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HGTY

Hagerty, Inc.

HGTY

Hagerty, Inc. • NYSE
$13.36 ▼ -0.37% (-0.05)
Market Cap $4.59 B
52w High $13.86
52w Low $8.03
Dividend Yield 0%
P/E 44.53
Volume 21.18K
Outstanding Shares 343.30M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $379.994M ▲ $277.567M ▲ $20.848M ▲ 5.486% ▲ $0.18 ▲ $22.75M ▼
Q2-2025 $368.699M ▲ $256.938M ▲ $10.973M ▲ 2.976% ▲ $0.093 ▲ $62.196M ▲
Q1-2025 $319.593M ▲ $145.402M ▲ $8.371M ▲ 2.619% ▲ $0.07 ▲ $42.27M ▲
Q4-2024 $291.731M ▼ $125.91M ▼ $3.105M ▼ 1.064% ▼ $-0.086 ▼ $23.048M ▼
Q3-2024 $322.911M $127.995M $4.885M 1.513% $0.031 $27.169M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $332.647M ▲ $2.152B ▲ $1.437B ▼ $296.367M ▲
Q2-2025 $259.626M ▲ $2.041B ▲ $1.463B ▲ $172.283M ▲
Q1-2025 $232.695M ▲ $1.816B ▲ $1.284B ▲ $162.944M ▲
Q4-2024 $178.741M ▼ $1.709B ▼ $1.186B ▼ $150.322M ▲
Q3-2024 $208.947M $1.818B $1.293B $148.265M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $46.171M ▼ $92.171M ▲ $-90.967M ▼ $931K ▼ $2.061M ▼ $85.221M ▲
Q2-2025 $47.202M ▲ $53.884M ▲ $-27.358M ▼ $15.236M ▲ $44.278M ▼ $47.724M ▲
Q1-2025 $27.293M ▲ $43.83M ▲ $-4.481M ▲ $14.244M ▲ $53.463M ▲ $38.441M ▲
Q4-2024 $8.44M ▼ $-12.618M ▼ $-56.074M ▲ $-19.805M ▼ $-90.584M ▼ $-16.684M ▼
Q3-2024 $19.007M $67.387M $-82.553M $23.666M $7.907M $62.045M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Commission Revenue And Fee Revenue
Commission Revenue And Fee Revenue
 $220.00M ▲$100.00M ▼$140.00M ▲$140.00M ▲
Marketplace Revenue
Marketplace Revenue
 $0 ▲$30.00M ▲$20.00M ▼$30.00M ▲
Membership
Membership
 $30.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲
Membership And Other Revenue
Membership And Other Revenue
 $60.00M ▲$50.00M ▼$50.00M ▲$60.00M ▲
Product and Service Other
Product and Service Other
 $0 ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Hagerty shows a clear growth story: revenue has climbed steadily for several years, and gross profitability is strong for an insurer, meaning most of each dollar of sales is kept after direct costs. Operating profit has moved from occasional losses to modest, consistent profitability, but earnings are still relatively thin, so small changes in claims, expenses, or growth spending can swing results. Net income is positive but low compared with revenue, reflecting ongoing investment in technology, partnerships, and brand. Overall, the income statement looks like that of a maturing growth company: strong top-line momentum, improving margins, but not yet at “comfortably profitable” scale.

Balance Sheet

Balance Sheet The balance sheet has expanded alongside the business, with total assets growing as Hagerty adds technology, partnerships, and services. Debt is present but not excessive for a financial services company, suggesting some use of borrowing to fund growth without being overly aggressive. Equity has moved from a weak position around the SPAC period to a positive base, which is a constructive shift, though the capital cushion is still relatively thin. Cash on hand is modest rather than abundant, so the company leans on ongoing cash generation and access to credit rather than a large cash war chest. In summary, the balance sheet is improving but still has a “growth-mode” feel rather than a fortress profile.

Cash Flow

Cash Flow Cash flow has been a relative strength: operating cash flow has been positive for several years and has grown as the business scaled, showing that reported earnings are backed by real cash. After capital spending, free cash flow is consistently positive, though not yet large, which indicates the company can largely fund its own growth without constant new capital. Capital expenditures have been steady, reflecting ongoing investment in systems, digital platforms, and facilities like Garage + Social, but not at a level that overwhelms cash generation. The main watchpoint is that while cash flows are positive, the margin for error is not huge, so a period of weaker growth or higher losses could quickly tighten liquidity.

Competitive Edge

Competitive Edge Hagerty occupies a specialized niche: insurance and services for car enthusiasts and collectible vehicles, rather than the broad, commodity-like auto insurance market. Its brand is well known in this community, and the Drivers Club, media properties, events, and marketplace tie customers into an ecosystem that is hard for generalist insurers to copy quickly. Decades of proprietary data on collector car values and claims behavior support more tailored underwriting and pricing, which can translate into better risk selection and customer trust. Partnerships with large mainstream insurers give Hagerty reach and credibility while allowing it to remain the specialist behind the scenes. Key risks are the narrow focus on a discretionary niche (collector vehicles) and the possibility that larger insurers or new digital players try to encroach on this profitable corner of the market.

Innovation and R&D

Innovation and R&D Innovation at Hagerty is mainly about technology, data, and product design rather than traditional lab-style R&D. The Digital Labs unit, mileage-based tools, and upgraded valuation platforms show a push to modernize a niche part of insurance that has historically been paper-heavy and slow. Moving core systems onto a modern cloud-based platform and building a unified data strategy should, if executed well, lower operating friction and support faster product launches and more accurate pricing. The broader ecosystem—media, Drivers Club, Garage + Social, DriveShare, and Marketplace—represents a form of business-model innovation, turning an insurer into a lifestyle and transaction platform. The upside is a deeper moat and more revenue streams per member; the trade-off is higher upfront spending and execution risk as multiple initiatives need to scale together.

Summary

Hagerty looks like a specialty financial services company transitioning from a focused insurer into a broader enthusiast platform. Financially, it combines strong revenue growth, high gross profitability, and improving but still modest overall earnings, supported by positive, growing cash flow and a balance sheet that has strengthened but remains in growth mode. Strategically, its edge comes from brand, community, proprietary data, and deep integration into the car-enthusiast lifestyle, all reinforced by major insurance partnerships and a widening set of services. The main uncertainties center on execution—integrating new technology, taking more control of underwriting, scaling membership and marketplace activities—and on the health of the collector car niche through economic cycles. Overall, Hagerty presents as a specialized, innovation-focused insurer with a distinct market position, meaningful opportunities to scale, and the usual risks that come with rapid expansion from a relatively small capital base.

NEWS

November 20, 2025 · 4:30 AM UTC

BROAD ARROW ANNOUNCES, “GLOBAL ICONS,” AN ONLINE COLLECTOR CAR AND MEMORABILIA SALE SCHEDULED FOR JANUARY 2026

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November 4, 2025 · 6:55 AM UTC

Hagerty Reports Third Quarter 2025 Results; Increases 2025 Outlook

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November 4, 2025 · 4:30 AM UTC

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November 3, 2025 · 4:15 PM UTC

Hagerty Announces New Partnership with Liberty Mutual

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November 3, 2025 · 1:48 PM UTC

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