Hagerty, Inc. (HGTY) Balance Sheet
HGTY balance sheet, 2025
December 31, 2025 · U.S. dollars$2.07B assets = $1.32B liabilities + $747.0M equity
Both columns are drawn to the same scale: what HGTY owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HGTY financial health
Debt / equity0.76
Moderate leverage · $0.76 of debt for each $1 of equity
Cash / debt128.6%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles9.8%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
HGTY balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $443.3M2019 | $2.07B2025 | +29.3%/yr | |
| Total liabilities | $332.8M2019 | $1.32B2025 | +25.9%/yr | |
| Shareholders’ equity | $110.5M2019 | $307.9M2025 | +18.6%/yr | |
| Cash & short-term investments | $21.8M2019 | $299.0M2025 | +54.7%/yr | |
| Total debt | $52.2M2019 | $232.6M2025 | +28.3%/yr | |
| Net cash (debt) | −$30.4M2019 | $66.4M2025 | +$96.8M | |
| Working capital | $92.8M2019 | −$508.4M2024 | −$601.2M | |
| Book value per share | $0.342019 | $0.892025 | +17.6%/yr | |
| Debt / equity | 0.472019 | 0.762025 | +0.28 | |
| Shares outstanding | 329.3M2019 | 347.0M2025 | +0.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HGTY assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
HGTY liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
HGTY debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HGTY balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $299.0M | $232.8M | $724.3M | $539.2M | $604.0M | $299.1M | $21.8M |
| Cash & equivalents | $299.0M | $232.8M | $724.3M | $539.2M | $604.0M | $299.1M | $21.8M |
| Short-term investments | $696.3M | $74.0M | −$616.0M | −$11.7M | −$123.7M | — | — |
| Receivables | $224.7M | $174.2M | $216.6M | $160.9M | $132.9M | $107.2M | $108.8M |
| Inventory | $0 | $0 | −$795.8M | −$198.3M | −$573.2M | −$120.6M | −$88.6M |
| Other current assets | $0 | $0 | $795.8M | $198.3M | $573.2M | $120.6M | $346.1M |
| Total current assets | $523.7M | $407.0M | $940.9M | $700.0M | $736.9M | $406.2M | $388.1M |
| Property, plant & equipment (net) | $56.9M | $62.7M | $71.3M | $107.7M | $28.4M | $25.8M | $16.2M |
| Goodwill & intangible assets | $203.1M | $204.2M | $206.1M | $219.1M | $87.7M | $51.4M | $21.1M |
| Long-term investments | $731.1M | $74.0M | $10.9M | $0 | $0 | $0 | $0 |
| Other non-current assets | $557.2M | $925.9M | $328.5M | $261.1M | $170.5M | $114.0M | $17.8M |
| Total assets | $2.07B | $1.67B | $1.56B | $1.29B | $1.02B | $597.5M | $443.3M |
| Liabilities | |||||||
| Accounts payable | $111.9M | $108.4M | $87.2M | $68.2M | $9.1M | $60.7M | $46.6M |
| Short-term debt | $9.0M | $6.7M | $6.5M | $7.6M | $9.1M | $213.7M | $26.1M |
| Deferred revenue | $390.1M | $357.5M | $317.3M | $235.5M | $175.2M | $124.7M | $17.0M |
| Total current liabilities | — | $915.4M | $842.3M | $667.4M | $9.1M | $384.8M | $295.3M |
| Long-term debt | $24.5M | $25.3M | $27.6M | $108.3M | $135.5M | $69.0M | $26.1M |
| Lease obligations | — | $43.2M | $50.5M | $88.3M | $0 | — | — |
| Other long-term liabilities | $1.30B | $1.06B | $1.04B | $812.2M | $617.1M | $411.2M | $11.4M |
| Total liabilities | $1.32B | $1.19B | $1.06B | $920.5M | $752.6M | $480.2M | $332.8M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $34,000 | $34,000 | $33,000 | $33,000 | $33,000 | $62.3M | $113.0M |
| Retained earnings (deficit) | −$403.0M | −$452.0M | −$469.0M | −$489.6M | −$482.3M | $56.8M | — |
| Accumulated other comprehensive income | $1.2M | −$1.5M | −$88,000 | −$213,000 | −$1.7M | $60.4M | −$2.5M |
| Minority interest | $439.1M | $373.2M | $317.8M | $308.1M | $1.3M | — | — |
| Total shareholders' equity | $307.9M | $235.0M | $175.5M | $59.3M | −$323.8M | $117.2M | $110.5M |
| Key figures | |||||||
| Total debt | $232.6M | $198.0M | $238.1M | $277.4M | $126.4M | $69.0M | $52.2M |
| Net cash (debt) | $66.4M | $34.8M | $486.2M | $261.8M | $477.5M | $230.1M | −$30.4M |
| Working capital | — | −$508.4M | $98.6M | $32.7M | $727.8M | $21.5M | $92.8M |
| Tangible book value | $104.9M | $30.8M | −$30.6M | −$159.8M | −$411.4M | $65.8M | $89.4M |
| Book value per share | $0.89 | $2.66 | $0.52 | $0.18 | −$3.93 | — | $0.34 |
| Shares outstanding | 347.0M | 88.5M | 340.3M | 336.1M | 82.3M | — | 329.3M |
| Current ratio | — | 0.44 | 1.12 | 1.05 | 81.12 | 1.06 | 1.31 |
| Quick ratio | — | 0.44 | 1.12 | 1.05 | 81.12 | 1.06 | 0.44 |
| Debt / equity | 0.76 | 0.84 | 1.36 | 4.68 | — | 0.59 | 0.47 |
| Equity / assets | 14.9% | 14.0% | 11.3% | 4.6% | −31.6% | 19.6% | 24.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.17B | $476.3M | $299.0M | $290.5M | $259.6M | $232.7M | $178.7M | $208.9M | $315.5M | $726.8M | $724.3M | $685.6M |
| Cash & equivalents | $467.6M | $212.4M | $299.0M | $160.4M | $140.3M | $127.7M | $104.8M | $147.1M | $315.5M | $726.8M | $724.3M | $685.6M |
| Short-term investments | $305.2M | $263.9M | $696.3M | $130.1M | $119.3M | $105.0M | $74.0M | $61.8M | $65.4M | −$595.6M | −$616.0M | — |
| Receivables | $132.7M | $300.7M | $224.7M | $477.8M | $486.5M | $363.5M | $315.9M | $388.7M | $239.5M | $172.0M | $216.6M | $242.4M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$403.9M | −$436.0M | −$449.4M | $312.3M |
| Other current assets | $0 | $281.4M | $0 | $172.3M | $190.3M | $158.6M | $128.1M | $176.3M | $403.9M | $436.0M | $449.4M | $0 |
| Total current assets | $1.20B | $1.06B | $523.7M | $940.6M | $936.4M | $754.8M | $622.7M | $773.9M | $555.0M | $898.8M | $940.9M | $927.9M |
| Property, plant & equipment (net) | $54.4M | $55.6M | $56.9M | $42.2M | $59.8M | $61.4M | $62.7M | $64.6M | $67.1M | $69.2M | $71.3M | $73.6M |
| Goodwill & intangible assets | $203.4M | $346.8M | $203.1M | $395.1M | $379.3M | $353.5M | $360.7M | $374.8M | $197.0M | $202.5M | $206.1M | $210.0M |
| Long-term investments | $756.5M | $720.9M | $731.1M | $130.1M | $119.3M | $105.0M | $74.0M | $61.8M | $65.4M | $0 | $10.9M | $0 |
| Other non-current assets | $0 | $0 | $557.2M | $643.9M | $545.7M | $541.6M | $589.3M | $542.8M | $845.0M | $399.7M | $328.5M | $372.1M |
| Total assets | $2.15B | $2.02B | $2.07B | $2.15B | $2.04B | $1.82B | $1.71B | $1.82B | $1.73B | $1.57B | $1.56B | $1.58B |
| Liabilities | ||||||||||||
| Accounts payable | $116.9M | $100.2M | $111.9M | $171.6M | $188.4M | $154.0M | $108.4M | $118.5M | $139.1M | $97.4M | $87.2M | $113.5M |
| Short-term debt | $4.4M | $204.1M | $9.0M | $152.5M | $128.3M | $108.9M | $79.7M | $96.3M | $6.5M | $6.6M | $6.5M | $45.4M |
| Deferred revenue | — | $605.1M | $390.1M | $439.4M | $447.1M | $384.9M | $389.4M | $455.1M | $362.5M | $312.7M | $317.3M | $335.9M |
| Total current liabilities | — | $1.12B | — | $1.21B | $1.17B | $1.01B | $955.2M | $1.06B | $571.1M | $505.2M | $842.3M | $890.6M |
| Long-term debt | $24.6M | $24.6M | $24.5M | $25.0M | $25.1M | $25.3M | $25.3M | $26.6M | $25.2M | $30.9M | $27.6M | $30.4M |
| Lease obligations | — | — | — | $40.5M | $40.9M | $42.0M | $43.2M | $44.9M | $46.7M | $49.2M | $50.5M | $52.0M |
| Other long-term liabilities | $1.34B | $233.7M | $1.30B | $287.1M | $265.3M | $245.9M | $205.4M | $206.4M | $1.17B | $1.03B | $1.04B | $1.07B |
| Total liabilities | $1.36B | $1.38B | $1.32B | $1.52B | $1.46B | $1.28B | $1.19B | $1.29B | $1.19B | $1.06B | $1.06B | $1.11B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $34,000 | $34,000 | $34,000 | $34,000 | $34,000 | $34,000 | $34,000 | $34,000 | $33,000 | $33,000 | $33,000 | $33,000 |
| Retained earnings (deficit) | −$407.2M | −$407.5M | −$403.0M | −$411.8M | −$432.6M | −$443.6M | −$452.0M | −$455.1M | −$460.0M | −$470.3M | −$469.0M | −$483.6M |
| Accumulated other comprehensive income | −$1.1M | −$66,000 | $1.2M | $998,000 | $262,000 | −$455,000 | −$1.5M | $1.4M | −$667,000 | −$236,000 | −$88,000 | −$176,000 |
| Minority interest | $434.4M | $426.7M | $439.1M | $418.4M | $405.8M | — | — | — | — | — | — | — |
| Total shareholders' equity | $300.5M | $218.7M | $307.9M | $211.7M | $172.3M | $162.9M | $150.3M | $148.3M | $175.4M | $178.2M | $175.5M | $155.2M |
| Key figures | ||||||||||||
| Total debt | $262.7M | $317.3M | $232.6M | $302.7M | $277.1M | $261.1M | $232.8M | $250.5M | $197.9M | $196.4M | $238.1M | $179.8M |
| Net cash (debt) | $906.5M | $159.1M | $66.4M | −$12.2M | −$17.5M | −$28.4M | −$54.1M | −$41.6M | $117.7M | $530.4M | $486.2M | $505.8M |
| Working capital | — | −$62.5M | — | −$269.2M | −$235.7M | −$257.6M | −$332.4M | −$285.7M | −$16.1M | $393.6M | $98.6M | $37.3M |
| Tangible book value | $97.0M | −$128.1M | $104.9M | −$183.4M | −$207.0M | −$190.6M | −$210.4M | −$226.6M | −$21.7M | −$24.3M | −$30.6M | −$54.7M |
| Book value per share | $2.96 | $2.16 | $0.89 | $0.61 | $1.90 | $0.47 | $1.67 | $1.65 | $2.05 | $2.11 | $0.51 | $1.84 |
| Shares outstanding | 101.4M | 101.0M | 347.0M | 347.2M | 90.7M | 346.3M | 90.0M | 89.7M | 85.7M | 84.7M | 347.5M | 84.5M |
| Current ratio | — | 0.94 | — | 0.78 | 0.80 | 0.75 | 0.65 | 0.73 | 0.97 | 1.78 | 1.12 | 1.04 |
| Quick ratio | — | 0.69 | — | 0.64 | 0.64 | 0.59 | 0.52 | 0.56 | 0.97 | 1.78 | 1.12 | 1.04 |
| Debt / equity | 0.87 | 1.45 | 0.76 | 1.43 | 1.61 | 1.60 | 1.55 | 1.69 | 1.13 | 1.10 | 1.36 | 1.16 |
| Equity / assets | 14.0% | 10.8% | 14.9% | 9.8% | 8.4% | 9.0% | 8.8% | 8.2% | 10.1% | 11.3% | 11.3% | 9.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
HGTY financial position
At the end of fiscal 2025 (December 31, 2025), Hagerty had total assets of $2.1 billion (up 23.8% from a year earlier), total liabilities of $1.3 billion and shareholders' equity of $307.9 million. It held $299.0 million in cash and short-term investments against $232.6 million of debt, a net cash position of $66.4 million. In the latest quarter (ended June 30, 2026) total assets were $2.1 billion and equity $300.5 million.
Related: HGTY income statement, HGTY cash flow statement, HGTY key metrics. See the HGTY stock overview for the latest quote and news.
HGTY balance sheet FAQ
What are Hagerty's total assets?
Hagerty reported total assets of $2.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.7 billion a year earlier.
How much debt does Hagerty have?
Hagerty had $232.6 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.76.
How much cash does Hagerty have?
Hagerty held $299.0 million in cash and short-term investments at the end of fiscal 2025; with $232.6 million of debt that is net cash of $66.4 million.
What is Hagerty's book value?
Hagerty's shareholders' equity (book value) was $307.9 million at the end of fiscal 2025, or $0.89 per share.
How much goodwill does Hagerty have?
Hagerty carried $203.1 million of goodwill and intangible assets, 9.8% of total assets, at the end of fiscal 2025.