Heritage Insurance Holdings, Inc. (HRTG) Balance Sheet
HRTG balance sheet, 2025
December 31, 2025 · U.S. dollars$2.20B assets = $1.69B liabilities + $505.3M equity
Both columns are drawn to the same scale: what HRTG owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HRTG financial health
Descriptive bands, not a rating. Fiscal 2025.
HRTG balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.03B2016 | $2.20B2025 | +8.7%/yr | |
| Total liabilities | $675.3M2016 | $1.69B2025 | +10.7%/yr | |
| Shareholders’ equity | $358.0M2016 | $505.3M2025 | +3.9%/yr | |
| Cash & short-term investments | $708.8M2016 | $658.7M2025 | −0.8%/yr | |
| Total debt | $72.9M2016 | $99.8M2025 | +3.6%/yr | |
| Net cash (debt) | $635.9M2016 | $558.9M2025 | −$77.0M | |
| Working capital | $622.9M2016 | −$234.4M2025 | −$857.3M | |
| Book value per share | $12.082016 | $16.322025 | +3.4%/yr | |
| Debt / equity | 0.202016 | 0.202025 | −0.01 | |
| Shares outstanding | 29.6M2016 | 30.9M2025 | +0.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HRTG assets
HRTG liabilities and equity
HRTG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HRTG balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $658.7M | $544.0M | $553.2M | $394.6M | $1.03B | $1.00B | $855.6M | $776.2M | $720.7M | $708.8M |
| Cash & equivalents | $559.3M | $452.7M | $463.6M | $280.9M | $359.3M | $441.0M | $268.4M | $250.1M | $153.7M | $105.8M |
| Short-term investments | $99.4M | $91.3M | $89.5M | $113.7M | $669.4M | $561.0M | $587.3M | $526.1M | $567.0M | $603.0M |
| Receivables | $432.6M | $850.5M | $590.8M | $913.7M | $353.1M | $464.7M | $495.8M | $410.5M | $462.5M | $53.4M |
| Inventory | $0 | $0 | −$553.1M | −$1.96B | −$495.8M | −$629.9M | −$418.4M | −$400.8M | −$778.3M | −$386.1M |
| Other current assets | $339.1M | $325.1M | $862.0M | $2.28B | $770.3M | $629.9M | $418.4M | $400.8M | $366.4M | $343.4M |
| Total current assets | $1.43B | $1.72B | $1.45B | $1.62B | $1.66B | $1.47B | $1.35B | $1.19B | $771.2M | $719.5M |
| Property, plant & equipment (net) | $45.7M | $59.0M | $57.7M | $53.2M | $45.2M | $18.7M | $20.8M | $18.0M | $18.7M | $17.2M |
| Goodwill & intangible assets | $94.7M | $99.6M | $111.8M | $149.2M | $147.9M | $214.7M | $221.1M | $229.3M | $254.1M | $73.0M |
| Long-term investments | $714.3M | $657.5M | $569.4M | $637.1M | $697.9M | $591.8M | $588.9M | $526.1M | $567.0M | $603.0M |
| Other non-current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $160.1M | $0 |
| Total assets | $2.20B | $2.47B | $2.12B | $2.39B | $1.98B | $2.09B | $1.94B | $1.77B | $1.77B | $1.03B |
| Liabilities | ||||||||||
| Accounts payable | $251.6M | $248.2M | $176.0M | $217.5M | $201.8M | $251.0M | $227.4M | $167.0M | $17.6M | $96.7M |
| Short-term debt | $74.1M | $80.1M | $89.6M | $99.1M | $69.1M | $10.0M | $10.0M | $20.0M | $184.4M | $72.9M |
| Deferred revenue | $727.1M | $717.9M | $699.8M | $683.2M | $259.4M | $18.5M | — | $203.7M | $15.4M | — |
| Total current liabilities | $1.66B | $2.12B | $1.87B | $2.20B | $1.55B | $261.0M | $237.4M | $195.4M | $17.6M | $96.7M |
| Long-term debt | $4.4M | $36.2M | $30.1M | $128.9M | $120.8M | $121.0M | $129.6M | $148.8M | $184.4M | $72.9M |
| Lease obligations | $21.4M | $25.0M | $28.5M | $31.2M | $31.2M | $8.2M | $8.4M | — | — | — |
| Other long-term liabilities | $21.4M | $25.2M | $0 | $0 | $0 | $58.5M | $49.8M | $32.7M | $0 | $3.0M |
| Total liabilities | $1.69B | $2.18B | $1.90B | $2.26B | $1.64B | $1.65B | $1.49B | $1.34B | $1.39B | $675.3M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 |
| Retained earnings (deficit) | $283.2M | $87.7M | $26.1M | −$19.2M | $138.4M | $219.8M | $217.3M | $195.8M | $175.2M | $182.8M |
| Treasury stock | — | — | — | −$130.9M | −$123.6M | −$115.4M | −$105.4M | −$89.2M | −$87.2M | −$25.6M |
| Accumulated other comprehensive income | −$10.6M | −$28.6M | −$35.2M | −$53.6M | −$4.6M | $6.1M | $7.3M | −$6.5M | −$3.1M | −$5.0M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $505.3M | $290.8M | $220.3M | $131.0M | $343.1M | $442.3M | $448.8M | $425.3M | $379.8M | $358.0M |
| Key figures | ||||||||||
| Total debt | $99.8M | $141.3M | $148.2M | $160.2M | $151.9M | $131.0M | $139.6M | $168.8M | $184.4M | $72.9M |
| Net cash (debt) | $558.9M | $402.7M | $405.0M | $234.4M | $876.8M | $871.0M | $716.0M | $607.4M | $536.3M | $635.9M |
| Working capital | −$234.4M | −$397.2M | −$421.2M | −$578.3M | $101.5M | $1.21B | $1.11B | $991.4M | $753.7M | $622.9M |
| Tangible book value | $410.5M | $191.2M | $108.5M | −$18.2M | $195.2M | $227.6M | $227.7M | $196.0M | $125.7M | $285.0M |
| Book value per share | $16.32 | $9.49 | $8.39 | $4.97 | $12.34 | $15.80 | $15.35 | $16.30 | $14.17 | $12.08 |
| Shares outstanding | 30.9M | 30.7M | 26.3M | 26.3M | 27.8M | 28.0M | 29.2M | 26.1M | 26.8M | 29.6M |
| Current ratio | 0.86 | 0.81 | 0.78 | 0.74 | 1.07 | 5.62 | 5.69 | 6.07 | 43.88 | 7.44 |
| Quick ratio | 0.66 | 0.66 | 0.61 | 0.59 | 0.89 | 5.62 | 5.69 | 6.07 | 67.31 | 7.89 |
| Debt / equity | 0.20 | 0.49 | 0.67 | 1.22 | 0.44 | 0.30 | 0.31 | 0.40 | 0.49 | 0.20 |
| Equity / assets | 23.0% | 11.8% | 10.4% | 5.5% | 17.3% | 21.2% | 23.1% | 24.0% | 21.4% | 34.6% |
| 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 | $715.5M | $625.1M | $658.7M | $666.4M | $571.3M | $542.3M | $544.0M | $592.8M | $480.9M | $480.3M | $553.2M | $404.3M |
| Cash & equivalents | $587.6M | $517.1M | $559.3M | $560.4M | $473.5M | $425.9M | $452.7M | $509.9M | $480.9M | $386.1M | $463.6M | $228.8M |
| Short-term investments | $127.9M | $108.0M | $99.4M | $105.9M | $97.8M | $116.4M | $91.3M | $82.9M | $167.8M | $94.2M | $89.5M | $175.4M |
| Receivables | $94.0M | $361.4M | $432.6M | $478.9M | $648.4M | $707.6M | $850.5M | $536.9M | $112.9M | $663.4M | $586.8M | $822.6M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$581.8M | −$480.4M | −$1.14B | −$512.9M |
| Other current assets | $638.0M | $210.8M | $339.1M | $439.4M | $543.8M | $209.7M | $325.1M | $417.2M | $1.09B | $0 | $672.2M | $989.0M |
| Total current assets | $1.45B | $1.20B | $1.43B | $1.58B | $1.76B | $1.46B | $1.72B | $1.55B | $1.10B | $594.0M | $672.2M | $1.70B |
| Property, plant & equipment (net) | $45.2M | $46.8M | $45.7M | $46.0M | $58.0M | $58.8M | $59.0M | $58.6M | $57.2M | $56.4M | $57.7M | $57.8M |
| Goodwill & intangible assets | $27.1M | $93.0M | $94.7M | $98.5M | $104.2M | $98.7M | $99.6M | $147.4M | $39.5M | −$63.2M | $42.6M | $44.1M |
| Long-term investments | $802.7M | $752.5M | $714.3M | $701.9M | $666.5M | $668.5M | $657.5M | $673.7M | $700.8M | $646.0M | $569.4M | $653.3M |
| Other non-current assets | $123.4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $702.9M | $896.9M | $777.8M | $0 |
| Total assets | $2.45B | $2.02B | $2.20B | $2.37B | $2.54B | $2.21B | $2.47B | $2.37B | $2.60B | $2.13B | $2.12B | $2.37B |
| Liabilities | ||||||||||||
| Accounts payable | $517.0M | $90.8M | $251.6M | $394.6M | $519.8M | $143.0M | $248.2M | $357.9M | $71.7M | $118.7M | $176.0M | $296.8M |
| Short-term debt | $4.1M | $73.1M | $74.1M | $75.0M | $75.4M | $77.8M | $80.1M | $82.5M | $84.9M | $87.2M | $89.6M | $92.0M |
| Deferred revenue | $738.4M | $731.9M | $727.1M | $759.7M | $780.8M | $726.5M | $717.9M | — | $765.6M | $1.5M | $1.5M | $272.7M |
| Total current liabilities | $5.7M | $1.47B | $1.66B | $1.90B | $2.11B | $1.84B | $2.12B | $2.03B | $2.20B | $429.9M | $583.3M | $282.7M |
| Long-term debt | −$901,000 | $4.5M | $4.4M | $4.3M | $17.0M | $17.1M | $36.2M | $36.1M | $35.9M | $35.8M | $30.1M | $122.1M |
| Lease obligations | $20.5M | $21.4M | $21.4M | $22.4M | $23.1M | $24.1M | $25.0M | $25.9M | $26.8M | $27.7M | $28.5M | $29.3M |
| Other long-term liabilities | $1.88B | $21.5M | $21.4M | $22.4M | $23.3M | $24.3M | $25.2M | $26.1M | $111.7M | $723.4M | $578.9M | $29.3M |
| Total liabilities | $1.88B | $1.50B | $1.69B | $1.93B | $2.15B | $1.88B | $2.18B | $2.10B | $2.34B | $1.90B | $1.90B | $2.22B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 |
| Retained earnings (deficit) | $381.4M | $319.7M | $283.2M | $216.6M | $166.2M | $118.1M | $87.7M | $67.4M | $59.2M | $40.3M | $26.1M | −$4.8M |
| Accumulated other comprehensive income | −$15.4M | −$14.0M | −$10.6M | −$12.9M | −$17.5M | −$22.1M | −$28.6M | −$19.7M | −$34.8M | −$35.5M | −$35.2M | −$49.7M |
| Total shareholders' equity | $567.7M | $520.4M | $505.3M | $437.3M | $383.3M | $329.0M | $290.8M | $279.3M | $255.3M | $234.9M | $220.3M | $151.4M |
| Key figures | ||||||||||||
| Total debt | $91.8M | $99.0M | $99.8M | $101.7M | $115.5M | $118.9M | $141.3M | $144.4M | $147.6M | $150.7M | $148.2M | $151.4M |
| Net cash (debt) | $623.7M | $526.0M | $558.9M | $564.7M | $455.8M | $423.4M | $402.7M | $448.4M | $333.4M | $329.6M | $405.0M | $252.9M |
| Working capital | $1.44B | −$277.3M | −$234.4M | −$318.8M | −$349.6M | −$383.1M | −$397.2M | −$486.0M | −$1.10B | $164.1M | $88.9M | $1.42B |
| Tangible book value | $540.6M | $427.4M | $410.5M | $338.7M | $279.1M | $230.3M | $191.2M | $132.0M | $215.9M | $298.1M | $177.7M | $107.3M |
| Book value per share | $18.88 | $16.93 | $16.32 | $14.13 | $12.40 | $10.70 | $9.49 | $9.09 | $8.31 | $7.72 | $8.19 | $5.67 |
| Shares outstanding | 30.1M | 30.7M | 31.0M | 30.9M | 30.9M | 30.8M | 30.7M | 30.7M | 30.7M | 30.4M | 26.9M | 26.7M |
| Current ratio | 255.74 | 0.81 | 0.86 | 0.83 | 0.83 | 0.79 | 0.81 | 0.76 | 0.50 | 1.38 | 1.15 | 6.02 |
| Quick ratio | 143.03 | 0.67 | 0.66 | 0.60 | 0.58 | 0.68 | 0.66 | 0.56 | 0.27 | 2.66 | 1.95 | 4.34 |
| Debt / equity | 0.16 | 0.19 | 0.20 | 0.23 | 0.30 | 0.36 | 0.49 | 0.52 | 0.58 | 0.64 | 0.67 | 1.00 |
| Equity / assets | 23.2% | 25.7% | 23.0% | 18.5% | 15.1% | 14.9% | 11.8% | 11.8% | 9.8% | 11.0% | 10.4% | 6.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 12, 2026); data from EODHD.
HRTG financial position
At the end of fiscal 2025 (December 31, 2025), Heritage Insurance had total assets of $2.2 billion (down 11.1% from a year earlier), total liabilities of $1.7 billion and shareholders' equity of $505.3 million. It held $658.7 million in cash and short-term investments against $99.8 million of debt, a net cash position of $558.9 million. Its current ratio was 0.86. In the latest quarter (ended June 30, 2026) total assets were $2.4 billion and equity $567.7 million.
Related: HRTG income statement, HRTG cash flow statement, HRTG key metrics. See the HRTG stock overview for the latest quote and news.
HRTG balance sheet FAQ
What are Heritage Insurance's total assets?
Heritage Insurance reported total assets of $2.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.5 billion a year earlier.
How much debt does Heritage Insurance have?
Heritage Insurance had $99.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.20.
How much cash does Heritage Insurance have?
Heritage Insurance held $658.7 million in cash and short-term investments at the end of fiscal 2025; with $99.8 million of debt that is net cash of $558.9 million.
What is Heritage Insurance's book value?
Heritage Insurance's shareholders' equity (book value) was $505.3 million at the end of fiscal 2025, or $16.32 per share.
What is Heritage Insurance's current ratio?
Heritage Insurance had current assets of $1.4 billion and current liabilities of $1.7 billion, a current ratio of 0.86 (current liabilities exceed current assets).
How much goodwill does Heritage Insurance have?
Heritage Insurance carried $94.7 million of goodwill and intangible assets, 4.3% of total assets, at the end of fiscal 2025.