Demonstrações financeiras detalhadas de Heritage Insurance Holdings, Inc. (HRTG): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Heritage Insurance Holdings, Inc. registou receitas de $847.3M no último exercício, com um CAGR de 5 anos de 7.4%. O lucro líquido atingiu $195.6M, com CAGR de 5 anos de 83.8%.
Margens dos últimos 12 meses: margem bruta 58.9%, margem operacional 36.8%, margem líquida 27.5%. O fluxo de caixa livre cresceu a CAGR de 0.5% em 5 anos.
Ao preço atual de $34.96, HRTG negocia a um P/L de 5.05 e um ROE de 42.41%. A capitalização de mercado é de $1.1B.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $439.0M | $406.6M | $480.2M | $511.3M | $593.4M | $631.6M | $662.5M | $735.5M | $817.0M | $847.3M |
| Custo da Receita | $323.3M | $285.4M | $322.1M | $381.2M | $501.7M | $573.3M | $657.5M | $593.7M | $638.2M | $313.2M |
| Lucro Bruto | $115.7M | $121.2M | $158.1M | $130.1M | $91.7M | $58.2M | $5.0M | $141.8M | $178.7M | $534.1M |
| P&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Gerais e Administrativas | $58.9M | $71.7M | $88.5M | $80.5M | $81.5M | $65.8M | $70.4M | $77.8M | $85.1M | $93.0M |
| Despesas Operacionais | $59.3M | $127.1M | $119.1M | $89.1M | $89.5M | $134.3M | $171.2M | $89.8M | $96.1M | $274.8M |
| Lucro Operacional | $56.4M | -$5.9M | $39.0M | $41.0M | $2.2M | -$76.0M | -$166.2M | $52.0M | $82.7M | $259.3M |
| EBITDA | $65.7M | $15.1M | $86.1M | $60.0M | $18.3M | -$59.6M | -$149.0M | $71.9M | $103.2M | $279.9M |
| Despesas com Juros | $362000 | $13.2M | $20.0M | $8.5M | $8.0M | $8.0M | $8.8M | $11.2M | $10.9M | $7.9M |
| Lucro Antes de Impostos | $56.4M | -$5.9M | $39.0M | $41.0M | $2.2M | -$76.0M | -$166.2M | $52.0M | $82.7M | $259.3M |
| Imposto | $22.5M | -$4.8M | $11.8M | $12.4M | -$7.1M | -$1.3M | -$11.8M | $6.7M | $21.1M | $63.7M |
| Lucro Líquido | $33.9M | -$1.1M | $27.2M | $28.6M | $9.3M | -$74.7M | -$154.4M | $45.3M | $61.5M | $195.6M |
| LPA | $1.14 | $-0.04 | $1.05 | $0.98 | $0.33 | $-2.69 | $-5.86 | $1.73 | $2.01 | $6.33 |
| LPA Diluído | $1.14 | $-0.04 | $1.04 | $0.98 | $0.33 | $-2.69 | $-5.86 | $1.73 | $2.01 | $6.32 |
| Ações em Circulação (Diluídas) | $29.6M | $26.8M | $26.1M | $29.2M | $28.0M | $27.8M | $26.3M | $26.3M | $30.7M | $30.9M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $212.5M | $142.4M | $212.7M | $214.2M |
| Lucro Bruto | $92.5M | $93.9M | $121.1M | $153.1M |
| Lucro Operacional | $68.3M | $87.9M | $49.0M | $82.2M |
| EBITDA | $73.5M | $93.2M | $54.0M | $86.8M |
| Lucro Líquido | $50.4M | $66.7M | $36.5M | $61.7M |
| LPA | $1.63 | $2.16 | $1.19 | $2.06 |
| LPA Diluído | $1.63 | $2.15 | $1.19 | $2.05 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $105.8M | $153.7M | $250.1M | $268.4M | $441.0M | $359.3M | $280.9M | $463.6M | $452.7M | $559.3M |
| Investimentos de Curto Prazo | $603.0M | $567.0M | $526.1M | $587.3M | $561.0M | $669.4M | $113.7M | $89.5M | $91.3M | $99.4M |
| Contas a Receber | 0 | 0 | 0 | $495.8M | $464.7M | $353.1M | $913.7M | $590.8M | $850.5M | $432.6M |
| Estoque | -$386.1M | -$778.3M | -$400.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Circulantes | $719.5M | $771.2M | $1.19B | 0 | 0 | $1.66B | $1.62B | $1.45B | $1.72B | $1.43B |
| Imobilizado | $17.2M | $18.7M | $18.0M | $20.8M | $25.1M | $45.2M | $53.2M | $57.7M | $59.0M | $45.7M |
| Ágio | $46.5M | $152.5M | $152.5M | $152.5M | $152.5M | $92.0M | 0 | 0 | 0 | 0 |
| Ativos Intangíveis | $26.5M | $101.6M | $76.8M | $68.6M | $62.3M | $55.9M | $149.2M | $111.8M | $99.6M | $94.7M |
| Ativos Totais | $1.03B | $1.77B | $1.77B | $1.94B | $2.09B | $1.98B | $2.39B | $2.12B | $2.47B | $2.20B |
| Contas a Pagar | $103.5M | $48.1M | $175.5M | $163.6M | $171.2M | $201.8M | $217.5M | $176.0M | $248.2M | $251.6M |
| Dívida de Curto Prazo | 0 | 0 | 0 | $79.4M | $70.0M | $69.1M | $99.1M | $89.6M | $80.1M | $74.1M |
| Passivos Circulantes | $96.7M | $17.6M | $195.4M | 0 | 0 | $1.55B | $2.20B | $1.87B | $2.12B | $1.66B |
| Dívida de Longo Prazo | $72.9M | $184.4M | $148.8M | $49.9M | $51.0M | $51.6M | $29.8M | $30.1M | $36.2M | $4.4M |
| Passivos Totais | $675.3M | $1.39B | $1.34B | $1.49B | $1.65B | $1.64B | $2.26B | $1.90B | $2.18B | $1.69B |
| Reservas | $182.8M | $175.2M | $195.8M | $217.3M | $219.8M | $138.4M | -$19.2M | $26.1M | $87.7M | $283.2M |
| Patrimônio Líquido | $358.0M | $379.8M | $425.3M | $448.8M | $442.3M | $343.1M | $131.0M | $220.3M | $290.8M | $505.3M |
| Dívida Total | $72.9M | $184.4M | $148.8M | $137.6M | $129.2M | $151.9M | $160.2M | $148.2M | $141.3M | $99.8M |
| Dívida Líquida | -$635.9M | -$536.3M | -$627.4M | -$718.0M | -$872.8M | -$876.8M | -$234.4M | -$405.0M | -$402.7M | -$558.9M |
| Capital de Giro | $622.9M | $753.7M | $991.4M | 0 | 0 | $101.5M | -$578.3M | -$421.2M | -$397.2M | -$234.4M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $560.4M | $559.3M | $517.1M | $587.6M |
| Ativos Totais | $2.37B | $2.20B | $2.02B | $2.45B |
| Passivos Totais | $1.93B | $1.69B | $1.50B | $1.88B |
| Patrimônio Líquido | $437.3M | $505.3M | $520.4M | $567.7M |
| Dívida Total | $101.7M | $99.8M | $99.0M | $91.8M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $33.9M | -$1.1M | $27.2M | $28.6M | $9.3M | -$74.7M | -$154.4M | $45.3M | $61.5M | $195.6M |
| Depreciação e Amortização | $9.0M | $7.7M | $27.1M | $10.4M | $8.1M | $8.4M | $8.4M | $8.7M | $9.6M | -$779000 |
| Compensação em Ações | $4.8M | $4.8M | $5.3M | $5.4M | $4.7M | $1.2M | $2.0M | $1.4M | $3.3M | $5.4M |
| Variação Capital de Giro | $18.1M | -$76.3M | $34.4M | $73.4M | $157.4M | $64.7M | $25.0M | $15.5M | $18.6M | -$28.9M |
| Fluxo de Caixa Operacional | $75.1M | $7.6M | $95.4M | $119.7M | $170.2M | $60.1M | -$34.3M | $70.4M | $87.1M | $182.2M |
| CapEx | -$1.6M | -$385000 | -$2.3M | -$5.0M | -$755000 | -$1.0M | -$12.4M | -$9.9M | -$8.2M | -$8.1M |
| Aquisições | -$110.3M | -$140.9M | $2.3M | 0 | -$472.5M | -$210.1M | -$89.5M | 0 | 0 | $3.2M |
| Recompra de Ações | -$25.6M | -$61.6M | -$2.0M | -$16.2M | -$10.0M | -$8.2M | -$7.3M | 0 | -$3000 | -$2.3M |
| Dividendos Pagos | -$6.8M | -$8.2M | -$6.4M | -$7.0M | -$6.9M | -$6.7M | -$4.8M | -$11000 | -$54000 | 0 |
| Fluxo de Caixa Livre | $73.5M | $7.2M | $93.1M | $114.7M | $169.5M | $59.1M | -$46.6M | $60.5M | $78.9M | $174.2M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $124.3M | $13.8M | $24.9M | $141.7M |
| CapEx | $3.6M | -$5.7M | -$1.8M | $1.8M |
| Fluxo de Caixa Livre | $127.9M | $8.1M | $23.0M | $143.5M |
| Dividendos Pagos | 0 | 0 | 0 | 0 |
| Compensação em Ações | $1.2M | $1.2M | $986000 | $1.7M |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | -7.4% | +18.1% | +6.5% | +16.1% | +6.4% | +4.9% | +11.0% | +11.1% | +3.7% |
| Crescimento Lucro Líquido (anual) | | -103.3% | +2526.7% | +5.5% | -67.4% | -901.3% | -106.6% | +129.4% | +35.8% | +217.8% |
| Crescimento LPA (anual) | | -103.7% | +2612.0% | -6.7% | -66.3% | -915.2% | -117.8% | +129.5% | +16.2% | +214.9% |
| Variação de Ações (anual) | | -9.6% | -2.6% | +12.0% | -4.3% | -0.7% | -5.3% | -0.3% | +16.8% | +1.0% |
| Crescimento FCF (anual) | | -90.2% | +1197.1% | +23.1% | +47.8% | -65.1% | -178.9% | +229.8% | +30.3% | +120.8% |
| Margem Bruta | 26.4% | 29.8% | 32.9% | 25.4% | 15.5% | 9.2% | 0.8% | 19.3% | 21.9% | 63.0% |
| Margem Operacional | 12.8% | -1.4% | 8.1% | 8.0% | 0.4% | -12.0% | -25.1% | 7.1% | 10.1% | 30.6% |
| Margem EBITDA | 15.0% | 3.7% | 17.9% | 11.7% | 3.1% | -9.4% | -22.5% | 9.8% | 12.6% | 33.0% |
| Margem Líquida | 7.7% | -0.3% | 5.7% | 5.6% | 1.6% | -11.8% | -23.3% | 6.2% | 7.5% | 23.1% |
| Margem FCF | 16.7% | 1.8% | 19.4% | 22.4% | 28.6% | 9.4% | -7.0% | 8.2% | 9.7% | 20.6% |
| Taxa Efetiva de Imposto | 40.0% | 81.0% | 30.4% | 30.1% | -321.4% | 1.7% | 7.1% | 12.9% | 25.6% | 24.6% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $2.48 | $0.27 | $3.57 | $3.92 | $6.05 | $2.13 | $-1.77 | $2.31 | $2.57 | $5.63 |
| Dividendo por Ação | $0.23 | $0.31 | $0.24 | $0.24 | $0.24 | $0.24 | $0.18 | $0.00 | $0.00 | $0.00 |
| Ações em Circulação (Básicas) | $29.6M | $26.8M | $25.9M | $29.2M | $28.0M | $27.8M | $26.3M | $26.2M | $30.6M | $30.9M |
O que olhar em Seguros
As seguradoras ganham de 2 formas: a subscrever bem (combined ratio) e a investir o float. Buffett construiu a Berkshire assim.
- Op Margin 5 anos (proxy Combined Ratio) — Proxy do combined ratio quando FMP não expõe. ≥10% média 5 anos = disciplina de subscrição (CR <100%)
- Crescimento Book Value / Ação — Como Buffett mede a Berkshire. O valor real que os acionistas acumulam
- Dívida / Equity — Seguradoras alavancadas falham rápido em catástrofes
- P/B (Preço / Valor Contabilístico) — Seguradoras valorizadas por múltiplo de book. Aqui cruza-se com o ROE (qualidade × avaliação)
- Sequência crescimento dividendo — Anos consecutivos a subir dividendo por ação — seguradoras sólidas acumulam décadas
Rentabilidade
| Retorno sobre patrimônio | 42.41% |
| Retorno sobre capital investido | 9.12% |
| Retorno sobre ativos | 8.80% |
| Margem bruta | 58.93% |
| Margem operacional | 36.77% |
| Margem líquida | 27.54% |
Saúde financeira
| Dívida / Patrimônio | 0.16 |
| Liquidez corrente | 255.74 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 13.75 | -431.10 | 14.02 | 13.52 | 30.70 | -2.19 | -0.31 | 3.77 | 6.02 | 4.62 |
| P/VP | 1.30 | 1.27 | 0.90 | 0.86 | 0.64 | 0.48 | 0.36 | 0.78 | 1.27 | 1.79 |
| P/V | 1.06 | 1.19 | 0.80 | 0.76 | 0.48 | 0.26 | 0.07 | 0.23 | 0.45 | 1.07 |
| Margem Bruta | 26.4% | 29.8% | 32.9% | 25.4% | 15.5% | 9.2% | 0.8% | 19.3% | 21.9% | 63.0% |
| Margem Operacional | 12.8% | -1.4% | 8.1% | 8.0% | 0.4% | -12.0% | -25.1% | 7.1% | 10.1% | 30.6% |
| Margem Líquida | 7.7% | -0.3% | 5.7% | 5.6% | 1.6% | -11.8% | -23.3% | 6.2% | 7.5% | 23.1% |