Hagerty, Inc. (HGTY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-5.9%

$14.83

vs $15.76 price

Levered DCF

$21.54

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.48

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	30.55×	96.5×	41.05×	21.56×	-25.32×	14.34×
P/B	4.12×	3.59×	3.74×	11.74×	-3.61×	1.24×
P/S	0.87×	0.71×	0.65×	0.84×	2.02×	0.29×
EV / EBITDA	6.8×	6.11×	1.88×	9.65×	-21.25×	-3.16×
Gross margin	80.4%	74.9%	78.2%	55.0%	54.4%	81.8%
Operating margin	9.6%	7.9%	4.4%	1.3%	-9.5%	3.0%
Net margin	3.4%	1.4%	2.0%	3.9%	-8.0%	2.0%
Current ratio	0×	0×	0×	0×	0×	0×
Debt / equity	0.76×	0.84×	1.36×	4.68×	-0.39×	0.59×
Interest coverage	16.01×	0×	10.97×	0×	0×	0×
Dividend yield	0.4%	0.0%	0.0%	0.0%	0.3%	2.7%
Payout ratio	11.4%	0.0%	0.0%	0.0%	-8.7%	39.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	15.9%	7.2%	11.5%	54.1%	14.3%	8.7%
Return on invested capital	6.7%	4.7%	1.8%	0.3%	-5.3%	1.7%
Return on assets	2.4%	1.0%	1.3%	2.5%	-4.5%	1.7%
Free cash flow yield	15.3%	18.4%	18.1%	1.6%	-0.1%	31.8%
Earnings yield	3.9%	2.0%	3.1%	4.6%	-4.0%	7.0%
Enterprise value	$1.2B	$809.8M	$170.4M	$433.9M	$689.9M	-$84.3M
Net debt / EBITDA	-0.38×	-0.26×	-5.37×	-5.82×	14.71×	-8.63×
Cash conversion cycle (days)	56	-79	78	71	84	78