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Heritage Insurance (HRTG) Financials

Heritage Insurance logo
$22.36 +0.16 (+0.72%)
Closing price 06/11/2026 03:59 PM Eastern
Extended Trading
$22.36 0.00 (0.00%)
As of 06/11/2026 06:28 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Heritage Insurance

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 93 34 -1.12 27 29 9.33 -75 -154 45 62 196
Consolidated Net Income / (Loss)		 93 34 -1.12 27 29 9.33 -75 -154 45 62 196
Net Income / (Loss) Continuing Operations		 93 34 -1.12 27 29 9.33 -75 -154 45 62 196
Total Pre-Tax Income 		150 56 -5.89 39 41 2.21 -76 -166 52 83 259
Total Revenue		 395 354 310 375 503 585 624 654 724 806 839
Net Interest Income / (Expense)		 0.00 -0.36 -13 -20 -8.52 -7.97 -7.97 -8.81 -11 -11 -7.89
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 0.36 13 20 8.52 7.97 7.97 8.81 11 11 7.89
Long-Term Debt Interest Expense		 - 0.36 13 20 8.52 7.97 7.97 8.81 11 11 7.89
Total Non-Interest Income		 395 355 323 396 511 593 632 662 735 817 847
Other Service Charges		 9.60 16 15 15 14 14 15 14 14 13 13
Net Realized & Unrealized Capital Gains on Investments		 8.93 -74 -72 -74 19 35 5.64 12 25 36 40
Premiums Earned		 376 412 380 454 479 545 611 637 697 768 794
Total Non-Interest Expense		 245 298 273 326 462 583 700 820 672 723 580
Property & Liability Insurance Claims		 141 239 201 237 273 373 427 501 426 447 313
Insurance Policy Acquisition Costs		 - - - - 108 128 146 156 - - 174
Other Operating Expenses		 46 59 72 89 81 82 66 70 78 85 93
Impairment Charge		 - - - - 0.00 0.00 61 92 0.77 0.00 0.00
Income Tax Expense		 58 23 -4.77 12 12 -7.11 -1.31 -12 6.70 21 64
Basic Earnings per Share		 $3.08 $1.14 ($0.04) $1.05 $0.98 $0.33 ($2.69) ($5.86) $1.73 $2.01 $6.33
Weighted Average Basic Shares Outstanding		 30.06M 29.63M 26.80M 25.94M 29.21M 27.98M 27.80M 26.34M 26.19M 30.60M 30.89M
Diluted Earnings per Share		 $3.05 $1.14 ($0.04) $1.04 $0.98 $0.33 ($2.69) ($5.86) $1.73 $2.01 $6.32
Weighted Average Diluted Shares Outstanding		 30.33M 29.63M 26.80M 26.10M 29.23M 27.99M 27.80M 26.34M 26.25M 30.65M 30.95M
Weighted Average Basic & Diluted Shares Outstanding		 30M 29.70M 28M 25.90M 28.93M 27.97M 26.82M 25.56M 30.22M 42.84M 30.72M

Quarterly Income Statements for Heritage Insurance

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 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		 -7.42 31 14 19 8.15 20 30 48 50 67 36
Consolidated Net Income / (Loss)		 -7.42 31 14 19 8.15 20 30 48 50 67 36
Net Income / (Loss) Continuing Operations		 -7.42 31 14 19 8.15 20 30 48 50 67 36
Total Pre-Tax Income 		-12 33 20 25 8.99 29 40 63 68 88 49
Total Revenue		 184 184 188 201 209 208 209 206 211 214 211
Net Interest Income / (Expense)		 -2.59 -3.00 -2.83 -2.78 -2.76 -2.57 -2.43 -1.88 -1.85 -1.73 -1.78
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 2.59 3.00 2.83 2.78 2.76 2.57 2.43 1.88 1.85 1.73 1.78
Long-Term Debt Interest Expense		 2.59 3.00 2.83 2.78 2.76 2.57 2.43 1.88 1.85 1.73 1.78
Total Non-Interest Income		 186 187 191 204 212 210 212 208 212 215 213
Other Service Charges		 3.17 3.47 3.33 3.47 3.20 3.20 2.92 2.68 4.90 2.81 3.08
Net Realized & Unrealized Capital Gains on Investments		 6.49 5.79 8.55 9.78 9.81 7.79 8.57 9.04 12 9.83 9.88
Premiums Earned		 177 178 179 190 199 199 200 196 195 203 200
Total Non-Interest Expense		 196 151 169 176 200 179 169 143 142 126 162
Property & Liability Insurance Claims		 131 91 102 106 130 109 99 76 75 63 92
Insurance Policy Acquisition Costs		 42 43 47 47 49 49 46 43 45 40 45
Other Operating Expenses		 22 17 20 23 22 21 24 24 22 22 25
Income Tax Expense		 -4.60 2.23 5.65 5.99 0.84 8.66 9.54 15 18 21 13
Basic Earnings per Share		 ($0.28) $1.16 $0.47 $0.62 $0.27 $0.65 $0.99 $1.55 $1.63 $2.16 $1.19
Weighted Average Basic Shares Outstanding		 26.70M 26.19M 30.38M 30.65M 30.68M 30.60M 30.70M 31.00M 30.96M 30.89M 30.68M
Diluted Earnings per Share		 ($0.28) $1.16 $0.47 $0.61 $0.27 $0.66 $0.99 $1.55 $1.63 $2.15 $1.19
Weighted Average Diluted Shares Outstanding		 26.70M 26.25M 30.44M 30.71M 30.74M 30.65M 30.76M 31.06M 31.02M 30.95M 30.74M
Weighted Average Basic & Diluted Shares Outstanding		 39.02M 30.22M 30.64M 30.68M 30.68M 42.84M 30.99M 31.02M 30.91M 30.72M 30.35M

Annual Cash Flow Statements for Heritage Insurance

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 2014 2015 2016 2017 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 95 76 -123 48 21 163 -82 -77 186 -9.69 109
Net Cash From Operating Activities		 194 153 83 7.49 120 170 60 -34 70 87 182
Net Cash From Continuing Operating Activities		 194 147 83 7.49 120 170 60 -34 70 87 182
Net Income / (Loss) Continuing Operations		 47 93 34 -1.12 29 9.33 -75 -154 45 62 196
Consolidated Net Income / (Loss)		 47 93 34 -1.12 29 9.33 -75 -154 45 62 196
Provision For Loan Losses		 - -0.25 - 0.00 0.29 0.16 0.00 -0.00 0.86 0.05 0.37
Depreciation Expense		 0.78 1.35 8.98 7.74 10 8.10 8.45 8.36 8.69 9.55 13
Amortization Expense		 2.53 6.25 8.02 11 6.51 6.64 5.84 4.16 -3.02 -1.79 -0.42
Non-Cash Adjustments to Reconcile Net Income		 31 34 63 302 183 34 -35 626 -283 199 -457
Changes in Operating Assets and Liabilities, net		 112 19 -31 -312 -109 112 155 -518 301 -182 431
Net Cash From Investing Activities		 -200 -87 -249 -7.24 -54 22 -124 -38 101 -92 -33
Net Cash From Continuing Investing Activities		 -200 -87 -249 -7.24 -54 22 -124 -38 101 -92 -33
Purchase of Property, Leasehold Improvements and Equipment		 -6.93 -1.17 -1.62 -0.39 -4.98 -0.76 -1.01 -12 -9.89 -8.23 -8.07
Purchase of Investment Securities		 -232 -244 -428 -357 -257 -471 -335 -135 -231 -287 -345
Sale and/or Maturity of Investments		 39 158 180 350 208 493 211 110 342 204 320
Net Cash From Financing Activities		 101 9.64 44 48 -45 -29 -17 -5.06 15 -5.19 -41
Net Cash From Continuing Financing Activities		 101 9.64 44 48 -45 -29 -17 -5.06 15 -5.19 -41
Issuance of Debt		 - - 78 149 0.00 0.00 2.78 35 0.00 5.50 0.00
Issuance of Common Equity		 101 - - - - - 0.00 0.00 25 -0.00 0.00
Repayment of Debt		 - - - -25 -19 -9.67 -4.93 -5.32 -9.68 -9.77 -36
Repurchase of Common Equity		 - - -26 -62 -16 -10.00 -8.19 -30 0.00 0.00 -2.28
Payment of Dividends		 - - -6.81 -8.25 -6.96 -6.85 -6.71 -4.77 -0.01 0.05 0.00
Other Financing Activities, Net		 - 9.64 -1.72 -6.79 -3.52 -2.38 -0.23 -0.09 -0.43 -0.97 -2.30
Cash Interest Paid		 - - - 4.05 7.30 6.21 5.28 7.84 9.31 9.47 6.89
Cash Income Taxes Paid		 13 69 32 4.50 14 16 0.53 -0.29 7.89 13 58

Quarterly Cash Flow Statements for Heritage Insurance

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 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		 -18 235 -76 94 29 -57 -24 48 87 -1.14 -39
Net Cash From Operating Activities		 -53 100 4.31 152 -13 -56 0.84 43 124 14 25
Net Cash From Continuing Operating Activities		 -53 100 4.31 152 -13 -56 0.84 43 124 14 25
Net Income / (Loss) Continuing Operations		 -7.42 31 14 19 8.15 20 30 48 50 67 36
Consolidated Net Income / (Loss)		 -7.42 31 14 19 8.15 20 30 48 50 67 36
Provision For Loan Losses		 -0.04 0.80 -0.80 0.10 0.02 0.74 0.01 0.18 0.11 0.07 -0.08
Depreciation Expense		 2.20 2.23 2.23 2.27 2.24 2.82 2.88 2.98 3.30 3.54 3.15
Amortization Expense		 -1.10 -0.90 -0.53 -0.60 -0.73 0.07 0.05 -0.12 -0.06 -0.29 -0.03
Non-Cash Adjustments to Reconcile Net Income		 152 -125 -6.00 -18 -49 265 -203 -125 -65 -68 -33
Changes in Operating Assets and Liabilities, net		 -199 191 -4.82 150 26 -345 170 117 135 12 18
Net Cash From Investing Activities		 38 113 -83 -55 45 2.24 -3.47 6.73 -24 -12 -44
Net Cash From Continuing Investing Activities		 38 113 -83 -55 45 2.24 -3.47 6.73 -24 -12 -44
Purchase of Property, Leasehold Improvements and Equipment		 -2.35 -1.45 -0.23 -2.46 -2.98 -2.56 -2.10 -1.54 -1.58 -2.86 -1.82
Purchase of Investment Securities		 277 20 -113 -94 18 -99 -22 -64 -124 -135 -77
Sale and/or Maturity of Investments		 -237 95 30 41 30 104 21 72 101 126 35
Net Cash From Financing Activities		 -2.44 22 3.11 -2.44 -2.44 -3.42 -22 -2.45 -13 -3.38 -20
Net Cash From Continuing Financing Activities		 -2.44 22 3.11 -2.44 -2.44 -3.42 -22 -2.45 -13 -3.38 -20
Repayment of Debt		 -2.44 -2.44 -2.44 -2.44 -2.44 -2.45 -22 -2.45 -11 -1.09 -0.94
Repurchase of Common Equity		 - - -0.00 - - 0.00 0.00 - -2.28 - -10
Other Financing Activities, Net		 - -0.42 - -0.05 - -0.97 0.00 - - -2.30 -8.91
Cash Interest Paid		 2.05 2.51 2.40 2.15 2.67 2.24 2.09 1.85 1.55 1.40 1.51

Annual Balance Sheets for Heritage Insurance

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 837 1,033 1,771 1,769 1,940 2,089 1,981 2,393 2,120 2,469 2,196
Cash and Due from Banks		 236 106 154 250 268 441 359 281 464 453 559
Restricted Cash		 13 21 21 12 15 5.43 5.42 6.69 9.70 11 13
Trading Account Securities		 400 603 567 526 589 563 671 637 562 657 714
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		 3.41 4.76 5.06 4.47 4.38 2.74 3.17 3.82 4.07 5.59 6.56
Premises and Equipment, Net		 17 17 19 18 21 19 17 26 33 38 28
Unearned Premiums Asset		 109 149 296 608 717 678 607 1,205 866 1,152 402
Deferred Acquisition Cost		 35 43 42 73 77 89 94 100 69 63 65
Intangible Assets		 2.12 27 102 77 69 62 56 50 43 36 30
Other Assets		 13 16 415 47 28 77 76 84 69 52 377
Total Liabilities & Shareholders' Equity		 837 1,033 1,771 1,769 1,940 2,089 1,981 2,393 2,120 2,469 2,196
Total Liabilities		 481 675 1,391 1,343 1,491 1,647 1,638 2,262 1,899 2,178 1,691
Non-Interest Bearing Deposits		 12 19 24 20 17 18 25 27 24 15 19
Long-Term Debt		 - 73 184 149 129 121 121 129 120 116 78
Claims and Claim Expense		 84 140 470 432 614 659 590 1,132 846 1,043 579
Unearned Premiums Liability		 302 318 475 472 486 570 590 657 676 703 708
Other Long-Term Liabilities		 82 126 238 270 245 279 312 318 234 301 306
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		 357 358 380 425 449 442 343 131 220 291 505
Total Preferred & Common Equity		 357 358 380 425 449 442 343 131 220 291 505
Total Common Equity		 357 358 380 425 449 442 343 131 220 291 505
Common Stock		 203 206 295 325 330 332 333 335 360 363 366
Retained Earnings		 156 183 175 196 217 220 138 -19 26 88 283
Treasury Stock		 - -26 -87 -89 -105 -115 -124 -131 -131 -131 -133
Accumulated Other Comprehensive Income / (Loss)		 -2.03 -5.02 -3.06 -6.53 7.33 6.06 -4.57 -54 -35 -29 -11

Quarterly Balance Sheets for Heritage Insurance

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 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		 2,523 2,159 2,357 2,369 2,130 2,599 2,374 2,213 2,537 2,367 2,021
Cash and Due from Banks		 298 330 247 229 386 481 510 426 473 560 517
Restricted Cash		 6.27 6.70 9.68 9.73 11 11 11 13 13 13 16
Trading Account Securities		 635 615 697 653 646 701 674 668 666 702 752
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		 3.52 3.54 3.57 3.73 4.58 5.15 5.23 5.23 5.55 5.47 6.27
Premises and Equipment, Net		 23 28 31 32 33 35 37 39 39 28 28
Unearned Premiums Asset		 457 951 1,140 1,211 837 1,143 929 899 630 514 289
Deferred Acquisition Cost		 101 98 107 104 104 115 109 64 71 67 64
Intangible Assets		 51 48 46 44 41 39 38 35 33 32 29
Other Assets		 948 79 77 81 67 70 61 64 605 447 319
Total Liabilities & Shareholders' Equity		 2,523 2,159 2,357 2,369 2,130 2,599 2,374 2,213 2,537 2,367 2,021
Total Liabilities		 2,405 2,004 2,196 2,217 1,895 2,344 2,095 1,884 2,153 1,930 1,501
Non-Interest Bearing Deposits		 38 40 39 34 37 26 28 22 19 26 31
Long-Term Debt		 121 127 124 122 123 121 119 95 92 79 78
Claims and Claim Expense		 1,209 981 818 971 844 822 775 849 713 650 544
Unearned Premiums Liability		 652 650 716 689 691 766 724 705 762 733 701
Other Long-Term Liabilities		 384 207 499 401 200 609 449 214 567 442 147
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		 118 155 161 151 235 255 279 329 383 437 520
Total Preferred & Common Equity		 118 155 161 151 235 255 279 329 383 437 520
Total Common Equity		 118 155 161 151 235 255 279 329 383 437 520
Common Stock		 334 335 336 337 361 362 363 364 366 367 358
Retained Earnings		 -32 -5.18 2.60 -4.83 40 59 67 118 166 217 320
Treasury Stock		 -130 -131 -131 -131 -131 -131 -131 -131 -131 -133 -143
Accumulated Other Comprehensive Income / (Loss)		 -55 -44 -47 -50 -35 -35 -20 -22 -18 -13 -14

Annual Metrics And Ratios for Heritage Insurance

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 30,911,435.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 30,911,435.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 6.33
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 68.84% -10.29% -12.61% 21.31% 33.90% 16.43% 6.52% 4.82% 10.81% 11.29% 4.14%
EBITDA Growth		 103.57% -53.51% -24.80% 34.49% -21.95% -70.73% -464.12% -148.84% 137.54% 56.81% 200.25%
EBIT Growth		 102.41% -62.47% -35.60% 36.33% -17.21% -94.60% -3,535.79% -118.55% 131.30% 58.98% 213.59%
NOPAT Growth		 96.43% -63.39% -24.92% 35.62% -16.96% -67.43% -670.70% -118.55% 138.95% 35.83% 217.83%
Net Income Growth		 96.43% -63.39% -103.30% 2,526.72% 5.45% -67.43% -901.28% -106.57% 129.35% 35.83% 217.84%
EPS Growth		 67.58% -62.62% -103.51% 2,700.00% -5.77% -66.33% -915.15% -117.84% 129.52% 16.19% 214.43%
Operating Cash Flow Growth		 -21.15% -45.82% -90.97% 1,186.39% 24.21% 42.25% -64.67% -156.98% 305.53% 23.69% 109.24%
Free Cash Flow Firm Growth		 91.64% -351.81% -166.85% 122.77% 0.55% -2.77% 92.71% 88.96% -139.68% 83.97% 441.95%
Invested Capital Growth		 39.78% 20.84% 30.95% 1.76% 0.68% -2.54% -17.67% -43.95% 30.78% 19.74% 43.37%
Revenue Q/Q Growth		 4.21% -19.04% 16.70% 9.15% 23.54% -58.84% 431.21% 0.74% 2.04% 3.03% 0.71%
EBITDA Q/Q Growth		 1.83% -31.84% 73.00% -13.24% 21.36% -96.17% 85.40% 26.02% 61.08% -2.86% 27.98%
EBIT Q/Q Growth		 1.40% -39.81% 155.88% -0.71% 4.26% -99.48% 82.60% 24.77% 81.46% -4.86% 29.46%
NOPAT Q/Q Growth		 0.61% -40.55% 2,269.76% 89.71% 45.01% -51.77% -98.82% 25.45% 68.65% -14.75% 31.08%
Net Income Q/Q Growth		 0.61% -40.55% -204.29% 49.38% 45.01% -51.77% -229.18% 28.56% 68.65% -14.75% 31.08%
EPS Q/Q Growth		 -0.65% -39.68% -500.00% 42.47% 38.03% -50.75% -228.05% 27.39% 71.29% -19.92% 30.85%
Operating Cash Flow Q/Q Growth		 -16.77% -60.43% -90.76% 423.13% -21.35% 39.44% -51.67% -21.83% 246.33% -64.15% 62.20%
Free Cash Flow Firm Q/Q Growth		 0.00% -433.71% 3.63% 140.70% 96.88% -19.05% 271.86% -33.45% -356.46% 89.35% -37.80%
Invested Capital Q/Q Growth		 7.27% 14.21% 15.07% 0.92% 0.34% -0.42% -11.91% 8.79% 24.34% 2.32% 13.01%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 39.99% 20.72% 17.83% 19.77% 11.52% 2.90% -9.90% -23.51% 7.96% 11.22% 32.35%
EBIT Margin		 38.07% 15.93% 11.74% 13.19% 8.15% 0.38% -12.19% -25.42% 7.18% 10.26% 30.89%
Profit (Net Income) Margin		 23.43% 9.56% -0.36% 7.23% 5.70% 1.59% -11.98% -23.62% 6.26% 7.63% 23.30%
Tax Burden Percent		 61.56% 60.04% 18.99% 69.64% 69.85% 421.42% 98.28% 92.89% 87.12% 74.43% 75.44%
Interest Burden Percent		 100.00% 100.00% -16.22% 78.74% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 38.44% 39.96% 0.00% 30.36% 30.15% -321.42% 0.00% 0.00% 12.88% 25.56% 24.56%
Return on Invested Capital (ROIC)		 30.25% 8.60% 5.11% 6.06% 4.97% 1.63% -10.36% -32.14% 15.10% 16.47% 39.48%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 8.60% -15.52% 1.66% 4.97% 1.63% -28.15% -62.61% 15.10% 16.47% 39.48%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.88% -5.41% 0.69% 1.58% 0.46% -8.67% -32.98% 10.69% 7.61% 9.66%
Return on Equity (ROE)		 0.00% 9.48% -0.30% 6.75% 6.55% 2.09% -19.03% -65.12% 25.79% 24.08% 49.14%
Cash Return on Invested Capital (CROIC)		 -2.93% -10.27% -21.69% 4.32% 4.29% 4.21% 9.02% 24.18% -11.57% -1.49% 3.84%
Operating Return on Assets (OROA)		 20.70% 6.03% 2.59% 2.80% 2.21% 0.11% -3.74% -7.60% 2.31% 3.60% 11.12%
Return on Assets (ROA)		 12.74% 3.62% -0.08% 1.53% 1.54% 0.46% -3.67% -7.06% 2.01% 2.68% 8.39%
Return on Common Equity (ROCE)		 0.00% 9.48% -0.30% 6.75% 6.55% 2.09% -19.03% -65.12% 25.79% 24.08% 49.14%
Return on Equity Simple (ROE_SIMPLE)		 25.95% 9.46% -0.29% 6.38% 6.38% 2.11% -21.78% -117.80% 20.57% 21.16% 38.71%
Net Operating Profit after Tax (NOPAT)		 93 34 25 34 29 9.33 -53 -116 45 62 196
NOPAT Margin		 23.43% 9.56% 8.22% 9.18% 5.70% 1.59% -8.54% -17.80% 6.26% 7.63% 23.30%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 20.63% 4.40% 0.00% 0.00% 17.79% 30.47% 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		 61.93% 84.07% 88.26% 86.81% 91.85% 99.62% 112.19% 125.42% 92.82% 89.74% 69.11%
Earnings before Interest and Taxes (EBIT)		 150 56 36 50 41 2.21 -76 -166 52 83 259
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 158 73 55 74 58 17 -62 -154 58 90 272
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.60 1.22 1.04 0.84 0.80 0.61 0.47 0.36 1.15 1.28 1.79
Price to Tangible Book Value (P/TBV)		 1.65 1.53 3.13 1.81 1.59 1.18 0.82 0.57 1.43 1.46 1.90
Price to Revenue (P/Rev)		 1.45 1.23 1.27 0.95 0.72 0.46 0.26 0.07 0.35 0.46 1.08
Price to Earnings (P/E)		 6.18 12.85 0.00 13.09 12.61 28.77 0.00 0.00 5.61 6.03 4.62
Dividend Yield		 0.26% 2.03% 1.86% 1.80% 1.96% 2.51% 4.19% 13.33% 0.00% 0.00% 0.00%
Earnings Yield		 16.17% 7.79% 0.00% 7.64% 7.93% 3.48% 0.00% 0.00% 17.81% 16.57% 21.63%
Enterprise Value to Invested Capital (EV/IC)		 0.90 0.88 0.71 0.42 0.36 0.00 0.00 0.00 0.00 0.06 0.70
Enterprise Value to Revenue (EV/Rev)		 0.82 1.08 1.30 0.64 0.41 0.00 0.00 0.00 0.00 0.03 0.49
Enterprise Value to EBITDA (EV/EBITDA)		 2.04 5.19 7.30 3.26 3.58 0.00 0.00 0.00 0.00 0.26 1.51
Enterprise Value to EBIT (EV/EBIT)		 2.15 6.76 11.10 4.89 5.06 0.00 0.00 0.00 0.00 0.29 1.58
Enterprise Value to NOPAT (EV/NOPAT)		 3.49 11.26 15.85 7.02 7.24 0.00 0.00 0.00 0.00 0.39 2.10
Enterprise Value to Operating Cash Flow (EV/OCF)		 2.11 4.60 53.82 2.51 1.73 0.00 0.00 0.00 0.00 0.28 2.25
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 9.84 8.39 0.00 0.00 0.00 0.00 0.00 21.56
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.20 0.49 0.35 0.29 0.27 0.35 0.98 0.54 0.40 0.16
Long-Term Debt to Equity		 0.00 0.20 0.49 0.35 0.29 0.27 0.35 0.98 0.54 0.40 0.16
Financial Leverage		 0.00 0.10 0.35 0.41 0.32 0.28 0.31 0.53 0.71 0.46 0.24
Leverage Ratio		 2.37 2.62 3.80 4.40 4.24 4.52 5.18 9.22 12.84 8.98 5.86
Compound Leverage Factor		 2.37 2.62 -0.62 3.46 4.24 4.52 5.18 9.22 12.84 8.98 5.86
Debt to Total Capital		 0.00% 16.92% 32.68% 25.92% 22.36% 21.48% 26.04% 49.60% 35.21% 28.57% 13.44%
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% 16.92% 32.68% 25.92% 22.36% 21.48% 26.04% 49.60% 35.21% 28.57% 13.44%
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% 83.08% 67.32% 74.08% 77.64% 78.52% 73.96% 50.40% 64.79% 71.43% 86.56%
Debt to EBITDA		 0.00 0.99 3.34 2.00 2.23 7.14 -1.96 -0.84 2.08 1.29 0.29
Net Debt to EBITDA		 0.00 -0.73 0.18 -1.53 -2.65 -19.19 3.95 1.03 -6.13 -3.84 -1.82
Long-Term Debt to EBITDA		 0.00 0.99 3.34 2.00 2.23 7.14 -1.96 -0.84 2.08 1.29 0.29
Debt to NOPAT		 0.00 2.15 7.25 4.31 4.51 12.97 -2.27 -1.11 2.64 1.89 0.40
Net Debt to NOPAT		 0.00 -1.59 0.39 -3.29 -5.37 -34.89 4.58 1.36 -7.80 -5.64 -2.53
Long-Term Debt to NOPAT		 0.00 2.15 7.25 4.31 4.51 12.97 -2.27 -1.11 2.64 1.89 0.40
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)		 -8.95 -40 -108 25 25 24 46 88 -35 -5.57 19
Operating Cash Flow to CapEx		 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% 2,257.10%
Free Cash Flow to Firm to Interest Expense		 0.00 -111.73 -8.17 1.23 2.90 3.01 5.81 9.93 -3.10 -0.51 2.41
Operating Cash Flow to Interest Expense		 0.00 229.16 0.57 4.81 14.04 21.35 7.54 -3.89 6.28 7.97 23.11
Operating Cash Flow Less CapEx to Interest Expense		 0.00 224.68 0.54 4.93 13.45 21.26 7.42 -5.29 5.40 7.21 22.08
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.54 0.38 0.22 0.21 0.27 0.29 0.31 0.30 0.32 0.35 0.36
Fixed Asset Turnover		 23.09 20.66 17.23 20.44 25.95 29.69 34.54 30.29 24.57 22.61 25.31
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 357 431 564 574 578 563 464 260 340 407 584
Invested Capital Turnover		 1.29 0.90 0.62 0.66 0.87 1.03 1.21 1.81 2.41 2.16 1.69
Increase / (Decrease) in Invested Capital		 101 74 133 9.91 3.92 -15 -100 -204 80 67 177
Enterprise Value (EV)		 323 381 403 242 207 -57 -84 -112 -99 24 410
Market Capitalization		 572 435 393 356 361 268 160 47 254 371 904
Book Value per Share		 $11.77 $11.34 $15.57 $15.99 $15.20 $15.76 $12.30 $5.06 $8.41 $9.48 $16.35
Tangible Book Value per Share		 $11.44 $9.03 $5.15 $7.37 $7.71 $8.11 $7.00 $3.15 $6.79 $8.29 $15.37
Total Capital		 357 431 564 574 578 563 464 260 340 407 584
Total Debt		 0.00 73 184 149 129 121 121 129 120 116 78
Total Long-Term Debt		 0.00 73 184 149 129 121 121 129 120 116 78
Net Debt		 -249 -54 9.88 -114 -154 -325 -244 -159 -354 -347 -494
Capital Expenditures (CapEx)		 1.17 1.62 0.39 -2.28 4.98 0.76 1.01 12 9.89 8.23 8.07
Net Nonoperating Expense (NNE)		 0.00 0.00 27 7.33 0.00 0.00 22 38 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 0.00 73 184 149 129 121 121 129 120 116 78
Total Depreciation and Amortization (D&A)		 7.60 17 19 25 17 15 14 13 5.67 7.76 12
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.08 $1.14 ($0.04) $1.05 $0.98 $0.33 ($2.69) ($5.86) $1.73 $2.01 $6.33
Adjusted Weighted Average Basic Shares Outstanding		 30.06M 29.63M 26.80M 25.94M 29.21M 27.98M 27.80M 26.34M 26.19M 30.60M 30.89M
Adjusted Diluted Earnings per Share		 $3.05 $1.14 ($0.04) $1.04 $0.98 $0.33 ($2.69) ($5.86) $1.73 $2.01 $6.32
Adjusted Weighted Average Diluted Shares Outstanding		 30.33M 29.63M 26.80M 26.10M 29.23M 27.99M 27.80M 26.34M 26.25M 30.65M 30.95M
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		 30.44M 29.74M 26.56M 30.36M 28.93M 27.97M 26.82M 25.56M 30.22M 42.84M 30.72M
Normalized Net Operating Profit after Tax (NOPAT)		 93 34 25 34 29 1.55 -11 -52 46 62 196
Normalized NOPAT Margin		 23.43% 9.56% 8.22% 9.18% 5.70% 0.26% -1.74% -7.95% 6.35% 7.63% 23.30%
Pre Tax Income Margin		 38.07% 15.93% -1.90% 10.38% 8.15% 0.38% -12.19% -25.42% 7.18% 10.26% 30.89%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 155.81 2.75 2.47 4.81 0.28 -9.54 -18.86 4.64 7.56 32.87
NOPAT to Interest Expense		 0.00 93.55 1.92 1.72 3.36 1.17 -6.68 -13.20 4.04 5.63 24.80
EBIT Less CapEx to Interest Expense		 0.00 151.33 2.72 2.59 4.23 0.18 -9.67 -20.27 3.76 6.81 31.85
NOPAT Less CapEx to Interest Expense		 0.00 89.07 1.90 1.84 2.78 1.08 -6.80 -14.61 3.16 4.88 23.78
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 20.10% -737.18% -23.49% 24.30% 73.47% -8.98% -3.09% 0.02% -0.09% 0.00%
Augmented Payout Ratio		 0.00% 95.58% -6,244.15% -30.86% 80.81% 180.67% -19.94% -22.44% 0.02% -0.09% 1.17%

Quarterly Metrics And Ratios for Heritage Insurance

This table displays calculated financial ratios and metrics derived from Heritage Insurance'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		 - - - - - - - - - 30,911,435.00 61,441,836.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 30,911,435.00 61,441,836.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 2.16 0.59
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 11.01% 8.53% 8.29% 9.98% 13.82% 12.90% 10.94% 2.67% 0.72% 2.84% 0.85%
EBITDA Growth		 75.29% 173.19% 12.51% 77.71% 196.13% -7.71% 99.02% 148.25% 581.39% 186.45% 21.49%
EBIT Growth		 74.58% 237.64% 15.48% 82.10% 174.79% -12.72% 101.32% 153.39% 659.57% 203.80% 22.57%
NOPAT Growth		 75.62% 147.51% 1.55% 142.56% 196.84% -34.42% 114.23% 154.51% 518.51% 228.55% 19.72%
Net Income Growth		 84.61% 147.51% 1.55% 142.56% 209.81% -34.42% 114.23% 154.51% 518.51% 228.56% 19.72%
EPS Growth		 84.70% 163.64% -14.55% 103.33% 196.43% -43.10% 110.64% 154.10% 503.70% 225.76% 20.20%
Operating Cash Flow Growth		 -266.78% 631.19% -71.18% 1,559.54% 75.00% -156.21% -80.57% -71.56% 1,030.06% 124.62% 2,870.61%
Free Cash Flow Firm Growth		 -116.95% -122.69% -145.13% -374.56% -171.14% 4.63% 43.18% 28.67% 41.36% -134.74% -289.01%
Invested Capital Growth		 14.42% 30.78% 27.19% 31.97% 45.51% 19.74% 18.40% 26.47% 29.81% 43.37% 41.10%
Revenue Q/Q Growth		 0.62% 0.14% 3.91% 6.54% 4.14% -0.67% 0.67% -1.41% 2.16% 1.41% -1.27%
EBITDA Q/Q Growth		 -173.19% 415.78% -32.39% 22.95% -60.41% 203.16% 34.86% 53.37% 8.67% 27.44% -42.80%
EBIT Q/Q Growth		 -188.09% 375.82% -35.01% 25.08% -63.82% 221.87% 38.21% 57.44% 8.46% 28.74% -44.24%
NOPAT Q/Q Growth		 -208.22% 467.58% -54.03% 32.65% -56.80% 148.95% 50.16% 57.59% 4.99% 32.24% -45.28%
Net Income Q/Q Growth		 -195.44% 516.81% -54.03% 32.65% -56.80% 148.93% 50.17% 57.59% 4.99% 32.24% -45.28%
EPS Q/Q Growth		 -193.33% 514.29% -59.48% 29.79% -55.74% 144.44% 50.00% 56.57% 5.16% 31.90% -44.65%
Operating Cash Flow Q/Q Growth		 -682.81% 286.60% -95.68% 3,433.66% -108.78% -319.59% 101.49% 5,072.28% 187.13% -88.89% 80.10%
Free Cash Flow Firm Q/Q Growth		 -263.01% -14.45% -26.91% -15.97% -60.98% 59.75% 24.39% -45.57% -32.34% -61.15% -25.30%
Invested Capital Q/Q Growth		 -4.05% 24.34% 5.27% 5.08% 5.79% 2.32% 4.10% 12.23% 8.59% 13.01% 2.45%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 -5.95% 18.75% 11.45% 13.21% 5.02% 15.33% 20.53% 31.94% 33.98% 42.70% 24.74%
EBIT Margin		 -6.55% 18.03% 10.54% 12.38% 4.30% 13.94% 19.13% 30.55% 32.44% 41.18% 23.25%
Profit (Net Income) Margin		 -4.04% 16.82% 7.55% 9.40% 3.90% 9.77% 14.57% 23.30% 23.94% 31.22% 17.30%
Tax Burden Percent		 61.73% 93.29% 71.58% 75.90% 90.64% 70.10% 76.17% 76.24% 73.81% 75.81% 74.40%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 6.71% 28.42% 24.10% 9.36% 29.90% 23.83% 23.76% 26.19% 24.19% 25.60%
Return on Invested Capital (ROIC)		 -12.70% 40.61% 17.44% 21.52% 9.09% 21.08% 30.82% 45.51% 43.65% 52.90% 28.49%
ROIC Less NNEP Spread (ROIC-NNEP)		 -11.88% 40.61% 17.44% 21.52% 9.09% 21.08% 30.82% 45.51% 43.65% 52.90% 28.49%
Return on Net Nonoperating Assets (RNNOA)		 -10.74% 28.75% 11.18% 12.68% 5.08% 9.74% 11.91% 15.19% 12.05% 12.94% 5.78%
Return on Equity (ROE)		 -23.44% 69.36% 28.62% 34.20% 14.16% 30.82% 42.73% 60.70% 55.70% 65.84% 34.27%
Cash Return on Invested Capital (CROIC)		 -2.97% -11.57% -9.70% -10.44% -15.57% -1.49% 3.05% 1.74% 6.69% 3.84% 5.37%
Operating Return on Assets (OROA)		 -1.90% 5.79% 3.63% 3.78% 1.42% 4.90% 7.28% 9.90% 11.40% 14.82% 9.24%
Return on Assets (ROA)		 -1.17% 5.40% 2.60% 2.87% 1.29% 3.43% 5.55% 7.55% 8.42% 11.24% 6.87%
Return on Common Equity (ROCE)		 -23.44% 69.36% 28.62% 34.20% 14.16% 30.82% 42.73% 60.70% 55.70% 65.84% 34.27%
Return on Equity Simple (ROE_SIMPLE)		 17.75% 0.00% 19.38% 22.17% 25.84% 0.00% 23.64% 27.90% 34.12% 0.00% 38.74%
Net Operating Profit after Tax (NOPAT)		 -8.42 31 14 19 8.15 20 30 48 50 67 36
NOPAT Margin		 -4.58% 16.82% 7.55% 9.40% 3.90% 9.77% 14.57% 23.30% 23.94% 31.22% 17.30%
Net Nonoperating Expense Percent (NNEP)		 -0.82% 0.00% 0.00% 0.00% 0.00% 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		 106.55% 81.97% 89.46% 87.62% 95.70% 86.06% 80.87% 69.45% 67.56% 58.82% 76.75%
Earnings before Interest and Taxes (EBIT)		 -12 33 20 25 8.99 29 40 63 68 88 49
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -11 34 22 27 11 32 43 66 72 91 52
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.10 1.15 1.37 0.85 1.34 1.28 1.88 2.02 1.79 1.79 1.55
Price to Tangible Book Value (P/TBV)		 1.55 1.43 1.66 1.00 1.56 1.46 2.10 2.21 1.93 1.90 1.64
Price to Revenue (P/Rev)		 0.23 0.35 0.44 0.29 0.48 0.46 0.75 0.93 0.94 1.08 0.96
Price to Earnings (P/E)		 6.17 5.61 7.07 3.83 5.20 6.03 7.94 7.23 5.23 4.62 4.00
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		 16.20% 17.81% 14.15% 26.10% 19.22% 16.57% 12.59% 13.84% 19.10% 21.63% 25.00%
Enterprise Value to Invested Capital (EV/IC)		 0.18 0.00 0.13 0.00 0.00 0.06 0.64 0.80 0.55 0.70 0.59
Enterprise Value to Revenue (EV/Rev)		 0.07 0.00 0.06 0.00 0.00 0.03 0.33 0.45 0.34 0.49 0.42
Enterprise Value to EBITDA (EV/EBITDA)		 1.38 0.00 0.79 0.00 0.00 0.26 2.44 2.50 1.35 1.51 1.25
Enterprise Value to EBIT (EV/EBIT)		 1.72 0.00 0.87 0.00 0.00 0.29 2.66 2.68 1.43 1.58 1.31
Enterprise Value to NOPAT (EV/NOPAT)		 1.84 0.00 1.04 0.00 0.00 0.39 3.51 3.54 1.92 2.10 1.74
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.79 0.00 0.00 0.28 3.27 0.00 2.55 2.25 1.70
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 22.92 51.18 9.36 21.56 12.79
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.81 0.54 0.52 0.47 0.42 0.40 0.29 0.24 0.18 0.16 0.15
Long-Term Debt to Equity		 0.81 0.54 0.52 0.47 0.42 0.40 0.29 0.24 0.18 0.16 0.15
Financial Leverage		 0.90 0.71 0.64 0.59 0.56 0.46 0.39 0.33 0.28 0.24 0.20
Leverage Ratio		 18.18 12.84 11.01 11.92 11.01 8.98 7.70 8.04 6.62 5.86 4.98
Compound Leverage Factor		 18.18 12.84 11.01 11.92 11.01 8.98 7.70 8.04 6.62 5.86 4.98
Debt to Total Capital		 44.64% 35.21% 34.37% 32.11% 29.79% 28.57% 22.37% 19.42% 15.34% 13.44% 12.98%
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		 44.64% 35.21% 34.37% 32.11% 29.79% 28.57% 22.37% 19.42% 15.34% 13.44% 12.98%
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		 55.36% 64.79% 65.63% 67.89% 70.21% 71.43% 77.63% 80.58% 84.66% 86.56% 87.02%
Debt to EBITDA		 3.41 2.08 2.05 1.69 1.27 1.29 0.85 0.61 0.37 0.29 0.28
Net Debt to EBITDA		 -3.25 -6.13 -4.57 -5.18 -4.32 -3.84 -3.08 -2.61 -2.33 -1.82 -1.62
Long-Term Debt to EBITDA		 3.41 2.08 2.05 1.69 1.27 1.29 0.85 0.61 0.37 0.29 0.28
Debt to NOPAT		 4.54 2.64 2.70 2.13 1.64 1.89 1.22 0.86 0.53 0.40 0.39
Net Debt to NOPAT		 -4.34 -7.80 -6.03 -6.56 -5.57 -5.64 -4.43 -3.69 -3.31 -2.53 -2.26
Long-Term Debt to NOPAT		 4.54 2.64 2.70 2.13 1.64 1.89 1.22 0.86 0.53 0.40 0.39
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)		 -43 -49 -62 -72 -116 -47 -35 -52 -68 -110 -138
Operating Cash Flow to CapEx		 -2,272.04% 6,903.60% 1,881.22% 6,180.67% -449.24% -2,187.98% 39.93% 2,820.33% 7,852.37% 482.73% 1,369.16%
Free Cash Flow to Firm to Interest Expense		 -16.55 -16.37 -22.01 -25.99 -42.21 -18.22 -14.59 -27.41 -36.86 -63.48 -77.40
Operating Cash Flow to Interest Expense		 -20.63 33.27 1.52 54.76 -4.85 -21.83 0.35 23.03 67.19 7.98 13.98
Operating Cash Flow Less CapEx to Interest Expense		 -21.54 32.79 1.44 53.87 -5.93 -22.83 -0.52 22.21 66.34 6.32 12.96
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.29 0.32 0.34 0.31 0.33 0.35 0.38 0.32 0.35 0.36 0.40
Fixed Asset Turnover		 25.72 24.57 24.47 23.21 22.61 22.61 23.09 22.66 25.89 25.31 25.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 273 340 358 376 398 407 424 476 517 584 598
Invested Capital Turnover		 2.77 2.41 2.31 2.29 2.33 2.16 2.11 1.95 1.82 1.69 1.65
Increase / (Decrease) in Invested Capital		 34 80 77 91 124 67 66 100 119 177 174
Enterprise Value (EV)		 49 -99 47 -154 -27 24 273 378 287 410 351
Market Capitalization		 166 254 322 217 376 371 618 773 781 904 806
Book Value per Share		 $5.92 $8.41 $7.77 $8.33 $9.10 $9.48 $10.72 $12.37 $14.10 $16.35 $16.94
Tangible Book Value per Share		 $4.20 $6.79 $6.42 $7.05 $7.87 $8.29 $9.58 $11.29 $13.07 $15.37 $16.01
Total Capital		 273 340 358 376 398 407 424 476 517 584 598
Total Debt		 122 120 123 121 119 116 95 92 79 78 78
Total Long-Term Debt		 122 120 123 121 119 116 95 92 79 78 78
Net Debt		 -117 -354 -274 -371 -402 -347 -345 -395 -494 -494 -456
Capital Expenditures (CapEx)		 2.35 1.45 0.23 2.46 2.98 2.56 2.10 1.54 1.58 2.86 1.82
Net Nonoperating Expense (NNE)		 -0.99 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 122 120 123 121 119 116 95 92 79 78 78
Total Depreciation and Amortization (D&A)		 1.10 1.33 1.70 1.67 1.51 2.89 2.93 2.86 3.24 3.25 3.12
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.28) $1.16 $0.47 $0.62 $0.27 $0.65 $0.99 $1.55 $1.63 $2.16 $1.19
Adjusted Weighted Average Basic Shares Outstanding		 26.70M 26.19M 30.38M 30.65M 30.68M 30.60M 30.70M 31.00M 30.96M 30.89M 30.68M
Adjusted Diluted Earnings per Share		 ($0.28) $1.16 $0.47 $0.61 $0.27 $0.66 $0.99 $1.55 $1.63 $2.15 $1.19
Adjusted Weighted Average Diluted Shares Outstanding		 26.70M 26.25M 30.44M 30.71M 30.74M 30.65M 30.76M 31.06M 31.02M 30.95M 30.74M
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		 39.02M 30.22M 30.64M 30.68M 30.68M 42.84M 30.99M 31.02M 30.91M 30.72M 30.35M
Normalized Net Operating Profit after Tax (NOPAT)		 -8.42 31 14 19 8.15 20 30 48 50 67 36
Normalized NOPAT Margin		 -4.58% 16.82% 7.55% 9.40% 3.90% 9.77% 14.57% 23.30% 23.94% 31.22% 17.30%
Pre Tax Income Margin		 -6.55% 18.03% 10.54% 12.38% 4.30% 13.94% 19.13% 30.55% 32.44% 41.18% 23.25%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -4.64 11.06 7.02 8.94 3.26 11.27 16.49 33.51 36.93 50.81 27.57
NOPAT to Interest Expense		 -3.25 10.32 5.03 6.79 2.96 7.90 12.56 25.54 27.25 38.52 20.51
EBIT Less CapEx to Interest Expense		 -5.55 10.58 6.94 8.06 2.18 10.27 15.63 32.69 36.07 49.16 26.54
NOPAT Less CapEx to Interest Expense		 -4.16 9.84 4.95 5.90 1.88 6.90 11.70 24.73 26.40 36.87 19.49
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.04% 0.02% 0.00% -0.10% -0.07% -0.09% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 2.32% 0.02% 0.00% -0.09% -0.07% -0.09% 0.00% 0.00% 1.53% 1.17% 6.10%

Financials Breakdown Chart

Key Financial Trends

Heritage Insurance Holdings (NYSE: HRTG) delivered a much improved start to 2026, with Q1 showing solid profitability, positive operating cash flow, and a healthier balance sheet versus the same period a year ago. That said, the company’s results remain somewhat uneven quarter to quarter, and some balance-sheet lines suggest the insurer is still carrying a fairly complex asset/liability structure that investors should watch closely.

What stands out most: Q1 2026 net income rose to $36.5 million, up from $30.5 million in Q1 2025 and far above the loss posted in the 2023 downturn period. Operating cash flow was also positive at $24.9 million, although it was down sharply from the unusually strong Q3 2025 level. Heritage ended the quarter with $520.4 million in common equity and $517.1 million in cash and due from banks, which gives it a solid liquidity cushion.

  • Q1 2026 net income improved year over year to $36.5 million from $30.5 million in Q1 2025.
  • Operating cash flow stayed positive at $24.9 million, showing the business is still generating cash.
  • Cash and due from banks increased to $517.1 million from $425.9 million in Q1 2025.
  • Common equity rose sharply to $520.4 million from $329.0 million a year earlier, reflecting meaningful balance-sheet recovery.
  • Claims expense improved versus some prior periods, helping support profitability despite a still-active catastrophe/insurance environment.
  • Premiums earned remained healthy at $199.7 million in Q1 2026, roughly in line with recent quarters.
  • Investment income and realized gains continue to be important earnings drivers, with capital gains contributing materially to revenue.
  • The company continued repurchasing equity, spending about $10.0 million in Q1 2026.
  • Net income fell from Q4 2025, when Heritage earned $66.7 million, so quarterly profitability remains volatile.
  • Investing cash flow was negative at $44.3 million in Q1 2026 because the company continued buying investment securities.

On the income statement, Q1 2026 revenue came in at $210.9 million, essentially flat versus recent quarters, while non-interest expense totaled $161.8 million. That produced $49.0 million in pretax income and $1.19 in diluted EPS. Compared with Q1 2025, pretax income and net income both improved, but the trend is not perfectly linear: Q4 2025 was much stronger, while 2024 showed periods of substantial earnings pressure, including a loss in Q3 2023 and a weak Q2 2022.

From a balance-sheet perspective, Heritage looks materially stronger than it did a year ago. Total assets were $2.02 billion at Q1 2026, down from $2.37 billion in Q3 2025, but still supported by large liquidity reserves and substantial securities holdings. Total liabilities fell to $1.50 billion from $1.93 billion in Q3 2025, and equity improved as retained earnings continued to build.

The main caution is that the company’s results can swing significantly, driven by insurance claims, investment results, and changes in operating capital. For retail investors, that means Heritage appears to be in a better financial position now than it was during the rougher periods in 2022 and 2023, but earnings quality and quarter-to-quarter consistency still deserve close attention.

06/12/26 04:21 AM ETAI Generated. May Contain Errors.

Heritage Insurance Financials - Frequently Asked Questions

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

Heritage Insurance's net income appears to be on an upward trend, with a most recent value of $195.59 million in 2025, rising from $92.51 million in 2015. The previous period was $61.54 million in 2024. Check out Heritage Insurance's forecast to explore projected trends and price targets.

Over the last 10 years, Heritage Insurance's total revenue changed from $394.79 million in 2015 to $839.44 million in 2025, a change of 112.6%.

Heritage Insurance's total liabilities were at $1.69 billion at the end of 2025, a 22.4% decrease from 2024, and a 251.6% increase since 2015.

In the past 10 years, Heritage Insurance's cash and equivalents has ranged from $105.82 million in 2016 to $559.27 million in 2025, and is currently $559.27 million as of their latest financial filing in 2025.

Over the last 10 years, Heritage Insurance's book value per share changed from 11.77 in 2015 to 16.35 in 2025, a change of 38.8%.


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Financial statements for NYSE:HRTG last updated on 5/15/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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