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ValeriusBeta - Not investment advice
Research · S&P 500 · Industrials
VRSK · Verisk Analytics
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5, plus moat evidence
42/60
moderate value scoreEarnings & returns
EPS Trend
3/5Diluted EPS: $6.00 (2022), $4.17 (2023), $6.71 (2024), $6.48 (2025). It ended above 2022 but did not rise in 2 of 3 years; the framework scores that as 3.
ROE Trend
5/5ROE (net income / common equity): 54.6% (2022), 198.2% (2023), 956.5% (2024), 293.9% (2025). Median 246.1%, lowest 54.6%; the framework scores a median above 20% as 5.
ROIC
5/5ROIC of 34.5%: operating income of $1.34B divided by $3.90B of capital (total assets $6.20B minus current liabilities $2.30B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores above 20% as 5.
Profit Margins
5/5Net margin of 28.2%; the framework scores above 20% as 5; gross margin 70.2%, operating margin 45.1%.
Balance sheet & cash
Debt-to-Equity
1/5Shareholder equity is negative, so debt-to-equity has no meaningful value (total debt $4.62B, total cash $552.20M). The framework scores negative equity as 1. Calculated from the balance sheet in yfinance (at Jun 30, 2026) because yfinance's summary figure was not available.
Free Cash Flow
5/5Free cash flow (operating cash flow minus capital expenditure): $784.30M (2022), $830.70M (2023), $920.10M (2024), $1.19B (2025). It rose every year; the framework scores that as 5.
Retained Earnings
5/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $6.00B (2022), $6.42B (2023), $7.15B (2024), $7.81B (2025). It rose every year; the framework scores that as 5.
Valuation models
Graham IV
5/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $6.51 x (8.5 + 2 x 20.0) x (4.4 / 4.5) = $308.72 (EPS CAGR 24.7% capped at 20%). Current price $190.90; price is 38.2% below the model value.
DCF Value
1/5FCF/share = $8.056, stage 1 growth = 7.0% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $37.10, PV of terminal value = $103.24, DCF value = $140.34. Current price $190.90; price is 36.0% above the model value.
Margin of Safety
3/5Graham value $308.72 (price is 38.2% below the model value); DCF value $140.34 (price is 36.0% above the model value).
Price-to-Book
1/5Book value is negative; the framework scores negative book value as 1.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 9 of 10 years (2016-2025); lowest 12.5%, highest 41.4%.
Gross margin, each year
Between 62.5% and 69.9% over 10 years (a range of 7.4 points).
Competition, in the company’s own words · 10-K filed Feb 18, 2026
The breadth of markets we serve exposes us to a broad range of competitors as described below. We operate primarily in the U.S. P&C insurance industry. We have numerous competitors in specific lines or services. We encounter competition from a broad array of sources, including insurers that develop internal technology and actuarial methods for proprietary insurance programs. Competitors also include other statistical agents and other advisory organizations, that provide underwriting rules, prospective loss costs, and coverage language. Competitors for our property-specific rating and underwriting information include regional providers of commercial property inspections and surveys, as well as emerging providers in the InsurTech space. We also compete with a variety of organizations that offer consulting services, primarily specialty technology and consulting firms. In addition, a customer may use its own internal resources rather than engage an outside firm for these services. Our underwriting solutions compete with a variety of companies in the marketplace. Such competitors include information technology product and services vendors; management and strategy consulting firms; and specialized information technology and analytical services firms. In the life insurance sector, our solutions compete against numerous independent vendors, as well as the in-house technology departments of life insurers.
The opening of the company’s “Our Competitors” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
3/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $7.00B paid out against $3.73B of free cash flow (fail: paid out more than free cash flow); total debt $3.96B to $4.90B, up 23.9%, 2.9x EBITDA (fail: up more than 10% and above 2x EBITDA); shares outstanding 0.15B to 0.14B, down 10.5% (pass). 2 of 4 tests passed; the framework scores that as 3.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $6.51, g = 20.0%, Y = 4.5
g capped at 20.0% (3-year EPS CAGR was 24.7%)
IV = $308.72
Current price $190.90 vs Graham value $308.72 — price is 38.2% below the model value.
DCF:
FCF/share = $8.056
Stage 1 growth = 7.0% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Y1: $8.620 → PV $7.837
Y2: $9.224 → PV $7.623
Y3: $9.869 → PV $7.415
Y4: $10.560 → PV $7.213
Y5: $11.299 → PV $7.016
Stage 1 PV sum = $37.10
Terminal value at end of Y5 = $166.26
PV of terminal value = $103.24
DCF value = $140.34
Current price $190.90 vs DCF value $140.34 — price is 36.0% above the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $190.90. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.