Latest Ratios: P/E Ratio 16.1x · EV/EBITDA 11.7x · ROE 19.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $26.6B | $28.0B | $23.6B | $19.3B | $20.3B | $15.4B | $12.5B | $13.4B | $9.5B | $9.2B | $8.6B |
| Enterprise Value | $26.9B | $28.3B | $24.5B | $20.8B | $21.7B | $17.1B | $12.9B | $15.0B | $11.5B | $10.8B | $10.2B |
| P/E Ratio → | 16.08 | 15.76 | 13.42 | 13.99 | 14.71 | 15.01 | 23.62 | 19.69 | 14.80 | 16.85 | 14.18 |
| P/S Ratio | 1.81 | 1.90 | 1.73 | 1.59 | 1.82 | 1.63 | 1.55 | 1.69 | 1.23 | 1.15 | 1.12 |
| P/B Ratio | 2.94 | 2.88 | 2.81 | 2.59 | 3.00 | 2.30 | 1.98 | 2.19 | 1.73 | 1.70 | 1.68 |
| P/FCF | 7.68 | 8.07 | 6.60 | 6.72 | 8.06 | 7.26 | 7.94 | 12.34 | 16.62 | 15.53 | 10.72 |
| P/OCF | 7.32 | 7.69 | 6.41 | 6.60 | 7.90 | 7.04 | 7.76 | 11.69 | 15.29 | 13.00 | 10.08 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.92 | 1.79 | 1.71 | 1.94 | 1.80 | 1.59 | 1.89 | 1.49 | 1.35 | 1.34 |
| EV / EBITDA | 11.70 | 12.29 | 11.68 | 12.00 | 12.20 | 12.08 | 15.35 | 15.50 | 12.14 | 12.18 | 10.43 |
| EV / EBIT | 11.54 | 11.76 | 10.23 | 11.06 | 11.71 | 11.93 | 15.07 | 14.88 | 11.82 | 11.73 | 9.88 |
| EV / FCF | — | 8.15 | 6.85 | 7.23 | 8.61 | 8.06 | 8.17 | 13.82 | 20.08 | 18.13 | 12.84 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.8% | 19.8% | 22.9% | 22.4% | 21.8% | 21.4% | 16.6% | 18.7% | 18.0% | 20.6% | 18.8% |
| Operating Margin | 15.9% | 15.9% | 16.6% | 14.4% | 15.4% | 13.6% | 8.7% | 10.8% | 10.6% | 9.6% | 11.7% |
| Net Profit Margin | 12.1% | 12.1% | 12.9% | 11.4% | 12.4% | 10.8% | 6.6% | 8.6% | 8.3% | 6.9% | 7.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.6% | 19.6% | 22.1% | 19.4% | 20.6% | 15.7% | 8.5% | 11.8% | 11.7% | 10.4% | 12.4% |
| ROA | 4.2% | 4.2% | 4.5% | 3.9% | 4.2% | 3.4% | 1.9% | 2.6% | 2.6% | 2.3% | 2.7% |
| ROIC | 18.2% | 18.2% | 18.6% | 15.4% | 15.6% | 12.8% | 7.3% | 8.4% | 8.4% | 8.4% | 10.5% |
| ROCE | 13.9% | 13.9% | 14.6% | 12.3% | 12.5% | 10.7% | 2.6% | 3.3% | 3.3% | 3.2% | 4.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.29 | 0.29 | 0.34 | 0.38 | 0.42 | 0.49 | 0.43 | 0.43 | 0.51 | 0.46 | 0.49 |
| Debt / EBITDA | 1.23 | 1.23 | 1.36 | 1.64 | 1.60 | 2.31 | 3.24 | 2.72 | 2.96 | 2.82 | 2.53 |
| Net Debt / Equity | — | 0.03 | 0.10 | 0.20 | 0.21 | 0.25 | 0.06 | 0.26 | 0.36 | 0.28 | 0.33 |
| Net Debt / EBITDA | 0.13 | 0.13 | 0.41 | 0.85 | 0.78 | 1.20 | 0.42 | 1.66 | 2.09 | 1.75 | 1.72 |
| Debt / FCF | — | 0.09 | 0.24 | 0.51 | 0.55 | 0.80 | 0.22 | 1.48 | 3.46 | 2.60 | 2.12 |
| Interest Coverage | 18.95 | 18.95 | 18.84 | 14.76 | 14.19 | 9.72 | 5.68 | 6.56 | 6.17 | 6.25 | 7.36 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.39 | 1.39 | 1.37 | 1.36 | 1.34 | 1.40 | — | — | — | — | — |
| Quick Ratio | 1.39 | 1.39 | 1.37 | 1.36 | 1.34 | 1.40 | — | — | — | — | — |
| Cash Ratio | 1.08 | 1.08 | 1.04 | 1.00 | 0.99 | 1.06 | — | — | — | — | — |
| Asset Turnover | — | 0.33 | 0.34 | 0.33 | 0.33 | 0.29 | 0.28 | 0.30 | 0.31 | 0.33 | 0.33 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.5% | 2.5% | 2.3% | 2.6% | 1.2% | 2.3% | 0.7% | 2.3% | 2.7% | 2.0% | 2.2% |
| Payout Ratio | 39.4% | 39.4% | 30.3% | 36.3% | 17.0% | 34.8% | 15.9% | 45.2% | 39.8% | 34.3% | 30.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.2% | 6.3% | 7.5% | 7.1% | 6.8% | 6.7% | 4.2% | 5.1% | 6.8% | 5.9% | 7.1% |
| FCF Yield | 13.0% | 12.4% | 15.1% | 14.9% | 12.4% | 13.8% | 12.6% | 8.1% | 6.0% | 6.4% | 9.3% |
| Buyback Yield | 1.0% | 1.0% | 1.3% | 2.8% | 0.5% | 0.8% | 2.8% | 0.1% | 0.3% | 0.5% | 1.5% |
| Total Shareholder Yield | 3.5% | 3.5% | 3.5% | 5.4% | 1.6% | 3.1% | 3.4% | 2.4% | 3.0% | 2.6% | 3.7% |
| Shares Outstanding | — | $399M | $403M | $410M | $419M | $420M | $425M | $435M | $433M | $435M | $434M |
Social inflation litigation exposure
With a P/B ratio of 2.93, W. R. Berkley trades at a significant premium to peers like CNA Financial, suggesting that investors are pricing in the firm's consistent ability to generate underwriting profits through its decentralized, specialty-focused operating model rather than mere book value growth.
The elevated P/B multiple appears to be a market recognition of WRB's superior underwriting discipline, which consistently keeps the combined ratio well below the industry break-even point. Investors should monitor whether this valuation premium remains sustainable if the current deceleration in premium growth persists or if social inflation begins to compress underwriting margins.
As reported in the quarterly data, W. R. Berkley maintained a strong combined ratio of 83.3% in 2026Q1, demonstrating that the firm's decentralized units successfully navigate competitive pricing environments while preserving core underwriting profitability despite the inherent volatility observed in the 2025 fiscal year.
The fluctuation in the loss ratio, which spiked to 79.4% in 2025Q4 before moderating, suggests that the company's specialty lines are susceptible to periodic claim estimation adjustments. This volatility warrants further investigation into whether the current underwriting margins are truly sustainable or if they are being bolstered by favorable prior-year reserve releases.
Based on the provided financial figures, W. R. Berkley maintains a disciplined approach to underwriting leverage, with equity growth from $7.5 billion to $9.7 billion over the last ten quarters providing a robust buffer to support its premium-to-surplus ratio and overall balance sheet strength.
The firm's ability to expand its capital base while maintaining a D/E ratio below 0.40 indicates a conservative leverage profile that allows for tactical expansion during market hardening. This capital position appears sufficient to absorb potential shocks from long-tail casualty lines, provided that reserve adequacy remains consistent with historical standards.
The P/E ratio is frequently misapplied to W. R. Berkley, as it fails to account for the lumpy nature of reserve development and the significant impact of investment income on float, which can distort earnings and mask the underlying quality of the firm's underwriting operations.
Investors should prioritize the combined ratio and return on equity over P/E multiples to better assess the firm's true operational performance. Relying on P/E may lead to an incomplete understanding of the company's value, as it ignores the critical role of the investment portfolio in generating total returns for shareholders.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying WRB stock.
W. R. Berkley Corporation's current P/E ratio is 16.1x. The historical average is 12.1x. This places it at the 86th percentile of its historical range.
W. R. Berkley Corporation's current EV/EBITDA is 11.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.2x.
W. R. Berkley Corporation's return on equity (ROE) is 19.6%. The historical average is 12.9%.
Based on historical data, W. R. Berkley Corporation is trading at a P/E of 16.1x. This is at the 86th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
W. R. Berkley Corporation's current dividend yield is 2.45% with a payout ratio of 39.4%.
W. R. Berkley Corporation has 19.8% gross margin and 15.9% operating margin. Operating margin between 10-20% is typical for established companies.
W. R. Berkley Corporation's Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.