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Research · S&P 500 · Financials
WRB · W. R. Berkley Corporation
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 where the data allows, plus moat evidence
50/55
high value score11 of 12 checks scored11 of the 12 checks that carry a score were scored from the data available. 1 could not be scored (ROIC) and was left out, so the score is out of 55 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.
Earnings & returns
EPS Trend
5/5Diluted EPS: $3.29 (2022), $3.37 (2023), $4.36 (2024), $4.45 (2025). It rose every year; the framework scores that as 5.
ROE Trend
4/5ROE (net income / common equity): 20.5% (2022), 18.5% (2023), 20.9% (2024), 18.3% (2025). Median 19.5%, lowest 18.3%; the framework scores a median 15-20% as 4.
ROIC
Not scoredROIC not available: the 10-K financial data filed with the SEC has no standard operating income figure (or pre-tax income and interest expense), total assets and current liabilities for the same fiscal year.
Profit Margins
4/5Net margin of 12.9%; the framework scores 10-20% as 4; gross margin 43.8%, operating margin 16.4%.
Balance sheet & cash
Debt-to-Equity
5/5Net cash: total debt $3.10B, total cash $3.90B. The framework scores a net cash position as 5.
Free Cash Flow
4/5Free cash flow (operating cash flow minus capital expenditure): $2.52B (2022), $2.88B (2023), $3.57B (2024), $3.41B (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
Retained Earnings
5/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $10.16B (2022), $11.04B (2023), $12.27B (2024), $13.34B (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) = $4.87 x (8.5 + 2 x 15.0) x (4.4 / 4.5) = $183.33. Current price $75.42; price is 58.9% below the model value.
DCF Value
5/5FCF/share = $8.204, stage 1 growth = 9.9% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $40.91, PV of terminal value = $120.17, DCF value = $161.07. Current price $75.42; price is 53.2% below the model value.
Margin of Safety
5/5Graham value $183.33 (price is 58.9% below the model value); DCF value $161.07 (price is 53.2% below the model value).
Price-to-Book
3/5P/B of 2.98; the framework scores 1.5-3.0 as 3.
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
Not available: the 10-K financial data has no standard figures for operating income, total assets and current liabilities in the same years, as is common for banks, insurers and REITs.
Gross margin, each year
Not reported: the filings don’t state a gross profit or cost of revenue figure, as is common for oil and gas companies, banks and insurers.
Competition, in the company’s own words · 10-K filed Feb 27, 2026
The property casualty insurance and reinsurance businesses are highly competitive, with many insurance companies of various sizes, as well as other entities offering risk alternatives such as self-insured retentions or captive programs, transacting business in the United States and internationally. We compete directly with a large number of these companies. Competition in our industry is largely measured by the ability to provide insurance and services at a price and on terms that are reasonable and acceptable to the customer. Our strategy in this highly fragmented industry is to seek specialized areas or geographic regions where our businesses can gain a competitive advantage by responding quickly to changing market conditions. Our businesses establish their own pricing practices based upon a Company-wide philosophy to price products with the intent of making an underwriting profit. Competition for insurance business within the United States comes from other specialty insurers, regional carriers, large national multi-line companies and reinsurers. Our specialty businesses compete with excess and surplus insurers as well as standard carriers. Our regional businesses compete with mutual and other regional stock companies as well as national carriers.
The opening of the company’s “Competition” 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
5/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $3.17B paid out against $12.38B of free cash flow (pass); total debt $2.84B to $2.84B, up 0.1% (pass: not up more than 10%); shares outstanding 0.40B to 0.38B, down 5.0% (pass). 4 of 4 tests passed; the framework scores that as 5.
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 = $4.87, g = 15.0%, Y = 4.5
IV = $183.33
Current price $75.42 vs Graham value $183.33 — price is 58.9% below the model value.
DCF:
FCF/share = $8.204
Stage 1 growth = 9.9% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Y1: $9.016 → PV $8.196
Y2: $9.909 → PV $8.189
Y3: $10.890 → PV $8.182
Y4: $11.968 → PV $8.174
Y5: $13.152 → PV $8.167
Stage 1 PV sum = $40.91
Terminal value at end of Y5 = $193.53
PV of terminal value = $120.17
DCF value = $161.07
Current price $75.42 vs DCF value $161.07 — price is 53.2% below 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 $75.42. 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. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. 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.