# Hagerty (HGTY.US)

Canonical: https://gigainvestors.com/s/HGTY

Analysis as of: 2026-10-16T07:29:01.167Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $15.30 per share; close as of 2026-10-15.

Estimated value: low $0.20 per share, central $0.25 per share, high $0.34 per share. Buy at or below the central value $0.25 per share. Valuation as of 2026-10-16T07:29:01.167Z; scenarios are not confidence intervals.

Expected annual return: 6.1% at the stated quote. About 6.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- positive earnings in fewer than 6 of 7 years

- Financial history: 7 years

- Profitable years in the last ten: 5

- Required profitable years: 6

- Return on common equity variation (informational): 4.65×

Chart: Net income; fiscal year observations.

- FY2019: $4.2M

- FY2020: $10M

- FY2021: -$46M

- FY2022: -$24M

- FY2023: $20M

- FY2024: $17M

- FY2025: $49M

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Underwriting economics assessed through return on tangible common equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 0.0%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 0.0%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2019: 4.7%

- FY2020: 15.4%

- FY2021: 0.0%

- FY2022: 0.0%

- FY2023: 0.0%

- FY2024: 0.0%

- FY2025: >100%

### economics: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- nonpositive book value in the compounding window

- Book return interval: 6 years

- Starting book value per share: $0.34

- Ending book value per share: $0.64

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 0.9%

- Diluted shares, 5-year annual growth: 28.3%

- Share growth excluding flagged crisis recapitalisations: 0.9%

- Five-year share growth excluding flagged crisis recapitalisations: 28.3%

- Flagged crisis recapitalisations: 0

- Book value created per share: $0.30

- Earnings retained per share after dividends and buybacks: -$0.67

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price is 3.6 times annual sales · "Hagerty Reports Second Quarter 2025 Results; Increases 2025 Outlook for Revenue and Profit Growth" (finance.yahoo.com, Aug 2025) · net income +188.1%

Story as of 2026-10-16T09:58:52.527Z; price observation 2026-10-15.

The price is 3.6 times annual sales

- 2025-08-04: Hagerty Reports Second Quarter 2025 Results; Increases 2025 Outlook for Revenue and Profit Growth ([finance.yahoo.com](https://finance.yahoo.com/news/hagerty-reports-second-quarter-2025-105000727.html))

- 2025-11-04: Hagerty Reports Third Quarter 2025 Results; Increases 2025 Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/hagerty-reports-third-quarter-2025-115500820.html))

### Net income · FY2025

net income +188.1%; source https://www.sec.gov/Archives/edgar/data/1840776/000184077626000013/hgty-20251231.htm; observed 2026-02-26.

- FY2019: $4.2M 

- FY2020: $10M 

- FY2021: -$46M 

- FY2022: -$24M 

- FY2023: $20M 

- FY2024: $17M 

- FY2025: $49M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance property & casualty; annual sales are USD 1.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1840776/000184077626000013/hgty-20251231.htm#000184077626000013 (filed 2026-02-26); FY2025: revenue 1456389000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HGTY.US: Hagerty, Inc. provides insurance services for collector cars and enthusiast vehicles in the United States, Canada, and the United Kingdom. It operates through Insurance and Marketplace segments. The company operates as a managing general agent that underwrites, sells, and services collector car and enthusiast vehicle insurance policies. It also provides Hagerty Drivers Club memberships, which are bundled with insurance policies and give subscribers access to an array of products and services, such as emergency roadside assistance, the Hagerty Drivers Club magazine, special access to automotive enthusiast events, a proprietary vehicle valuation tool, and special vehicle-related discounts; and reinsurance services. In addition, the company offers marketplace services comprising live auctions, online sale platforms, and brokered private sales services where automotive collectors and enthusiasts can buy, sell, and finance collector cars. The company was founded in 1984 and is headquartered in Traverse City, Michigan. Hagerty, Inc. is a subsidiary of Hagerty Holding Corp.

### Why customers stay

It earns 0% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 7-year return on tangible equity observations [[2019,0.047068627262047025],[2020,0.15441515280393706],[2021,0],[2022,0],[2023,0],[2024,0],[2025,2.687832428579262]]; median 0. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 8 years; bought back USD 5.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2018,4000000],[2019,4000000],[2020,4000000],[2021,4056000],[2022,0],[2023,24002000],[2024,5600000],[2025,5600000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1840776/000184077626000013/hgty-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 5600000 USD.

### Are managers owners

Insiders own 4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HGTY.US SharesStats.PercentInsiders = 3.977 percentage points; cache date 2026-10-16.

### What the price says

The price is 3.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 15.3 USD; reporting-to-trading FX 1; FY2025 annual sales per share 4.197413055194496; price multiple 3.64510230439807. FY2025 cash earnings/share 0.1535700948161036. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-06: $9.85 per share

- 2021-07: $9.68 per share

- 2021-08: $10.03 per share

- 2021-09: $10.09 per share

- 2021-10: $10.09 per share

- 2021-11: $10.22 per share

- 2021-12: $14.18 per share

- 2022-01: $14.26 per share

- 2022-02: $15.02 per share

- 2022-03: $10.79 per share

- 2022-04: $9.51 per share

- 2022-05: $11.13 per share

- 2022-06: $11.49 per share

- 2022-07: $11.48 per share

- 2022-08: $11.23 per share

- 2022-09: $8.99 per share

- 2022-10: $9.09 per share

- 2022-11: $9.12 per share

- 2022-12: $8.41 per share

- 2023-01: $9.61 per share

- 2023-02: $8.98 per share

- 2023-03: $8.74 per share

- 2023-04: $10.01 per share

- 2023-05: $8.71 per share

- 2023-06: $9.36 per share

- 2023-07: $8.83 per share

- 2023-08: $9.14 per share

- 2023-09: $8.17 per share

- 2023-10: $7.72 per share

- 2023-11: $8.45 per share

- 2023-12: $7.80 per share

- 2024-01: $8.05 per share

- 2024-02: $8.59 per share

- 2024-03: $9.15 per share

- 2024-04: $8.95 per share

- 2024-05: $9.62 per share

- 2024-06: $10.40 per share

- 2024-07: $11.06 per share

- 2024-08: $11.94 per share

- 2024-09: $10.17 per share

- 2024-10: $10.77 per share

- 2024-11: $11.78 per share

- 2024-12: $9.65 per share

- 2025-01: $9.69 per share

- 2025-02: $10.12 per share

- 2025-03: $9.04 per share

- 2025-04: $8.81 per share

- 2025-05: $9.72 per share

- 2025-06: $10.11 per share

- 2025-07: $10.16 per share

- 2025-08: $11.45 per share

- 2025-09: $12.04 per share

- 2025-10: $11.22 per share

- 2025-11: $13.36 per share

- 2025-12: $13.44 per share

- 2026-01: $12.61 per share

- 2026-02: $11.74 per share

- 2026-03: $10.53 per share

- 2026-04: $10.16 per share

- 2026-05: $10.22 per share

- 2026-06: $11.92 per share

- 2026-07: $11.53 per share

- 2026-08: $13.30 per share

- 2026-09: $13.46 per share

- 2026-10: $15.30 per share

## Annual estimated value (USD per share)

- FY2025: low $0.10 per share, central $0.12 per share, high $0.17 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1840776/000184077626000013/hgty-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.