deferred Acquisition Cost	99	101	98	107	104	104	115	109	64
Intangible Assets	53	51	48	46	44	41	39	38	35
Other Assets	73	948	79	77	81	67	70	61	64
Total Liabilities & Shareholders' Equity	2,030	2,523	2,159	2,357	2,369	2,130	2,599	2,374	2,213
Total Liabilities	1,849	2,405	2,004	2,196	2,217	1,895	2,344	2,095	1,884
Non-Interest Bearing Deposits	38	38	40	39	34	37	26	28	22
Long-Term Debt	123	121	127	124	122	123	121	119	95
Claims and Claim Expense	554	1,209	981	818	971	844	822	775	849
Unearned Premiums Liability	655	652	650	716	689	691	766	724	705
Other Long-Term Liabilities	479	384	207	499	401	200	609	449	214
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	181	118	155	161	151	235	255	279	329
Total Preferred & Common Equity	181	118	155	161	151	235	255	279	329
Total Common Equity	181	118	155	161	151	235	255	279	329
Common Stock	334	334	335	336	337	361	362	363	364
Retained Earnings	17	-32	-5.18	2.60	-4.83	40	59	67	118
Treasury Stock	-129	-130	-131	-131	-131	-131	-131	-131	-131
Accumulated Other Comprehensive Income / (Loss)	-41	-55	-44	-47	-50	-35	-35	-20	-22

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	87.31%	68.84%	-10.29%	-12.61%	21.31%	33.90%	16.43%	6.52%	4.82%	10.81%	11.29%
EBITDA Growth	37.27%	103.57%	-53.51%	-24.80%	34.49%	-21.95%	-70.73%	-464.12%	-148.84%	137.54%	56.81%
EBIT Growth	33.88%	102.41%	-62.47%	-35.60%	36.33%	-17.21%	-94.60%	-3,535.79%	-118.55%	131.30%	58.98%
NOPAT Growth	37.66%	96.43%	-63.39%	-24.92%	35.62%	-16.96%	-67.43%	-670.70%	-118.55%	138.95%	35.83%
Net Income Growth	37.66%	96.43%	-63.39%	-103.30%	2,526.72%	5.45%	-67.43%	-901.28%	-106.57%	129.35%	35.83%
EPS Growth	-22.88%	67.58%	-62.62%	-103.51%	2,700.00%	-5.77%	-66.33%	-915.15%	-117.84%	129.52%	16.19%
Operating Cash Flow Growth	84.86%	-21.15%	-45.82%	-90.97%	1,186.39%	24.21%	42.25%	-64.67%	-156.98%	305.53%	23.69%
Free Cash Flow Firm Growth	0.00%	91.64%	-351.81%	-166.85%	122.77%	0.55%	-2.77%	92.71%	88.96%	-139.68%	83.97%
Invested Capital Growth	152.80%	39.78%	20.84%	30.95%	1.76%	0.68%	-2.54%	-17.67%	-43.95%	30.78%	19.74%
Revenue Q/Q Growth	0.00%	4.21%	-19.04%	16.70%	9.15%	23.54%	-58.84%	431.21%	0.74%	2.04%	3.03%
EBITDA Q/Q Growth	0.00%	1.83%	-31.84%	73.00%	-13.24%	21.36%	-96.17%	85.40%	26.02%	61.08%	-2.86%
EBIT Q/Q Growth	0.00%	1.40%	-39.81%	155.88%	-0.71%	4.26%	-99.48%	82.60%	24.77%	81.46%	-4.86%
NOPAT Q/Q Growth	0.00%	0.61%	-40.55%	2,269.76%	89.71%	45.01%	-51.77%	-98.82%	25.45%	68.65%	-14.75%
Net Income Q/Q Growth	0.00%	0.61%	-40.55%	-204.29%	49.38%	45.01%	-51.77%	-229.18%	28.56%	68.65%	-14.75%
EPS Q/Q Growth	0.00%	-0.65%	-39.68%	-500.00%	42.47%	38.03%	-50.75%	-228.05%	27.39%	71.29%	-19.92%
Operating Cash Flow Q/Q Growth	156.99%	-16.77%	-60.43%	-90.76%	423.13%	-21.35%	39.44%	-51.67%	-21.83%	246.33%	-64.15%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-433.71%	3.63%	140.70%	96.88%	-19.05%	271.86%	-33.45%	-356.46%	89.35%
Invested Capital Q/Q Growth	0.00%	7.27%	14.21%	15.07%	0.92%	0.34%	-0.42%	-11.91%	8.79%	24.34%	2.32%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	33.17%	39.99%	20.72%	17.83%	19.77%	11.52%	2.90%	-9.90%	-23.51%	7.96%	11.22%
EBIT Margin	31.76%	38.07%	15.93%	11.74%	13.19%	8.15%	0.38%	-12.19%	-25.42%	7.18%	10.26%
Profit (Net Income) Margin	20.14%	23.43%	9.56%	-0.36%	7.23%	5.70%	1.59%	-11.98%	-23.62%	6.26%	7.63%
Tax Burden Percent	63.43%	61.56%	60.04%	18.99%	69.64%	69.85%	421.42%	98.28%	92.89%	87.12%	74.43%
Interest Burden Percent	100.00%	100.00%	100.00%	-16.22%	78.74%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	36.57%	38.44%	39.96%	0.00%	30.36%	30.15%	-321.42%	0.00%	0.00%	12.88%	25.56%
Return on Invested Capital (ROIC)	26.46%	30.25%	8.60%	5.11%	6.06%	4.97%	1.63%	-10.36%	-32.14%	15.10%	16.47%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	8.60%	-15.52%	1.66%	4.97%	1.63%	-28.15%	-62.61%	15.10%	16.47%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.88%	-5.41%	0.69%	1.58%	0.46%	-8.67%	-32.98%	10.69%	7.61%
Return on Equity (ROE)	0.00%	0.00%	9.48%	-0.30%	6.75%	6.55%	2.09%	-19.03%	-65.12%	25.79%	24.08%
Cash Return on Invested Capital (CROIC)	-60.16%	-2.93%	-10.27%	-21.69%	4.32%	4.29%	4.21%	9.02%	24.18%	-11.57%	-1.49%
Operating Return on Assets (OROA)	16.56%	20.70%	6.03%	2.59%	2.80%	2.21%	0.11%	-3.74%	-7.60%	2.31%	3.60%
Return on Assets (ROA)	10.50%	12.74%	3.62%	-0.08%	1.53%	1.54%	0.46%	-3.67%	-7.06%	2.01%	2.68%
Return on Common Equity (ROCE)	0.00%	0.00%	9.48%	-0.30%	6.75%	6.55%	2.09%	-19.03%	-65.12%	25.79%	24.08%
Return on Equity Simple (ROE_SIMPLE)	18.46%	25.95%	9.46%	-0.29%	6.38%	6.38%	2.11%	-21.78%	-117.80%	20.57%	21.16%
Net Operating Profit after Tax (NOPAT)	47	93	34	25	34	29	9.33	-53	-116	45	62
NOPAT Margin	20.14%	23.43%	9.56%	8.22%	9.18%	5.70%	1.59%	-8.54%	-17.80%	6.26%	7.63%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	20.63%	4.40%	0.00%	0.00%	17.79%	30.47%	0.00%	0.00%
SG&A Expenses 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	68.24%	61.93%	84.07%	88.26%	86.81%	91.85%	99.62%	112.19%	125.42%	92.82%	89.74%
Earnings before Interest and Taxes (EBIT)	74	150	56	36	50	41	2.21	-76	-166	52	83
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	78	158	73	55	74	58	17	-62	-154	58	90
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.96	1.60	1.22	1.04	0.84	0.80	0.61	0.47	0.36	1.15	1.28
Price to Tangible Book Value (P/TBV)	1.96	1.65	1.53	3.13	1.81	1.59	1.18	0.82	0.57	1.43	1.46
Price to Revenue (P/Rev)	2.14	1.45	1.23	1.27	0.95	0.72	0.46	0.26	0.07	0.35	0.46
Price to Earnings (P/E)	10.62	6.18	12.85	0.00	13.09	12.61	28.77	0.00	0.00	5.61	6.03
Dividend Yield	0.00%	0.26%	2.03%	1.86%	1.80%	1.96%	2.51%	4.19%	13.33%	0.00%	0.00%
Earnings Yield	9.42%	16.17%	7.79%	0.00%	7.64%	7.93%	3.48%	0.00%	0.00%	17.81%	16.57%
Enterprise Value to Invested Capital (EV/IC)	1.31	0.90	0.88	0.71	0.42	0.36	0.00	0.00	0.00	0.00	0.06
Enterprise Value to Revenue (EV/Rev)	1.43	0.82	1.08	1.30	0.64	0.41	0.00	0.00	0.00	0.00	0.03
Enterprise Value to EBITDA (EV/EBITDA)	4.32	2.04	5.19	7.30	3.26	3.58	0.00	0.00	0.00	0.00	0.26
Enterprise Value to EBIT (EV/EBIT)	4.51	2.15	6.76	11.10	4.89	5.06	0.00	0.00	0.00	0.00	0.29
Enterprise Value to NOPAT (EV/NOPAT)	7.12	3.49	11.26	15.85	7.02	7.24	0.00	0.00	0.00	0.00	0.39
Enterprise Value to Operating Cash Flow (EV/OCF)	1.73	2.11	4.60	53.82	2.51	1.73	0.00	0.00	0.00	0.00	0.28
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	9.84	8.39	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.20	0.49	0.35	0.29	0.27	0.35	0.98	0.54	0.40
Long-Term Debt to Equity	0.00	0.00	0.20	0.49	0.35	0.29	0.27	0.35	0.98	0.54	0.40
Financial Leverage	0.00	0.00	0.10	0.35	0.41	0.32	0.28	0.31	0.53	0.71	0.46
Leverage Ratio	2.52	2.37	2.62	3.80	4.40	4.24	4.52	5.18	9.22	12.84	8.98
Compound Leverage Factor	2.52	2.37	2.62	-0.62	3.46	4.24	4.52	5.18	9.22	12.84	8.98
Debt to Total Capital	0.00%	0.00%	16.92%	32.68%	25.92%	22.36%	21.48%	26.04%	49.60%	35.21%	28.57%
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	0.00%	0.00%	16.92%	32.68%	25.92%	22.36%	21.48%	26.04%	49.60%	35.21%	28.57%
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	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	83.08%	67.32%	74.08%	77.64%	78.52%	73.96%	50.40%	64.79%	71.43%
Debt to EBITDA	0.00	0.00	0.99	3.34	2.00	2.23	7.14	-1.96	-0.84	2.08	1.29
Net Debt to EBITDA	0.00	0.00	-0.73	0.18	-1.53	-2.65	-19.19	3.95	1.03	-6.13	-3.84
Long-Term Debt to EBITDA	0.00	0.00	0.99	3.34	2.00	2.23	7.14	-1.96	-0.84	2.08	1.29
Debt to NOPAT	0.00	0.00	2.15	7.25	4.31	4.51	12.97	-2.27	-1.11	2.64	1.89
Net Debt to NOPAT	0.00	0.00	-1.59	0.39	-3.29	-5.37	-34.89	4.58	1.36	-7.80	-5.64
Long-Term Debt to NOPAT	0.00	0.00	2.15	7.25	4.31	4.51	12.97	-2.27	-1.11	2.64	1.89
Noncontrolling Interest Sharing Ratio	5.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-107	-8.95	-40	-108	25	25	24	46	88	-35	-5.57
Operating Cash Flow to CapEx	2,802.66%	13,042.67%	5,117.52%	1,945.19%	0.00%	2,400.82%	22,544.50%	5,971.20%	-276.69%	711.98%	1,058.26%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-111.73	-8.17	1.23	2.90	3.01	5.81	9.93	-3.10	-0.51
Operating Cash Flow to Interest Expense	0.00	0.00	229.16	0.57	4.81	14.04	21.35	7.54	-3.89	6.28	7.97
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	224.68	0.54	4.93	13.45	21.26	7.42	-5.29	5.40	7.21
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.52	0.54	0.38	0.22	0.21	0.27	0.29	0.31	0.30	0.32	0.35
Fixed Asset Turnover	16.69	23.09	20.66	17.23	20.44	25.95	29.69	34.54	30.29	24.57	22.61
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	255	357	431	564	574	578	563	464	260	340	407
Invested Capital Turnover	1.31	1.29	0.90	0.62	0.66	0.87	1.03	1.21	1.81	2.41	2.16
Increase / (Decrease) in Invested Capital	154	101	74	133	9.91	3.92	-15	-100	-204	80	67
Enterprise Value (EV)	335	323	381	403	242	207	-57	-84	-112	-99	24
Market Capitalization	500	572	435	393	356	361	268	160	47	254	371
Book Value per Share	$8.56	$11.77	$11.34	$15.57	$15.99	$15.20	$15.76	$12.30	$5.06	$8.41	$9.48
Tangible Book Value per Share	$8.56	$11.44	$9.03	$5.15	$7.37	$7.71	$8.11	$7.00	$3.15	$6.79	$8.29
Total Capital	255	357	431	564	574	578	563	464	260	340	407
Total Debt	0.00	0.00	73	184	149	129	121	121	129	120	116
Total Long-Term Debt	0.00	0.00	73	184	149	129	121	121	129	120	116
Net Debt	-165	-249	-54	9.88	-114	-154	-325	-244	-159	-354	-347
Capital Expenditures (CapEx)	6.93	1.17	1.62	0.39	-2.28	4.98	0.76	1.01	12	9.89	8.23
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	27	7.33	0.00	0.00	22	38	0.00	0.00
Net Nonoperating Obligations (NNO)	0.00	0.00	73	184	149	129	121	121	129	120	116
Total Depreciation and Amortization (D&A)	3.31	7.60	17	19	25	17	15	14	13	5.67	7.76
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.92	$3.08	$1.14	($0.04)	$1.05	$0.98	$0.33	($2.69)	($5.86)	$1.73	$2.01
Adjusted Weighted Average Basic Shares Outstanding	24.57M	30.06M	29.63M	26.80M	25.94M	29.21M	27.98M	27.80M	26.34M	26.19M	30.60M
Adjusted Diluted Earnings per Share	$1.82	$3.05	$1.14	($0.04)	$1.04	$0.98	$0.33	($2.69)	($5.86)	$1.73	$2.01
Adjusted Weighted Average Diluted Shares Outstanding	25.82M	30.33M	29.63M	26.80M	26.10M	29.23M	27.99M	27.80M	26.34M	26.25M	30.65M
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	29.79M	30.44M	29.74M	26.56M	30.36M	28.93M	27.97M	26.82M	25.56M	30.22M	42.84M
Normalized Net Operating Profit after Tax (NOPAT)	47	93	34	25	34	29	1.55	-11	-52	46	62
Normalized NOPAT Margin	20.14%	23.43%	9.56%	8.22%	9.18%	5.70%	0.26%	-1.74%	-7.95%	6.35%	7.63%
Pre Tax Income Margin	31.76%	38.07%	15.93%	-1.90%	10.38%	8.15%	0.38%	-12.19%	-25.42%	7.18%	10.26%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	155.81	2.75	2.47	4.81	0.28	-9.54	-18.86	4.64	7.56
NOPAT to Interest Expense	0.00	0.00	93.55	1.92	1.72	3.36	1.17	-6.68	-13.20	4.04	5.63
EBIT Less CapEx to Interest Expense	0.00	0.00	151.33	2.72	2.59	4.23	0.18	-9.67	-20.27	3.76	6.81
NOPAT Less CapEx to Interest Expense	0.00	0.00	89.07	1.90	1.84	2.78	1.08	-6.80	-14.61	3.16	4.88
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	20.10%	-737.18%	-23.49%	24.30%	73.47%	-8.98%	-3.09%	0.02%	-0.09%
Augmented Payout Ratio	0.00%	0.00%	95.58%	-6,244.15%	-30.86%	80.81%	180.67%	-19.94%	-22.44%	0.02%	-0.09%

This table displays calculated financial ratios and metrics derived from Heritage Insurance'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	0.14%	2.92%	11.11%	12.69%	11.01%	8.53%	8.29%	9.98%	13.82%	12.90%	10.94%
EBITDA Growth	-226.51%	130.49%	150.59%	117.74%	75.29%	173.19%	12.51%	77.71%	196.13%	-7.71%	99.02%
EBIT Growth	-169.92%	121.89%	141.59%	115.64%	74.58%	237.64%	15.48%	82.10%	174.79%	-12.72%	101.32%
NOPAT Growth	-181.48%	139.79%	148.36%	112.73%	75.62%	147.51%	1.55%	142.56%	196.84%	-34.42%	114.23%
Net Income Growth	-193.97%	125.40%	145.54%	108.85%	84.61%	147.51%	1.55%	142.56%	209.81%	-34.42%	114.23%
EPS Growth	-210.17%	124.86%	147.83%	109.04%	84.70%	163.64%	-14.55%	103.33%	196.43%	-43.10%	110.64%
Operating Cash Flow Growth	201.34%	-48.55%	138.12%	210.13%	-266.78%	631.19%	-71.18%	1,559.54%	75.00%	-156.21%	-80.57%
Free Cash Flow Firm Growth	838.60%	217.58%	22.67%	-85.38%	-116.95%	-122.69%	-145.13%	-374.56%	-171.14%	4.63%	43.18%
Invested Capital Growth	-54.61%	-43.95%	-30.59%	-6.11%	14.42%	30.78%	27.19%	31.97%	45.51%	19.74%	18.40%
Revenue Q/Q Growth	2.14%	2.42%	2.68%	4.90%	0.62%	0.14%	3.91%	6.54%	4.14%	-0.67%	0.67%
EBITDA Q/Q Growth	47.46%	128.56%	51.85%	-22.16%	-173.19%	415.78%	-32.39%	22.95%	-60.41%	203.16%	34.86%
EBIT Q/Q Growth	45.81%	120.77%	75.18%	-20.68%	-188.09%	375.82%	-35.01%	25.08%	-63.82%	221.87%	38.21%
NOPAT Q/Q Growth	43.49%	136.20%	12.05%	-44.47%	-208.22%	467.58%	-54.03%	32.65%	-56.80%	148.95%	50.16%
Net Income Q/Q Growth	45.10%	125.92%	12.05%	-44.47%	-195.44%	516.81%	-54.03%	32.65%	-56.80%	148.93%	50.17%
EPS Q/Q Growth	44.88%	124.04%	25.00%	-45.45%	-193.33%	514.29%	-59.48%	29.79%	-55.74%	144.44%	50.00%
Operating Cash Flow Q/Q Growth	484.86%	-158.59%	179.58%	-38.63%	-682.81%	286.60%	-95.68%	3,433.66%	-108.78%	-319.59%	101.49%
Free Cash Flow Firm Q/Q Growth	40.53%	-14.49%	-36.19%	-80.94%	-263.01%	-14.45%	-26.91%	-15.97%	-60.98%	59.75%	24.39%
Invested Capital Q/Q Growth	-21.27%	8.79%	8.25%	1.27%	-4.05%	24.34%	5.27%	5.08%	5.79%	2.32%	4.10%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	-26.72%	7.45%	11.02%	8.18%	-5.95%	18.75%	11.45%	13.21%	5.02%	15.33%	20.53%
EBIT Margin	-28.59%	5.80%	9.89%	7.48%	-6.55%	18.03%	10.54%	12.38%	4.30%	13.94%	19.13%
Profit (Net Income) Margin	-29.15%	7.38%	8.05%	4.26%	-4.04%	16.82%	7.55%	9.40%	3.90%	9.77%	14.57%
Tax Burden Percent	97.78%	105.49%	81.39%	56.98%	61.73%	93.29%	71.58%	75.90%	90.64%	70.10%	76.17%
Interest Burden Percent	104.28%	120.63%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	-5.49%	18.61%	43.02%	0.00%	6.71%	28.42%	24.10%	9.36%	29.90%	23.83%
Return on Invested Capital (ROIC)	-35.38%	13.32%	15.73%	10.01%	-12.70%	40.61%	17.44%	21.52%	9.09%	21.08%	30.82%
ROIC Less NNEP Spread (ROIC-NNEP)	-46.67%	13.32%	15.73%	10.01%	-11.88%	40.61%	17.44%	21.52%	9.09%	21.08%	30.82%
Return on Net Nonoperating Assets (RNNOA)	-21.67%	7.02%	9.02%	7.26%	-10.74%	28.75%	11.18%	12.68%	5.08%	9.74%	11.91%
Return on Equity (ROE)	-57.05%	20.34%	24.75%	17.27%	-23.44%	69.36%	28.62%	34.20%	14.16%	30.82%	42.73%
Cash Return on Invested Capital (CROIC)	34.36%	24.18%	14.19%	4.72%	-2.97%	-11.57%	-9.70%	-10.44%	-15.57%	-1.49%	3.05%
Operating Return on Assets (OROA)	-7.78%	1.73%	3.32%	2.36%	-1.90%	5.79%	3.63%	3.78%	1.42%	4.90%	7.28%
Return on Assets (ROA)	-7.93%	2.20%	2.70%	1.34%	-1.17%	5.40%	2.60%	2.87%	1.29%	3.43%	5.55%
Return on Common Equity (ROCE)	-57.05%	20.34%	24.75%	17.27%	-23.44%	69.36%	28.62%	34.20%	14.16%	30.82%	42.73%
Return on Equity Simple (ROE_SIMPLE)	-183.59%	0.00%	-70.83%	-8.69%	17.75%	0.00%	19.38%	22.17%	25.84%	0.00%	23.64%
Net Operating Profit after Tax (NOPAT)	-35	13	14	7.78	-8.42	31	14	19	8.15	20	30
NOPAT Margin	-20.87%	7.38%	8.05%	4.26%	-4.58%	16.82%	7.55%	9.40%	3.90%	9.77%	14.57%
Net Nonoperating Expense Percent (NNEP)	11.29%	0.00%	0.00%	0.00%	-0.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses 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	128.59%	94.20%	90.11%	92.52%	106.55%	81.97%	89.46%	87.62%	95.70%	86.06%	80.87%
Earnings before Interest and Taxes (EBIT)	-47	9.82	17	14	-12	33	20	25	8.99	29	40
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-44	13	19	15	-11	34	22	27	11	32	43
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.51	0.36	0.51	0.63	1.10	1.15	1.37	0.85	1.34	1.28	1.88
Price to Tangible Book Value (P/TBV)	0.90	0.57	0.74	0.89	1.55	1.43	1.66	1.00	1.56	1.46	2.10
Price to Revenue (P/Rev)	0.09	0.07	0.12	0.15	0.23	0.35	0.44	0.29	0.48	0.46	0.75
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	6.17	5.61	7.07	3.83	5.20	6.03	7.94
Dividend Yield	10.62%	13.33%	7.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	16.20%	17.81%	14.15%	26.10%	19.22%	16.57%	12.59%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.18	0.00	0.13	0.00	0.00	0.06	0.64
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.07	0.00	0.06	0.00	0.00	0.03	0.33
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	1.38	0.00	0.79	0.00	0.00	0.26	2.44
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	1.72	0.00	0.87	0.00	0.00	0.29	2.66
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	1.84	0.00	1.04	0.00	0.00	0.39	3.51
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.79	0.00	0.00	0.28	3.27
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	22.92
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.03	0.98	0.82	0.77	0.81	0.54	0.52	0.47	0.42	0.40	0.29
Long-Term Debt to Equity	1.03	0.98	0.82	0.77	0.81	0.54	0.52	0.47	0.42	0.40	0.29
Financial Leverage	0.46	0.53	0.57	0.73	0.90	0.71	0.64	0.59	0.56	0.46	0.39
Leverage Ratio	9.13	9.22	9.15	12.86	18.18	12.84	11.01	11.92	11.01	8.98	7.70
Compound Leverage Factor	9.52	11.13	9.15	12.86	18.18	12.84	11.01	11.92	11.01	8.98	7.70
Debt to Total Capital	50.75%	49.60%	45.02%	43.64%	44.64%	35.21%	34.37%	32.11%	29.79%	28.57%	22.37%
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	50.75%	49.60%	45.02%	43.64%	44.64%	35.21%	34.37%	32.11%	29.79%	28.57%	22.37%
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	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	49.25%	50.40%	54.98%	56.36%	55.36%	64.79%	65.63%	67.89%	70.21%	71.43%	77.63%
Debt to EBITDA	-0.58	-0.84	-1.31	49.49	3.41	2.08	2.05	1.69	1.27	1.29	0.85
Net Debt to EBITDA	0.88	1.03	2.17	-52.68	-3.25	-6.13	-4.57	-5.18	-4.32	-3.84	-3.08
Long-Term Debt to EBITDA	-0.58	-0.84	-1.31	49.49	3.41	2.08	2.05	1.69	1.27	1.29	0.85
Debt to NOPAT	-0.78	-1.11	-1.68	-26.83	4.54	2.64	2.70	2.13	1.64	1.89	1.22
Net Debt to NOPAT	1.17	1.36	2.79	28.56	-4.34	-7.80	-6.03	-6.56	-5.57	-5.64	-4.43
Long-Term Debt to NOPAT	-0.78	-1.11	-1.68	-26.83	4.54	2.64	2.70	2.13	1.64	1.89	1.22
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	253	216	138	26	-43	-49	-62	-72	-116	-47	-35
Operating Cash Flow to CapEx	864.72%	-477.62%	619.39%	249.33%	-2,272.04%	6,903.60%	1,881.22%	6,180.67%	-449.24%	-2,187.98%	39.93%
Free Cash Flow to Firm to Interest Expense	124.81	70.72	47.91	9.60	-16.55	-16.37	-22.01	-25.99	-42.21	-18.22	-14.59
Operating Cash Flow to Interest Expense	15.81	-6.14	5.19	3.35	-20.63	33.27	1.52	54.76	-4.85	-21.83	0.35
Operating Cash Flow Less CapEx to Interest Expense	13.99	-7.42	4.35	2.01	-21.54	32.79	1.44	53.87	-5.93	-22.83	-0.52
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.27	0.30	0.34	0.32	0.29	0.32	0.34	0.31	0.33	0.35	0.38
Fixed Asset Turnover	31.86	30.29	29.99	27.48	25.72	24.57	24.47	23.21	22.61	22.61	23.09
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	239	260	281	285	273	340	358	376	398	407	424
Invested Capital Turnover	1.70	1.81	1.95	2.35	2.77	2.41	2.31	2.29	2.33	2.16	2.11
Increase / (Decrease) in Invested Capital	-288	-204	-124	-19	34	80	77	91	124	67	66
Enterprise Value (EV)	-122	-112	-131	-30	49	-99	47	-154	-27	24	273
Market Capitalization	60	47	79	102	166	254	322	217	376	371	618
Book Value per Share	$4.43	$5.06	$6.05	$6.07	$5.92	$8.41	$7.77	$8.33	$9.10	$9.48	$10.72
Tangible Book Value per Share	$2.50	$3.15	$4.18	$4.34	$4.20	$6.79	$6.42	$7.05	$7.87	$8.29	$9.58
Total Capital	239	260	281	285	273	340	358	376	398	407	424
Total Debt	121	129	127	124	122	120	123	121	119	116	95
Total Long-Term Debt	121	129	127	124	122	120	123	121	119	116	95
Net Debt	-183	-159	-210	-132	-117	-354	-274	-371	-402	-347	-345
Capital Expenditures (CapEx)	3.71	3.93	2.41	3.68	2.35	1.45	0.23	2.46	2.98	2.56	2.10
Net Nonoperating Expense (NNE)	14	0.00	0.00	0.00	-0.99	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	121	129	127	124	122	120	123	121	119	116	95
Total Depreciation and Amortization (D&A)	3.09	2.80	1.97	1.28	1.10	1.33	1.70	1.67	1.51	2.89	2.93
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.83)	$0.44	$0.55	$0.30	($0.28)	$1.16	$0.47	$0.62	$0.27	$0.65	$0.99
Adjusted Weighted Average Basic Shares Outstanding	26.37M	26.34M	25.56M	25.57M	26.70M	26.19M	30.38M	30.65M	30.68M	30.60M	30.70M
Adjusted Diluted Earnings per Share	($1.83)	$0.44	$0.55	$0.30	($0.28)	$1.16	$0.47	$0.61	$0.27	$0.66	$0.99
Adjusted Weighted Average Diluted Shares Outstanding	26.37M	26.34M	25.62M	25.63M	26.70M	26.25M	30.44M	30.71M	30.74M	30.65M	30.76M
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	25.88M	25.56M	26.47M	25.56M	39.02M	30.22M	30.64M	30.68M	30.68M	42.84M	30.99M
Normalized Net Operating Profit after Tax (NOPAT)	-35	8.30	14	8.22	-8.42	31	14	19	8.15	20	30
Normalized NOPAT Margin	-20.87%	4.89%	8.05%	4.50%	-4.58%	16.82%	7.55%	9.40%	3.90%	9.77%	14.57%
Pre Tax Income Margin	-29.81%	6.99%	9.89%	7.48%	-6.55%	18.03%	10.54%	12.38%	4.30%	13.94%	19.13%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-23.34	3.21	5.97	4.98	-4.64	11.06	7.02	8.94	3.26	11.27	16.49
NOPAT to Interest Expense	-17.04	4.09	4.86	2.84	-3.25	10.32	5.03	6.79	2.96	7.90	12.56
EBIT Less CapEx to Interest Expense	-25.17	1.93	5.14	3.64	-5.55	10.58	6.94	8.06	2.18	10.27	15.63
NOPAT Less CapEx to Interest Expense	-18.87	2.80	4.02	1.50	-4.16	9.84	4.95	5.90	1.88	6.90	11.70
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-2.99%	-3.09%	0.00%	-11.17%	0.04%	0.02%	0.00%	-0.10%	-0.07%	-0.09%	0.00%
Augmented Payout Ratio	-9.43%	-22.44%	0.00%	-27.97%	2.32%	0.02%	0.00%	-0.09%	-0.07%	-0.09%	0.00%

Key Financial Trends

Heritage Insurance Holdings, Inc. (NYSE:HRTG) Financial Summary and Trends Analysis (Last Four Years):

Heritage Insurance has demonstrated a notable improvement in its financial performance and cash flow generation over the recent quarters, supported by strong underwriting and investment returns. Here's an overview highlighting key points:

Improving Net Income: Q1 2025 net income of $30.5 million shows a significant increase compared to $20.3 million in Q4 2024 and $14.2 million in Q1 2024, indicating growing profitability.
Robust Premiums Earned: Premiums earned have gradually increased from $166 million in Q1 2023 to over $200 million in Q1 2025, reflecting business growth.
Strong Non-Interest Income: Non-interest income, largely driven by net realized and unrealized capital gains as well as service charges, rose to $211.5 million in Q1 2025, supporting revenue diversification.
Solid Operating Cash Flow: Positive net cash from operating activities in Q1 2025 ($0.8 million) after prior negative quarters; also, several quarters show large positive adjustments from operating assets and liabilities, highlighting efficient working capital management.
Decreasing Debt Levels: Long-term debt reduced from $126.7 million in Q1 2023 to $94.8 million in Q1 2025, indicating efforts to deleverage and reduce interest expense.
Increasing Common Equity: Total common equity grew from approximately $155 million in Q1 2023 to $329 million in Q1 2025, strengthening the balance sheet.
Higher Earnings Per Share (EPS): Basic EPS improved from $0.55 in Q1 2023 to $0.99 in Q1 2025, showing enhanced shareholder value.
Net Interest Expense persists, around $2.4 – $3 million per quarter, reflecting interest on outstanding debt but stable overall.
Investment in property, equipment, and leasehold improvements remains steady, roughly $2–3 million per quarter as part of strategic asset management.
Cash and equivalents increased overall but fluctuated quarter to quarter reflecting capital allocation to investments and debt repayments.
Claims and claim expenses have increased notably, with $99 million recorded in Q1 2025 compared to $97 million in Q1 2024, pressuring underwriting margins.
Insurance policy acquisition costs remain elevated, around $45 million in Q1 2025, which is a significant expense impacting operating profitability.
Large fluctuations in non-cash adjustments to reconcile net income reported in cash flow indicate volatility in underlying accounting entries and investments.
Negative net cash from financing activities in Q1 2025 (-$21.7 million) driven by debt repayments, reducing liquidity but aiming to support long-term stability.
Accumulated other comprehensive loss slightly increased, indicating some exposure to market risks affecting equity.

In Summary: Heritage Insurance has made strong progress in improving its bottom line and growing its equity base over the past four years while maintaining consistent premium growth. The company’s strategy to reduce debt and strengthen cash flow generation is evident. However, insurance claims and acquisition costs remain significant expenses that will require ongoing management to sustain profitability. Investors should watch for continued operational efficiency and stable claim trends to support earnings momentum.

08/05/25 03:59 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Heritage Insurance's Financials

When does Heritage Insurance's financial year end?

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

How has Heritage Insurance's net income changed over the last 10 years?

Heritage Insurance's net income appears to be on a downward trend, with a most recent value of $61.54 million in 2024, rising from $47.10 million in 2014. The previous period was $45.31 million in 2023. Check out Heritage Insurance's forecast to explore projected trends and price targets.

How has Heritage Insurance's revenue changed over the last 10 years?

Over the last 10 years, Heritage Insurance's total revenue changed from $233.82 million in 2014 to $806.05 million in 2024, a change of 244.7%.

How much debt does Heritage Insurance have?

Heritage Insurance's total liabilities were at $2.18 billion at the end of 2024, a 14.7% increase from 2023, and a 505.1% increase since 2014.

How much cash does Heritage Insurance have?

In the past 10 years, Heritage Insurance's cash and equivalents has ranged from $105.82 million in 2016 to $463.64 million in 2023, and is currently $452.67 million as of their latest financial filing in 2024.

How has Heritage Insurance's book value per share changed over the last 10 years?

Over the last 10 years, Heritage Insurance's book value per share changed from 8.56 in 2014 to 9.48 in 2024, a change of 10.7%.

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This page (NYSE:HRTG) was last updated on 8/5/2025 by MarketBeat.com Staff

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Heritage Insurance (HRTG) Financials

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Heritage Insurance (HRTG) Financials

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