NYSE: EG · Reinsurance
Everest Group
Everest Group is a Bermuda-based reinsurer and insurer offering property, casualty and specialty coverage. 2025 gross written premiums were $17.7 billion, total revenues $17.5 billion and net income $1.59 billion. Reinsurance produced an underwriting gain of $972 million, while Insurance lost $541 million after reserve strengthening in U.S. casualty lines. In October 2025 Everest agreed to sell the renewal rights for much of its commercial retail insurance business to AIG and bought $1.2 billion of adverse development cover. From 2026 it reports three segments: Reinsurance Treaty, Global Wholesale & Specialty, and Legacy. In Q2 2026 net income was $559 million, and Everest bought back $395 million of stock.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 18, 2026 04:53 (SEC EDGAR) · Source 10-K filed: February 26, 2026
Built on10-K FY2025 · filed 2026-02-2610-Q (quarter ended 2026-09-30) · filed 2026-10-30
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 12.8%
- Net marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 9.1%
- Return on equityROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- 10.8%
- Equity ratioEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 24.7%
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.93x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 4 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 9.2x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.57
Higher than 73% of 44 financial companies
Average yearly growth over the years shown
Higher than 18% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 33% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 76% of 45 financial companies
Equity ÷ total assets
Higher than 70% of 44 financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$414.08close on 2026-11-04
Market cap$17.43B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 9.2x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.0x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- —
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.9%
At FY2025 year-end: 9.0x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.6x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 0.0%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$4.32B → $3.71B (vs. a year earlier)↓ −14.0%$4.32B → $3.71B (vs. a year earlier)
- Net income$255M → $233M (vs. a year earlier)↓ −8.6%$255M → $233M (vs. a year earlier)
- Diluted EPS$6.09 → $6.12 (vs. a year earlier)→ +0.5%$6.09 → $6.12 (vs. a year earlier)
- Cash$1.12B → $987M (vs. previous quarter-end)↓ −11.6%$1.12B → $987M (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 28, 2026.
Key changes
Core gross written premium $3.7B, down 4.0%. Source sentence
$3.7 billion in gross written premium from Core businesses, a year-over-year decrease of 4.0%, which includes a 6.2% decrease for Reinsurance Treaty and a 3.2% increase for Global Wholesale & Specialty on a comparable basis
About $268M of net unfavorable reserve development. Source sentence
Net unfavorable reserve development of approximately $268 million in prior year loss reserves, resulting in an increase of 8.5 points on the Group combined ratio
Repurchased $474M of shares. Source sentence
Repurchased $474 million of Common Shares During the Quarter
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- EVEREST GROUP, LTD.
- Headquarters
- HAMILTON, Bermuda
- Incorporated in
- Bermuda
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: EG
- Industry
- Reinsurance
- CIK
- 1095073
Workforce (as of FY2025 year-end)
Employees
3,064
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 34–38 days after quarter end (Feb 4, 2026; Feb 3, 2025; Feb 7, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 27–38 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 28, 2026 (+28 days) | Oct 30, 2026 10-Q (+30 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 29, 2026 (+29 days) | Aug 3, 2026 10-Q (+34 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 29, 2026 (+29 days) | May 5, 2026 10-Q (+35 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 4, 2026 (+35 days) | Feb 26, 2026 10-K (+57 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 27, 2025 (+27 days) | Oct 31, 2025 10-Q (+31 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 30, 2025 (+30 days) | Aug 1, 2025 10-Q (+32 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 30, 2025 (+30 days) | May 2, 2025 10-Q (+32 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 3, 2025 (+34 days) | Feb 27, 2025 10-K (+58 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 30, 2024 (+30 days) | Nov 5, 2024 10-Q (+36 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 31, 2024 (+31 days) | Aug 2, 2024 10-Q (+33 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 29, 2024 (+29 days) | May 3, 2024 10-Q (+33 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 7, 2024 (+38 days) | Feb 28, 2024 10-K (+59 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Reinsurance
Property, casualty and specialty reinsurance
Insurance
Specialty and wholesale insurance
Commercial retail renewal rights sold to AIG in 2025.
From the FY2025 Form 10-K.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for the company's products or services.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
Recent developments.
Q3 2026
Net income $233M ($6.12 per diluted share). Everest strengthened casualty reinsurance reserves: about $268M of net unfavorable prior-year development added 8.5 points to the combined ratio, which was 105.8% for Core businesses (108.5% in Reinsurance Treaty); net investment income was $634M.
Source: Q3 2026 earnings release
Canada sale
Agreed in March 2026 to sell Everest Insurance Company of Canada (Canadian retail insurance) to Wawanesa for CAD 410M.
Source: 8-K filed 2026-03-23
Segment change
New reportable segments from January 1, 2026; the 2025 10-K was recast in June 2026.
Source: 8-K filed 2026-06-03
CFO change
Elias Habayeb, formerly CFO of Corebridge Financial, became CFO around May 1, 2026, succeeding Mark Kociancic.
Source: 8-K filed 2025-11-20
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Total revenue (FY2025)
$17.5B
As reported in the 10-K
Revenue CAGR (5 years)
+12.8%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($17,496M ÷ $9,598M) ^ (1÷5) − 1 = 12.8%
termsCAGR · ^ (exponent) · Revenue (net sales)
ROE (FY2025)
10.8%▲favorable
6-year average: 11.6%
As reported in the 10-K
- ▲
Revenue grew +12.8% a year over 5 years (strong growth)
From $9.6B in FY2020 to $17.5B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
ROE averaged 11.6% over 6 years (latest: 10.8%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- AIG
- State National Insurance and MS Transverse Insurance (Longtail Re, Stone Ridge Capital affiliate)
- Longtail Re (Stone Ridge Capital affiliate) (supplier)
07 · what it does
Key activities
- Underwriting, claims management, investing
06 · what it draws on
Key resources
- Capital (shareholders' equity $15.5B)
- Brokers and agents
02 · why customers buy
Value propositions
- Reinsurance and specialty insurance; competes on financial strength, product range, brand and duration of relationships.
04 · how it keeps them
Customer relationships
- Treaty and policy renewals with cedents and brokers.
03 · how it reaches them
Channels
- Reinsurance through brokers and directly; insurance written directly and through brokers, surplus lines and general agents.
01 · who it serves
Customer segments
- Insurance companies (cedents) and commercial insureds
09 · where money goes
Cost structure
FY2025, share of revenue ($17.5B)
- Operating expenses (as reported)89.2%
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Premiums earned $15.56B
- Net investment income $2.12B (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Takes on insurance risk from other insurers (reinsurance) and writes specialty and wholesale insurance. It earns premiums and invests the float.
01 what it draws on
Inputs & resources
- Capital (shareholders' equity $15.5B)
- Brokers and agents
02 what it does
Activities
- Underwriting, claims management, investing
03 who it serves
Customers
- Insurance companies (cedents) and commercial insureds
04 how money comes in
How it earns
- Premiums earned $15.56B
- Net investment income $2.12B (2025)
How the business makes money
- Reinsurance combined ratio of 91.7% in 2025.
- Its insurance subsidiaries are rated A+ (Superior) by A.M. Best.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Everest is subject to sanctions and anti-bribery laws.
Trade & export rules
Sanctions and anti-corruption laws
Subject to sanctions and foreign corrupt practices laws.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Reinsurance
11,732 (75%)profit 972 · margin 8.3%
Insurance
3,718 (24%)profit -541 · margin -14.6%
Other
111 (1%)profit -220 · margin -198.2%
Source: Form 10-K (FY2025) — segment underwriting results Revenue is premiums earned; profit is underwriting gain (loss). From 2026 the segments are Reinsurance Treaty, Global Wholesale & Specialty, and Legacy (8-K filed 2026-06-03).
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Business partnership
AIG
Agreed in October 2025 to sell renewal rights for certain commercial retail insurance lines in the U.S., U.K. and Asia Pacific for $252M, and in certain EU countries for $49M. AIG also paid $30M for originating and structuring the deal.
Source: Form 10-K (FY2025)
Business partnership
State National Insurance and MS Transverse Insurance (Longtail Re, Stone Ridge Capital affiliate)
Adverse development reinsurance covering accident years 2024 and prior for most North American Insurance and Other segment liabilities, up to a gross limit of $1.2B (effective October 1, 2025).
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Insurance companies (cedents) and commercial insureds, mostly through brokers.
Named by the company
No customer is named.
Suppliers
Retrocessional reinsurers and capital providers.
Named by the company
- Longtail Re (Stone Ridge Capital affiliate) — Supports the adverse development cover on a retrocessional basis.Form 10-K (FY2025)
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K says it competes with U.S., Bermuda, European and other international reinsurers and insurers, plus alternative risk providers such as captives, catastrophe bonds and pools, without naming them.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
2025 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
P&C, reinsurance and multi-line insurers of similar size and global footprint; Old Republic, American Financial Group and Travelers were added in 2025.
- American International Group (AIG)site ↗
- Cincinnati Financialsite ↗
- Old Republic Internationalsite ↗
- American Financial Groupsite ↗
- CNA Financialsite ↗
- RenaissanceResite ↗
- Arch Capital Groupsite ↗
- The Hanover Insurance Groupsite ↗
- Travelerssite ↗
- AXIS Capitalsite ↗
- The Hartfordsite ↗
- W. R. Berkleysite ↗
- Chubbsite ↗
- Markel Groupsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Total revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 9,598 | 11,866 | 12,060 | 14,587 | 17,281 | 17,496 |
| Pretax income | 585 | 1,546 | 588 | 2,154 | 1,493 | 1,887 |
| Net income (attributable) | 514 | 1,379 | 597 | 2,517 | 1,373 | 1,591 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 23.6% | 1.6% | 21.0% | 18.5% | 1.2% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 5.4% | 11.6% | 5.0% | 17.3% | 7.9% | 9.1% |
| Balance sheet ($M) | ||||||
| Total assets | 32,712 | 38,185 | 39,966 | 49,399 | 56,341 | 62,514 |
| Total equity | 9,726 | 10,139 | 8,441 | 13,202 | 13,875 | 15,461 |
| Equity ratio | 29.7% | 26.6% | 21.1% | 26.7% | 24.6% | 24.7% |
| ROE | 5.3% | 13.9% | 6.4% | 23.3% | 10.1% | 10.8% |
| Cash flow ($M) | ||||||
| Operating CF | 2,874 | 3,833 | 3,695 | 4,553 | 4,957 | 3,068 |
| Investing CF | -3,683 | -3,869 | -3,418 | -5,902 | -4,478 | -2,096 |
| Financing CF | 800 | 674 | -359 | 1,409 | -383 | -1,175 |
| Cash and equivalents | 802 | 1,441 | 1,398 | 1,437 | 1,549 | 1,318 |
| Per share & other | ||||||
| EPS ($) | 12.78 | 34.62 | 15.19 | 60.19 | 31.78 | 37.80 |
| BVPS ($) | 139.70 | 145.26 | 120.76 | 177.92 | 186.74 | 207.81 |
| Dividend per share ($) | 6.20 | 6.20 | 6.50 | 6.80 | 7.75 | 8.00 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 48.5% | 17.9% | 42.8% | 11.3% | 24.4% | 21.2% |
| P/E (x) | 18.3 | 7.9 | 21.8 | 5.9 | 11.4 | 9.0 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.68 | 1.89 | 2.74 | 1.99 | 1.94 | 1.63 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $3.71B-14.0% | $233M-8.6% | $6.12 |
| 2026-06-30 | $3.96B-11.8% | $559M-17.8% | $14.22 |
| 2026-03-31 | $4.07B-4.6% | $653M+211.0% | $16.21 |
| 2025-12-31 † | $4.42B-4.6% | $446M | — |
| 2025-09-30 | $4.32B | $255M | $6.09 |
| 2025-06-30 | $4.49B | $680M | $16.10 |
| 2025-03-31 | $4.26B | $210M | $4.90 |
| 2024-12-31 † | $4.64B | −$593M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Measures that fit this businessFrom SEC data
ROIC and free cash flow don’t suit an insurer, so these are the usual yardsticks instead.
| Measure | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Return on equityNet income ÷ stockholders’ equity. | 5.3% | 13.9% | 6.4% | 23.3% | 10.1% | 10.8% |
| Premiums earned growthChange from the prior year. | — | 19.9% | 13.3% | 14.0% | 13.0% | 2.5% |
| Claims and benefits ÷ premiums earnedNot a combined ratio: underwriting expenses are excluded, and life insurers’ benefits run higher by design. | 75.5% | 71.0% | 68.7% | 62.7% | 74.4% | 69.8% |
| Equity ÷ total assetsThe accounting cushion. Regulatory capital ratios are listed separately above when the filing states them. | 29.7% | 26.6% | 21.1% | 26.7% | 24.6% | 24.7% |
Computed from SEC XBRL figures. A dash means the company doesn’t tag that figure or the result fell outside a plausible range. Tagging differs between filers, so check the filing before comparing two companies closely.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Banks, insurers, and similar financial companies aren’t compared this way, since deposits/policies are the business itself and debt can’t be cleanly separated from operating capital.
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not applied to banks, insurers, and similar financial companies: their operating cash flow includes deposits or premiums held for customers, so it isn’t free cash flow available to investors.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
Financial companies’ operating cash flow behaves differently from an operating company’s, so this analysis doesn’t apply.
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 100%+
- Directors & officers (shares)
- 0.7%
- Everyone else (est.)
- ≈0%
- Directors & officers (voting power)
- 0.7%
- Institutional-ownership rank
- 52 of 416
- Beta (adjusted)
- 0.57
Reported total 101.5%
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 12% of covered companies have more
above 1 = swings more than the market
- 38.9M shares reported by 689 13F filers ÷ 38.3M shares outstanding on 2026-07-27. Option positions are excluded.
- The 13F total exceeds shares outstanding because some shares are reported twice — for example shares lent to short sellers and then bought by another manager, or holdings that overlapping managers both report.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-10 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-27)
20
Strengths & weaknessesSite analysis
Strengths
1. Profitable reinsurance
Reinsurance underwriting gain of $972M (combined ratio 91.7%) in 2025.
Evidence: Form 10-K (FY2025)
2. Growing investment income
Net investment income rose from $1.43B (2023) to $2.12B (2025).
Evidence: Form 10-K (FY2025)
3. Capital return
$395M of share repurchases in Q2 2026 and $474M in Q3 2026; management calls buybacks a top priority.
Evidence: Q2 and Q3 2026 earnings releases
Weaknesses
1. Casualty reserve strengthening
$751M of unfavorable prior-year attritional development in 2025, mostly U.S. casualty in Insurance.
Evidence: Form 10-K (FY2025)
2. Insurance losses
Insurance combined ratio of 114.6% in 2025 (130.7% in 2024).
Evidence: Form 10-K (FY2025)
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
9.0x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
2.36%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
21%
Dividends per share ÷ diluted EPS
1. Low P/E and growing book value
P/E of about 9 in 2025; book value per share rose from $139.70 (2020) to $207.81 (2025).
- What has to hold
- Underwriting stays profitable.
- The other side
- Catastrophe and reserve risk.
Evidence: SEC EDGAR XBRL
2. Dividend
$8.00 per share in 2025, up from $6.20 in 2020.
- What has to hold
- Earnings hold up.
- The other side
- Earnings are volatile.
Evidence: SEC EDGAR XBRL
As an insurer, Everest has no operating income, ROIC or WACC on this site; revenue is total revenues (premiums plus investment results). Debt and interest are not tagged in comparable form and are left blank.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
For an insurer or bank, debt-coverage ratios like these don’t describe its ability to absorb losses — that depends on its capital, reserves, and investment portfolio, which are covered in part 3 below.
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Net income | -56.7% in FY2022 ($1.38B → $597M) | Yes, by FY2023 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Capital
Shareholders' equity of $15.5B at the end of 2025.
Source: SEC EDGAR XBRL
Reserve protection
$1.2B adverse development cover on North American insurance reserves.
Source: Form 10-K (FY2025)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Everest reports disputes, arbitrations and litigation over its insurance and reinsurance agreements, which it considers in its loss reserves. In October 2026 shareholders filed a securities class action over its past statements on U.S. casualty reserves.
1 open matter (1 flagged as major)
Securities class action over U.S. casualty reserves
PendingClass actionMajorPurported shareholders v. Everest Group and current and former officers (S.D.N.Y.)
Filed October 28, 2026 for purchasers from February 8, 2024 to October 27, 2025, alleging false or misleading statements about Everest's U.S. casualty business, underwriting, pricing, loss development and reserves under Sections 10(b) and 20(a).
- Amounts
- Unspecified damages.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Disaster
Catastrophe losses
- Company disclosure (summarized from the 10-K)
- Catastrophic events and losses from catastrophe exposure that exceed projections are listed risks.
- Company’s stated mitigation
- The 10-K says it monitors its business mix to avoid unacceptable concentrations.
- This site’s assessment
- Impact High / Likelihood Med
- 2Demand & macro
Reserve adequacy
- Company disclosure (summarized from the 10-K)
- Further adverse development in casualty lines is a risk.
- Company’s stated mitigation
- $1.2B adverse development cover.
- This site’s assessment
- Impact High / Likelihood Med
- 3Competition & technology shift
Competitive markets
- Company disclosure (summarized from the 10-K)
- The global reinsurance and insurance markets are highly competitive and mature, including alternative risk providers.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4M&A & integration
Strategic transactions
- Company disclosure (summarized from the 10-K)
- Its ability to execute divestitures, such as the renewal-rights sale, is a listed risk.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
We purchase prospective reinsurance for our insurance and reinsurance operations in order to mitigate the volatility of losses on our financial results. Read more
From time to time, market conditions have limited, and in some cases have prevented, insurers and reinsurers from obtaining the types and amounts of reinsurance that they consider adequate for their business needs. There is no guarantee that our desired amounts of reinsurance or retrocessional reinsurance will be available in the marketplace in the future. In the current environment, our ability to renew our current reinsurance or retrocessional reinsurance arrangements or obtain desired amounts of new or replacement coverage on favorable terms may be substantially reduced as a result of the impact of inflation, industry catastrophic losses to reinsurer capital and the appetite for certain lines of business. In addition to capacity…
If we are unable to or choose not to renew our current reinsurance or retrocessional reinsurance or purchase new or replacement coverage on favorable terms or at all, the amount of business we are willing to write may be limited or our protection from losses due to large loss events may be materially reduced and our net income could be materially reduced.
Moreover, certain states have enacted laws that require a property and casualty insurer to participate in assigned risk plans, reinsurance facilities, joint underwriting associations and other residual market plans. Read more
U.S. state regulators also require that admitted insurers offer property and casualty coverage to all risks in that market and often restrict an insurer’s ability to charge the price it might otherwise charge or restrict an insurer’s ability to offer or enforce specific policy deductibles. In these markets, we may be compelled to underwrite business at lower than desired rates or accept additional risk not contemplated in our existing rates, participate in the operating losses of residual market plans or pay assessments to fund operating deficits of state-sponsored funds, which could lead to lower than anticipated profitability.
The global economic environment continues to be impacted by fiscal or monetary policies; Read more
uncertainty concerning the future path of interest rates; the effect of social, economic and political conditions and geopolitical events, supply chain disruptions; the implementation of tariffs and other protectionist trade policies; and the possibility of a recession, government shutdowns, debt ceilings and funding. Ongoing global economic uncertainties and evolving market conditions may affect our results of operations, financial condition and capital resources.
Analytical models used in decision making and estimates, assumptions and valuations in these models could vary materially from actual results, which could have an adverse impact on the financial condition, results of operations and cash flows of the Company.
Recent technological advancements in the insurance industry and information technology industry including in underwriting, claims, distribution and operations present new and fast-evolving competitive risks as participants seek to increase the speed of transactions, lower costs and create new opportunities. We will be at a competitive disadvantage if, over time, our competitors are more effective than us in their utilization of technology and evolving data analytics. If we do not anticipate or keep pace with these technological and other changes impacting the insurance industry, it could adversely affect our business results of operations and financial condition.
Business or asset acquisitions and dispositions may expose us to certain risks.
The completion of any business or asset acquisition or sale is subject to certain risks, including those relating to the receipt of required regulatory approvals, the terms and conditions of regulatory approvals including any financial accommodations required by regulators, our ability to satisfy such terms, conditions and accommodations, the occurrence of any event, change or other circumstances that could give rise to the termination of a transaction and the risk that parties may not be willing or able to satisfy the conditions to a transaction. As a result, there can be no assurance that any business or asset acquisition or sale will be completed as contemplated, or at all, or regarding the expected timing of the completion of the acquisition or disposition. Additionally, acquisitions and divestitures may not produce the anticipated benefits and may result in unintended consequences,…
No longer in the text (2)
We are generally less reliant on the purchase of reinsurance than many of our competitors, in part because of our strategic emphasis on underwriting discipline and management of the cycles inherent in our business. Read more
We try to separate our risk-taking process from our risk mitigation process to avoid developing too great a reliance on reinsurance. With the expansion of the capital markets into insurance linked financial instruments, we increased our use of capital market products for catastrophe reinsurance. In addition, we have increased some of our quota share contracts with larger retrocessionaires. The percentage of business that we reinsure may vary considerably from year to year, depending on our view of the relationship between cost and expected benefit for the contract period.
In January 2025, James Williamson, Executive Vice President and Chief Operating Officer, was appointed President and CEO and member of the Board of Directors after the departure of our former President and CEO, Juan Andrade.
8 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 26, 2026 ↗ with the 10-K filed Feb 27, 2025 ↗.
26
What to watch going forwardSite analysis
- Results under the new segments (Reinsurance Treaty, Global Wholesale & Specialty, Legacy).
- Closing of the Everest Canada sale to Wawanesa (CAD 410M).
- Casualty reserve development.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 18, 2026 04:53 (SEC EDGAR) · Source 10-K filed: February 26, 2026
Built on10-K FY2025 · filed 2026-02-26
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Everest Group’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.