W. R. Berkley Corporation

WRB

W. R. Berkley Corporation, an insurance holding company, operates as a commercial lines writer in the United States and internationally. It operates in two segments, Insurance and Reinsurance & Monoline Excess. The Insurance segment underwrites commercial insurance business, including premises operations, commercial automobile, property, products liability, and general and professional liability lines. It also provides workers' compensation insurance products; accident and health insurance and reinsurance products; insurance for commercial risks; specialty environmental products for contractors, consultants, and property owners and facilities operators; specialized insurance coverages for fine arts and jewelry exposures; umbrella and excess liability coverage products; and liquor liability and inland marine coverage for small to medium-sized insureds. In addition, this segment offers directors and officers, and surety risk products, as well as products for technology, and life sciences and travel industries; cyber risk solutions; casualty, group life, and crime and fidelity related insurance products; personal lines insurance solutions, including home, condo/co-op, auto, and collectibles; automobile, law enforcement, public officials and educator's legal, and employment practices liability, as well as incidental medical insurance products; and at-risk and alternative risk insurance program management services. The Reinsurance & Monoline Excess segment provides other insurance companies and self-insureds with assistance in managing their net risk through reinsurance on a portfolio basis through treaty reinsurance or on an individual basis through facultative reinsurance. W. R. Berkley Corporation was founded in 1967 and is based in Greenwich, Connecticut.

深度研究阅读完整报告

W. R. Berkley Corporation (NYSE: WRB) 深度投资研究报告

市场把 WRB 当作普通商业 P&C 周期股来定价，却低估了其 specialty 业务定价权、60 个经营单元的去中心化复利能力，以及 MSI 持股带来的治理稳定性与战略期权。

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📊 估值

关键估值指标

EV/EBITDA (TTM)

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

Enterprise Value, EBIT and Ratio

P/E Ratio (TTM)

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

Market Cap, Book Value and Ratio

P/TBV - Price to Tangible Book Value (Quarterly)

Market Cap, Tangible Book Value and Ratio

Price / OCF (TTM)

Market Cap, Operating Cash Flow and Ratio

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

Quarterly Revenue

Net Income (Quarterly)

Quarterly Net Income

EPS (Quarterly)

Earnings Per Share

FCF/Share (Quarterly)

Free Cash Flow Per Share

BVPS Growth YoY

(BVPS_current / BVPS_1y_ago) - 1

TBVPS Growth YoY

(TBVPS_current / TBVPS_1y_ago) - 1

💰 盈利

利润率和净资产收益率

Operating Margin (TTM)

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

Revenue, Net Income and Net Profit Margin

ROE (TTM)

Equity, Net Income and Return on Equity

ROA (TTM)

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

Net Income, Tangible Common Equity and ROTCE

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

Operating Cash Flow, Net Income and Ratio

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

Operating Cash Flow, Total Debt and Ratio

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

Operating Cash Flow, Total Assets and Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

Total Debt, Total Equity and Debt/Equity Ratio

Altman Z-Score

Financial Distress Prediction Model

Debt-to-Assets Ratio (MRQ)

Total Debt, Total Assets and Debt-to-Assets Ratio

Liquidity-to-Assets Ratio (MRQ)

Current Assets, Total Assets and Liquidity-to-Assets Ratio

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

NOPAT, Invested Capital and Return on Invested Capital

Asset Turnover (TTM)

Revenue, Total Assets and Turnover Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

SG&A Expenses, Revenue and Ratio

Operating Expense Ratio (TTM)

Operating Expenses, Revenue and Ratio

Cost-to-Income Ratio (TTM)

Operating Expenses, Operating Income and Ratio

Revenue per Employee (Quarterly)

Revenue and Revenue per Employee

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

Net Buyback and Buyback Yield

TSR - Total Shareholder Return (1Y)

(Price_end + Dividends_TTM) / Price_start - 1

Dividend Growth CAGR (3Y)

(Dividend_end / Dividend_start)^(1/3) - 1

利润瀑布图分析

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盈利能力指标 Profitability Margins

营业利润率 Operating Income Margini

16.70%

营业利润 Operating Income = $0.62B

营业收入 Revenue = $3.69B

税前利润率 Pre-tax Profit Margini

16.70%

税前利润 Income Before Tax = $0.62B

营业收入 Revenue = $3.69B

净利润率 Net Profit Margini

13.97%

净利润 Net Income = $0.52B

营业收入 Revenue = $3.69B

税务指标 Tax Metrics

应计税率 Effective Tax Ratei

16.32%

所得税费用 Income Tax Expense = $0.10B

税前利润 Income Before Tax = $0.62B

现金税率 TTM Cash Tax Rate (TTM)i

0.00%

实际缴纳所得税 Income Taxes Paid (TTM) = $0.00B

税前利润 Income Before Tax (TTM) = $2.36B

银行核心盈利指标 Financial Sector PPNR Metrics

拨备前净收入（监管口径） PPNRi

$-1.17B

PPNR = Net Interest Income + Non-Interest Income - Non-Interest Expense

net interest income: N/A | non interest income: N/A | non interest expense: $1.14B

PPNR利润率 PPNR Margini

-31.67%

拨备前净收入 PPNR = $-1.17B

营业收入 Revenue = $3.69B

PPNR资产回报率 PPNR / Avg Assetsi

-2.73%

PPNR ROA = PPNR / Avg Total Assets

ppnr: $-1.17B | avg total assets: $42.83B

成本效率指标 Cost Efficiency Metrics

效率比率（银行口径） Efficiency Ratioi

30.81%

非利息费用 Non-Interest Expense = $1.14B

营业收入 Revenue = $3.69B

成本收入比（非银） Cost-to-Incomei

30.81%

运营费用 Operating Expenses = $1.14B

营业收入 Revenue = $3.69B

成本资产比（UBPR思想） Cost-to-Assetsi

2.65%

运营费用 Operating Expenses = $1.14B

平均总资产 Avg Total Assets = $42.83B

运营杠杆指标 Operating Leverage Metrics

运营杠杆 (YoY) Operating JAWSi

-357.07%

收入增长率 Revenue Growth (YoY) = 3.98%

费用增长率 Expense Growth (YoY) = 361.05%

营业利润率扩张 (YoY) Operating Margin Expansioni

1.52pp

当前营业利润率 Current Operating Margin = 16.70%

去年同期营业利润率 Prior Operating Margin = 15.18%

盈利质量指标 Earnings Quality Metrics

盈利质量 (OCF/NI) Earnings Qualityi

1.97x

经营现金流 Operating Cash Flow = $1.01B

净利润 Net Income = $0.52B

应计项/平均资产 (Sloan) Accruals / Avg Assetsi

-1.16%

Accruals / Avg Assets = (Net Income - OCF) / Avg Total Assets

net income: $0.52B | operating cash flow: $1.01B | avg total assets: $42.83B

波动性指标 Volatility Metrics

PPNR波动率 (8Q) PPNR Volatilityi

0.99x

核心收入波动率 (8Q) Core Revenue Volatilityi

0.04x

员工生产力指标 Employee Productivity Metrics

人均收入 TTM Revenue per Employeei

N/A

Revenue per Employee = Revenue (TTM) / Employee Count

revenue TTM: $14.85B | employee count: N/A

人均运营费用 TTM OpEx per Employeei

N/A

OpEx per Employee = Operating Expenses (TTM) / Employee Count

operating expenses TTM: $1.47B | employee count: N/A

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资本充足性 Capital Adequacy

有形普通股权 Tangible Common Equity (TCE)i

$0.00B

有形资产 Tangible Assets (TA)i

$44.32B

TCE/TA比率 TCE / TA Ratioi

0.00%

🔴 风险 Risk

有形普通股权 TCE = $0.00B

有形资产 TA = $44.32B

杠杆指标 Leverage

股权资产比 Equity / Assets (E/A)i

0.00%

股东权益 Total Equity = $0.00B

总资产 Total Assets = $44.32B

流动性 Liquidity

高流动性缓冲 Liquidity Buffer (HQLA proxy)i

0.00%

🔴 风险 Risk

现金+短投 Cash+ST Inv = $0.00B

总资产 Total Assets = $44.32B

资金结构 Funding Structure

证券类资产占比 Securities / Assetsi

0.00%

✅ 健康 Healthy

短投+长投 ST+LT Inv = $0.00B

总资产 Total Assets = $44.32B

风险调整 Risk-Adjusted

ATCE/TA比率 ATCE / TAi

0.00%

风险调整TCE ATCE = N/A

有形资产 TA = $44.32B

ATCE剪刀差 ATCE Scissor Spreadi

0 bps

✅ 健康 Healthy

TCE/TA = N/A

ATCE/TA = N/A

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现金流瀑布图

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流入

流出

小计

起止点

现金流生成能力 Cash Generation Capability

盈利现金含量 Earnings Cash Contenti

2.02x

经营现金流 TTM Operating Cash Flow (TTM) = $3.60B

净利润 TTM Net Income (TTM) = $1.78B

现金流资产收益率 Cash Flow ROA (CFROA)i

8.20%

经营现金流 TTM Operating Cash Flow (TTM) = $3.60B

平均总资产 Average Total Assets = $43.89B

流动性／偿债能力 Liquidity / Solvency

现金流充足率 Cash Flow Adequacyi

4.12x

经营现金流 TTM Operating Cash Flow (TTM) = $3.60B

CapEx + 债务偿还 + 分红 CapEx + Debt Repayment + Dividends = $0.87B

经营现金流覆盖短期债务比 OCF / Short-Term Debti

N/A

经营现金流 TTM Operating Cash Flow (TTM) = $3.60B

短期债务 Short-Term Debt = $0.00B

持续性／稳定性 Sustainability / Stability

经营现金流增长率 OCF Growth Rate (YoY)i

24.99%

当期季度 Current Quarter OCF = $1.01B

去年同期 Same Quarter Last Year OCF = $0.81B

经营现金流波动性 OCF Volatility (CV)i

0.26x

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📊 估值

关键估值指标

EV/EBITDA (TTM)

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

Enterprise Value, EBIT and Ratio

P/E Ratio (TTM)

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

Market Cap, Book Value and Ratio

P/TBV - Price to Tangible Book Value (Quarterly)

Market Cap, Tangible Book Value and Ratio

Price / OCF (TTM)

Market Cap, Operating Cash Flow and Ratio

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

Quarterly Revenue

Net Income (Quarterly)

Quarterly Net Income

EPS (Quarterly)

Earnings Per Share

FCF/Share (Quarterly)

Free Cash Flow Per Share

BVPS Growth YoY

(BVPS_current / BVPS_1y_ago) - 1

TBVPS Growth YoY

(TBVPS_current / TBVPS_1y_ago) - 1

💰 盈利

利润率和净资产收益率

Operating Margin (TTM)

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

Revenue, Net Income and Net Profit Margin

ROE (TTM)

Equity, Net Income and Return on Equity

ROA (TTM)

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

Net Income, Tangible Common Equity and ROTCE

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

Operating Cash Flow, Net Income and Ratio

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

Operating Cash Flow, Total Debt and Ratio

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

Operating Cash Flow, Total Assets and Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

Total Debt, Total Equity and Debt/Equity Ratio

Altman Z-Score

Financial Distress Prediction Model

Debt-to-Assets Ratio (MRQ)

Total Debt, Total Assets and Debt-to-Assets Ratio

Liquidity-to-Assets Ratio (MRQ)

Current Assets, Total Assets and Liquidity-to-Assets Ratio

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

NOPAT, Invested Capital and Return on Invested Capital

Asset Turnover (TTM)

Revenue, Total Assets and Turnover Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

SG&A Expenses, Revenue and Ratio

Operating Expense Ratio (TTM)

Operating Expenses, Revenue and Ratio

Cost-to-Income Ratio (TTM)

Operating Expenses, Operating Income and Ratio

Revenue per Employee (Quarterly)

Revenue and Revenue per Employee

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

Net Buyback and Buyback Yield

TSR - Total Shareholder Return (1Y)

(Price_end + Dividends_TTM) / Price_start - 1

Dividend Growth CAGR (3Y)

(Dividend_end / Dividend_start)^(1/3) - 1

盈利能力指标 Profitability Margins

营业利润率 Operating Income Margini

16.70%

营业利润 Operating Income = $0.62B

营业收入 Revenue = $3.69B

税前利润率 Pre-tax Profit Margini

16.70%

税前利润 Income Before Tax = $0.62B

营业收入 Revenue = $3.69B

净利润率 Net Profit Margini

13.97%

净利润 Net Income = $0.52B

营业收入 Revenue = $3.69B

税务指标 Tax Metrics

应计税率 Effective Tax Ratei

16.32%

所得税费用 Income Tax Expense = $0.10B

税前利润 Income Before Tax = $0.62B

现金税率 TTM Cash Tax Rate (TTM)i

0.00%

实际缴纳所得税 Income Taxes Paid (TTM) = $0.00B

税前利润 Income Before Tax (TTM) = $2.36B

银行核心盈利指标 Financial Sector PPNR Metrics

拨备前净收入（监管口径） PPNRi

$-1.17B

PPNR = Net Interest Income + Non-Interest Income - Non-Interest Expense

net interest income: N/A | non interest income: N/A | non interest expense: $1.14B

PPNR利润率 PPNR Margini

-31.67%

拨备前净收入 PPNR = $-1.17B

营业收入 Revenue = $3.69B

PPNR资产回报率 PPNR / Avg Assetsi

-2.73%

PPNR ROA = PPNR / Avg Total Assets

ppnr: $-1.17B | avg total assets: $42.83B

成本效率指标 Cost Efficiency Metrics

效率比率（银行口径） Efficiency Ratioi

30.81%

非利息费用 Non-Interest Expense = $1.14B

营业收入 Revenue = $3.69B

成本收入比（非银） Cost-to-Incomei

30.81%

运营费用 Operating Expenses = $1.14B

营业收入 Revenue = $3.69B

成本资产比（UBPR思想） Cost-to-Assetsi

2.65%

运营费用 Operating Expenses = $1.14B

平均总资产 Avg Total Assets = $42.83B

运营杠杆指标 Operating Leverage Metrics

运营杠杆 (YoY) Operating JAWSi

-357.07%

收入增长率 Revenue Growth (YoY) = 3.98%

费用增长率 Expense Growth (YoY) = 361.05%

营业利润率扩张 (YoY) Operating Margin Expansioni

1.52pp

当前营业利润率 Current Operating Margin = 16.70%

去年同期营业利润率 Prior Operating Margin = 15.18%

盈利质量指标 Earnings Quality Metrics

盈利质量 (OCF/NI) Earnings Qualityi

1.97x

经营现金流 Operating Cash Flow = $1.01B

净利润 Net Income = $0.52B

应计项/平均资产 (Sloan) Accruals / Avg Assetsi

-1.16%

Accruals / Avg Assets = (Net Income - OCF) / Avg Total Assets

net income: $0.52B | operating cash flow: $1.01B | avg total assets: $42.83B

波动性指标 Volatility Metrics

PPNR波动率 (8Q) PPNR Volatilityi

0.99x

核心收入波动率 (8Q) Core Revenue Volatilityi

0.04x

员工生产力指标 Employee Productivity Metrics

人均收入 TTM Revenue per Employeei

N/A

Revenue per Employee = Revenue (TTM) / Employee Count

revenue TTM: $14.85B | employee count: N/A

人均运营费用 TTM OpEx per Employeei

N/A

OpEx per Employee = Operating Expenses (TTM) / Employee Count

operating expenses TTM: $1.47B | employee count: N/A

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W. R. Berkley Corporation