Hippo
Pairs homeowners insurance with insurer capacity and home-protection services.
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Profile
Combines a Hippo-branded homeowners-insurance program with Spinnaker's insurance-capacity business. Its activities span program services, insurance capacity for MGAs, and home-protection services, with reinsurance shaping the operating model.
Sells Hippo-branded homeowners insurance and joins it with home-protection services. It operates as a broader property-and-casualty platform with a Services business.
This includes Spinnaker, its Insurance-as-a-Service business, which supplies admitted and excess-and-surplus insurance capacity to managing general agents while ceding most underwriting risk to a reinsurance panel. Hippo sold a majority stake in the independent-agent platform First Connect but remains a customer, partner, and minority shareholder.
The group consolidated catastrophe reinsurance and placed a whole-account quota share across its property-and-casualty programs. Reinsurance counterparties and risk-transfer execution are structural operating dependencies.
Company facts
Key statistics
Year to date +10.7% · Average volume (30d) 175.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Oct 14, 2025 | JMP Securities | Reiterate | Market Outperform | $4 | $45 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | −$0.17 | $0.79 | +564.7% | $137.4M | $144.7M | +5.3% | +6.87% |
| Apr 30, 2026Q1 FY26 | $0.07 | $0.27 | +285.7% | $127.4M | $121.5M | −4.7% | +5.32% |
| Feb 25, 2026Q4 FY25 | $0.21 | $0.24 | +14.3% | $121.1M | $120.4M | −0.5% | +6.41% |
| Nov 5, 2025Q3 FY25 | $0.04 | $0.70 | +1,650.0% | $121.0M | $120.6M | −0.4% | −8.59% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $110.3M | $117.3M | $120.6M | $120.4M | $121.5M | $144.7M | |
| Gross profit | −$12.3M | $40.0M | $40.2M | $74.9M | $39.1M | $84.9M | |
| Operating income | −$45.6M | $4.0M | $98.1M | $6.8M | $7.2M | $11.0M | |
| Net income | −$47.7M | $1.3M | $98.1M | $6.0M | $7.1M | $10.1M | |
| Diluted EPS | −$1.91 | $0.05 | $3.77 | $0.23 | $0.27 | $0.38 | |
| Gross margin | -11.2% | 34.1% | 33.3% | 62.2% | 32.2% | 58.7% | |
| Operating margin | -41.3% | 3.4% | 81.3% | 5.6% | 5.9% | 7.6% |
Fiscal years (4-quarter sums)FY21 $91.3M · FY22 $119.7M · FY23 $209.7M · FY24 $372.1M · FY25 $468.6M
Revenue by product · FY24
Revenue by geography · FY24
Balance sheet, Jun 30, 2026Cash & short-term investments $444.8M · Total debt $50.7M · Total assets $2.32B · Shareholders' equity $465.6M
Dividends
No dividends on record.
Ownership
Shares outstanding 26.39M · Float 22.33M · 84.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Len FW Investor, LLC · other: Former 10% Owner | 2.48M | 9.38% | Form 4 | Jul 3, 2025 |
| The Lennar Foundation, Inc. | 2.07M | 8.00% | 13G | Mar 6, 2026 |
| BlackRock, Inc. | 1.49M | 5.70% | 13G | Jul 28, 2026 |
| Akin Thomas B | 1.48M | 5.80% | 13G | Feb 12, 2026 |
| Assaf Wand · director, officer: Executive Chairman BoD | 1.16M | 4.39% | Form 4 | Apr 3, 2025 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 17, 2026 | Torben Ostergaard | officer: CEO Spinnaker | −1,169 | $33.00 |
| Aug 10, 2026 | Richard McCathron | director, officer: Chief Executive Officer | −5,000 | $32.00 |
| Jul 28, 2026 | Guy Zeltser | officer: Chief Financial Officer | −1,669 | $30.98 |
| Jul 9, 2026 | Richard McCathron | director, officer: Chief Executive Officer | −5,000 | $28.53 |
| Jun 9, 2026 | Richard McCathron | director, officer: Chief Executive Officer | −5,000 | $25.00 |
Peers
- Lemonade
Digital homeowners insurance and technology-led policy experience
- Slide Insurance
Technology-enabled homeowners coverage focused on policy choice
- Universal Insurance
Residential property insurance across homeowners-focused markets
- HCI Group
Residential property insurance through Homeowners Choice and TypTap
- Palomar
Specialty residential property coverage and fronting capacity
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Hippo | $33.18 | −0.06% | $875.6M | 7.1 | 25.6 | 1.7 | +23.4% |
| Lemonade | $53.10 | +0.23% | $4.07B | — | — | 4.4 | +79.4% |
| Slide Insurance | $23.48 | −0.04% | $2.74B | 5.7 | 6.6 | 2.0 | +94.2% |
| Universal Insurance | $43.43 | +0.12% | $1.21B | 5.7 | 9.4 | 0.7 | +55.3% |
| HCI Group | $186.29 | +0.05% | $2.38B | 7.7 | 9.3 | 2.5 | +11.2% |
| Palomar | $131.63 | −0.11% | $3.49B | 17.7 | 12.3 | 3.2 | +210.1% |
| Median | 6.7 | 9.4 | 2.5 | +79.4% |