HRTG
Heritage Insurance Holdings, Inc.
Next earnings Aug 3, 2026 · consensus $1.21 EPS, $217M rev
Last earnings -2.4% on 2026-05-07
$25.86
▲ +6.29%$25.86▲ +11.18%
over 1Y
L $19.02EODHDH $31.14
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+6.3%
1W+8.7%
1M+16.7%
3M+0.2%
YTD-5.2%
1Y+11.2%
Buy
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 9 analysts
Buy
Florida-coastal insurer trading at 3.9x earnings after a clean catastrophe year and a structural underwriting reset — cheap on numbers that look durable.
Diluted EPS $6.32 · FY2025
The read
Quality fundamentals and an attractive price line up (~829% below fair value) — the rarer case where both the business and the entry look good.
Heritage just printed the cleanest year in its history: FY2025 net income of $196M (+218% YoY) on $847M revenue, with diluted EPS of $6.32 versus $2.01 prior. The MD&A is explicit about why — net combined ratio collapsed 21.1 points to 73.1% (loss ratio 39.4% vs 58.2%, expense ratio 33.6% vs 36.0%), catastrophe losses fell to $33.2M from $104.6M, and the company booked $13.5M of favorable prior-year development versus $25.4M unfavorable last year. Management states they have achieved rate adequacy in >90% of territories and reopened them for new business, which means the multi-year repricing / exposure-management program has done its job and personal-lines gross premiums are growing again.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $632M | $662M | $735M | $817M | $847M |
| Gross profit | — | — | — | — | — |
| Operating income | -$68.1M | -$157M | $63.2M | $93.6M | $267M |
| Net income | -$74.7M | -$154M | $45.3M | $61.5M | $196M |
| Diluted EPS | -$2.69 | -$5.86 | $1.73 | $2.01 | $6.32 |
| Net margin | -11.8% | -23.3% | 6.2% | 7.5% | 23.1% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF4.6
PEG (trailing)0.02
Earnings yield24.6%
FCF yield21.9%
Quality & risk
ROIC (est.)36.2%
Free cash flow$174M
Total debt$78.4M
Net cash$481M
Piotroski F-Score6/7
Capital returns
Buyback yield0.0%
Dividend yield (est.)0.0%
Shareholder yield0.0%
Shares Δ YoY-28.3%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Shareholder vote2026-06-11
Annual meeting vote results disclosed; routine governance, no operational impact.
- 8-K Other event2026-05-29
Other-events disclosure with exhibits; routine corporate update.
- 10-Q Quarterly report2026-05-08
Q1 2026 10-Q extends FY25 profitability trend post 73.1% combined ratio.
- 8-K Earnings results2026-05-07
Q1 2026 earnings release; follows strong FY25 turnaround momentum.
- DEF 14A Proxy statement2026-04-30
Annual proxy filed; routine governance/comp disclosures.
- 10-K/A Restated periodic report2026-03-19
FY25 10-K amendment adding Part III proxy info; no restatement.
- 10-K Annual report2026-03-12
FY25 net income tripled to $196M; combined ratio improved 21pts to 73.1%.
- 8-K Earnings results2026-03-09
FY2025 earnings release: net income $196M, EPS $6.32 vs $2.01 prior year.
- 8-K Earnings results2026-02-23
Earnings preview + Reg FD investor materials disclosed alongside results.
Recent filings
all on EDGAR ↗4Period ending 2026-06-222026-06-24open ↗144Filing2026-06-22open ↗4Period ending 2026-06-102026-06-12open ↗4Period ending 2026-06-102026-06-12open ↗4Period ending 2026-06-102026-06-12open ↗4Period ending 2026-06-102026-06-12open ↗4Period ending 2026-06-102026-06-12open ↗8-KPeriod ending 2026-06-102026-06-11open ↗8-KPeriod ending 2026-05-282026-05-29open ↗4Period ending 2026-05-192026-05-20open ↗10-QPeriod ending 2026-03-312026-05-08open ↗8-KPeriod ending 2026-05-072026-05-07open ↗
Frequently asked
- Is Heritage Insurance Holdings, Inc. (HRTG) a buy?
- HRTG currently carries a Buy rating with 4/5 conviction, derived from its latest SEC filings. Florida-coastal insurer trading at 3.9x earnings after a clean catastrophe year and a structural underwriting reset — cheap on numbers that look durable.
- What is HRTG's fair value?
- A Modified-Graham model based on HRTG's SEC fundamentals estimates a fair value of about $240.16. It is an estimate from reported earnings, not a price target.
- Is HRTG overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, HRTG currently appears undervalued relative to its SEC-grounded earnings power.
- What is Heritage Insurance Holdings, Inc.'s quality score?
- HRTG scores 86.21568627450979/100 (grade A) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001598665, latest 10-Q filed 2026-05-08) · EODHD · analysis by claude-code · as of 6/25/2026, 3:08:03 PM.
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