Hagerty
HGTY on NYSE. Hagerty sells insurance for collector cars to automotive enthusiasts. Market value $310m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Financial services stocks on the list
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 64 cents. Above 10 is good.
What you pay for each dollar of net assets: $22.06.
Profit per $100 you pay: $1.47.
Quality score: 76 of 100. Price score: 9 of 100. Our list needs 70 on quality and 60 on price.
$13.83 a share, 48% above its 1-year low
Over the past year the price has ranged from $9.36 to $14.17.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $619m | $788m | $1.0bn | $1.2bn | $1.5bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.33bn | 0.34bn | 0.34bn | 0.35bn | n/a |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 23.8% a year
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $355 million last quarter, down 6% on a year ago.
- Profit: $8 million, down 83% on a year ago.
- Spare cash over the past 12 months: $278 million, up from $132 million.
| Quarter to | Amount |
|---|---|
| September 2024 | $323m |
| December 2024 | Not reported |
| March 2025 | $328m |
| June 2025 | $379m |
| September 2025 | $380m |
| December 2025 | $151m |
| March 2026 | $312m |
| June 2026 | $355m |
| Quarter to | Amount |
|---|---|
| September 2024 | $19m |
| December 2024 | $8m |
| March 2025 | $27m |
| June 2025 | $47m |
| September 2025 | $46m |
| December 2025 | $29m |
| March 2026 | -$13m |
| June 2026 | $8m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 127 funds in all.
- Markel GroupTom Gayner
- Value
- $36m
- Share of fund
- 0.3%
- Royce & AssociatesChuck Royce
- Value
- $6m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Markel GroupTom Gayner | $36m | 0.3% | |
| Greenhaven Road CapitalScott Miller | $22m | 14.4% | Cut |
| Royce & AssociatesChuck Royce | $6m | <0.1% |
Largest holders overall
- State Farm Mutual Automobile Insurance$617m
- Neuberger Berman Group$114mAdded
- T. Rowe Price Investment Management$73mAdded
- Polar Capital Holdings$72m
- Pembroke Management$41mAdded
- Markel Group$36m
- Vanguard Capital Management$23mAdded
- Greenhaven Road Capital$22mCut
- Vanguard Portfolio Management$20m
- Lincoln Capital$12mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- HAGERTY HOLDING CORP.Insider or founder56.5%−5.9 ptsSince 9 September 2026
What they said
The responses to Item 3 and Item 6 of this Schedule 13D are incorporated by reference herein. Hagerty Holding Corp., a Delaware close corporation ("HHC") acquired the shares of Class V common stock, par value $0.0001 per share ("Class V Common Stock"), of Hagerty, Inc. (the…
Read the filing - State Farm Mutual Automobile Insurance CompanyPassive investor53.5%Since 4 November 2025
- 42.0%−2.8 ptsSince 11 September 2026
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented as follows: On September 11, 2026, in connection with the closing of an underwritten secondary offering of shares of Class A Common Stock by Hagerty Holding Corp. (the "September 2026 Secondary Offering"), and…
Read the filing - Neuberger Berman Group LLCPassive investorat least 11.1%+5.8 pts(filed with 2 related holders)Since 30 September 2026
- Polar Capital Holdings PlcPassive investorat least 5.8%+5.8 pts(filed with 2 related holders)Since 30 June 2025
- T. Rowe Price Investment Management, Inc.Passive investor5.7%Since 30 September 2025
| Holder | Stake | Since | |
|---|---|---|---|
HAGERTY HOLDING CORP. Insider or founder | 56.5%−5.9 pts | 9 September 2026 | What they saidThe responses to Item 3 and Item 6 of this Schedule 13D are incorporated by reference herein. Hagerty Holding Corp., a Delaware close corporation ("HHC") acquired the shares of Class V common stock, par value $0.0001 per share ("Class V Common Stock"), of Hagerty, Inc. (the… Read the filing |
State Farm Mutual Automobile Insurance Company Passive investor | 53.5% | 4 November 2025 | |
42.0%−2.8 pts | 11 September 2026 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented as follows: On September 11, 2026, in connection with the closing of an underwritten secondary offering of shares of Class A Common Stock by Hagerty Holding Corp. (the "September 2026 Secondary Offering"), and… Read the filing | |
Neuberger Berman Group LLC Passive investor | at least 11.1%+5.8 pts (filed with 2 related holders) | 30 September 2026 | |
Polar Capital Holdings Plc Passive investor | at least 5.8%+5.8 pts (filed with 2 related holders) | 30 June 2025 | |
T. Rowe Price Investment Management, Inc. Passive investor | 5.7% | 30 September 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $298,170 of shares on the open market. 4 sold $8m, $8m of it under preset trading plans.
- DELANEY KEVIN MChief Accounting OfficerSoldunder a preset trading plan
- Date
- 2 July 2026
- Shares
- 3,113
- Price
- $12.25
- Value
- $38,134
- DELANEY KEVIN MChief Accounting OfficerSoldunder a preset trading plan
- Date
- 1 July 2026
- Shares
- 9,440
- Price
- $12.10
- Value
- $114,224
- DELANEY KEVIN MChief Accounting OfficerSoldunder a preset trading plan
- Date
- 30 June 2026
- Shares
- 905
- Price
- $12.01
- Value
- $10,869
- Kuczinski Anthony JDirectorBought
- Date
- 15 May 2026
- Shares
- 9,500
- Price
- $10.46
- Value
- $99,370
- Harris LaurieDirectorSoldunder a preset trading plan
- Date
- 7 April 2026
- Shares
- 5,531
- Price
- $11.01
- Value
- $60,896
- Kuczinski Anthony JDirectorBought
- Date
- 12 March 2026
- Shares
- 4,000
- Price
- $9.50
- Value
- $38,000
- Kuczinski Anthony JDirectorBought
- Date
- 3 March 2026
- Shares
- 15,000
- Price
- $10.72
- Value
- $160,800
- Ahn KennethPresident, Hagerty MarketplaceSoldunder a preset trading plan
- Date
- 26 January 2026
- Shares
- 50,000
- Price
- $12.41
- Value
- $620,500
- Ahn KennethPresident, Hagerty MarketplaceSoldunder a preset trading plan
- Date
- 20 January 2026
- Shares
- 50,000
- Price
- $12.55
- Value
- $627,500
- Ahn KennethPresident, Hagerty MarketplaceSoldunder a preset trading plan
- Date
- 12 January 2026
- Shares
- 50,000
- Price
- $12.86
- Value
- $643,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 July 2026 | DELANEY KEVIN M Chief Accounting Officer | Sold under a preset trading plan | 3,113 | $12.25 | $38,134 |
| 1 July 2026 | DELANEY KEVIN M Chief Accounting Officer | Sold under a preset trading plan | 9,440 | $12.10 | $114,224 |
| 30 June 2026 | DELANEY KEVIN M Chief Accounting Officer | Sold under a preset trading plan | 905 | $12.01 | $10,869 |
| 15 May 2026 | Kuczinski Anthony J Director | Bought | 9,500 | $10.46 | $99,370 |
| 7 April 2026 | Harris Laurie Director | Sold under a preset trading plan | 5,531 | $11.01 | $60,896 |
| 12 March 2026 | Kuczinski Anthony J Director | Bought | 4,000 | $9.50 | $38,000 |
| 3 March 2026 | Kuczinski Anthony J Director | Bought | 15,000 | $10.72 | $160,800 |
| 26 January 2026 | Ahn Kenneth President, Hagerty Marketplace | Sold under a preset trading plan | 50,000 | $12.41 | $620,500 |
| 20 January 2026 | Ahn Kenneth President, Hagerty Marketplace | Sold under a preset trading plan | 50,000 | $12.55 | $627,500 |
| 12 January 2026 | Ahn Kenneth President, Hagerty Marketplace | Sold under a preset trading plan | 50,000 | $12.86 | $643,000 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.