Valuation, from the filing
| Public float | $21.94B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $58.59 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 12.3× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 1.5× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 2.3× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
12.3× earnings today, against a median of 10.9× across 9 years on record. Above its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $21.94B | 12.3× | |
| 2024-06-30 | $15.70B | 8.9× | |
| 2023-06-30 | $12.13B | 8.8× | |
| 2022-06-30 | $14.34B | 10.4× | |
| 2021-06-30 | $10.89B | 10.7× | |
| 2020-06-30 | $8.08B | 15.2× | |
| 2019-06-30 | $9.62B | 14.1× | |
| 2018-06-30 | $7.01B | 10.9× | |
| 2017-06-30 | $6.66B | 12.1× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the Fire, Marine & Casualty Insurance filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| SBC / revenue | 0.4% | 11th | |
| Effective tax rate | 21.7% | 81th | |
| Net margin | 12.1% | 48th | |
| Revenue YoY growth | 7.8% | 49th |
BERKLEY W R CORP (WRB) reported revenue of $14.71B and net income of $1.78B for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from BERKLEY W R CORP’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Fire, Marine & Casualty Insurance.
Banks, brokers and insurers present a top line that is not comparable with an operating company’s revenue: it is reported net of interest expense, or as premiums earned, depending on the filer. The figures are the filer’s own and are traceable to the filing; the comparison across classes is what does not hold.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.71B | $13.64B | $12.14B | $11.17B | $9.46B | $8.10B | $7.90B | $7.69B | $7.68B | $7.65B |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Net income | $1.78B | $1.76B | $1.38B | $1.38B | $1.02B | $530.67M | $681.94M | $640.75M | $549.09M | $601.92M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 399.86M | shares 403.22M | shares 409.95M | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | shares 128.55M |
| Pretax income | $2.28B | $2.26B | $1.75B | $1.72B | $1.28B | $704.80M | $852.92M | $812.09M | $772.77M | $896.44M |
| Income tax expense | $495.76M | $509.92M | $370.56M | $334.73M | $251.89M | $171.82M | $168.94M | $163.03M | $219.43M | $292.95M |
| Diluted EPS | $4.45 | $4.36 | $3.37 | $3.29 | $3.66 | $1.87 | $3.52 | $3.33 | $2.84 | $4.68 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $2.54B | $1.97B | $1.36B | $1.45B | $1.57B | $2.37B | $1.02B | $817.60M | $950.47M | $795.28M |
| Total assets | $43.93B | $40.57B | $37.20B | $33.86B | $32.09B | $28.61B | $26.66B | $24.90B | $24.30B | $23.36B |
| Current assets | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total liabilities | $34.21B | $32.16B | $29.73B | $27.09B | $25.42B | $22.28B | $20.54B | $19.42B | $18.85B | $18.28B |
| Current liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total equity incl. NCI | $9.71B | $8.41B | $7.47B | $6.77B | $6.67B | $6.33B | $6.12B | $5.48B | $5.45B | $5.08B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Goodwill | $184.33M | $184.33M | $174.60M | $185.51M | $169.65M | $169.65M | $169.65M | $173.04M | $178.94M | $144.51M |
| Long-term debt | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.58B | $3.68B | $2.93B | $2.57B | $2.18B | $1.62B | $1.14B | $620.20M | $710.88M | $848.38M |
| Capital expenditures | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $60.46M | $49.86M | $115.72M | $50.83M |
| Investing cash flow | -$2.03B | -$2.18B | -$1.96B | -$1.89B | -$2.99B | $119.70M | -$424.87M | -$714.24M | -$333.46M | -$794.49M |
| Financing cash flow | -$1.03B | -$852.49M | -$1.06B | -$771.99M | $5.83M | -$397.84M | -$513.19M | -$7.40M | -$235.09M | -$6.93M |
| Net change in cash | $565.19M | $611.55M | -$86.15M | -$119.50M | -$803.52M | $1.35B | $206.11M | -$132.87M | $155.19M | $31.65M |
| Stock-based compensation | $54.52M | $54.38M | $51.00M | $49.41M | $46.68M | $49.66M | $49.27M | $36.59M | $40.49M | $37.17M |
| Common dividends paid | $700.27M | $531.95M | $501.46M | $235.19M | $355.74M | $84.15M | $308.19M | $254.95M | $188.20M | $184.00M |
| Common share repurchases | $270.22M | $303.66M | $537.16M | $94.14M | $122.43M | $346.36M | $18.22M | $24.75M | $47.81M | $132.39M |
| Depreciation & amortization | -$48.13M | -$170.64M | -$20.86M | $55.87M | $129.68M | $135.06M | $113.39M | $131.11M | $112.96M | $86.05M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $595.16M | $797.55M |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| FCF margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 7.7% | 10.4% |
| SBC / revenue | 0.4% | 0.4% | 0.4% | 0.4% | 0.5% | 0.6% | 0.6% | 0.5% | 0.5% | 0.5% |
| Current ratio | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Revenue YoY growth | 7.8% | 12.3% | 8.7% | 18.1% | 16.7% | 2.5% | 2.7% | 0.1% | 0.4% | Unavailable |
| Net margin | 12.1% | 12.9% | 11.4% | 12.4% | 10.8% | 6.6% | 8.6% | 8.3% | 7.1% | 7.9% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 1.5% | 0.7% |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 21.7% | 22.5% | 21.1% | 19.5% | 19.6% | 24.4% | 19.8% | 20.1% | 28.4% | 32.7% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open WRB in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.