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Hagerty HGTY Change in TRA Liability

Change in TRA Liability at other companies

Shift4 Payments logo
Shift4 PaymentsFOUR
-$120M-4,100%
Excelerate Energy logo
Excelerate EnergyEE
$51.12M-13.3%
Blue Owl Capital logo
Blue Owl CapitalOWL
$95.75M-1.5%
Shift4 Payments logo
Shift4 PaymentsFOUR
$20M+1,718%
Ryan Specialty Holdings logo
Ryan Specialty HoldingsRYAN
$430.8M+1.8%
Nextpower Inc.
 logo
Nextpower Inc. NXT
$372.66M-5.6%

Other financials

Income statement

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Revenue$311.8M-5.0%
Operating income$34.3M+240%
Net income-$12.7M-147%
EPS (diluted)-$0.06-186%

Balance sheet

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Cash & equivalents$366.7M+28.1%
Total debt$272.5M+50.3%
Total equity$218.7M+34.2%
Total assets$2.0B+11.5%

Cash flow

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Operating cash flow$16.3M-62.9%
CapEx$7.7M+43.1%
Free cash flow$8.5M-77.8%

Valuation

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Market cap$1.17B+26.6%
Enterprise value$1.07B+31.5%
P/E10.7×+1.2×
P/S0.8×+0.1×

Profitability

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Operating margin8.1%
Net margin7.5%0.0pp
FCF margin11.4%

Returns & leverage

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Return on equity57.2%-18.7pp
Debt / equity1.2×+0.1×
Current ratio0.0×

Where this comes from

Reported directly by Hagerty in its filing.

Tagged under the XBRL concept hgty:GainLossRelatedToTaxReceivableAgreementLiability.

The official record: Hagerty’s 10-K, filed February 26, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Hagerty's change in TRA liability?
Hagerty (HGTY) reported change in TRA liability of $8.06M in Q4 2025.
How has Hagerty's change in TRA liability changed year-over-year?
Hagerty's change in TRA liability increased by 1912.2% year-over-year, from $400.5K to $8.06M.
What is the long-term trend for Hagerty's change in TRA liability?
Over 2 years (2023 to 2025), Hagerty's change in TRA liability has grown at a 249.7% compound annual growth rate (CAGR), from -$2.64M to $32.24M.
What does change in TRA liability mean?
This represents the change in the liability associated with Tax Receivable Agreements (TRA), which typically arise from historical corporate restructuring or IPOs. It reflects the obligation to pay out a portion of realized tax savings to pre-IPO shareholders. Tracking this is critical for understanding future cash outflows related to tax benefits.