HAGERTY INC Financials

HGTY

FY2025 annual

Revenue $1.5B +17.3% YoY

Net Income $149.2M +90.6% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow $194.5M +24.9% YoY

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

HAGERTY INC (HGTY) reported $1.5B in revenue for fiscal year 2025, up 17.3% from the prior fiscal year. This page shows its 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).

Rhea AI HGTY FY2025 2026-08-05

Hagerty’s recent financials show scale-driven margin expansion and stronger cash conversion, with profit rising faster than sales.

From FY2023 to FY2025, revenue added roughly $429M while operating cash flow added about $85M. At the same time, free-cash-flow margin widened from 10.5% to 13.4%, so the business is not just getting bigger; a larger share of each new sales dollar is surviving reinvestment and reaching cash.

In FY2025, operating cash flow of $219M comfortably exceeded net income of $149M, and the same pattern held in FY2024. When cash runs ahead of accounting profit across consecutive years, earnings quality looks more grounded in actual cash generation than in accrual-only gains.

The balance sheet remains liability-heavy, with $1.87B of liabilities against $221M of equity in FY2025, which amplifies how much profit swings can affect shareholder returns. Still, debt-to-equity is lower than in FY2023, indicating the recent improvement has come partly from rebuilding the equity base rather than leaning harder on leverage.

Financial Health Signals

Financial Health Score 36/100

Scored as: Insurers peer group

Scored against insurers for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of HAGERTY INC's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Loss Ratio

Premium Growth

Capital

Investment Yield

Not available for HAGERTY INC, and counted as zero in the overall score.

Combined Ratio

Stability

Piotroski F-Score Partial

4/6

HAGERTY INC passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 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.

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.

EBITDA

Not reported for fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

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

Not reported for fiscal year 2025.

Shares Outstanding

Not reported for fiscal year 2025.

Margins & Returns

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.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

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.

R&D Spending

Not reported for fiscal year 2025.

Share Buybacks

Not reported for fiscal year 2025.

HGTY Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

HGTY annual income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.4B	$1.5B+17.3%	$1.2B+20.9%	$1.0B+30.4%	$787.6M+27.2%	$619.1M+23.9%	$499.5M
SG&A Expenses	-$43.5M	$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	N/A	$66.4M+538.1%	$10.4M+115.4%	-$67.6M-571.0%	-$10.1M-163.5%	$15.8M
Interest Expense	N/A	$5.4M+289.7%	$1.4M-74.1%	$5.4M	N/A	N/A	N/A
Income Tax	-$35.7M	-$10.0M-165.3%	$15.4M-7.3%	$16.6M+136.5%	$7.0M+3.9%	$6.8M+40.1%	$4.8M
Net Income	$70.0M	$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	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$354.8M+13.8%	$311.8M-15.4%	$368.8M-3.0%	$380.0M+0.2%	$379.3M+15.5%	$328.3M-1.5%	$333.2M+3.0%	$323.4M
SG&A Expenses	$95.3M+31.6%	$72.4M+130.7%	-$235.6M-1063.8%	$24.4M-84.9%	$161.6M+12.2%	$144.0M+605.0%	$20.4M-1.9%	$20.8M
Operating Income	N/A	N/A	N/A	$34.3M-28.1%	$47.7M+85.4%	$25.7M+326.1%	$6.0M-40.2%	$10.1M
Interest Expense	$1.2M+13.0%	$1.1M	N/A	N/A	$1.5M+6.5%	$1.4M	N/A	N/A
Income Tax	-$5.8M+29.1%	-$8.2M-173.5%	$11.1M+133.9%	-$32.8M-632.9%	$6.2M+12.2%	$5.5M+0.5%	$5.5M+634.3%	-$1.0M
Net Income	$8.0M+163.1%	-$12.7M-144.6%	$28.6M-38.1%	$46.2M-2.2%	$47.2M+72.9%	$27.3M+223.5%	$8.4M-55.6%	$19.0M

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

HGTY Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

HGTY annual 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	$98.9M+16.6%	$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	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$2.1B+6.1%	$2.0B-3.3%	$2.1B-2.7%	$2.2B+5.5%	$2.0B+12.4%	$1.8B+6.3%	$1.7B-6.0%	$1.8B
Current Assets	N/A	N/A	N/A	$1.2B+0.1%	$1.2B+21.5%	$997.9M+16.3%	$858.4M-14.9%	$1.0B
Cash & Equivalents	$298.3M+40.5%	$212.4M+32.6%	$160.2M-0.1%	$160.4M+14.3%	$140.3M+9.9%	$127.7M+21.9%	$104.8M-28.8%	$147.1M
Inventory	$24.9M-21.7%	$31.8M+156.1%	$12.4M-12.4%	$14.2M-20.0%	$17.7M+22.8%	$14.4M-22.0%	$18.5M+106.6%	$8.9M
Accounts Receivable	$27.3M-2.4%	$28.0M-71.7%	$98.9M-8.0%	$107.5M-0.4%	$107.9M+10.6%	$97.6M+15.2%	$84.8M-9.3%	$93.5M
Goodwill	$114.1M0.0%	$114.2M0.0%	$114.2M0.0%	$114.2M0.0%	$114.2M0.0%	$114.1M0.0%	$114.1M0.0%	$114.2M
Total Liabilities	$1.9B+7.0%	$1.8B-3.6%	$1.9B-3.5%	$1.9B+3.9%	$1.9B+13.0%	$1.7B+6.0%	$1.6B-6.6%	$1.7B
Current Liabilities	N/A	N/A	N/A	$1.2B+6.1%	$1.1B+16.1%	$987.1M+7.8%	$915.4M-8.5%	$1.0B
Long-Term Debt	$216.0M-5.5%	$228.6M+28.5%	$177.9M+70.4%	$104.4M-31.9%	$153.4M+15.7%	$132.6M+25.4%	$105.8M-13.9%	$122.9M
Total Equity	$215.5M-1.5%	$218.7M-1.2%	$221.3M+4.6%	$211.7M+22.9%	$172.3M+5.7%	$162.9M+8.4%	$150.3M+1.4%	$148.3M
Retained Earnings	-$407.2M+0.1%	-$407.5M-1.1%	-$403.0M+2.1%	-$411.8M+4.8%	-$432.6M+2.5%	-$443.6M+1.9%	-$452.0M+0.7%	-$455.1M

HGTY Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

HGTY annual cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$307.4M	$219.0M+23.7%	$177.0M+32.4%	$133.7M+141.7%	$55.3M+30.9%	$42.3M-50.0%	$84.6M
Capital Expenditures	$28.9M	$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	$278.5M	$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	-$236.1M	-$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	$65.8M	$29.9M+163.8%	-$46.9M-145.5%	$103.2M+467.3%	-$28.1M-108.5%	$332.1M+731.3%	$39.9M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$169.9M+945.4%	$16.3M-44.1%	$29.1M-68.4%	$92.2M+71.1%	$53.9M+22.9%	$43.8M+447.4%	-$12.6M-118.7%	$67.4M
Capital Expenditures	$8.2M+6.9%	$7.7M+27.8%	$6.0M-13.2%	$7.0M+12.8%	$6.2M+14.3%	$5.4M+32.5%	$4.1M-23.9%	$5.3M
Free Cash Flow	$161.7M+1792.8%	$8.5M-63.0%	$23.1M-72.9%	$85.2M+78.6%	$47.7M+24.1%	$38.4M+330.4%	-$16.7M-126.9%	$62.0M
Investing Cash Flow	-$42.8M-7.1%	-$39.9M+36.0%	-$62.4M+31.4%	-$91.0M-232.5%	-$27.4M-510.5%	-$4.5M+92.0%	-$56.1M+32.1%	-$82.6M
Financing Cash Flow	-$25.7M-128.2%	$91.0M+18948.7%	-$483K-151.9%	$931K-93.9%	$15.2M+7.0%	$14.2M+171.9%	-$19.8M-183.7%	$23.7M

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

HGTY Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

HGTY annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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	0.94-0.5x	1.48+0.1x	1.40-0.4x	1.81+0.5x	1.33
Debt-to-Equity	0.80+0.1x	0.70-0.7x	1.41-0.4x	1.83	N/A	N/A
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	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Margin	N/A	N/A	N/A	9.0%-3.5pp	12.6%+4.7pp	7.8%+6.0pp	1.8%-1.3pp	3.1%
Net Margin	2.3%+6.4pp	-4.1%-11.8pp	7.8%-4.4pp	12.2%-0.3pp	12.4%+4.1pp	8.3%+5.8pp	2.5%-3.4pp	5.9%
Return on Equity	3.7%+9.6pp	-5.8%-18.7pp	12.9%-8.9pp	21.8%-5.6pp	27.4%+10.7pp	16.8%+11.1pp	5.6%-7.2pp	12.8%
Return on Assets	0.4%+1.0pp	-0.6%-2.0pp	1.4%-0.8pp	2.1%-0.2pp	2.3%+0.8pp	1.5%+1.0pp	0.5%-0.6pp	1.1%
Current Ratio	N/A	N/A	N/A	1.00-0.1x	1.060.0x	1.01+0.1x	0.94-0.1x	1.01
Debt-to-Equity	1.000.0x	1.05+0.2x	0.80+0.3x	0.49-0.4x	0.89+0.1x	0.81+0.1x	0.70-0.1x	0.83
FCF Margin	45.6%+42.8pp	2.7%-3.5pp	6.3%-16.2pp	22.4%+9.8pp	12.6%+0.9pp	11.7%+16.7pp	-5.0%-24.2pp	19.2%

Not reported in any period shown, so not listed: Gross Margin.

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Where HAGERTY INC Ranks

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 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 36 out of 100 on our Financial Health Score, indicating weak standing within its insurers peer group. The score is a 0-100 composite of six dimensions (Loss Ratio, Premium Growth, Capital, Investment Yield, Combined Ratio, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.