Heritage Insurance Holdings, Inc.
HRTG NYSE Fire, Marine & Casualty Insurance Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$847M
3.7%
vs prior year
Operating margin
Operating income as a share of revenue.
31.5%
20.1 pts
Net income
Profit after all expenses, interest and tax.
$196M
217.8%
Free cash flow
Cash from operations minus capital spending.
$174M
120.8%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
825.8%
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.
—
On $7.02 EPS (TTM)
What Heritage Insurance Holdings, Inc. does
No business description yet.
- Legal name
- Heritage Insurance Holdings, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 12, 2026
- Accession · CIK
- 0001193125-26-103715
0001598665
Revenue and margins
Heritage Insurance Holdings, Inc. had $847M of revenue in fiscal 2025, up 3.7% on the year before.
FY16
Revenue $439M
FY17
Revenue $407M
FY18
Revenue $480M
FY19
Revenue $511M
FY20
Revenue $593M
FY21
Revenue $632M
FY22
Revenue $662M
FY23
Revenue $735M
FY24
Revenue $817M
FY25
Revenue $847M
Q3 '23
Revenue $186M
Q4 '23
Revenue $187M
Q1 '24
Revenue $191M
Q2 '24
Revenue $204M
Q3 '24
Revenue $212M
Q4 '24
Revenue $210M
Q1 '25
Revenue $212M
Q2 '25
Revenue $208M
Q3 '25
Revenue $212M
Q4 '25
Revenue $215M
Q1 '26
Revenue $213M
Q2 '26
Revenue $214M
FY16
Gross —
Operating 12.9%
Net 7.7%
FCF 18.5%
FY17
Gross —
Operating 12.2%
Net −0.3%
FCF 1.7%
FY18
Gross —
Operating 14.5%
Net 5.7%
FCF 19.6%
FY19
Gross —
Operating 9.7%
Net 5.6%
FCF 22.4%
FY20
Gross —
Operating 1.7%
Net 1.6%
FCF 28.6%
FY21
Gross —
Operating −10.8%
Net −11.8%
FCF 9.4%
FY22
Gross —
Operating −23.8%
Net −23.3%
FCF −6.5%
FY23
Gross —
Operating 8.6%
Net 6.2%
FCF 8.2%
FY24
Gross —
Operating 11.5%
Net 7.5%
FCF 9.7%
FY25
Gross —
Operating 31.5%
Net 23.1%
FCF 20.6%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating −5.1%
Net −4.0%
FCF −30.0%
Q4 '23
Gross —
Operating 19.3%
Net 16.6%
FCF 52.6%
Q1 '24
Gross —
Operating 11.9%
Net 7.4%
FCF 2.1%
Q2 '24
Gross —
Operating 13.6%
Net 9.3%
FCF 73.6%
Q3 '24
Gross —
Operating 5.5%
Net 3.8%
FCF −7.7%
Q4 '24
Gross —
Operating 15.0%
Net 9.7%
FCF −27.9%
Q1 '25
Gross —
Operating 20.1%
Net 14.4%
FCF −0.6%
Q2 '25
Gross —
Operating 31.2%
Net 23.1%
FCF 20.1%
Q3 '25
Gross —
Operating 33.0%
Net 23.7%
FCF 57.8%
Q4 '25
Gross —
Operating 41.6%
Net 31.0%
FCF 5.1%
Q1 '26
Gross —
Operating 23.9%
Net 17.2%
FCF 10.8%
Q2 '26
Gross —
Operating 39.1%
Net 28.8%
FCF 65.8%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 21.0% a year. Loss periods are shown in red.
FY16
Net income $33.9M
FY17
Net income −$1.1M
FY18
Net income $27.2M
FY19
Net income $28.6M
FY20
Net income $9.3M
FY21
Net income −$74.7M
FY22
Net income −$154M
FY23
Net income $45.3M
FY24
Net income $61.5M
FY25
Net income $196M
Q3 '23
Net income −$7.4M
Q4 '23
Net income $30.9M
Q1 '24
Net income $14.2M
Q2 '24
Net income $18.9M
Q3 '24
Net income $8.2M
Q4 '24
Net income $20.3M
Q1 '25
Net income $30.5M
Q2 '25
Net income $48.0M
Q3 '25
Net income $50.4M
Q4 '25
Net income $66.7M
Q1 '26
Net income $36.5M
Q2 '26
Net income $61.7M
FY16
Diluted EPS $1.14
FY17
Diluted EPS −$0.04
FY18
Diluted EPS $1.04
FY19
Diluted EPS $0.98
FY20
Diluted EPS $0.33
FY21
Diluted EPS −$2.69
FY22
Diluted EPS −$5.86
FY23
Diluted EPS $1.73
FY24
Diluted EPS $2.01
FY25
Diluted EPS $6.32
Q3 '23
Diluted EPS −$0.28
Q4 '23
Diluted EPS $1.15
Q1 '24
Diluted EPS $0.47
Q2 '24
Diluted EPS $0.61
Q3 '24
Diluted EPS $0.27
Q4 '24
Diluted EPS $0.66
Q1 '25
Diluted EPS $0.99
Q2 '25
Diluted EPS $1.55
Q3 '25
Diluted EPS $1.63
Q4 '25
Diluted EPS $2.15
Q1 '26
Diluted EPS $1.19
Q2 '26
Diluted EPS $2.05
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 11.4%
Return on equity 9.5%
Return on assets 3.3%
FY17
Return on capital 9.5%
Return on equity −0.3%
Return on assets −0.1%
FY18
Return on capital 14.9%
Return on equity 6.7%
Return on assets 1.5%
FY19
Return on capital 11.2%
Return on equity 6.6%
Return on assets 1.5%
FY20
Return on capital 8.3%
Return on equity 2.1%
Return on assets 0.5%
FY21
Return on capital −51.5%
Return on equity −19.0%
Return on assets −3.7%
FY22
Return on capital —
Return on equity −65.1%
Return on assets −7.1%
FY23
Return on capital —
Return on equity 25.8%
Return on assets 2.0%
FY24
Return on capital —
Return on equity 24.1%
Return on assets 2.7%
FY25
Return on capital 825.8%
Return on equity 49.1%
Return on assets 8.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $174M in fiscal 2025, 20.6% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $81.3M
FY17
Free cash flow $7.1M
FY18
Free cash flow $94.1M
FY19
Free cash flow $115M
FY20
Free cash flow $169M
FY21
Free cash flow $59.1M
FY22
Free cash flow −$42.8M
FY23
Free cash flow $60.5M
FY24
Free cash flow $78.9M
FY25
Free cash flow $174M
Q3 '23
Free cash flow −$55.8M
Q4 '23
Free cash flow $98.3M
Q1 '24
Free cash flow $4.1M
Q2 '24
Free cash flow $150M
Q3 '24
Free cash flow −$16.3M
Q4 '24
Free cash flow −$58.6M
Q1 '25
Free cash flow −$1.3M
Q2 '25
Free cash flow $41.8M
Q3 '25
Free cash flow $123M
Q4 '25
Free cash flow $10.9M
Q1 '26
Free cash flow $23.0M
Q2 '26
Free cash flow $141M
FY16
Cash from operations $83.0M
Capital spending $1.6M
FY17
Cash from operations $7.5M
Capital spending $0.4M
FY18
Cash from operations $96.3M
Capital spending $2.3M
FY19
Cash from operations $120M
Capital spending $5.0M
FY20
Cash from operations $170M
Capital spending $0.8M
FY21
Cash from operations $60.1M
Capital spending $1.0M
FY22
Cash from operations −$34.3M
Capital spending $8.6M
FY23
Cash from operations $70.4M
Capital spending $9.9M
FY24
Cash from operations $87.1M
Capital spending $8.2M
FY25
Cash from operations $182M
Capital spending $8.1M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$53.5M
Capital spending $2.4M
Q4 '23
Cash from operations $99.8M
Capital spending $1.4M
Q1 '24
Cash from operations $4.3M
Capital spending $0.2M
Q2 '24
Cash from operations $152M
Capital spending $2.5M
Q3 '24
Cash from operations −$13.4M
Capital spending $3.0M
Q4 '24
Cash from operations −$56.1M
Capital spending $2.6M
Q1 '25
Cash from operations $0.8M
Capital spending $2.1M
Q2 '25
Cash from operations $43.3M
Capital spending $1.5M
Q3 '25
Cash from operations $124M
Capital spending $1.6M
Q4 '25
Cash from operations $13.8M
Capital spending $2.9M
Q1 '26
Cash from operations $24.9M
Capital spending $1.8M
Q2 '26
Cash from operations $142M
Capital spending $0.7M
Cash from operations
Capital spending
Dividends, buybacks and share count
Heritage Insurance Holdings, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 1.0%.
FY16
Dividends $6.8M
Buybacks $25.6M
FY17
Dividends $8.2M
Buybacks $61.6M
FY18
Dividends $6.4M
Buybacks $2.0M
FY19
Dividends $7.0M
Buybacks $16.2M
FY20
Dividends $6.9M
Buybacks $10.0M
FY21
Dividends $6.7M
Buybacks $8.2M
FY22
Dividends $4.8M
Buybacks $7.3M
FY23
Dividends $0.0M
Buybacks $0.0M
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks —
Dividends
Buybacks
Q3 '23
Dividends $0.0M
Buybacks $0.0M
Q4 '23
Dividends $0.0M
Buybacks $0.0M
Q1 '24
Dividends —
Buybacks —
Q2 '24
Dividends —
Buybacks —
Q3 '24
Dividends —
Buybacks —
Q4 '24
Dividends —
Buybacks —
Q1 '25
Dividends —
Buybacks —
Q2 '25
Dividends —
Buybacks —
Q3 '25
Dividends —
Buybacks —
Q4 '25
Dividends —
Buybacks —
Q1 '26
Dividends —
Buybacks —
Q2 '26
Dividends —
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.03B
FY17
Diluted shares 0.03B
FY18
Diluted shares 0.03B
FY19
Diluted shares 0.03B
FY20
Diluted shares 0.03B
FY21
Diluted shares 0.03B
FY22
Diluted shares 0.03B
FY23
Diluted shares 0.03B
FY24
Diluted shares 0.03B
FY25
Diluted shares 0.03B
Balance sheet
Cash, debt and the ratios that show how comfortably Heritage Insurance Holdings, Inc. can carry it.
FY16
Cash $106M
Debt $72.9M
FY17
Cash $154M
Debt $184M
FY18
Cash $250M
Debt $149M
FY19
Cash $268M
Debt $130M
FY20
Cash $441M
Debt $122M
FY21
Cash $359M
Debt $145M
FY22
Cash $281M
Debt $152M
FY23
Cash $464M
Debt $140M
FY24
Cash $453M
Debt $134M
FY25
Cash $559M
Debt $94.0M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $359M | $281M | $464M | $453M | $559M |
| Debt incl. finance leases | $145M | $152M | $140M | $134M | $94.0M |
| Net debt / EBITDA | — | — | −4.9x | −3.3x | −1.7x |
| Debt / equity | 0.4x | 1.0x | 0.5x | 0.4x | 0.2x |
| Interest coverage | −8.5x | −17.9x | 5.6x | 8.6x | 33.9x |
| Total assets | $2.0B | $2.4B | $2.1B | $2.5B | $2.2B |
| Total liabilities | $1.6B | $2.3B | $1.9B | $2.2B | $1.7B |
| Shareholders' equity | $343M | $131M | $220M | $291M | $505M |
| Net debt (− = net cash) | −$214M | −$129M | −$324M | −$318M | −$465M |
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
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Debt fell relative to assets | — | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ |
| Current ratio rose | — | — | — | — | — | — | — | — | — | — |
| Share count didn't rise | — | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✕ | ✓ | ✕ | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ |
| F-score | — / 3 | 3 / 7 | 7 / 7 | 4 / 7 | 6 / 7 | 4 / 7 | 3 / 7 | 6 / 7 | 5 / 7 | 5 / 7 |
| Accruals ratio | −4.8% | −0.6% | −3.9% | −4.9% | −8.0% | −6.6% | −5.5% | −1.1% | −1.1% | 0.6% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $439M | $407M | $480M | $511M | $593M | $632M | $662M | $735M | $817M | $847M |
| Provision for credit losses | — | — | — | — | — | — | — | $0.9M | $0.1M | $0.4M |
| Operating income | $56.8M | $49.5M | $69.5M | $49.6M | $10.2M | −$68.1M | −$157M | $63.2M | $93.6M | $267M |
| Interest expense | $0.4M | $13.2M | $20.0M | $8.5M | $8.0M | $8.0M | $8.8M | $11.2M | $10.9M | $7.9M |
| Pretax income | $56.4M | −$5.9M | $39.0M | $41.0M | $2.2M | −$76.0M | −$166M | $52.0M | $82.7M | $259M |
| Income tax | $22.5M | −$4.8M | $11.8M | $12.4M | −$7.1M | −$1.3M | −$11.8M | $6.7M | $21.1M | $63.7M |
| Net income | $33.9M | −$1.1M | $27.2M | $28.6M | $9.3M | −$74.7M | −$154M | $45.3M | $61.5M | $196M |
| Net income to common | $33.9M | −$1.1M | $27.2M | $28.6M | $9.3M | −$74.7M | −$154M | $45.3M | $61.5M | $196M |
| Diluted EPS | $1.14 | −$0.04 | $1.04 | $0.98 | $0.33 | −$2.69 | −$5.86 | $1.73 | $2.01 | $6.32 |
| Diluted shares | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B |
| Cash flow | ||||||||||
| Cash from operations | $83.0M | $7.5M | $96.3M | $120M | $170M | $60.1M | −$34.3M | $70.4M | $87.1M | $182M |
| Capital expenditure | $1.6M | $0.4M | $2.3M | $5.0M | $0.8M | $1.0M | $8.6M | $9.9M | $8.2M | $8.1M |
| Free cash flow | $81.3M | $7.1M | $94.1M | $115M | $169M | $59.1M | −$42.8M | $60.5M | $78.9M | $174M |
| Depreciation and amortization | $9.0M | $7.7M | $2.3M | $10.4M | $8.1M | $8.4M | $8.4M | $2.4M | $3.4M | $6.5M |
| Stock-based compensation | $4.8M | $4.8M | $5.3M | $5.4M | $4.7M | $1.2M | $2.0M | $1.4M | $3.3M | $5.4M |
| Acquisitions | $110M | $141M | — | — | — | — | — | — | — | — |
| Share buybacks | $25.6M | $61.6M | $2.0M | $16.2M | $10.0M | $8.2M | $7.3M | $0.0M | $0.0M | — |
| Dividends paid | $6.8M | $8.2M | $6.4M | $7.0M | $6.9M | $6.7M | $4.8M | $0.0M | — | — |
| Dividends and buybacks | $32.4M | $69.9M | $8.4M | $23.1M | $16.8M | $14.9M | $12.1M | $0.0M | $0.0M | — |
| Balance sheet | ||||||||||
| Cash and short-term investments | $106M | $154M | $250M | $268M | $441M | $359M | $281M | $464M | $453M | $559M |
| Total debt | $72.9M | $184M | $149M | $129M | $121M | $121M | $129M | $120M | $116M | $78.4M |
| Finance lease liabilities | — | — | — | $0.3M | $0.5M | $24.6M | $22.6M | $20.4M | $18.1M | $15.6M |
| Property and equipment, net | $17.2M | $18.7M | $18.0M | $20.8M | $18.7M | $17.4M | $25.7M | $33.2M | $38.1M | $28.3M |
| Goodwill | $46.5M | $152M | $152M | $152M | $152M | $92.0M | $0.0M | — | — | — |
| Intangible assets | $26.5M | $102M | $76.9M | $68.6M | $62.3M | $55.9M | $49.6M | $42.6M | $36.4M | $30.2M |
| Total assets | $1.0B | $1.8B | $1.8B | $1.9B | $2.1B | $2.0B | $2.4B | $2.1B | $2.5B | $2.2B |
| Total liabilities | $675M | $1.4B | $1.3B | $1.5B | $1.6B | $1.6B | $2.3B | $1.9B | $2.2B | $1.7B |
| Shareholders' equity | $358M | $380M | $425M | $449M | $442M | $343M | $131M | $220M | $291M | $505M |
| Margins | ||||||||||
| Operating margin | 12.9% | 12.2% | 14.5% | 9.7% | 1.7% | −10.8% | −23.8% | 8.6% | 11.5% | 31.5% |
| EBITDA margin | 15.0% | 14.1% | 15.0% | 11.7% | 3.1% | −9.4% | −22.5% | 8.9% | 11.9% | 32.3% |
| Net margin | 7.7% | −0.3% | 5.7% | 5.6% | 1.6% | −11.8% | −23.3% | 6.2% | 7.5% | 23.1% |
| FCF margin | 18.5% | 1.7% | 19.6% | 22.4% | 28.6% | 9.4% | −6.5% | 8.2% | 9.7% | 20.6% |
| Returns | ||||||||||
| Return on capital | 11.4% | 9.5% | 14.9% | 11.2% | 8.3% | −51.5% | — | — | — | 825.8% |
| Return on equity | 9.5% | −0.3% | 6.7% | 6.6% | 2.1% | −19.0% | −65.1% | 25.8% | 24.1% | 49.1% |
| Return on assets | 3.3% | −0.1% | 1.5% | 1.5% | 0.5% | −3.7% | −7.1% | 2.0% | 2.7% | 8.4% |
| Return on tangible equity | 11.9% | −0.9% | 13.9% | 12.6% | 4.1% | −38.3% | −189.5% | 25.5% | 24.2% | 41.2% |
| Growth | ||||||||||
| Revenue growth | — | −7.4% | 18.1% | 6.5% | 16.1% | 6.4% | 4.9% | 11.0% | 11.1% | 3.7% |
| Net income growth | — | −103.3% | — | 5.5% | −67.4% | −901.3% | — | — | 35.8% | 217.8% |
| EPS growth | — | −103.5% | — | −5.8% | −66.3% | −915.2% | — | — | 16.2% | 214.4% |
| FCF growth | — | −91.3% | 1,224.0% | 21.9% | 47.8% | −65.1% | −172.4% | — | 30.3% | 120.8% |
| Share count change | — | −9.6% | −2.6% | 12.0% | −4.3% | −0.7% | −5.3% | −0.3% | 16.8% | 1.0% |
| Financial health | ||||||||||
| Net debt / EBITDA | −0.5x | 0.5x | −1.4x | −2.3x | −17.5x | — | — | −4.9x | −3.3x | −1.7x |
| Debt / equity | 0.2x | 0.5x | 0.3x | 0.3x | 0.3x | 0.4x | 1.0x | 0.5x | 0.4x | 0.2x |
| Interest coverage | 156.8x | 3.7x | 3.5x | 5.8x | 1.3x | −8.5x | −17.9x | 5.6x | 8.6x | 33.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.4% | 0.1% | 0.5% | 1.0% | 0.1% | 0.2% | 1.3% | 1.3% | 1.0% | 1.0% |
| Stock comp / revenue | 1.1% | 1.2% | 1.1% | 1.1% | 0.8% | 0.2% | 0.3% | 0.2% | 0.4% | 0.6% |
| Payouts / FCF | 39.8% | 983.6% | 8.9% | 20.2% | 9.9% | 25.2% | — | 0.0% | 0.0% | — |
| Quality scores | ||||||||||
| Piotroski F-score | — | 3.0 | 7.0 | 4.0 | 6.0 | 4.0 | 3.0 | 6.0 | 5.0 | 5.0 |
| Accruals ratio | −4.8% | −0.6% | −3.9% | −4.9% | −8.0% | −6.6% | −5.5% | −1.1% | −1.1% | 0.6% |
Source: SEC EDGAR XBRL filings (CIK 0001598665). 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.