Goosehead Insurance, Inc. GSHD
We are a rapidly growing independent insurance agency, reinventing the traditional approach to distributing personal lines policies throughout the United States. Our differentiated business model and innovative technology platform have enabled us to deliver insurance customers a superior experience, as evidenced by our 77 Net Promoter Score, which is 3.5x the 2024 Industry Average according to Qualtrics XM Institute. To fully appreciate the value of our model, there are three lenses with which you can view us – from the perspective of 1) the insurance buyer; 2) the agent; and 3) the carrier.
Insurance buyers desire to have the right coverage, based on their risk tolerance, at the lowest possible price, written with a reputable company who will respond quickly and fairly when they need to file a claim – desires that we believe only an independent insurance agent can fulfill. Clients want to accomplish this in a simple, fast, and convenient way that leverages technology to make the client experience effortless. We have built a model that combines a choice product portfolio, knowledgeable sales and service agents, and proprietary technology to deliver on these expectations.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $365.3M | $0 | $0 | $209.4M | $151.3M | $117.0M | $77.5M | $60.1M | $42.7M | — |
| SG&A | $81.4M | $67.1M | $62.1M | $52.9M | $39.8M | $25.0M | $19.0M | $13.1M | $8.6M | — |
| Total operating expenses | $290.9M | $253.4M | $228.3M | $199.3M | $142.6M | $97.1M | $63.4M | $74.1M | $35.1M | — |
| Operating income | $74.4M | $61.1M | $33.0M | $10.1M | $8.7M | $19.9M | $14.1M | -$13.9M | $7.6M | — |
| Interest expense | $23.8M | $7.3M | $6.6M | $5.0M | $2.9M | $2.3M | $2.4M | $4.3M | $2.5M | — |
| Pre-tax income | $50.8M | $46.7M | $26.4M | $5.1M | $6.0M | $17.7M | $11.7M | -$18.2M | $8.7M | — |
| Income tax | $6.4M | $2.4M | $2.7M | $2.5M | $2.3M | $1.0M | $1.3M | $449.0K | $0 | — |
| Net income | $27.8M | $30.4M | $14.1M | $565.0K | $5.4M | $9.3M | $3.6M | -$8.9M | $0 | — |
| EPS, basic | 1.11 | 1.23 | 0.59 | 0.03 | 0.28 | 0.55 | 0.24 | -0.66 | — | — |
| EPS, diluted | 1.04 | 1.16 | 0.55 | 0.03 | 0.26 | 0.51 | 0.22 | -0.66 | — | — |
| Shares, diluted (wtd. avg.) | $38.1M | $38.3M | $38.4M | $21.8M | $20.8M | $18.4M | $16.1M | $13.6M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $34.4M | $54.3M | $42.0M | $30.4M | $30.5M | $26.2M | $15.3M | $19.0M | $5.4M | $3.8M |
| Total current assets | $93.2M | $108.6M | $74.6M | $54.1M | $50.3M | $50.6M | $26.7M | $22.8M | $7.7M | — |
| Property, plant and equipment | $21.5M | $24.1M | $30.3M | $35.3M | $24.9M | $16.6M | $9.5M | $7.6M | $6.8M | — |
| Other intangibles | $39.7M | $25.1M | $17.3M | $4.5M | $2.8M | $549.0K | $445.0K | $248.0K | $216.0K | — |
| Total assets | $414.9M | $397.7M | $354.9M | $321.4M | $270.3M | $185.8M | $64.6M | $34.8M | $16.7M | — |
| Accounts payable | $33.6M | $22.9M | $16.4M | $16.0M | $13.0M | $8.1M | $5.0M | $4.0M | $2.8M | — |
| Short-term debt | $3.0M | $10.1M | $9.4M | $6.9M | $4.4M | $3.5M | $4.0M | $2.5M | $500.0K | — |
| Total current liabilities | $58.3M | $46.5M | $40.9M | $37.1M | $30.3M | $20.4M | $13.4M | $7.8M | $5.8M | — |
| Long-term debt | $289.5M | $82.3M | $67.6M | $86.7M | $118.4M | $79.4M | $42.2M | $45.9M | $48.2M | — |
| Total liabilities | $577.7M | $358.6M | $338.1M | $355.0M | $339.5M | $224.2M | $95.6M | $60.0M | $57.8M | — |
| Retained earnings | -$133.4M | -$15.4M | -$45.8M | -$60.6M | -$60.7M | -$34.6M | -$23.8M | -$20.8M | $0 | — |
| Total equity | -$95.5M | $43.9M | $16.8M | -$33.6M | -$69.2M | -$38.4M | -$31.0M | -$25.2M | -$41.1M | -$24.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $91.8M | $71.5M | $50.8M | $36.0M | $35.4M | $24.6M | $21.2M | $10.3M | $13.5M | — |
| Depreciation and amortisation | $11.3M | $10.5M | $9.2M | $7.1M | $5.1M | $3.6M | $2.1M | $2.5M | $876.0K | — |
| Stock-based compensation | $23.4M | $28.0M | $24.0M | $19.6M | $7.3M | $4.7M | $1.5M | $27.0M | $0 | — |
| Capital expenditure | $5.7M | $979.0K | $4.5M | $10.1M | $12.7M | $10.0M | $3.7M | $2.1M | $6.2M | — |
| Investing cash flow | -$23.5M | -$12.4M | -$19.2M | -$12.6M | -$15.4M | -$10.3M | -$4.1M | -$2.2M | -$6.1M | — |
| Financing cash flow | -$88.2M | -$45.2M | -$18.0M | -$23.6M | -$15.8M | -$3.3M | -$20.9M | $5.6M | -$6.2M | — |
| Dividends paid | $145.8M | $0 | $0 | $0 | $60.0M | $44.7M | $18.7M | $80.1M | $25.5M | — |
| Buybacks | $81.7M | $63.2M | $0 | $0 | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001726978-26-000010.
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