Heritage Insurance Holdings, Inc. Financial Ratios — HRTG

Profitability (USD)

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	148.61	113.56	83.73	19.99	-0.63	14.64	13.87	4.27	-41.73	- -	- -	108.17	105.47
Return on Assets (%)	- -	18.81	10.5	12.74	3.62	-0.08	1.53	1.54	0.46	-3.67	-7.06	2.01	2.68	8.39
Return on Capital (%)	- -	145.49	113.56	83.73	16.56	- -	11.67	9.89	- -	- -	- -	34.93	34.55	65.86
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-81.83	56.14	31.76	38.07	12.85	-1.45	8.12	8.02	0.37	-12.04	-25.08	7.75	10.78	33.48
Profit Margin (%)	-97.09	34.63	20.14	23.43	7.71	-0.28	5.66	5.6	1.57	-11.83	-23.3	6.76	8.03	25.26
Net Income to Common Margin (%)	-97.09	34.63	20.14	23.43	7.71	-0.28	5.66	5.6	1.57	-11.83	-23.3	6.76	8.03	25.26
Effective Tax Rate (%)	- -	38.31	36.57	38.44	39.96	- -	30.36	30.15	- -	- -	- -	12.88	25.56	24.56
Dvd Payout Ratio (%)	- -	- -	- -	- -	20.1	-737.18	23.49	24.3	73.47	-8.98	-3.09	0.02	- -	- -
Sustainable Growth Rate (%)	- -	148.61	113.56	83.73	15.97	-5.23	11.2	10.5	1.13	-45.47	- -	- -	108.17	105.47

Credit (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	1	- -	- -	- -	73	184	149	138	129	152	160	148	141	100
ST Debt	- -	- -	- -	- -	- -	- -	95	79	70	69	99	90	80	74
LT Debt	1	- -	- -	- -	73	184	54	58	59	83	61	59	61	26
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	-0.24	-680.25	- -	- -	-4.48	-0.03	-0.11	-0.58	-0.09	-0.13	-1.41	-0.88	-0.75	-1.02
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	1	- -	- -	- -	- -	13	20	9	8	8	9	11	11	8
Common Equity/Total Assets	34.35	6.36	10.57	18.62	17.69	9.89	11.07	11.2	10.52	6.99	-0.8	1.23	3.55	12.9
Long-Term Debt/Equity (%)	3.56	- -	- -	- -	20.37	48.55	12.65	12.98	13.37	24.14	46.6	26.59	21.05	5.1
Long-Term Debt/Capital (%)	3.43	- -	- -	- -	28.51	51.28	15.61	16.41	16.95	28.52	43.31	33.6	26.73	6.72
Long-Term Debt/Total Assets (%)	1.22	- -	- -	- -	7.06	10.41	3.04	3	2.83	4.18	2.55	2.76	2.48	1.17
Total Debt/Equity (%)	3.56	- -	- -	- -	20.37	48.55	34.98	30.66	29.2	44.29	122.25	67.28	48.6	19.76
Total Debt/Capital (%)	3.43	- -	- -	- -	28.51	51.28	43.19	38.78	37.01	52.33	113.61	85.02	61.72	26.06
Total Debt/Total Assets (%)	1.22	- -	- -	- -	7.06	10.41	8.41	7.09	6.18	7.67	6.7	6.99	5.72	4.55
Net Debt to Equity	-223.59	-81.34	-62.91	-66.27	-9.19	8.08	-23.82	-30.99	-72.33	-69.55	-115.95	-156.12	-115.66	-95.17
Net Debt/Capital (%)	180.91	138.03	168.12	294.17	-21.96	14.91	-107.3	-160.75	347.71	345.65	108.62	118.87	150.38	272.89
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	-11	-7	-1	-2	- -	-2	-5	-1	-1	-12	-10	-8	-8
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	34.35	6.36	10.57	18.62	17.69	9.89	11.07	11.2	10.52	6.99	-0.8	1.23	3.55	12.9
Long-Term Debt/Equity (%)	3.56	- -	- -	- -	20.37	48.55	12.65	12.98	13.37	24.14	46.6	26.59	21.05	5.1
Long-Term Debt/Capital (%)	3.43	- -	- -	- -	28.51	51.28	15.61	16.41	16.95	28.52	43.31	33.6	26.73	6.72
Long-Term Debt/Total Assets (%)	1.22	- -	- -	- -	7.06	10.41	3.04	3	2.83	4.18	2.55	2.76	2.48	1.17
Total Debt/Equity (%)	3.56	- -	- -	- -	20.37	48.55	34.98	30.66	29.2	44.29	122.25	67.28	48.6	19.76
Total Debt/Capital (%)	3.43	- -	- -	- -	28.51	51.28	43.19	38.78	37.01	52.33	113.61	85.02	61.72	26.06
Total Debt/Total Assets (%)	1.22	- -	- -	- -	7.06	10.41	8.41	7.09	6.18	7.67	6.7	6.99	5.72	4.55
CFO/Total Liabilities	92.06	52.01	53.95	31.84	12.28	0.54	7.17	8.03	10.33	3.67	-1.51	3.71	4	10.78
CFO/CapEx	246.14	9.65	28.03	130.43	51.18	19.45	42.23	24.01	225.45	59.71	-2.77	7.12	10.58	22.57
Altman's Z-Score	-0.02	0.44	1.32	1.56	1.14	0.64	0.66	0.63	0.58	0.51	0.28	0.39	0.47	0.86

Working Capital (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	12.5	13.09	15.61	11.98	1.74	1.2	1.18	1.28	1.63	1.07	0.91	1.08	1.23
Days Sales Outstanding	- -	29.2	27.87	23.39	30.47	209.97	304.08	309.64	284.52	223.61	341.36	399.92	336.65	296.05
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	477	656	464	483	382	387	283	163	47	171	370	904
- Cash & Cash Equivalents	64	65	160	236	106	154	250	268	441	359	281	464	453	559
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	1	- -	- -	- -	73	184	149	138	129	152	160	148	141	100
Enterprise Value	-76	-195	-7	19	-172	-53	-229	-331	-589	-713	-187	-234	-32	345
Total Capital	29	18	65	156	256	360	345	355	349	290	141	174	229	383
Total Debt/Capital (%)	3.43	- -	- -	- -	28.51	51.28	43.19	38.78	37.01	52.33	113.61	85.02	61.72	26.06
Total Debt / EV	-0.01	- -	- -	- -	-0.42	-3.45	-0.65	-0.42	-0.22	-0.21	-0.86	-0.63	-4.35	0.29
EV/Sales	- -	- -	- -	0.05	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.45
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	0.13	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.83
EV/Free Cash Flow to Firm	- -	- -	- -	0.13	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.76
Diluted Market Cap	- -	- -	502	662	464	483	384	387	284	163	47	171	371	906
Diluted Enterprise Value	-63	-65	341	425	431	514	283	257	-28	-44	-73	-144	60	446
EV per Share	- -	- -	- -	0.65	- -	- -	- -	- -	- -	- -	- -	- -	- -	11.17
TTM Sales	6	99	234	395	439	407	480	511	593	632	662	671	767	774
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	50	105	194	153	83	10	110	126	204	68	-26	80	95	188
TTM Free Cash Flow to Firm	51	116	201	154	85	10	113	131	205	69	-14	90	103	196

Multiples (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	2.49	4.29	5.49	61.33	3.9	3.11	1.66	2.67	-2.17	2.13	3.89	4.76
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-76	-195	-7	19	-172	-53	-229	-331	-589	-713	-187	-234	-32	345
Low Price	- -	- -	11.29	16.81	11.25	8.85	12.85	12.72	7.5	5.47	1.12	1.77	5.51	9.89
EV/Sales	- -	- -	- -	0.05	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.45
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	10.14	7.09	13.71	- -	14.06	13.52	30.39	- -	- -	3.77	6.02	4.62
Price/Earnings Average	- -	- -	8.13	6.91	12.8	-332.33	15.35	14.73	34.62	-3.1	-0.63	2.67	4.87	3.3
Price/Earnings High	- -	- -	10.35	8.86	18.74	-447.84	18.29	16.71	42.15	-4.54	-1.26	5.66	8.4	5.05
Price/Earnings Low	- -	- -	5.89	5.46	9.84	-211.94	12.28	12.98	22.5	-2.04	-0.19	1.02	2.74	1.56
Price/Book Value	- -	- -	7.34	4.21	2.54	2.76	1.95	1.78	1.29	1.18	-2.47	6.54	4.22	3.19
Price/Book Value Average	- -	- -	5.89	4.1	2.37	2.12	2.13	1.94	1.47	1.67	-5.05	4.62	3.42	2.28
Price/Book Value High	- -	- -	7.5	5.26	3.47	2.86	2.54	2.2	1.79	2.45	-10.12	9.82	5.9	3.49
Price/Book Value Low	- -	- -	4.27	3.24	1.82	1.35	1.7	1.71	0.95	1.1	-1.54	1.77	1.92	1.08
Price/Tangible Book Value	- -	- -	1.87	1.89	1.63	3.84	1.95	1.7	1.25	0.84	0.58	0.96	1.46	1.9
Price/Tangible Book Value Average	- -	- -	1.5	1.85	1.52	2.96	2.13	1.85	1.42	1.19	1.19	0.68	1.18	1.36
Price/Tangible Book Value High	- -	- -	1.91	2.37	2.23	3.99	2.53	2.1	1.73	1.74	2.38	1.44	2.03	2.08
Price/Tangible Book Value Low	- -	- -	1.09	1.46	1.17	1.89	1.7	1.63	0.92	0.78	0.36	0.26	0.66	0.64
Price/Sales	- -	- -	2.04	1.66	1.06	1.19	0.8	0.76	0.48	0.26	0.07	0.25	0.48	1.17
Price/Sales Average	- -	- -	1.64	1.62	0.99	0.91	0.87	0.83	0.54	0.37	0.15	0.18	0.39	0.83
Price/Sales High	- -	- -	2.08	2.08	1.45	1.23	1.03	0.94	0.66	0.54	0.29	0.38	0.67	1.28
Price/Sales Low	- -	- -	1.19	1.28	0.76	0.58	0.69	0.73	0.35	0.24	0.04	0.07	0.22	0.39
Price/Cash Flow	- -	- -	2.46	4.28	5.6	64.48	3.96	3.23	1.67	2.72	-1.38	2.43	4.25	4.96
Price/Cash Flow Average	- -	- -	1.97	4.18	5.22	49.66	4.33	3.53	1.9	3.85	-2.83	1.71	3.44	3.55
Price/Cash Flow High	- -	- -	2.51	5.35	7.65	66.92	5.16	4	2.31	5.64	-5.67	3.64	5.94	5.42
Price/Cash Flow Low	- -	- -	1.43	3.3	4.02	31.67	3.46	3.11	1.23	2.53	-0.86	0.66	1.94	1.68
Price/Free Cash Flow Average	- -	- -	2	4.18	5.12	47.23	4.25	3.39	1.89	3.79	-4.43	1.51	3.15	3.4
Price/Free Cash Flow High	- -	- -	2.55	5.36	7.5	63.64	5.07	3.84	2.3	5.55	-8.87	3.2	5.43	5.2
Price/Free Cash Flow Low	- -	- -	1.45	3.3	3.94	30.12	3.4	2.98	1.23	2.49	-1.35	0.58	1.77	1.61
EV/Sales Average	- -	- -	0.95	1.02	0.91	0.99	0.66	0.57	0.02	0.04	- -	- -	- -	0.24
EV/Sales High	- -	- -	1.4	1.48	1.37	1.31	0.82	0.68	0.14	0.21	0.11	- -	0.27	0.68
EV/Sales Low	- -	- -	0.5	0.68	0.68	0.66	0.48	0.47	- -	- -	- -	- -	- -	- -
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	19.43	21.82	15.67	18.02	14.72	13.25	10.13	5.88	1.8	6.52	12.1	29.26
High Price	- -	- -	19.84	27.28	21.42	18.7	19.15	16.38	14.05	12.2	7.37	9.79	16.9	31.98
Enterprise Value Average	-63	-65	222	403	400	403	315	291	11	24	-24	-195	-12	187
Enterprise Value High	-63	-65	327	584	602	532	395	348	81	132	73	-59	206	528
Enterprise Value Low	-63	-65	117	269	300	268	232	241	-102	-55	-91	-269	-143	-154

Shares Outstanding	29	29	30	30	29	26	29	29	28	27	26	30	31	31
Diluted Weighted Avg Shares	29	29	26	30	30	27	26	29	28	28	26	26	31	31
Basic Weighted Avg Shares	29	29	25	30	30	27	26	29	28	28	26	26	31	31
Revenue per Share	0.19	3.42	9.52	13.13	14.81	15.17	18.51	17.5	21.21	22.71	25.15	25.61	25.06	25.07
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	-0.19	1.18	1.92	3.08	1.14	-0.04	1.05	0.98	0.33	-2.69	-5.86	1.73	2.01	6.33
Basic EPS from Cont Ops	-0.19	1.18	1.92	3.08	1.14	-0.04	1.05	0.98	0.33	-2.69	-5.86	1.73	2.01	6.33
Diluted EPS, GAAP	-0.19	1.18	1.82	3.05	1.14	-0.04	1.04	0.98	0.33	-2.69	-5.86	1.73	2.01	6.32
Diluted EPS from Cont Ops	-0.19	1.18	1.82	3.05	1.14	-0.04	1.04	0.98	0.33	-2.69	-5.86	1.73	2.01	6.32
Dividend per Share	- -	- -	- -	- -	0.23	0.31	0.25	0.24	0.24	0.24	0.18	- -	- -	- -
Cash Flow per Share	1.71	3.64	7.9	5.09	2.8	0.28	3.71	4.1	6.08	2.16	-1.3	2.69	2.85	5.9
Free Cash Flow per Basic Share	1.71	3.26	7.62	5.06	2.74	0.27	3.63	3.93	6.06	2.13	-1.77	2.31	2.58	5.64
Cash & Equivalents per Share	2.66	6.76	19.73	21.17	23.92	26.89	29.29	29.29	35.81	37	14.98	21.12	17.78	21.32
Book Value per Share	0.97	0.62	2.65	5.19	6.17	6.54	7.55	7.44	7.86	4.98	-0.73	1	2.87	9.17
Tangible Book Value per Share	0.97	2.77	10.38	11.53	9.62	4.69	7.56	7.79	8.14	7.02	3.09	6.79	8.32	15.38

Heritage Insurance Holdings, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)