W. R. Berkley Corporation

WRB · NYSE · 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	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$26,647	$22,300	$18,237	$19,266	$14,553	$11,732	$12,206	$9,026	$8,727	$8,072	$6,750	$6,845	$6,109	$3,449	$3,203	$2,714	$2,634	$3,452	$3,755	$4,411	$4,034	$2,639	$1,934	$1,347	$1,047	$808	$358	$638	$862	$673	$625	$427	$421	$513	$362	$297	$317	$248	$212	$213	$112
Enterprise value	$720	($297)	($1,333)	$2,193	($1,516)	($2,059)	($329)	($2,567)	($3,814)	($4,061)	($4,391)	($4,216)	($4,566)	($7,567)	($7,713)	$3,822	$3,720	$3,594	$4,209	$4,799	$4,801	$2,769	$1,393	$1,332	$1,432	$1,219	$798	$1,096	$1,255	$1,056	$944	$819	$676	$718	$468	$393	$413	$348	$292	$293	$195
P/E (TTM) at period end	14.98×	12.70×	13.20×	13.95×	14.23×	22.11×	17.90×	14.09×	15.89×	13.41×	13.40×	10.55×	12.22×	6.75×	8.19×	6.04×	8.52×	12.28×	4.90×	6.31×	7.40×	6.02×	5.74×	7.69×	–	23.71×	–	10.87×	8.71×	7.45×	10.27×	12.17×	8.15×	9.79×	7.77×	8.21×	5.68×	4.17×	3.92×	7.25×	16.19×
P/S (TTM) at period end	1.81×	1.64×	1.50×	1.73×	1.54×	1.45×	1.54×	1.17×	1.14×	1.05×	0.94×	0.96×	0.95×	0.59×	0.62×	0.57×	0.59×	0.73×	0.67×	0.82×	0.81×	0.58×	0.53×	0.52×	0.54×	0.45×	0.21×	0.40×	0.62×	0.55×	0.61×	0.51×	0.72×	0.90×	0.67×	0.55×	0.58×	0.46×	0.41×	0.52×	0.52×
P/B at period end	2.75×	2.66×	2.45×	2.85×	2.19×	1.86×	2.01×	1.66×	1.61×	1.60×	1.47×	1.49×	1.41×	0.80×	0.81×	0.73×	0.73×	1.13×	1.05×	1.32×	1.57×	1.25×	1.15×	1.01×	1.12×	1.19×	0.60×	0.74×	0.91×	0.76×	0.67×	0.71×	0.80×	1.08×	0.86×	0.85×	0.96×	0.82×	0.78×	0.94×	1.45×
EV / EBITDA (TTM)	0.31×	(0.13×)	(0.72×)	1.15×	(0.97×)	(2.08×)	(0.29×)	(2.33×)	(3.69×)	(3.61×)	(4.63×)	(3.61×)	(4.94×)	(8.12×)	(10.81×)	4.82×	8.07×	8.76×	3.61×	4.55×	5.76×	3.99×	2.73×	4.80×	–	19.49×	–	12.83×	0.92×	8.54×	9.73×	1.00×	1.18×	1.29×	–	–	–	–	–	–	–
EV / Sales (TTM)	0.05×	(0.02×)	(0.11×)	0.20×	(0.16×)	(0.25×)	(0.04×)	(0.33×)	(0.50×)	(0.53×)	(0.61×)	(0.59×)	(0.71×)	(1.30×)	(1.50×)	0.81×	0.84×	0.76×	0.75×	0.89×	0.96×	0.61×	0.38×	0.52×	0.74×	0.68×	0.48×	0.69×	0.90×	0.86×	0.92×	0.99×	1.16×	1.27×	0.87×	0.73×	0.75×	0.65×	0.56×	0.71×	0.91×
Returns
Return on equity	18.3%	20.9%	18.5%	20.5%	15.4%	8.4%	11.2%	11.8%	10.1%	11.9%	10.9%	14.1%	11.5%	11.9%	9.9%	12.1%	8.6%	9.2%	21.5%	21.0%	21.2%	20.8%	20.0%	13.1%	(9.8%)	5.0%	(6.2%)	6.8%	10.5%	10.3%	6.5%	5.9%	9.8%	11.0%	11.1%	10.3%	16.9%	19.6%	19.9%	13.0%	9.0%
Return on invested capital	18.8%	20.0%	16.6%	18.3%	13.7%	9.7%	10.5%	10.4%	9.4%	10.3%	9.8%	11.5%	10.7%	10.7%	10.0%	11.0%	6.6%	8.8%	19.1%	18.9%	16.4%	19.7%	29.7%	13.3%	(7.2%)	3.5%	(3.2%)	4.3%	77.0%	7.1%	5.2%	81.2%	60.5%	68.8%	78.0%	104.2%	108.6%	127.4%	142.3%	130.9%	131.0%
Dividend yield	2.6%	2.4%	2.7%	1.2%	2.4%	0.7%	2.5%	2.8%	2.2%	2.3%	0.9%	2.7%	0.9%	5.3%	1.4%	1.8%	1.1%	1.4%	1.0%	0.7%	0.5%	0.9%	1.4%	1.3%	1.4%	1.6%	3.9%	2.1%	1.4%	1.5%	1.3%	3.6%	1.7%	1.2%	1.5%	1.7%	1.5%	–	–	–	–
Financial health
Current ratio	–	–	–	–	–	1.13×	0.86×	0.82×	0.82×	0.86×	0.85×	0.85×	0.89×	1.00×	1.01×	0.96×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Debt / equity	0.29×	0.34×	0.38×	0.42×	0.49×	0.43×	0.43×	0.51×	0.46×	0.49×	0.47×	0.53×	0.47×	0.49×	0.44×	0.47×	0.44×	0.42×	0.38×	0.33×	0.55×	0.48×	0.51×	0.42×	0.40×	0.56×	0.73×	0.52×	0.41×	0.44×	0.34×	0.55×	0.48×	0.43×	0.25×	0.27×	0.29×	0.33×	0.29×	0.35×	1.08×
Effective tax rate	21.7%	22.5%	21.1%	19.5%	19.6%	24.4%	19.8%	20.1%	28.4%	32.7%	31.1%	31.8%	27.7%	27.3%	23.8%	25.2%	19.1%	13.8%	29.6%	29.0%	28.9%	30.7%	30.8%	32.4%	37.4%	6.0%	57.8%	8.7%	23.7%	21.8%	21.2%	(4.8%)	15.7%	14.7%	22.5%	12.0%	14.4%	2.4%	2.8%	1.9%	(0.8%)
Share count
Diluted shares outstanding	400	403	410	419	420	425	435	433	435	434	439	451	475	484	492	523	562	585	443	455	451	446	441	401	333	297	295	331	343	340	298	296	310	305	304	304	302	323	340	312	187

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	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$14,867	$14,708	$13,639	$12,143	$11,166	$9,455	$8,099	$7,902	$7,692	$7,685	$7,654	$7,206	$7,129	$6,409	$5,824	$5,156	$4,724	$4,431	$4,709	$5,588	$5,395	$4,997	$4,512	$3,630	$2,566	$1,942	$1,781	$1,674	$1,583	$1,400	$1,225	$1,022	$831	$583	$567	$541	$538	$551	$534	$521	$413	$215
Cost of revenue	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($2,337)	($2,689)	($3,108)	($3,154)	($3,024)	($2,765)	($2,956)	($1,464)	($1,380)	($1,094)	($1,086)	($915)	($734)	($669)	($571)	–	–	–	–	–	–	–	–	–	–
Gross profit	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	$2,094	$2,020	$2,481	$2,241	$1,973	$1,748	$675	$1,102	$561	$687	$588	$668	$666	$556	$451	–	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($1,621)	($1,496)	($1,441)	($1,475)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total operating expenses	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($1,712)	($1,694)	($1,388)	($1,252)	($1,202)	($1,109)	($185)	($843)	($713)	($646)	($667)	($605)	$686	($441)	($368)	–	–	–	–	–	–	–	–	–	–
Total costs and expenses	($12,434)	($12,300)	($11,247)	($10,261)	($9,316)	($8,025)	($7,244)	($6,896)	($6,722)	($6,765)	($6,617)	($6,343)	($6,049)	($5,586)	($4,995)	($4,530)	($4,014)	($4,049)	($4,382)	($4,496)	($4,406)	($4,226)	($3,874)	($3,141)	($2,307)	($2,093)	($1,740)	($1,753)	($1,520)	($49)	($1,110)	($939)	($28)	($22)	($19)	($11)	($10)	($11)	($9)	($7)	($6)	($5)
Operating income	$2,433	$2,407	$2,391	$1,882	$1,850	$1,430	$855	$1,006	$969	$920	$1,037	$863	$1,080	$822	$828	$626	$710	$382	$326	$1,092	$989	$771	$639	$489	$259	($151)	$41	($79)	$63	$1,351	$115	$83	$803	$560	$548	$531	$528	$540	$525	$514	$408	$209
Earnings
EBITDA	–	$2,359	$2,221	$1,861	$1,906	$1,560	$990	$1,120	$1,100	$1,033	$1,123	$948	$1,169	$925	$932	$714	$793	$461	$410	$1,166	$1,054	$834	$693	$510	$277	($134)	$63	($56)	$85	$1,363	$124	$97	$818	$573	$558	–	–	–	–	–	–	–
Interest income	–	–	–	–	–	$679	$593	$651	$679	$583	$573	$523	$611	$554	$593	$530	$534	$383	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($127)	($127)	($127)	($127)	($130)	($147)	($151)	($153)	($157)	($147)	($141)	($131)	($128)	($123)	($126)	($113)	($107)	($88)	($85)	($89)	($93)	($86)	($66)	($55)	($45)	($46)	($48)	($51)	($49)	($49)	($32)	($28)	($28)	($22)	($19)	($11)	($10)	($11)	($9)	($7)	($6)	($5)
Pre-tax income	$2,338	$2,281	$2,264	$1,754	$1,720	$1,283	$705	$853	$812	$773	$896	$732	$952	$699	$702	$513	$603	$382	$326	$1,092	$989	$771	$639	$489	$259	($151)	$41	($79)	$63	$130	$115	$83	$34	$61	$54	$60	$41	$65	$525	$514	$408	$209
Income tax expense	($467)	($496)	($510)	($371)	($335)	($252)	($172)	($169)	($163)	($219)	($293)	($228)	($303)	($194)	($191)	($122)	($152)	($73)	($45)	($323)	($286)	($223)	($196)	($151)	($84)	$57	($2)	$46	($5)	($31)	($25)	($18)	$2	($10)	($8)	($14)	($5)	($9)	($12)	($15)	($8)	$2
Net income	$1,863	$1,779	$1,756	$1,381	$1,381	$1,022	$531	$682	$641	$549	$602	$504	$649	$500	$511	$391	$446	$309	$281	$766	$700	$545	$438	$337	$175	($92)	$34	($37)	$59	$99	$90	$61	$35	$52	$52	$47	$36	$56	$59	$54	$29	$7
Per share
Diluted EPS (GAAP)	$4.73	$4.45	$4.36	$3.37	$3.29	$2.44	$1.25	$1.56	$1.48	$1.26	$1.39	$1.15	$1.44	$1.05	$1.05	$0.797	$0.8533	$0.5511	$0.48	$1.73	$1.54	$1.21	$0.98	$0.76	$0.44	($0.27)	$0.12	($0.12)	$0.14	$0.27	$0.22	$0.17	$0.12	$0.17	$0.17	$0.15	$0.12	$0.18	$0.18	$0.16	$0.0941	$0.0369
Basic EPS (GAAP)	$4.75	$4.48	$4.39	$3.40	$3.33	$2.46	$1.26	$1.59	$1.50	$1.30	$1.45	$1.20	$1.50	$1.09	$1.10	$0.8296	$0.8889	$0.5719	$0.4978	$1.80	$1.62	$1.27	$1.03	$0.80	$0.45	($0.27)	$0.12	($0.12)	$0.14	$0.27	$0.22	$0.17	$0.12	$0.17	$0.17	$0.15	$0.12	$0.18	$0.18	$0.16	$0.0941	$0.0369
Basic shares outstanding	392	397	400	406	415	416	421	429	428	421	414	419	432	457	463	471	502	541	563	425	431	429	425	420	387	333	293	293	321	336	340	298	292	307	305	304	304	302	323	340	312	187
Margins
Gross margin	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	47.3%	42.9%	44.4%	41.5%	39.5%	38.7%	18.6%	42.9%	28.9%	38.6%	35.1%	42.2%	47.6%	45.4%	44.1%	–	–	–	–	–	–	–	–	–	–
Operating margin	16.4%	16.4%	17.5%	15.5%	16.6%	15.1%	10.6%	12.7%	12.6%	12.0%	13.6%	12.0%	15.2%	12.8%	14.2%	12.1%	15.0%	8.6%	6.9%	19.5%	18.3%	15.4%	14.2%	13.5%	10.1%	(7.8%)	2.3%	(4.7%)	4.0%	96.5%	9.4%	8.1%	96.7%	96.2%	96.6%	98.0%	98.1%	98.1%	98.3%	98.7%	98.6%	97.6%
Net margin	12.5%	12.1%	12.9%	11.4%	12.4%	10.8%	6.6%	8.6%	8.3%	7.1%	7.9%	7.0%	9.1%	7.8%	8.8%	7.6%	9.4%	7.0%	6.0%	13.7%	13.0%	10.9%	9.7%	9.3%	6.8%	(4.7%)	1.9%	(2.2%)	3.7%	7.1%	7.4%	6.0%	4.2%	8.9%	9.2%	8.6%	6.7%	10.1%	11.1%	10.4%	7.1%	3.2%

Analyst consensus

Hold30 analysts

Bearish · 6 · Hold · 17 · Bullish · 7

Earnings history

	EPS	Estimate
Q4 2024	$1.13	$0.96	Beat
Q1 2025	$1.01	$0.98	Beat
Q2 2025	$1.05	$1.03	Beat
Q3 2025	$1.10	$1.11	Miss
Q4 2025	$1.13	$1.13	Match
Q1 2026	$1.30	$1.13	Beat
Q2 2026	$1.27	$1.08	Beat
Q3 2026	$1.17	$1.15	Beat

Peers

Company overview

IPO dateOct 23, 1973

CEOWilliam Robert Berkley Jr.

Employees8,804

SectorFinancial Services

IndustryInsurance - Property & Casualty

CountryUS

ExchangeNew York Stock Exchange

Websitewww.berkley.com

W. R. Berkley Corporation functions as an insurance holding company, primarily underwriting commercial policies across the United States and globally. Its extensive operations are divided into two principal divisions: Insurance, and Reinsurance & Monoline Excess. The Insurance segment delivers a wide spectrum of commercial insurance solutions. This includes foundational coverages such as general liability, property, commercial auto, and professional liability, alongside specialized offerings like workers' compensation, environmental policies for diverse businesses, directors and officers (D&O) liability, cyber risk protection, and niche policies for fine arts and jewelry. The segment also extends to personal lines, providing home and automobile insurance, and specialized liability products for sectors such as law enforcement and public officials. Additionally, it offers accident and health insurance, group life, and crime and fidelity products, coupled with risk management and alternative risk program services. The Reinsurance & Monoline Excess segment focuses on assisting other insurance carriers and self-insured entities in effectively managing their overall risk exposure. This is accomplished through both treaty reinsurance, which handles portfolios of policies, and facultative reinsurance, designed for individual risks. Founded in 1967, W. R. Berkley Corporation is headquartered in Greenwich, Connecticut.

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