BERKLEY W R CORP earns about 26% on invested capital, but has diluted owners by 142836% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $34.55 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $449.7M1 | $477.4M2 | $471.8M3 | $505.8M3 | $555.8M3 |
| Net income | $1.02B4 | $1.38B5 | $1.38B6 | $1.76B6 | $1.78B6 |
| Operating cash flow | $2.18B7 | $2.57B8 | $2.93B9 | $3.68B9 | $3.58B9 |
| Capital expenditure | — | — | — | — | — |
| Free cash flow (derived) | — | — | — | — | — |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $1.57B10 | $1.45B11 | $1.36B12 | $1.97B13 | $2.54B13 |
| Diluted shares | 279,749 | 419,192 | 409.9M | 403.2M | 399.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $242.6 of net worth that earned you $44.5 last year.
It earned an average 26% on invested capital over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 142836% 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.
assumptions (8)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings$1.38B
- Growth assumed0.0%
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MeritValue on the App Store →- 10-K filed 2024-02-23 · period ending 2021-12-31 · accession 0000011544-24-000005 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K filed 2025-02-24 · period ending 2022-12-31 · accession 0000011544-25-000005 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000011544-26-000005 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K filed 2024-02-23 · period ending 2021-12-31 · accession 0000011544-24-000005 (NetIncomeLoss)
- 10-K filed 2025-02-24 · period ending 2022-12-31 · accession 0000011544-25-000005 (NetIncomeLoss)
- 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000011544-26-000005 (NetIncomeLoss)
- 10-K filed 2024-02-23 · period ending 2021-12-31 · accession 0000011544-24-000005 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-02-24 · period ending 2022-12-31 · accession 0000011544-25-000005 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0000011544-26-000005 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2023-02-24 · period ending 2021-12-31 · accession 0000011544-23-000004 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2024-02-23 · period ending 2022-12-31 · accession 0000011544-24-000005 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2025-02-24 · period ending 2023-12-31 · accession 0000011544-25-000005 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2026-02-27 · periods ending 2024-12-31, 2025-12-31 · accession 0000011544-26-000005 (CashAndCashEquivalentsAtCarryingValue)