Erie Indemnity Company

ERIE · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993
Valuation
Market cap	$14,989	$21,555	$17,513	$13,006	$10,074	$12,842	$8,680	$6,971	$6,371	$5,880	$5,001	$4,795	$3,870	$3,704	$4,298	$3,720	$2,239	$2,181	$3,221	$3,781	$3,682	$3,702	$3,009	$2,577	$2,746	$2,145	$2,380	$2,325	$2,200	$2,311	$1,509	$1,214	$3,663
Enterprise value	$14,671	$21,220	$17,287	$12,962	$9,946	$12,759	$8,430	$6,402	$6,159	$5,660	$4,756	$11,984	$1,080	$7,424	$9,625	$8,712	$6,126	$1,285	$2,177	$2,634	$2,412	$2,474	$1,853	$1,590	$1,904	$1,370	$1,654	$1,627	$1,632	$1,851	$1,453	–	$3,665
P/E (TTM) at period end	27.02×	36.20×	39.59×	43.92×	34.10×	44.15×	27.62×	24.38×	32.61×	28.18×	28.87×	28.86×	23.99×	23.30×	25.58×	23.10×	20.73×	31.60×	15.13×	18.53×	15.93×	16.35×	15.07×	14.97×	22.46×	14.08×	16.63×	17.28×	18.55×	21.99×	16.13×	16.92×	60.64×
P/S (TTM) at period end	3.69×	5.68×	5.36×	4.58×	3.82×	5.06×	3.50×	2.93×	3.77×	3.68×	3.32×	3.41×	2.98×	0.67×	0.89×	0.76×	0.53×	0.82×	2.73×	3.17×	3.06×	3.08×	2.69×	2.67×	3.50×	2.81×	3.38×	3.51×	3.54×	3.96×	2.88×	2.49×	7.90×
P/B at period end	6.56×	10.85×	10.53×	8.98×	7.50×	10.81×	7.66×	7.16×	7.43×	7.20×	6.50×	6.82×	5.27×	5.77×	5.50×	4.08×	0.39×	2.75×	3.06×	3.25×	2.88×	2.92×	2.58×	2.61×	3.17×	2.75×	3.41×	3.55×	4.08×	5.30×	4.26×	4.65×	17.42×
EV / EBITDA (TTM)	18.65×	28.95×	30.45×	30.71×	27.99×	35.51×	22.53×	17.89×	20.19×	18.34×	19.14×	50.24×	4.81×	8.11×	26.59×	8.62×	11.49×	–	6.39×	7.86×	6.41×	6.80×	6.19×	6.13×	10.32×	6.19×	7.86×	8.20×	9.23×	12.06×	10.45×	–	–
EV / Sales (TTM)	3.61×	5.59×	5.29×	4.56×	3.78×	5.03×	3.40×	2.69×	3.64×	3.54×	3.16×	8.52×	0.83×	1.35×	2.00×	1.78×	1.44×	0.48×	1.84×	2.21×	2.01×	2.06×	1.66×	1.65×	2.42×	1.79×	2.35×	2.46×	2.62×	3.17×	2.77×	–	7.91×
Returns
Return on equity	24.3%	30.0%	26.6%	20.4%	22.0%	24.5%	27.7%	29.4%	22.8%	25.5%	22.5%	23.6%	22.0%	24.8%	21.5%	17.7%	1.9%	8.7%	20.3%	17.6%	18.1%	17.9%	17.2%	17.4%	14.1%	19.6%	20.5%	20.5%	22.0%	24.1%	26.4%	27.5%	28.7%
Return on invested capital	28.2%	31.6%	27.2%	20.9%	20.1%	24.0%	31.1%	33.1%	25.3%	29.6%	26.0%	1.9%	1.8%	9.1%	4.4%	11.2%	8.1%	(13.7%)	22.6%	18.1%	18.3%	18.2%	17.9%	18.9%	15.6%	19.9%	21.3%	22.4%	24.4%	25.2%	31.5%	27.5%	–
Dividend yield	1.7%	1.1%	1.3%	1.6%	1.9%	2.1%	1.9%	2.2%	2.3%	2.3%	2.5%	2.5%	2.2%	6.2%	2.4%	2.6%	4.2%	4.2%	2.8%	2.3%	2.2%	1.5%	1.6%	1.7%	1.4%	1.6%	1.3%	1.2%	1.2%	1.0%	1.2%	1.1%	0.3%
Financial health
Current ratio	1.27×	1.43×	1.31×	1.17×	1.21×	1.17×	1.52×	2.14×	1.57×	1.42×	1.43×	1.33×	–	–	–	–	7.29×	12.04×	8.44×	9.32×	10.60×	10.51×	53.98×	54.27×	2.11×	–	2.13×	2.32×	2.26×	–	–	–	–
Debt / equity	0.03×	0.01×	–	–	0.07×	0.08×	0.09×	0.10×	0.09×	0.03×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.01×
Effective tax rate	21.3%	20.7%	20.6%	20.7%	20.9%	20.4%	20.1%	22.4%	37.6%	34.3%	34.4%	33.3%	34.1%	31.1%	25.1%	33.9%	14.9%	26.6%	32.1%	33.2%	32.9%	32.2%	34.7%	33.2%	33.3%	32.6%	31.4%	31.5%	32.2%	30.9%	32.2%	31.7%	31.4%
Share count
Diluted shares outstanding	52	52	52	52	52	52	52	52	52	52	52	53	53	54	55	57	64	64	68	65	69	77	71	71	71	72	74	75	75	75	74	75	226

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993
Revenue and gross profit
Revenue	$4,119	$4,067	$3,795	$3,269	$2,840	$2,634	$2,536	$2,477	$2,382	$1,692	$1,597	$1,506	$1,407	$1,297	$5,512	$4,824	$4,890	$4,255	$2,651	$1,180	$1,191	$1,202	$1,203	$1,118	$965	$786	$763	$704	$662	$622	$583	$524	$487	$463
Cost of revenue	($3,439)	($3,427)	($3,119)	($2,749)	($2,464)	($2,316)	($2,198)	($2,120)	($2,038)	($1,402)	($1,303)	($1,075)	–	–	–	–	–	($4,500)	($4,255)	($930)	($934)	($901)	($885)	($820)	($706)	($601)	($550)	($501)	($470)	($451)	($435)	($411)	($399)	–
Gross profit	$681	$641	$676	$520	$376	$318	$338	$357	$344	$290	$294	$431	–	–	–	–	–	$124	($1,546)	$249	$257	$301	$318	$297	$259	$185	$214	$203	$192	$171	$148	$113	$88	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	($74)	($33)	($33)	($668)	($638)	($2)	($2)	($2,038)	($1,402)	($2)	($227)	($207)	($208)	–	–	–	($769)	($765)	($756)	($743)	($710)	($684)	–	–	–	–	–	–	–	–	–	–	–
Total operating expenses	$57	$76	–	–	–	–	–	–	–	–	–	($198)	–	–	–	–	–	$400	$707	$60	$42	$38	$9	($2)	($4)	($3)	$5	$6	$5	$4	$4	$25	$17	–
Total costs and expenses	($3,382)	($3,350)	($3,119)	($2,749)	($2,464)	($2,316)	($2,198)	($2,120)	($2,038)	($1,402)	($1,303)	($1,273)	($1,184)	($1,088)	($4,613)	($4,466)	($3,891)	($3,731)	($3,490)	($871)	($892)	($863)	($876)	($822)	($710)	($604)	($545)	($495)	($465)	($447)	($431)	($386)	($382)	–
Operating income	$738	$717	$676	$520	$376	$318	$338	$357	$344	$290	$294	$233	$223	$209	$899	$358	$999	$524	($839)	$309	$299	$339	$326	$295	$255	$182	$218	$209	$196	$175	$152	$138	$105	–
Earnings
EBITDA	–	$787	$733	$568	$422	$355	$359	$374	$358	$305	$309	$248	$239	$224	$916	$362	$1,011	$533	($802)	$341	$335	$376	$364	$299	$259	$184	$221	$211	$198	$177	$153	$139	$106	–
Interest income	–	$80	$65	$52	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	$33	$26	$21	$13	–
Interest expense	–	–	–	–	($2)	($4)	($1)	($1)	($2)	($1)	($0)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$734	$711	$757	$562	$376	$376	$369	$397	$371	$316	$320	$266	$251	$247	$899	$358	$999	$524	($839)	$309	$299	$339	$326	$295	$255	$182	$218	$209	$196	$175	$152	$138	$105	$91
Income tax expense	($157)	($151)	($157)	($116)	($78)	($79)	($75)	($80)	($83)	($119)	($110)	($92)	($84)	($84)	($280)	($90)	($339)	($78)	$223	($99)	($99)	($112)	($105)	($102)	($85)	($61)	($71)	($66)	($62)	($56)	($47)	($44)	($33)	($28)
Net income	$577	$559	$600	$446	$299	$298	$293	$317	$288	$197	$210	$175	$168	$163	$160	$169	$162	$108	$69	$213	$204	$231	$226	$200	$172	$122	$152	$143	$135	$119	$105	$94	$72	$60
Per share
Diluted EPS (GAAP)	$11.03	$10.69	$11.48	$8.53	$5.71	$5.69	$5.61	$6.06	$5.51	$3.76	$4.01	$3.33	$3.18	$3.08	$2.98	$3.08	$2.85	$1.89	$1.19	$3.43	$3.13	$3.34	$3.21	$2.81	$2.41	$1.71	$2.12	$1.95	$1.81	$1.59	$1.41	$1.26	$0.96	$0.27
Basic EPS (GAAP)	$12.39	$12.01	$12.89	$9.58	$6.41	$6.40	$6.30	$6.80	$6.19	$4.23	$4.52	$3.75	$3.59	$3.46	$3.37	$3.45	$3.18	$2.10	$1.34	$3.80	$3.45	$3.69	$3.54	$3.09	$2.68	$1.71	$2.12	$1.95	$1.81	$1.59	$1.41	$1.26	$0.96	$0.27
Basic shares outstanding	46	46	46	46	46	46	46	46	46	46	46	46	46	47	47	49	51	57	58	62	65	69	70	71	71	71	72	73	74	75	75	74	75	226
Margins
Gross margin	16.5%	15.8%	17.8%	15.9%	13.2%	12.1%	13.3%	14.4%	14.5%	17.2%	18.4%	28.6%	–	–	–	–	–	2.9%	(58.3%)	21.1%	21.6%	25.1%	26.4%	26.6%	26.8%	23.5%	28.0%	28.8%	28.9%	27.4%	25.4%	21.6%	18.1%	–
Operating margin	17.9%	17.6%	17.8%	15.9%	13.2%	12.1%	13.3%	14.4%	14.5%	17.2%	18.4%	15.4%	15.8%	16.1%	16.3%	7.4%	20.4%	12.3%	(31.6%)	26.2%	25.1%	28.2%	27.1%	26.4%	26.5%	23.2%	28.6%	29.6%	29.7%	28.1%	26.1%	26.3%	21.6%	–
Net margin	14.0%	13.8%	15.8%	13.6%	10.5%	11.3%	11.6%	12.8%	12.1%	11.6%	13.2%	11.6%	11.9%	12.5%	2.9%	3.5%	3.3%	2.5%	2.6%	18.0%	17.1%	19.2%	18.8%	17.9%	17.8%	15.6%	20.0%	20.3%	20.3%	19.1%	18.0%	17.8%	14.7%	13.0%

Earnings history

	EPS	Estimate
Q3 2024	$3.06	$3.02	Beat
Q4 2024	$2.91	$2.76	Beat
Q1 2025	$2.65	$3.10	Miss
Q2 2025	$3.34	$3.48	Miss
Q3 2025	$3.50	$3.37	Beat
Q4 2025	$-0.33	$1.59	Miss
Q1 2026	$2.88	$3.06	Miss
Q2 2026	$3.45	$3.35	Beat

Peers

Company overview

IPO dateOct 2, 1995

CEOTimothy G. NeCastro

Employees6,667

SectorFinancial Services

IndustryInsurance - Property & Casualty

CountryUS

ExchangeNASDAQ

Websitewww.erieinsurance.com

Erie Indemnity Company operates as a managing attorney-in-fact for the subscribers at the Erie Insurance Exchange in the United States. It provides issuance and renewal services; sales related services, including agent compensation and sales and advertising support services; underwriting services that include underwriting and policy processing; and other services consist of customer services and administrative support services, as well as information technology services. The company was incorporated in 1925 and is based in Erie, Pennsylvania.

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