Cash flow W.R. Berkley Corporation

Stocks

WRB

US0844231029

Property & Casualty Insurance

Market Closed - NYSE 04:00:03 03/10/2026 HKT			5-day change	1st Jan Change
68.98 ^USD	+0.12%		+3.23%	-1.63%

10-01	BofA Adjusts Price Target on W. R. Berkley to $66 From $69	MT
10-01	BMO Capital Adjusts Price Target on W. R. Berkley to $69 From $68, Keeps Market Perform Rating	MT

daae1382d55d5c682dd9.04ZSC0uJYzMHUC12IzUHOYEEJOL1dQtIMDnOMoSq_Uk.odM7QRLZIXVmJRtHaHdoC8BJcI2YHUYqV1esXPzPi3-MwwVFf9swZ15mQg

Published financial data: W.R. BERKLEY CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Premiums and Annuity Revenues	8.11B	9.56B	10.4B	11.55B	12.45B
Total Interest And Dividend Income	672M	779M	1.05B	1.33B	1.43B
Gain (Loss) on Sale of Investments, Total (Rev)	90.63M	202M	47.04M	118M	132M
Non-Insurance Activities Revenues	489M	510M	536M	528M	577M
Other Revenues, Total	98.03M	114M	107M	111M	122M
Total Revenues	9.46B	11.17B	12.14B	13.64B	14.71B
Policy Benefits	4.95B	5.86B	6.37B	7.13B	7.77B
Selling General & Admin Expenses, Total	44.05M	43.38M	44.26M	45.72M	54.26M
Other Operating Expenses	2.57B	2.97B	3.29B	3.61B	3.85B
Non-Insurance Activities Expenses	472M	493M	525M	513M	552M
Total Operating Expenses	8.04B	9.37B	10.23B	11.3B	12.23B
Operating Income	1.42B	1.8B	1.91B	2.34B	2.48B
Interest Expense, Total	-147M	-130M	-127M	-127M	-127M
Currency Exchange Gains (Loss)	25.72M	50.93M	-31.8M	52.38M	-68.01M
EBT, Excl. Unusual Items	1.29B	1.72B	1.75B	2.26B	2.28B
Other Unusual Items	-11.52M	-	-	-	-
EBT, Incl. Unusual Items	1.28B	1.72B	1.75B	2.26B	2.28B
Income Tax Expense	252M	335M	371M	510M	496M
Earnings From Continuing Operations	1.03B	1.38B	1.38B	1.75B	1.78B
Net Income to Company	1.03B	1.38B	1.38B	1.75B	1.78B
Minority Interest	-8.52M	-3.89M	-2.49M	1.54M	-5.38M
Net Income - (IS)	1.02B	1.38B	1.38B	1.76B	1.78B
Net Income to Common Incl Extra Items	1.02B	1.38B	1.38B	1.76B	1.78B
Net Income to Common Excl. Extra Items	1.02B	1.38B	1.38B	1.76B	1.78B
Per Share Items
Net EPS - Basic	2.46	3.33	3.4	4.39	4.48
Basic EPS - Continuing Operations	2.46	3.33	3.4	4.39	4.48
Basic Weighted Average Shares Outstanding	416M	415M	406M	400M	397M
Net EPS - Diluted	2.44	3.29	3.37	4.36	4.45
Diluted EPS - Continuing Operations	2.44	3.29	3.37	4.36	4.45
Diluted Weighted Average Shares Outstanding	420M	419M	410M	403M	400M
Normalized Basic EPS	1.92	2.58	2.69	3.54	3.58
Normalized Diluted EPS	1.91	2.55	2.67	3.51	3.55
Dividend Per Share	0.23	0.26	0.29	0.31	0.35
Payout Ratio	8.83	7.46	15.91	6.92	4.83
American Depositary Receipts Ratio (ADR)	0.1	0.1	0.1	0.1	0.1
Supplemental Items
EBITDA	1.55B	1.86B	1.97B	2.4B	2.54B
EBITA	1.42B	1.8B	1.91B	2.34B	2.48B
EBIT	1.42B	1.8B	1.91B	2.34B	2.48B
EBITDAR	1.59B	1.91B	2.02B	2.45B	2.59B
Total Revenues (As Reported)	9.46B	11.17B	12.14B	13.64B	14.71B
Effective Tax Rate - (Ratio)	19.63	19.46	21.12	22.52	21.74
Current Domestic Taxes	239M	296M	353M	344M	413M
Current Foreign Taxes	-	42.89M	44.37M	69.31M	96.86M
Total Current Taxes	239M	339M	397M	414M	510M
Deferred Domestic Taxes	2.75M	-27.54M	-43.46M	51.75M	-17.27M
Deferred Foreign Taxes	10.05M	23.53M	16.75M	44.64M	2.78M
Total Deferred Taxes	12.8M	-4.01M	-26.71M	96.39M	-14.49M
Normalized Net Income	800M	1.07B	1.09B	1.42B	1.42B
Supplemental Operating Expense Items
Net Rental Expense, Total	44.05M	43.38M	44.26M	45.72M	54.26M
Imputed Operating Lease Interest Expense	16.2M	13.89M	14.8M	15.18M	17.88M
Imputed Operating Lease Depreciation	27.85M	29.5M	29.45M	30.54M	36.38M
Stock-Based Comp., Other (Total)	46.68M	49.41M	51M	54.38M	54.52M
Total Stock-Based Compensation	46.68M	49.41M	51M	54.38M	54.52M

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Assets
Investment In Debt Securities	16.6B	17.59B	20.18B	22.4B	25.05B
Investment In Equity and Preferred Securities, Total	941M	1.19B	1.09B	1.2B	1.36B
Trading Asset Securities, Total	1.18B	944M	938M	1.12B	1.22B
Real Estate Owned	1.85B	1.34B	1.25B	1.29B	1.28B
Mortgage Loans	115M	193M	201M	405M	419M
Total Other Investments	1.48B	1.61B	1.62B	1.47B	1.36B
Total investments	22.17B	22.86B	25.28B	27.89B	30.69B
Cash And Equivalents	1.57B	1.45B	1.36B	1.97B	2.54B
Reinsurance Recoverable - (IS)	2.92B	3.19B	3.53B	3.56B	3.54B
Other Receivables - (Insurance Template)	2.67B	3.22B	3.63B	3.61B	3.69B
Deferred Policy Acquisition Costs - (BS)	676M	763M	862M	952M	1B
Net Property Plant And Equipment	592M	593M	603M	659M	818M
Goodwill	170M	186M	175M	184M	184M
Other Intangibles, Total	85M	102M	119M	97M	86M
Other Current Assets, Total	677M	696M	759M	823M	882M
Deferred Tax Assets Long-Term (Collected)	57.42M	341M	310M	220M	141M
Other Long-Term Assets, Total	496M	465M	570M	600M	502M
Total Assets	32.09B	33.86B	37.2B	40.57B	44.07B
Liabilities
Unpaid Claims	15.39B	17.01B	18.74B	20.37B	22.21B
Unearned Premiums	4.85B	5.3B	5.92B	6.38B	6.72B
Reinsurance Payable - (BS)	515M	523M	631M	669M	616M
Current Portion of Long-Term Debt	426M	-	-	-	7.09M
Current Portion of Leases	44.96M	47.02M	50.22M	48.82M	54.48M
Long-Term Debt	1.83B	1.83B	1.83B	1.83B	1.82B
Long-Term Leases	164M	157M	168M	170M	206M
Trust Preferred Securities (BS)	1.01B	1.01B	1.01B	1.01B	1.01B
Current Income Taxes Payable	21.07M	34.35M	47.52M	53.48M	83.37M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	54.8M	-	9.36M	73.36M	66.28M
Deferred Tax Liability Non-Current	17.47M	11.65M	42.66M	65.15M	99.87M
Other Non Current Liabilities	1.1B	1.17B	1.28B	1.5B	1.46B
Total Liabilities	25.42B	27.09B	29.73B	32.16B	34.36B
Common Stock, Total	70.54M	106M	106M	159M	159M
Additional Paid In Capital	1.02B	998M	1.02B	985M	988M
Retained Earnings	9.02B	10.16B	11.04B	12.27B	13.34B
Treasury Stock	-3.17B	-3.25B	-3.78B	-4.08B	-4.34B
Comprehensive Income and Other	-282M	-1.26B	-926M	-934M	-451M
Total Common Equity	6.65B	6.75B	7.46B	8.4B	9.7B
Minority Interest	14.72M	19.83M	13.81M	12.33M	11.08M
Total Equity	6.67B	6.77B	7.47B	8.41B	9.71B
Total Liabilities And Equity	32.09B	33.86B	37.2B	40.57B	44.07B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	415M	412M	402M	397M	392M
ECS Total Common Shares Outstanding	415M	414M	402M	398M	395M
Book Value / Share	16.03	16.3	18.53	21.11	24.59
Tangible Book Value	6.4B	6.46B	7.16B	8.11B	9.43B
Tangible Book Value Per Share	15.41	15.61	17.8	20.4	23.9
Total Debt	3.48B	3.04B	3.06B	3.06B	3.1B
Net Debt	1.91B	1.59B	1.69B	1.08B	560M
Debt Equivalent Oper. Leases	352M	347M	354M	366M	434M
Minority Interest, Total (Incl. Fin. Div)	14.72M	19.83M	13.81M	12.33M	11.08M
Account Code - Inventory Valuation	3	-	3	3	3
Full Time Employees	7.68K	8.19K	8.33K	8.61K	8.8K

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Net Income	1.02B	1.38B	1.38B	1.76B	1.78B
Depreciation, Depletion & Amortization	130M	64.27M	59.94M	63.63M	63.45M
Total Depreciation, Depletion & Amortization	130M	64.27M	59.94M	63.63M	63.45M
(Gain) Loss on Sale of Investments - (CF)	-90.63M	-202M	-47.04M	-118M	-132M
Deferred Policy Acquisition Costs - (CF)	-122M	-88.84M	-99.39M	-91.15M	-48.86M
Stock-Based Compensation (CF)	46.68M	49.41M	51M	54.38M	54.52M
Minority Interest in Earnings - (CF)	8.52M	3.89M	2.49M	-1.54M	5.38M
Change in Trading Asset Securities	-269M	-53.29M	-54.21M	123M	-56.92M
Change in Accounts Receivable	-364M	-268M	-334M	-184M	-130M
Change in Unearned Revenues	787M	467M	618M	485M	322M
Change In Income Taxes	-43.89M	-3.53M	52.45M	-28.53M	63.9M
Change In Deferred Taxes	7.63M	-64.71M	-26.69M	95.31M	9.44M
Change in insurance Reserves / Liabilities	1.64B	1.68B	1.72B	1.71B	1.77B
Change in Other Net Operating Assets (Collected)	-344M	-246M	-292M	39.11M	24.65M
Other Operating Activities	-220M	-153M	-97.54M	-223M	-139M
Cash from Operations	2.18B	2.57B	2.93B	3.68B	3.58B
Capital Expenditure	-66.63M	-52.68M	-53.08M	-106M	-170M
Cash Acquisitions	-	-49.57M	-11.56M	-	-
Divestitures	-	907M	96.57M	-	-
Sale (Purchase) of Real Estate Properties (Collected)	167M	-45.92M	-2.07M	-66.63M	14.63M
Investment in Marketable and Equity Securities, Total	-3.04B	-2.58B	-1.93B	-1.91B	-1.82B
Net (Increase) Decrease in Loans Originated / Sold - Investing	-27.42M	-83.21M	-29.72M	-211M	12.7M
Other Investing Activities, Total	-17.98M	14.34M	-33.93M	107M	-70.81M
Cash from Investing	-2.99B	-1.89B	-1.96B	-2.18B	-2.03B
Long-Term Debt Issued, Total	1.03B	-	-	3.1M	-
Total Debt Issued	1.03B	-	-	3.1M	-
Long-Term Debt Repaid, Total	-505M	-430M	-974K	-	-2.06M
Total Debt Repaid	-505M	-430M	-974K	-	-2.06M
Repurchase of Common Stock	-122M	-94.14M	-537M	-304M	-270M
Common Dividends Paid	-90.26M	-103M	-220M	-122M	-86M
Common & Preferred Stock Dividends Paid	-90.26M	-103M	-220M	-122M	-86M
Special Dividend Paid	-265M	-132M	-282M	-410M	-614M
Other Financing Activities, Total	-45.16M	-12.85M	-22.9M	-19.98M	-53.89M
Cash from Financing	5.83M	-772M	-1.06B	-852M	-1.03B
Foreign Exchange Rate Adjustments	-4.2M	-24.75M	9.07M	-29.84M	38.36M
Net Change in Cash	-804M	-119M	-86.15M	612M	565M
Supplemental Items
Cash Interest Paid	141M	138M	114M	138M	126M
Cash Income Tax Paid (Refund)	244M	295M	332M	410M	407M
Net Debt Issued / Repaid	529M	-430M	-974K	3.1M	-2.06M
Levered Free Cash Flow	2.18B	2.54B	2.85B	3.33B	3.35B
Unlevered Free Cash Flow	2.27B	2.62B	2.93B	3.41B	3.43B
Change In Net Working Capital	-1.28B	-1.44B	-1.67B	-1.93B	-1.94B

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Profitability
Return on Assets	2.92	3.41	3.37	3.76	3.66
Return on Total Capital	9.12	11.27	11.76	13.29	12.74
Return On Equity %	15.87	20.62	19.44	22.1	19.7
Return on Common Equity	15.77	20.61	19.45	22.16	19.67
Margin Analysis
Gross Profit Margin %	42.61	43.09	43.2	43.95	43.41
SG&A Margin	0.47	0.39	0.36	0.34	0.37
EBITDA Margin %	16.35	16.69	16.25	17.62	17.26
EBITA Margin %	14.97	16.11	15.76	17.15	16.83
EBIT Margin %	14.97	16.11	15.76	17.15	16.83
Income From Continuing Operations Margin %	10.9	12.4	11.4	12.86	12.13
Net Income Margin %	10.81	12.37	11.38	12.88	12.1
Net Avail. For Common Margin %	10.81	12.37	11.38	12.88	12.1
Normalized Net Income Margin	8.47	9.59	9.01	10.39	9.65
Levered Free Cash Flow Margin	23.06	22.77	23.44	24.41	22.8
Unlevered Free Cash Flow Margin	24.04	23.5	24.09	24.99	23.34
Asset Turnover
Asset Turnover	0.31	0.34	0.34	0.35	0.35
Fixed Assets Turnover	16.27	18.85	20.31	21.62	19.93
Receivables Turnover (Average Receivables)	3.95	4.09	4.07	4.21	4.32
Short Term Liquidity
Current Ratio	0.42	0.41	0.4	0.4	0.4
Quick Ratio	0.25	0.24	0.23	0.23	0.24
Operating Cash Flow to Current Liabilities	0.1	0.11	0.12	0.13	0.12
Days Sales Outstanding (Average Receivables)	92.38	89.18	89.64	87.01	84.4
Average Days Payable Outstanding	1.01K	960.33	976.52	967.24	961.66
Long Term Solvency
Total Debt/Equity	52.13	44.94	40.91	36.39	31.92
Total Debt / Total Capital	34.27	31	29.03	26.68	24.2
LT Debt/Equity	45.06	44.24	40.24	35.81	31.29
Long-Term Debt / Total Capital	29.62	30.52	28.56	26.25	23.72
Total Liabilities / Total Assets	79.22	80.01	79.92	79.28	77.96
EBIT / Interest Expense	9.62	13.8	15.01	18.43	19.51
EBITDA / Interest Expense	10.8	14.63	15.83	19.29	20.44
(EBITDA - Capex) / Interest Expense	10.35	14.22	15.41	18.46	19.1
Total Debt / EBITDA	2.19	1.59	1.51	1.25	1.2
Net Debt / EBITDA	1.2	0.83	0.84	0.44	0.22
Total Debt / (EBITDA - Capex)	2.28	1.64	1.56	1.31	1.28
Net Debt / (EBITDA - Capex)	1.25	0.86	0.86	0.46	0.23
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	16.75	18.1	8.74	12.32	7.84
Gross Profit, 1 Yr. Growth %	24.14	19.41	9.02	14.26	6.52
EBITDA, 1 Yr. Growth %	54.68	20.56	5.91	21.74	5.67
EBITA, 1 Yr. Growth %	63.85	27.07	6.37	22.23	5.83
EBIT, 1 Yr. Growth %	63.85	27.07	6.37	22.23	5.83
Earnings From Cont. Operations, 1 Yr. Growth %	93.44	34.33	-0.08	26.79	1.72
Net Income, 1 Yr. Growth %	92.68	35.07	0.02	27.13	1.33
Normalized Net Income, 1 Yr. Growth %	80.51	33.78	2.16	29.51	0.22
Diluted EPS Before Extra, 1 Yr. Growth %	95.02	34.97	2.23	29.38	2.06
Net Property, Plant and Equip., 1 Yr. Growth %	3.8	0.07	1.82	9.16	24.17
Accounts Receivable, 1 Yr. Growth %	16.38	10.16	11.88	5.07	4.6
Total Assets, 1 Yr. Growth %	12.16	5.53	9.87	9.05	8.64
Common Equity, 1 Yr. Growth %	5.42	1.43	10.48	12.6	15.55
Tangible Book Value, 1 Yr. Growth %	5.79	0.98	10.85	13.29	16.23
Cash From Operations, 1 Yr. Growth %	35.09	17.61	14.04	25.57	-2.6
Capital Expenditures, 1 Yr. Growth %	74.57	-20.94	0.75	98.99	60.94
Levered Free Cash Flow, 1 Yr. Growth %	25.82	16.61	11.92	16.96	0.73
Unlevered Free Cash Flow, 1 Yr. Growth %	24.38	15.48	11.48	16.49	0.71
Dividend Per Share, 1 Yr. Growth %	8.52	14.69	10.27	8.13	12.9
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	9.39	17.42	13.32	10.52	10.06
Gross Profit, 2 Yr. CAGR %	9.37	21.76	14.1	11.61	10.32
EBITDA, 2 Yr. CAGR %	19.13	37.14	13	13.81	13.42
EBITA, 2 Yr. CAGR %	20.47	45	16.26	14.02	13.73
EBIT, 2 Yr. CAGR %	20.47	45	16.26	14.02	13.73
Earnings From Cont. Operations, 2 Yr. CAGR %	22.77	61.2	15.85	12.56	13.57
Net Income, 2 Yr. CAGR %	22.45	61.32	16.23	12.76	13.5
Normalized Net Income, 2 Yr. CAGR %	22.78	56.33	16.9	15.02	13.93
Diluted EPS Before Extra, 2 Yr. CAGR %	24.78	62.53	17.46	15.12	14.91
Net Property, Plant and Equip., 2 Yr. CAGR %	-1.91	1.92	0.94	5.43	16.42
Accounts Receivable, 2 Yr. CAGR %	12.4	13.23	11.01	8.42	4.83
Total Assets, 2 Yr. CAGR %	9.7	8.8	7.68	9.46	8.84
Common Equity, 2 Yr. CAGR %	4.65	3.41	5.86	11.54	14.07
Tangible Book Value, 2 Yr. CAGR %	4.97	3.36	5.8	12.06	14.75
Cash From Operations, 2 Yr. CAGR %	38.18	26.05	15.81	19.67	10.59
Capital Expenditures, 2 Yr. CAGR %	4.98	17.48	-10.75	41.59	78.96
Levered Free Cash Flow, 2 Yr. CAGR %	38.33	21.31	14.24	14.6	8.54
Unlevered Free Cash Flow, 2 Yr. CAGR %	35.62	20.02	13.46	14.14	8.31
Dividend Per Share, 2 Yr. CAGR %	8.92	12.15	12.46	9.19	-9.78
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	7.12	12.22	14.45	12.99	9.62
Gross Profit, 3 Yr. CAGR %	6.32	12.62	17.35	14.15	9.89
EBITDA, 3 Yr. CAGR %	12.92	19.61	25.82	15.84	11.03
EBITA, 3 Yr. CAGR %	14.54	22.63	30.77	18.21	11.22
EBIT, 3 Yr. CAGR %	14.54	22.63	30.77	18.21	11.22
Earnings From Cont. Operations, 3 Yr. CAGR %	16.68	26.51	37.44	19.39	8.82
Net Income, 3 Yr. CAGR %	16.86	26.52	37.56	19.76	8.81
Normalized Net Income, 3 Yr. CAGR %	17.04	26.34	35.66	20.96	9.86
Diluted EPS Before Extra, 3 Yr. CAGR %	18.06	28.16	39.26	21.35	10.59
Net Property, Plant and Equip., 3 Yr. CAGR %	12.45	-1.26	1.89	3.61	11.34
Accounts Receivable, 3 Yr. CAGR %	11.75	11.64	12.78	8.99	7.13
Total Assets, 3 Yr. CAGR %	8.83	8.29	9.15	8.13	9.18
Common Equity, 3 Yr. CAGR %	6.95	3.57	5.71	8.06	12.86
Tangible Book Value, 3 Yr. CAGR %	7.43	3.62	5.8	8.24	13.44
Cash From Operations, 3 Yr. CAGR %	52.14	30.95	21.91	18.98	11.73
Capital Expenditures, 3 Yr. CAGR %	10.15	-4.48	11.62	16.6	47.77
Levered Free Cash Flow, 3 Yr. CAGR %	43.63	30.67	18.1	15.14	9.78
Unlevered Free Cash Flow, 3 Yr. CAGR %	39.67	28.55	17.1	14.46	9.48
Dividend Per Share, 3 Yr. CAGR %	9.37	10.81	11.52	11	10.42
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	4.32	7.76	9.56	11.53	12.67
Gross Profit, 5 Yr. CAGR %	3.26	7.46	9.37	12.22	14.49
EBITDA, 5 Yr. CAGR %	6.82	12.19	12.96	17.15	20.71
EBITA, 5 Yr. CAGR %	6.67	13.98	15.22	19.11	23.67
EBIT, 5 Yr. CAGR %	6.67	13.98	15.22	19.11	23.67
Earnings From Cont. Operations, 5 Yr. CAGR %	11.31	20.14	16.35	20.73	27.34
Net Income, 5 Yr. CAGR %	11.18	20.26	16.61	20.83	27.38
Normalized Net Income, 5 Yr. CAGR %	7.46	17.47	16.99	21.69	26.51
Diluted EPS Before Extra, 5 Yr. CAGR %	11.92	21.14	17.87	22.75	28.98
Net Property, Plant and Equip., 5 Yr. CAGR %	11.12	6.97	7.7	1.36	7.47
Accounts Receivable, 5 Yr. CAGR %	8.19	9.4	11.46	10.34	9.53
Total Assets, 5 Yr. CAGR %	6.55	6.86	8.36	8.76	9.03
Common Equity, 5 Yr. CAGR %	5.68	4.51	6.51	6.68	8.98
Tangible Book Value, 5 Yr. CAGR %	5.83	4.74	6.77	6.92	9.29
Cash From Operations, 5 Yr. CAGR %	20.82	29.29	36.41	26.32	17.25
Capital Expenditures, 5 Yr. CAGR %	5.56	-14.56	1.26	11.81	34.82
Levered Free Cash Flow, 5 Yr. CAGR %	15.7	23.62	31.07	23.91	14.18
Unlevered Free Cash Flow, 5 Yr. CAGR %	14.8	21.95	28.53	22.5	13.5
Dividend Per Share, 5 Yr. CAGR %	8.45	10.2	10.59	10.16	11.11