Heritage Insurance Holdings, Inc. (HRTG) Key Metrics
HRTG valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.06B
- Enterprise value
- $487.5M
- P/E (TTM)
- 5.1 10-yr median 13.5
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 1.2 10-yr median 0.6
- Price / book
- 1.7 10-yr median 0.9
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- 0.92
HRTG key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsHRTG valuation Price multiples at each fiscal year-end price.
HRTG returns How much profit the business earns on the capital it uses.
HRTG per-share figures Results divided by the shares outstanding at year-end.
HRTG financial health Debt, liquidity and how easily interest is covered.
HRTG efficiency & capital use Working capital cycle and where the cash goes.
HRTG valuation history
HRTG returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
HRTG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
HRTG cash returned to shareholders
HRTG price vs earnings per share
HRTG key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $905.6M | $370.9M | $171.2M | $47.4M | $163.5M | $283.5M | $387.3M | $384.1M | $482.9M | $464.4M |
| Enterprise value | $346.7M | −$31.7M | −$233.8M | −$187.0M | −$713.3M | −$587.4M | −$328.7M | −$223.3M | −$53.4M | −$171.5M |
| P/E ratio | 4.6 | 6.0 | 3.8 | — | — | 30.4 | 13.5 | 14.1 | — | 13.7 |
| Price / sales | 1.1 | 0.5 | 0.2 | 0.1 | 0.3 | 0.5 | 0.8 | 0.8 | 1.2 | 1.1 |
| Price / book | 1.8 | 1.3 | 0.8 | 0.4 | 0.5 | 0.6 | 0.9 | 0.9 | 1.3 | 1.3 |
| Price / free cash flow | 5.2 | 4.7 | 2.8 | — | 2.8 | 1.7 | 3.4 | 4.1 | 67.2 | 6.3 |
| Price / operating cash flow | 5.0 | 4.3 | 2.4 | — | 2.7 | 1.7 | 3.2 | 4.0 | 63.8 | 6.2 |
| EV / sales | 0.4 | -0.0 | -0.3 | -0.3 | -1.1 | -1.0 | -0.6 | -0.5 | -0.1 | -0.4 |
| EV / EBITDA | 1.2 | — | — | — | — | — | — | — | — | — |
| EV / free cash flow | 2.0 | — | — | — | — | — | — | — | — | — |
| Earnings yield | 21.6% | 16.6% | 26.5% | −325.5% | −45.7% | 3.3% | 7.4% | 7.1% | −0.2% | 7.3% |
| Free cash flow yield | 19.2% | 21.3% | 35.4% | −98.4% | 36.2% | 59.8% | 29.6% | 24.2% | 1.5% | 15.8% |
| Dividend yield | — | 0.0% | 0.0% | 10.1% | 4.1% | 2.4% | 1.8% | 1.7% | 1.7% | 1.5% |
| Shareholder yield (dividends + buybacks) | 0.3% | 0.0% | 0.3% | 25.5% | 9.1% | 5.9% | 6.0% | 2.2% | 14.5% | 7.0% |
| Share price at fiscal year-end | $29.26 | $12.10 | $6.52 | $1.80 | $5.88 | $10.13 | $13.25 | $14.72 | $18.02 | $15.67 |
| Per share | ||||||||||
| Revenue per share | $27.38 | $26.65 | $28.02 | $25.15 | $22.71 | $21.20 | $17.49 | $18.40 | $15.17 | $14.81 |
| Earnings per share | $6.32 | $2.01 | $1.73 | −$5.86 | −$2.69 | $0.33 | $0.98 | $1.04 | −$0.04 | $1.14 |
| Operating cash flow per share | $5.89 | $2.84 | $2.68 | −$1.30 | $2.16 | $6.08 | $4.09 | $3.66 | $0.28 | $2.54 |
| Free cash flow per share | $5.63 | $2.57 | $2.31 | −$1.77 | $2.13 | $6.05 | $3.92 | $3.57 | $0.27 | $2.48 |
| Cash per share | $21.28 | $17.75 | $21.07 | $14.98 | $37.00 | $35.80 | $29.27 | $29.75 | $26.89 | $23.92 |
| Book value per share | $16.32 | $9.49 | $8.39 | $4.97 | $12.34 | $15.80 | $15.35 | $16.30 | $14.17 | $12.08 |
| Tangible book value per share | $13.26 | $6.24 | $4.13 | −$0.69 | $7.02 | $8.13 | $7.79 | $7.51 | $4.69 | $9.62 |
| Dividends per share | — | $0.00 | $0.00 | $0.18 | $0.24 | $0.24 | $0.24 | $0.24 | $0.31 | $0.23 |
| Capex per share | $0.26 | $0.27 | $0.38 | $0.47 | $0.04 | $0.03 | $0.17 | $0.09 | $0.01 | $0.05 |
| Debt per share | $3.23 | $4.61 | $5.64 | $6.08 | $5.46 | $4.68 | $4.77 | $6.47 | $6.88 | $2.46 |
| Shares outstanding | 30.9M | 30.7M | 26.3M | 26.3M | 27.8M | 28.0M | 29.2M | 26.1M | 26.8M | 29.6M |
| Change in shares outstanding | +1.0% | +16.8% | −0.3% | −5.3% | −0.7% | −4.3% | +12.0% | −2.6% | −9.6% | −2.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 49.1% | 24.1% | 25.8% | −65.1% | −19.0% | 2.1% | 6.6% | 6.7% | −0.3% | 9.5% |
| Return on assets (ROA) | 8.4% | 2.7% | 2.0% | −7.1% | −3.7% | 0.5% | 1.5% | 1.5% | −0.1% | 3.6% |
| Return on tangible assets | 9.3% | 2.6% | 2.3% | −6.9% | −4.1% | 0.5% | 1.7% | 1.8% | −0.1% | 3.5% |
| Free cash flow margin | 20.6% | 9.7% | 8.2% | −7.0% | 9.4% | 28.6% | 22.4% | 19.4% | 1.8% | 16.7% |
| Income quality (OCF / net income) | 0.93 | 1.42 | 1.55 | — | — | 18.25 | 4.18 | 3.51 | — | 2.22 |
| Financial health | ||||||||||
| Total debt | $99.8M | $141.3M | $148.2M | $160.2M | $151.9M | $131.0M | $139.6M | $168.8M | $184.4M | $72.9M |
| Cash & short-term investments | $658.7M | $544.0M | $553.2M | $394.6M | $1.03B | $1.00B | $855.6M | $776.2M | $720.7M | $708.8M |
| Net debt | −$558.9M | −$402.7M | −$405.0M | −$234.4M | −$876.8M | −$871.0M | −$716.0M | −$607.4M | −$536.3M | −$635.9M |
| Debt / equity | 0.20 | 0.49 | 0.67 | 1.22 | 0.44 | 0.30 | 0.31 | 0.40 | 0.49 | 0.20 |
| Debt / assets | 0.05 | 0.06 | 0.07 | 0.07 | 0.08 | 0.06 | 0.07 | 0.10 | 0.10 | 0.07 |
| Net debt / EBITDA | −2.00 | −3.90 | −5.63 | — | — | −47.63 | −11.94 | −7.06 | −35.61 | −9.67 |
| Current ratio | 0.86 | 0.81 | 0.78 | 0.74 | 1.07 | 5.62 | 5.69 | 6.07 | 43.88 | 7.44 |
| Quick ratio | 0.86 | 0.81 | 1.07 | 1.63 | 1.38 | 8.03 | 7.46 | 8.13 | 88.16 | 11.44 |
| Interest coverage | 32.9 | 7.6 | 4.6 | -18.9 | -9.5 | 0.3 | 4.8 | 1.9 | -0.4 | 155.8 |
| Working capital | −$234.4M | −$397.2M | −$421.2M | −$578.3M | $101.5M | $1.21B | $1.11B | $991.4M | $753.7M | $622.9M |
| Invested capital | −$53.6M | −$111.9M | −$184.7M | −$103.3M | −$533.7M | −$428.6M | −$267.2M | −$182.1M | −$156.5M | −$277.9M |
| Tangible asset value | $410.5M | $191.2M | $108.5M | −$18.2M | $195.2M | $227.6M | $227.7M | $196.0M | $125.7M | $285.0M |
| Net current asset value | −$260.2M | −$458.6M | −$446.4M | −$639.6M | $18.5M | −$180.3M | −$139.5M | −$156.6M | −$620.1M | $44.3M |
| Graham number | $48.18 | $20.70 | $18.05 | — | — | $10.89 | $18.40 | $19.53 | — | $17.62 |
| Graham net-net per share | −$22.86 | −$32.50 | −$44.93 | −$82.15 | −$21.30 | −$21.85 | −$16.17 | −$17.61 | −$26.61 | −$4.03 |
| Capital allocation | ||||||||||
| Dividends paid | — | $54,000 | $11,000 | $4.8M | $6.7M | $6.9M | $7.0M | $6.4M | $8.2M | $6.8M |
| Share buybacks (net) | $2.3M | $3,000 | $429,000 | $7.3M | $8.2M | $10.0M | $16.2M | $2.0M | $61.6M | $25.6M |
| Dividend payout ratio | — | 0.1% | 0.0% | — | — | 73.5% | 24.3% | 23.5% | — | 20.1% |
| Dividends + buybacks / free cash flow | 1.3% | 0.1% | 0.7% | — | 25.2% | 9.9% | 20.2% | 9.0% | 973.0% | 44.0% |
| Capex / revenue | 1.0% | 1.0% | 1.3% | 1.9% | 0.2% | 0.1% | 1.0% | 0.5% | 0.1% | 0.4% |
| Capex / operating cash flow | 4.4% | 9.4% | 14.0% | — | 1.7% | 0.4% | 4.2% | 2.4% | 5.1% | 2.2% |
| Capex / depreciation | 0.64 | 0.86 | 1.14 | 1.48 | 0.12 | 0.09 | 0.48 | 0.08 | 0.05 | 0.18 |
| Stock-based compensation / revenue | 0.6% | 0.4% | 0.2% | 0.3% | 0.2% | 0.8% | 1.1% | 1.1% | 1.2% | 1.1% |
| SG&A / revenue | 11.0% | 10.4% | 11.0% | 10.6% | 10.4% | 13.7% | 15.8% | 18.4% | 17.6% | 13.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 276.4 | 322.0 | 373.3 | 349.0 | 236.3 | 295.4 | 323.5 | 331.8 | 231.5 | 34.9 |
| Days of inventory on hand | — | — | -773.9 | -683.0 | -358.3 | -381.4 | -392.2 | -668.1 | -744.6 | -413.2 |
| Days payables outstanding | 291.2 | 121.3 | 120.9 | 116.4 | 144.1 | 174.0 | 188.8 | 104.6 | 73.1 | 88.6 |
| Cash conversion cycle (days) | -14.9 | 200.7 | -521.6 | -450.4 | -266.2 | -260.0 | -257.6 | -440.8 | -586.1 | -466.8 |
| Receivables turnover | 1.32 | 1.13 | 0.98 | 1.05 | 1.54 | 1.24 | 1.13 | 1.10 | 1.58 | 10.45 |
| Payables turnover | 1.25 | 3.01 | 3.02 | 3.14 | 2.53 | 2.10 | 1.93 | 3.49 | 5.00 | 4.12 |
| Asset turnover | 0.36 | 0.36 | 0.33 | 0.30 | 0.31 | 0.29 | 0.28 | 0.27 | 0.29 | 0.47 |
| Average receivables | $641.5M | $720.7M | $752.3M | $633.4M | $408.9M | $480.2M | $453.1M | $436.5M | $257.9M | $42.0M |
| Average payables | $249.9M | $212.1M | $196.7M | $209.6M | $226.4M | $239.2M | $197.2M | $92.3M | $57.1M | $78.4M |
| Average inventory | — | — | −$1.26B | −$1.23B | −$562.9M | −$524.2M | −$409.6M | −$589.5M | −$582.2M | −$366.0M |
| Intangibles / total assets | 4.3% | 4.0% | 5.3% | 6.2% | 7.5% | 10.3% | 11.4% | 13.0% | 14.3% | 7.1% |
Computed from HRTG's annual financial statements (latest annual report filed March 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
HRTG valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Heritage Insurance traded at 4.6 times earnings, against a 10-year median of 13.5. Based on the latest twelve months, the trailing P/E is 5.1. Heritage Insurance earned a return on equity of 49.1% in fiscal 2025. It ended the year with $99.8 million of debt and $658.7 million in cash and short-term investments, a net cash position of $558.9 million. It returned $2.3 million to shareholders: $0 in dividends and $2.3 million in share buybacks, 1% of free cash flow. The share count rose 4.4% from 29.6M to 30.9M over 9 years.
See the HRTG income statement, the HRTG chart for price history, or the HRTG stock overview for the latest quote and news.
HRTG key metrics FAQ
What is Heritage Insurance's P/E ratio?
Heritage Insurance's trailing P/E ratio is 5.1 based on the last twelve months of earnings (as of October 18, 2026). At the end of fiscal 2025 it was 4.6, compared with a 10-year median of 13.5.
What is Heritage Insurance's EV/EBITDA?
Heritage Insurance's enterprise value was 1.2 times EBITDA at the end of fiscal 2025 (enterprise value $346.7 million, EBITDA $279.9 million).
What is Heritage Insurance's return on equity?
Heritage Insurance's return on equity (ROE) was 49.1% in fiscal 2025: net income of $195.6 million on average shareholders' equity of $398.0 million.
How much debt does Heritage Insurance have?
Heritage Insurance had total debt of $99.8 million at the end of fiscal 2025, a debt-to-equity ratio of 0.20 and more cash than debt.
Does Heritage Insurance buy back its shares?
Yes. Heritage Insurance spent $2.3 million on net share repurchases in fiscal 2025 Shares outstanding changed +1.0% over the year, to 30.9M..
What is Heritage Insurance's free cash flow yield?
Heritage Insurance generated $174.2 million of free cash flow in fiscal 2025, a free cash flow yield of 19.2% on its market value at year-end ($905.6 million).
What is Heritage Insurance's current ratio?
Heritage Insurance's current ratio was 0.86 at the end of fiscal 2025: current assets were 0.86 times current liabilities.