Hagerty, Inc.
HGTY NYSE Insurance Agents, Brokers & Service Financials FY2020–FY2025
Revenue
Total sales reported in the income statement.
$1.5B
17.3%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$149M
90.6%
Free cash flow
Cash from operations minus capital spending.
$194M
24.9%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
What Hagerty, Inc. does
No business description yet.
- Legal name
- Hagerty, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001840776-26-000013
0001840776
Revenue and margins
Hagerty, Inc. had $1.5B of revenue in fiscal 2025, up 17.3% on the year before.
FY20
Revenue $500M
FY21
Revenue $619M
FY22
Revenue $788M
FY23
Revenue $1.0B
FY24
Revenue $1.2B
FY25
Revenue $1.5B
Q3 '23
Revenue $276M
Q4 '23
Revenue $272M
Q1 '24
Revenue $272M
Q2 '24
Revenue $313M
Q3 '24
Revenue $323M
Q4 '24
Revenue $333M
Q1 '25
Revenue $328M
Q2 '25
Revenue $379M
Q3 '25
Revenue $380M
Q4 '25
Revenue $388M
Q1 '26
Revenue $312M
Q2 '26
Revenue $355M
FY20
Gross —
Operating 3.2%
Net 2.0%
FCF 9.3%
FY21
Gross —
Operating −1.6%
Net −7.5%
FCF −0.2%
FY22
Gross —
Operating −8.6%
Net 4.1%
FCF 1.4%
FY23
Gross —
Operating 1.0%
Net 2.7%
FCF 10.4%
FY24
Gross —
Operating 5.3%
Net 6.3%
FCF 12.5%
FY25
Gross —
Operating —
Net 10.2%
FCF 13.4%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 5.8%
Net 6.8%
FCF 20.5%
Q4 '23
Gross —
Operating −2.4%
Net 3.3%
FCF −1.2%
Q1 '24
Gross —
Operating 4.5%
Net 3.0%
FCF 19.8%
Q2 '24
Gross —
Operating 12.2%
Net 13.6%
FCF 18.1%
Q3 '24
Gross —
Operating 3.1%
Net 5.9%
FCF 19.2%
Q4 '24
Gross —
Operating 1.8%
Net 2.5%
FCF −5.0%
Q1 '25
Gross —
Operating 7.8%
Net 8.3%
FCF 11.7%
Q2 '25
Gross —
Operating 12.6%
Net 12.4%
FCF 12.6%
Q3 '25
Gross —
Operating 9.0%
Net 12.2%
FCF 22.4%
Q4 '25
Gross —
Operating —
Net 7.4%
FCF 5.9%
Q1 '26
Gross —
Operating —
Net −4.1%
FCF 2.7%
Q2 '26
Gross —
Operating —
Net 2.3%
FCF 45.6%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY20
Net income $10.2M
FY21
Net income −$46.4M
FY22
Net income $32.1M
FY23
Net income $28.2M
FY24
Net income $78.3M
FY25
Net income $149M
Q3 '23
Net income $18.6M
Q4 '23
Net income $9.0M
Q1 '24
Net income $8.2M
Q2 '24
Net income $42.7M
Q3 '24
Net income $19.0M
Q4 '24
Net income $8.4M
Q1 '25
Net income $27.3M
Q2 '25
Net income $47.2M
Q3 '25
Net income $46.2M
Q4 '25
Net income $28.6M
Q1 '26
Net income −$12.7M
Q2 '26
Net income $8.0M
FY20
Diluted EPS $101.66
FY21
Diluted EPS −$0.56
FY22
Diluted EPS —
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital 33.6%
Return on equity —
Return on assets 1.7%
FY21
Return on capital —
Return on equity —
Return on assets −5.6%
FY22
Return on capital −60.7%
Return on equity —
Return on assets 2.7%
FY23
Return on capital 6.5%
Return on equity 37.1%
Return on assets 1.9%
FY24
Return on capital 71.8%
Return on equity 64.4%
Return on assets 4.7%
FY25
Return on capital —
Return on equity 80.3%
Return on assets 7.8%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $194M in fiscal 2025, 13.4% of revenue. Cash from operations minus capital spending.
FY20
Free cash flow $46.3M
FY21
Free cash flow −$1.1M
FY22
Free cash flow $11.0M
FY23
Free cash flow $107M
FY24
Free cash flow $156M
FY25
Free cash flow $194M
Q3 '23
Free cash flow $56.4M
Q4 '23
Free cash flow −$3.4M
Q1 '24
Free cash flow $53.7M
Q2 '24
Free cash flow $56.6M
Q3 '24
Free cash flow $62.0M
Q4 '24
Free cash flow −$16.7M
Q1 '25
Free cash flow $38.4M
Q2 '25
Free cash flow $47.7M
Q3 '25
Free cash flow $85.2M
Q4 '25
Free cash flow $23.1M
Q1 '26
Free cash flow $8.5M
Q2 '26
Free cash flow $162M
FY20
Cash from operations $84.6M
Capital spending $38.3M
FY21
Cash from operations $42.3M
Capital spending $43.4M
FY22
Cash from operations $55.3M
Capital spending $44.4M
FY23
Cash from operations $134M
Capital spending $26.4M
FY24
Cash from operations $177M
Capital spending $21.3M
FY25
Cash from operations $219M
Capital spending $24.5M
Cash from operations
Capital spending
Q3 '23
Cash from operations $61.7M
Capital spending $5.3M
Q4 '23
Cash from operations $1.5M
Capital spending $4.8M
Q1 '24
Cash from operations $58.2M
Capital spending $4.5M
Q2 '24
Cash from operations $64.0M
Capital spending $7.4M
Q3 '24
Cash from operations $67.4M
Capital spending $5.3M
Q4 '24
Cash from operations −$12.6M
Capital spending $4.1M
Q1 '25
Cash from operations $43.8M
Capital spending $5.4M
Q2 '25
Cash from operations $53.9M
Capital spending $6.2M
Q3 '25
Cash from operations $92.2M
Capital spending $7.0M
Q4 '25
Cash from operations $29.1M
Capital spending $6.0M
Q1 '26
Cash from operations $16.3M
Capital spending $7.7M
Q2 '26
Cash from operations $170M
Capital spending $8.2M
Cash from operations
Capital spending
Dividends, buybacks and share count
Hagerty, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY20
Diluted shares 0.00B
FY21
Diluted shares 0.08B
FY22
Diluted shares —
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably Hagerty, Inc. can carry it.
FY20
Cash $38.1M
Debt $70.0M
FY21
Cash $275M
Debt $137M
FY22
Cash $95.2M
Debt $108M
FY23
Cash $119M
Debt $131M
FY24
Cash $179M
Debt $106M
FY25
Cash $160M
Debt $178M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $275M | $95.2M | $119M | $179M | $160M |
| Debt incl. finance leases | $137M | $108M | $131M | $106M | $178M |
| Net debt / EBITDA | −11.5x | — | 0.2x | −0.7x | — |
| Debt / equity | — | 1.8x | 1.4x | 0.7x | 0.8x |
| Interest coverage | — | — | 1.9x | 47.6x | — |
| Current ratio | 1.8x | 1.4x | 1.5x | 0.9x | — |
| Quick ratio | 1.8x | 1.4x | 1.5x | 0.9x | — |
| Total assets | $1.0B | $1.3B | $1.6B | $1.7B | $2.1B |
| Total liabilities | $771M | $945M | $1.1B | $1.1B | $1.3B |
| Shareholders' equity | −$324M | $59.3M | $92.7M | $150M | $221M |
| Net debt (− = net cash) | −$139M | $13.1M | $11.4M | −$73.0M | $17.7M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✓ | ✓ | ✓ | ✕ |
| Current ratio rose | — | ✓ | ✕ | ✓ | ✕ | — |
| Share count didn't rise | — | ✕ | — | — | — | — |
| Gross margin rose | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✕ | ✓ | ✓ | ✓ | ✕ |
| F-score | — / 3 | 3 / 8 | 6 / 7 | 6 / 7 | 6 / 7 | — / 6 |
| Accruals ratio | −12.2% | −10.7% | −2.0% | −7.3% | −6.0% | −3.7% |
| Altman Z'' | 1.86 | 0.50 | −0.15 | 0.86 | −0.68 | — |
6 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $500M | $619M | $788M | $1.0B | $1.2B | $1.5B |
| Operating income | $15.8M | −$10.1M | −$67.6M | $10.4M | $66.4M | — |
| Interest expense | — | — | — | $5.4M | $1.4M | $5.4M |
| Pretax income | $14.9M | −$54.6M | $11.1M | $44.8M | $93.7M | $139M |
| Income tax | $4.8M | $6.8M | $7.0M | $16.6M | $15.4M | −$10.0M |
| Net income | $10.2M | −$46.4M | $32.1M | $28.2M | $78.3M | $149M |
| Net income to common | — | −$46.4M | −$24.0M | — | — | — |
| Diluted EPS | $101.66 | −$0.56 | — | — | — | — |
| Diluted shares | 0.00B | 0.08B | — | — | — | — |
| Cash flow | ||||||
| Cash from operations | $84.6M | $42.3M | $55.3M | $134M | $177M | $219M |
| Capital expenditure | $38.3M | $43.4M | $44.4M | $26.4M | $21.3M | $24.5M |
| Free cash flow | $46.3M | −$1.1M | $11.0M | $107M | $156M | $194M |
| Depreciation and amortization | $11.8M | $22.1M | $33.9M | $45.8M | $38.9M | $37.5M |
| Stock-based compensation | — | $0.0M | $12.1M | $18.0M | $17.4M | $18.9M |
| Acquisitions | $8.9M | $14.6M | $15.4M | $8.7M | $25.1M | $1.6M |
| Balance sheet | ||||||
| Cash and short-term investments | $38.1M | $275M | $95.2M | $119M | $179M | $160M |
| Total debt | $70.0M | $137M | $108M | $131M | $106M | $178M |
| Current assets | $513M | $895M | $937M | $1.3B | $858M | — |
| Current liabilities | $385M | $496M | $667M | $842M | $915M | — |
| Inventory | — | — | $2.1M | $5.0M | $18.5M | $12.4M |
| Property and equipment, net | $25.8M | $28.4M | $25.3M | $20.8M | $18.2M | $16.3M |
| Goodwill | $4.7M | $11.5M | $115M | $114M | $114M | $114M |
| Intangible assets | $46.6M | $76.2M | $104M | $91.9M | $90.1M | $88.9M |
| Total assets | $611M | $1.0B | $1.3B | $1.6B | $1.7B | $2.1B |
| Total liabilities | $493M | $771M | $945M | $1.1B | $1.1B | $1.3B |
| Preferred stock | — | $0.0M | $0.0M | — | — | — |
| Shareholders' equity | −$0.0M | −$324M | $59.3M | $92.7M | $150M | $221M |
| Margins | ||||||
| Operating margin | 3.2% | −1.6% | −8.6% | 1.0% | 5.3% | — |
| EBITDA margin | 5.5% | 2.0% | −4.3% | 5.5% | 8.5% | — |
| Net margin | 2.0% | −7.5% | 4.1% | 2.7% | 6.3% | 10.2% |
| FCF margin | 9.3% | −0.2% | 1.4% | 10.4% | 12.5% | 13.4% |
| Returns | ||||||
| Return on capital | 33.6% | — | −60.7% | 6.5% | 71.8% | — |
| Return on capital employed | 7.0% | −1.8% | −10.5% | 1.4% | 8.4% | — |
| Return on equity | — | — | — | 37.1% | 64.4% | 80.3% |
| Return on assets | 1.7% | −5.6% | 2.7% | 1.9% | 4.7% | 7.8% |
| Return on tangible equity | — | — | — | — | — | 818.3% |
| Growth | ||||||
| Revenue growth | — | 23.9% | 27.2% | 30.4% | 20.9% | 17.3% |
| Net income growth | — | −556.0% | — | −12.2% | 177.9% | 90.6% |
| EPS growth | — | −100.6% | — | — | — | — |
| FCF growth | — | −102.4% | — | 879.7% | 45.1% | 24.9% |
| Share count change | — | 82,227.0% | — | — | — | — |
| Financial health | ||||||
| Net debt / EBITDA | 1.2x | −11.5x | — | 0.2x | −0.7x | — |
| Debt / equity | — | — | 1.8x | 1.4x | 0.7x | 0.8x |
| Interest coverage | — | — | — | 1.9x | 47.6x | — |
| Current ratio | 1.3x | 1.8x | 1.4x | 1.5x | 0.9x | — |
| Quick ratio | 1.3x | 1.8x | 1.4x | 1.5x | 0.9x | — |
| Capital allocation | ||||||
| Capex / revenue | 7.7% | 7.0% | 5.6% | 2.6% | 1.7% | 1.7% |
| Stock comp / revenue | — | 0.0% | 1.5% | 1.8% | 1.4% | 1.3% |
| Quality scores | ||||||
| Piotroski F-score | — | 3.0 | 6.0 | 6.0 | 6.0 | — |
| Altman Z'' | 1.9 | 0.5 | −0.1 | 0.9 | −0.7 | — |
| Accruals ratio | −12.2% | −10.7% | −2.0% | −7.3% | −6.0% | −3.7% |
Source: SEC EDGAR XBRL filings (CIK 0001840776). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.