MeritValue

RENAISSANCERE HOLDINGS LTD

RNRdata completeness 88%18 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

RENAISSANCERE HOLDINGS LTD earns about 14% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $416.97 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$5.28B1$5.06B2$9.13B3$11.7B3$12.8B3
Net income−$40.2M4−$1.06B5$2.56B6$1.87B6$2.68B6
Operating cash flow$1.23B7$1.6B8$1.91B9$4.16B9$3.69B9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$1.17B10$1.17B11$1.96B12$1.89B13$2.33B13
Cash & equivalents$1.86B14$1.19B15$1.88B16$1.68B17$1.73B17
Diluted shares47.2M43.0M47.6M51.3M46.5M

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
$2,497.4
your share of equity
Profit it earned you last year
$577.06
Free cash flow it threw off
—
Debt you’d be carrying
$501.09

10 shares is a claim on $2,497.4 of net worth that earned you $577.06 last year, against $501.09 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
14% avg · 5y
FY21 -1%FY22 -17%FY23 33%FY24 27%FY25 30%

It earned an average 14% 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
−1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 99% over the same window.

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
$416.97
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.87B
  • growthAssumed0.0%
Graham Number
$561.11
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 0000913144-24-000019 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000913144-25-000009 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000913144-26-000012 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000913144-24-000019 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000913144-25-000009 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000913144-26-000012 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000913144-24-000019 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000913144-25-000009 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000913144-26-000012 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000913144-23-000011 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0000913144-24-000019 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0000913144-25-000009 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0000913144-26-000012 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0000913144-23-000011 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0000913144-24-000019 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0000913144-25-000009 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0000913144-26-000012 (CashAndCashEquivalentsAtCarryingValue)