Erie Indemnity Co

Insurance Agents, Brokers & Service

ERIEStrong11 of 11 basics passed

$222.04

-1.99%

Market cap $11.6B

$222.04

-1.99%

Market cap $11.6B

Erie Indemnity Co mainly performs services on behalf of the Erie Insurance Exchange relating to sales, underwriting, and issuance of policies.

It is a $11.6B financial services company. Revenue grew 3.7% over the last year, and it keeps 14¢ of every dollar of sales as profit. It trades at 17.9× earnings — near the lowest of its own history.

Website: erieinsurance.com
Location: Erie, PA
Employees: 6 667
Sector: Financial Services

Share price · 3 years

$304.23 → $222.04-27.0%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $4.12B
Profit: keeps 14¢ of every $1 sold; $577M
Free cash flow: cash left after running the business; $553M
P/E: years of profit in the price; 17.9
EPS: earnings per share, TTM; $11.03
Dividend: pays out 46% of profit · 53% of FCF; 2.55%
Shares: shares outstanding; 52.3M
Volatility: beta vs the market — under 1 swings less; 0.26

Revenue, last 10 years

52-week range

Low $207.24$222.04High $329.97

Today's price is 12% of the way from the year's low to its high.

P/E vs its history5y

20.1×median 36.7×

Higher than 4% of past days — near the lowest of its own history.

Valuation vs own history

P/E

20.1×

96%

P/S

2.8×

98%

EV/EBITDA

15.2×

97%

P/B

4.7×

99%

FCF yield

4.8%

98%

Share of the last ~5 years that was pricier than today (unusually cheap vs its own history). Based on the daily valuation record.

Standing in Financial Services

Size$11.6Btop 77%
Revenue growth+13%top 32%
Net margin14%top 60%
Return on equity25%top 16%
P/E17.9×top 65%
Dividend yield2.55%top 35%

Ranked against 129 Financial Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation, profitability, quality and moat.

Valuation77

P/E vs own history4th pct · 25/25
FCF yield4.8% · 12/25
P/S2.5x · 20/25
EV/EBITDA13.7x · 20/25

Growth60

Revenue CAGR11.5% · 20/25
Net income CAGR17.1% · 20/25
EPS CAGR ~5Y12.0% · 20/25
Fwd implied growth-2.7% · 0/25

Profitability80

ROIC24.9% · 20/25
ROE24.5% · 20/25
Net margin14.0% · 20/25
Operating margin17.8% · 20/25

Health62

Altman Z8.85 · 25/25
Current ratio1.25 · 12/25
Interest coverage538.9x · 25/25
Net cash / debtn/a · 0/25

Quality82

Piotroski F4/9 · 10/25
Beneish M-4.56 · 25/25
FCF conversion96% · 22/25
Margin stabilityσ 2.6% · 25/25

Moat75

ROIC >12% years10/10 yrs · 25/25
Median gross marginn/a · 0/25
FCF-positive years8/8 yrs · 25/25
Worst-year net marginworst 10.5% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2024Financial
Best year on record
$600M net income
FY2022Financial
Became debt-free
cash now exceeds total debt
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $1B
$1.60B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$12 598 today — price return only

$4.1B revenue in FY2025

Profitable 10 years in a row

Positive free cash flow 10 years in a row

6 667 employees

ROIC of 24.9%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Interest covered 538.9× by operating earnings
High returns on invested capital (ROIC 24.9%)
Altman Z-Score 8.85 — low bankruptcy-risk zone

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

11 of 11 checks passed

Revenue growing — the company sells more than a year ago+3.7% YoY
Profitable — makes more than it spends$577M TTM
Profit growing — earnings are higher than last year+27.9% YoY
Generates cash — cash left after running and investing$553M TTM
Debt under control — could handle its obligationscurrent ratio 1.25
Established company — not a micro-cap — lower blow-up risk$11.6B market cap
Not printing shares — share count not ballooning — you keep your slice-0.0% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distressAltman Z 8.8 — safe
Pays a dividend — returns cash to shareholdersyield 2.55%
Valuation not extreme — price not wildly above earningsP/E 17.9

Peer comparisonErie Indemnity Co vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
ERIE this company	$11.6B	17.9	+3.7%	14.0%	Strong
BRK.A Berkshire Hathaway Inc.	$1.1T	11.6	+3.9%	22.3%	Mixed
BRK.B Berkshire Hathaway	$1.1T	11.6	+0.0%	18.0%	Strong
JPM JPMorgan Chase & Co.	$886.2B	13.6	+13.5%	32.6%	Strained
V VISA Inc.	$723.9B	31.9	+14.4%	50.8%	Solid
MA Mastercard Incorporated	$516.4B	31.7	+16.0%	46.3%	Mixed
BAC Bank of America Corporation	$380.4B	11.3	+15.9%	27.8%	Mixed

Head-to-head: ERIE vs BRK.A · ERIE vs BRK.B · ERIE vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 3Hold 2

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $4.12B · net income $577M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$4.12B

YoY 3.7%

Net income (TTM)

$577M

Margin 14.0%

Gross margin

17.9%

Operating margin

17.8%

P/E ratio

17.9

Dividend yield

2.55%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	2.5	2.6	2.8	3.3	3.8	4.1
Gross profit	—	—	—	—	—	—
Operating income (EBIT)	0.3	0.3	0.4	0.5	0.7	0.7
Net income	0.3	0.3	0.3	0.4	0.6	0.6
EPS (diluted)	—	5.69	5.71	8.53	11.48	10.69

Cash flowFree cash flow $553M · operating cash flow $698M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$553M

Margin 13.4%

Operating cash flow (TTM)

$698M

FCF margin

13.4%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.3	0.4	0.4	0.4	0.6	0.7
Capital expenditure	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
Free cash flow	0.3	0.3	0.3	0.3	0.5	0.6
FCF margin	11.3%	9.6%	10.5%	8.8%	12.8%	14.0%

Balance sheetAssets $3.36B · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $3.36B of assets is financed

32%

68%

Liabilities $1.07B — borrowed moneyEquity $2.28B — owners' stake

Altman Z-Score

8.85

Safe zone

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

538.9x

EBIT ÷ interest expense

ROE

24.5%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.0	0.0	0.0	0.1	0.0	0.0
Total assets	2.1	2.2	2.2	2.5	2.9	3.4
Total liabilities	0.9	0.9	0.8	0.8	0.9	1.1
Total debt	0.1	0.1	0.0	—	—	—
Equity	1.2	1.3	1.4	1.7	2.0	2.3
Net debt	0.1	0.1	-0.0	—	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of ERIE on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $222.04 · market cap $11.6B.