NYSE: TRV
Travelers
Financials · Fire, Marine & Casualty Insurance
52-week range
$264.25$407.87
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.$73.1B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $34.2B |
| FY2017, ended Dec 31, 2017 | $36.8B |
| FY2018, ended Dec 31, 2018 | $31.5B |
| FY2019, ended Dec 31, 2019 | $34.9B |
| FY2020, ended Dec 31, 2020 | $35.4B |
| FY2021, ended Dec 31, 2021 | $37.8B |
| FY2022, ended Dec 31, 2022 | $43.5B |
| FY2023, ended Dec 31, 2023 | $43.6B |
| FY2024, ended Dec 31, 2024 | $54.6B |
| FY2025, ended Dec 31, 2025 | $62.7B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $73.1B |
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.$48.9B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $27.6B |
| FY2017, ended Dec 31, 2017 | $28.9B |
| FY2018, ended Dec 31, 2018 | $30.3B |
| FY2019, ended Dec 31, 2019 | $31.6B |
| FY2020, ended Dec 31, 2020 | $32.0B |
| FY2021, ended Dec 31, 2021 | $34.8B |
| FY2022, ended Dec 31, 2022 | $36.9B |
| FY2023, ended Dec 31, 2023 | $41.4B |
| FY2024, ended Dec 31, 2024 | $46.4B |
| FY2025, ended Dec 31, 2025 | $48.8B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $48.9B |
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.$8.33B
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| Period | Net income |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.01B |
| FY2017, ended Dec 31, 2017 | $2.06B |
| FY2018, ended Dec 31, 2018 | $2.52B |
| FY2019, ended Dec 31, 2019 | $2.62B |
| FY2020, ended Dec 31, 2020 | $2.70B |
| FY2021, ended Dec 31, 2021 | $3.66B |
| FY2022, ended Dec 31, 2022 | $2.84B |
| FY2023, ended Dec 31, 2023 | $2.99B |
| FY2024, ended Dec 31, 2024 | $5.00B |
| FY2025, ended Dec 31, 2025 | $6.29B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $8.33B |
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.$766M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $307M |
| FY2017, ended Dec 31, 2017 | $344M |
| FY2018, ended Dec 31, 2018 | $373M |
| FY2019, ended Dec 31, 2019 | $494M |
| FY2020, ended Dec 31, 2020 | $721M |
| FY2021, ended Dec 31, 2021 | $761M |
| FY2022, ended Dec 31, 2022 | $799M |
| FY2023, ended Dec 31, 2023 | $650M |
| FY2024, ended Dec 31, 2024 | $699M |
| FY2025, ended Dec 31, 2025 | $842M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $766M |
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.$9.81B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.44B |
| FY2017, ended Dec 31, 2017 | $6.57B |
| FY2018, ended Dec 31, 2018 | $6.56B |
| FY2019, ended Dec 31, 2019 | $6.56B |
| FY2020, ended Dec 31, 2020 | $6.55B |
| FY2021, ended Dec 31, 2021 | $7.29B |
| FY2022, ended Dec 31, 2022 | $7.29B |
| FY2023, ended Dec 31, 2023 | $8.03B |
| FY2024, ended Dec 31, 2024 | $8.03B |
| FY2025, ended Dec 31, 2025 | $9.27B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $9.81B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 26.7% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.205M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 280M |
| FY2017, ended Dec 31, 2017 | 271M |
| FY2018, ended Dec 31, 2018 | 263M |
| FY2019, ended Dec 31, 2019 | 255M |
| FY2020, ended Dec 31, 2020 | 252M |
| FY2021, ended Dec 31, 2021 | 242M |
| FY2022, ended Dec 31, 2022 | 232M |
| FY2023, ended Dec 31, 2023 | 229M |
| FY2024, ended Dec 31, 2024 | 227M |
| FY2025, ended Dec 31, 2025 | 216M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 205M |
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: $5.95B more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $2.40B | $155M |
| FY2017, ended Dec 31, 2017 | $1.38B | $136M |
| FY2018, ended Dec 31, 2018 | $1.27B | $140M |
| FY2019, ended Dec 31, 2019 | $1.50B | $142M |
| FY2020, ended Dec 31, 2020 | $625M | $148M |
| FY2021, ended Dec 31, 2021 | $2.16B | $162M |
| FY2022, ended Dec 31, 2022 | $2.00B | $183M |
| FY2023, ended Dec 31, 2023 | $958M | $214M |
| FY2024, ended Dec 31, 2024 | $1.00B | $260M |
| FY2025, ended Dec 31, 2025 | $3.00B | $256M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $6.22B | $267M |
Revenue (TTM)
$48.9B
+1.1% YoY
Net income (TTM)
$8.33B
+41.8% YoY
Cash
$766M
+5.1% YoY
Total debt
$9.81B
+5.9% YoY
Valuation
At current price- Market Cap
- $81.2B
- P/E
- 9.7×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.7×
- Price / Book
- 2.8×
- EV / EBITDA
- 7.8×
Growth
Trailing 12 months- Revenue (TTM)
- $48.9B
- Revenue Growth YoY
- 1.1%
- Revenue CAGR 3Y
- 9.8%
- Revenue CAGR 5Y
- 8.8%
- EPS Growth YoY
- 49.7%
- Net Income Growth YoY
- 41.8%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- —
- Net Margin
- 17.0%
- FCF Margin
- —. Free cash flow / revenue
- Return on Equity
- 27.5%
Earnings
Trailing 12 months- Net Income
- $8.33B
- EPS (diluted)
- $38.03
- EBITDA
- $11.5B
- Operating Income
- —
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $766M
- Total Debt
- $9.81B
- Net Debt
- $9.05B
- Total Assets
- $142B
- Total Liabilities
- $113B
- Shareholders' Equity
- $29.0B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $10.7B
- Capital Expenditure
- —
- Free Cash Flow
- —. Operating cash flow − capital expenditure
Dividends and risk
Last 12 months- Dividend Yield
- 1.2%
- Dividend / Share
- $4.70
- Beta (5Y)
- 0.43
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $48.9B.
Note
Net margin of 17.0% over the last 12 months.
Strength
Share count is down 8.1% in a year, from buybacks.
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 16, 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-K73Good news
73Good news
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 12, 2026 · Read the filing on EDGAR
- Net income rose 26% to $6.29 billion on revenue up 5% to $48.8 billion, with all three segments earning more.
- Catastrophe losses rose to $3.69 billion, including about $1.7 billion from the January 2025 California wildfires, but better pricing and reserve releases more than made up for it.
- The sale of most of the Canadian business to Definity for about $2.4 billion closed on January 2, 2026. $700 million of the proceeds goes to a planned $1.8 billion buyback in the first quarter.
- Asbestos reserves were raised again, this time by $277 million. Domestic personal policy count fell from 8.8 million to 8.4 million.
Business momentum
Strong improvement
“Net income of $6.29 billion in 2025 increased by 26% over net income of $5.00 billion in 2024.”
Outlook
Positive
“the Company expects that after-tax net investment income from that portfolio will be approximately $800 million in the first quarter of 2026, increasing to approximately $870 million in the fourth quarter of 2026.”
Financial stress
Low
“TRV’s holding company liquidity of $2.41 billion as of December 31, 2025 exceeded this target, and it is the opinion of the Company’s management that these assets are sufficient to meet TRV’s current liquidity requirements.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Underwriting profit improved
“The combined ratio of 89.9% in 2025 was 2.6 points lower than the combined ratio of 92.5% in 2024.”
Personal Insurance profit jumped
“Segment income in 2025 was $2.05 billion, $804 million or 64% higher than segment income of $1.25 billion in 2024.”
Strong cash flow and large buybacks
“the Company currently expects to repurchase approximately $1.80 billion of the Company’s common shares in the first quarter of 2026.”
Concerns
Catastrophe losses keep rising
“Catastrophe losses in 2025 and 2024 were $3.69 billion and $3.34 billion, respectively.”
Asbestos reserves raised again
“resulted in $277 million, $242 million and $284 million increases, respectively, to the Company’s net asbestos reserves.”
Lawsuit-driven claim costs and slowing price increases
“The combined ratio continues to be impacted by the tort environment, including more aggressive attorney involvement in insurance claims.”
New risks since the previous report
State-run insurance pool charges after the wildfires
“For example, the January 2025 California wildfires resulted in assessments to insurers from the California FAIR Plan.”
Shrinking personal auto business
“Automobile net written premiums of $7.75 billion in 2025 decreased by 2% from 2024.”
Federal terrorism backstop set to expire
“the program is scheduled to expire on December 31, 2027.”
Exposure through the Fidelis reinsurance deal
“in the case of Fidelis, we assume a percentage of its business under a reinsurance agreement, which exposes us to additional risks, including with respect to certain products, risks and geographies we do not normally cover.”
Biggest risks named
- Catastrophe losses, including wildfires and a changing climate
- Claim reserves proving too low amid aggressive litigation
- Asbestos and mass tort claims
- Inflation and tariffs raising claim costs
- Interest rate and credit risk in the bond portfolio
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 73 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 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 16, 2026 | Pro | |||
| 10-K | Feb 12, 2026 | 73 | Strong improvement | None | |
| 10-K | Feb 13, 2025 | 73 | Strong improvement | 1 medium | |
| 10-K | Feb 15, 2024 | 67 | Improving | None | |
| 10-K | Feb 16, 2023 | 56 | Mixed | None | |
| 10-K | Feb 17, 2022 | 70 | Strong improvement | None | |
| 10-K | Feb 11, 2021 | 56 | Stable | None | |
| 10-K | Feb 13, 2020 | 66 | Improving | 1 minor | |
| 10-K | Feb 14, 2019 | 74 | Strong improvement | 1 minor | |
| 10-K | Feb 15, 2018 | 53 | Mixed | None |
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 16, 2026. View filings on SEC EDGAR