Cincinnati Financial vs W. R. Berkley
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The short version
- W. R. Berkley is the larger business, with $14.7B of revenue in fiscal 2025 against $12.6B for Cincinnati Financial.
- Cincinnati Financial grew revenue faster (11.4%, against 7.8%).
- Investors pay more for each dollar of W. R. Berkley’s earnings: a P/E of 15.1x against 8.3x for Cincinnati Financial.
| Latest fiscal year | CINF · FY25 | WRB · FY25 |
|---|---|---|
| Size | ||
| Market cap | $27.4B | $28.7B |
| Revenue | $12.6B | $14.7B |
| Free cash flow | $3.1B | — |
| Net income | $2.4B | $1.8B |
| Growth | ||
| Revenue growth | 11.4% | 7.8% |
| 5-year growth | 10.9% | 12.7% |
| Share count change | −0.1% | −0.8% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 19.0% | 12.1% |
| FCF margin | 24.5% | — |
| Return on capital | 17.1% | — |
| Return on equity | 16.0% | 19.7% |
| Balance sheet | ||
| Net debt | −$789M | — |
| Net debt / EBITDA | −0.3x | — |
| Dividends and buybacks | $730M | $971M |
| Valuation & quality | ||
| P/E | 8.3x | 15.1x |
| Piotroski F-score | — | — |
Revenue
FY16
CINF $5.4B
WRB $7.7B
FY17
CINF $5.7B
WRB $7.7B
FY18
CINF $5.4B
WRB $7.7B
FY19
CINF $7.9B
WRB $7.9B
FY20
CINF $7.5B
WRB $8.1B
FY21
CINF $9.6B
WRB $9.5B
FY22
CINF $6.6B
WRB $11.2B
FY23
CINF $10.0B
WRB $12.1B
FY24
CINF $11.3B
WRB $13.6B
FY25
CINF $12.6B
WRB $14.7B
CINF
WRB
Operating margin
FY16
CINF —
WRB —
FY17
CINF —
WRB —
FY18
CINF —
WRB —
FY19
CINF —
WRB —
FY20
CINF —
WRB —
FY21
CINF —
WRB —
FY22
CINF —
WRB —
FY23
CINF —
WRB —
FY24
CINF —
WRB —
FY25
CINF —
WRB —
CINF
WRB
Free cash flow
FY16
CINF $1.1B
WRB $798M
FY17
CINF $1.0B
WRB $595M
FY18
CINF $1.2B
WRB $570M
FY19
CINF $1.2B
WRB $1.1B
FY20
CINF $1.5B
WRB —
FY21
CINF $2.0B
WRB —
FY22
CINF $2.0B
WRB —
FY23
CINF $2.0B
WRB —
FY24
CINF $2.6B
WRB —
FY25
CINF $3.1B
WRB —
CINF
WRB
Return on capital
FY16
CINF 9.2%
WRB —
FY17
CINF 10.1%
WRB —
FY18
CINF 3.8%
WRB —
FY19
CINF 23.0%
WRB —
FY20
CINF 12.3%
WRB —
FY21
CINF 26.1%
WRB —
FY22
CINF −4.5%
WRB —
FY23
CINF 17.1%
WRB —
FY24
CINF 18.4%
WRB —
FY25
CINF 17.1%
WRB —
CINF
WRB
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.