HIPOHippo Holdings Inc.
Fire, Marine & Casualty Insurance
- Revenue
- $469M
- 26% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $975M
- Employees
- 540
- $868K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 9.4
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 3 of 7
- TSR below peersNo1 of 3 years3+ of last 5 years
- High CEO pay despite TSRNo$3M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes15% of net incomeCash flow under 80% of net income
- Dilutive SBCNo6% of revenueOver 10% of revenue
- Payouts exceed cash flowYes158% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentYes66% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$868K · 29th pctBottom quartile of its SIC industry
- Quiet on AINo9.4 per 10K words · 92nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$975M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$2M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $91M | $120M | $210M | $372M | $469M | 26% |
| Net income | −$371M | −$333M | −$263M | −$29M | $63M | 319% |
| Operating cash flow | −$125M | −$162M | −$92M | $48M | $9M | 81% |
| Capex | $800K | $5M | $30M | $300K | $100K | 67% |
| Stock-based comp | $24M | $62M | $58M | $38M | $29M | 23% |
| Buybacks | — | $0 | $2M | $16M | $15M | 7.1% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Feb 19, 2026 | LENNAR CORP /NEW/ | SCHEDULE 13D/A | 0.1% | Passive |
| Nov 14, 2025 | LENNAR CORP /NEW/ | SCHEDULE 13D/A | 17.2% | Passive |
| Jul 3, 2025 | LENNAR CORP /NEW/ | SCHEDULE 13D/A | 19.8% | Passive |
| Jul 1, 2024 | MITSUI SUMITOMO INSURANCE CO LTD | SC 13D/A | 4.5% | Passive |
| Mar 8, 2024 | Bond Capital Associates, LLC | SC 13D/A | 4.9% | Passive |
| Feb 29, 2024 | MITSUI SUMITOMO INSURANCE CO LTD | SC 13D/A | 5.6% | Passive |
| Aug 19, 2022 | LENNAR CORP /NEW/ | SC 13D/A | 12.8% | Passive |
| Apr 12, 2022 | LENNAR CORP /NEW/ | SC 13D/A | 9.1% | Passive |
| Feb 9, 2022 | Bond Capital Associates, LLC | SC 13D | 12.5% | Passive |
| Aug 13, 2021 | Wand Assaf | SC 13D | 7.3% | Active |
Insider trading
- Open-market buys, 12 mo
- $5K · 1
- Open-market sells, 12 mo
- $2M · 22
- Net
- −$2M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $6M | $6M | 221 | 192 |
| FY2024 | $3M | $7M | 197 | 190 |
| FY2023 | $3M | $2M | 67 | 133 |