HGTYMEDIUM SIGNALFINANCIAL10-K

Hagerty demonstrated solid operational growth with revenue expanding 21% while meaningfully strengthening its balance sheet through increased debt financing and cash reserves.

The company appears to be in a growth investment phase, using debt financing to fund expansion while maintaining strong cash generation from operations. The substantial increase in debt alongside higher cash levels suggests strategic capital raising for growth initiatives rather than distress financing.

Comparing 2026-02-26 vs 2025-03-04View on EDGAR →
FINANCIAL ANALYSIS

Hagerty showed balanced growth across key metrics with revenue up 21% and operating cash flow increasing 24% to $219M, indicating strong underlying business performance. The balance sheet was notably strengthened with cash reserves growing 53% to $160M and debt increasing 70% to $178M, suggesting active capital management to fund expansion. Total assets grew 23% to $2.1B while stockholders' equity increased 47%, reflecting both retained earnings growth and the positive impact of financing activities on the company's financial position.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
+69.5%
$105.0M→$177.9M

Debt increased 69.5% — substantial leverage increase; assess whether deployed for growth or covering losses.

Cash & Equivalents
Balance Sheet
+52.9%
$104.8M→$160.2M

Cash position surged 52.9% — strong cash generation or capital raise providing significant financial cushion.

Stockholders Equity
Balance Sheet
+47.2%
$150.3M→$221.3M

Equity base grew 47.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Inventory
Balance Sheet
-32.9%
$18.5M→$12.4M

Inventory drawn down 32.9% — strong sell-through or deliberate destocking; watch for supply constraints.

Current Assets
Balance Sheet
-31.3%
$1.3B→$858.4M

Current assets declined 31.3% — monitor working capital adequacy and short-term liquidity.

Operating Cash Flow
Cash Flow
+23.7%
$177.0M→$219.0M

Operating cash flow grew 23.7% — strong conversion of earnings to cash, healthy business fundamentals.

Total Assets
Balance Sheet
+22.5%
$1.7B→$2.1B

Asset base grew 22.5% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+22.3%
$1.1B→$1.3B

Liabilities increased 22.3% — monitor debt-to-equity ratio and interest coverage.

Revenue
P&L
+21.4%
$1.2B→$1.5B

Revenue growing 21.4% — solid top-line momentum, watch margins for quality of growth.

Accounts Receivable
Balance Sheet
+13.5%
$84.8M→$96.2M

Receivables grew 13.5% — monitor days sales outstanding for collection efficiency.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-03-04
ADDED
The registrant had 101,066,533 shares of Class A Common Stock outstanding and 241,552,156 shares of Class V Common Stock outstanding as of February 20, 2026.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 44 ITEM 7A.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 134 ITEM 9A.
BUSINESS Company Overview We are a market leader in providing insurance for collector cars and enthusiast vehicles, helping the automotive enthusiast community protect and enjoy their special cars for more than 40 years.
Our insurance products are complemented by our membership product, Hagerty Drivers Club ("HDC"), our renowned car events, and our media and entertainment platforms.
+7 more — sign up free →
REMOVED
The registrant had 90,040,663 shares of Class A Common Stock outstanding and 251,033,906 shares of Class V Common Stock outstanding as of February 20, 2025.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 40 ITEM 7A.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES 126 ITEM 9A.
Where You Can Find More Information Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, as well as any amendments to those reports, are available free of charge through our website at investor.hagerty.com after we file them with, or furnish them to, the Securities and Exchange Commission ("SEC").
BUSINESS Company Overview We are a market leader in providing insurance for collector cars and enthusiast vehicles.
+7 more — sign up free →
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