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Insurance brokers · Financial Services · Fiscal year ends Dec 31
Hagerty reported revenue of $678M in the fiscal year ended Dec 2025, up 23.5% from the year before. Operating income was $145M, an operating margin of 21.3%, and net income was $149M. Operating cash flow of $219M less capital expenditure of $25M left free cash flow of $194M. Net debt was $18M.
Ranks among the 15 insurance brokers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 323 | 384 | 464 | 549 | 678 |
| Selling, general & admin | 172 | 230 | 242 | 273 | 353 |
| Operating incomederived: pre-tax income + interest | −10.1 | −67.6 | 10.4 | 66.4 | 145 |
| Interest expense | – | – | 5.4 | 1.4 | 5.4 |
| Pre-tax income | −54.6 | 11.1 | 44.8 | 93.7 | 139 |
| Income tax | 6.8 | 7.0 | 16.6 | 15.4 | −10.0 |
| Net income | −46.4 | 32.1 | 28.2 | 78.3 | 149 |
| Diluted EPS | −0.56 | 0.39 | – | – | – |
| Diluted shares | 82.3 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 275 | 95.2 | 108 | 105 | 160 |
| Receivables | 46.7 | 58.3 | 71.5 | 84.8 | 98.9 |
| Inventory | – | 2.1 | 5.0 | 18.5 | 12.4 |
| Current assets | 895 | 937 | 1,250 | 858 | – |
| Net PP&E | 28.4 | 25.3 | 20.8 | 18.2 | 16.3 |
| Goodwill | 11.5 | 115 | 114 | 114 | 114 |
| Total assets | 1,042 | 1,313 | 1,588 | 1,709 | 2,094 |
| Payables | 9.1 | 16.3 | – | – | – |
| Deferred revenue | 21.7 | 25.3 | 30.3 | 31.9 | 46.5 |
| Current liabilities | 496 | 667 | 842 | 915 | – |
| Short-term debt | 1.0 | 0.0 | 3.7 | 0.8 | – |
| Long-term debt | 136 | 108 | 131 | 106 | 178 |
| Total liabilities | 771 | 945 | 1,095 | 1,101 | 1,347 |
| Shareholders' equity | −324 | 59.3 | 92.7 | 150 | 221 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 42.3 | 55.3 | 134 | 177 | 219 |
| Capital expenditure | 43.4 | 44.4 | 26.4 | 21.3 | 24.5 |
| Free cash flow | −1.1 | 11.0 | 107 | 156 | 194 |
| Depreciation & amortisation | 22.1 | 33.9 | 45.8 | 38.9 | 37.5 |
| Stock-based compensation | 0.0 | 12.1 | 18.0 | 17.4 | 18.9 |
| Acquisitions | 14.6 | 15.4 | 8.7 | 25.1 | 1.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 18.7% | 21.0% | 18.2% | 23.5% |
| Operating income growth (YoY) | – | – | – | 538.1% | 117.7% |
| Operating margin | −3.1% | −17.6% | 2.2% | 12.1% | 21.3% |
| Net margin | −14.3% | 8.4% | 6.1% | 14.3% | 22.0% |
| Return on equityBlank when equity is negative | – | 54.1% | 30.4% | 52.1% | 67.4% |
| ROCEEBIT ÷ (assets − current liabilities) | −1.8% | −10.5% | 1.4% | 8.4% | – |
| Free cash flow margin | −0.3% | 2.9% | 23.1% | 28.4% | 28.7% |
| Cash conversion (CFO ÷ net income) | −0.91x | 1.72x | 4.74x | 2.26x | 1.47x |
| Receivable days | 53 | 55 | 56 | 56 | 53 |
| Interest cover | – | – | 1.93x | 47.6x | 26.6x |
| Debt ÷ equity | – | 1.83x | 1.45x | 0.71x | 0.80x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −139 | 13.1 | 26.0 | 1.8 | 17.7 |
| Current ratio | 1.81x | 1.40x | 1.48x | 0.94x | – |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.