COMP <GO>

HGTY vs ARX // EV/EBITDA & P/E VALUATION

Hagerty Inc. (Class A) (NYSE) VS. Accelerant Holdings (Class A) (NYSE) • 15-METRIC TALLY: HGTY 2 — ARX 3

■ METRIC PARITY

LAST: $15.58 (+0.78%) • MKT CAP: $5.60B

valuation

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LAST: $19.82 (0.00%) • MKT CAP: $4.30B

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (HGTY VS. ARX) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	HGTY	ARX	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	67.40%	—	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	3.91%	10.34%	-6.43	ARX	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	22.00%	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	23.50%	51.50%	-28.00	ARX	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	6/9	3/9	+3.00	HGTY	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	62.6	66.4	-3.80	ARX	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	31.5x	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$5.60B	$4.30B	$1.29B	HGTY	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	HGTY REV	ARX REV	HGTY GROSS %	ARX GROSS %	HGTY FCF	ARX FCF
FY 2025	$677.6M	$912.9M	—	—	$219.0M	$445.1M
FY 2024	$548.6M	$602.6M	—	—	$177.0M	$785.7M
FY 2023	$464.3M	$344.0M	—	—	$133.7M	$290.0M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

HGTY // BETA —

ARX // BETA —