Hagerty (HGTY)


Market Price (9/21/2026): $14.0 | Market Cap: $1.4 BilSector: Financials | Industry: Property & Casualty Insurance

Hagerty (HGTY)


Market Price (9/21/2026): $14.0
Market Cap: $1.4 Bil
Sector: Financials
Industry: Property & Casualty Insurance

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -27%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%

Attractive yield
FCF Yield is 20%

Low stock price volatility
Vol 12M is 35%

Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, and Digital & Alternative Assets. Themes include Experiential Retail, and Collectible & Classic Vehicle Assets.

Trading close to highs
Dist 52W High is -0.6%, Dist 3Y High is -0.6%

Weak multi-year price returns
2Y Excs Rtn is -10%, 3Y Excs Rtn is -3.5%

Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 56x

Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -6.5%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.3%

Key risks
HGTY key risks include [1] its dependence on the health and appeal of the niche classic and enthusiast car market.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -27%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%
2 Attractive yield
FCF Yield is 20%
3 Low stock price volatility
Vol 12M is 35%
4 Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, and Digital & Alternative Assets. Themes include Experiential Retail, and Collectible & Classic Vehicle Assets.
5 Trading close to highs
Dist 52W High is -0.6%, Dist 3Y High is -0.6%
6 Weak multi-year price returns
2Y Excs Rtn is -10%, 3Y Excs Rtn is -3.5%
7 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 56x
8 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -6.5%
9 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.3%
10 Key risks
HGTY key risks include [1] its dependence on the health and appeal of the niche classic and enthusiast car market.

HGTY in ETFs

Weight = HGTY's share of each fund

VTI0.00%
VB0.01%
VBK0.02%
SCHA0.01%
DFAS0.01%
SCHB0.00%
DFAC0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/14/2026

Hagerty (HGTY) stock has gained about 35% since 5/31/2026 because of the following key factors:

1. Strong underlying operational growth despite accounting shifts.

Hagerty reported robust underlying operational performance in fiscal Q2 2026 (ended June 30, 2026), with Written Premium increasing 19% year-over-year to $425 million and Earned Premium surging 42% year-over-year to $252 million. This strong growth in core insurance metrics, including a 19% year-over-year increase in Policies in Force to 1.9 million members, demonstrated the health of the business despite a reported GAAP revenue decline of 6% and an 83% decrease in net income, which were primarily due to accounting changes related to the Markel Fronting Arrangement.

2. Significant increase in full-year 2026 profit outlook.

Management raised its full-year 2026 outlook for key profitability metrics, projecting GAAP Net Income to be between $18 million and $30 million, a substantial upgrade from a previously projected net loss. Additionally, the company increased its Adjusted EBITDA guidance to $270 million-$280 million (up from the prior $236 million-$247 million), reflecting confidence in the compounding power of its business model.

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Updated on 9/14/2026

Hagerty (HGTY) stock has gained about 35% since 5/31/2026 because of the following key factors:

1. Strong underlying operational growth despite accounting shifts.

Hagerty reported robust underlying operational performance in fiscal Q2 2026 (ended June 30, 2026), with Written Premium increasing 19% year-over-year to $425 million and Earned Premium surging 42% year-over-year to $252 million. This strong growth in core insurance metrics, including a 19% year-over-year increase in Policies in Force to 1.9 million members, demonstrated the health of the business despite a reported GAAP revenue decline of 6% and an 83% decrease in net income, which were primarily due to accounting changes related to the Markel Fronting Arrangement.

2. Significant increase in full-year 2026 profit outlook.

Management raised its full-year 2026 outlook for key profitability metrics, projecting GAAP Net Income to be between $18 million and $30 million, a substantial upgrade from a previously projected net loss. Additionally, the company increased its Adjusted EBITDA guidance to $270 million-$280 million (up from the prior $236 million-$247 million), reflecting confidence in the compounding power of its business model.

3. Realization of benefits from the Markel Fronting Arrangement.

The strategic transition to a 100% quota share arrangement with Markel, effective January 1, 2026, allowed Hagerty to retain 100% of the premium and risk on its U.S. book, which is expected to drive higher underlying profit growth and cash flow. While this structural change led to a temporary decrease in reported revenue and net income due to the elimination of Markel-related commission revenue and transitional costs (e.g., $144 million commission revenue eliminated in fiscal Q2 2026), it positioned the company for enhanced long-term profitability.

4. Positive analyst sentiment and price target upgrades.

Following the strong operational results and increased outlook, analysts reaffirmed or upgraded their ratings and price targets for Hagerty. The consensus rating shifted to a "Moderate Buy" with an average 12-month price target of $14.00, suggesting positive investor sentiment and confidence in the company's future performance.

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Stock Movement Drivers

Fundamental Drivers

The 36.4% change in HGTY stock from 5/31/2026 to 9/20/2026 was primarily driven by a 95.1% change in the company's P/E Multiple.
(LTM values as of)53120269202026Change
Stock Price ($)10.2213.9436.4%
Change Contribution By: 
Total Revenues ($ Mil)1,4591,435-1.7%
Net Income Margin (%)2.5%1.8%-28.4%
P/E Multiple28.655.795.1%
Shares Outstanding (Mil)101102-0.7%
Cumulative Contribution36.4%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/20/2026
ReturnCorrelation
HGTY36.4% 
Market (SPY)0.9%-13.0%
Sector (XLF)8.3%28.7%

Fundamental Drivers

The 18.7% change in HGTY stock from 2/28/2026 to 9/20/2026 was primarily driven by a 131.2% change in the company's P/E Multiple.
(LTM values as of)22820269202026Change
Stock Price ($)11.7413.9418.7%
Change Contribution By: 
Total Revenues ($ Mil)1,4761,435-2.8%
Net Income Margin (%)3.3%1.8%-46.6%
P/E Multiple24.155.7131.2%
Shares Outstanding (Mil)101102-1.1%
Cumulative Contribution18.7%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/20/2026
ReturnCorrelation
HGTY18.7% 
Market (SPY)11.6%-3.1%
Sector (XLF)9.2%28.7%

Fundamental Drivers

The 21.7% change in HGTY stock from 8/31/2025 to 9/20/2026 was primarily driven by a 46.7% change in the company's P/E Multiple.
(LTM values as of)83120259202026Change
Stock Price ($)11.4513.9421.7%
Change Contribution By: 
Total Revenues ($ Mil)1,3641,4355.2%
Net Income Margin (%)2.0%1.8%-11.5%
P/E Multiple38.055.746.7%
Shares Outstanding (Mil)91102-10.9%
Cumulative Contribution21.7%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/20/2026
ReturnCorrelation
HGTY21.7% 
Market (SPY)19.4%1.6%
Sector (XLF)4.7%29.6%

Fundamental Drivers

The 52.5% change in HGTY stock from 8/31/2023 to 9/20/2026 was primarily driven by a 58.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120239202026Change
Stock Price ($)9.1413.9452.5%
Change Contribution By: 
Total Revenues ($ Mil)9071,43558.2%
Net Income Margin (%)1.1%1.8%54.5%
P/E Multiple74.155.7-24.7%
Shares Outstanding (Mil)84102-17.1%
Cumulative Contribution52.5%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/20/2026
ReturnCorrelation
HGTY52.5% 
Market (SPY)75.6%19.3%
Sector (XLF)69.8%33.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
HGTY Return45%-41%-7%24%39%3%42%
Peers Return27%11%16%31%13%5%156%
S&P 500 Return27%-19%24%23%16%12%103%

Monthly Win Rates [3]
HGTY Win Rate71%50%42%75%75%44% 
Peers Win Rate57%53%62%68%60%47% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
HGTY Max Drawdown--58%-27%-21%-19%-28% 
Peers Max Drawdown-12%-21%-21%-12%-18%-13% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: HIG, FNF, CB, PGR, TRV.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)

How Low Can It Go

EventHGTYS&P 500
2025 US Tariff Shock
  % Loss-17.1%-18.8%
  % Gain to Breakeven20.6%23.1%
  Time to Breakeven77 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-13.9%-9.5%
  % Gain to Breakeven16.1%10.5%
  Time to Breakeven132 days24 days
2023 SVB Regional Banking Crisis
  % Loss-16.1%-6.7%
  % Gain to Breakeven19.3%7.1%
  Time to Breakeven44 days31 days

Compare to HIG, FNF, CB, PGR, TRV

In The Past

Hagerty's stock fell -17.1% during the 2025 US Tariff Shock. Such a loss loss requires a 20.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

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Compare to HIG, FNF, CB, PGR, TRV

In The Past

Hagerty's stock fell -17.1% during the 2025 US Tariff Shock. Such a loss loss requires a 20.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Hagerty (HGTY)

Hagerty, Inc. primarily functions as an insurance agency, specializing in automobile and boat insurance products, particularly catering to the collector and enthusiast vehicle market, including reinsurance services. Expanding beyond its core insurance offerings, Hagerty also provides Hagerty Media, which publishes content through a magazine, video, and a YouTube channel, alongside the Hagerty Valuation Tool (HVT) for current and historic vehicle pricing data.

The company has developed a comprehensive suite of products and services designed for automotive and boating enthusiasts. These include subscription-based offerings like HDC, which provides access to the magazine, automotive events, proprietary valuation tools, emergency roadside services, and special discounts. Hagerty further enriches the enthusiast experience with Hagerty Events, a peer-to-peer rental platform called DriveShare, and Motorsport Reg for online motorsport event management. Additionally, Hagerty Garage + Social offers clubhouses and car storage facilities. This diverse portfolio positions Hagerty as a leading lifestyle brand for collectors, motorsport participants, and anyone passionate about special vehicles.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe Hagerty:

  • Like a specialized blend of **AAA and ESPN** for collector car enthusiasts, offering essential services, roadside assistance, insurance, and a rich media and event ecosystem.
  • The **Harley-Davidson** of the collector car world, building a full lifestyle and service ecosystem around vehicle enthusiasts, including media, events, insurance, and community, rather than selling the vehicles themselves.
  • A blend of **IMDb and AAA** for collectible vehicles, providing both comprehensive data and media content alongside essential services like specialized insurance and roadside assistance.

AI Analysis | Feedback

  • Insurance Services: Provides automobile and boat insurance products, as well as reinsurance products.
  • Hagerty Media: Publishes content through a magazine, video content, and a YouTube channel for automotive enthusiasts.
  • Hagerty Drivers Club (HDC): A subscription-based club offering benefits such as the HDC Magazine, automotive events, valuation tools, emergency roadside services, and special discounts.
  • Hagerty Valuation Tools (HVT): A tool enabling customers to access current and historic pricing data for collector cars, trucks, SUVs, and motorcycles.
  • Hagerty Events: Organizes a variety of small and large events catering to the automotive enthusiast community.
  • DriveShare: A peer-to-peer rental platform that allows users to rent out or borrow collector and unique vehicles.
  • MotorsportReg: An online management system designed for motorsport membership, licensing, and events, automating listings, registration, and payment processing.
  • Hagerty Garage + Social: Provides clubhouses and car storage facilities for automotive enthusiasts.

AI Analysis | Feedback

Hagerty (HGTY) primarily sells its products and services to individuals. Based on the company description, its major customer categories include:

  • Collector Vehicle Owners: This category encompasses individuals who own classic, antique, or special interest cars, trucks, SUVs, and motorcycles. They are the primary users of Hagerty's specialized collector vehicle insurance products, subscription-based Hagerty Drivers Club (HDC) benefits (including exclusive content, events, and roadside assistance), the Hagerty Valuation Tool (HVT), DriveShare (peer-to-peer rentals of collector vehicles), and Hagerty Garage + Social clubhouses and car storage facilities.

  • General Automotive and Motorsport Enthusiasts: This broader category includes individuals with a passion for automobiles and motorsports, whether they own collector vehicles or not. They are consumers of Hagerty Media content (through magazines, video, and YouTube channels), attendees of Hagerty Events, and participants in motorsport activities managed through the Motorsport Reg system.

  • Boat Owners: This specific category refers to individuals who purchase Hagerty's boat insurance products, highlighting a distinct segment of their recreational vehicle insurance offerings.

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  • Essentia Insurance Company (subsidiary of Markel Group Inc., symbol: MKL)
  • Nationwide Mutual Insurance Company

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McKeel Hagerty, Chief Executive Officer & Chairman of the Board

McKeel Hagerty was appointed CEO in 2000 and has served as combined Chairman and CEO since April 2, 2024. His parents initiated Hagerty Insurance Agency in 1984. He became co-CEO in 2000 and sole CEO in 2012, having previously led the company as vice president of marketing in 1995. Under his leadership, the company has expanded from a local insurance agency to a global market leader. He served as the international board chair for YPO (Young Presidents' Organization) from 2016 to 2017. He is also a general partner and co-founder of Grand Ventures, a venture capital firm. His entrepreneurial insight led him to refocus the business beyond just insurance to building a "community" for car enthusiasts.

Patrick McClymont, Chief Financial Officer

Patrick McClymont joined Hagerty as Chief Financial Officer in September 2022. Prior to his role at Hagerty, he served as CFO of Orchard Technologies, a residential real estate services company, from 2021 to 2022. His experience also includes CFO positions at IMAX Corporation (2016-2021) and Sotheby's (2013-2016). Before these roles, he spent 15 years at Goldman Sachs, where he became a Partner Managing Director and led the Global Transportation & Infrastructure Group. He currently sits on the board of directors for Standard Motor Products.

Jeff Briglia, President of Insurance

Jeff Briglia was appointed President of Insurance, effective July 1, 2024. He brings 22 years of experience in the insurance sector to Hagerty. Most recently, he was the President and CEO of Plymouth Rock Assurance's Direct and Partner Group. His previous leadership roles include Chief Operating Officer and Chief Insurance Officer for Metromile, as well as executive positions at Progressive, Allstate, and Mercury Insurance.

Kenneth Ahn, President of Marketplace & Radius

Kenneth Ahn serves as President of Hagerty Marketplace & Radius. He co-founded Broad Arrow Group and served as its CEO before Hagerty acquired the group in 2022. Prior to that, he was President of RM Sotheby's. He also worked as a Vice President in the Investment Banking Division at Goldman Sachs, where he focused on M&A and financing transactions, and began his career as a strategy and management consultant at the Boston Consulting Group.

Coco Champagne, Chief Human Resources Officer & Administrative Officer

Coco Champagne has been a member of the Hagerty Executive Team for over a decade. She joined Hagerty in 1999 as the leader of sales and service operations and transitioned to Human Resources in 2002, becoming Senior Vice President of Human Resources and Chief People Officer. In 2018, she was promoted to Chief Operating Officer. Prior to joining Hagerty, Coco was an officer of a national bank, focusing on retail consumer lending.

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Hagerty (HGTY) faces several key risks inherent in its specialized business model, primarily revolving around the niche collector vehicle market, its insurance operations, and the broader economic environment.

Key Risks to Hagerty's Business:

  1. Sensitivity to the Health of the Collector Vehicle Market and Economic Conditions: Hagerty's business is highly dependent on the stability and growth of the collector car and automotive enthusiast market, which relies on discretionary spending by high-net-worth individuals. Economic downturns, inflation, rising interest rates, and increasing ownership and maintenance costs can directly lead to reduced demand for collector vehicle insurance products, lower engagement in enthusiast events, and fewer subscriptions to their services. Recent trends indicate a cooling in the collector car market with median sale prices experiencing declines, highlighting this sensitivity.
  2. Increased Underwriting Volatility and Reliance on Strategic Partnerships: As Hagerty transitions to assuming a greater percentage of the risk for policies written through its arrangements, such as the Markel Fronting Arrangement, it faces increased exposure to underwriting volatility. Furthermore, the company's success and ability to offer competitive products are closely tied to its strategic relationships with a limited number of insurance distribution and underwriting carrier partners. Any disruption or adverse change in these partnerships could materially affect Hagerty's financial performance and market position.
  3. Competitive Market Landscape: Hagerty operates in a competitive environment across its various business segments. It faces intense competition in the specialty automotive insurance market from other niche providers and the potential for larger, traditional property and casualty insurers to expand their offerings in this space. Additionally, its digital platforms and event services compete with global auction houses, digital marketplaces, and other automotive enthusiast groups.
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AI Analysis | Feedback

Hagerty, Inc. operates in several substantial addressable markets related to automotive enthusiasts and collector vehicles.

Insurance Products

  • Collector Automobile and Boat Insurance: The global collector auto insurance market was valued at approximately $1.85 billion in 2025 and is projected to reach $3.12 billion by 2034. In the U.S. alone, there are around 43 million cars that fit Hagerty's definition of a collector vehicle, representing an estimated $1 trillion in total insurable value. Hagerty currently insures approximately 2.8 million vehicles, indicating a significant penetration opportunity within a 36 million addressable market for collector vehicles in the U.S.
  • Reinsurance: The global reinsurance market was valued at approximately $621.39 billion in 2025 and is projected to grow to $1,403.7 billion by 2034. North America accounted for a significant share of this market, contributing over 44% of the revenue in 2024.

Membership, Media, and Marketplace Services

  • Automotive Enthusiast Market (Hagerty Drivers Club, Media, Events, Valuation Tools): There are approximately 67 million automotive enthusiasts in the U.S. and 500 million globally, representing a broad audience for Hagerty's content, events, and club services. The global classic car market, which underpins much of the enthusiast interest, was valued at an estimated $37.52 billion in 2024 and is projected to reach $94.13 billion by 2035. North America is the largest market for classic cars, holding about 45% of the global market share.
  • DriveShare (Peer-to-Peer Collector Vehicle Rentals): The global peer-to-peer carsharing market is estimated at approximately $3.07 billion in 2025, with projections to reach about $9.6 billion by 2032. Another report estimates the global peer-to-peer car rental platforms market size at $5.2 billion in 2025, expected to reach $12.4 billion by 2032. North America leads this market, accounting for over 35% of the share in 2025.
  • MotorsportReg (Motorsport Event Management): The global motorsport market was valued at approximately $9.5 billion in 2024 and is estimated to reach $20.1 billion by 2034. The broader global sports events market was estimated at $485.14 billion in 2025.
  • Hagerty Garage + Social (Car Storage Facilities): The global vehicle storage unit service market was valued at approximately $4.97 billion in 2024 and is expected to grow to $9 billion by 2035. North America dominates this market, with a valuation of $2.1 billion in 2024, projected to increase to $3.4 billion in 2035.

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Expected Drivers of Future Revenue Growth for Hagerty (HGTY)

Over the next 2-3 years, Hagerty (HGTY) is expected to drive future revenue growth through several key initiatives:

  1. Expansion of the State Farm Classic Plus Program: Hagerty plans to accelerate its top-line growth by expanding the State Farm Classic Plus program into over 25 states in the latter half of 2025. This initiative is anticipated to leverage State Farm's extensive distribution network to attract new customers and significantly increase market share. The program is expected to materially expand Hagerty's customer acquisition funnel and generate recurring commission revenues over the coming years, with plans to add approximately 525,000 policies by 2026.
  2. Growth in Hagerty Drivers Club (HDC) Membership and Services: Hagerty's strategy emphasizes building an integrated ecosystem for car enthusiasts, which includes expanding its membership base. The company added a record 371,000 new members in 2025, bringing its Hagerty Drivers Club paid membership to approximately 930,000. Further growth is expected through initiatives aimed at increasing member engagement, monetizing subscriptions, and launching new products such as "Enthusiast+".
  3. Expansion and Monetization of the Marketplace: The Hagerty Marketplace, encompassing auctions and private sales, is a significant growth driver. In 2025, Marketplace revenue more than doubled, surging by 119% to $119 million, fueled by a 271% increase in private sales and expansion into Europe. The integration of Broad Arrow auctions with the Hagerty Marketplace aims to create a unified demand engine, enhancing sell-through rates, consignor satisfaction, and cross-selling opportunities for insurance and other add-ons.
  4. Benefits from the New Markel Fronting Arrangement: Effective January 1, 2026, Hagerty will transition to a 100% quota share arrangement with Markel, allowing it to retain the full premium and risk from its underwriting book. This strategic shift is expected to materially boost underwriting profits and margins from 2026, enhancing profitability and operational control, and ultimately leading to higher rates of underlying profit growth and cash flow for shareholders.
  5. Strategic Technology Investments and Operational Efficiencies: Hagerty is making significant investments in technology, including a $20 million investment in 2025 for a new cloud-based platform (Duck Creek), to enhance risk rating capabilities, streamline operations, and improve customer experience. These technology-led efficiency initiatives are anticipated to contribute to lower loss ratios, improved retention, and increased subscription and marketplace revenue by leveraging data, APIs, and artificial intelligence.

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Share Repurchases

  • Hagerty does not currently have a share repurchase program.

Share Issuance

  • Hagerty became a public company in December 2021 through a business combination with Aldel Financial Inc.
  • The total number of shares outstanding, including Class A and Class V, increased from approximately 334.24 million as of March 1, 2023, to about 335.69 million as of March 1, 2024.

Inbound Investments

  • Hagerty's business combination with Aldel Financial Inc. in December 2021 represented a significant inbound investment, facilitating the company's public market listing.

Outbound Investments

  • Hagerty has invested in expanding its Marketplace, which includes the growth of Broad Arrow's live and European auctions and online sales, and has increased Broad Arrow Capital's revolving credit capacity to $150 million.
  • The company is expanding its insurance and marketplace reach by introducing new offerings such as the Enthusiast+ product and the Drivers Edge Insurance Company, while also increasing risk assumption through Hagerty Re.

Capital Expenditures

  • Capital expenditures for the last 12 months totaled -$24.54 million.
  • In Q4 2025, Hagerty invested $6.0 million in capital expenditures, focused on funding long-term assets and infrastructure.
  • Annual capital expenditures were approximately -$43.4 million in 2021, -$44.4 million in 2022, and -$26.4 million in 2023.

Peer Outperformance in Property & Casualty Insurance

HGTY has trailed 71% of its 41 Property & Casualty Insurance peers over 5Y. Among the peers that beat it are ACGL, MCY and WTM. Property & Casualty Insurance ranks 6th of 18 industries in Financials by median 5Y return.
Share of Property & Casualty Insurance constituents that HGTY has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
50%
of 46 industry peers · 9.6% return
3Y
47%
of 43 industry peers · 66.3% return
5Y
29%
of 41 industry peers · 38.2% return
Property & Casualty Insurance peers with revenue growth within 4pp of HGTY's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
HGTY Hagerty 16.9% 55.7x 9.6%66.3%38.2%
ACGL Arch Capital 17.5% 7.1x 9.6%26.9%163.1% +125pp
MCY Mercury General 14.4% 6.0x 28.7%281.7%108.9% +71pp
WTM White Mountains Insurance 20.2% 4.4x 16.5%37.0%95.2% +57pp
CINF Cincinnati Financial 14.3% 7.9x 10.7%68.2%67.3% +29pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Financials sector, ranked by 5Y. Property & Casualty Insurance is HGTY's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 6 24.2%70.6%133.7% SPNT 170% · RGA 154% · RNR 140%
Investment Banking & Brokerage 13 -1.7%105.1%116.5% IBKR 527% · SNEX 257% · HOOD 183%
Diversified Banks 12 27.5%129.8%116.3% CM 161% · JPM 159% · RY 149%
Life & Health Insurance 20 8.6%57.6%105.8% JXN 534% · UNM 373% · FG 207%
Multi-Sector Holdings 4 6.8%50.2%87.3% JONE 361% · VOYA 88% · BRK-B 87%
Property & Casualty Insurance ← 42 9.6%67.5%67.8% ASIC 2760900% · HRTG 445% · UVE 331%
Regional Banks 265 23.9%91.7%67.1% ESQ 391% · GCBC 340% · VBNK 335%
Multi-line Insurance 9 8.8%71.2%64.1% GNW 201% · L 112% · SLF 104%
Financial Exchanges & Data 15 -0.1%17.4%32.7% VIRT 184% · CBOE 135% · CME 83%
Diversified Financial Services 4 -7.3%22.1%32.6% FRHC 168% · EQH 119% · TMS -54%
Consumer Finance 30 1.7%89.6%26.9% ENVA 447% · EZPW 319% · FCFS 168%
Insurance Brokers 16 -15.1%-6.3%20.3% LIFE 200% · ARX 87% · AJG 70%
Commercial & Residential Mortgage Finance 14 -50.2%32.8%13.9% FNMA 454% · FMCC 436% · ACT 204%
Asset Management & Custody Banks 84 -11.7%17.6%12.0% WT 348% · SII 279% · VCTR 274%
Specialized Finance 3 14.0%42.2%-2.8% EFC 27% · CACC -3% · HASI -16%
Mortgage REITs 33 -13.0%7.4%-16.5% NREF 53% · RITM 42% · DX 34%
Transaction & Payment Processing Services 15 -1.0%-5.9%-42.9% V 74% · MA 73% · CPAY 58%
Diversified Capital Markets 20 -36.3%20.7%-48.1% OPY 196% · LPLA 136% · GOLD 90%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

HGTYHIGFNFCBPGRTRVMedian
NameHagerty Hartford.Fidelity.Chubb Progress.Traveler. 
Mkt Price13.94131.8942.50340.64213.48374.62172.69
Mkt Cap1.436.011.3132.0124.578.957.5
Rev LTM1,43528,62614,98562,27791,01948,97938,802
Op Inc LTM-------
FCF LTM2785,7585,42815,37615,95111,0268,392
FCF 3Y Avg1915,6596,10314,84715,1829,6487,876
CFO LTM3075,8805,56315,37616,33911,0268,453
CFO 3Y Avg2155,8216,24314,84715,4999,6487,945

Growth & Margins

HGTYHIGFNFCBPGRTRVMedian
NameHagerty Hartford.Fidelity.Chubb Progress.Traveler. 
Rev Chg LTM5.2%6.1%12.7%8.5%10.5%2.4%7.3%
Rev Chg 3Y Avg16.9%7.2%10.0%10.4%17.8%8.2%10.2%
Rev Chg Q-6.5%6.6%11.0%7.2%7.3%0.3%6.9%
QoQ Delta Rev Chg LTM-1.7%1.6%2.7%1.8%1.8%0.1%1.7%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM21.4%20.5%37.1%24.7%18.0%22.5%22.0%
CFO/Rev 3Y Avg16.3%21.6%46.5%25.8%19.3%20.5%21.1%
FCF/Rev LTM19.4%20.1%36.2%24.7%17.5%22.5%21.3%
FCF/Rev 3Y Avg14.5%21.0%45.5%25.8%19.0%20.5%20.7%

Valuation

HGTYHIGFNFCBPGRTRVMedian
NameHagerty Hartford.Fidelity.Chubb Progress.Traveler. 
Mkt Cap1.436.011.3132.0124.578.957.5
P/S1.01.30.82.11.41.61.3
P/Op Inc-------
P/EBIT-6.95.78.88.37.37.3
P/E55.78.314.711.810.69.511.2
P/CFO4.66.12.08.67.67.26.6
Total Yield1.8%13.8%11.7%9.6%15.9%11.8%11.7%
Dividend Yield0.0%1.7%4.9%1.2%6.5%1.3%1.5%
FCF Yield 3Y Avg18.5%16.8%44.4%12.8%11.3%16.5%16.7%
D/E0.20.10.40.10.10.10.1
Net D/E-0.3-0.5-2.3-0.2-0.0-1.1-0.4

Returns

HGTYHIGFNFCBPGRTRVMedian
NameHagerty Hartford.Fidelity.Chubb Progress.Traveler. 
1M Rtn6.6%-2.7%-9.1%0.2%-2.6%3.4%-1.2%
3M Rtn28.2%3.3%-8.1%5.6%4.2%22.1%4.9%
6M Rtn32.9%0.3%0.5%6.2%3.7%27.3%5.0%
12M Rtn9.6%2.5%-21.6%25.9%-6.2%37.3%6.1%
3Y Rtn66.3%90.7%18.2%66.7%64.0%133.8%66.5%
1M Excs Rtn8.8%-2.9%-10.4%1.0%-1.0%4.5%-0.0%
3M Excs Rtn26.2%1.3%-10.1%3.7%2.3%20.1%3.0%
6M Excs Rtn20.3%-14.5%-18.9%-9.9%-10.4%11.4%-10.1%
12M Excs Rtn-8.8%-13.2%-37.6%10.8%-22.6%22.4%-11.0%
3Y Excs Rtn-3.5%21.6%-54.1%-1.7%-3.4%70.4%-2.6%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Insurance1,3361,186999  
Marketplace1205528  
Single segment   829 
Change in fair value of warrant liabilities    -43
Commission and fee revenue    214
Contingent commission revenue    57
Earned premium    296
Marketplace and other revenue    11
Membership revenue    41
Total1,4561,2421,027829577


Price Behavior

Price Behavior
Market Price$13.94 
Market Cap ($ Bil)1.4 
First Trading Date06/01/2021 
Distance from 52W High-0.6% 
   50 Days200 Days
DMA Price$12.79$11.79
DMA Trendupup
Distance from DMA9.0%18.2%
 3M1YR
Volatility42.0%35.2%
Downside Capture-139.87-16.06
Upside Capture7.51-2.50
Correlation (SPY)-8.9%1.6%
HGTY Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta0.22-0.18-0.50-0.110.040.43
Up Beta0.50-0.49-0.160.320.240.49
Down Beta3.001.24-0.080.020.210.46
Up Capture95%4%-8%-9%2%14%
Bmk +ve Days10213268138427
Stock +ve Days11213569130361
Down Capture-235%-101%-183%-65%-28%60%
Bmk -ve Days11213259113324
Stock -ve Days10212855118368

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with HGTY
HGTY7.1%35.2%0.24-
Sector ETF (XLF)4.5%14.6%0.0831.7%
Equity (SPY)16.9%12.9%0.941.5%
Gold (GLD)19.1%29.3%0.60-1.3%
Commodities (DBC)46.3%20.6%1.73-26.4%
Real Estate (VNQ)4.9%13.6%0.1025.1%
Bitcoin (BTCUSD)-30.6%44.3%-0.701.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with HGTY
HGTY-2.2%40.3%0.05-
Sector ETF (XLF)10.1%18.4%0.4132.0%
Equity (SPY)12.9%17.2%0.5726.4%
Gold (GLD)19.1%18.8%0.832.7%
Commodities (DBC)11.2%19.5%0.452.0%
Real Estate (VNQ)1.1%18.8%-0.0526.7%
Bitcoin (BTCUSD)12.5%52.5%0.429.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with HGTY
HGTY-0.8%39.4%0.07-
Sector ETF (XLF)12.9%22.1%0.5331.3%
Equity (SPY)15.1%18.0%0.7226.1%
Gold (GLD)12.1%16.4%0.612.7%
Commodities (DBC)8.3%18.1%0.371.9%
Real Estate (VNQ)4.4%20.7%0.1826.3%
Bitcoin (BTCUSD)62.6%66.2%1.029.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity0.9 Mil
Short Interest: % Change Since 8152026-8.0%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest7.0 days
Basic Shares Quantity101.8 Mil
Short % of Basic Shares0.9%

Returns Analyses

Earnings Returns History

Updated 9/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/202615.4%9.0%12.9%
5/6/2026-2.1%-2.9%-1.3%
2/26/20264.0%-6.9%-8.4%
11/4/2025-1.3%14.6%12.8%
8/4/20257.3%6.3%12.3%
5/7/20259.8%10.8%13.0%
3/4/2025-1.1%-5.6%-9.3%
11/7/2024-4.4%-7.3%-5.9%
...
SUMMARY STATS   
# Positive12911
# Negative7108
Median Positive5.9%10.1%12.3%
Median Negative-1.3%-3.5%-4.8%
Max Positive15.4%14.6%42.9%
Max Negative-12.9%-21.5%-27.0%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/202615.4%9.0%12.9%
5/6/2026-2.1%-2.9%-1.3%
2/26/20264.0%-6.9%-8.4%
11/4/2025-1.3%14.6%12.8%
8/4/20257.3%6.3%12.3%
5/7/20259.8%10.8%13.0%
3/4/2025-1.1%-5.6%-9.3%
11/7/2024-4.4%-7.3%-5.9%
8/6/20242.3%-0.7%12.4%
5/7/20240.6%-0.1%10.6%
3/12/2024-1.1%-2.7%-3.6%
11/8/202310.0%11.7%12.1%
8/8/20230.1%7.3%1.5%
5/9/20235.1%-4.0%1.5%
3/14/2023-0.4%6.3%5.3%
11/10/20227.6%-1.0%-1.5%
8/10/20226.7%10.3%-1.7%
5/9/20224.1%10.1%42.9%
3/24/2022-12.9%-21.5%-27.0%
SUMMARY STATS   
# Positive12911
# Negative7108
Median Positive5.9%10.1%12.3%
Median Negative-1.3%-3.5%-4.8%
Max Positive15.4%14.6%42.9%
Max Negative-12.9%-21.5%-27.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/06/202610-Q
12/31/202502/26/202610-K
09/30/202511/04/202510-Q
06/30/202508/04/202510-Q
03/31/202505/07/202510-Q
12/31/202403/04/202510-K
09/30/202411/07/202410-Q
06/30/202408/06/202410-Q
03/31/202405/07/202410-Q
12/31/202303/12/202410-K
09/30/202311/08/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202203/14/202310-K
09/30/202211/10/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/06/202610-Q
12/31/202502/26/202610-K
09/30/202511/04/202510-Q
06/30/202508/04/202510-Q
03/31/202505/07/202510-Q
12/31/202403/04/202510-K
09/30/202411/07/202410-Q
06/30/202408/06/202410-Q
03/31/202405/07/202410-Q
12/31/202303/12/202410-K
09/30/202311/08/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202203/14/202310-K
09/30/202211/10/202210-Q
06/30/202208/10/202210-Q
03/31/202205/09/202210-Q
12/31/202103/24/202210-K
09/30/202112/21/2021S-1

Insider Activity

Updated 9/14/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Hagerty, Holding CorpDirectSell911202611.471,387,500  Form
2Hagerty, Holding CorpDirectSell911202611.479,250,000  Form
3Delaney, Kevin MChief Accounting OfficerDirectSell706202612.253,11338,1341,028,657Form
4Delaney, Kevin MChief Accounting OfficerDirectSell702202612.109,440114,2241,084,281Form
5Delaney, Kevin MChief Accounting OfficerDirectSell702202612.0190510,8691,189,590Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Hagerty, Holding CorpDirectSell911202611.471,387,500  Form
2Hagerty, Holding CorpDirectSell911202611.479,250,000  Form
3Delaney, Kevin MChief Accounting OfficerDirectSell706202612.253,11338,1341,028,657Form
4Delaney, Kevin MChief Accounting OfficerDirectSell702202612.109,440114,2241,084,281Form
5Delaney, Kevin MChief Accounting OfficerDirectSell702202612.0190510,8691,189,590Form
6Kuczinski, Anthony J DirectBuy519202610.469,50099,370718,058Form
7Harris, Laurie DirectSell408202611.015,53160,896403,946Form
8Kuczinski, Anthony J DirectBuy31320269.504,00038,000449,132Form
9Kuczinski, Anthony J DirectBuy304202610.7215,000160,800463,929Form
10Ahn, KennethPresident, Hagerty MarketplaceQuadrifoglio Holdings LLCSell127202612.4150,000  Form
11Ahn, KennethPresident, Hagerty MarketplaceQuadrifoglio Holdings LLCSell122202612.5550,000  Form
12Ahn, KennethPresident, Hagerty MarketplaceQuadrifoglio Holdings LLCSell113202612.8650,000  Form
13Ahn, KennethPresident, Hagerty MarketplaceQuadrifoglio Holdings LLCSell113202613.251,350  Form
14Ahn, KennethPresident, Hagerty MarketplaceQuadrifoglio Holdings LLCSell1217202512.80100,000  Form
15Kauffman, Robert I Aldel LLCSell1028202511.1215,270169,8029,986,839Form
16Kauffman, Robert I Aldel LLCSell1024202511.1614,731164,39810,193,176Form
17Kauffman, Robert I Aldel LLCSell1024202511.1215,000166,80010,320,450Form
18Kauffman, Robert I Aldel LLCSell1024202511.189,495106,15410,543,836Form
19Kauffman, Robert I Aldel LLCSell1021202511.1912,219136,73110,659,516Form
20Kauffman, Robert I Aldel LLCSell1021202511.208,28692,80310,805,894Form
21Kauffman, Robert I Aldel LLCSell1021202511.3314,644165,91711,025,200Form
22Kauffman, Robert I Aldel LLCSell1016202511.6423,392272,28311,497,317Form
23Kauffman, Robert I Aldel LLCSell1016202512.1412,391150,42712,275,167Form
24Kauffman, Robert I Aldel LLCSell1016202512.1655,524675,17212,446,064Form
25Kauffman, Robert I Aldel LLCSell1009202512.0022,629271,54812,948,588Form
26Kauffman, Robert I Aldel LLCSell1009202511.906,86181,64613,109,968Form
27Kauffman, Robert I Aldel LLCSell1006202512.013,02436,31813,313,553Form
28Kauffman, Robert I Aldel LLCSell1006202511.9821,314255,34213,316,525Form
29Kauffman, Robert I Aldel LLCSell1001202512.0618,372221,56613,662,497Form
30Kauffman, Robert I Aldel LLCSell1001202511.9630,187361,03713,768,938Form
31Kauffman, Robert I Aldel LLCSell1001202511.775,50664,80613,905,502Form
32Kauffman, Robert I Aldel LLCSell924202512.3834,447426,45414,694,342Form
33Kauffman, Robert I Aldel LLCSell917202512.4617,622219,57015,218,507Form
34Kauffman, Robert I Aldel LLCSell917202512.7911,433146,22815,846,951Form
35Kauffman, Robert I Aldel LLCSell908202512.0138,085457,40115,017,832Form
36Kuczinski, Anthony J DirectBuy908202511.621,00011,620328,579Form
37Kauffman, Robert I Aldel LLCSell903202511.3141,699471,61614,573,263Form
38Kauffman, Robert I Aldel LLCSell903202511.1922,295249,48114,885,251Form
39Kauffman, Robert I Aldel LLCSell903202511.2362,500701,87515,188,833Form
Core Cache Last Updated: 9/20/2026