MeritValue

EVEREST GROUP, LTD.

EGdata completeness 75%18 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

EVEREST GROUP, LTD. earns about 13% on invested capital, but has diluted owners by 6% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $343.51 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$11.9B1$12.1B2$14.6B3$17.3B3$17.5B3
Net income$1.38B4$597M5$2.52B6$1.37B6$1.59B6
Operating cash flow$3.83B7$3.7B8$4.55B9$4.96B9$3.07B9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$1.44B10$1.4B11$1.44B11$1.55B11$1.32B11
Diluted shares39.3M38.8M41.3M42.7M41.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$3,716.59
your share of equity
Profit it earned you last year
$382.45
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $3,716.59 of net worth that earned you $382.45 last year.

iii. Is this a good business?
Moat signal · return on invested capital
13% avg · 5y
FY21 16%FY22 8%FY23 18%FY24 11%FY25 11%

It earned an average 13% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+6% shares · 5y

Share count is up 6% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$343.51
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.38B
  • growthAssumed0.0%
Graham Number
$562.22
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001095073-24-000009 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001095073-25-000015 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001095073-26-000006 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001095073-24-000009 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001095073-25-000015 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001095073-26-000006 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001095073-24-000009 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001095073-25-000015 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001095073-26-000006 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001095073-25-000015 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  11. 10-K · period ending 2022-12-31 · accession 0001095073-26-000006 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)