Heritage Insurance Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Heritage Insurance Holdings, 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	439	407	480	511	593	632	662	735	817	847
Selling, general and administrative	58.9	71.7	88.5	80.5	81.5	65.8	70.4	77.8	85.1	93
Operating income	56.8	49.5	69.5	49.6	10.2	-68.1	-157	63.2	93.6	267
Interest expense	0.36	13.2	20	8.52	7.97	7.97	8.81	11.2	10.9	7.89
Other non-operating income		-42.2	-10.5	-0.05
Pre-tax income	56.4	-5.89	39	41	2.21	-76	-166	52	82.7	259
Income tax	22.5	-4.77	11.8	12.4	-7.11	-1.31	-11.8	6.7	21.1	63.7
Net income	33.9	-1.12	27.2	28.6	9.33	-74.7	-154	45.3	61.5	196
EBITDA	65.7	57.3	96.6	60	18.3	-59.6	-149	65.6	97	274
EPS, basic	1.14	-0.04	1.05	0.98	0.33	-2.69	-5.86	1.73	2.01	6.33
EPS, diluted	1.14	-0.04	1.04	0.98	0.33	-2.69	-5.86	1.73	2.01	6.32
Shares, basic (weighted)	29.6	26.8	25.9	29.2	28	27.8	26.3	26.2	30.6	30.9
Shares, diluted (weighted)	29.6	26.8	26.1	29.2	28	27.8	26.3	26.3	30.7	30.9
Dividend per share	0.23	0.24	0.24	0.24	0.24	0.24	0.24

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	106	154	250	268	441	359	281	464	453	559
Property, plant and equipment	17.2	18.7	18	20.8	18.7	17.4	25.7	33.2	38.1	28.3
Lease right-of-use assets				6.34	5.96	5.04	7.34	6.84	5.85	4.88
Goodwill	46.5	152	152	152	152	92	0
Intangible assets	26.5	102	76.9	68.6	62.3	55.9	49.6	42.6	36.4	30.2
Total assets	1,033	1,771	1,769	1,940	2,089	1,981	2,393	2,120	2,469	2,196
Total liabilities	675	1,391	1,343	1,491	1,647	1,638	2,262	1,899	2,178	1,691
Total debt	72.9	184	149	129	121	121	129	120	116	78.4
Paid-in capital	206	295	325	330	332	333	335	360	363	366
Retained earnings	183	175	196	217	220	138	-19.2	26.1	87.7	283
Treasury stock	-25.6	-87.2	-89.2	-105	-115	-124	-131	-131	-131	-133
Other comprehensive income	-5.02	-3.06	-6.53	7.33	6.06	-4.57	-53.6	-35.3	-28.6	-10.6
Shareholders' equity	358	380	425	449	442	343	131	220	291	505
Total equity	358	380	425	449	442	343	131	220	291	505
Total liabilities and equity	1,033	1,771	1,769	1,940	2,089	1,981	2,393	2,120	2,469	2,196
Shares outstanding	28.8	25.9	29.5	28.7	27.7	26.8	25.5	30.2	30.6	30.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	33.9	-1.12	27.2	28.6	9.33	-74.7	-154	45.3	61.5	196
Depreciation and amortization	8.98	7.74	27.1	10.4	8.1	8.45	8.36	2.4	3.4	6.5
Stock-based compensation	4.82	4.82	5.27	5.38	4.68	1.16	2.01	1.36	3.25	5.39
Deferred income tax	3.1	19.6	-21.6	-0.9	6.24	-5.96	-11.2	0.04	-4.84	2.38
Cash from operations	83	7.49	96.3	120	170	60.1	-34.3	70.4	87.1	182
Capital expenditures	-1.62	-0.39	-2.28	-4.98	-0.76	-1.01	-8.56	-9.89	-8.23	-8.07
Acquisitions	-110	-141
Purchases of investments	-318	-210	-212	-228	-450	-335	-127	-231	-287	-345
Sales and maturities of investments				172	381	30.4	27.1	76.9	6.5	6
Cash from investing	-249	-7.24	23.5	-53.6	22.1	-124	-37.9	101	-91.6	-32.7
Debt issued			114	0	0	2.78	35	0	0
Debt repaid			-79.5	-15.6	-9.38	-4.63	-5	-9.5	-9.5	-6.06
Stock issued		0.42				0	0	24.7	-0	0
Share buybacks	-25.6	-61.6	-2	-16.2	-10	-8.19	-7.34	0	0	-2.28
Dividends paid	-6.81	-8.25	-6.38	-6.96	-6.85	-6.71	-4.77	-0.01
Cash from financing	43.8	47.6	-32	-45.4	-28.9	-17.3	-5.06	14.5	-5.19	-40.6
Net change in cash	-123	47.8	87.8	20.6	163	-81.6	-77.2	186	-9.69	109
Free cash flow	81.3	7.1	94.1	115	169	59.1	-42.8	60.5	78.9	174
Interest paid		4.05	17.6	7.3	6.21	5.28	7.84	9.31	9.47	6.89
Income taxes paid	31.9	4.5	31.3	14.2	15.7	0.53	-0.29	7.89	12.6	57.9

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 $33.27 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	34.5%	Operating income / revenue.
EBITDA margin	35.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	33.6%	Pre-tax income / revenue.
Net margin	25.2%	Net income / revenue.
FCF margin	34.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	35.6%	Cash from operations / revenue.
Effective tax rate	25.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	37.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.8%	Net income / average total assets.
Return on invested capital (ROIC)	429.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	10.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.8%	Capital expenditures / revenue.
D&A / revenue	0.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	185.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	92.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	182.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	71.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	217.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	83.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	214.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	80.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	109.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	1.4%	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	120.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	0.5%	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	73.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	56.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-11.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.8%	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	1.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	5.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.13x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	2.9%	Total debt / total assets.
Liabilities / assets	76.9%	Total liabilities / total assets.
Net debt	-$516.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-1.71x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	41.8x	Operating income / interest expense.
Goodwill and intangibles / assets	1.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$540.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.35x	Revenue / average total assets.
Fixed asset turnover	30.8x	Revenue / average property, plant and equipment.
FCF conversion	138.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.02	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$28.42	Revenue / diluted weighted shares.
FCF per share	$9.90	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.13	Cash from operations / diluted weighted shares.
Book value per share	$19.09	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$18.18	Tangible book value / shares outstanding.
Cash per share	$19.76	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$989.2M	Share price x shares outstanding.
Enterprise value	$472.9M	Market cap + total debt - cash - short-term investments.
P/E	4.59x	Market cap / net income. Only when net income is positive.
P/S	1.16x	Market cap / revenue.
P/B	1.74x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.83x	Market cap / tangible book value, when positive.
P/FCF	3.32x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.25x	Market cap / cash from operations, when positive.
EV/Sales	0.55x	Enterprise value / revenue.
EV/EBIT	1.61x	Enterprise value / operating income, when both are positive.
EV/EBITDA	1.57x	Enterprise value / EBITDA, when both are positive.
EV/FCF	1.59x	Enterprise value / free cash flow, when both are positive.
FCF yield	30.1%	Free cash flow / market cap.
Earnings yield	21.8%	Net income / market cap (the inverse of P/E).

What was Heritage Insurance Holdings, Inc.'s revenue in fiscal 2025?

Heritage Insurance Holdings, Inc. reported revenue of $847.3M for fiscal 2025, 3.7% higher than the year before.

Was Heritage Insurance Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $195.6M, a net margin of 23.1%.

How much free cash flow did Heritage Insurance Holdings, Inc. generate in fiscal 2025?

Cash from operations of $182.2M minus capital expenditures of $8.1M left free cash flow of $174.2M.

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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