Heritage Insurance Holdings Inc HRTG

FinancialsInsuranceUnited States of America

Last close 35.94 USD on Nov 2, 2026, +22.8% year to date

Quant rating

Quant rating A Rank 66 of 799 in Financials

Growth C 443 of 799
Valuation B 126 of 799
Quality C 351 of 799
Revisions B 279 of 799
Momentum A 19 of 799

Wall Street consensus Buy (2.50)Average target 42.50 USD +18.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.1B
Enterprise value: 563M
52-week range: 20.50 – 37.85
3-year range: 5.64 – 37.85
Dividend yield: –
Beta (5 years): 0.98
Shares outstanding: 29.6M
Next earnings: Mar 8, 2027

About the company

Heritage Insurance Holdings, Inc. is a property and casualty insurance holding company. The Company primarily provides personal and commercial residential insurance through its insurance company subsidiaries. It is vertically integrated and controls or manages substantially all aspects of insurance underwriting, customer service, actuarial analysis, distribution and claims processing and adjusting. Its subsidiaries include Heritage Property & Casualty Insurance Company (Heritage P&C), which provides personal and commercial residential property insurance and commercial general liability insurance; Narragansett Bay Insurance Company (NBIC), which provides personal and commercial residential property insurance, and Zephyr Insurance Company (Zephyr), which provides personal residential and wind-only property insurance in Hawaii. The Company provides personal residential insurance in approximately 14 eastern and gulf states and commercial residential insurance in three of those states.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	807	781	711	651	626	–
Revenue growth	3.4%	9.9%	9.2%	4.0%	12.0%	7.6%
EPS (basic, normalized)	6.32	2.01	1.73	−5.86	−0.51	–
EPS growth	214.4%	16.2%	–	–	–	–
Gross margin	–	–	–	–	–	–
Net margin	23.1%	7.5%	6.2%	−23.3%	−11.8%	0.3%
ROE	49.1%	24.1%	25.8%	−65.1%	−3.6%	6.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	85.5
Net debt (mil)	–
Total equity (mil)	599
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	807	+3.4%	0.7x	16.39	+71.2%	2.2x	6.32	+214.4%	5.7x
2026	692	−14.3%	0.8x	18.55	+13.2%	1.9x	6.08	−3.9%	5.9x
2027	684	−1.1%	0.8x	22.62	+22.0%	1.6x	5.07	−16.5%	7.1x
2028	869	+27.0%	0.6x	29.20	+29.1%	1.2x	4.93	−2.8%	7.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	692	−19.7%	−19.7%	−22.5%	6.08	+13.9%	+39.1%	+31.6%
2027	684	−23.8%	−23.9%	−28.2%	5.07	−10.1%	+7.2%	+4.6%
2028	869	–	–	–	4.93	−4.2%	−4.2%	+4.5%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	191	204	212	210	212	208	212	215	213	214
Sales mean (mil)	189	197	210	200	214	212	210	213	217	213
Surprise	+1.2%	+3.4%	+0.9%	+5.2%	−1.0%	−1.9%	+1.1%	+1.3%	−1.8%	+0.7%
EPS reported	0.47	0.61	0.27	0.66	0.99	1.55	1.63	2.15	1.19	2.05
EPS mean	0.59	0.41	0.06	0.56	0.45	1.01	0.53	1.74	1.53	1.25
Surprise	−20.2%	+47.2%	+342.6%	+17.5%	+121.8%	+53.4%	+207.5%	+23.8%	−22.3%	+64.5%

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
HRTG Heritage Insurance Holdings Inc	1.1B	49.1%	23.1%	1.88x	5.9x	7.1x	1.9x	1.6x
CB Chubb Limited	141.0B	14.4%	17.4%	1.93x	12.7x	12.5x	1.8x	1.6x
PGR The Progressive Corporation	135.6B	38.2%	12.9%	3.96x	12.7x	14.4x	4.0x	3.5x
MRSH Marsh & McLennan Companies, Inc.	97.7B	33.4%	15.4%	6.65x	19.6x	17.9x	6.5x	5.6x
TRV The Travelers Companies, Inc.	81.7B	20.8%	12.8%	2.82x	10.8x	12.8x	2.6x	2.3x
AJG Arthur J. Gallagher & Co.	71.5B	12.8%	10.7%	2.97x	21.3x	18.8x	2.8x	2.6x
Mean		28.1%	15.4%	3.37x	13.8x	13.9x	3.3x	2.9x
Median		27.1%	14.2%	2.90x	12.7x	13.6x	2.7x	2.4x

Technical analysis

1M+5.7%
3M+22.4%
1Y+52.1%
3Y+472.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Heritage Insurance Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	807	781	711	651	626	559
Other revenue	39.9	35.9	24.8	11.7	5.6	34.7
Total revenue	847	817	735	662	632	593
Losses, benefits and adjustments	487	638	594	657	573	502
Amortization of policy acquisition costs	–	–	–	–	–	–
Selling, general & administrative expenses	90.5	82.6	75.2	70.4	65.8	81.5
Depreciation/amortization	2.5	2.5	2.6	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Other operating expenses	0	0	0.8	92.0	60.5	0
Operating income	267	93.6	63.2	−157	−68.1	10.2
Net interest income (expense)	−7.9	−10.9	−11.2	−8.8	−8.0	−8.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	259	82.7	52.0	−166	−76.0	2.2
Provision for taxes	63.7	21.1	6.7	−11.8	−1.3	−7.1
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	196	61.5	45.3	−154	−74.7	9.3
Extraordinary items	–	–	–	–	–	–
Net income	196	61.5	45.3	−154	−74.7	9.3
Basic weighted average shares (mil)	30.9	30.6	26.2	26.3	27.8	28.0
Diluted weighted average shares (mil)	30.9	30.7	26.3	26.3	27.8	28.0
Basic EPS, normalized	6.32	2.01	1.73	−5.86	−0.51	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Heritage Insurance Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	12.1	2.5	1.5	1.4	1.9	1.8
Prepaid expenses	5.8	4.3	5.0	4.7	6.4	4.7
Property, plant & equipment	45.7	59.0	57.7	53.2	45.2	25.1
Goodwill	–	–	–	0	92.0	152
Intangibles	30.2	36.4	42.6	49.6	55.9	62.3
Insurance receivables	95.3	102	89.5	92.7	71.9	77.5
Long-term investments	716	663	569	654	695	589
Note receivable	–	0	13.4	12.1	11.7	32.2
Other long-term assets	19.2	24.9	20.8	23.5	5.4	5.4
Deferred policy acquisition costs	64.5	63.2	69.3	99.6	93.9	89.3
Other assets	648	1,060	787	1,121	542	609
Total assets	2,196	2,469	2,120	2,393	1,981	2,089
Liabilities
Accounts payable	18.8	21.2	16.2	17.7	10.1	9.2
Payable/accrued	–	–	–	–	–	–
Accrued expenses	34.0	33.9	37.1	34.6	64.1	36.9
Policy liabilities	1,520	1,972	1,682	1,988	1,372	1,391
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	94.0	134	140	152	145	122
Minority interest	–	–	–	–	–	–
Other liabilities	23.5	16.2	24.2	69.6	45.9	88.5
Total liabilities	1,691	2,178	1,899	2,262	1,638	1,647
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	366	363	360	335	333	332
Retained earnings (accumulated deficit)	283	87.7	26.1	−19.2	138	220
Treasury stock	−133	−131	−131	−131	−124	−115
Other equity	−10.6	−28.6	−35.2	−53.6	−4.6	6.1
Total equity	505	291	220	131	343	442
Total liabilities & shareholders' equity	2,196	2,469	2,120	2,393	1,981	2,089

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Heritage Insurance Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	196	61.5	45.3	−154	−74.7	9.3
Depreciation, depletion & amortization	12.7	9.6	8.7	8.4	8.4	8.1
Deferred taxes	2.4	−4.8	0	−11.2	−6.0	6.2
Non-cash items	5.3	1.5	−0.1	97.7	67.7	11.5
Changes in working capital	−33.8	19.3	16.4	25.2	64.7	135
Cash from operations	182	87.1	70.4	−34.3	60.1	170
Investing activities
Capital expenditures	−8.1	−8.2	−9.9	−1.7	−1.0	−0.8
Other investing cash flows	−24.6	−83.4	111	−36.2	−123	22.8
Cash from investing	−32.7	−91.6	101	−37.9	−124	22.1
Financing activities
Financing cash flow items	−2.3	−0.9	−0.4	−0.1	−0.2	−2.4
Cash dividends paid	–	–	0	−4.8	−6.7	−6.9
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−38.3	−4.3	15.0	−0.2	−10.3	−19.7
Cash from financing	−40.6	−5.2	14.5	−5.1	−17.3	−28.9
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	109	−9.7	186	−77.2	−81.6	163
Free cash flow	174	78.9	60.5	−35.9	59.1	169

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.