BERKLEY W R CORP
$77.44
+0.29 (+0.38%) · delayed · Nov 13, 2026
Five-year price
52w $62.87 to $79.26
- Market cap
- $28.8B
- Enterprise value
- $26.2B
- P/E
- 17.4×
- 19.1× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- 12.5%
- ROIC
- —
- Debt / equity
- —
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
75
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ●ROE > 15% (5y avg)5y avg ROE 18.7%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ●Earnings convert to cashFCF / net income 204% (5y avg)
- ●Growing revenueRevenue CAGR 5y 12.7%
- ○Shrinking share countDiluted shares 141121.3% over 5y
Value
50
- ○P/E below 15P/E 17.4
- –EV/EBIT below 12EV/EBIT n/a
- ●FCF yield above 6%FCF yield 12.5%
- ○Price below Graham NumberGraham Number $51.13
- ●P/B below 3P/B 3.0
Safety
n/a
- –Debt / equity below 0.5D/E n/a
- ●Debt payable in < 4 yrs of earningsNet debt $-2.5B
- –Interest coverage > 8xCoverage n/ax
- –Current ratio > 1.5Current ratio n/a
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
50
- ●Adequate size (revenue > $2B)Revenue $14.7B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 12%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 19.1
- ○P/E × P/B ≤ 22.5Product 56.6
Valuation lab
What do you have to believe?
At $77.44, the market is pricing in about −8.0% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$2.5B · 372M shares · 5y revenue CAGR 12.7%
Intrinsic value
$343.09
Price
$77.44
Margin of safety
77%
What the price implies
The market is paying for −8.0% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
65% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 7,654 | 7,685 | 7,692 | 7,902 | 8,099 | 9,455 | 11,166 | 12,143 | 13,639 | 14,708 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Pre-tax income | 896 | 773 | 812 | 853 | 705 | 1,283 | 1,720 | 1,754 | 2,264 | 2,281 |
| Income tax | 293 | 219 | 163 | 169 | 172 | 252 | 335 | 371 | 510 | 496 |
| Net income | 602 | 549 | 641 | 682 | 531 | 1,022 | 1,381 | 1,381 | 1,756 | 1,779 |
| EPS (diluted) | 4.68 | 2.84 | 3.33 | 3.52 | 1.87 | 3.66 | 3.29 | 3.37 | 4.36 | 4.45 |
| Diluted shares | 129 | 0 | 0 | 0 | 0 | 0 | 0 | 410 | 403 | 400 |
Who owns it