Goosehead Insurance

GSHD · Nasdaq · Financials · Financials, fiscal 2017 to 2025

GSHD · Last close · November 6, 2026

$55.55

Goosehead Insurance's revenue rose 16.1% to $365 million in fiscal 2025. Its operating margin was 20.4%, up from 19.4% a year earlier. Free cash flow was $86 million, up 22.0%. It paid out $228 million in dividends and buybacks, 264% of free cash flow. The diluted share count fell 0.5%.

GOOSEHEAD INSURANCE, INC. Latest fiscal year ended December 31, 2025 10-K filed February 19, 2026 · 0001726978-26-000010 Updated November 5, 2026

Revenue

$365M

16.1%

Operating margin

20.4%

0.9 pts

Net income

$28M

8.5%

Free cash flow

$86M

22.0%

Return on capital

75.5%

19.4 pts

Market cap

$2.0B

Nov 6 close

P/E

53.4x

On $1.04 EPS, FY25

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Return on equity for fiscal 2025 is blank: the 10-K's structured data doesn't include every figure it needs.

Charts show fiscal years, from the 10-K filings.

What Goosehead Insurance does

Goosehead Insurance is an independent insurance agency that sells personal insurance policies, such as home and auto coverage, across the United States. As an independent agency, it works with many insurance companies and uses technology to find a policy that fits a client's needs and price.

It says it partners with over 200 carriers, the insurers whose policies it sells. It earns money mostly through commissions from those carriers on the policies it sells and renews, and it also earns contingent commissions, which depend on results and are less predictable. It sells through its own agents and through franchise and referral partners.

It competes with other insurance agencies on reputation, client service, product choice and its ability to tailor products to a client.

Its biggest risks, as it describes them

Falling insurance premiums or commission rates set by carriers, or carriers asking for commissions back.
Contingent commissions that are less predictable and could shrink.
Strong competition from other agencies that could cost it clients.
Errors and omissions claims from clients over its advice or service.
Security breaches or failures in the information systems it relies on.

From Goosehead Insurance's annual report on Form 10-K, filed February 19, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2019 to 2025, earnings per share grew 29.5% a year and net income 40.6% a year, as new shares raised the share count by 137% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	28	29	42	54	34
Debt incl. finance leases	123	94	77	92	292
Net debt (negative means net cash)	94	65	35	38	258
Net debt to EBITDA	6.8x	3.8x	0.8x	0.5x	3.0x
Debt to equity	—	—	2.8x	2.1x	—
Interest coverage	3.0x	2.0x	5.0x	8.3x	3.1x
Current ratio	1.7x	1.5x	1.8x	2.3x	1.6x
Quick ratio	1.7x	1.5x	1.8x	2.3x	1.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Goosehead Insurance's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Goosehead Insurance's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 9 insiders bought $20.1 million of Goosehead Insurance shares on the open market, and 6 insiders sold $34.3 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 22, 2026	Durable Capital Partners LP10% owner	Bought	150,000	$47.32	$7.1 million	Form 4
Aug 20, 2026	Serena Jones10% owner	Sold	20,000	$69.50	$1.4 million	Form 4
Aug 20, 2026	Adrienne Kebodeaux10% owner	Sold	7,000	$70.00	$490,000	Form 4
Aug 19, 2026	Serena Jones10% owner	Sold	9,750	$67.71	$660,172	Form 4
Aug 13, 2026	Serena Jones10% owner	Sold	250	$67.50	$16,875	Form 4
Aug 4, 2026	Mark & Robyn Jones Descendants Trust 201410% owner	Sold	22,481	$66.87	$1.5 million	Form 4
Aug 3, 2026	Mark & Robyn Jones Descendants Trust 201410% owner	Sold	100,000	$65.31	$6.5 million	Form 4
Jul 31, 2026	Durable Capital Partners LP10% owner	Bought	36,256	$61.92	$2.2 million	Form 4
Jul 31, 2026	Peter R. LaneDirector	Bought	1,600	$63.14	$101,024	Form 4
Jul 30, 2026	Mark & Robyn Jones Descendants Trust 201410% owner	Sold	2,519	$66.27	$166,926	Form 4
Jul 29, 2026	Mark & Robyn Jones Descendants Trust 201410% owner	Sold	125,000	$69.71	$8.7 million	Form 4
Jul 28, 2026	Adrienne Kebodeaux10% owner	Sold	5,000	$65.20	$326,000	Form 4

The latest 12 of 31 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	7 of 8	7 of 8	5 of 8
Rule of 40	42.5%	42.8%	39.7%
Altman Z''	0.88	2.05	0.41
Accruals ratio	−10.8%	−10.9%	−15.7%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Fail	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	7 of 8	7 of 8	5 of 8

Companies that report no gross profit are scored on the other eight.

Compare

Put Goosehead Insurance side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Goosehead Insurance	FY25	16.1%	20.4%	23.6%	75.5%	3.0x	5
Ryan Specialty	FY25	21.3%	16.2%	21.0%	8.7%	4.1x	—	Compare
Erie Indemnity	FY25	7.2%	17.6%	14.0%	31.8%	−0.5x	—	Compare
Brown & Brown	FY25	22.8%	—	23.4%	9.1%	3.8x	4	Compare
Willis Towers Watson	FY25	−2.2%	23.0%	15.9%	12.8%	2.5x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

9 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	43	60	78	117	151	209	261	314	365
Revenue growth	—	40.8%	28.8%	51.0%	29.3%	38.4%	24.8%	20.4%	16.1%
Gross profit	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—
Operating income	8	−14	14	20	9	10	33	61	74
Net income	0	−9	4	9	5	1	14	30	28
Diluted EPS (US$)	—	−0.66	0.22	0.51	0.26	0.03	0.55	1.16	1.04
Diluted shares (millions)	—	14	16	18	21	22	38	38	38
Cash flow
Cash from operations	14	10	21	25	35	36	51	72	92
Capital expenditure	6	2	4	10	13	10	4	1	6
Free cash flow	7	8	18	15	23	26	46	71	86
Dividends paid	26	80	19	45	60	0	0	0	146
Share buybacks	0	0	0	0	0	0	0	63	82
Acquisitions	0	0	0	0	0	0	0	0	0
Stock-based compensation	0	27	2	5	7	20	24	28	23
Balance sheet at fiscal year end
Cash and short-term investments	5	19	14	25	28	29	42	54	34
Debt incl. finance leases	49	48	36	83	123	94	77	92	292
Total assets	17	35	65	186	270	321	355	398	415
Total liabilities	58	60	96	224	340	355	338	359	578
Shareholders' equity	−41	−8	−9	−5	−14	11	28	44	−96
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—
Operating margin	17.8%	−23.2%	18.2%	17.0%	5.7%	4.8%	12.6%	19.4%	20.4%
Net margin	0.0%	−14.8%	4.6%	7.9%	3.6%	0.3%	5.4%	9.7%	7.6%
Free cash flow margin	17.1%	13.6%	22.6%	12.5%	15.0%	12.4%	17.8%	22.4%	23.6%
Rule of 40 (growth + FCF margin)	—	54.4%	51.5%	63.5%	44.3%	50.8%	42.5%	42.8%	39.7%
Return on capital	—	−306.4%	—	—	—	—	71.3%	94.9%	75.5%
Return on equity	—	—	—	—	—	—	73.2%	84.7%	—
Return on assets	—	−34.6%	7.2%	7.4%	2.4%	0.2%	4.2%	8.1%	6.8%
Net debt to EBITDA	5.2x	—	1.4x	2.5x	6.8x	3.8x	0.8x	0.5x	3.0x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Goosehead Insurance's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Goosehead Insurance.