# W.R. Berkley Corporation (WRB) — Stock CV

W.R. Berkley Corporation is a $26.7B financial services company. Revenue grew 4.3% over the last year, and it keeps 13¢ of every dollar of sales as profit. It trades at 13.9× earnings — in the cheapest third of its own history.

> W.R. Berkley is an insurance holding company with a host of subsidiaries that primarily underwrite commercial casualty insurance.

## Identity

- **Ticker**: WRB
- **Sector**: Financial Services
- **Industry**: Fire, Marine & Casualty Insurance
- **Headquarters**: GREENWICH, CT
- **Employees**: 8 804
- **Website**: https://www.wrberkley.com
- **Market cap**: $26.7B
- **Last price**: $71.91
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $14.9B
- **Net income**: $1.93B
- **Free cash flow**: $3.60B
- **Net debt**: $560M
- **P/E**: 13.9
- **Revenue growth (YoY)**: 4.3%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 90 |
| Growth | 65 |
| Profitability | 80 |
| Health | 51 |
| Quality | 65 |
| Moat | 68 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +4.3% YoY
- [x] Profitable — $1.93B TTM
- [x] Profit growing — +10.5% YoY
- [x] Generates cash — $3.60B TTM
- [x] Debt under control — ~0.2y of cash flow to repay
- [x] Established company — $26.7B market cap
- [x] Not printing shares — -2.2% shares over ~5y
- [x] Proven track record — 9/9 profitable years
- [ ] Financially stable — health score 31/100
- [x] Pays a dividend — yield 1.79%
- [x] Valuation not extreme — P/E 13.9

## Experience (career milestones)

- **FY2025** — Best year on record: $1.78B net income
- **FY2022** — Revenue crossed $10B: $11.2B for the year
- **FY2017** — Profitable every year on record: 9 consecutive profitable years in our data
- **FY2017** — Revenue already above $1B: $7.68B in first reported year
- **FY2017** — Positive free cash flow every year since: 9-year streak
- **2006** — The company acquired Garnet Captive Services LLC, a San Francisco insurance brokerage and…
- **1995** — The company acquired the remaining 40% interest in Signet Star from Gen Re
- **1994** — The company acquired Key Risk Management Services Inc
- **1973** — The company became a public company via an initial public offering
- **1967** — Berkley Corporation was founded in 1967 by William R

## Strengths

- Strong cash conversion — FCF is 24.2% of revenue
- Interest covered 12.7× by operating earnings
- High returns on invested capital (ROIC 18.3%)

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $9.46B | $1.02B | $2.18B |
| FY2022 | $11.2B | $1.38B | $2.57B |
| FY2023 | $12.1B | $1.38B | $2.93B |
| FY2024 | $13.6B | $1.76B | $3.68B |
| FY2025 | $14.7B | $1.78B | $3.58B |

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Source: https://stockcv.com/WRB — derived from company filings; may be delayed or incomplete. Information, not investment advice.