Latest Ratios: P/E Ratio 32.8x · EV/EBITDA 23.2x · ROE 7.7%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.2B | $4.7B | $854M | $2.7B | $2.8B | $1.2B | — | — |
| Enterprise Value | $4.1B | $4.6B | $819M | $2.2B | $2.6B | $690M | — | — |
| P/E Ratio → | 32.84 | 36.32 | 96.50 | 83.51 | — | — | — | — |
| P/S Ratio | 2.86 | 3.20 | 0.72 | 2.62 | 3.41 | 2.02 | — | — |
| P/B Ratio | 5.64 | 6.24 | 1.63 | 5.38 | 7.70 | 4.31 | — | — |
| P/FCF | 21.45 | 23.98 | 5.49 | 22.39 | 258.10 | — | — | — |
| P/OCF | 19.05 | 21.30 | 4.82 | 18.31 | 51.10 | 27.61 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.16 | 0.69 | 2.14 | 3.09 | 1.20 | — | — |
| EV / EBITDA | 23.23 | 26.01 | 6.18 | 23.94 | 57.03 | — | — | — |
| EV / EBIT | 29.50 | 33.03 | 8.75 | 48.43 | 231.18 | — | — | — |
| EV / FCF | — | 23.64 | 5.26 | 18.29 | 234.20 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.4% | 80.4% | 74.9% | 78.2% | 55.0% | 54.4% | 81.8% | 100.0% |
| Operating Margin | 9.6% | 9.6% | 7.9% | 4.4% | 1.3% | -9.5% | 3.0% | 2.7% |
| Net Profit Margin | 3.4% | 3.4% | 1.4% | 2.0% | 3.9% | -8.0% | 2.0% | 1.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 7.7% | 7.7% | 3.3% | 4.7% | 10.1% | -23.9% | 8.7% | 3.8% |
| ROA | 2.6% | 2.6% | 1.1% | 1.4% | 2.8% | -5.7% | 1.7% | 0.9% |
| ROIC | 17.9% | 17.9% | 28.3% | 59.6% | 7.9% | — | — | 5.8% |
| ROCE | 7.4% | 7.4% | 5.8% | 3.1% | 1.0% | -6.7% | — | 7.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.31 | 0.31 | 0.38 | 0.48 | 0.76 | 0.47 | 0.59 | 0.47 |
| Debt / EBITDA | 1.32 | 1.32 | 1.49 | 2.63 | 6.17 | — | 2.59 | 2.64 |
| Net Debt / Equity | — | -0.09 | -0.07 | -0.99 | -0.71 | -1.76 | -1.96 | 0.28 |
| Net Debt / EBITDA | -0.38 | -0.38 | -0.26 | -5.37 | -5.82 | — | -8.63 | 1.54 |
| Debt / FCF | — | -0.34 | -0.22 | -4.10 | -23.90 | — | -4.97 | 0.75 |
| Interest Coverage | 16.01 | 16.01 | — | 10.97 | — | — | — | — |
Net cash position: cash ($299M) exceeds total debt ($233M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | — | — | — | — | — | 1.31 |
| Quick Ratio | — | — | — | — | — | — | — | 1.31 |
| Cash Ratio | — | — | — | — | — | — | — | 0.07 |
| Asset Turnover | — | 0.70 | 0.71 | 0.65 | 0.64 | 0.56 | 0.84 | 0.90 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.1% | 0.1% | — | — | — | 0.3% | — | — |
| Payout Ratio | — | — | — | — | — | — | 39.3% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.0% | 2.8% | 1.0% | 1.2% | — | — | — | — |
| FCF Yield | 4.7% | 4.2% | 18.2% | 4.5% | 0.4% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.1% | 0.1% | 0.7% | 0.0% | 0.0% | 0.3% | — | — |
| Shares Outstanding | — | $347M | $89M | $340M | $336M | $82M | $15M | $329M |
Underwriting volatility and claims severity
Based on reported figures, Hagerty trades at a P/B multiple of 5.46, which appears elevated relative to specialty peers like Kinsale Capital, suggesting that investors are pricing in a significant platform premium despite the recent deterioration in underwriting profitability and the company's inconsistent return on equity.
The current valuation multiple implies that the market continues to view Hagerty as a high-growth insurance ecosystem rather than a traditional P&C carrier. However, the disconnect between this premium multiple and the recent negative ROE of -0.6% in 2026Q1 warrants caution, as the valuation may be overly reliant on the assumption of future scale benefits that have yet to materialize in the bottom line.
As reported in recent financial statements, the combined ratio reached 106.7% in 2026Q1, marking a significant departure from the more favorable 84.4% observed in 2024Q2 and indicating that underwriting profitability is currently under substantial pressure from both loss and expense components.
The fluctuation in the combined ratio suggests that Hagerty's underwriting model is highly sensitive to claims severity, likely exacerbated by the specialized nature of collector vehicle repairs. Investors should monitor whether the company can return to a sub-100% combined ratio, as the current trend suggests that the expense ratio remains stubbornly high, limiting the firm's ability to absorb underwriting shocks.
According to the provided balance sheet data, the company's equity base has contracted significantly to $218.7 million in 2026Q1, which, when viewed alongside total liabilities exceeding $1.3 billion, indicates a high degree of underwriting leverage that leaves little room for capital-intensive expansion or unexpected loss events.
The current leverage profile appears strained, as the firm's ability to support its premium volume is increasingly dependent on maintaining a thin capital buffer. This suggests that any further deterioration in underwriting results could necessitate capital-raising activities, potentially diluting existing shareholders and limiting the firm's strategic flexibility in the near term.
Based on institutional research standards, the P/E ratio is frequently misapplied to Hagerty, as it obscures the volatility inherent in underwriting results and the impact of reinsurance quota share arrangements on reported earnings, making P/B a more reliable anchor for assessing the company's true book value.
Using P/E to evaluate an insurer like Hagerty is misleading because it fails to account for the underlying quality of the float and the cyclical nature of underwriting profits. Analysts should instead focus on the P/B ratio and the combined ratio, as these metrics provide a clearer picture of the firm's capital efficiency and its ability to generate sustainable underwriting margins over the long cycle.
Includes 30+ ratios · 7 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying HGTY stock.
Hagerty, Inc.'s current P/E ratio is 32.8x. The historical average is 72.1x.
Hagerty, Inc.'s current EV/EBITDA is 23.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 28.3x.
Hagerty, Inc.'s return on equity (ROE) is 7.7%. The historical average is 2.1%.
Based on historical data, Hagerty, Inc. is trading at a P/E of 32.8x. Compare with industry peers and growth rates for a complete picture.
Hagerty, Inc.'s current dividend yield is 0.13%.
Hagerty, Inc. has 80.4% gross margin and 9.6% operating margin.
Hagerty, Inc.'s Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.