HRTG

MKT CAP:$905M

Heritage Insurance Holdings, Inc.

Market Cap

$905M

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

Financials·Insurance·🇺🇸·NYSE

Stock Price

$27.97+$0.69 (+2.53%)

Apr 23, 2026

Company Details

Heritage Insurance Holdings, Inc., through its subsidiaries, provides personal and commercial residential insurance products. The company offers personal residential property insurance for single-family homeowners and condominium owners, an...

CEO

Ernesto Jose Garateix

IPO Date

May 23, 2014

Website

investors.heritagepci.com

Key Metrics TTM

Revenue

$847M

+2.2% YoY

Net Income

$196M

EPS (Diluted)

$6.32

Free Cash Flow

$177M

Revenue / Share

$27.37

Gross Margin

63.0%

Operating Margin

31.9%

Net Margin

23.1%

FCF Margin

20.8%

P/S

1.1x

P/E

4.6x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Mar 12, 2026

$847M+3.7%EPS $6.32

Q4 2025

Mar 12, 2026

$215M+2.4%EPS $2.15

Q3 2025

Nov 7, 2025

$212M+0.3%EPS $1.63

Q2 2025

Aug 8, 2025

$208M+2.2%EPS $1.55

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$159M	-$20M	-$41M
Q2 22	$164M	$24M	-$87M
Q3 22	$165M	-$30M	-$49M
Q4 22	$175M	$30M	$12M
Q1 23	$177M	$177M	$0
Q2 23	$185M	$37M	$14M
Q3 23	$186M	$12M	-$12M
Q4 23	$187M	$53M	$33M
Q1 24	$204M	$45M	$20M
Q2 24	$204M	$50M	$25M
Q3 24	$212M	$33M	$9M
Q4 24	$210M	$53M	$29M
Q1 25	$212M	$66M	$49M
Q2 25	$208M	$89M	$63M
Q3 25	$212M	$93M	$68M
Q4 25	$215M	$286M	$90M

Valuation

Quarter	P/S	P/E
Q1 22	0.3x	—
Q2 22	0.1x	—
Q3 22	0.1x	—
Q4 22	0.1x	—
Q1 23	0.1x	—
Q2 23	0.2x	—
Q3 23	0.2x	6.5x
Q4 23	0.3x	4.1x
Q1 24	0.4x	7.4x
Q2 24	0.3x	3.7x
Q3 24	0.5x	5.2x
Q4 24	0.4x	5.9x
Q1 25	0.5x	5.7x
Q2 25	0.9x	7.2x
Q3 25	0.9x	5.0x
Q4 25	1.1x	4.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$39M	-$39M
Q2 22	-$8M	-$13M
Q3 22	$32M	$28M
Q4 22	-$19M	-$23M
Q1 23	$15M	$13M
Q2 23	$9M	$5M
Q3 23	-$53M	-$56M
Q4 23	$100M	$98M
Q1 24	$4M	$4M
Q2 24	$152M	$150M
Q3 24	-$13M	-$16M
Q4 24	-$56M	-$59M
Q1 25	$837.0K	-$1M
Q2 25	$43M	$42M
Q3 25	$124M	$128M
Q4 25	$14M	$8M

Capital Expenditures

Quarter	CapEx
Q1 22	$177.0K
Q2 22	$5M
Q3 22	$4M
Q4 22	$4M
Q1 23	$2M
Q2 23	$4M
Q3 23	$2M
Q4 23	$1M
Q1 24	$229.0K
Q2 24	$2M
Q3 24	$3M
Q4 24	$3M
Q1 25	$2M
Q2 25	$2M
Q3 25	$4M
Q4 25	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+7.7%	+29.1%
Q2 22	+9.0%	+60.8%
Q3 22	-1.1%	+16.2%
Q4 22	+4.7%	-23.1%
Q1 23	+11.5%	-11.5%
Q2 23	+13.2%	-31.6%
Q3 23	+12.6%	-7.7%
Q4 23	+7.1%	-5.5%
Q1 24	+15.1%	+3.8%
Q2 24	+9.9%	+4.1%
Q3 24	+13.7%	+2.3%
Q4 24	+12.5%	+17.9%
Q1 25	+3.9%	-11.8%
Q2 25	+2.2%	-18.8%
Q3 25	+0.3%	-28.9%
Q4 25	+2.4%	-30.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$505.0K	0.3%
Q2 22	$503.0K	0.3%
Q3 22	$499.0K	0.3%
Q4 22	$501.0K	0.3%
Q1 23	$395.0K	0.2%
Q2 23	$403.0K	0.2%
Q3 23	$1M	0.7%
Q4 23	-$764.0K	-0.4%
Q1 24	$595.0K	0.3%
Q2 24	$833.0K	0.4%
Q3 24	$820.0K	0.4%
Q4 24	$1M	0.5%
Q1 25	$1M	0.6%
Q2 25	$2M	0.8%
Q3 25	$1M	0.6%
Q4 25	$1M	0.6%

OpEx Breakdown

Quarter	G&A
Q1 22	$20M
Q2 22	$17M
Q3 22	$18M
Q4 22	$15M
Q1 23	$19M
Q2 23	$20M
Q3 23	$22M
Q4 23	$17M
Q1 24	$23M
Q2 24	$23M
Q3 24	$22M
Q4 24	$21M
Q1 25	$24M
Q2 25	$24M
Q3 25	$22M
Q4 25	$22M

Revenue Segments

Quarter	Reportable Segment
Q1 25	$212M
Q3 25	$212M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$286M	$674M	$960M
Q2 22	$291M	$635M	$926M
Q3 22	$298M	$633M	$931M
Q4 22	$281M	$114M	$395M
Q1 23	$330M	$613M	$943M
Q2 23	$247M	$200M	$447M
Q3 23	$229M	$175M	$404M
Q4 23	$464M	$90M	$553M
Q1 24	$386M	$94M	$480M
Q2 24	$481M	$168M	$649M
Q3 24	$510M	$83M	$593M
Q4 24	$453M	$91M	$544M
Q1 25	$426M	$116M	$542M
Q2 25	$473M	$98M	$571M
Q3 25	$560M	$106M	$666M
Q4 25	$559M	$0	$559M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	27M	-2.8%	-3.7%
Q2 22	26M	-1.2%	-5.2%
Q3 22	26M	-0.3%	-5.6%
Q4 22	26M	-2.0%	-6.2%
Q1 23	26M	-0.9%	-4.4%
Q2 23	26M	+0.0%	-3.1%
Q3 23	27M	+4.2%	+1.2%
Q4 23	27M	+0.7%	+4.0%
Q1 24	30M	+13.2%	+18.8%
Q2 24	31M	+0.9%	+19.8%
Q3 24	31M	+0.1%	+15.1%
Q4 24	31M	-0.3%	+14.0%
Q1 25	31M	+0.3%	+1.1%
Q2 25	31M	+0.5%	+0.7%
Q3 25	31M	+0.1%	+0.7%
Q4 25	31M	+0.0%	+1.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$244.8K	648
Q2 22	$252.7K	648
Q3 22	$255.4K	648
Q4 22	$285.3K	612
Q1 23	$289.1K	612
Q2 23	$302.8K	612
Q3 23	$304.4K	612
Q4 23	$330.3K	566
Q1 24	$359.7K	566
Q2 24	$359.7K	566
Q3 24	$374.3K	566
Q4 24	$389.4K	540
Q1 25	$391.7K	540
Q2 25	$385.3K	540
Q3 25	$393.4K	540
Q4 25	$397.3K	542

Revenue / Employee