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 $3.74B and net income of $446.00M for the fiscal year ended 2026-09-30. 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 | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.74B | $3.72B | $3.69B | $3.72B | $3.77B | $3.67B | $3.55B | $3.67B | $3.40B | $3.31B |
| 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 | $446.00M | $452.26M | $515.22M | $449.51M | $511.03M | $401.29M | $417.57M | $576.10M | $365.63M | $371.91M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 391.34M | shares 391.80M | shares 394.78M | Unavailable | shares 400.20M | shares 400.37M | shares 399.82M | Unavailable | shares 401.82M | shares 403.74M |
| Pretax income | $574.32M | $575.20M | $616.10M | $571.96M | $648.11M | $521.86M | $538.61M | $728.30M | $474.45M | $487.67M |
| Income tax expense | $126.00M | $122.89M | $100.52M | $117.21M | $136.14M | $121.16M | $121.26M | $152.96M | $109.14M | $115.79M |
| Diluted EPS | $1.14 | $1.15 | $1.31 | Unavailable | $1.28 | $1.00 | $1.04 | Unavailable | $0.91 | $0.92 |
| 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 | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $2.11B | $2.61B | $2.28B | $2.54B | $2.40B | $1.98B | $1.72B | $1.97B | $1.57B | $1.58B |
| Total assets | $45.68B | $45.68B | $44.32B | $43.93B | $43.72B | $42.66B | $41.35B | $40.57B | $40.36B | $38.91B |
| Current assets | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total liabilities | $36.06B | $35.83B | $34.56B | $34.21B | $33.91B | $33.35B | $32.42B | $32.16B | $31.92B | $31.12B |
| Current liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total equity incl. NCI | $9.62B | $9.84B | $9.75B | $9.71B | $9.81B | $9.30B | $8.93B | $8.41B | $8.44B | $7.79B |
| 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 | $184.33M | $184.33M | $184.33M | $184.33M | $184.33M | $184.33M | $184.09M | $184.09M |
| 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 | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $731.33M | $800.05M | $667.86M | $995.13M | $1.14B | $703.81M | $743.82M | $810.03M | $1.24B | $881.33M |
| Capital expenditures | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Investing cash flow | -$912.35M | -$360.99M | -$588.59M | -$243.08M | -$627.62M | -$234.21M | -$924.42M | -$87.06M | -$1.11B | -$87.20M |
| Financing cash flow | -$306.11M | -$127.70M | -$339.11M | -$618.06M | -$95.26M | -$231.71M | -$81.41M | -$290.55M | -$153.82M | -$378.42M |
| Net change in cash | -$493.49M | $325.60M | -$259.00M | $135.92M | $419.49M | $264.32M | -$254.54M | $401.51M | -$7.03M | $411.22M |
| Stock-based compensation | $19.54M | $15.77M | $13.23M | $13.90M | $13.14M | $15.06M | $12.42M | $14.06M | $13.46M | $13.88M |
| Common dividends paid | $259.79M | $0 | $33.70M | $411.90M | $34.19M | $223.84M | $30.34M | $220.44M | $125.79M | $157.50M |
| Common share repurchases | $21.14M | $111.49M | $302.43M | $196.39M | $24.63M | $0 | $49.20M | $67.41M | $12.48M | $223.76M |
| Depreciation & amortization | -$10.70M | -$22.14M | -$15.47M | -$15.30M | -$9.07M | -$13.97M | -$9.79M | -$13.64M | -$11.93M | -$64.28M |
Derived
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| 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 | Unavailable | Unavailable |
| SBC / revenue | 0.5% | 0.4% | 0.4% | 0.4% | 0.3% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% |
| Current ratio | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Revenue YoY growth | -0.8% | 1.2% | 4.0% | 1.5% | 10.8% | 10.8% | 8.9% | 13.9% | 12.2% | 10.6% |
| Net margin | 11.9% | 12.2% | 14.0% | 12.1% | 13.6% | 10.9% | 11.8% | 15.7% | 10.8% | 11.2% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 21.9% | 21.4% | 16.3% | 20.5% | 21.0% | 23.2% | 22.5% | 21.0% | 23.0% | 23.7% |
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.