{"schemaVersion":1,"research":true,"symbol":"wrb","name":"Berkley W R","topic":"moat","path":"/stock/wrb/moat","status":"published","version":7,"updatedAt":"2026-10-19T20:54:45.041Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Berkley demonstrates specialized underwriting capability, realized pricing increases, profitable renewals and strong capital generation. The supplied passages do not establish that these capabilities create durable competitive barriers or customer dependence. Third-quarter 2026 pricing remained positive but moderated, underwriting stayed profitable, and quarterly net income declined despite higher nine-month earnings. These results support operating strength without proving a moat.","advantages":[{"mechanism":"intangible_assets","claim":"Specialized underwriting knowledge, tailored coverage and established financial strength support a current operating capability. A durable advantage from proprietary expertise or reputation remains unestablished.","durability":"Four consecutive years of returns above 20% on beginning equity support execution consistency. The passages do not establish how difficult competitors would find reproducing the capabilities or retaining equivalent talent.","risks":"Casualty reserve deterioration, competition for specialized personnel, moderating pricing and better-resourced reinsurers could erode the capability. Financial strength ratings matter commercially but are neither exclusive nor permanent.","invalidation":"Persistent adverse development that reverses reported underwriting profits, sustained loss of renewal business at adequate prices, or a ratings downgrade accompanied by business losses would undermine the candidate advantage.","competitors":["Swiss Re","Munich Re","Berkshire Hathaway","Hannover Re"],"evidenceIds":["q151","q152","q490","q496","q813","q785","q2315"],"counterEvidenceIds":["q404","q405","q698","q700","q2298"]},{"mechanism":"cost_advantage","claim":"Centralized capital, investment, reinsurance and support functions may provide economies of scale across decentralized businesses. A comparative cost advantage is not demonstrated.","durability":"The organizational structure is established, but neither a sustained cost gap against competitors nor a barrier preventing replication is disclosed.","risks":"Direct writers generally have lower acquisition costs than Berkley's independent-agent model. Additional industry capital can increase pricing competition, and reported expense ratios have risen.","invalidation":"A persistent increase in acquisition and underwriting expenses relative to comparable competitors, without offsetting risk-adjusted benefits, would undermine the proposed scale benefit.","competitors":[],"evidenceIds":["q81","q491"],"counterEvidenceIds":["q21","q402","q2315"]}],"evidence":[{"id":"q151","sourceId":"filing-1","location":"Business / Industry Specialty","excerpt":"Industry Specialty: Certain other businesses focus on providing specialty coverages to customers within a particular industry that are best served by underwriters and claims professionals with specialized knowledge of that industry."},{"id":"q152","sourceId":"filing-1","location":"Business / tailored specialty policies","excerpt":"They offer multiple lines of business with policies tailored to address the unique exposures of these industries, often with the flexibility of providing coverages on either an admitted or a non-admitted basis in the U.S., as well as internationally."},{"id":"q490","sourceId":"filing-1","location":"Business / niche markets and specialized knowledge","excerpt":"Each of our businesses is positioned close to its customer base and participates in a niche market requiring specialized knowledge."},{"id":"q491","sourceId":"filing-1","location":"Business / decentralized operations and centralized support","excerpt":"This strategy of decentralized operations allows each of our businesses to identify and respond quickly and effectively to changing market conditions and specific customer needs, while capitalizing on the benefits of centralized capital, investment and reinsurance management, and corporate actuarial, financial, enterprise risk management and compliance support."},{"id":"q81","sourceId":"filing-1","location":"MD&A / claimed economies of scale","excerpt":"While providing our businesses with certain operating autonomy, our structure allows us to capitalize on the benefits of economies of scale through centralized capital, investment, reinsurance, enterprise risk management, and actuarial, financial and corporate compliance support."},{"id":"q21","sourceId":"filing-1","location":"Business / direct-writer acquisition cost comparison","excerpt":"Additionally, direct writers of property casualty insurance compete with our regional businesses by writing insurance through their salaried employees, generally at a lower acquisition cost than through independent agents such as those used by the Company."},{"id":"q402","sourceId":"filing-1","location":"Risk factors / competing capital and pricing","excerpt":"Further, an expanded supply of capital may lower costs for insurers and, as a consequence, those insurers may be able to price their products more competitively."},{"id":"q404","sourceId":"filing-1","location":"Risk factors / competitors' financial and marketing resources","excerpt":"Some of our competitors, particularly in the reinsurance business, have greater financial and/or marketing resources than we do."},{"id":"q405","sourceId":"filing-1","location":"Risk factors / named reinsurance competitors","excerpt":"These competitors within the reinsurance market include Swiss Re, Munich Re, Berkshire Hathaway and Hannover Re."},{"id":"q496","sourceId":"filing-1","location":"Business / disclosed subsidiary financial strength ratings","excerpt":"Best Company, Inc. (\"A.M. Best\") and have financial strength ratings of A+ (Superior) (the second highest rating out of 15 possible ratings)."},{"id":"q17","sourceId":"filing-1","location":"Business / operating businesses' pricing practices","excerpt":"Our businesses establish their own pricing practices based upon a Company-wide philosophy to price products with the intent of making an underwriting profit."},{"id":"q384","sourceId":"filing-1","location":"Regulation / excess and surplus lines and reinsurance rate and form freedom","excerpt":"companies\n1,055,260 \nLoss reserve discounting (1)\n(101,538)\nCeded reserves\n3,254,099 \nOur excess and surplus lines and reinsurance subsidiaries generally operate free of rate and form regulation."},{"id":"q289","sourceId":"filing-1","location":"Statutory capital / BIC Total Adjusted Capital relative to RBC Authorized Control Level","excerpt":"At December 31, 2025, BIC’s Total Adjusted Capital of $9.7 billion was 397% of its RBC Authorized Control Level."},{"id":"q288","sourceId":"filing-1","location":"Statutory capital / general remedial-action threshold","excerpt":"Generally, no remedial action is required if Total Adjusted Capital is 200% or more of the RBC Authorized Control Level."},{"id":"q59","sourceId":"filing-1","location":"Risk factors / parent reliance on subsidiary dividends","excerpt":"We have to rely on dividends from our insurance company subsidiaries to meet our obligations for paying principal and interest on outstanding debt obligations, paying dividends to stockholders and repurchasing our shares and paying corporate expenses."},{"id":"q60","sourceId":"filing-1","location":"Risk factors / restrictions on subsidiary dividends","excerpt":"The payment of dividends by our insurance company subsidiaries is subject to regulatory restrictions and competitive pressures on maintaining financial strength ratings and will depend on the surplus and future earnings of these subsidiaries."},{"id":"q494","sourceId":"filing-1","location":"Business / internally developed and acquired businesses","excerpt":"Of our 60 businesses, 53 have been organized and developed internally and seven have been added through acquisition."},{"id":"q538","sourceId":"filing-2","location":"June 2026 consolidated balance sheets","excerpt":"BERKLEY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share data) June 30, 2026 December 31, 2025 (Unaudited) (Audited) Assets Investments: Fixed maturity securities (amortized cost of $26,265,637 and $25,170,368; allowance for expected credit losses of $440 and $74 at June 30, 2026 and December 31, 2025, respectively) $ 25,899,992 $ 25,047,662 Investment funds 1,431,427 1,361,802 Real estate 1,350,849 1,279,748 Equity securities 1,502,237 1,358,201 Arbitrage trading account 1,292,382 1,221,103 Loans receivable (net of allowance for expected credit losses of $0 and $161 at June 30, 2026 and December 31, 2025, respectively) 265,644 418,913 Total investments 31,742,531 30,687,429 Cash and cash equivalents 2,606,530 2,539,938 Premiums and fees receivable (net of allowance for expected credit losses of $41,421 and $42,006 at June 30, 2026 and December 31, 2025, respectively) 3,755,577 3,417,112 Due from reinsurers (net of allowance for expected credit losses of $6,808 and $6,378 at June 30, 2026 and December 31, 2025, respectively) 3,643,933 3,543,013 Deferred policy acquisition costs 1,044,777 1,000,691 Prepaid reinsurance premiums 946,151 881,831 Trading account receivables from brokers and clearing organizations 3,139 11,669 Property, furniture and equipment 566,952 596,235 Goodwill 184,332 184,332 Accrued investment income 264,222 255,199 Current and deferred federal and foreign income taxes 64,670 — Other assets 854,299 809,394 Total assets $ 45,677,113 $ 43,926,843 Liabilities and Equity Liabilities: Reserves for losses and loss expenses $ 23,182,240 $ 22,207,773 Unearned premiums 7,099,475 6,721,570 Due to reinsurers 646,261 615,781 Trading account securities sold but not yet purchased 6,576 66,285 Current and deferred federal and foreign income taxes — 39,018 Other liabilities 2,059,148 1,724,797 Subordinated debentures 1,010,887 1,010,527 Senior notes and other debt 1,829,445 1,829,198 Total liabilities 35,834,032 34,214,949 Equity: Preferred stock, par value $.10 per share: Authorized 5,000,000 shares; issued and outstanding - none — — Common stock, par value $.20 per share: Authorized 1,875,000,000 shares; issued and outstanding, net of treasury shares, 371,057,782 and 377,155,799 shares, respectively 158,705 158,705 Additional paid-in capital 1,015,222 987,708 Retained earnings 14,055,344 13,344,204 Accumulated other comprehensive loss (640,007) (451,097) Treasury stock, at cost, 422,464,027 and 416,366,010 shares, respectively (4,756,025) (4,338,702) Total stockholders’ equity 9,833,239 9,700,818 Noncontrolling interests 9,842 11,076 Total equity 9,843,081 9,711,894 Total liabilities and equity $ 45,677,113 $ 43,926,843 See accompanying notes to interim consolidated financial statements."},{"id":"q545","sourceId":"filing-2","location":"Notes / investment fund carrying values and income","excerpt":"Investment funds consisted of the following: Carrying Value as of Income (Loss) from Investment Funds June 30, December 31, For the Six Months Ended June 30, (In thousands) 2026 2025 2026 2025 Financial services (1) $ 356,653 $ 360,320 $ 10,967 $ 12,277 Transportation 274,390 272,775 22,307 20,714 Real Estate 157,339 163,098 11,905 5,614 Infrastructure 179,235 169,847 9,823 9,064 Energy 42,872 41,966 4,807 (1,234) Other funds 420,938 353,796 8,502 7,856 Total $ 1,431,427 $ 1,361,802 $ 68,311 $ 54,291 (1) Includes the Company's minority investment in Lifson Re (see Note 23 Related-Party Transactions)."},{"id":"q550","sourceId":"filing-2","location":"Notes / real estate in operation and under development","excerpt":"(11) Real Estate Investment in real estate represents directly owned property held for investment, as follows: Carrying Value June 30, December 31, (In thousands) 2026 2025 Properties in operation $ 1,122,372 $ 1,051,455 Properties under development 228,477 228,293 Total $ 1,350,849 $ 1,279,748 As of June 30, 2026, properties in operation included a long-term ground lease in Washington, D.C., an office complex in New York City and the completed portion of a mixed-use project in Washington, D.C."},{"id":"q582","sourceId":"filing-2","location":"MD&A / net workers' compensation reserve discount","excerpt":"The aggregate net discount for those reserves, after reflecting the effects of ceded reinsurance, was $434 million and $420 million at June 30, 2026 and December 31, 2025, respectively."},{"id":"q618","sourceId":"filing-2","location":"MD&A / six-month segment premiums and combined ratios","excerpt":"($ in thousands) 2026 2025 Insurance: Gross premiums written $ 7,164,335 $ 6,823,840 Net premiums written 5,903,700 5,708,158 Net premiums earned 5,591,522 5,371,291 Loss ratio 63.5 % 63.9 % Expense ratio 28.3 % 28.0 % GAAP combined ratio 91.8 % 91.9 % Reinsurance & Monoline Excess: Gross premiums written $ 765,431 $ 837,868 Net premiums written 700,880 776,584 Net premiums earned 711,039 739,275 Loss ratio 48.8 % 57.7 % Expense ratio 30.2 % 28.7 % GAAP combined ratio 79.0 % 86.4 % Consolidated: Gross premiums written $ 7,929,766 $ 7,661,708 Net premiums written 6,604,580 6,484,742 Net premiums earned 6,302,561 6,110,566 Loss ratio 61.8 % 63.1 % Expense ratio 28.6 % 28.2 % GAAP combined ratio 90.4 % 91.3 % Net Income to Common Stockholders."},{"id":"q624","sourceId":"filing-2","location":"Investments / fixed maturity portfolio duration including cash","excerpt":"The average duration of the fixed maturity portfolio, including cash and cash equivalents, was 3.2 years at June 30, 2026 and 3.0 years at December 31, 2025."},{"id":"q626","sourceId":"filing-2","location":"Investments / portfolio composition","excerpt":"government and government agencies $ 4,402,996 12.9 % State and municipal: Special revenue 1,025,357 3.0 State general obligation 211,953 0.6 Local general obligation 181,600 0.5 Corporate backed 133,248 0.4 Pre-refunded (1) 104,561 0.3 Total state and municipal 1,656,719 4.8 Mortgage-backed: Agency 4,083,630 12.0 Commercial 206,784 0.6 Residential-Prime 193,880 0.6 Residential-Alt A 1,178 — Total mortgage-backed 4,485,472 13.2 Asset-backed securities 4,076,528 11.9 Corporate: Industrial 3,742,941 11.0 Financial 3,646,986 10.7 Utilities 1,692,946 4.9 Other 195,222 0.6 Total corporate 9,278,095 27.2 Foreign government and foreign government agencies 2,000,182 5.8 Total fixed maturity securities 25,899,992 75.8 Equity securities: Common stocks 883,940 2.6 Preferred stocks 618,297 1.8 Total equity securities 1,502,237 4.4 Cash and cash equivalents (2) 2,426,400 7.1 Investment funds 1,431,427 4.2 Real estate 1,350,849 3.9 Arbitrage trading account 1,292,382 3.8 Loans receivable 265,644 0.8 Total investments $ 34,168,931 100.0 % ____________________ (1) Pre-refunded securities are securities for which an escrow account has been established to fund the remaining payments of principal and interest through maturity."},{"id":"q627","sourceId":"filing-2","location":"Investments / planned real estate development funding","excerpt":"The Company expects to fund further development costs for the project with a combination of its own funds and external financing."},{"id":"q660","sourceId":"filing-2","location":"July 31, 2026 signatures / combined chairman, CEO and president roles","excerpt":"Chairman, Chief Executive Officer and President Date: July 31, 2026 /s/ Richard M."},{"id":"q662","sourceId":"filing-2","location":"Consolidated cash flows / operating cash generation and stock incentive expense","excerpt":"Adjustments to reconcile net income to net cash from operating activities:\nNet investment losses (gains)\n70,965 \n(47,328)\nDepreciation and (accretion) amortization \n(37,601)\n(23,755)\n(802)\n(68,311)\n(54,291)\nStock incentive plans\n29,000 \n27,487 \nChange in:\n(122,457)\n(32,970)\n(332,615)\n(362,327)\nReinsurance accounts\n(133,470)\n(133,771)\n(41,641)\n(65,570)\nIncome taxes\n(52,082)\n28,500 \n948,666 \n1,067,618 \n367,110 \n422,524 \n(127,541)\n(196,551)\nNet cash from operating activities\n1,467,904 \n1,447,624 \nCASH USED IN INVESTING ACTIVITIES:\nProceeds from sale of fixed maturity securities\n447,654 \n529,223 \nProceeds from sale of equity securities\n29,633 \n142,927 \n(Contributions to) distributions from investment funds\n(13,505)\n39,421 \nProceeds from maturities and prepayments of fixed maturity securities\n2,699,342 \n2,477,846 \nPurchase of fixed maturity securities\n(4,158,366)\n(4,228,781)\nPurchase of equity securities\n(196,037)\n(121,451)\nReal estate purchased\n(97,740)\n(15,950)\nChange in loans receivable\n150,338 \n109,279 \nNet proceeds from sale (purchases) of property, furniture and equipment\n11,853 \n(36,794)\nChange in balances due to security brokers\n177,249 \n(54,351)\nNet cash used in investing activities\n(949,579)\n(1,158,631)\nCASH USED IN FINANCING ACTIVITIES:\nThe pricing services may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs are available for each security evaluation on any given day."},{"id":"q697","sourceId":"filing-2","location":"MD&A / six-month prior-year reserve and premium development","excerpt":"Increase in prior year loss reserves\n(13,624)\n(17,823)\nIncrease in prior year earned premiums\n16,309 \n19,306 \nNet favorable prior year development\n2,685 \n1,483 \nDuring the six months ended June 30, 2026, favorable prior year development (net of additional and return premiums) of $3 million included $10 million of favorable prior year development for the Reinsurance & Monoline Excess segment partially offset by $7 million of adverse prior year development for the Insurance segment."},{"id":"q698","sourceId":"filing-2","location":"MD&A / favorable property and adverse casualty development","excerpt":"For the Insurance segment, the development during the six months of 2026 resulted primarily from favorable development for short tail-lines of business which was offset by adverse development for other liability and auto liability."},{"id":"q700","sourceId":"filing-2","location":"MD&A / adverse umbrella, excess liability and surplus lines casualty development","excerpt":"The adverse other liability development was driven mainly by umbrella and excess liability claims, and to a lesser extent from the Company’s primary surplus lines casualty business."},{"id":"q725","sourceId":"filing-2","location":"Per-share data / vested deferred RSUs already included in basic shares","excerpt":"Accordingly, such shares deliverable under vested RSUs do not affect diluted shares outstanding since the shares are already included in basic shares outstanding (which includes the shares in the grantor trust referenced above)."},{"id":"q785","sourceId":"filing-2","location":"MD&A / realized renewal rates for insurance and facultative reinsurance","excerpt":"Average renewal premium rates (per unit of exposure) for insurance and facultative reinsurance increased 3.5% in 2026 and increased 3.8% excluding workers' compensation."},{"id":"q813","sourceId":"filing-3","location":"Shareholder letter / 2025 return on beginning equity and four-year return record","excerpt":"For the year, we generated a 21.2% return on beginning shareholders equity, the fourth year in a row it exceeded 20%, and increased book value per share by 26.7% before dividends and share repurchases."},{"id":"q830","sourceId":"filing-3","location":"Governance highlights / board independence and co-lead independent directors","excerpt":"Page 7 ✓Adapting to evolving distribution channels to meet the customer where they want to be met Page 8 ✓Long-term return on equity (“ROE”) and total value creation have consistently outperformed the industry and our peers Pages 10, 53, 56 ✓Five-year average total stockholder return ranked in the 88th percentile of our peers Page 79 ✓Average annual gain in book value per share (with dividends included) since 1973 was 16.7% Page 10 ✓73% independent directors Page 11 ✓Board members bring diverse backgrounds, skills, experience and perspectives Pages 13-17, 27-28 ✓A range of tenure of directors balances Board refreshment with benefit of overseeing the full insurance cycle Page 32 ✓44.4% of non-management Board members refreshed in the last five years Page 32 ✓Separate Executive Chairman and Chief Executive Officer Pages 22, 30 ✓Co-lead independent directors holding key committee responsibilities Pages 30-31 ✓Require significant stock ownership by NEOs and directors."},{"id":"q832","sourceId":"filing-3","location":"Alignment disclosures / April ownership, deferral requirements and compensation design","excerpt":"Prohibition on pledging shares used to satisfy ownership requirements Pages 61, 74 ✓Directors and executive officers as a group own 25.1% of the Company’s outstanding stock as of April 9, 2026 Page 85 ✓Board oversight of Enterprise Risk Management (“ERM”), including cyber security and artificial intelligence (“AI”), with ERM management committee regularly reporting to the Board Page 33 ✓Board oversight of resilience and sustainability with related management committee regularly reporting to the Board Page 35 ✓Board oversight of human capital management and corporate culture Pages 36-37 ✓CEO and other NEOs’ compensation are 93% and 84%, respectively, performance-based and at-risk Page 41 ✓47% of CEO and 39% of NEO compensation are long-term and subject to clawback Page 41 ✓NEOs and other senior executives do not receive shares from vested Restricted Stock Unit awards until separation from service Pages 22, 41-42, 44, 48-49 ✓Annual cash incentive awards are performance-based and non-formulaic to discourage short-term oriented behavior that can hurt long-term performance in our industry Pages 44-47 ✓Determination of the NEOs’ annual cash incentive awards are based on financial performance for the current year, financial performance compared to peers, and contributions to long-term value creation Pages 44-47 ✓100% of long-term compensation, and 51% of CEO’s incentive compensation, are formulaic Page 41 ✓Executive Chairman’s compensation reflects his active and instrumental role in strategy and investment opportunities Page 55 ✓CEO compensation is well-aligned with performance, as the Company’s performance ranks in the top quartile of our peers Page 53 PROPERTY CASUALTY INSURANCE IS A LONG-TERM AND CYCLICAL BUSINESS 2 W."},{"id":"q964","sourceId":"filing-3","location":"2025 performance / capital returned and reported book value growth","excerpt":"Our financial performance once again allowed us to reward our stockholders by returning approximately 54.5% of net income through dividends and share repurchases, while still growing reported book value per share by 16.4%."},{"id":"q1016","sourceId":"filing-3","location":"Performance definitions / return on beginning common stockholders' equity","excerpt":"Return on equity is defined as net income over beginning of year common stockholders’ equity."},{"id":"q1055","sourceId":"filing-3","location":"Executive compensation / actual 2025 cash incentive payments","excerpt":"Rob Berkley, Wm. Berkley, Baio, Welt and Shiel for their performance during 2025 under the AICP was $7.5 million, $7.5 million, $1.175 million, $1.175 million and $1.1 million, respectively (representing 75%, 75%, 54%, 54% and 50%, respectively, of their maximum potential awards), and such amounts are reported in the Non-Equity Incentive Plan Compensation column of the Summary Compensation Table."},{"id":"q1169","sourceId":"filing-3","location":"Executive compensation / overlapping RSU performance periods","excerpt":"The performance-based RSUs consist of three tranches that vest, if earned, after three separate, but overlapping, three-year performance periods, with the final tranche vesting only after five years."},{"id":"q2137","sourceId":"filing-8","location":"First-quarter 2026 highlights / realized average rate increases","excerpt":"•Average rate increases excluding workers' compensation were approximately 7.2%."},{"id":"q2214","sourceId":"filing-9","location":"Full-year 2025 highlights / realized average rate increases","excerpt":"•Average rate increases excluding workers' compensation were approximately 7.6%."},{"id":"q2263","sourceId":"filing-9","location":"Financial summary / 2025 and 2024 combined ratios","excerpt":"Loss ratio\n61.2 \n61.8 \n62.4 \n61.8 \n Expense ratio\n28.2 \n28.4 \n28.3 \n28.5 \n GAAP Combined ratio\n89.4 \n90.2 \n90.7 \n90.3 \n (1)Loss ratio is losses and loss expenses incurred expressed as a percentage of premiums earned."},{"id":"q2290","sourceId":"filing-10","location":"Third-quarter and nine-month 2026 financial summary","excerpt":"Summary Financial Data\n(Amounts in thousands, except per share data)\nThird Quarter\nNine Months\n2026\n2025\n2026\n2025\nGross premiums written\n$\n3,951,788 \n$\n3,836,256 \n$\n11,881,554 \n$\n11,497,964 \nNet premiums written\n3,267,602 \n3,226,930 \n9,872,182 \n9,711,672 \nNet income to common stockholders\n446,005 \n511,032 \n1,413,483 \n1,329,892 \nNet income per diluted share\n1.14 \n1.28 \n3.60 \n3.32 \nOperating income (1)\n456,541 \n440,198 \n1,467,749 \n1,280,364 \nOperating income per diluted share (1)\n1.17 \n1.10 \n3.73 \n3.20 \nReturn on equity (2)\n18.4 \n%\n24.3 \n%\n19.4 \n%\n21.1 \n%\nOperating return on equity (1) (2)\n18.8 \n%\n21.0 \n%\n20.2 \n%\n20.3 \n%\n(1)Operating income is a non-GAAP financial measure defined by the Company as net income excluding after-tax net investment gains (losses) and related expenses and after-tax net foreign currency gains (losses)."},{"id":"q2291","sourceId":"filing-10","location":"Financial summary / annualized return denominator","excerpt":"(2)Return on equity and operating return on equity represent net income and operating income, respectively, expressed on an annualized basis as a percentage of beginning of year common stockholders’ equity."},{"id":"q2298","sourceId":"filing-10","location":"Third-quarter highlights / realized rate increases excluding workers' compensation","excerpt":"•Average rate increases excluding workers' compensation were approximately 4.0%."},{"id":"q2310","sourceId":"filing-10","location":"Management commentary / actual year-to-date distributions and claimed flexibility","excerpt":"We returned a total of $728.6 million to shareholders year-to-date, which includes $435.1 million of share repurchases, while preserving substantial flexibility to support future opportunities."},{"id":"q2315","sourceId":"filing-10","location":"Financial summary / quarterly and nine-month GAAP combined ratios","excerpt":"# # #\nW. R. Berkley Corporation 5\nConsolidated Financial Summary\nLoss ratio\n62.2 \n%\n62.4 \n%\n61.9 \n%\n62.9 \n%\n Expense ratio\n28.6 \n%\n28.5 \n%\n28.6 \n%\n28.2 \n%\n GAAP Combined ratio\n90.8 \n%\n90.9 \n%\n90.5 \n%\n91.1 \n%\n (1)Loss ratio is losses and loss expenses incurred expressed as a percentage of premiums earned."},{"id":"q2318","sourceId":"filing-10","location":"Supplemental information / segment premiums, catastrophe losses and investment income","excerpt":"W. R. Berkley Corporation 7\nSupplemental Information\n(Amounts in thousands)\nThird Quarter\nNine Months\n2026\n2025\n2026\n2025\nNet premiums written:\n Other liability\n$\n1,133,295 \n$\n1,092,550 \n$\n3,500,195 \n$\n3,419,802 \n Short-tail lines (1)\n672,040 \n663,017 \n2,037,403 \n1,969,507 \n Auto\n438,702 \n416,956 \n1,318,370 \n1,254,788 \n Workers' compensation\n332,615 \n330,181 \n1,008,499 \n1,011,679 \n Professional liability\n322,364 \n307,039 \n938,249 \n862,125 \n Total Insurance\n2,899,016 \n2,809,743 \n8,802,716 \n8,517,901 \n Casualty (2)\n144,164 \n192,694 \n465,098 \n568,412 \n Property (2)\n116,983 \n119,671 \n336,880 \n367,755 \n Monoline excess \n107,439 \n104,822 \n267,488 \n257,604 \n Total Reinsurance & Monoline Excess\n368,586 \n417,187 \n1,069,466 \n1,193,771 \n Total\n$\n3,267,602 \n$\n3,226,930 \n$\n9,872,182 \n$\n9,711,672 \nCurrent accident year losses from catastrophes:\n Insurance\n$\n82,911 \n$\n69,826 \n$\n218,171 \n$\n218,073 \n Reinsurance & Monoline Excess\n3,021 \n8,691 \n5,807 \n70,785 \n Total\n$\n85,932 \n$\n78,517 \n$\n223,978 \n$\n288,858 \nNet Investment income:\n Core portfolio (3)\n$\n369,122 \n$\n329,508 \n$\n1,094,519 \n$\n974,811 \n Investment funds\n2,123 \n5,421 \n70,435 \n59,713 \n Arbitrage trading account\n12,292 \n16,309 \n41,631 \n56,309 \n Total\n$\n383,537 \n$\n351,238 \n$\n1,206,585 \n$\n1,090,833 \nNet realized and unrealized (losses) gains on investments:"},{"id":"q2319","sourceId":"filing-10","location":"Supplemental information / realized and unrealized investment losses","excerpt":"Net realized gains (losses) on investments\n$\n27,831 \n$\n69,210 \n$\n(20,425)\n$\n31,877 \n Change in unrealized (losses) gains on equity securities\n(45,372)\n9,590 \n(67,876)\n93,167 \n Total\n$\n(17,541)\n$\n78,800 \n$\n(88,301)\n$\n(1)Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery, high net worth homeowners and other lines."},{"id":"q2325","sourceId":"filing-10","location":"September 2026 selected balance sheet / equity, debt, reserves and shares","excerpt":"W. R. Berkley Corporation 8\nSelected Balance Sheet Information\n(Amounts in thousands, except per share data)\nSeptember 30, 2026\nDecember 31, \n2025\nNet invested assets (1)\n$\n33,952,861 \n$\n33,173,381 \nTotal assets\n45,675,961 \n43,926,843 \nReserves for losses and loss expenses\n23,610,579 \n22,207,773 \nSenior notes and other debt\n1,827,874 \n1,829,198 \nSubordinated debentures\n1,011,066 \n1,010,527 \nCommon stockholders' equity (2)\n9,610,213 \n9,700,818 \nCommon stock outstanding (3)\n371,448 \n377,156 \nBook value per share (4)\n25.87 \n25.72 \nTangible book value per share (4)\n25.27 \n25.11 \n(1)Net invested assets include investments, cash and cash equivalents, trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases, net of related liabilities."},{"id":"q2347","sourceId":"filing-12","location":"Annual meeting results / director elections and non-binding compensation vote","excerpt":"Rusbuldt\n340,428,581 \n6,380,145 \n675,038\n21,517,695\n(ii) Non-Binding Advisory Vote on the Compensation of the Company’s Named Executive Officers (“Say-on-Pay” Vote):\nFor\nAgainst\nAbstain\nBroker Non Votes\n339,651,297\n5,149,752\n2,682,715\n21,517,695\n(iii) Ratification of the Appointment of KPMG LLP:\nFor\nAgainst\nAbstain\n355,949,139\n12,941,192\n111,128\n \nSIGNATURES\nPursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized."}],"changes":["The uncertain moat verdict is unchanged; current operating achievements still do not establish durable structural barriers.","Added the October 19, 2026 filing: third-quarter rate increases excluding workers' compensation were approximately 4.0%, versus approximately 7.2% in the first quarter and 7.6% for 2025. The separate second-quarter renewal measure has a different disclosed scope.","Updated earnings and underwriting evidence through September: nine-month net income rose to $1.413 billion from $1.330 billion, while quarterly net income fell to $446.0 million from $511.0 million. The nine-month combined ratio improved to 90.5% from 91.1%.","Reduced distributions_and_buffers from 3 to 2: year-to-date distributions accompanied September common equity below December's level and only slight reported book value per share growth; current post-distribution regulatory capital is unavailable.","Added completed annual-meeting voting evidence; proposed director election and advisory compensation approval are no longer treated solely as pending matters."],"limitations":["The analysis uses only supplied passages. All cited dates are filing dates, not retrieval dates.","Named competitor coverage concerns reinsurance. The passages identify generic primary-insurance and direct-writer categories without establishing named competitors for each specialty niche.","Specialization, scale benefits and superior risk-adjusted performance are partly issuer assertions. Reported results demonstrate capability but do not isolate proprietary advantages or establish a comparative cost gap.","No renewal retention percentage, customer cohort history, exclusive distribution agreement or quantified switching friction is supplied.","BIC's December 2025 regulatory capital ratio is subsidiary-specific and uses RBC Authorized Control Level. It does not establish September 2026 group solvency or equivalence to other solvency denominators.","September evidence is an earnings release with selected financial information; detailed liquidity, reserving and compensation evidence remains principally from June or earlier filings.","The passages do not reconcile the full September equity movement. Its decline is treated as a qualification, without inventing its cause.","The competitor annual report is not used as evidence of Berkley's financial results, customer outcomes or competitive advantages."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Specialized coverage and centralized support establish a business model, but the evidence does not establish a defensible barrier or comparative cost advantage.","evidenceIds":["q151","q152","q491","q21"]},{"criterion":"durability","grade":null,"rationale":"The four-year return record demonstrates operating consistency, without establishing persistence of an identified structural advantage through a full competitive cycle.","evidenceIds":["q813","q404","q405"]},{"criterion":"customer_dependency","grade":null,"rationale":"Completed renewals demonstrate repeat demand, but neither material switching friction nor dependence on Berkley's particular services is established.","evidenceIds":["q785","q152"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Profitable underwriting persists despite casualty deterioration and moderating rates. These results cannot establish the erosion resilience of an unproven structural moat.","evidenceIds":["q2315","q698","q2298"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Disclosed average increases excluding workers' compensation were approximately 7.6% in 2025, 7.2% in first-quarter 2026 and 4.0% in the third quarter. Renewal rates for insurance and facultative reinsurance also increased. Realized pricing is positive, but moderation and adverse casualty development limit confidence in ultimate adequacy; the measures have differing scopes.","evidenceIds":["q2214","q2137","q2298","q785","q698"]},{"criterion":"retention","grade":2,"rationale":"Assessed indirectly from completed renewals at higher rates and continued insurance premium growth. Nine-month insurance net written premiums rose while reinsurance and monoline excess premiums contracted. These demonstrate continuing demand, without establishing renewal proportions, customer losses or switching costs.","evidenceIds":["q785","q2318"]},{"criterion":"margin_resilience","grade":3,"rationale":"Combined ratios remained profitable at 90.7% in 2025 and 90.5% for nine-month 2026, versus 90.3% and 91.1% in the corresponding comparisons. Lower nine-month catastrophe losses helped offset expense pressure; casualty deterioration qualifies attribution to pricing.","evidenceIds":["q2263","q2315","q2318","q698"]},{"criterion":"contractual_freedom","grade":3,"rationale":"Operating businesses set pricing practices, and excess and surplus lines and reinsurance subsidiaries generally operate free of rate and form regulation. This establishes meaningful discretion within that scope, subject to competition; equivalent freedom is not established for all admitted business.","evidenceIds":["q17","q384","q402"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":3,"rationale":"Actual 2025 distributions of approximately 54.5% of net income accompanied 16.4% reported book value per share growth. Positive first-half operating cash generation and continued 2026 distributions support discipline. September equity declined from year-end, and repurchase value creation is unestablished.","evidenceIds":["q964","q662","q2310","q2325"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual disclosed group ownership of 25.1%, mandatory deferral of vested RSUs, overlapping performance periods and below-maximum cash incentive payouts support alignment. Concentrated influence and compensation discretion remain qualifications; potential awards are not treated as earned.","evidenceIds":["q832","q1169","q1055","q725"]},{"criterion":"execution","grade":3,"rationale":"Four consecutive years above 20% return on beginning equity, profitable underwriting in both segments and higher nine-month 2026 net income demonstrate strong execution. Quarterly net income declined, lower catastrophe losses helped the year-to-date comparison, and casualty reserve deterioration remains a realized weakness.","evidenceIds":["q813","q618","q2290","q2318","q698"]},{"criterion":"governance","grade":2,"rationale":"April disclosures establish majority independence and co-lead independent oversight; completed voting results establish shareholder participation. July signatures show combined chairman, CEO and president roles, superseding the earlier separate-role description. Substantial insider ownership concentrates influence, and oversight effectiveness is not independently established.","evidenceIds":["q830","q832","q660","q2347"]}]}],"financialAssessments":[{"category":"financial_strength","checks":[{"criterion":"capital_adequacy","grade":3,"rationale":"BIC reported $9.7 billion of Total Adjusted Capital at December 2025, equal to 397% of RBC Authorized Control Level, against the disclosed general 200% no-remedial-action threshold. This demonstrates strong subsidiary capital at that date. September common equity was $9.61 billion, but no updated subsidiary or group regulatory ratio is supplied.","evidenceIds":["q289","q288","q2325"]},{"criterion":"liquidity_funding","grade":3,"rationale":"June consolidated cash of $2.607 billion, substantial fixed maturities and $1.468 billion of first-half operating cash generation support claims funding. Parent reliance on regulated subsidiary dividends limits liquidity fungibility. September invested assets remain substantial, but updated cash and parent liquidity details are absent.","evidenceIds":["q538","q662","q59","q60","q2325"]},{"criterion":"asset_liability_risk","grade":2,"rationale":"A predominantly fixed-maturity portfolio and 3.2-year duration support funding management without proving a precise liability match. June reinsurance recoverables of $3.644 billion, a $434 million reserve discount, adverse casualty development and alternative investments create estimation, counterparty and market exposures. Aggregate first-half development was modestly favorable after premium adjustments, while nine-month investment losses demonstrate volatility.","evidenceIds":["q626","q624","q538","q582","q697","q698","q2319"]},{"criterion":"earnings_resilience","grade":3,"rationale":"The four-year return record, profitable annual and nine-month underwriting, and nine-month net income growth demonstrate resilience. Third-quarter net income declined, catastrophe comparisons aided year-to-date underwriting, and investment losses and casualty deterioration show continuing volatility.","evidenceIds":["q813","q2263","q2290","q2315","q2318","q2319","q698"]}]},{"category":"capital_allocation","checks":[{"criterion":"capital_efficiency","grade":3,"rationale":"Reported 2025 return was 21.2%, the fourth consecutive year above 20%; nine-month 2026 annualized return was 19.4%. These are net income returns on beginning common stockholders' equity, rather than average equity, statutory capital or total invested capital. The record supports strong efficiency without exceptional demonstrated durability.","evidenceIds":["q813","q1016","q2290","q2291"]},{"criterion":"distributions_and_buffers","grade":2,"rationale":"Approximately $728.6 million was returned year-to-date against $1.413 billion of net income. September common equity was below December's level, although reported book value per share was slightly higher. December BIC regulatory capital was strong, but no post-distribution September solvency ratio or complete equity reconciliation is supplied.","evidenceIds":["q2310","q2290","q2325","q289","q288"]},{"criterion":"dilution_and_cost","grade":2,"rationale":"Reported outstanding shares declined from 377.156 million at year-end to 371.448 million in September, alongside actual repurchases; debt balances were broadly stable. First-half stock incentive expense was $29 million. Vested deferred shares already included in basic EPS are not all incremental future dilution, and the passages do not establish buyback value creation.","evidenceIds":["q2325","q2310","q662","q725"]},{"criterion":"investment_discipline","grade":2,"rationale":"Developing 53 of 60 businesses internally and positive investment-fund income support an operating reinvestment process. Real estate development and further funding plans continue, while nine-month investment losses and absent lifetime returns on ventures and alternative investments limit conclusions about risk-adjusted allocation outcomes.","evidenceIds":["q494","q545","q550","q627","q2318","q2319"]}]}],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-7","financialAssessmentPolicy":"financial-industry-1","financialSector":"insurance","basisHash":"3143e85693b5a1b42d241f49f524e80843fc5401103108c153d6b239019c0b68","updatedAt":"2026-10-19T20:54:45.041Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/11544/000001154426000005/wrb-20251231.htm","publishedAt":"2026-02-27","sha256":"2c2974e8704dbac3e6fc1a55c5973ebe96b1cea85fe4dec82f96b63814a4a4e6","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/11544/000001154426000036/wrb-20260630.htm","publishedAt":"2026-07-31","sha256":"5ac091d19b5bd6e51f4352a6d4cbdda4717e54e8f2fd449c09cc9a1d1fd329ed","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/11544/000119312526170583/d82252ddef14a.htm","publishedAt":"2026-04-22","sha256":"1d295d0f6a61cb77d26c9e930cd6dd67d4412c4b28ab810429b58c37aa1b3e72","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/11544/000001154425000005/wrb-20241231.htm","publishedAt":"2025-02-24","sha256":"6ee4bf611eeb1ff6b09464db5f368025294212c9f9b6d0f7c830733f97a2d89d","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/11544/000001154424000005/wrb-20231231.htm","publishedAt":"2024-02-23","sha256":"963673fbc90723a7855f5dfe4ca74cdde21a5a3e05083ab3c7510069b41719b8","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/11544/000001154426000011/wrb-20260331.htm","publishedAt":"2026-05-01","sha256":"1bdfd64d67d46e86600c2b2decef5e5a58fc6a2589042eb4bfd87574afa0c6f0","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/11544/000001154426000033/wrb63020268-kex991.htm","publishedAt":"2026-07-20","sha256":"6aa0200ddf8433fa302a2309800e7844559337cc53fdf88c2f4008ebc22ae0a4","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/11544/000001154426000008/wrb33120268-kex991.htm","publishedAt":"2026-04-21","sha256":"d8711bd586206f5cf3a98df2707bf4e9147faae20e4aa775631cd77db5fcd648","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/11544/000001154426000003/wrb123120258-kex991.htm","publishedAt":"2026-01-26","sha256":"c59c10b1bc2fecdfe46dbc538b858db5de062a4da75530de07fe375576fa7e77","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-10","url":"https://www.sec.gov/Archives/edgar/data/11544/000001154426000046/wrb93020268-kex991.htm","publishedAt":"2026-10-19","sha256":"a450a7a503d7d715f1222883efba3cf52a1987d6dad27fd7ca89881a8c468a61","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-11","url":"https://www.sec.gov/Archives/edgar/data/11544/000001154426000030/wrb-20260626.htm","publishedAt":"2026-06-26","sha256":"1af8b93e79d6c049cfce52268b8cf27f2809b0cfcbfcaf963b7a0791adfc141a","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-12","url":"https://www.sec.gov/Archives/edgar/data/11544/000001154426000013/wrb-20260603.htm","publishedAt":"2026-06-05","sha256":"fe39225b810a1381fec0ba422f3a86ddc8182578ec282b000a0e0a625804bb4a","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-13","url":"https://www.sec.gov/Archives/edgar/data/1067983/000119312526083899/brka-20251231.htm","publishedAt":"2026-03-02","sha256":"c514e87d668db2538659307babd2528d60396f5b2dd5fe2b6a7c8c626dccb1f4","citationPolicy":"numeric-lines-1","dateKind":"filed","label":"Berkshire Hathaway Inc. annual report: competitor disclosure for comparison only. 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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.","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.","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.","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.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are 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":"Reported borrowing balances 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":0.44249321116672286},"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.","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.","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.","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.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are 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":"Reported borrowing balances 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":0.4199972033127403},"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.","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.","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.","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.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are 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":"Reported borrowing balances 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":0.39872416479161726},"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.","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.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is 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statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are 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":"Reported borrowing balances 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":0.37071344728966615},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported 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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.","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 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