HRTG · Heritage Insurance Holdings, Inc.

Heritage Insurance Holdings, Inc., through its subsidiaries, provides personal and commercial residential insurance products. It offers personal residential insurance in Alabama, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Rhode Island, South Carolina, and Virginia; and commercial residential property insurance in Florida, Hawaii, New Jersey, and New York. The company also provides homeowners insurance, condo insurance, dwelling fire, equipment coverage, and artisan contractor program. It offers insurance products through a network of independent agents. The company was founded in 2012 and is headquartered in Tampa, Florida.

Cap structure and valuation

Cap structure
SP	$26.45
SO	30.3M
Options	0.9M
Warrants	0.0M
FD SO	31.3M
MC	$827.7M

Cash	$517.1M
Total debt	$92.5M ⚠
EV	$403.2M

TTM Multiples
EV / Revenue	0.5x
EV / EBITDA	1.4x
MC / Net Income	4.1x
EV / FCF	2.0x
MC / FCF	4.2x

Ownership & coverage
Institutional	66.0%
Insiders	19.8%
# Institutions	272
Analysts	2
Consensus	Buy
Avg target	$31.50

Short % float	3.6%
Days to cover	1.89

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-01. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.

Debt figure uncertain — $572.2M of liabilities are neither recognized debt nor a named non-debt item. Verify against the filing before relying on EV.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	212.66	215.32	212.46	208.03
Revenue YoY %	0.5%	2.4%	0.3%	2.2%
Gross Profit	75.73	112.05	92.51	89.27
Gross Profit YoY %	14.2%	112.7%	177.6%	77.1%
Gross Margin %	35.6%	52.0%	43.5%	42.9%

SG&A	24.91	22.37	22.34	24.40

Operating Income	50.82	89.68	70.17	64.87
Operating Income YoY %	19.8%	184.5%	497.2%	134.7%
Operating Margin %	23.9%	41.6%	33.0%	31.2%
EBITDA	52.42	91.68	72.27	65.97
EBITDA Margin %	24.6%	42.6%	34.0%	31.7%

Interest Expense	1.78	1.73	1.85	1.88
Pretax Income	49.04	87.95	68.32	62.99
Tax Provision	12.56	21.27	17.89	14.97
Net Income	36.48	66.67	50.42	48.02
Net Margin %	17.2%	31.0%	23.7%	23.1%

Diluted EPS	$1.19	$2.15	$1.63	$1.55
Basic EPS	$1.19	$2.16	$1.63	$1.55
Diluted Avg Shares	30.7	—	31.0	31.1
Basic Avg Shares	30.7	—	31.0	31.0

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	848.47	847.33	816.99	735.50	662.46
Revenue YoY %	0.1%	3.7%	11.1%	11.0%	—
Gross Profit	369.55	360.12	178.75	140.99	135.90
Gross Profit YoY %	2.6%	101.5%	26.8%	3.7%	—
Gross Margin %	43.6%	42.5%	21.9%	19.2%	20.5%

SG&A	94.02	92.97	85.14	77.78	70.40

Operating Income	275.53	267.15	93.61	63.22	(157.36)
Operating Income YoY %	3.1%	185.4%	48.1%	140.2%	—
Operating Margin %	32.5%	31.5%	11.5%	8.6%	(23.8%)
EBITDA	282.33	273.65	97.01	65.61	(149.00)
EBITDA Margin %	33.3%	32.3%	11.9%	8.9%	(22.5%)

Interest Expense	7.24	7.89	10.93	11.21	8.81
Pretax Income	268.29	259.26	82.67	52.01	(166.17)
Tax Provision	66.69	63.67	21.14	6.70	(11.81)
Net Income	201.60	195.59	61.54	45.31	(154.36)
Net Income to Common	201.60	195.59	61.54	45.31	(154.36)
Net Margin %	23.8%	23.1%	7.5%	6.2%	(23.3%)

Diluted EPS	$6.52	$6.32	$2.01	$1.73	-$5.86
Basic EPS	$6.53	$6.33	$2.01	$1.73	-$5.86
Diluted Avg Shares	30.7	30.9	30.7	26.3	26.3
Basic Avg Shares	30.7	30.9	30.6	26.2	26.3

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	517.07	559.27	560.43	473.46

Net PPE	28.45	28.25	27.61	38.94
Operating Lease ROU	6.33	4.88	5.19	5.25
Intangible Assets	28.64	30.19	31.73	33.28
Long-term Investments	—	1.06	—	—
Other Assets	1,440.50	1,572.16	1,742.46	1,985.83
Total Assets	2,020.98	2,195.82	2,367.42	2,536.76

Long-term Debt	77.61	78.43	79.25	92.36
Other Liabilities	1,423.00	1,612.14	1,850.92	2,061.09
Total Liabilities	1,500.61	1,690.57	1,930.17	2,153.45

Retained Earnings	319.73	283.25	216.57	166.15
Total Equity	520.37	505.25	437.25	383.30

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	517.07	559.27	452.67	463.64	280.88

Net PPE	28.45	28.25	38.08	33.22	25.73
Operating Lease ROU	6.33	4.88	5.85	6.83	7.33
Goodwill	—	—	—	—	0.00
Intangible Assets	28.64	30.19	36.37	42.55	49.58
Long-term Investments	—	1.06	1.94	1.67	1.51
Other Assets	1,440.50	1,572.16	1,934.02	1,571.66	2,027.57
Total Assets	2,020.98	2,195.82	2,468.92	2,119.57	2,392.60

Long-term Debt	77.61	78.43	116.32	119.73	128.94
Other Liabilities	1,423.00	1,612.14	2,061.80	1,779.56	2,132.62
Total Liabilities	1,500.61	1,690.57	2,178.12	1,899.29	2,261.56

Retained Earnings	319.73	283.25	87.66	26.12	(19.19)
Total Equity	520.37	505.25	290.80	220.28	131.04

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	36.48	66.67	50.42	48.02
D&A	1.60	2.00	2.10	1.10
Stock-Based Comp	0.99	1.24	1.24	1.65
Δ Working Cap & Other	(14.21)	(56.10)	70.55	(7.48)
Operating Cash Flow	24.86	13.81	124.30	43.29

CapEx	(1.82)	(2.86)	(1.58)	(1.53)
Other Investing	(42.48)	(8.71)	(22.78)	8.26
Investing Cash Flow	(44.30)	(11.57)	(24.36)	6.72

Debt Repayment	(0.94)	(0.94)	(0.38)	(2.38)
Other Financing	(18.91)	(2.44)	(12.77)	—
Financing Cash Flow	(19.85)	(3.38)	(13.15)	(2.45)

Free Cash Flow	23.05	10.95	122.72	41.76

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	201.60	195.59	61.54	45.31	(154.36)
D&A	6.80	6.50	3.40	2.40	8.36
Stock-Based Comp	5.11	5.39	3.25	1.36	2.01
Δ Working Cap & Other	(7.25)	(25.24)	18.90	21.35	109.74
Operating Cash Flow	206.26	182.24	87.09	70.42	(34.26)

CapEx	(7.79)	(8.07)	(8.23)	(9.89)	(8.56)
Other Investing	(65.71)	(24.60)	(83.37)	110.70	(29.30)
Investing Cash Flow	(73.50)	(32.67)	(91.60)	100.81	(37.86)

Debt Issuance	—	—	0.00	0.00	35.00
Debt Repayment	(4.63)	(6.06)	(9.50)	(9.50)	(5.00)
Stock Issuance	—	0.00	(0.00)	24.67	0.00
Stock Buyback	—	—	0.00	0.00	(7.34)
Dividends Paid	—	—	—	(0.01)	(4.77)
Other Financing	(34.20)	(34.57)	4.31	(0.61)	(22.95)
Financing Cash Flow	(38.83)	(40.63)	(5.19)	14.55	(5.06)

Free Cash Flow	198.47	174.16	78.86	60.52	(42.82)

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	—	—	—	—
Quick Ratio	—	—	—	—
Debt / Equity	2.88	3.35	4.41	5.62
EBITDA Margin %	24.6%	42.6%	34.0%	31.7%
Working Capital	—	—	—	—
Net Debt	(439.46)	(480.85)	(481.18)	(381.10)
ROE %	7.0%	13.2%	11.5%	12.5%
ROA %	1.8%	3.0%	2.1%	1.9%

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	—	—	—	—	—
Quick Ratio	—	—	—	—	—
Debt / Equity	2.88	3.35	7.49	8.62	17.26
EBITDA Margin %	33.3%	32.3%	11.9%	8.9%	(22.5%)
Working Capital	—	—	—	—	—
Net Debt	(439.46)	(480.85)	(336.35)	(343.91)	(151.94)
ROE %	38.7%	38.7%	21.2%	20.6%	(117.8%)
ROA %	10.0%	8.9%	2.5%	2.1%	(6.5%)

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-05-20	WHITING PAUL L	Director	2026-05-19	P	15,000	$23.50	$352,500
2026-05-20	WHITING PAUL L	Director	2026-05-19	P	1,000	$24.45	$24,450
2026-05-05	Binnun Sharon	Officer (Chief Accounting Officer)	2026-05-01	S	(9,200)	$28.99	-$266,753
2026-04-21	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2026-04-20	S	(8,034)	$27.52	-$221,132
2026-04-21	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2026-04-20	S	(300)	$28.40	-$8,521
2026-04-03	Moura Timothy	Officer (See Remarks)	2026-04-02	S	(8,444)	$25.13	-$212,232
2026-04-03	Moura Timothy	Officer (See Remarks)	2026-04-02	S	(16,325)	$26.08	-$425,736
2026-04-03	Moura Timothy	Officer (See Remarks)	2026-04-01	S	(24,619)	$25.78	-$634,584
2026-04-03	Moura Timothy	Officer (See Remarks)	2026-04-01	S	(1,102)	$26.21	-$28,884
2026-04-03	Binnun Sharon	Officer (Chief Accounting Officer)	2026-04-01	S	(8,700)	$25.69	-$223,493
2026-04-03	Binnun Sharon	Officer (Chief Accounting Officer)	2026-04-01	S	(500)	$26.19	-$13,095
2026-03-23	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2026-03-20	S	(8,334)	$25.39	-$211,579
2026-03-23	Moura Timothy	Officer (See Remarks)	2026-03-19	S	(28,223)	$26.60	-$750,802
2026-03-23	Moura Timothy	Officer (See Remarks)	2026-03-19	S	(910)	$27.43	-$24,958
2026-03-19	Binnun Sharon	Officer (Chief Accounting Officer)	2026-03-17	S	(7,893)	$28.35	-$223,751
2026-03-16	JOHNS TIMOTHY E	Officer (See Remarks)	2026-03-12	F	(10,588)	$28.14	-$297,946
2026-03-16	Lusk Kirk	Officer (Chief Financial Officer)	2026-03-12	F	(72,549)	$28.14	-$2,041,529
2026-03-16	Moura Timothy	Officer (See Remarks)	2026-03-12	F	(47,549)	$28.14	-$1,338,029
2026-03-16	Binnun Sharon	Officer (Chief Accounting Officer)	2026-03-12	F	(36,274)	$28.14	-$1,020,750
2026-03-16	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2026-03-12	F	(149,632)	$28.14	-$4,210,644
2026-03-09	Binnun Sharon	Officer (Chief Accounting Officer)	2026-03-05	A	3,037	—	$0
2026-03-09	Binnun Sharon	Officer (Chief Accounting Officer)	2026-03-05	A	12,147	—	$0
2026-03-09	Moura Timothy	Officer (See Remarks)	2026-03-05	A	4,337	—	$0
2026-03-09	Moura Timothy	Officer (See Remarks)	2026-03-05	A	16,262	—	$0
2026-03-09	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2026-03-05	A	25,960	—	$0
2026-03-09	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2026-03-05	A	81,125	—	$0
2026-03-09	Lusk Kirk	Officer (Chief Financial Officer)	2026-03-05	A	15,271	—	$0
2026-03-09	Lusk Kirk	Officer (Chief Financial Officer)	2026-03-05	A	27,487	—	$0
2026-03-09	JOHNS TIMOTHY E	Officer (See Remarks)	2026-03-05	A	764	—	$0
2026-03-09	JOHNS TIMOTHY E	Officer (See Remarks)	2026-03-05	A	1,835	—	$0
2026-02-24	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2026-02-20	S	(8,134)	$24.10	-$196,029
2026-02-24	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2026-02-20	S	(200)	$24.85	-$4,970
2026-01-22	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2026-01-20	S	(8,234)	$26.02	-$214,249
2026-01-22	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2026-01-20	S	(100)	$26.67	-$2,667
2025-12-29	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2025-12-22	S	(8,334)	$29.48	-$245,669
2025-12-17	JOHNS TIMOTHY E	Officer (See Remarks)	2025-12-15	F	(2,112)	$29.57	-$62,452
2025-12-17	Moura Timothy	Officer (See Remarks)	2025-12-15	F	(9,516)	$29.57	-$281,388
2025-12-17	Lusk Kirk	Officer (Chief Financial Officer)	2025-12-15	F	(18,112)	$29.57	-$535,572
2025-12-17	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2025-12-15	F	(40,634)	$29.57	-$1,201,547
2025-12-17	Binnun Sharon	Officer (Chief Accounting Officer)	2025-12-15	F	(4,635)	$29.57	-$137,057
2025-12-15	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2025-12-12	S	(1,709)	$28.85	-$49,298
2025-12-15	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2025-12-11	S	(6,291)	$28.42	-$178,814
2025-12-11	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2025-12-09	S	(7,000)	$28.36	-$198,538
2025-12-04	Lusk Kirk	Officer (Chief Financial Officer)	2025-12-02	S	(8,331)	$28.21	-$235,005
2025-11-24	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2025-11-20	S	(4,360)	$26.27	-$114,543
2025-11-24	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2025-11-20	S	(2,815)	$27.44	-$77,237
2025-11-24	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2025-11-20	S	(1,159)	$28.23	-$32,716
2025-11-20	WIDDICOMBE RICHARD A	Director, Other (Chairman)	2025-11-18	S	(50,000)	$29.40	-$1,470,085
2025-11-17	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2025-11-13	S	(5,000)	$30.77	-$153,848
2025-11-13	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2025-11-12	S	(5,000)	$30.39	-$151,950
2025-11-13	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2025-11-11	S	(10,000)	$29.10	-$290,976
2025-11-06	Lusk Kirk	Officer (Chief Financial Officer)	2025-11-05	S	(19,929)	$24.18	-$481,811
2025-11-06	Lusk Kirk	Officer (Chief Financial Officer)	2025-11-04	S	(71)	$24.00	-$1,704
2025-10-22	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2025-10-20	S	(7,467)	$23.01	-$171,816
2025-10-22	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2025-10-20	S	(867)	$23.02	-$19,958
2025-10-16	WIDDICOMBE RICHARD A	Director, Other (Chairman)	2025-10-14	S	(8,999)	$25.90	-$233,074
2025-10-16	WIDDICOMBE RICHARD A	Director, Other (Chairman)	2025-10-14	S	(32,286)	$26.97	-$870,753
2025-10-16	WIDDICOMBE RICHARD A	Director, Other (Chairman)	2025-10-14	S	(58,715)	$27.62	-$1,621,708
2025-10-07	Lusk Kirk	Officer (Chief Financial Officer)	2025-10-03	S	(6,803)	$24.16	-$164,360
2025-10-03	Lusk Kirk	Officer (Chief Financial Officer)	2025-10-01	S	(9,397)	$24.61	-$231,260
2025-10-03	Lusk Kirk	Officer (Chief Financial Officer)	2025-10-01	S	(3,800)	$25.18	-$95,684
2025-09-24	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2025-09-22	S	(7,267)	$27.08	-$196,790
2025-09-24	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2025-09-22	S	(1,067)	$28.33	-$30,228
2025-09-18	WIDDICOMBE RICHARD A	Director, Other (Chairman)	2025-09-16	S	(57,138)	$23.88	-$1,364,455
2025-09-18	WIDDICOMBE RICHARD A	Director, Other (Chairman)	2025-09-16	S	(42,862)	$24.52	-$1,050,976
2025-09-17	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2025-09-15	S	(25,000)	$24.61	-$615,250
2025-09-16	Lusk Kirk	Officer (Chief Financial Officer)	2025-09-12	S	(20,000)	$24.17	-$483,400
2025-09-09	Binnun Sharon	Officer (Chief Accounting Officer)	2025-09-05	S	(21,000)	$24.47	-$513,870
2025-08-12	WHITING PAUL L	Director	2025-08-08	P	2,500	$20.50	$51,248
2025-06-12	Barlas Irini	Director	2025-06-10	A	2,550	—	$0
2025-06-12	WHITING PAUL L	Director	2025-06-10	A	2,550	—	$0
2025-06-12	WIDDICOMBE RICHARD A	Director, Other (Chairman)	2025-06-10	A	2,550	—	$0
2025-06-12	Apostolou Panagiotis	Director	2025-06-10	A	2,550	—	$0
2025-06-12	Berset Mark S	Director	2025-06-10	A	2,550	—	$0
2025-06-12	Vattamattam Joseph	Director	2025-06-10	A	2,550	—	$0
2025-06-11	WHITING PAUL L	Director	2025-06-09	P	2,500	$22.36	$55,900
2025-06-02	Walvekar Vijay	Director	2025-05-21	S	(8,000)	$23.27	-$186,162
2025-06-02	Walvekar Vijay	Director	2025-05-21	S	(34,100)	$23.27	-$793,514
2025-05-13	Apostolou Panagiotis	Director	2025-05-09	S	(25,000)	$25.40	-$635,000
2025-03-17	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2025-03-14	P	5,000	$12.77	$63,850
2025-03-17	Lusk Kirk	Officer (Chief Financial Officer)	2025-03-14	P	6,000	$13.85	$83,100
2025-03-17	WHITING PAUL L	Director	2025-03-14	P	10,000	$13.35	$133,500
2025-03-13	Moura Timothy	Officer (See Remarks)	2025-03-11	A	8,207	—	$0
2025-03-13	Moura Timothy	Officer (See Remarks)	2025-03-11	A	26,263	—	$0
2025-03-13	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2025-03-11	A	55,271	—	$0
2025-03-13	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2025-03-11	A	176,869	—	$0
2025-03-13	Lusk Kirk	Officer (Chief Financial Officer)	2025-03-11	A	27,744	—	$0
2025-03-13	Lusk Kirk	Officer (Chief Financial Officer)	2025-03-11	A	52,020	—	$0
2025-03-13	JOHNS TIMOTHY E.	Officer (See Remarks)	2025-03-11	A	1,263	—	$0
2025-03-13	JOHNS TIMOTHY E.	Officer (See Remarks)	2025-03-11	A	3,788	—	$0
2025-03-13	Binnun Sharon	Officer (Chief Accounting Officer)	2025-03-11	A	6,761	—	$0
2025-03-13	Binnun Sharon	Officer (Chief Accounting Officer)	2025-03-11	A	27,045	—	$0
2024-12-17	Moura Timothy	Officer (See Remarks)	2024-12-13	F	(9,478)	$12.58	-$119,233
2024-12-17	Binnun Sharon	Officer (Chief Accounting Officer)	2024-12-13	F	(3,678)	$12.58	-$46,269
2024-12-17	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2024-12-13	F	(42,866)	$12.58	-$539,254
2024-12-17	JOHNS TIMOTHY E.	Officer (See Remarks)	2024-12-13	F	(1,910)	$12.58	-$24,028
2024-12-17	Lusk Kirk	Officer (Chief Financial Officer)	2024-12-13	F	(17,444)	$12.58	-$219,446
2024-11-26	Pappas Nicholas George	Director	2024-11-22	S	(4,000)	$12.64	-$50,550
2024-11-12	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2024-11-11	P	3,950	$12.53	$49,494
2024-08-20	WIDDICOMBE RICHARD A	Director, Other (Chairman)	2024-08-16	S	(4,437)	$15.01	-$66,599
2024-08-20	WIDDICOMBE RICHARD A	Director, Other (Chairman)	2024-08-16	P	4,437	$14.55	$64,558
2024-08-12	Garateix Ernie J	Director, Officer (Chief Executive Officer)	2024-08-09	P	5,000	$8.59	$42,950
2024-06-07	Berset Mark S	Director	2024-06-05	A	4,914	—	$0
2024-06-07	Walvekar Vijay	Director	2024-06-05	A	4,914	—	$0
2024-06-07	WIDDICOMBE RICHARD A	Director, Other (Chairman)	2024-06-05	A	4,914	—	$0
2024-06-07	WHITING PAUL L	Director	2024-06-05	A	4,914	—	$0
2024-06-07	Vattamattam Joseph	Director	2024-06-05	A	4,914	—	$0
2024-06-07	Barlas Irini	Director	2024-06-05	A	4,914	—	$0
2024-06-07	Pappas Nicholas George	Director	2024-06-05	A	4,914	—	$0
2024-06-07	Apostolou Panagiotis	Director	2024-06-05	A	4,914	—	$0
2024-05-30	WHITING PAUL L	Director	2024-05-28	P	5,000	$7.74	$38,700