Heritage Insurance Holdings, Inc. (HRTG) intrinsic value & 10-year financials
Heritage Insurance Holdings, Inc. (HRTG) has a Graham intrinsic value of $209.92 per share. At $35.93 on Oct 20, 2026, the stock trades 83% below that value. Over the last 10 fiscal years revenue grew 7.6% a year to $847.3M, with an average return on invested capital of -242.8%.
- Graham intrinsic value
- $209.92
- Share price (Oct 20, 2026)
- $35.93
- Price vs Graham value
- 83% below
- Market cap
- $1.1B
- Revenue (FY2025)
- $847.3M
- Revenue growth (10-yr CAGR)
- 7.6%
- ROIC (10-yr avg)
- -242.8%
- Free cash flow (FY2025)
- $174.2M
HRTG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $847.3M | $195.6M | $6.32 | $174.2M | 31.5% | -1906.5% |
| FY2024 | $817.0M | $61.5M | $2.01 | $78.9M | 11.5% | -82.4% |
| FY2023 | $735.5M | $45.3M | $1.73 | $60.5M | 8.6% | -76.2% |
| FY2022 | $662.5M | -$154.4M | -$5.86 | -$35.9M | -23.8% | -349.8% |
| FY2021 | $631.6M | -$74.7M | -$2.69 | $59.1M | -10.8% | -59.0% |
| FY2020 | $593.4M | $9.3M | $0.33 | $169.5M | 1.7% | 4.7% |
| FY2019 | $511.3M | $28.6M | $0.98 | $114.7M | 9.7% | 10.9% |
| FY2018 | $480.2M | $27.2M | $1.04 | $93.1M | 14.5% | 13.2% |
| FY2017 | $406.6M | -$1.1M | -$0.04 | $7.1M | 12.2% | 6.7% |
| FY2016 | $439.0M | $33.9M | $1.14 | $81.3M | 12.9% | 10.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Heritage Insurance Holdings, Inc. has demonstrated mature, steady growth, with revenue compounding at 7.6% annually over the past decade.
Heritage Insurance Holdings, Inc. has historically struggled to out-earn its cost of capital, averaging just -19.4% ROIC.
Heritage Insurance Holdings, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Heritage Insurance Holdings, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $209.92 per share.