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HRTG

Heritage Insurance Holdings, Inc.

HRTG

Heritage Insurance Holdings, Inc. • NYSE
$29.05 ▲ 1.50% (+0.43)
Market Cap $897.98 M
52w High $31.98
52w Low $9.89
Dividend Yield 0%
P/E 6.01
Volume 142.81K
Outstanding Shares 30.91M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $212.46M ▲ $24.195M ▼ $50.421M ▲ 23.732% ▲ $1.63 ▲ $73.468M ▲
Q2-2025 $208.035M ▼ $26.279M ▲ $48.024M ▲ 23.085% ▲ $1.55 ▲ $67.847M ▲
Q1-2025 $211.52M ▲ $16.908M ▼ $30.474M ▲ 14.407% ▲ $0.99 ▲ $45.455M ▲
Q4-2024 $210.264M ▼ $23.722M ▼ $20.293M ▲ 9.651% ▲ $0.66 ▲ $34.336M ▲
Q3-2024 $211.849M $24.327M $8.152M 3.848% $0.27 $13.991M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $666.378M ▲ $2.367B ▼ $1.93B ▼ $437.253M ▲
Q2-2025 $571.29M ▲ $2.537B ▲ $2.153B ▲ $383.302M ▲
Q1-2025 $542.334M ▼ $2.213B ▼ $1.884B ▼ $329.003M ▲
Q4-2024 $543.999M ▼ $2.469B ▲ $2.178B ▲ $290.799M ▲
Q3-2024 $592.796M $2.374B $2.095B $279.344M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $50.421M ▲ $124.303M ▲ $-24.361M ▼ $-13.149M ▼ $86.793M ▲ $127.934M ▲
Q2-2025 $48.024M ▲ $43.292M ▲ $6.725M ▲ $-2.447M ▲ $47.57M ▲ $41.757M ▲
Q1-2025 $30.474M ▲ $837K ▲ $-3.469M ▼ $-21.651M ▼ $-24.283M ▲ $-1.259M ▲
Q4-2024 $20.293M ▲ $-56.078M ▼ $2.243M ▼ $-3.418M ▼ $-57.253M ▼ $-58.641M ▼
Q3-2024 $8.152M $-13.365M $44.82M $-2.443M $29.012M $-16.34M

Five-Year Company Overview

Income Statement

Income Statement Heritage’s revenue has grown steadily over the last five years, showing that the company is expanding its book of business rather than shrinking it. Profitability has improved sharply since the losses in 2021–2022, with the last two years showing solid positive earnings instead of red ink. That swing suggests better pricing, tighter underwriting, and more disciplined risk selection in catastrophe‑exposed regions. Still, as a property insurer, results will remain sensitive to storm seasons and reinsurance costs, so current profitability should be viewed in the context of that volatility.

Balance Sheet

Balance Sheet The balance sheet looks sturdier than a few years ago. Total assets have increased, cash reserves are healthy, and debt levels are relatively modest, which provides some financial flexibility. Shareholders’ equity, which dipped meaningfully when underwriting results were weak, has been rebuilt as the company returned to profitability. Overall, the financial foundation appears stronger, but the business model still relies on managing large and unpredictable catastrophe risks.

Cash Flow

Cash Flow Cash generation has improved, with the business now consistently producing positive operating and free cash flow after a tough year in the middle of the period. Capital spending needs are low, so most cash flow comes from core insurance activities rather than heavy investment requirements. This pattern suggests that when underwriting is disciplined and weather is manageable, the company can turn reported earnings into real cash. However, cash flows can tighten quickly in bad catastrophe years, so there is an inherent stop‑and‑go rhythm to the cash profile.

Competitive Edge

Competitive Edge Heritage operates in a very challenging niche: property insurance in catastrophe‑prone states, especially coastal areas. Its edge comes from specialized underwriting expertise in these markets, the use of detailed risk models, and a willingness to operate where some larger carriers have pulled back. Technology‑driven efficiency and strong relationships with local agents further support its position. Even so, competition for better‑quality risks, regulatory oversight in states like Florida, and dependence on reinsurance keep the competitive landscape intense.

Innovation and R&D

Innovation and R&D Innovation at Heritage is less about laboratories and more about software, data, and partnerships. The company uses advanced analytics and automation to price risk, handle claims, and communicate with customers, including text‑based claim initiation during disasters. Partnerships with InsurTech players, like its arrangement with Slide and the Hi Marley platform, give Heritage access to modern tools without needing to build everything in‑house. The key question going forward is how much these digital capabilities can continue to lower costs, improve risk selection, and soften the financial impact of severe weather events.

Summary

Heritage has moved from a period of losses to a phase of healthier earnings, stronger equity, and better cash generation, reflecting more disciplined underwriting and pricing. The balance sheet and liquidity are in a more comfortable place than during the company’s weaker years, though exposure to large storms will always be a central risk. Its competitive strength lies in specialized know‑how in high‑risk property markets, supported by heavy use of data and digital tools. The company’s future performance will largely depend on maintaining underwriting discipline, managing catastrophe exposure and reinsurance costs, and successfully turning its technology partnerships into lasting cost and service advantages.

NEWS

November 5, 2025 · 4:15 PM UTC

Heritage Reports Third Quarter 2025 Results

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October 22, 2025 · 4:15 PM UTC

Heritage Announces Third Quarter 2025 Earnings Dates

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