{"schemaVersion":1,"research":true,"symbol":"trv","name":"Travelers Companies","topic":"moat","path":"/stock/trv/moat","status":"published","version":5,"updatedAt":"2026-10-18T15:58:32.101Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"Travelers demonstrates repeat demand, selective pricing actions and improved underwriting execution, but the supplied evidence does not establish a durable structural moat. Independent agencies offer competing policies, and comparative raters have already increased shopping on new and renewal business. Positive renewal premium changes indicate some pricing ability but include exposure changes and have slowed. Reconsider this verdict if sustained exposure-adjusted pricing and retention can be tied to a defensible distribution, data or cost advantage across underwriting cycles.","advantages":[{"mechanism":"switching_costs","claim":"Customer and distribution relationships support repeat demand, but demonstrated renewal strength does not establish material switching costs. Independent agencies offer competing policies and facilitate comparison.","durability":"Current repeat demand is evidenced; durable customer lock-in is not.","risks":"Comparative rating has increased personal-lines shopping and expanded into small commercial insurance. Further acceleration and alternative distribution are potential erosion mechanisms.","invalidation":"A switching-cost thesis would fail if exposure-adjusted price increases consistently reduced renewals or required concessions to retain customers. The present no-moat conclusion would warrant reconsideration if sustained retention and pricing were demonstrably attributable to costly-to-replace services or protected distribution.","competitors":[],"evidenceIds":["e1","e2"],"counterEvidenceIds":["e3","e4","e5"]}],"evidence":[{"id":"e1","sourceId":"filing-4","location":"MD&A / reported retention excluding surety","excerpt":"Excluding the surety line of business, for which the following are not relevant measures, retention rates remained strong in the third quarter and first nine months of 2026 and increased over the same periods of 2025."},{"id":"e2","sourceId":"filing-1","location":"Business / Middle Market products and services","excerpt":"•Middle Market provides mid-sized businesses with property and casualty insurance products and services, including commercial multi-peril, general liability, commercial automobile, workers’ compensation and commercial property, as well as risk management, claims handling and other services."},{"id":"e3","sourceId":"filing-1","location":"Business / Personal Insurance agency competition","excerpt":"In the independent agent channel, Personal Insurance competes for business within each independent agency since these agencies also offer policies from competing companies."},{"id":"e4","sourceId":"filing-1","location":"Business / observed effect of comparative rating","excerpt":"Because the use of this technology facilitates the process of generating multiple quotes, the technology has increased price comparison on new and renewal business."},{"id":"e5","sourceId":"filing-1","location":"Risk factors / comparative rating in small commercial","excerpt":"Similarly, comparative rating technology has impacted competition in personal lines and is now being used to access comparative rates for small commercial business as well, and that trend is likely to continue and may accelerate."},{"id":"e6","sourceId":"filing-1","location":"Business / industry competition","excerpt":"The property and casualty insurance industry is highly competitive in the areas of price, service, product offerings, agent and broker relationships and other methods of distribution."},{"id":"e7","sourceId":"filing-4","location":"MD&A / reported renewal premium changes","excerpt":"Renewal premium changes in the third quarter and first nine months of 2026 remained positive but were slightly lower than the same periods of 2025."},{"id":"e8","sourceId":"filing-5","location":"MD&A / renewal premium change definition","excerpt":"When business renews, the amount of net written premiums associated with that business may increase or decrease (renewal premium change) as a result of increases or decreases in rate and/or insured exposures, which the Company considers as a measure of units of exposure (such as the number and value of vehicles or properties insured)."},{"id":"e9","sourceId":"filing-1","location":"Business / rate-setting constraints","excerpt":"The Company’s ability to increase rates and the relative timing of the process are dependent upon each respective state’s requirements, as well as the competitive market environment."},{"id":"e10","sourceId":"filing-1","location":"Business / implemented underwriting and pricing actions","excerpt":"These underwriting actions on new and existing business include tightening underwriting standards, selective price increases and changes to policy terms specific to hurricane-, tornado-, wind-, wildfire- and hail-prone areas."},{"id":"e11","sourceId":"filing-5","location":"MD&A / second-quarter consolidated net income","excerpt":"Net income of $2.21 billion in the second quarter of 2026 increased by 46% over net income of $1.51 billion in the same period of 2025."},{"id":"e12","sourceId":"filing-5","location":"MD&A / sources of second-quarter earnings improvement","excerpt":"The increase in income before income taxes in the second quarter of 2026 primarily reflected the pre-tax impacts of (i) lower catastrophe losses, (ii) higher net favorable prior year reserve development, (iii) higher net investment income, (iv) higher net realized investment gains and (v) higher underwriting margins excluding catastrophe losses and prior year reserve development (“underlying underwriting margins”)."},{"id":"e13","sourceId":"filing-4","location":"Notes / actual 2026 share repurchases","excerpt":"During the three and nine months ended September 30, 2026, the Company repurchased 4.0 million and 14.3 million common shares, respectively, under its share repurchase authorizations for total cost of $1.50 billion and $4.60 billion, respectively."},{"id":"e14","sourceId":"filing-4","location":"MD&A / third-quarter capital returned","excerpt":"•Total capital returned to shareholders of $1.77 billion, comprising $1.51 billion of share repurchases and $261 million of dividends"},{"id":"e15","sourceId":"filing-4","location":"MD&A / holding-company liquidity","excerpt":"•Holding company liquidity of $3.17 billion"},{"id":"e16","sourceId":"filing-4","location":"Notes / revolving credit agreement","excerpt":"Credit Agreement. On May 15, 2026, the Company entered into a five-year $1.2 billion revolving credit agreement with a syndicate of financial institutions, replacing its existing five-year $1.0 billion revolving credit agreement, which was terminated on May 15, 2026."},{"id":"e17","sourceId":"filing-4","location":"Notes / credit covenant compliance","excerpt":"As of September 30, 2026, the Company was in compliance with these covenants."},{"id":"e18","sourceId":"filing-4","location":"Notes / debt maturity repayment","excerpt":"Debt Repayment. On April 15, 2026, the Company’s $200 million, 7.75% senior notes matured and were fully paid."},{"id":"e19","sourceId":"filing-4","location":"Notes / senior debt issuance and coupon","excerpt":"Debt Issuance. On July 24, 2026, the Company issued $750 million aggregate principal amount of 4.95% senior notes that will mature on July 24, 2031."},{"id":"e20","sourceId":"filing-4","location":"Notes / recognized share-based compensation cost","excerpt":"The total compensation cost for all share-based incentive compensation awards recognized in earnings was $62 million and $59 million for the three months ended September 30, 2026 and 2025, respectively, and $210 million and $199 million for the nine months ended September 30, 2026 and 2025, respectively."},{"id":"e21","sourceId":"filing-4","location":"Notes / unrecognized share-based compensation commitments","excerpt":"The total unrecognized compensation cost related to all nonvested share-based incentive compensation awards as of September 30, 2026 was $314 million, which is expected to be recognized over a weighted-average period of 1.8 years."},{"id":"e22","sourceId":"filing-1","location":"Notes / new-share settlement policy","excerpt":"The Company has a policy of issuing new shares to settle the exercise of stock option awards under the various settlement alternatives allowed under the 2023 Incentive Plan, and the vesting of other equity awards."},{"id":"e23","sourceId":"filing-4","location":"MD&A / investment portfolio composition","excerpt":"•Total investments of $100.59 billion; fixed maturities and short-term securities comprised 94% of total investments"},{"id":"e24","sourceId":"filing-4","location":"MD&A / third-quarter unrealized investment losses","excerpt":"•Net unrealized investment losses of $8.05 billion ($6.35 billion after-tax)"},{"id":"e25","sourceId":"filing-5","location":"MD&A / second-quarter unrealized investment losses","excerpt":"•Net unrealized investment losses of $2.48 billion ($1.96 billion after-tax)"},{"id":"e26","sourceId":"filing-5","location":"MD&A / realized asbestos reserve development history","excerpt":"Over the past decade, the property and casualty insurance industry, including the Company, has experienced net unfavorable prior year reserve development with regard to asbestos reserves, but the Company believes that over that period there has been a reduction in the volatility associated with the Company’s overall asbestos exposure as the overall asbestos environment has evolved from one dominated by exposure to significant litigation risks, particularly coverage disputes relating to policyholders in bankruptcy who were asserting that their claims were not subject to the aggregate limits contained in their policies, to an environment primarily driven by a frequency of litigation related to individuals with mesothelioma."},{"id":"e27","sourceId":"filing-1","location":"Business / collateral for deductible and retrospective exposures","excerpt":"Significant collateral, primarily letters of credit and, to a lesser extent, cash collateral, trusts or surety bonds, is generally obtained for large deductible plans and/or retrospectively rated policies that provide for deferred collection of deductible recoveries and/or ultimate premiums."},{"id":"e28","sourceId":"filing-1","location":"Business / reinsurance aggregate limits","excerpt":"Reinsurance treaties often have aggregate limits or caps which may result in larger net per-risk retentions if the aggregate limits or caps are reached."},{"id":"e29","sourceId":"filing-1","location":"Regulation / group capital calculation and legal-entity RBC","excerpt":"Additionally, in response to international efforts to establish capital standards on a groupwide basis, the NAIC adopted changes to its Model Holding Company Act to require certain insurance groups to file a Group Capital Calculation to allow the groupwide supervisor (lead state) to evaluate the risks and available capital on a groupwide basis in addition to the risk-based capital requirements currently imposed on a legal-entity basis."},{"id":"e30","sourceId":"filing-1","location":"Regulation / subsidiary dividend approval threshold","excerpt":"The Connecticut insurance holding company laws require notice to, and approval by, the state insurance commissioner for the declaration or payment of any dividend from an insurance subsidiary that, together with other distributions made within the preceding twelve months, exceeds the greater of 10% of the insurance subsidiary’s statutory capital and surplus as of the preceding December 31st, or the insurance subsidiary’s net income for the twelve-month period ending the preceding December 31st, in each case determined in accordance with the statutory accounting practices prescribed or permitted by the State of Connecticut Insurance Department."},{"id":"e31","sourceId":"filing-1","location":"Business / Canadian disposition closing","excerpt":"The sale closed on January 2, 2026."},{"id":"e32","sourceId":"filing-1","location":"Business / Canadian disposition agreement","excerpt":"On May 27, 2025, the Company entered into an agreement to sell its Canadian personal insurance business and the majority of its Canadian commercial insurance business to Definity Financial Corporation for approximately US$2.4 billion."},{"id":"e33","sourceId":"filing-6","location":"Proxy / director election voting standard","excerpt":"•Majority voting standard for director elections"},{"id":"e34","sourceId":"filing-6","location":"Proxy / independent lead director","excerpt":"Todd C. Schermerhorn currently serves as our"},{"id":"e35","sourceId":"filing-6","location":"Proxy / combined chairman and CEO roles","excerpt":"•the Board has determined for the time being that combining the roles of Chairman and Chief Executive Officer"},{"id":"e36","sourceId":"filing-6","location":"Proxy / three-year performance measurement","excerpt":"the three calendar years in the performance period."},{"id":"e37","sourceId":"filing-6","location":"Proxy / performance-dependent vesting example","excerpt":"on Equity of 9.95% will yield a vesting of 70%)."},{"id":"e38","sourceId":"filing-6","location":"Proxy / relative shareholder return payout modifier","excerpt":"relative total shareholder return. This modifier adjusts"},{"id":"e39","sourceId":"filing-6","location":"Proxy / compensation recovery circumstances","excerpt":"a restatement of Company financial results."},{"id":"e40","sourceId":"filing-4","location":"Notes / contractual net-worth definition","excerpt":"Pursuant to the credit agreement covenants, the Company must maintain an excess of consolidated net worth, defined as shareholders’ equity determined in accordance with GAAP (excluding accumulated other comprehensive income (loss)) plus (a) trust preferred securities (not to exceed 15% of total capital) and (b) mandatorily convertible securities (combined with trust preferred securities, not to exceed 25% of total capital), over goodwill and other intangible assets."},{"id":"e41","sourceId":"filing-4","location":"Notes / contractual minimum net worth","excerpt":"The minimum consolidated net worth requirement is fixed during the term of the credit agreement at an amount equal to $17.8 billion (57.5% of the Company’s net worth as defined above as of March 31, 2026)."},{"id":"e42","sourceId":"filing-4","location":"MD&A / expected distributions relative to income","excerpt":"The Company expects that, generally over time, the combination of dividends to common shareholders and common share repurchases will likely not exceed net income."},{"id":"e43","sourceId":"filing-1","location":"Business / management underwriting discipline assertion","excerpt":"The Company has a disciplined approach to underwriting and risk management that emphasizes product returns and profitable growth over time rather than premium volume or market share."},{"id":"e44","sourceId":"filing-6","location":"Proxy / amendment subject to shareholder approval","excerpt":"shareholders at this Annual Meeting."}],"changes":["Retain the previous none verdict because observed comparison shopping weighs against durable switching costs.","Remove the previous discussion of mixed personal-lines earned-pricing effects: those results are not present in this catalog.","Add insurer-specific financial assessments, distinguishing contractual credit covenants from regulatory solvency capital and recognizing the increase in unrealized investment losses."],"limitations":["Evidence consists of issuer filings. Reported operating results and contractual terms support assessments, but assertions of discipline or competitive superiority do not independently establish an advantage.","No competing insurer is specifically identified as a competitor. Definity Financial Corporation is identified as a transaction buyer; other named entities are not established as insurance competitors.","Reported retention and renewal premium changes cover a disclosed business subset excluding surety; no numerical retention rates or exposure-adjusted renewal rate results are supplied.","The catalog omits regulatory capital amounts and ratios, reserve-development totals, reinsurance counterparty quality, current asset-liability duration matching and comprehensive earnings history.","Financial grades use filings dated within 550 days of October 18, 2026. The 2025 and 2024 annual filings outside that window are not used to establish current financial sufficiency.","The April 2026 proxy amendment was subject to shareholder approval. Its proposal does not establish adoption, issuance or vesting; actual management ownership amounts are absent.","Generic catastrophe, technology and competitive risks are possibilities, while comparison-shopping effects, asbestos reserve development and investment valuation losses are disclosed observations."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":1,"rationale":"Services and relationships offer differentiation, but agencies distribute competing policies and comparison technology reduces distribution protection. No relative cost or protected-data advantage is demonstrated.","evidenceIds":["e2","e3","e4","e6"]},{"criterion":"durability","grade":1,"rationale":"Current renewal strength is demonstrated, but comparison technology already affects personal insurance and is used in small commercial. No durable exclusivity is established.","evidenceIds":["e1","e4","e5"]},{"criterion":"customer_dependency","grade":1,"rationale":"Customers renew, but their need for insurance does not establish dependence on Travelers. Agencies offer alternatives and facilitate shopping at renewal.","evidenceIds":["e1","e3","e4"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Reported retention remains strong despite existing comparison shopping, showing some resilience. Its persistence across cycles and extension across the entire business are unproven.","evidenceIds":["e1","e4","e5"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Selective price increases have been implemented and renewal premium changes remain positive, but have slowed and include exposure changes. Pure rate realization and its adequacy against loss inflation are not quantified.","evidenceIds":["e7","e8","e10"]},{"criterion":"retention","grade":3,"rationale":"Reported retention excluding surety remained strong and increased versus the corresponding 2025 periods while renewal premium changes stayed positive. This is issuer-reported renewal evidence without numerical rates, not demonstrated switching friction.","evidenceIds":["e1","e7"]},{"criterion":"margin_resilience","grade":2,"rationale":"Underlying underwriting margins improved, but earnings improvement also depended on lower catastrophe losses, favorable reserve development and investment results. This supports mixed resilience rather than durable pricing insulation.","evidenceIds":["e11","e12"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Travelers has changed prices and policy terms selectively, but the ability and timing of rate increases depend on state requirements and competition.","evidenceIds":["e9","e10"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual repurchases, debt repayment and a completed disposition demonstrate capital actions. Missing solvency headroom and comprehensive earnings coverage prevent establishing that distributions and transaction pricing were consistently optimal. The discipline statement is management's assertion.","evidenceIds":["e13","e18","e31","e32","e43"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Disclosed three-year performance measurement, performance-dependent vesting and a relative shareholder return modifier provide alignment mechanisms. Actual executive ownership and realized award outcomes are missing; proposed plan amendments are not treated as adopted awards.","evidenceIds":["e36","e37","e38","e44"]},{"criterion":"execution","grade":3,"rationale":"Higher consolidated net income, improved underlying underwriting margins and strong reported renewal retention demonstrate execution in the disclosed periods. Some improvement came from catastrophe and investment conditions, limiting attribution to management.","evidenceIds":["e1","e11","e12"]},{"criterion":"governance","grade":2,"rationale":"Majority director voting, an independent lead director and compensation recovery provisions are disclosed safeguards. Combined chairman and CEO roles and incomplete evidence of oversight outcomes support a mixed assessment.","evidenceIds":["e33","e34","e35","e39"]}]}],"financialAssessments":[{"category":"financial_strength","checks":[{"criterion":"capital_adequacy","grade":null,"rationale":"The group capital calculation and legal-entity RBC regime are disclosed, but actual regulatory capital, applicable RBC denominator and requirements are absent. Credit-agreement net-worth compliance cannot substitute for insurer solvency adequacy.","evidenceIds":["e29","e17","e40","e41"]},{"criterion":"liquidity_funding","grade":3,"rationale":"Holding-company liquidity of $3.17 billion, a five-year $1.2 billion revolver, covenant compliance, successful debt issuance and repayment of matured notes demonstrate funding access. Subsidiary dividend restrictions and missing stressed claims cash flows limit the conclusion.","evidenceIds":["e15","e16","e17","e18","e19","e30"]},{"criterion":"asset_liability_risk","grade":2,"rationale":"Fixed maturities and short-term securities comprise 94% of investments, and deductible exposures receive collateral support. However, unrealized investment losses rose from $2.48 billion at June 30 to $8.05 billion at September 30, asbestos has produced unfavorable historical reserve development, and reinsurance has aggregate caps. Current matching and recoverability evidence is incomplete.","evidenceIds":["e23","e24","e25","e26","e27","e28"]},{"criterion":"earnings_resilience","grade":2,"rationale":"Second-quarter net income increased to $2.21 billion and underlying underwriting margins improved. Lower catastrophe losses and favorable reserve development also contributed; the limited earnings history and valuation volatility do not establish resilience through a full insurance cycle.","evidenceIds":["e11","e12","e24","e25"]}]},{"category":"capital_allocation","checks":[{"criterion":"capital_efficiency","grade":null,"rationale":"The passages do not provide a complete current return-on-equity or capital measure with its accounting scope. Earnings growth and repurchases alone cannot establish capital efficiency.","evidenceIds":[]},{"criterion":"distributions_and_buffers","grade":2,"rationale":"Actual third-quarter distributions of $1.77 billion and nine-month authorized repurchases of $4.60 billion are disclosed alongside holding-company liquidity. Regulatory dividend constraints apply, but current solvency headroom and matching-period earnings coverage are absent. The expectation that distributions generally will not exceed income is prospective.","evidenceIds":["e13","e14","e15","e30","e42"]},{"criterion":"dilution_and_cost","grade":2,"rationale":"Substantial actual share repurchases counter issuance, but the company issues new shares for awards. Nine-month share-based compensation rose to $210 million from $199 million, with $314 million unrecognized; new debt carries a 4.95% coupon. Net share-count effects and total financing-cost coverage are incomplete.","evidenceIds":["e13","e19","e20","e21","e22"]},{"criterion":"investment_discipline","grade":2,"rationale":"Completion of the Canadian disposition and a predominantly fixed-maturity and short-term portfolio demonstrate implemented portfolio choices. Missing transaction return outcomes, credit-quality detail and current asset-liability matching prevent a stronger assessment; substantial unrealized losses show investment sensitivity.","evidenceIds":["e31","e32","e23","e24"]}]}],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","financialAssessmentPolicy":"financial-industry-1","financialSector":"insurance","basisHash":"96c01688bcd12ecd7f11c5f4f114521c6780179e59b3a75c948339f4f1fa2cf0","updatedAt":"2026-10-18T15:58:32.101Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/86312/000008631226000065/trv-20251231.htm","publishedAt":"2026-02-12","sha256":"b6c338aceb451198d2ad91eea4565015fdf535a8c8eef39cc32f405bee4bf4a4","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/86312/000008631225000012/trv-20241231.htm","publishedAt":"2025-02-13","sha256":"b9fbf0e24dcfd7ddbad668095d4ee5f147111a7f00f313aa1892f9efffda5b75","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/86312/000008631224000012/trv-20231231.htm","publishedAt":"2024-02-15","sha256":"a90ea73101789836fd6f1d26ae7a36c3cae117fb300e7656762c0a3e224ef156","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/86312/000008631226000181/trv-20260930.htm","publishedAt":"2026-10-16","sha256":"e8aa6c74b0e169e207396ebe07861f5180b5f580378906fd80a2a275b504151b","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/86312/000008631226000145/trv-20260630.htm","publishedAt":"2026-07-17","sha256":"adecbe8087e7d9fcba054d35c1e22ee9f7521e2db19ff8b2c431910f6380ff43","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/86312/000008631226000103/trv-20260406.htm","publishedAt":"2026-04-07","sha256":"eaa7981a69cebfb5fc99c42d2437cf9ccd8642c0db232b37a511e12906ef2ce1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:0b7bc8807db2eed6dc769d1a6aad1b75cf0cff01be7c0c22519d9c0494466376","usage":{"input_tokens":87200,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":4350,"reasoning_output_tokens":180}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":null},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/86312/000008631226000065/trv-20251231.htm","publishedAt":"2026-02-12","sha256":"b6c338aceb451198d2ad91eea4565015fdf535a8c8eef39cc32f405bee4bf4a4","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/86312/000008631225000012/trv-20241231.htm","publishedAt":"2025-02-13","sha256":"b9fbf0e24dcfd7ddbad668095d4ee5f147111a7f00f313aa1892f9efffda5b75","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/86312/000008631224000012/trv-20231231.htm","publishedAt":"2024-02-15","sha256":"a90ea73101789836fd6f1d26ae7a36c3cae117fb300e7656762c0a3e224ef156","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/86312/000008631226000181/trv-20260930.htm","publishedAt":"2026-10-16","sha256":"e8aa6c74b0e169e207396ebe07861f5180b5f580378906fd80a2a275b504151b","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/86312/000008631226000145/trv-20260630.htm","publishedAt":"2026-07-17","sha256":"adecbe8087e7d9fcba054d35c1e22ee9f7521e2db19ff8b2c431910f6380ff43","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/86312/000008631226000103/trv-20260406.htm","publishedAt":"2026-04-07","sha256":"eaa7981a69cebfb5fc99c42d2437cf9ccd8642c0db232b37a511e12906ef2ce1","dateKind":"filed"}],"history":[{"version":5,"updatedAt":"2026-10-18T16:59:46.476Z","verdict":"none","value":null},{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"none","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"none","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"none","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}