Berkley W R Corp. (WRB) intrinsic value & 10-year financials
Berkley W R Corp. (WRB) has a Graham intrinsic value of $147.81 per share. At $75.42 on Oct 17, 2026, the stock trades 49% below that value. Over the last 10 fiscal years revenue shrank 25.3% a year to $555.8M, with an average return on invested capital of 15.2%.
- Graham intrinsic value
- $147.81
- Share price (Oct 17, 2026)
- $75.42
- Price vs Graham value
- 49% below
- Market cap
- $30.2B
- Revenue (FY2025)
- $555.8M
- Revenue growth (10-yr CAGR)
- -25.3%
- ROIC (10-yr avg)
- 15.2%
- Free cash flow (FY2025)
- —
WRB 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $555.8M | $1.8B | $4.45 | — | — | 19.7% |
| FY2024 | $505.8M | $1.8B | $0.00 | — | — | 22.2% |
| FY2023 | $471.8M | $1.4B | $0.01 | — | — | 19.5% |
| FY2022 | $477.4M | $1.4B | $0.00 | — | — | 20.6% |
| FY2021 | $449.7M | $1.0B | $0.01 | — | — | 15.8% |
| FY2020 | $358.3M | $530.7M | $0.00 | — | — | 8.6% |
| FY2019 | $314.2M | $681.9M | $0.00 | $1.1B | — | 11.8% |
| FY2018 | $268.0M | $640.7M | $0.01 | $570.3M | — | 11.8% |
| FY2017 | $242.0M | $549.1M | $0.00 | $595.2M | — | 10.5% |
| FY2016 | $7.7B | $601.9M | $0.00 | $797.5M | — | 11.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
W. R. Berkley Corporation is facing top-line stagnation, with revenue contracting over the decade.
W. R. Berkley Corporation has earned high returns on invested capital, averaging 15.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, W. R. Berkley Corporation shows that management has aggressively returned capital to shareholders by retiring 99.7% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, W. R. Berkley Corporation is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $147.81 per share.