NASDAQ: ERIE
Erie Indemnity
Financials · Insurance Agents, Brokers & Service
52-week range
$204.63$320.50
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$10.1B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $5.19B |
| FY2017, ended Dec 31, 2017 | $5.63B |
| FY2018, ended Dec 31, 2018 | $6.16B |
| FY2019, ended Dec 31, 2019 | $7.67B |
| FY2020, ended Dec 31, 2020 | $11.3B |
| FY2021, ended Dec 31, 2021 | $8.90B |
| FY2022, ended Dec 31, 2022 | $11.5B |
| FY2023, ended Dec 31, 2023 | $15.5B |
| FY2024, ended Dec 31, 2024 | $19.0B |
| FY2025, ended Dec 31, 2025 | $13.2B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $10.1B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$4.12B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.60B |
| FY2017, ended Dec 31, 2017 | $1.69B |
| FY2018, ended Dec 31, 2018 | $2.38B |
| FY2019, ended Dec 31, 2019 | $2.48B |
| FY2020, ended Dec 31, 2020 | $2.54B |
| FY2021, ended Dec 31, 2021 | $2.63B |
| FY2022, ended Dec 31, 2022 | $2.84B |
| FY2023, ended Dec 31, 2023 | $3.27B |
| FY2024, ended Dec 31, 2024 | $3.80B |
| FY2025, ended Dec 31, 2025 | $4.07B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $4.12B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $210M | $229M |
| FY2017, ended Dec 31, 2017 | $197M | $168M |
| FY2018, ended Dec 31, 2018 | $288M | $207M |
| FY2019, ended Dec 31, 2019 | $317M | $262M |
| FY2020, ended Dec 31, 2020 | $293M | $287M |
| FY2021, ended Dec 31, 2021 | $298M | $254M |
| FY2022, ended Dec 31, 2022 | $299M | $299M |
| FY2023, ended Dec 31, 2023 | $446M | $289M |
| FY2024, ended Dec 31, 2024 | $600M | $486M |
| FY2025, ended Dec 31, 2025 | $559M | $571M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $576M | $554M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$363M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $189M |
| FY2017, ended Dec 31, 2017 | $216M |
| FY2018, ended Dec 31, 2018 | $266M |
| FY2019, ended Dec 31, 2019 | $337M |
| FY2020, ended Dec 31, 2020 | $161M |
| FY2021, ended Dec 31, 2021 | $184M |
| FY2022, ended Dec 31, 2022 | $142M |
| FY2023, ended Dec 31, 2023 | $144M |
| FY2024, ended Dec 31, 2024 | $298M |
| FY2025, ended Dec 31, 2025 | $346M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $363M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.—
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $24.8M |
| FY2017, ended Dec 31, 2017 | $74.7M |
| FY2018, ended Dec 31, 2018 | $99.7M |
| FY2019, ended Dec 31, 2019 | $97.8M |
| FY2020, ended Dec 31, 2020 | $95.9M |
| FY2021, ended Dec 31, 2021 | $93.8M |
| FY2022, ended Dec 31, 2022 | $0 |
| FY2023, ended Dec 31, 2023 | — |
| FY2024, ended Dec 31, 2024 | — |
| FY2025, ended Dec 31, 2025 | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | — |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 0.0% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.46.2M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 46.2M |
| FY2017, ended Dec 31, 2017 | 46.2M |
| FY2018, ended Dec 31, 2018 | 46.2M |
| FY2019, ended Dec 31, 2019 | 46.2M |
| FY2020, ended Dec 31, 2020 | 46.2M |
| FY2021, ended Dec 31, 2021 | 46.2M |
| FY2022, ended Dec 31, 2022 | 46.2M |
| FY2023, ended Dec 31, 2023 | 46.2M |
| FY2024, ended Dec 31, 2024 | 46.2M |
| FY2025, ended Dec 31, 2025 | 46.2M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 46.2M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.—
Net: —
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| Period | Bought back |
|---|---|
| FY2016, ended Dec 31, 2016 | $0 |
| FY2017, ended Dec 31, 2017 | — |
| FY2018, ended Dec 31, 2018 | — |
| FY2019, ended Dec 31, 2019 | — |
| FY2020, ended Dec 31, 2020 | — |
| FY2021, ended Dec 31, 2021 | — |
| FY2022, ended Dec 31, 2022 | — |
| FY2023, ended Dec 31, 2023 | — |
| FY2024, ended Dec 31, 2024 | — |
| FY2025, ended Dec 31, 2025 | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | — |
Revenue (TTM)
$4.12B
+2.0% YoY
Net income (TTM)
$576M
−11.1% YoY
Cash
$363M
−36.2% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $12.1B
- P/E
- 21.0×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.9×
- Price / Book
- 4.7×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $4.12B
- Revenue Growth YoY
- 2.0%
- Revenue CAGR 3Y
- 12.7%
- Revenue CAGR 5Y
- 9.9%
- EPS Growth YoY
- —. Diluted EPS, TTM vs. TTM a year earlier
- Net Income Growth YoY
- −11.1%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 17.9%
- Net Margin
- 14.0%
- FCF Margin
- 13.4%
- Return on Equity
- 23.7%
Earnings
Trailing 12 months- Net Income
- $576M
- EPS (diluted)
- —
- EBITDA
- —. Operating income + depreciation & amortization
- Operating Income
- $736M
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $363M
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $3.66B
- Total Liabilities
- $1.11B
- Shareholders' Equity
- $2.55B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $692M
- Capital Expenditure
- $138M
- Free Cash Flow
- $554M
Dividends and risk
Last 12 months- Dividend Yield
- 2.2%
- Dividend / Share
- $5.85
- Beta (5Y)
- 0.34
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $4.12B.
Note
Net margin of 14.0% over the last 12 months.
Note
Free cash flow of $554M, 13.4% of revenue.
Note
Pays a 2.2% dividend yield.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K53Some concerns
53Some concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 23, 2026 · Read the filing on EDGAR
- Operating income rose 6.0% to $717.2 million, but net income fell 6.8% to $559.3 million after a $100 million charitable contribution.
- AM Best downgraded the Exchange, Erie's sole customer, from A+ to A in September 2025, citing large underwriting losses in recent years.
- A federal appeals court overturned the order blocking the management fee lawsuit; Erie has asked the Supreme Court to review that decision.
- The Exchange's premiums grew 8.9% to $13.0 billion through higher prices, while new business premiums fell 17.8% and policy count slipped 1.1%.
Business momentum
Mixed
“Net income in 2025 was reduced by $80.6 million, reflecting the after-tax impact of a $100 million charitable contribution made to the Erie Insurance Foundation.”
Outlook
Positive
“We expect the Exchange's pricing actions in 2025 to result in an increase in direct written premiums in 2026”
Financial stress
None
“We believe that our current cash, cash equivalents and marketable securities and cash generated from operations will be sufficient to meet our current and future cash requirements.”
Tone against the previous report
More negative
Red flags
- Medium
Major lawsuit
“On October 14, 2025, the Third Circuit issued an Opinion and concluded that “the District Court abused its discretion in granting Indemnity’s motion for preliminary injunction.””
- Medium
Other
“On September 5, 2025, the Exchange and each of its property and casualty insurance subsidiaries were downgraded from A+ "Superior" to A "Excellent" and its financial strength rating was revised from negative to stable.”
- Minor
Other
“Earlier in the year, we experienced an information security incident that has since been remediated and did not have a material impact on our consolidated financial condition, results of operations, or cash flows.”
- Minor
Other
“Certain of Indemnity's directors and employees serve as directors and officers of the Foundation.”
Positives
The Exchange's premiums, which set Erie's fee revenue, kept growing
“The direct and affiliated assumed premiums written by the Exchange increased 8.9% to $13.0 billion in 2025.”
Management fee rate stays at the 25% maximum for 2026
“Based on analysis of the foregoing factors, our Board of Directors set the 2026 management fee rate again at 25%.”
Cash from operations grew strongly
“Net cash provided by operating activities was $686.7 million in 2025, compared to $611.2 million in 2024.”
Concerns
New business fell sharply
“Premiums generated from new business decreased 17.8% to $1.5 billion in 2025.”
Sole customer's rating was cut after large underwriting losses
“the downgrade was primarily driven by the Exchange's large underwriting losses in recent years, driven by elevated weather-related events and increased severity in the auto and homeowners' segments.”
Costs grew faster than the main revenue line, narrowing margins
“Cost of operations for policy issuance and renewal services increased 8.7% to $2.5 billion in 2025”
New risks since the previous report
Fewer new customers and a shrinking policy count could slow the premiums that drive Erie's fees
“Year-over-year policies in force for all lines of business decreased 1.1% in 2025 as a result of a decrease in new business policies written.”
Customers are renewing less often as competition increases
“In 2025, policy retention declined slightly compared to prior periods, primarily reflecting competitive market conditions.”
Smaller price increases may slow premium growth, which has relied heavily on higher prices
“the Exchange implemented more moderate rate increases in 2025, reflecting alignment between pricing and underlying loss costs while continuing to monitor loss trends.”
Biggest risks named
- Dependence on the Exchange as sole customer and a possible fee rate cut
- Weaker Exchange finances or further rating downgrades from claims and catastrophes
- Revived lawsuit challenging how the management fee was set
- Slower premium growth from fewer new policies, lower retention and competition
- Cyber attacks and technology failures disrupting operations
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | +3 | |
| Tone against the previous report | −2 | |
| Financial stress | +2 | |
| Red flags | −6 | |
| New risks | −1.5 | |
| Score | 53 | |
Written by AI (Claude Opus 5.5) from the report’s text. 16 of 16 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Feb 23, 2026 | 53 | Mixed | 2 medium2 minor | |
| 10-K | Feb 27, 2025 | 74 | Strong improvement | 1 medium | |
| 10-K | Feb 26, 2024 | 77 | Strong improvement | 1 minor | |
| 10-K | Mar 1, 2023 | 64 | Improving | 1 minor | |
| 10-K | Feb 24, 2022 | 51 | Mixed | 1 medium | |
| 10-K | Feb 25, 2021 | 51 | Mixed | None | |
| 10-K | Feb 27, 2020 | 68 | Improving | None | |
| 10-K | Feb 21, 2019 | 77 | Strong improvement | None | |
| 10-K | Feb 22, 2018 | 55 | Mixed | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR