Hagerty, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Hagerty, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	500	619	788	1,027	1,242	1,456
Selling and marketing	86.2	107	141	156	191	258
General and administrative	51.2	64.6	89.1	85.4	82.5	94.5
Operating expenses				977	1,133	1,276
Operating income	15.8	-10.1	-67.6	10.4	66.4
Interest expense				5.38	1.4	5.44
Interest income			6.61	26.9	39.5	39
Other non-operating income	-0.99	-1.99	2.03	-4.08	-5.66	-40.9
Pre-tax income	14.9	-54.6	11.1	44.8	93.7	139
Income tax	4.82	6.75	7.02	16.6	15.4	-10
Income from continuing operations		-46.4	32.1	16.6	9.59	41.5
Net income to minority interests	-0.13	-0.4	-29.7	7.95	61.3	100
Net income	10.2	-46.4	32.1	28.2	78.3	149
EBITDA	27.6	12.1	-33.7	56.2	105
EPS, basic	101.66	-0.56	0.39
EPS, diluted	101.66	-0.56	0.39
Shares, basic (weighted)	0.1	82.3
Shares, diluted (weighted)	0.1	82.3

Balance sheet

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	38.1	275	95.2	108	105	160
Short-term investments				10.9	74
Receivables	33.9	46.7	58.3	71.5	84.8	98.9
Inventory			2.07	5.04	18.5	12.4
Other current assets	14.7	30.2	45.7	49.3	90.8
Total current assets	513	895	937	1,250	858
Property, plant and equipment	25.8	28.4	25.3	20.8	18.2	16.3
Lease right-of-use assets		0	82.4	50.5	44.5	40.7
Goodwill	4.75	11.5	115	114	114	114
Intangible assets	46.6	76.2	104	91.9	90.1	88.9
Long-term investments				5.53	516
Other non-current assets	71.5	147	37.1	38	75.1
Total assets	611	1,042	1,313	1,588	1,709	2,094
Accounts payable	11.5	9.08	16.3
Accrued liabilities	36.3	46.1
Deferred revenue	19.5	21.7	25.3	30.3	31.9
Short-term debt	1	1	0	3.65	0.79
Total current liabilities	385	496	667	842	915
Long-term debt	69	136	108	131	106	178
Lease liabilities		0	80.8	50.5	43.2
Other non-current liabilities	5.12	7.04	11.2	4.14	17.6
Total liabilities	493	771	945	1,095	1,101	1,347
Total debt	70	137	108	131	106	178
Paid-in capital		160	549	562	604	623
Retained earnings	56.8	-482	-490	-469	-452	-403
Other comprehensive income	-1.95	-1.73	-0.21	-0.09	-1.51	1.23
Shareholders' equity	-0	-324	59.3	92.7	150	221
Minority interests		1.31	308	318	373	439
Total equity	117	-322	367	411	524	660
Total liabilities and equity	611	1,042	1,313	1,588	1,709	2,094
Shares outstanding	2.88	333	339	340	345

Cash flow statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	10	-61.4	2.4	28.2	78.3	149
Depreciation and amortization	11.8	22.1	33.9	45.8	38.9	37.5
Stock-based compensation		0	12.1	18	17.4	18.9
Deferred income tax	1.48	3.04	2.97	2.92	2.93	-34.5
Change in receivables	-14.5	-13.4	-24.1
Change in inventory			0.81	2.96	-13.5
Change in payables	4.6	-2.89	10.8
Cash from operations	84.6	42.3	55.3	134	177	219
Capital expenditures	-38.3	-43.4	-44.4	-26.4	-21.3	-24.5
Acquisitions	-8.88	-14.6	-15.4	-8.68	-25.1	-1.62
Sales and maturities of investments			0	0	64.8
Cash from investing	-47.4	-69	-91.5	-52.6	-619	-185
Debt issued	73	108	94.4	162	62	257
Debt repaid	-29.1	-42.5	-123	-140	-90.8	-188
Stock issued		0	0	1.53
Cash from financing	39.9	332	-28.1	103	-46.9	29.9
Exchange rate effect	0.89	-0.46	-0.5	0.87	-2.97	2.44
Net change in cash	78	305	-64.8	185	-491	66.2
Free cash flow	46.3	-1.09	11	107	156	194
Interest paid	1.51	2.5	4.87	6.13	8.61	10.2
Income taxes paid	3.87	2.16	5.25	10.5	17.9	16.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $13.59 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	2.4%	Pre-tax income / revenue.
Net margin	4.9%	Net income / revenue.
FCF margin	19.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	21.7%	Cash from operations / revenue.
Effective tax rate	-104.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	32.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.3%	Net income / average total assets.
Stock-based pay / revenue	1.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.0%	Capital expenditures / revenue.
D&A / revenue	2.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	17.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	22.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	23.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	90.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	66.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	71.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	23.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	58.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	21.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	24.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	160.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	33.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	47.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	55.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	22.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	16.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	27.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	1.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	10.1%	Total debt / total assets.
Liabilities / assets	65.8%	Total liabilities / total assets.
Net debt	-$82.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	9.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$12.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.66x	Revenue / average total assets.
Fixed asset turnover	85.0x	Revenue / average property, plant and equipment.
Receivables turnover	51.8x	Revenue / average receivables.
Days sales outstanding	7 days	365 x average receivables / revenue.
FCF conversion	397.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	9.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Book value per share	$0.62	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.03	Tangible book value / shares outstanding.
Cash per share	$0.86	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$4.67B	Share price x shares outstanding.
Enterprise value	$4.59B	Market cap + total debt - cash - short-term investments.
P/E	66.7x	Market cap / net income. Only when net income is positive.
P/S	3.30x	Market cap / revenue.
P/B	21.7x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	389x	Market cap / tangible book value, when positive.
P/FCF	16.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.2x	Market cap / cash from operations, when positive.
EV/Sales	3.24x	Enterprise value / revenue.
EV/FCF	16.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.0%	Free cash flow / market cap.
Earnings yield	1.5%	Net income / market cap (the inverse of P/E).

What was Hagerty, Inc.'s revenue in fiscal 2025?

Hagerty, Inc. reported revenue of $1.46B for fiscal 2025, 17.3% higher than the year before.

Was Hagerty, Inc. profitable in fiscal 2025?

Yes. Net income was $149.2M, a net margin of 10.2%.

How much free cash flow did Hagerty, Inc. generate in fiscal 2025?

Cash from operations of $219.0M minus capital expenditures of $24.5M left free cash flow of $194.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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