HRTGHIGH SIGNALOPPORTUNITY10-K

HRTG delivered exceptional financial performance with nearly 300% growth in revenue, net income, and operating income while significantly strengthening its balance sheet and expanding geographically.

This represents a transformational year for Heritage with operating income surging from $93.6M to $267.2M, indicating either massive organic growth, successful acquisitions, or both. The company has also expanded its geographic footprint to include South Carolina and added commercial residential insurance lines, suggesting successful diversification efforts that are paying off immediately.

Comparing 2026-03-12 vs 2025-03-13View on EDGAR →
FINANCIAL ANALYSIS

HRTG experienced explosive growth across all key metrics with revenue jumping 299% to $847.3M and net income rising 288% to $195.6M, while operating cash flow more than doubled to $182.2M. The balance sheet strengthened dramatically with stockholders' equity increasing 74% to $505.3M, total debt declining 33%, and total liabilities falling 22% despite the massive revenue growth. This combination of exceptional top-line growth, improved profitability, stronger cash generation, and a de-leveraged balance sheet signals a company firing on all cylinders and potentially emerging as a dominant player in its insurance markets.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+298.8%
$212.5M→$847.3M

Strong top-line growth of 298.8% — accelerating demand or successful expansion into new markets.

Net Income
P&L
+287.9%
$50.4M→$195.6M

Net income grew 287.9% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+280.7%
$70.2M→$267.2M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Operating Cash Flow
Cash Flow
+109.2%
$87.1M→$182.2M

Operating cash flow surged 109.2% — exceptional cash generation, highest quality earnings signal.

Dividends Paid
Cash Flow
-99.8%
$4.8M→$11K

Dividends cut 99.8% — significant signal of cash flow stress or capital reallocation priorities.

Interest Expense
P&L
-98.1%
$829K→$16K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Stockholders Equity
Balance Sheet
+73.7%
$290.8M→$505.3M

Equity base grew 73.7% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Debt
Balance Sheet
-32.6%
$116.3M→$78.4M

Debt reduced 32.6% — deleveraging strengthens balance sheet and reduces financial risk.

Cash & Equivalents
Balance Sheet
+23.6%
$452.7M→$559.3M

Cash grew 23.6% — improving liquidity position supports investment and shareholder returns.

Total Liabilities
Balance Sheet
-22.4%
$2.2B→$1.7B

Liabilities reduced 22.4% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2026-03-12
PRIOR — 2025-03-13
ADDED
( Osprey ), our captive reinsurance subsidiary that may provide a portion of the reinsurance protection purchased by our insurance company subsidiaries; Heritage MGA, LLC, our managing general agent; NBIC Service Company, which provides services to NBIC; and Contractors Alliance Network, LLC ( CAN ), our vendor network manager for claims.
We also write personal and commercial residential insurance on an admitted basis in Hawaii and on an excess and surplus lines basis in California, Florida, Hawaii, and South Carolina.
For the year ended December 31, 2025, we had gross premiums written of $1.4 billion and operating income of $267.2 million.
At December 31, 2025, we had total assets of $2.2 billion and total stockholders equity of $505.3 million.
We intend to continue to generate profitable underwriting results by undertaking the following: Sustain the Profitability of our Portfolio We believe that our goal to maintain the profitability of our business is achieved through continued disciplined underwriting, diversification of our book of business, and rate adequacy, as well as maintaining a robust reinsurance program.
+7 more — sign up free →
REMOVED
_________________________________________________________ Delaware 45-5338504 (STATE OF INCORPORATION) (I.R.S.
Form 10-K Summary 103 Signatures 104 FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the federal securities laws.
( Osprey ), our captive reinsurance subsidiary that may provide a portion of the reinsurance protection purchased by our insurance company subsidiaries; Heritage MGA, LLC, our managing general agent; NBIC Service Company, which provides services to NBIC; Contractors Alliance Network, LLC ( CAN ), our vendor network manager for claims and provider of restoration, emergency and recovery services; and Skye Lane Properties, LLC, our property management subsidiary.
We also write personal residential insurance on an admitted basis in Hawaii and on an excess and surplus lines basis in California and Florida.
As of December 31, 2024, we had 376,002 personal residential policies in force, representing $1.1 billion of annualized premium, 2,891 commercial residential policies in force, representing $286.4 million of annualized premium, and 10,582 commercial general liability policies in force, representing $10.3 million of annualized premium, for a total of 389,475 policies and $1.4 billion of annualized premium.
+7 more — sign up free →
MORE OPPORTUNITY SIGNALS
IRIXHIGHIRIX demonstrated a dramatic operational turnaround with revenue surging 283% wh...
2026-04-02
CSAIHIGHCSAI underwent a dramatic financial transformation with revenue growing 271% to ...
2026-03-31
PLMKWHIGHPLMKW has entered into a definitive business combination agreement with Controll...
2026-03-31
LXEOHIGHLXEO achieved significant clinical milestones with positive interim data and reg...
2026-03-30
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →