W. R. Berkley Corporation (WRB) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+74.1%

$130.09

vs $74.71 price

Levered DCF

$300.36

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.18

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.65×	13.33×	13.87×	14.53×	14.89×	23.43×	19.31×	14.8×
P/B	2.87×	2.79×	2.59×	3.01×	2.31×	1.99×	2.2×	1.74×
P/S	1.89×	1.72×	1.59×	1.82×	1.62×	1.55×	1.69×	1.23×
EV / EBITDA	11.85×	10.92×	11.18×	11.37×	10.93×	13.02×	13.37×	10.41×
Gross margin	19.8%	22.9%	22.4%	21.8%	21.4%	16.6%	18.7%	18.0%
Operating margin	15.9%	16.6%	14.4%	15.4%	13.6%	8.7%	10.8%	10.6%
Net margin	12.1%	12.9%	11.4%	12.4%	10.8%	6.6%	8.6%	8.3%
Current ratio	1.39×	1.37×	1.36×	1.34×	1.4×	0×	0×	0×
Debt / equity	0.29×	0.34×	0.38×	0.42×	0.49×	0.43×	0.43×	0.51×
Interest coverage	18.4×	17.84×	13.76×	13.19×	8.72×	4.68×	5.56×	5.17×
Dividend yield	2.5%	2.3%	2.6%	1.2%	2.3%	0.7%	2.3%	2.7%
Payout ratio	39.4%	30.3%	36.3%	17.0%	34.8%	15.9%	45.2%	39.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.3%	20.9%	18.5%	20.5%	15.4%	8.4%	11.2%	11.8%
Return on invested capital	10.4%	10.9%	9.3%	10.1%	7.5%	0.0%	0.0%	0.0%
Return on assets	4.0%	4.3%	3.7%	4.1%	3.2%	1.9%	2.6%	2.6%
Free cash flow yield	12.5%	15.3%	14.9%	12.4%	13.8%	12.6%	8.1%	6.0%
Earnings yield	6.4%	7.5%	7.1%	6.8%	6.7%	4.2%	5.1%	6.8%
Enterprise value	$28.1B	$24.3B	$20.8B	$21.7B	$17B	$12.9B	$15B	$11.5B
Net debt / EBITDA	0.13×	0.39×	0.79×	0.73×	1.09×	0.36×	1.43×	1.79×
Cash conversion cycle (days)	160	169	191	188	188	208	191	179