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Held by 2,075 of 6,047 reporting institutions (100th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 12% of free cash flow, leaving room to grow it and fund buybacks. Last year: $1.50B dividends + $3.69B buybacks = $5.20B returned on $12.82B FCF.
9 consecutive years of dividend increases · 5%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 11%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
A reverse discounted cash flow is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
Leverage ratios is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Interest is easily covered by operating profit. Effective rate ~4.4% on $17.23B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 39 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CB | $127.5B | 12.9× | — | 2.1× | 6.5% | — | 17.4% | 14.0% | 11.3% | — | 2,075 |
| PGR | $123.4B | 11.1× | — | 1.4× | 16.3% | — | 12.9% | 37.3% | 37.3% | — | 1,760 |
| TRV | $75.2B | 13.2× | — | 1.5× | 5.2% | — | 12.9% | 19.1% | 18.9% | — | 1,788 |
| ALL | $56.8B | 5.9× | — | 0.8× | 5.6% | — | 15.2% | 33.6% | 27.0% | — | — |
| AIG | $39.3B | 13.8× | — | 1.5× | -1.7% | — | 11.6% | 7.5% | 6.2% | — | 1,099 |
| HIG | $34.2B | 9.5× | — | 1.2× | 6.9% | — | 13.5% | 20.2% | 16.4% | — | 1,155 |
| ACGL | $32.2B | 8.1× | — | 1.6× | 14.3% | — | 22.1% | 18.2% | 18.2% | — | 874 |
| WRB | $25.6B | 15.5× | — | 1.7× | 7.8% | — | 12.1% | 18.3% | 18.3% | — | — |
| CINF | $24.9B | 10.7× | — | 2.0× | 11.4% | — | 18.9% | 15.0% | 14.3% | — | 925 |
| L | $21.6B | 13.3× | — | 1.2× | 5.4% | — | 9.0% | 8.9% | 8.9% | — | 765 |
| MKL | $21.4B | 10.2× | — | 1.4× | 4.7% | — | 13.6% | 11.3% | 9.2% | — | 896 |
| EG | $14.1B | 9.7× | — | 0.8× | 1.2% | — | 9.1% | 10.3% | 10.3% | — | — |
| RNR | $13.4B | 5.8× | — | 1.1× | 9.9% | — | 20.9% | 23.1% | 19.2% | — | — |
| CNA | $12.5B | 9.8× | — | 0.8× | 5.0% | — | 8.5% | 11.0% | 8.8% | — | 304 |
| AFG | $11.6B | 13.8× | — | 1.4× | -1.8% | — | 10.3% | 17.5% | 12.7% | — | 500 |
| THG | $7.7B | 12.1× | — | 1.2× | 5.7% | — | 10.0% | 18.5% | 13.8% | — | 521 |
| KNSL | $7.6B | 15.3× | — | 4.0× | 18.0% | — | 26.9% | 25.7% | 23.1% | — | 574 |
| AXS | $7.0B | 7.7× | — | 1.1× | 10.2% | — | 15.4% | 15.9% | 15.9% | — | — |
| MCY | $5.6B | 10.4× | — | 0.9× | 9.4% | 99.7% | 9.0% | 22.4% | 18.1% | — | 341 |
| RLI | $5.1B | 12.8× | — | 2.7× | 6.3% | — | 21.4% | 22.7% | 21.5% | — | 403 |
| SIGI | $5.1B | 11.4× | — | 0.9× | 9.8% | — | 8.7% | 12.9% | 12.9% | — | 353 |
| WTM | $4.8B | 4.7× | — | 1.3× | 66.8% | 95.9% | 29.6% | 20.4% | 17.7% | — | 337 |
| HG | $3.4B | 6.2× | — | 1.2× | 24.7% | — | 28.9% | 29.8% | 28.3% | — | 236 |
| PLMR | $3.4B | 17.8× | — | 3.8× | 58.2% | — | 22.5% | 20.9% | 20.9% | — | 329 |
| SPNT | $2.8B | 6.7× | — | 0.9× | 23.1% | — | 14.3% | 18.6% | 14.6% | — | — |
Peers = companies sharing CB's sector (Fire, Marine & Casualty Insurance) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
EOD close · as of 2026-10-05
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $59.40B 100.0% | $55.75B 100.0% | $49.73B 100.0% | $43.10B 100.0% | $40.87B 100.0% | $35.99B 100.0% | $34.19B 100.0% | $32.72B 100.0% | $32.24B 100.0% | $31.47B 100.0% |
| Selling, General & Admin | $4.50B 7.6% | $4.38B 7.9% | $4.01B 8.1% | $3.40B 7.9% | $3.13B 7.7% | $2.98B 8.3% | $3.03B 8.9% | $2.89B 8.8% | $2.83B 8.8% | $3.08B 9.8% |
| Interest Expense | $764.0M 1.3% | $741.0M 1.3% | $672.0M 1.4% | $570.0M 1.3% | $492.0M 1.2% | $516.0M 1.4% | $552.0M 1.6% | $641.0M 2.0% | $607.0M 1.9% | $605.0M 1.9% |
| Other Income (Expense), net | $1.30B 2.2% | $1.02B 1.8% | $836.0M 1.7% | -$89.0M -0.2% | $2.37B 5.8% | $994.0M 2.8% | $596.0M 1.7% | $434.0M 1.3% | $400.0M 1.2% | $222.0M 0.7% |
| Pretax Income | $13.04B 22.0% | $11.46B 20.5% | $9.53B 19.2% | $6.49B 15.0% | $9.79B 24.0% | $4.16B 11.6% | $5.25B 15.4% | $4.66B 14.2% | $3.72B 11.5% | $4.95B 15.7% |
| Income Tax Expense | $2.42B 4.1% | $1.81B 3.3% | $511.0M 1.0% | $1.24B 2.9% | $1.27B 3.1% | $629.0M 1.7% | $795.0M 2.3% | $695.0M 2.1% | -$139.0M -0.4% | $815.0M 2.6% |
| Net Income | $10.31B 17.4% | $9.27B 16.6% | $9.03B 18.2% | $5.25B 12.2% | $8.53B 20.9% | $3.53B 9.8% | $4.45B 13.0% | $3.96B 12.1% | $3.86B 12.0% | $4.13B 13.1% |
| Per Share | ||||||||||
| EPS (Basic) | $25.93 | $22.94 | $21.97 | $12.50 | $19.38 | $7.82 | $9.77 | $8.55 | $8.26 | $8.94 |
| EPS (Diluted) | $25.68 | $22.70 | $21.80 | $12.39 | $19.24 | $7.79 | $9.71 | $8.49 | $8.19 | $8.87 |
| Weighted Avg Shares (Basic) | 397.6M | 404.2M | 410.8M | 419.8M | 440.0M | 451.6M | 455.9M | 463.6M | 467.1M | 462.5M |
| Weighted Avg Shares (Diluted) | 401.5M | 408.5M | 414.2M | 423.5M | 443.2M | 453.4M | 458.9M | 466.8M | 471.2M | 465.9M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-05
Where each multiple sits in its own 14-yr range · 88th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 14% against ROIC 11% — 3% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.9× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 8.8 | 8.9 | 8.3 | 7.7 | 7.9 | 8.1 | 7.9 | 7.6 |
| Income Tax | 2.1 | 2.3 | 1.7 | 3.1 | 2.9 | 1.0 | 3.3 | 4.1 |
| Net Income | 12.1 | 13.0 | 9.8 | 20.9 | 12.2 | 18.2 | 16.6 | 17.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CB: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 15.0% | 13.1% |
| FY2017 | not reported | 10.3% | 12.0% |
| FY2018 | not reported | 12.9% | 12.1% |
| FY2019 | not reported | 13.6% | 13.0% |
| FY2020 | not reported | 8.8% | 9.8% |
| FY2021 | not reported | 18.2% | 20.9% |
| FY2022 | not reported | 15.3% | 12.2% |
| FY2023 | not reported | 17.5% | 18.2% |
| FY2024 | not reported | 18.7% | 16.6% |
| FY2025 | not reported | 19.8% | 17.4% |
Leverage and buybacks account for 3 points of the 14% return on equity in FY2025. The business earns 11% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: wacc.
Converts 1.57x of reported profit into free cash flow over 5 years, with accruals negative.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Missing from our data, so excluded from this answer: share_based_compensation.
Leverage is not measurable this way for a insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $330.49, free cash flow must compound -1.26%/yr for 10 years. It has done 12.44%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 54.3% | −1.3% |
| FY2021 | 14.0% | −1.3% |
| FY2022 | 1.0% | −1.3% |
| FY2023 | 12.2% | −1.3% |
| FY2024 | 28.1% | −1.3% |
| FY2025 | −20.8% | −1.3% |
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $10.31B | $10.31B |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $2.51B | $12.82B |
| Operating cash flow | $12.82B | $12.82B |
| Capex | $0 | $12.82B |
| Free cash flow | $12.82B | $12.82B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 5.3% | not reported | not reported |
| FY2021 | 13.5% | not reported | not reported |
| FY2022 | 5.5% | not reported | not reported |
| FY2023 | 15.4% | not reported | not reported |
| FY2024 | 12.1% | not reported | not reported |
| FY2025 | 6.5% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -1.1 percent |
| FY2020 | -3.3 percent |
| FY2021 | -1.3 percent |
| FY2022 | -3.0 percent |
| FY2023 | -1.6 percent |
| FY2024 | -2.8 percent |
| FY2025 | -0.9 percent |
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.