A Business at a Glance
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TRAVELERS COMPANIES, INC.
TRV
$88.1B
Mkt Cap
$387.26
+2.89%
TRAVELERS COMPANIES, INC. (TRV) has a current P/E ratio of 14.1, compared to its historical median P/E of 11.5. The stock is currently considered Expensive based on its historical valuation range.
TRAVELERS COMPANIES, INC. (TRV) has a 5-year average return on invested capital (ROIC) of 15.2%. This indicates strong capital allocation and a potential competitive advantage.
TRAVELERS COMPANIES, INC. (TRV) has a market capitalization of $82.3B. It is classified as a large-cap stock.
Yes, TRAVELERS COMPANIES, INC. (TRV) pays a dividend with a trailing twelve-month yield of 1.19%. The company also returns capital through share buybacks, with a buyback yield of 5.51%.
Based on historical P/E analysis, TRAVELERS COMPANIES, INC. (TRV) appears expensive. The current P/E of 14.1 is 23% above its historical median of 11.5. The estimated fair value CAGR (P/E method) is 10.8%.
TRAVELERS COMPANIES, INC. (TRV) operates in the Fire, Marine & Casualty Insurance industry, within the Financials sector.
The Travelers Companies is a holding company providing a broad range of commercial and personal property and casualty insurance products and services to businesses, government units, associations, and individuals, primarily in the United States and internationally. The company operates through three main segments: Business Insurance, which serves small to large enterprises through independent agents and brokers with products including commercial multi-peril, workers' compensation, commercial automobile, general liability, and commercial property, as well as specialized offerings in marine, surety, and management liability; Personal Insurance, which offers auto and homeowners coverage to individuals; and Bond & Specialty Insurance, which provides fidelity, surety, and other specialty products. The company's business model is built on disciplined underwriting and risk management emphasizing profitable growth over premium volume, with pricing developed based on expected losses, operating expenses, time value of money, and reasonable profit margins reflecting required capital. Distribution occurs through thousands of independent agents and brokers supported by field offices and customer service centers, supplemented by direct-to-consumer and digital platforms, with the company competing on factors including pricing ability, product customization, agent relationships, technology capabilities, data analytics, claims speed, customer experience, financial strength ratings, and geographic scope. The company maintains significant exposure to catastrophe risk through its property insurance operations, which it manages through underwriting actions, reinsurance arrangements, and proprietary modeling processes, while also offering alternative risk protection products including large deductible programs and self-insurance arrangements.
【Strong capital deployment momentum】 Management remains highly confident in the outlook for 2026 and beyond, supported by a strong financial position and continued premium growth across all three segments. The company expects to benefit from strategic investments in artificial intelligence and technology initiatives that are delivering tangible results in product development, underwriting speed, claims handling, and customer service, with early customer adoption exceeding expectations. Fixed income net investment income is projected to grow significantly, with the company expecting approximately $3.3 billion after-tax for 2026, nearly double the amount delivered five years prior, while the expense ratio is expected to remain around 28.5% as the company continues to harvest efficiencies from technology investments. Capital management priorities include maintaining disciplined share repurchases, increasing the quarterly dividend, and potentially issuing debt annually as the company grows, with the company now carrying excess capital on the balance sheet that it intends to deploy to shareholders.
| Metric | Target | Period |
|---|---|---|
| Expense ratio | right around 28.5% | FY2026 |
| Fixed income NII by quarter (after-tax) | $800 million in Q1, growing to approximately $870 million in Q4 | FY2026 |
Expense ratio (FY2026): “Continue to expect the expense ratio for 2026 to be right around 28.5%.”
Fixed income NII by quarter (after-tax) (FY2026): “we expect approximately $3.3 billion after-tax, beginning with about $800 million in the Q1 and growing to about $870 million in the Q4”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 48.9B | 48.8B | 46.4B | 41.4B | 36.9B | 34.8B |
| Net Income | 7.5B | 6.2B | 5.0B | 3.0B | 2.8B | 3.6B |
| EPS | $34.44 | $27.43 | $21.47 | $12.79 | $11.77 | $14.49 |
| Free Cash Flow | 11.4B | 10.6B | 9.0B | 7.6B | 6.4B | 7.2B |
| ROIC | 0.0% | 20.5% | 18.8% | 12.8% | 11.2% | 12.5% |
| Gross Margin | - | 16.0% | 13.3% | 8.1% | 9.1% | 12.8% |
| Debt/Equity | 0.00 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 |
| Dividends/Share | $4.59 | $4.30 | $4.12 | $3.91 | $3.65 | $3.46 |
| Operating Income | 0 | 7.8B | 6.2B | 3.4B | 3.4B | 4.5B |
| Operating Margin | 0.0% | 16.0% | 13.3% | 8.1% | 9.1% | 12.8% |
| ROE | 23.6% | 20.5% | 18.8% | 12.8% | 11.2% | 12.5% |
| Shares Outstanding | 213M | 228M | 231M | 232M | 240M | 251M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 27.2B | 26.8B | 27.6B | 28.9B | 30.3B | 31.6B | 32.0B | 34.8B | 36.9B | 41.4B | 46.4B | 48.8B | 48.9B |
| Gross Margin | 18.7% | 17.7% | 14.7% | 9.4% | 9.8% | 9.9% | 10.1% | 12.8% | 9.1% | 8.1% | 13.3% | 16.0% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 4.0B | 4.1B | 4.2B | 4.2B | 4.3B | 4.4B | 4.5B | 4.7B | 4.8B | 5.2B | 5.8B | 6.1B | 6.2B |
| EBIT | 3.6B | 4.7B | 4.1B | 2.7B | 3.0B | 3.1B | 3.2B | 4.5B | 3.4B | 3.4B | 6.2B | 7.8B | 0 |
| Op. Margin | 13.4% | 17.7% | 14.7% | 9.4% | 9.8% | 9.9% | 10.1% | 12.8% | 9.1% | 8.1% | 13.3% | 16.0% | 0.0% |
| Net Income | 3.7B | 3.4B | 3.0B | 2.0B | 2.5B | 2.6B | 2.7B | 3.6B | 2.8B | 3.0B | 5.0B | 6.2B | 7.5B |
| Net Margin | 13.5% | 12.7% | 10.8% | 7.1% | 8.3% | 8.2% | 8.4% | 10.4% | 7.7% | 7.2% | 10.7% | 12.8% | 15.4% |
| Non-Recurring | 0 | 54M | 40M | 13M | 1.0M | 3.0M | 0 | 0 | 12M | 9.0M | 5.0M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 11.9% | 12.5% | 12.6% | 8.5% | 10.5% | 10.4% | 9.6% | 12.5% | 11.2% | 12.8% | 18.8% | 20.5% | 0.0% |
| ROE | 14.8% | 14.1% | 12.8% | 8.7% | 10.7% | 10.7% | 9.7% | 12.5% | 11.2% | 12.8% | 18.8% | 20.5% | 23.6% |
| ROA | 3.5% | 3.4% | 3.0% | 2.0% | 2.4% | 2.4% | 2.4% | 3.1% | 2.4% | 2.5% | 3.8% | 4.5% | 5.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 3.7B | 3.4B | 4.5B | 4.1B | 4.4B | 5.2B | 6.5B | 7.3B | 6.5B | 7.7B | 9.1B | 10.6B | 11.4B |
| Free Cash Flow | 3.6B | 3.3B | 4.4B | 4.1B | 4.3B | 5.1B | 6.4B | 7.2B | 6.4B | 7.6B | 9.0B | 10.6B | 11.4B |
| Owner Earnings | 3.6B | 2.5B | 3.6B | 3.3B | 3.5B | 4.4B | 5.6B | 6.2B | 5.6B | 6.8B | 8.2B | 9.8B | 10.5B |
| CapEx | 48M | 123M | 48M | 59M | 74M | 107M | 113M | 28M | 41M | 67M | 48M | 48M | 53M |
| Maint. CapEx | 46M | 818M | 826M | 813M | 803M | 763M | 789M | 870M | 826M | 722M | 715M | 680M | 685M |
| Growth CapEx | 2.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 46M | 818M | 826M | 813M | 803M | 763M | 789M | 870M | 826M | 722M | 715M | 680M | 685M |
| CapEx/OCF | 1.3% | 3.6% | 1.1% | 1.4% | 1.7% | 2.1% | 1.7% | 0.4% | 0.6% | 0.9% | 0.5% | 0.5% | 0.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 729M | 739M | 757M | 785M | 814M | 844M | 861M | 869M | 875M | 908M | 951M | 979M | 976M |
| Dividend Yield | 3.0% | 2.8% | 2.8% | 2.7% | 2.7% | 2.7% | 3.2% | 2.5% | 2.3% | 2.3% | 1.9% | 1.6% | 1.2% |
| Share Buybacks | 3.3B | 3.1B | 2.4B | 1.4B | 1.3B | 1.5B | 625M | 2.2B | 2.0B | 958M | 1.0B | 3.0B | 4.5B |
| Buyback Yield | 11.3% | 10.9% | 8.2% | 4.3% | 4.6% | 4.7% | 1.9% | 5.9% | 4.7% | 2.2% | 1.8% | 4.5% | 5.5% |
| Stock-Based Comp | 58M | 74M | 72M | 62M | 51M | 48M | 148M | 162M | 61M | 214M | 146M | 171M | 248M |
| Debt Repayment | 0 | 400M | 400M | 657M | 600M | 500M | 500M | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -57.4B | -60.0B | -59.7B | -61.8B | -62.6B | -67.4B | -74.5B | -78.4B | -71.8B | -78.3B | -84.2B | -90.1B | -7.3B |
| Cash & Equiv. | 374M | 380M | 307M | 344M | 373M | 494M | 721M | 761M | 799M | 650M | 699M | 842M | 7.3B |
| Long-Term Debt | 5.9B | 400M | 450M | 500M | 500M | 500M | 0 | 0 | 0 | 0 | 0 | 200M | 200M |
| Debt/Equity | 0.26 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.00 |
| Interest Coverage | 9.9 | 12.7 | 11.2 | 7.4 | 8.4 | 9.1 | 9.5 | 13.1 | 9.6 | 9.0 | 15.8 | 18.3 | 18.3 |
| Equity | 24.8B | 23.6B | 23.2B | 23.7B | 22.9B | 25.9B | 29.2B | 28.9B | 21.6B | 24.9B | 27.9B | 32.9B | 32.0B |
| Total Assets | 103.1B | 100.2B | 100.2B | 103.5B | 104.2B | 110.1B | 116.8B | 120.5B | 115.7B | 126.0B | 133.2B | 143.7B | 142.3B |
| Total Liabilities | 78.2B | 76.6B | 77.0B | 79.8B | 81.3B | 84.2B | 87.6B | 91.6B | 94.2B | 101.1B | 105.3B | 110.8B | 110.3B |
| Intangibles | 304M | 279M | 268M | 342M | 345M | 330M | 317M | 306M | 287M | 277M | 360M | 336M | 331M |
| Retained Earnings | 27.3B | 29.9B | 32.2B | 33.5B | 35.2B | 37.0B | 38.8B | 41.6B | 43.5B | 45.6B | 49.6B | 54.9B | 56.4B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 10.70 | 10.88 | 10.28 | 7.33 | 9.28 | 9.92 | 10.52 | 14.49 | 11.77 | 12.79 | 21.47 | 27.43 | 34.44 |
| Owner EPS | 10.48 | 8.10 | 12.27 | 11.75 | 13.07 | 16.75 | 21.93 | 24.88 | 23.26 | 29.19 | 35.54 | 42.87 | 49.44 |
| Book Value | 72.51 | 75.20 | 79.78 | 85.23 | 84.85 | 98.87 | 114.71 | 115.15 | 89.92 | 107.36 | 120.59 | 144.55 | 150.45 |
| Cash Flow/Share | 10.78 | 10.94 | 15.35 | 14.90 | 16.23 | 19.84 | 25.61 | 29.00 | 26.96 | 33.22 | 39.27 | 46.61 | 38.73 |
| Dividends/Share | 2.15 | 2.38 | 2.62 | 2.83 | 3.02 | 3.22 | 3.38 | 3.46 | 3.65 | 3.91 | 4.12 | 4.30 | 4.59 |
| Shares Out. | 342.5M | 313.8M | 291.1M | 278.4M | 269.8M | 262.4M | 254.6M | 250.9M | 239.8M | 232.1M | 231.1M | 227.6M | 212.6M |
| Valuation | |||||||||||||
| P/E Ratio | 7.8 | 8.4 | 9.8 | 15.6 | 11.0 | 12.1 | 12.0 | 10.0 | 15.1 | 14.3 | 11.1 | 10.6 | 11.2 |
| P/FCF | 7.9 | 8.6 | 6.6 | 7.8 | 6.4 | 6.2 | 5.0 | 5.0 | 6.6 | 5.6 | 6.1 | 6.3 | 7.2 |
| EV/EBIT | 6.8 | 6.0 | 7.1 | 10.9 | 9.2 | 9.6 | 9.1 | 8.2 | 12.4 | 12.0 | 8.8 | 8.5 | N/A |
| Price/Book | 1.2 | 1.2 | 1.3 | 1.3 | 1.2 | 1.2 | 1.1 | 1.3 | 2.0 | 1.7 | 2.0 | 2.0 | 2.6 |
| Price/Sales | 0.9 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0.8 | 1.0 | 1.0 | 0.9 | 1.1 | 1.2 | 1.7 |
| FCF Yield | 12.6% | 11.5% | 15.0% | 12.8% | 15.6% | 16.0% | 19.8% | 19.7% | 15.0% | 17.9% | 16.3% | 15.8% | 13.8% |
| Market Cap | 28.9B | 28.8B | 29.4B | 32.0B | 27.7B | 31.8B | 32.3B | 36.7B | 42.9B | 42.8B | 55.3B | 67.0B | 82.3B |
| Avg. Price | 71.57 | 83.69 | 91.98 | 103.75 | 111.38 | 120.99 | 105.20 | 139.82 | 160.12 | 166.59 | 218.86 | 262.91 | 387.26 |
| Year-End Price | 83.76 | 91.15 | 100.32 | 114.05 | 101.74 | 120.43 | 125.89 | 145.32 | 177.73 | 182.96 | 237.54 | 292.12 | 387.26 |
TRAVELERS COMPANIES, INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
TRAVELERS COMPANIES, INC. trades at 14.1x trailing earnings, compared to its 15-year median P/E of 11.5x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 7.9x vs a median of 6.2x. The company's 5-year average ROIC is 15.2% with a gross margin of 11.9%. Total shareholder yield (dividends + buybacks) is 6.7%. At current prices, the estimated annualized return to fair value is +13.1%.
TRAVELERS COMPANIES, INC. (TRV) reported annual revenue of $48.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
TRAVELERS COMPANIES, INC. (TRV) has a net profit margin of 12.8%. This is a healthy margin.
TRAVELERS COMPANIES, INC. (TRV) generated $10.6 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
TRAVELERS COMPANIES, INC. (TRV) has a debt-to-equity ratio of 0.02. This indicates a conservatively financed balance sheet.
TRAVELERS COMPANIES, INC. (TRV) reported earnings per share (EPS) of $27.43 in its most recent fiscal year.
TRAVELERS COMPANIES, INC. (TRV) has a return on equity (ROE) of 20.5%. This indicates the company generates strong returns for shareholders.
TRAVELERS COMPANIES, INC. (TRV) has a 5-year average gross margin of 11.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for TRAVELERS COMPANIES, INC. (TRV), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
TRAVELERS COMPANIES, INC. (TRV) has a book value per share of $144.55, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management remains highly confident in the outlook for 2026 and beyond, supported by a strong financial position and continued premium growth across all three segments. The company expects to benefit from strategic investments in artificial intelligence and technology initiatives that are delivering tangible results in product development, underwriting speed, claims handling, and customer service, with early customer adoption exceeding expectations. Fixed income net investment income is projected to grow significantly, with the company expecting approximately $3.3 billion after-tax for 2026, nearly double the amount delivered five years prior, while the expense ratio is expected to remain around 28.5% as the company continues to harvest efficiencies from technology investments. Capital management priorities include maintaining disciplined share repurchases, increasing the quarterly dividend, and potentially issuing debt annually as the company grows, with the company now carrying excess capital on the balance sheet that it intends to deploy to shareholders.
Based on recent SEC filings and earnings calls, TRAVELERS COMPANIES, INC. (TRV) has provided the following forward guidance: Expense ratio: right around 28.5% (FY2026); Fixed income NII by quarter (after-tax): $800 million in Q1, growing to approximately $870 million in Q4 (FY2026).