W.R. Berkley Corporation

Fire, Marine & Casualty Insurance

WRBStrained10 of 11 basics passed

$71.91

-0.19%

Market cap $26.7B

$71.91

-0.19%

Market cap $26.7B

W.R. Berkley is an insurance holding company with a host of subsidiaries that primarily underwrite commercial casualty insurance.

It is a $26.7B financial services company. Revenue grew 4.3% over the last year, and it keeps 13¢ of every dollar of sales as profit. It trades at 13.9× earnings — in the cheapest third of its own history.

Website: wrberkley.com
Location: Greenwich, CT
Employees: 8 804
Sector: Financial Services
Founded: 1967

Share price · 3 years

$42.13 → $71.91+70.7%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $14.9B
Profit: keeps 13¢ of every $1 sold; $1.93B
Free cash flow: cash left after running the business; $3.60B
Net debt: debt minus cash on hand; $560M
P/E: years of profit in the price; 13.9
EPS: earnings per share, TTM; $4.33
Dividend: pays out 37% of profit · 13% of FCF; 1.79%
Shares: down 2% since 2019 — buybacks; 444.9M
Volatility: beta vs the market — under 1 swings less; 0.25

Revenue, last 9 years

52-week range

Low $63.54$71.91High $78.46

Today's price is 56% of the way from the year's low to its high.

P/E vs its history5y

13.8×median 17.5×

Higher than 22% of past days — in the cheapest third of its own history.

Valuation vs own history

P/E

13.8×

79%

P/S

1.8×

78%

EV/EBITDA

11.1×

80%

P/B

2.7×

95%

Share of the last ~5 years that was pricier than today (unusually cheap vs its own history). Based on the daily valuation record.

Standing in Financial Services

Size$26.7Btop 47%
Revenue growth+10%top 49%
Net margin13%top 64%
Return on equity20%top 27%
P/E13.9×top 51%
Dividend yield1.79%top 59%

Ranked against 129 Financial Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation and profitability.

Valuation90

P/E vs own history22th pct · 20/25
FCF yield13.5% · 25/25
P/S1.8x · 25/25
EV/EBITDA10.4x · 20/25

Growth65

Revenue CAGR11.7% · 20/25
Net income CAGR14.9% · 20/25
EPS CAGR ~5Y21.7% · 25/25
Fwd implied growth-0.7% · 0/25

Profitability80

ROIC18.3% · 20/25
ROE19.7% · 20/25
Net margin12.9% · 20/25
Operating margin17.4% · 20/25

Health51

Altman Zn/a · 0/25
Current ratio0.92 · 6/25
Interest coverage12.7x · 25/25
Net cash / debtD/A 1% · 20/25

Quality65

Piotroski F5/9 · 15/25
Beneish M-2.57 · 25/25
FCF conversionn/a · 0/25
Margin stabilityσ 4.5% · 25/25

Moat68

ROIC >12% years9/9 yrs · 25/25
Median gross marginn/a · 0/25
FCF-positive years3/3 yrs · 25/25
Worst-year net marginworst 6.6% · 18/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$1.78B net income
FY2022Financial
Revenue crossed $10B
$11.2B for the year
FY2017Financial
Profitable every year on record
9 consecutive profitable years in our data
FY2017Financial
Revenue already above $1B
$7.68B in first reported year
FY2017Financial
Positive free cash flow every year since
9-year streak
2006Acquisition
The company acquired Garnet Captive Services LLC, a San Francisco insurance brokerage and…
1995Acquisition
The company acquired the remaining 40% interest in Signet Star from Gen Re
1994Acquisition
The company acquired Key Risk Management Services Inc
1973IPO
The company became a public company via an initial public offering
1967Founded
Berkley Corporation was founded in 1967 by William R

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$22 638 today — price return only

$14.7B revenue in FY2025

Profitable 9 years in a row

Positive free cash flow 9 years in a row

8 804 employees

ROIC of 18.3%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Strong cash conversion — FCF is 24.2% of revenue
Interest covered 12.7× by operating earnings
High returns on invested capital (ROIC 18.3%)

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

10 of 11 checks passed

Revenue growing — the company sells more than a year ago+4.3% YoY
Profitable — makes more than it spends$1.93B TTM
Profit growing — earnings are higher than last year+10.5% YoY
Generates cash — cash left after running and investing$3.60B TTM
Debt under control — could handle its obligations~0.2y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$26.7B market cap
Not printing shares — share count not ballooning — you keep your slice-2.2% shares over ~5y
Proven track record — years of profitability behind it9/9 profitable years
Financially stable — balance sheet not near distresshealth score 31/100
Pays a dividend — returns cash to shareholdersyield 1.79%
Valuation not extreme — price not wildly above earningsP/E 13.9

Peer comparisonW.R. Berkley Corporation vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
WRB this company	$26.7B	13.9	+4.3%	12.9%	Strained
BRK.A Berkshire Hathaway Inc.	$1.1T	11.6	+3.9%	22.3%	Mixed
BRK.B Berkshire Hathaway	$1.1T	11.6	+0.0%	18.0%	Strong
JPM JPMorgan Chase & Co.	$886.2B	13.6	+13.5%	32.6%	Strained
V VISA Inc.	$723.9B	31.9	+14.4%	50.8%	Solid
MA Mastercard Incorporated	$516.4B	31.7	+16.0%	46.3%	Mixed
BAC Bank of America Corporation	$380.4B	11.3	+15.9%	27.8%	Mixed

Head-to-head: WRB vs BRK.A · WRB vs BRK.B · WRB vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Buy 2Hold 15Sell 9Strong sell 2

Appendix · Financial records

The full statements behind this CV, FY2017–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $14.9B · net income $1.93B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$14.9B

YoY 4.3%

Net income (TTM)

$1.93B

Margin 12.9%

Operating margin

17.4%

P/E ratio

13.9

Dividend yield

1.79%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	8.1	9.5	11.2	12.1	13.6	14.7
Gross profit	—	—	—	—	—	—
Operating income (EBIT)	0.7	1.4	1.8	1.8	2.3	2.3
Net income	0.5	1.0	1.4	1.4	1.8	1.8
EPS (diluted)	—	2.44	3.29	5.00	4.00	4.00

Cash flowFree cash flow $3.60B · operating cash flow $3.60B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$3.60B

Margin 24.2%

Operating cash flow (TTM)

$3.60B

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	1.6	2.2	2.6	2.9	3.7	3.6
Capital expenditure	—	—	—	—	—	—
Free cash flow	1.6	2.2	2.6	2.9	3.7	3.6
FCF margin	20.0%	23.1%	23.0%	24.1%	27.0%	24.4%

Balance sheetAssets $44.1B · net debt $560M (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $44.1B of assets is financed

78%

22%

Liabilities $34.4B — borrowed moneyEquity $9.70B — owners' stake

Cash vs debt

Total debt $3.10B − cash $2.54B = net debt $560M

Cash on hand covers 82% of debt.

Interest coverage

12.7x

EBIT ÷ interest expense

ROE

19.7%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	2.4	1.6	1.4	1.4	2.0	2.5
Total assets	28.6	32.1	33.9	37.2	40.6	44.1
Total liabilities	22.3	—	—	29.7	32.2	34.4
Total debt	—	3.5	3.0	3.1	3.1	3.1
Equity	6.3	6.7	6.8	7.5	8.4	9.7
Net debt	—	1.9	1.6	1.7	1.1	0.6

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of WRB on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $71.91 · market cap $26.7B.