HAGERTY INC Financials

HGTY

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows HAGERTY INC (HGTY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 77/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

HAGERTY INC's revenue surged 17.3% year-over-year to $1.5B, reflecting rapid business expansion. This strong growth earns a score of 62/100.

Leverage

HAGERTY INC carries a low D/E ratio of 0.80, meaning only $0.80 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 86/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

HAGERTY INC has a free cash flow margin of 13.4%, earning a moderate score of 58/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

100

HAGERTY INC earns a strong 67.4% return on equity (ROE), meaning it generates $67 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 52.1% the prior year.

Piotroski F-Score Neutral

4/9

HAGERTY INC passes 4 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.47x

For every $1 of reported earnings, HAGERTY INC generates $1.47 in operating cash flow ($219.0M OCF vs $149.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.5B

YoY+17.3%

5Y CAGR+23.9%

HAGERTY INC generated $1.5B in revenue in fiscal year 2025. This represents an increase of 17.3% from the prior year.

EBITDA

N/A

Net Income

$149.2M

YoY+90.6%

5Y CAGR+71.1%

HAGERTY INC reported $149.2M in net income in fiscal year 2025. This represents an increase of 90.6% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$194.5M

YoY+24.9%

5Y CAGR+33.2%

HAGERTY INC generated $194.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 24.9% from the prior year.

Cash & Debt

$160.2M

YoY+52.9%

5Y CAGR+33.3%

HAGERTY INC held $160.2M in cash against $177.9M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

10.3%

YoY+3.9pp

5Y CAGR+8.2pp

HAGERTY INC's net profit margin was 10.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.9 percentage points from the prior year.

Return on Equity

67.4%

YoY+15.3pp

HAGERTY INC's ROE was 67.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 15.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$24.5M

YoY+15.0%

5Y CAGR-8.5%

HAGERTY INC invested $24.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 15.0% from the prior year.

HGTY Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.5B+17.3%	$1.2B+20.9%	$1.0B+30.4%	$787.6M+27.2%	$619.1M+23.9%	$499.5M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$94.5M+14.6%	$82.5M-3.4%	$85.4M-4.1%	$89.1M+38.0%	$64.6M+26.1%	$51.2M
Operating Income	N/A	$66.4M+538.1%	$10.4M+115.4%	-$67.6M-571.0%	-$10.1M-163.5%	$15.8M
Interest Expense	$5.4M+289.7%	$1.4M-74.1%	$5.4M	N/A	N/A	N/A
Income Tax	-$10.0M-165.3%	$15.4M-7.3%	$16.6M+136.5%	$7.0M+3.9%	$6.8M+40.1%	$4.8M
Net Income	$149.2M+90.6%	$78.3M+177.9%	$28.2M-12.2%	$32.1M+169.2%	-$46.4M-556.0%	$10.2M
EPS (Diluted)	N/A	N/A	N/A	N/A	$-0.56	$101.66

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$388.1M+2.1%	$380.0M+3.1%	$368.7M+15.4%	$319.6M-4.1%	$333.2M+3.0%	$323.4M+3.2%	$313.2M+15.3%	$271.7M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$25.3M+3.6%	$24.4M+8.3%	$22.6M+1.8%	$22.2M+8.6%	$20.4M-1.9%	$20.8M-2.5%	$21.4M+7.6%	$19.9M
Operating Income	N/A	$34.3M-28.1%	$47.7M+85.4%	$25.7M+326.1%	$6.0M-40.2%	$10.1M-73.5%	$38.1M+211.4%	$12.2M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$11.1M+133.9%	-$32.8M-632.9%	$6.2M+12.2%	$5.5M+0.5%	$5.5M+634.3%	-$1.0M-117.6%	$5.8M+13.3%	$5.1M
Net Income	$28.6M-38.1%	$46.2M-2.2%	$47.2M+72.9%	$27.3M+223.4%	$8.4M-55.6%	$19.0M-55.4%	$42.7M+420.3%	$8.2M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

HGTY Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$2.1B+22.5%	$1.7B+7.6%	$1.6B+21.0%	$1.3B+26.0%	$1.0B+70.6%	$610.7M
Current Assets	N/A	$858.4M-31.3%	$1.3B+33.5%	$936.8M+4.6%	$895.3M+74.4%	$513.4M
Cash & Equivalents	$160.2M+52.9%	$104.8M-3.3%	$108.3M+13.8%	$95.2M-65.4%	$275.3M+622.5%	$38.1M
Inventory	$12.4M-32.9%	$18.5M+266.9%	$5.0M+142.9%	$2.1M	N/A	N/A
Accounts Receivable	$96.2M+13.5%	$84.8M+18.5%	$71.5M+22.8%	$58.3M+24.7%	$46.7M+37.9%	$33.9M
Goodwill	$114.2M0.0%	$114.1M-0.1%	$114.2M-0.7%	$115.0M+901.4%	$11.5M+142.1%	$4.7M
Total Liabilities	$1.9B+20.1%	$1.6B+4.2%	$1.5B+19.3%	$1.3B-8.2%	$1.4B+176.8%	$493.4M
Current Liabilities	N/A	$915.4M+8.7%	$842.3M+26.2%	$667.4M+34.6%	$495.8M+28.9%	$384.8M
Long-Term Debt	$177.9M+68.2%	$105.8M-19.1%	$130.7M+20.7%	$108.3M-20.1%	$135.5M+96.4%	$69.0M
Total Equity	$221.3M+47.2%	$150.3M+62.2%	$92.7M+56.5%	$59.3M+118.3%	-$323.8M-22025818.4%	-$1K
Retained Earnings	-$403.0M+10.8%	-$452.0M+3.6%	-$469.0M+4.2%	-$489.6M-1.5%	-$482.3M-948.6%	$56.8M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$2.1B-2.7%	$2.2B+5.5%	$2.0B+12.4%	$1.8B+6.3%	$1.7B-6.0%	$1.8B+5.1%	$1.7B+10.2%	$1.6B
Current Assets	N/A	$1.2B+0.1%	$1.2B+21.5%	$997.9M+16.3%	$858.4M-14.9%	$1.0B-0.4%	$1.0B-18.6%	$1.2B
Cash & Equivalents	$160.2M-0.1%	$160.4M+14.3%	$140.3M+9.9%	$127.7M+21.9%	$104.8M-28.8%	$147.1M+21.7%	$120.9M-7.8%	$131.2M
Inventory	$12.4M-12.4%	$14.2M-20.0%	$17.7M+22.8%	$14.4M-22.0%	$18.5M+106.6%	$8.9M-35.8%	$13.9M+234.9%	$4.2M
Accounts Receivable	$96.2M-10.5%	$107.5M-0.4%	$107.9M+10.6%	$97.6M+15.2%	$84.8M-9.3%	$93.5M+5.8%	$88.4M+22.9%	$71.9M
Goodwill	$114.2M0.0%	$114.2M0.0%	$114.2M0.0%	$114.1M0.0%	$114.1M0.0%	$114.2M0.0%	$114.2M0.0%	$114.2M
Total Liabilities	$1.9B-3.5%	$1.9B+3.9%	$1.9B+13.0%	$1.7B+6.0%	$1.6B-6.6%	$1.7B+2.1%	$1.6B+10.7%	$1.5B
Current Liabilities	N/A	$1.2B+6.1%	$1.1B+16.1%	$987.1M+7.8%	$915.4M-8.5%	$1.0B+3.2%	$970.2M+14.3%	$849.2M
Long-Term Debt	$177.9M+70.4%	$104.4M-31.9%	$153.4M+15.7%	$132.6M+25.4%	$105.8M-13.9%	$122.9M+25.3%	$98.0M+7.2%	$91.5M
Total Equity	$221.3M+4.6%	$211.7M+22.9%	$172.3M+5.7%	$162.9M+8.4%	$150.3M+1.4%	$148.3M+57.0%	$94.4M+1.0%	$93.5M
Retained Earnings	-$403.0M+2.1%	-$411.8M+4.8%	-$432.6M+2.5%	-$443.6M+1.9%	-$452.0M+0.7%	-$455.1M+1.1%	-$460.0M+2.2%	-$470.3M

HGTY Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$219.0M+23.7%	$177.0M+32.4%	$133.7M+141.7%	$55.3M+30.9%	$42.3M-50.0%	$84.6M
Capital Expenditures	$24.5M+15.0%	$21.3M-19.2%	$26.4M-40.5%	$44.4M+2.3%	$43.4M+13.4%	$38.3M
Free Cash Flow	$194.5M+24.9%	$155.7M+45.1%	$107.3M+879.7%	$11.0M+1105.8%	-$1.1M-102.4%	$46.3M
Investing Cash Flow	-$185.2M+70.1%	-$618.6M-1074.9%	-$52.6M+42.5%	-$91.5M-32.7%	-$69.0M-45.6%	-$47.4M
Financing Cash Flow	$29.9M+163.8%	-$46.9M-145.5%	$103.2M+467.3%	-$28.1M-108.5%	$332.1M+731.3%	$39.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$29.1M-68.4%	$92.2M+71.1%	$53.9M+22.9%	$43.8M+447.4%	-$12.6M-118.7%	$67.4M+5.3%	$64.0M+9.9%	$58.2M
Capital Expenditures	$6.0M-13.2%	$7.0M+12.8%	$6.2M+14.3%	$5.4M+32.5%	$4.1M-23.9%	$5.3M-27.8%	$7.4M+63.0%	$4.5M
Free Cash Flow	$23.1M-72.9%	$85.2M+78.6%	$47.7M+24.1%	$38.4M+330.4%	-$16.7M-126.9%	$62.0M+9.6%	$56.6M+5.4%	$53.7M
Investing Cash Flow	-$62.4M+31.4%	-$91.0M-232.5%	-$27.4M-510.5%	-$4.5M+92.0%	-$56.1M+32.1%	-$82.6M+82.1%	-$461.6M-2424.5%	-$18.3M
Financing Cash Flow	-$483K-151.9%	$931K-93.9%	$15.2M+7.0%	$14.2M+171.9%	-$19.8M-183.7%	$23.7M+274.7%	-$13.6M+63.6%	-$37.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

HGTY Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	5.3%+4.3pp	1.0%+9.6pp	-8.6%-7.0pp	-1.6%-4.8pp	3.2%
Net Margin	10.3%+3.9pp	6.3%+3.6pp	2.7%-1.3pp	4.1%+11.6pp	-7.5%-9.5pp	2.0%
Return on Equity	67.4%+15.3pp	52.1%+21.7pp	30.4%-23.7pp	54.1%	N/A	N/A
Return on Assets	7.1%+2.6pp	4.6%+2.8pp	1.8%-0.7pp	2.4%+6.9pp	-4.5%-6.1pp	1.7%
Current Ratio	N/A	0.94-0.5	1.48+0.1	1.40-0.4	1.81+0.5	1.33
Debt-to-Equity	0.80+0.1	0.70-0.7	1.41-0.4	1.83+2.2	-0.42+46938.4	-46938.78
FCF Margin	13.4%+0.8pp	12.5%+2.1pp	10.4%+9.1pp	1.4%+1.6pp	-0.2%-9.4pp	9.3%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	9.0%-3.9pp	12.9%+4.9pp	8.1%+6.2pp	1.8%-1.3pp	3.1%-9.0pp	12.2%+7.6pp	4.5%
Net Margin	7.4%-4.8pp	12.2%-0.7pp	12.8%+4.3pp	8.5%+6.0pp	2.5%-3.4pp	5.9%-7.7pp	13.6%+10.6pp	3.0%
Return on Equity	12.9%-8.9pp	21.8%-5.6pp	27.4%+10.7pp	16.8%+11.1pp	5.6%-7.2pp	12.8%-32.4pp	45.2%+36.4pp	8.8%
Return on Assets	1.4%-0.8pp	2.1%-0.2pp	2.3%+0.8pp	1.5%+1.0pp	0.5%-0.6pp	1.1%-1.4pp	2.5%+1.9pp	0.5%
Current Ratio	N/A	1.00-0.1	1.06+0.0	1.01+0.1	0.94-0.1	1.01-0.0	1.04-0.4	1.47
Debt-to-Equity	0.80+0.3	0.49-0.4	0.89+0.1	0.81+0.1	0.70-0.1	0.83-0.2	1.04+0.1	0.98
FCF Margin	5.9%-16.5pp	22.4%+9.5pp	12.9%+0.9pp	12.0%+17.0pp	-5.0%-24.2pp	19.2%+1.1pp	18.1%-1.7pp	19.8%

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Frequently Asked Questions

What is HAGERTY INC's annual revenue?

HAGERTY INC (HGTY) reported $1.5B in total revenue for fiscal year 2025. This represents a 17.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is HAGERTY INC's revenue growing?

HAGERTY INC (HGTY) revenue grew by 17.3% year-over-year, from $1.2B to $1.5B in fiscal year 2025.

Is HAGERTY INC profitable?

Yes, HAGERTY INC (HGTY) reported a net income of $149.2M in fiscal year 2025, with a net profit margin of 10.3%.

How much debt does HAGERTY INC have?

As of fiscal year 2025, HAGERTY INC (HGTY) had $160.2M in cash and equivalents against $177.9M in long-term debt.

What is HAGERTY INC's net profit margin?

HAGERTY INC (HGTY) had a net profit margin of 10.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is HAGERTY INC's return on equity (ROE)?

HAGERTY INC (HGTY) has a return on equity of 67.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is HAGERTY INC's free cash flow?

HAGERTY INC (HGTY) generated $194.5M in free cash flow during fiscal year 2025. This represents a 24.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is HAGERTY INC's operating cash flow?

HAGERTY INC (HGTY) generated $219.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are HAGERTY INC's total assets?

HAGERTY INC (HGTY) had $2.1B in total assets as of fiscal year 2025, including both current and long-term assets.

What are HAGERTY INC's capital expenditures?

HAGERTY INC (HGTY) invested $24.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is HAGERTY INC's debt-to-equity ratio?

HAGERTY INC (HGTY) had a debt-to-equity ratio of 0.80 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is HAGERTY INC's return on assets (ROA)?

HAGERTY INC (HGTY) had a return on assets of 7.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is HAGERTY INC's Piotroski F-Score?

HAGERTY INC (HGTY) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are HAGERTY INC's earnings high quality?

HAGERTY INC (HGTY) has an earnings quality ratio of 1.47x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is HAGERTY INC?

HAGERTY INC (HGTY) scores 77 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.