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Heritage Insurance Holdings (HRTG) — wheel strategy suitability
Where HRTG sits as an underlying for selling cash-secured puts and covered calls, and what its own price history says about the risk of being assigned into a falling stock. Snapshot of 3 October 2026.
Heritage Insurance Holdings (HRTG) scores 83 on the Wheel score, which puts it in the preferred band for selling cash-secured puts and covered calls.
Its components sit close together (quality 83, valuation 87, margin stability —), so no single factor is doing the work.
It has monthly options only, which costs it a small liquidity haircut. Workable, but every roll commits you for a month.
Over the last 3.0 years it had 8 days with a fall of 10% or more (2.7 a year), a deepest drawdown of -43.9%, and a worst single session of -23.4%. That is worse than the median screened name (0.67 gap-downs a year, -44.9% typical worst drawdown).
Realised volatility runs about 66% annualised. That is high. More premium, and a materially higher chance of being assigned into a falling stock.
Entry timing currently reads as a dip within an uptrend — historically the better half of the cycle to sell puts into.
Score breakdown
| Wheel score | 83 | 0–100 suitability for options selling |
|---|---|---|
| Quality | 83 | ROIC, margins, leverage, accruals |
| Valuation | 87 | cheaper on fwd P/E, EV/EBITDA, FCF yield |
| Margin stability | — | steadier earnings score higher |
| Options listed | Monthly | weekly avoids the liquidity haircut |
| Accounting flags | 0 | −8 points each |
Realised tail risk
Computed from our own daily price history, 2023-10-04 to 2026-10-01 (749 sessions). The Wheel score is built from fundamentals, so these price-derived numbers are an independent check on it, not a restatement of it.
| Days falling 10%+ in one session | 8 | 2.7 a year |
|---|---|---|
| Deepest drawdown | -43.9% | peak to trough |
| Worst single session | -23.4% | |
| Realised volatility | 66% | annualised |
Fundamentals
| Revenue (ttm) | 847M USD |
|---|---|
| Revenue CAGR (3y) | 8.5% |
| Net margin | 23.1% |
| Return on equity | 38.7% |
| Share price | $33.83 |
| Days to earnings | 32 |
| Sector / industry | Financial Services · Insurance - Property & Casualty |
Open the HRTG options chain on Yahoo Finance to check live strikes and premium — this page deliberately carries no quotes, because a quote baked into a static page is stale before you read it.
Run the numbers on HRTG
Pre-filled with the snapshot price of $33.83 and 30-day realised volatility; add the strike and premium from the live option chain.