MARKETS / NYSE / HRTG

NYSE · FIRE, MARINE & CASUALTY INSURANCE · MID CAP

Heritage Insurance Holdings, Inc. HRTG

13 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$847.3M

▲ 3.7% YoY

Net income

$195.6M

▲ 217.8% YoY

Free cash flow

$174.2M

▲ 120.8% YoY

In brief

What this company does

Heritage Insurance Holdings, Inc. is a super-regional property and casualty insurance holding company that primarily provides personal and commercial residential insurance through its insurance company subsidiaries. As of December 31, 2025, it had 345,121 personal residential policies in force, representing $1.2 billion of annualized premium, 3,059 commercial residential policies in force, representing $265.0 million of annualized premium, and 9,095 commercial general liability policies in force, representing $9.3 million of annualized premium. On an admitted basis, it provides personal residential insurance in fourteen eastern and gulf states and commercial residential insurance in three of those states, and it also writes personal and commercial residential insurance on an admitted basis in Hawaii and on an excess and surplus lines basis in California, Florida, Hawaii, and South Carolina. At December 31, 2025, it had 542 full-time and part-time employees. The company conducts its operations as a single operating and reporting segment. Its insurance subsidiaries include Heritage Property & Casualty Insurance Company, which provides personal and commercial residential property insurance and commercial general liability insurance; Narragansett Bay Insurance Company, which provides personal and commercial residential property insurance; and Zephyr Insurance Company, which provides personal and commercial residential and wind-only property insurance in Hawaii.

Written from the business description in Heritage Insurance Holdings, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 12 March 2026. Every sentence was checked against that document before publication.

Growth

USD 847.3M

Revenue, FY2025 · full 13-year series below

Revenue $M Net income $M

FY2025 · Revenue 847.3 · Net income 195.6

Compound annual growth

Revenue

+8.6%

+7.4%

+7.9%

Net income

+83.8%

+7.8%

EPS, diluted

+80.5%

+7.6%

Dividend / share

+0.0%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +7.4% a year over five years — but profit grew faster: net income at +83.8%, earnings per share at +80.5%.

The share count rose from 0.03B to 0.03B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

23 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 31.5% · Net 23.1%

ROE

FY2025 · ROE 49.1%

Gross margin—

Operating margin31.5%

Net margin23.1%

Return on assets8.4%

EBITDAUSD 273.7M

Each USD of equity produced 49 cents of profit this year.

Cash & shareholders

—

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 174.2

Net buybacks $M Dividends $M

FY2024 · Dividends — · Net buybacks -0.0

Total assetsUSD 2.2B

EquityUSD 505.3M

CashUSD 559.3M

Gross debtUSD 78.4M

Net debtUSD -480.8M

The company holds more cash than debt.

The 13-year record

13 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Revenue $B	0.8	0.8	0.7	0.7	0.6	0.6	0.5	0.5	0.4	0.4	0.4	0.2	0.1
Operating income $B	0.3	0.1	0.1	−0.2	−0.1	0.0	0.0	0.1	0.0	0.1	0.2	0.1	0.1
EBITDA $B	0.3	0.1	0.1	−0.2	−0.1	0.0	0.1	0.1	0.1	0.1	0.2	0.1	0.1
Income tax $B	0.1	0.0	0.0	−0.0	−0.0	−0.0	0.0	0.0	−0.0	0.0	0.1	0.0	0.0
Net income $B	0.2	0.1	0.0	−0.2	−0.1	0.0	0.0	0.0	−0.0	0.0	0.1	0.0	0.0
Free cash flow $B	0.2	0.1	0.1	−0.0	0.1	0.2	0.1	0.1	0.0	0.1	0.1	0.2	0.1
EPS, diluted $	6.32	2.01	1.73	−5.86	−2.69	0.33	0.98	1.04	−0.04	1.14	3.05	1.82	2.36
Dividend / sh $	·	·	·	0.24	0.24	0.24	0.24	0.24	0.24	0.23	0.05	·	·
Payout %	·	·	0	−3	−9	73	24	23	−737	20	·	·	·
ROE %	49.1	24.1	25.8	−65.1	−19.0	2.1	6.6	6.7	−0.3	9.5	30.3	28.1	63.3
Shares out B	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.01

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 40 reconciliationsAUDITED

Reconciled in 14 of 19 fiscal years. 17 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityFire, Marine & Casualty Insurance

Listed onNYSE

Incorporated inDelaware

Fiscal year endsnot stated in the filings

Data on record since2012