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Heritage Insurance Holdings, Inc.

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Financial Services · Insurance - Property & Casualty · United States · Updated May 10, 8:14pm
$22.41
Price
$688.5M
Market Cap
540
Employees
1.03
Beta
Ernesto Jose Garateix
CEO
Business Description

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, and rental property insurance in the states of Alabama, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Rhode Island, South Carolina, and Virginia; commercial residential insurance for properties in Florida, New Jersey, and New York; and licensed in the state of Pennsylvania, as well as personal residential and wind-only property insurance. It also provides restoration, and emergency and recovery services; and property management, and reinsurance services. The company writes personal line policies through a network of retail independent agents, wholesale agents, and a partnership with a direct agency, as well as indirectly to approximately 1,500 retail locations through eight wholesale agency relationships; and personal and commercial insurance policies through a network of approximately 70 independent agencies. Heritage Insurance Holdings, Inc. was founded in 2012 and is headquartered in Tampa, Florida.

Business History
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALC
Stock Price / EPS (Diluted)
3.54
Stock Price: $22.41
EPS (Diluted): 6.33
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
1.79
Stock Price: $22.41
Total Equity: $505.25M
Shares: 30,949,899
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
1.59
Market Cap: $688.46M
Total Debt: $78.43M
Cash: $559.27M
EBITDA: $279.85M
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$444.4M
Market Cap: $688.46M
Total Debt: $78.43M
Cash: $559.27M
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
63.0%
Gross Profit: $534.08M
Revenue: $847.33M
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
30.6%
Operating Income: $259.26M
Revenue: $847.33M
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
23.1%
Net Income: $195.59M
Revenue: $847.33M
ROE (Profit from shareholder equity)
CALC
Net Income / Total Equity
38.7%
Net Income: $195.59M
Total Equity: $505.25M
ROIC (Profit from all invested capital)
CALC
NOPAT / Invested Capital
801.5%
Operating Income: $259.26M
Tax Rate: 24.6%
Equity: $505.25M
Total Debt: $78.43M
Cash: $559.27M
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
0.86
Current Assets: $1.43B
Current Liabilities: $1.66B
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
0.16
Short-Term Debt: $74.06M
Long-Term Debt: $4.37M
Total Debt: $78.43M
Total Equity: $505.25M
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$27.38
Revenue: $847.33M
Shares: 30,949,899
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$16.32
Total Equity: $505.25M
Shares: 30,949,899
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$5.63
Operating CF: $182.24M
CapEx: -$8.07M
Shares: 30,949,899
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $22.41
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $195.59M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares HRTG against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Metric 2021 2022 2023 2024 2025
Revenue $631.6M $662.5M $735.5M $817.0M $847.3M
Cost of Revenue $573.3M $657.5M $593.7M $638.2M $313.2M
Gross Profit $58.2M $5.0M $141.8M $178.7M $534.1M
Operating Expenses $134.3M $171.2M $89.8M $96.1M $274.8M
Operating Income -$76.0M -$166.2M $52.0M $82.7M $259.3M
Net Income -$74.7M -$154.4M $45.3M $61.5M $195.6M
EBITDA -$59.6M -$149.0M $71.9M $103.2M $279.9M
EPS $-2.69 $-5.86 $1.73 $2.01 $6.33
EPS (Diluted) — — — — —
Balance Sheet (Annual)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $359.3M $280.9M $463.6M $452.7M $559.3M
Total Current Assets $1.7B $0 $0 $0 $1.4B
Total Assets $2.0B $2.4B $2.1B $2.5B $2.2B
Current Liabilities $1.6B $0 $0 $0 $1.7B
Long-Term Debt $51.6M $29.8M $30.1M $36.2M $4.4M
Total Liabilities $1.6B $2.3B $1.9B $2.2B $1.7B
Total Equity $343.1M $131.0M $220.3M $290.8M $505.3M
Retained Earnings $138.4M -$19.2M $26.1M $87.7M $283.3M
Cash Flow (Annual)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow $60.1M -$34.3M $70.4M $87.1M $182.2M
Capital Expenditure -$1.0M -$12.4M -$9.9M -$8.2M -$8.1M
Free Cash Flow $59.1M -$46.6M $60.5M $78.9M $174.2M
Acquisitions (net) -$210.1M -$89.5M $0 $0 $0
Debt Repayment — — — — —
Dividends Paid — — — — —
Stock Buybacks -$8.2M -$7.3M $0 $-3,000 -$2.3M
Net Change in Cash -$81.6M -$77.2M $185.8M -$9.7M $108.9M
Analyst Estimates (Annual)
Metric 2024 2025 2026 2027
Revenue $806.6M
$792.5M – $820.7M
 $844.6M
$843.7M – $845.5M
 $887.8M
$882.9M – $892.7M
 $947.7M
$942.5M – $952.9M
EBITDA $527.4M
$518.2M – $536.6M
 $552.3M
$551.7M – $552.9M
 $580.5M
$577.3M – $583.7M
 $619.7M
$616.3M – $623.1M
Net Income $58.7M
$55.4M – $62.1M
 $180.1M
$167.8M – $192.5M
 $133.6M
$125.1M – $142.1M
 $152.8M
$130.6M – $161.1M
EPS — — — —
Growth Trends (YoY %)
Metric 2022 2023 2024 2025
Revenue Growth +4.9% +11.0% +11.1% +3.7%
Gross Profit Growth -91.4% +2,738.6% +26.1% +198.8%
Operating Income Growth -118.5% +131.3% +59.0% +213.6%
Net Income Growth -106.6% +129.4% +35.8% +217.8%
EBITDA Growth -149.9% +148.3% +43.5% +171.3%
Dividend History (Last 20)
Date Dividend Declaration Record Payment
2022-06-13 $0.06 2022-05-05 2022-06-14 2022-07-05
2022-03-16 $0.06 2022-03-07 2022-03-17 2022-04-06
2021-12-14 $0.06 2021-11-04 2021-12-15 2022-01-06
2021-09-14 $0.06 2021-08-05 2021-09-15 2021-10-06
2021-06-14 $0.06 2021-05-05 2021-06-15 2021-07-06
2021-03-12 $0.06 2021-03-03 2021-03-15 2021-04-06
2020-12-14 $0.06 2020-11-02 2020-12-15 2021-01-05
2020-09-14 $0.06 2020-08-03 2020-09-15 2020-10-02
2020-06-12 $0.06 2020-05-04 2020-06-15 2020-07-06
2020-03-13 $0.06 2020-02-27 2020-03-16 2020-04-03
2019-12-13 $0.06 2019-10-31 2019-12-16 2020-01-03
2019-09-13 $0.06 2019-08-01 2019-09-16 2019-10-03
2019-06-13 $0.06 2019-05-06 2019-06-14 2019-07-03
2019-03-14 $0.06 2019-02-25 2019-03-15 2019-04-03
2018-12-13 $0.06 2018-10-31 2018-12-15 2019-01-04
2018-09-13 $0.06 2018-08-01 2018-09-15 2018-10-03
2018-06-14 $0.06 2018-05-07 2018-06-15 2018-07-06
2018-03-14 $0.06 2018-02-26 2018-03-15 2018-04-03
2017-11-16 $0.06 2017-10-31 2017-11-17 2017-12-15
2017-09-14 $0.06 2017-08-14 2017-09-15 2017-10-02
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