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what it is
Heritage sells home and small commercial property insurance across 16 states, with about $1.4B of gross premium in the book.
how it gets paid
Last year Heritage Insurance made $847M in revenue.
why it's growing
Top line is about ~$847M in this feed, with the latest quarter up ~2% vs. prior year. The $2.15 quarterly EPS print still matters for whether the book is earning through the cycle.
what just happened
Heritage posted $215M of revenue and $2.15 EPS in the latest quarter.
At a glance
B balance sheet — gets the job done, barely
15/100 earnings predictability — expect surprises
5.2x trailing p/e — the market's not buying it — or you found a deal
15.1% return on capital — nothing to write home about
$2.01 fy2024 eps est
xvary composite: 46/100 — below average
What they do
Heritage sells home and small commercial property insurance across 16 states, with about $1.4B of gross premium in the book.
Heritage controls underwriting, claims, and customer service. That is jargon for pricing the risk, paying the losses, and keeping the customer, so your premium dollar stays inside one machine. It has about 540 employees and writes roughly $1.4B of gross premium, so scale helps when storms hit.
How they make money
$847M
annual revenue · low single-digit / stable growth in recent prints (avoid triple-digit % from bad comps)
total revenue
$847M
~stable
The products that matter
homeowners and dwelling coverage
Personal Lines Insurance
$678M · 80% of listed revenue
it's the core business at $678M, and management resumed selective writing in 2025 after pulling back to protect underwriting.
core driver
insurance for rental properties
Commercial Residential Insurance
$169M · 20% of listed revenue
this $169M segment gives you some diversification, but it is still small next to personal lines and won't offset a bad homeowners market on its own.
secondary segment
Key numbers
5.2x
P/E
P/E means price divided by earnings, or how many years of current profit you are paying for. At 5.2x, the stock is priced like a nervous insurer.
31.5%
operating margin
Operating margin means profit left after running the business. At 31.5%, Heritage keeps 31.5 cents of each dollar after costs.
15.1%
return on capital
Return on capital means profit made on money tied up in the business. At 15.1%, Heritage is getting decent work out of each dollar it uses.
$116M
long-term debt
Debt means borrowed money that must be paid back. $116M is 12% of capital, so leverage is present without being stretched.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $116M (12% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for HRTG right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Heritage posted $215M of revenue and $2.15 EPS in the latest quarter.
Revenue was up ~2% vs. prior year in the latest quarter; EPS can swing hard on reserves and cats—at ~$25 and the page’s ~5.2x trailing P/E, implied TTM EPS is about ~$4.8; if a vendor shows ~$5.4, the implied multiple is closer to ~4.6x. FY2024 estimates in the strip sit near $2.01—always match the period.
$215M
rev (q)
$2.15
eps (q)
94.2%
combined ratio (q)
the number that mattered
The $2.15 quarterly EPS print matters because it shows whether underwriting and reserves are cooperating—pair it with the 94.2% combined ratio, not a noisy vs. prior year % alone.
source: company earnings report, 2026
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What could go wrong
the #1 risk is florida hurricane losses overwhelming a still-thin underwriting cushion.
high
florida catastrophe concentration
Personal Lines is 80% of the listed revenue here, and much of the book is tied to florida property risk. one severe storm season can erase underwriting progress fast.
could push the 94.2% combined ratio back above 100%
med
reinsurance cost inflation
Heritage depends on reinsurance to cap catastrophe losses. if that protection gets more expensive, the apparent bargain in the earnings multiple shrinks quickly.
doesn't need a storm to hurt returns — just pricier protection
med
turnaround normalization
EPS jumped from $2.01 to $6.32 and the stock jumped 136%. that is a high bar for an insurer with 15/100 earnings predictability.
if earnings slide back toward $2.01, 5.2x stops looking obviously cheap
a major storm or pricier reinsurance doesn't have to kill the company to kill the 5.2x thesis — it only has to push the 94.2% combined ratio back above 100%.
source: institutional data · regulatory filings · risk analysis
Pay attention to
biggest swing factor
2026 hurricane season
June through November. a quiet season supports the earnings story. a direct hit can reset it in one quarter.
underwriting
combined ratio
below 100% means underwriting profit. above 100% and the cheap multiple gets a lot less interesting.
growth quality
selective writing in personal lines
watch whether the $678M core business grows without giving back the underwriting discipline that drove the turnaround.
calendar
next earnings plus the $25M buyback
the authorization matters only if profits hold and management actually uses it. otherwise it's just nice typography in a press release.
Analyst rankings
earnings predictability
15 / 100
in human-speak: analysts do not view this as a steady, easily modeled earnings stream.
balance sheet grade
B
good enough to operate, not strong enough to make catastrophe risk disappear.
price stability
5 / 100
this stock trades like a turnaround in a risky line of business, because that's exactly what it is.
source: institutional data
Institutional activity
institutional ownership data for HRTG is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$25
current price
n/a
target midpoint · n/a from current
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