Heritage Insurance Holdings, Inc. (HRTG) Stock

Heritage Insurance Holdings, Inc. (HRTG) is a Financials stock trading at $33.87 (as of 2026-08-21), with a market capitalization of $1.01B and a trailing P/E of 5.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Heritage Insurance Holdings, Inc. and its subsidiaries provide residential property insurance for personal and commercial customers, offering policies for homeowners, condominium owners, and rental properties, including certain wind-only coverage, across multiple states. The company distributes coverage through independent agents, wholesale partners, and a direct agency arrangement.

Understand Heritage Insurance Holdings, Inc.: how it makes money

Heritage Insurance Holdings sells personal and commercial residential property insurance policies, and it makes money by collecting premiums from homeowners and rental property coverage while paying claims and reinsurance costs based on underwriting results.

For Heritage, profitability is driven mainly by underwriting performance, captured by the Net Combined Ratio, and it can be affected by catastrophe losses, which are partially managed through its catastrophe reinsurance program (including stated tower exhaustion points and a program limit placed).

Business quality (Solid): The dataset includes key insurance operating metrics (Net Combined Ratio 81.0%, Net Loss Ratio 45.9%, Net Expense Ratio 35.2%) and catastrophe reinsurance program details, but it does not provide an official segment revenue breakdown, and headline financial detail is limited beyond operating margin (23.9%).

Valuation: At 4× earnings, HRTG trades 72% below the Insurance average (13×). Note: one-time items can distort reported P/E.

Bull case

Underwriting performance is currently favorable on a net basis: The Net Combined Ratio is 81.0%, with a Net Loss Ratio of 45.9% and Net Expense Ratio of 35.2%.
Catastrophe risk is actively structured through reinsurance: The company discloses a Catastrophe Reinsurance Program Limit Placed (2.2 USD_B) and reinsurance tower exhaustion points across regions (Southeast, Northeast, and Hawaii).

Bear case

Catastrophe outcomes can change quickly and test reinsurance coverage: Reinsurance towers have defined exhaustion points (for example, Southeast at 1.86 USD_B, Northeast at 1.25 USD_B, and Hawaii at 1.0 USD_B), so results may vary when losses approach or exceed those levels.
Losses and claim settlement timing can swing reported results: The dataset shows Loss Adjustment Expense Related to Hurricane Ian (0.66 USD_B), which highlights that catastrophe claim handling can affect underwriting outcomes.
Reliance on ceded reinsurance affects both economics and variability: The Ceded Premium Ratio is 44.5%, so changes in reinsurance economics or coverage effectiveness can impact net results.

Valuation — source: SEC EDGAR (first-party)
Price	$33.87
Market Cap	$1.01B
P/E Ratio	5.4
EV / EBITDA	1.9
Price / Book	1.77
Price / Sales	1.18
FCF Yield	37.1%
DCF Value (model)	$186.00
DCF Upside vs Price	449.2%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$847.33M
Net Margin	23.1%
Revenue Growth (YoY)	3.7%
EPS Growth (YoY)	214.9%
FCF Growth (YoY)	120.8%

Valuation vs Sector & Industry
Stock P/E	5.4
Sector P/E (Financials)	15.1
Industry P/E (Insurance)	13.0
vs Sector	-64.0%
vs Industry	-58.3%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($57.50M)
Institutional Holders Tracked	10

Company
Sector	Financials
Industry	Insurance
CEO	Ernesto Jose Garateix
Employees	540
Country	US
IPO Date	2014-05-23

Related Companies (Business model: Property & Casualty Insurer; 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.