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Insufficient data to determine institutional momentum.
Data as of Q3 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.
Ranked against 12 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MRSH | $93.7B | 23.4× | 16.8× | 3.5× | 10.3% | — | 15.4% | 27.2% | 11.9% | 2.6× | 453 |
| AJG | $68.8B | 46.7× | — | 4.9× | 20.7% | — | 10.7% | 6.4% | 4.1% | — | 387 |
| AON | $68.3B | 18.9× | 18.2× | 4.0× | 9.4% | — | 21.5% | 39.5% | 15.0% | 3.1× | 324 |
| WTW | $29.8B | 19.7× | 13.4× | 3.1× | -2.2% | — | 16.5% | 20.1% | 11.2% | 1.3× | 172 |
| BRO | $22.5B | 21.5× | — | 3.8× | 22.8% | — | 17.9% | 8.4% | 5.2% | — | 216 |
| ERIE | $13.1B | — | 16.7× | 3.2× | 7.2% | — | 13.8% | 24.5% | 24.5% | 0.0× | 87 |
| ACT | $6.6B | 10.6× | — | 5.3× | 2.8% | — | 54.6% | 12.6% | 11.1% | — | 56 |
| BWIN | $4.5B | — | 21.6× | 3.0× | 8.3% | — | -2.2% | -5.6% | -5.5% | -0.6× | 36 |
| CRVL | $4.2B | 38.4× | — | 4.3× | 7.0% | 24.3% | 11.5% | 28.0% | 28.0% | — | 61 |
| LIFE | $2.8B | 35.8× | 35.0× | 7.3× | 52.0% | 98.3% | 18.4% | -295% | -295% | -1.2× | 8 |
| TWFG | $1.5B | 51.2× | 23.8× | 5.9× | 22.0% | — | 16.6% | 49.4% | 47.1% | -2.8× | 5 |
| GSHD | $1.1B | 45.7× | 16.2× | 3.1× | 16.2% | — | 7.6% | -29.1% | 14.1% | 3.0× | 45 |
| WDH | $363M | 50.5× | 5.5× | 0.6× | 49.8% | — | 14.2% | 11.0% | 10.9% | -1.1× | 3 |
Peers = companies sharing ERIE's sector (Insurance Agents, Brokers & Service) 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.
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
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).
Insufficient data. Current ROIC on all capital: 24%. 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.
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. Interest last disclosed in FY2022 (no longer broken out).
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 45% of free cash flow, leaving room to grow it and fund buybacks. Last year: $254.3M dividends + $0 buybacks = $254.3M returned on $571.0M FCF.
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.
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.
EOD close · as of 2026-10-29
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 | $4.07B 100.0% | $3.80B 100.0% | $3.27B 100.0% | $2.84B 100.0% | $2.63B 100.0% | $2.54B 100.0% | $2.48B 100.0% | $2.38B 100.0% | $1.69B 100.0% | $1.60B 100.0% |
| Total Operating Expenses | $3.35B 82.4% | $3.12B 82.2% | $2.75B 84.1% | $2.46B 86.8% | $2.32B 87.9% | $2.20B 86.7% | $2.12B 85.6% | $2.04B 85.5% | $1.40B 82.8% | $1.30B 81.6% |
| Operating Income | $717.2M 17.6% | $676.5M 17.8% | $520.3M 15.9% | $376.2M 13.2% | $318.1M 12.1% | $338.2M 13.3% | $357.3M 14.4% | $344.3M 14.5% | $290.3M 17.2% | $293.5M 18.4% |
| Interest Expense | — | $0 0.0% | $0 0.0% | $2.0M 0.1% | $4.1M 0.2% | $731K 0.0% | $856K 0.0% | $2.5M 0.1% | $1.2M 0.1% | $101K 0.0% |
| Other Income (Expense), net | $8.6M 0.2% | $11.6M 0.3% | $12.7M 0.4% | $1.6M 0.1% | -$4.9M -0.2% | -$1.8M -0.1% | $255K 0.0% | $3.6M 0.2% | -$1.9M -0.1% | -$1.2M -0.1% |
| Pretax Income | $710.6M 17.5% | $757.3M 20.0% | $561.9M 17.2% | $376.5M 13.3% | $376.4M 14.3% | $368.5M 14.5% | $396.7M 16.0% | $371.3M 15.6% | $315.7M 18.7% | $320.1M 20.0% |
| Income Tax Expense | $151.3M 3.7% | $157.0M 4.1% | $115.9M 3.5% | $77.9M 2.7% | $78.5M 3.0% | $75.2M 3.0% | $79.9M 3.2% | $83.1M 3.5% | $118.7M 7.0% | $109.7M 6.9% |
| Net Income | $559.3M 13.8% | $600.3M 15.8% | $446.1M 13.6% | $298.6M 10.5% | $297.9M 11.3% | $293.3M 11.6% | $316.8M 12.8% | $288.2M 12.1% | $197.0M 11.6% | $210.4M 13.2% |
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.
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.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-20 | Palmer Thomas W Director | Other | 96 | $245.94 | — |
| 2026-10-20 | Hudson Brian Arden Sr. Director | Other | 22 | $245.94 | — |
| 2026-10-20 | Hartz Charles Scott Director | Other | 117 | $245.94 | — |
| 2026-10-20 | Vorsheck Elizabeth A Director | Grant | 88 | $0.00 | — |
| 2026-10-20 | Hagen Thomas B |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| Other |
| 88 |
| $245.94 |
| — |
| 2026-10-20 | Hagen Jonathan Hirt Director | Other | 103 | $245.94 | — |
| 2026-10-20 | Edwards William David Director | Other | 2 | $245.94 | — |
| 2026-10-20 | Datesh Luann Director | Other | 26 | $245.94 | — |
| 2026-10-20 | Correnti Salvatore Director | Other | 18 | $245.94 | — |
| 2026-10-20 | Connell Eugene C Director | Other | 22 | $245.94 | — |
| 2026-10-20 | Borneman J Ralph Jr Director | Other | 124 | $245.94 | — |
| 2026-10-20 | Srinivasa Parthasarathy EVP, Chief Information Officer | Other | 16 | $245.94 | — |
| 2026-10-20 | Shine Sarah Executive Vice President | Other | 16 | $245.94 | — |
| 2026-10-20 | Pelkowski Julie Marie EVP & CFO | Other | 13 | $245.94 | — |
| 2026-10-20 | Novacek Jorie L SVP, Controller | Other | 6 | $245.94 | — |
| 2026-10-20 | Necastro Timothy G President & CEO | Other | 77 | $245.94 | — |
| 2026-10-20 | Dugan Sean Executive Vice President | Other | 8 | $245.94 | — |
| 2026-10-20 | Cook Cody Executive Vice President | Other | 8 | $245.94 | — |
| 2026-10-20 | Cipriani Marc Senior Vice President | Other | 13 | $245.94 | — |
| 2026-10-20 | Bolash Brian W. EVP,Secretary,General Counsel | Other | 21 | $245.94 | — |
| 2026-09-30 | Cook Cody Executive Vice President | Other | 7 | $219.15 | $2k |
| 2026-09-30 | Dabreo Anthony Senior Vice President, Life | Other | 5 | $219.15 | $1k |
| 2026-09-30 | Shine Sarah Executive Vice President | Other | 7 | $219.15 | $1k |
| 2026-08-31 | Shine Sarah Executive Vice President | Other | 4 | $255.56 | $1k |
| 2026-08-31 | Dabreo Anthony Senior Vice President, Life | Other | 1 | $255.56 | $199 |
| 2026-08-31 | Cook Cody Executive Vice President | Other | 4 | $255.56 | $1k |
| 2026-07-31 | Smith Douglas Edward EVP | Other | 3 | $242.04 | $624 |
| 2026-07-31 | Shine Sarah Executive Vice President | Other | 11 | $242.04 | $3k |
| 2026-07-31 | Pelkowski Julie Marie EVP & CFO | Other | 3 | $242.04 | $821 |
| 2026-07-31 | Dabreo Anthony Senior Vice President, Life | Other | 9 | $242.04 | $2k |
| 2026-07-31 | Cook Cody Executive Vice President | Other | 12 | $242.04 | $3k |
| 2026-07-31 | Vorsheck Elizabeth A Director | Grant | 65 | $0.00 | — |
| 2026-07-31 | Palmer Thomas W Director | Other | 65 | $242.04 | — |
| 2026-07-31 | Hudson Brian Arden Sr. Director | Other | 65 | $242.04 | — |
| 2026-07-31 | Hartz Charles Scott Director | Other | 65 | $242.04 | — |
| 2026-07-31 | Hagen Thomas B Director | Other | 65 | $242.04 | — |
| 2026-07-31 | Edwards William David Director | Other | 65 | $242.04 | — |
| 2026-07-31 | Hagen Jonathan Hirt Director | Other | 65 | $242.04 | — |
| 2026-07-31 | Datesh Luann Director | Other | 65 | $242.04 | — |
| 2026-07-31 | Correnti Salvatore Director | Other | 65 | $242.04 | — |
EOD close · as of 2026-10-29
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 24% against ROIC 24% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 26.2% — the two diverge when buybacks or issuance move equity during the year.
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
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Operating Income | 14.5 | 14.4 | 13.3 | 12.1 | 13.2 | 15.9 | 17.8 | 17.6 |
| Income Tax | 3.5 | 3.2 | 3.0 | 3.0 | 2.7 | 3.5 | 4.1 | 3.7 |
| Net Income | 12.1 | 12.8 | 11.6 | 11.3 | 10.5 | 13.6 | 15.8 | 13.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ERIE: 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 | 18.4% | 13.2% |
| FY2017 | not reported | 17.2% | 11.6% |
| FY2018 | not reported | 14.5% | 12.1% |
| FY2019 | not reported | 14.4% | 12.8% |
| FY2020 | not reported | 13.3% | 11.6% |
| FY2021 | not reported | 12.1% | 11.3% |
| FY2022 | not reported | 13.2% | 10.5% |
| FY2023 | not reported | 15.9% | 13.6% |
| FY2024 | not reported | 17.8% | 15.8% |
| FY2025 | not reported | 17.6% | 13.8% |
Return on equity (24%) and return on invested capital (24%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
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 0.87x of reported profit into cash — adequate, without much margin.
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.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
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 $250.79, free cash flow must compound 12.87%/yr for 10 years. It has done 13.83%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 9.4% | 12.9% |
| FY2021 | −11.5% | 12.9% |
| FY2022 | 17.7% | 12.9% |
| FY2023 | −3.5% | 12.9% |
| FY2024 | 68.6% | 12.9% |
| FY2025 | 17.4% | 12.9% |
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 | $559M | $559M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $127M | $687M |
| Operating cash flow | $687M | $687M |
| Capex | −$116M | $571M |
| Free cash flow | $571M | $571M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 2.4% | 5.5% | 3.2 points |
| FY2021 | 3.8% | -3.1% | -7.0 points |
| FY2022 | 7.8% | 9.6% | 1.7 points |
| FY2023 | 15.1% | 19.1% | 4.0 points |
| FY2024 | 16.1% | 13.1% | -3.0 points |
| FY2025 | 7.2% | 4.0% | -3.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 69 days | not reported | not reported | not reported |
| FY2020 | 71.2 days | not reported | not reported | not reported |
| FY2021 | 66.4 days | not reported | not reported | not reported |
| FY2022 | 67.5 days | not reported | not reported | not reported |
| FY2023 | 69.8 days | not reported | not reported | not reported |
| FY2024 | 68 days | not reported | not reported | not reported |
| FY2025 | 66 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -2.4 percent |
| FY2020 | -2.3 percent |
| FY2021 | -4.7 percent |
| FY2022 | -3.0 percent |
| FY2023 | 2.6 percent |
| FY2024 | -0.4 percent |
| FY2025 | -3.8 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.