At a glance
Goosehead Insurance Inc is worth $1.65B, about 59 times its fiscal 2025 earnings. Revenue grew 16.2% to $365.3M in fiscal 2025, with 7.6% kept as profit; over 5 years it has grown 25.6% a year. It pays a dividend, raised every year for at least 3 years, and returned $350.7M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −37.4% over the past year with dividends reinvested and −19.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 36.7% in the 2020 crash (S&P 500: 33.7%) and 76.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 29 months after the lows.
The business in plain English
Goosehead Insurance is an independent insurance agency. It sells personal lines insurance across the United States, mainly home and auto policies for individuals and families. Most of its business comes from Texas, California, Florida and Illinois. "Independent" means its agents can shop a client's coverage among many insurance companies (called carriers) rather than selling for just one. Goosehead works with more than 200 carriers. Its Digital Agent website lets clients compare home and auto quotes from more than 100 of them in under two minutes.
As an agency, Goosehead does not pay insurance claims. Carriers pay it commissions, which are a percentage of each policy's premium. In 2025 the average commission was 14% on new business and 12% on renewals. Its network includes 1,009 franchise locations, which pay Goosehead royalty fees. It also runs 13 corporate-owned offices with 489 sales agents. A central service team looks after existing policies and keeps 85% of clients, so agents can focus on new sales.
Renewals bring in most of the revenue. Revenue rose 16.2% to $365.3 million in 2025. Renewal royalty fees made up 46.7% of it and renewal commissions 21.5%. Contingent commissions added 10.5%. These are bonus payments from carriers that are harder to predict than standard commissions. New business royalty fees (8.3%) and new business commissions (7.7%) came next. Total written premium, the premiums on all policies Goosehead has placed, grew 17% to $4.4 billion in 2025.
Price history
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GSHD -37.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Renewal royalty fees | $170.8M | 46.7% |
| Renewal commissions | $78.6M | 21.5% |
| Contingent commissions | $38.4M | 10.5% |
| New business royalty fees | $30.2M | 8.3% |
| New business commissions | $28.0M | 7.7% |
| Agency fees | $10.4M | 2.8% |
| Initial franchise fees | $5.6M | 1.5% |
| Other franchise revenues | $2.7M | 0.7% |
| Interest income | $670K | 0.2% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $113.4M, up 20.6% from a year earlier, and net income was $10.1M (+95.4%).
- For fiscal 2025, revenue was $365.3M (+16.2% year over year; +25.6% a year from FY2020 to FY2025) with a 7.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +25.6% good |
|---|---|
| Operating margin | 20.4% good |
| Free cash flow margin | 23.6% good |
| Return on assets (FY2025) | 6.7% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $117.0M | $9.3M | $14.7M |
| FY2021 | $151.3M | $5.4M | $22.7M |
| FY2022 | $209.4M | $565K | $25.9M |
| FY2023 | $261.3M | $14.1M | $46.4M |
| FY2024 | $314.5M | $30.4M | $70.6M |
| FY2025 | $365.3M | $27.8M | $86.1M |
Valuation snapshot
| Market value | $1.65B |
|---|---|
| P/E ratio | 59.4 |
| Dividend yield | 0% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| GSHD price data to Oct 28, 2026 | -37.1% | -37.4% | -9.3% | -19.8% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -37.1% |
| 2025 | -27.5% |
| 2024 | +41.5% |
| 2023 | +120.7% |
| 2022 | -73.6% |
| 2021 | +5.6% |
| 2020 | +198.6% |
| 2019 | +63.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 22.7% over that stretch · deepest drop along the way 36.7%, back to its old high 2.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 75.9% over that stretch · deepest drop along the way 76.1%, back to its old high 28.7 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 16 open-market purchases ($19.3M) and 31 sales ($28.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 22, 2026 | Durable Capital Partners LP 10% owner | buy | $7.1M |
| Aug 3, 2026 | Mark & Robyn Jones Descendants Trust 2014 10% owner | sell | $6.5M |
| Jul 29, 2026 | Mark & Robyn Jones Descendants Trust 2014 10% owner | sell | $4.0M |
| May 22, 2026 | Mark & Robyn Jones Descendants Trust 2014 10% owner | sell | $3.3M |
| Jul 29, 2026 | Mark & Robyn Jones Descendants Trust 2014 10% owner | sell | $3.3M |
Who owns it
Large shareholders (13G filings)
| Durable Capital Partners LP | 10.8% | Jul 24, 2026 |
| Wasatch Advisors LP | 10.2% | Sep 30, 2026 |
| Kayne Anderson Rudnick Investment Management, LLC | 9.2% | Jun 30, 2026 |
| WASATCH ADVISORS LP | 8.1% | Mar 31, 2025 |
| Capital World Investors | 8% | Mar 31, 2026 |
| Vanguard Capital Management | 4.99% | Jun 30, 2026 |
| Vanguard Portfolio Management | 4.95% | Sep 30, 2026 |
| DF DENT & CO INC | 4.8% | Jul 26, 2024 |
| T. Rowe Price Investment Management, Inc. | 2.5% | Jun 30, 2026 |
ETFs with the most weight in GSHD
| TMFS Motley Fool Small-Cap Growth ETF | 3.58% |
| TMFM Motley Fool Mid-Cap Growth ETF | 3.28% |
| SOVF Sovereign's Capital Flourish Fund | 1.75% |
| PFI Invesco Dorsey Wright Financial Momentum ETF | 1.54% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.85% |
| TXSS Texas Capital Texas Small Cap Equity Index ETF | 0.5% |
| IJT iShares S&P Small-Cap 600 Growth ETF | 0.45% |
| SLYG SPDR S&P 600 Small Cap Growth ETF | 0.45% |
What could go wrong
- Relies on franchisees it does not control. Royalty fees from 1,009 franchise locations are Goosehead's largest source of revenue. It has no direct control over franchise owners and agents. Weak results or harmful actions by them can hurt its profits and brand.
- Most business sits in four states. Much of the business is in Texas, California, Florida and Illinois. A local downturn, natural disaster or rule change in those states could hurt results more than it would at a more spread-out agency.
- Carriers control premiums and commission rates. Insurance companies set the premiums and commission rates Goosehead earns. A few carriers supply a large share of its commissions. Losing one of them, or a cut in rates, would reduce revenue.
- Bonus commissions are hard to predict. Contingent commissions are bonuses that carriers pay on top of standard commissions. They made up 10.5% of 2025 revenue. They are less predictable than standard commissions, and any drop could hurt results.
- Debt and a control-linked default trigger. As of June 30, 2026, debt was $317.4 million and cash and investments were $23.7 million. If Mark and Robyn Jones lose a required level of voting control, the company could default on its credit agreement.
- Holding-company setup and pre-IPO tax payments. Goosehead Insurance owns 67.4% of Goosehead Financial, LLC and depends on payouts from it. It must also pay early, pre-IPO owners for certain tax benefits under a tax agreement. Those payments could be large.
Recent events
- Quarterly results released; Executive or board change
- Major agreement signed
- Shareholder vote results
- Quarterly results released; Executive or board change; Other company announcement
- Executive or board change; Other company announcement
- Quarterly results released; Executive or board change; Investor presentation or announcement
For income and retirement investors
Goosehead does not pay a regular dividend. It paid $2.43 a share in 2020 and $2.88 in 2021. It paid nothing from 2022 through 2024, then $3.83 in 2025. The 2025 payout cost $145.8 million. That was about 524% of earnings and 169% of free cash flow (cash left after running and investing in the business), far more than the business produced that year. The company also bought back $63.2 million of its own stock in 2024 and $81.7 million in 2025. For an income investor, this means no steady, predictable stream of payments.
The shares have dropped hard in downturns. In the 2020 COVID crash they fell 36.7% in early March but recovered by June 3, 2020. In the 2022 market slide they fell 76.1% between January 3 and October 11, 2022. They took about 28.7 months to recover. As of October 28, 2026, they were down 37.1% year to date and the dividend yield was 0%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Goosehead Insurance make money?
Goosehead earns commissions from insurance companies when its agents sell home and auto policies. It also collects royalty fees from its franchise owners. In 2025, renewal royalty fees made up 46.7% of its $365.3 million revenue. Renewal commissions were 21.5%, and contingent commissions (bonuses carriers pay on top of standard commissions) were 10.5%. Its average commission in 2025 was 14% of premium on new business and 12% on renewals. So revenue tends to rise when premiums rise and clients renew.
Does Goosehead Insurance pay a dividend?
Not on a regular schedule. Goosehead paid $2.43 a share in 2020 and $2.88 in 2021. It paid nothing from 2022 through 2024, then $3.83 in 2025. The dividend yield was 0% as of October 28, 2026. The 2025 payout equaled about 524% of that year's earnings. Goosehead Insurance is a holding company that depends on payouts from Goosehead Financial, LLC. Its annual report warns that this setup and contract terms may limit dividends.
How much has Goosehead stock fallen?
A lot. As of October 28, 2026, the shares were down 37.4% over one year and 67% over five years. They fell 76.1% in the 2022 market slide. Their worst drop from a high to a low in about 8.5 years of trading was 83.4%. The rebounds have been big too: the stock gained about 121% in 2023. As of October 28, 2026, it traded at 59.4 times 2025 earnings. That means buyers paid about $59 for each $1 of yearly profit.
How much debt does Goosehead Insurance have?
As of June 30, 2026, Goosehead had $317.4 million of debt and $23.7 million of cash and investments. Shareholders' equity (assets minus everything the company owes) was negative $112.4 million. That means its debts and other obligations were larger than its $406.8 million of assets. Its annual report warns that the debt could limit its flexibility. It also warns of a possible default under its credit agreement if Mark and Robyn Jones lose a required level of voting control.
Who owns Goosehead Insurance stock?
Several investment firms own large stakes. Durable Capital Partners reported owning 10.8% as of July 24, 2026. Wasatch Advisors reported 10.2% as of September 30, 2026, and Kayne Anderson Rudnick 9.2% as of June 30, 2026. Durable also bought $7.1 million of shares on September 22, 2026. The Mark & Robyn Jones Descendants Trust 2014 sold shares several times, including $6.5 million on August 3, 2026. Owners from before the company's initial public offering also hold a large share of the stock.