Latest Ratios: P/E Ratio 4.3x · EV/EBITDA 1.3x · ROE 49.1%. (2012–2025 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $826M | $906M | $371M | $171M | $47M | $163M | $284M | $387M | $384M | $483M | $464M |
| Enterprise Value | $366M | $446M | $60M | $-144280821 | $-73272113 | $-43918393 | $-28274774 | $257M | $283M | $514M | $431M |
| P/E Ratio → | 4.30 | 4.63 | 6.02 | 3.77 | — | — | 30.70 | 13.52 | 14.15 | — | 13.75 |
| P/S Ratio | 0.97 | 1.07 | 0.45 | 0.23 | 0.07 | 0.26 | 0.48 | 0.76 | 0.80 | 1.19 | 1.06 |
| P/B Ratio | 1.67 | 1.79 | 1.28 | 0.78 | 0.36 | 0.48 | 0.64 | 0.86 | 0.90 | 1.27 | 1.30 |
| P/FCF | 4.74 | 5.20 | 4.70 | 2.83 | — | 2.77 | 1.67 | 3.38 | 4.12 | 67.25 | 6.32 |
| P/OCF | 4.53 | 4.97 | 4.26 | 2.43 | — | 2.72 | 1.67 | 3.24 | 4.03 | 63.83 | 6.18 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.53 | 0.07 | -0.20 | -0.11 | -0.07 | -0.05 | 0.50 | 0.59 | 1.26 | 0.98 |
| EV / EBITDA | 1.35 | 1.64 | 0.65 | -2.38 | — | — | -2.74 | 4.99 | 4.28 | 277.63 | 6.60 |
| EV / EBIT | 1.41 | 1.67 | 0.64 | -2.28 | — | — | -2.78 | 5.18 | 4.79 | 70.19 | 7.60 |
| EV / FCF | — | 2.56 | 0.76 | -2.38 | — | -0.74 | -0.17 | 2.24 | 3.04 | 71.52 | 5.87 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 63.0% | 63.0% | 21.9% | 19.3% | 0.8% | 9.2% | 15.5% | 25.4% | 32.9% | 29.8% | 26.4% |
| Operating Margin | 30.6% | 30.6% | 10.1% | 7.1% | -25.1% | -12.0% | 0.4% | 8.0% | 8.1% | -1.4% | 12.8% |
| Net Profit Margin | 23.1% | 23.1% | 7.5% | 6.2% | -23.3% | -11.8% | 1.6% | 5.6% | 5.7% | -0.3% | 7.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 49.1% | 49.1% | 24.1% | 25.8% | -65.1% | -19.0% | 2.1% | 6.6% | 6.7% | -0.3% | 9.5% |
| ROA | 8.4% | 8.4% | 2.7% | 2.0% | -7.1% | -3.7% | 0.5% | 1.5% | 1.5% | -0.1% | 3.6% |
| ROIC | 1539.6% | 1539.6% | — | — | -170.7% | -42.8% | 0.7% | 9.6% | 8.0% | -1.2% | 19.0% |
| ROCE | 38.8% | 38.8% | 3.6% | 2.3% | -7.6% | -15.8% | 0.1% | 2.2% | 2.3% | -0.4% | 6.4% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.20 | 0.20 | 0.49 | 0.67 | 1.22 | 0.44 | 0.29 | 0.31 | 0.35 | 0.49 | 0.20 |
| Debt / EBITDA | 0.37 | 0.37 | 1.53 | 2.44 | — | — | 12.52 | 2.68 | 2.25 | 99.68 | 1.12 |
| Net Debt / Equity | — | -0.91 | -1.07 | -1.43 | -0.92 | -0.60 | -0.70 | -0.29 | -0.24 | 0.08 | -0.09 |
| Net Debt / EBITDA | -1.69 | -1.69 | -3.38 | -5.20 | — | — | -30.23 | -2.54 | -1.53 | 16.60 | -0.50 |
| Debt / FCF | — | -2.64 | -3.95 | -5.21 | — | -3.51 | -1.84 | -1.14 | -1.09 | 4.28 | -0.45 |
| Interest Coverage | 33.87 | 33.87 | 8.56 | 5.64 | -17.86 | -8.54 | 1.28 | 5.81 | 2.95 | 0.55 | 156.81 |
Net cash position: cash ($559M) exceeds total debt ($100M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.86 | 0.86 | — | — | — | 1.07 | — | — | 6.07 | 43.88 | 7.44 |
| Quick Ratio | 0.86 | 0.86 | — | — | — | 1.07 | — | — | 8.13 | 88.16 | 11.44 |
| Cash Ratio | 0.40 | 0.40 | — | — | — | 0.66 | — | — | 3.97 | 41.00 | 7.33 |
| Asset Turnover | — | 0.39 | 0.33 | 0.35 | 0.28 | 0.32 | 0.28 | 0.26 | 0.27 | 0.23 | 0.42 |
| 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 0.0% | 0.0% | 10.1% | 4.1% | 2.4% | 1.8% | 1.7% | 1.7% | 1.5% |
| Payout Ratio | — | — | 0.1% | 0.0% | — | — | 73.5% | 24.3% | 23.5% | — | 20.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 23.2% | 21.6% | 16.6% | 26.5% | — | — | 3.3% | 7.4% | 7.1% | — | 7.3% |
| FCF Yield | 21.1% | 19.2% | 21.3% | 35.4% | — | 36.2% | 59.8% | 29.6% | 24.2% | 1.5% | 15.8% |
| Buyback Yield | 0.3% | 0.3% | 0.0% | 0.0% | 15.5% | 5.0% | 3.5% | 4.2% | 0.5% | 12.8% | 5.5% |
| Total Shareholder Yield | 0.3% | 0.3% | 0.0% | 0.0% | 25.5% | 9.1% | 5.9% | 6.0% | 2.2% | 14.5% | 7.0% |
| Shares Outstanding | — | $31M | $31M | $26M | $26M | $28M | $28M | $29M | $26M | $27M | $30M |
Florida catastrophe exposure concentration
According to recent market data, HRTG trades at a P/B of 1.58, which appears to reflect investor optimism regarding the company's improved underwriting profitability and the structural benefits of recent Florida legislative reforms, despite the historical volatility inherent in its catastrophe-exposed residential property insurance business model.
The current P/B multiple suggests that the market is beginning to price in a more sustainable ROE profile as the company moves past the high loss ratios of 2024. Investors should monitor whether this valuation premium can be maintained if the company's underwriting performance reverts to historical norms during a more active hurricane season.
As reported in financial statements, the combined ratio has demonstrated a marked improvement, reaching 76.9% in 2026Q1 from a peak of 95.8% in 2024Q3, which suggests that the company's internal restoration capabilities and legislative tailwinds are effectively mitigating the impact of claims severity on underwriting margins.
The compression of the loss ratio from 84.3% to 43.1% over the last ten quarters indicates a significant reduction in litigation-related expenses. This trend warrants further investigation to determine if the current expense ratio of 33.9% represents a new structural baseline or if it remains susceptible to future inflationary pressures in the claims adjustment process.
Based on the company's reported figures, the debt-to-equity ratio has trended downward to 0.19 in 2026Q1, indicating a disciplined approach to capital management that provides a robust buffer against the inherent volatility of the Florida property insurance market and satisfies stringent regulatory capital requirements.
This low leverage profile suggests that management is prioritizing balance sheet strength to maintain favorable ratings from agencies like Demotech. While this conservative stance limits potential ROE expansion through financial leverage, it appears necessary given the company's high geographic concentration and the unpredictable nature of catastrophe-related loss events.
As noted in industry research, the P/E ratio is frequently misapplied to HRTG, as it fails to account for the extreme volatility in earnings caused by seasonal catastrophe losses and reserve development, which can render trailing earnings multiples misleading indicators of the company's long-term franchise value.
Investors should instead focus on the combined ratio and book value growth, as these metrics provide a clearer view of underwriting discipline and capital accumulation. Relying on P/E ratios may obscure the impact of reinsurance treaty costs and the cyclical nature of the Florida insurance market, leading to potentially flawed valuation conclusions.
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Quick answers to the most common questions about buying HRTG stock.
Heritage Insurance Holdings, Inc.'s current P/E ratio is 4.3x. The historical average is 11.6x. This places it at the 11th percentile of its historical range.
Heritage Insurance Holdings, Inc.'s current EV/EBITDA is 1.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 3.6x.
Heritage Insurance Holdings, Inc.'s return on equity (ROE) is 49.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 10.1%.
Based on historical data, Heritage Insurance Holdings, Inc. is trading at a P/E of 4.3x. This is at the 11th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Heritage Insurance Holdings, Inc. has 63.0% gross margin and 30.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Heritage Insurance Holdings, Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.