HGTY

MKT CAP:$4B

Hagerty, Inc.

Market Cap

$4B

Financial Services·Insurance - Property & Casualty·🇺🇸 United States·NYSE

Financials·Insurance·🇺🇸·NYSE

Stock Price

$10.51-$2.64 (-20.08%)

Apr 22, 2026

Company Details

Hagerty, Inc. provides insurance agency services worldwide. It offers automobile and boat insurance products; and reinsurance products. The company also provides Hagerty Media, which publishes contents through the HDC Magazine, video conten...

CEO

McKeel O. Hagerty

IPO Date

Jun 1, 2021

Website

www.hagerty.com

Key Metrics TTM

Revenue

$1.2B

+24.9% YoY

Net Income

$32M

EPS (Diluted)

$0.16

Free Cash Flow

$141M

Revenue / Share

$3.44

Gross Margin

79.1%

Operating Margin

9.7%

Net Margin

2.7%

FCF Margin

11.8%

P/S

3.1x

P/E

112.6x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 26, 2026

$1.5BEPS $0.37

Q4 2025

Feb 26, 2026

$357MEPS $0.06

Q2 2024

Aug 6, 2024

$311M+20.0%EPS $0.10

Q1 2024

May 7, 2024

$266M+21.9%EPS -$0.04

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$0	$0	-$1.5K
Q1 21	$118M	$91M	-$6M
Q2 21	$154M	$125M	$14M
Q3 21	$155M	$123M	$1M
Q4 21	$112M	$77M	-$64M
Q1 22	$183M	$0	$18M
Q2 22	$184M	$0	-$3M
Q3 22	$205M	$0	$24M
Q4 22	$201M	$155M	-$29M
Q1 23	$218M	$169M	-$11M
Q2 23	$259M	$206M	$19M
Q3 23	$276M	$219M	$23M
Q4 23	$258M	$197M	$14M
Q1 24	$266M	$203M	$13M
Q2 24	$311M	$247M	$48M
Q4 25	$357M	$297M	$40M

Valuation

Quarter	P/S	P/E
Q4 20	—	—
Q1 21	—	—
Q2 21	—	—
Q3 21	1.9x	156.0x
Q4 21	2.2x	—
Q1 22	1.5x	—
Q2 22	1.5x	—
Q3 22	1.1x	—
Q4 22	1.0x	23.4x
Q1 23	0.9x	291.1x
Q2 23	0.9x	74.9x
Q3 23	0.7x	653.9x
Q4 23	0.7x	33.5x
Q1 24	0.7x	37.3x
Q2 24	0.8x	32.6x
Q4 25	1.1x	42.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$17M	$5M
Q4 21	-$43M	-$55M
Q3 22	$34M	$22M
Q4 22	-$38M	-$49M
Q1 23	$12M	$4M
Q2 23	$59M	$51M
Q3 23	$62M	$56M
Q4 23	$13M	$8M
Q1 24	$58M	$54M
Q2 24	$64M	$57M
Q4 25	$29M	$23M

Capital Expenditures

Quarter	CapEx
Q3 21	$12M
Q4 21	$12M
Q3 22	$12M
Q4 22	$11M
Q1 23	$8M
Q2 23	$8M
Q3 23	$5M
Q4 23	$5M
Q1 24	$5M
Q2 24	$7M
Q4 25	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	—	+11996022.4%
Q1 22	+55.8%	+34.3%
Q2 22	+19.7%	+34.2%
Q3 22	+32.0%	+17.4%
Q4 22	+79.7%	+30.6%
Q1 23	+18.9%	+38.6%
Q2 23	+40.9%	+28.0%
Q3 23	+35.2%	+40.4%
Q4 23	+28.3%	+6.1%
Q1 24	+21.9%	+10.1%
Q2 24	+20.0%	+9.4%
Q4 25	+29.3%	+25.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q4 25	$98M	$59M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$562M	$0	$562M
Q2 22	$561M	$0	$561M
Q3 22	$616M	$0	$616M
Q4 22	$539M	$0	$539M
Q1 23	$507M	$0	$507M
Q2 23	$632M	$0	$632M
Q3 23	$686M	$0	$686M
Q4 23	$724M	$0	$724M
Q1 24	$727M	$0	$727M
Q2 24	$316M	$0	$316M
Q3 24	$147M	$62M	$209M
Q4 24	$105M	$74M	$179M
Q1 25	$128M	$105M	$233M
Q2 25	$140M	$119M	$260M
Q3 25	$160M	$130M	$291M
Q4 25	$299M	$0	$299M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	29M	—	—
Q1 21	15M	-49.3%	—
Q2 21	15M	0.0%	—
Q3 21	82M	+450.8%	—
Q4 21	82M	0.0%	+179.1%
Q1 22	336M	+308.0%	+2147.2%
Q2 22	82M	-75.5%	+451.6%
Q3 22	337M	+308.4%	+309.1%
Q4 22	83M	-75.3%	+1.1%
Q1 23	83M	+0.0%	-75.2%
Q2 23	86M	+2.8%	+3.8%
Q3 23	84M	-1.3%	-74.9%
Q4 23	347M	+311.3%	+317.6%
Q1 24	85M	-75.6%	+1.7%
Q2 24	86M	+1.2%	+0.1%
Q4 25	347M	+304.9%	+310.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	—	—
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q4 21	$67.1K	2K
Q1 22	$109.9K	2K
Q2 22	$110.4K	2K
Q3 22	$122.6K	2K
Q4 22	$107.3K	2K
Q1 23	$116.2K	2K
Q2 23	$138.5K	2K
Q3 23	$147.5K	2K
Q4 23	$149.0K	2K
Q1 24	$153.3K	2K
Q2 24	$179.7K	2K
Q4 25	$189.0K	2K

Revenue / Employee