NYSE · Financial Services

The Travelers Companies, Inc.

TRV · Insurance - Property & Casualty

$301.53

▼ -3.19 (-1.05%)

Data cached · refreshes every 10 min

Mr. Market is currently offering The Travelers Companies, Inc. at $301.53.

The business passes 5 of 6 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability C

Net Income Margin 12.9%

Fin. Health B

Years to Pay Off Debt 1.5 yrs

Valuation F

Margin of Safety 2.4%

Price-to-Book 1.95x

Cash Flow A

Free Cash Flow $10.6B

5/6

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $64.1B

Enterprise Value $66.9B

P/E (TTM) 9.00

Dividend Yield 1.44%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 12.9%

Company Info

Sector Financial Services

Industry Insurance - Property & Casualty

Employees 34000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering The Travelers Companies, Inc. at $301.53.

The business passes 5 of 6 of Graham's defensive criteria — adequate but not exceptional.

At $301.53, the stock trades below its Graham Number of $308.98 — suggesting a margin of safety exists.

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About The Travelers Companies, Inc.

The Travelers Companies, Inc., through its subsidiaries, provides a range of commercial and personal property, and casualty insurance products and services to businesses, government units, associations, and individuals in the United States, Canada, and internationally. It operates through three segments: Business Insurance, Bond & Specialty Insurance, and Personal Insurance. The Business Insurance segment offers workers' compensation, commercial automobile and property, general liability, commercial multi-peril, employers' liability, public and product liability, professional indemnity, marine, aviation, commercial property and automobile, onshore and offshore energy, construction, terrorism, personal accident, and kidnap and ransom insurance products. This segment operates through select accounts, which serve small businesses; middle accounts that serve mid-sized businesses; national accounts, which serve large companies; and national property and others that serve large and mid-sized customers, commercial trucking industry, and agricultural businesses, as well as markets and distributes its products through brokers, wholesale agents, and program managers. The Bond & Specialty Insurance segment provides surety, fidelity, management and professional liability, and other property and casualty coverages and related risk management services through independent agencies and brokers. The Personal Insurance segment offers property and casualty insurance covering personal risks, primarily automobile and homeowners' insurance to individuals. The Travelers Companies, Inc. was founded in 1853 and is based in New York, New York.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	N/A •	N/A	N/A	N/A
Operating Margin %	N/A •	N/A	N/A	N/A
Net Income %	12.9% ▲	10.8%	7.2%	7.7%
Diluted EPS	27.43 ▲	21.47	12.79	11.77

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$143.7B	$133.2B	$126.0B	$115.7B	N/A
Total Debt	$9.3B ↑	$8.0B	$8.0B	$7.3B	N/A
Working Capital	N/A •	N/A	N/A	N/A	N/A
Years to Pay Debt	1.47	1.61	2.69	2.57	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$10.6B ▲	$9.1B	$7.7B	$6.5B	N/A
Owner Earnings	N/A	N/A	N/A	N/A	N/A
CapEx % of Net Income	N/A	N/A	N/A	N/A	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	0	-950	-990	-1,800
Tax Rate For Calcs	0	0	0	0
Total Unusual Items	0	-5,000	-9,000	-12,000
Total Unusual Items Excluding Goodwill	0	-5,000	-9,000	-12,000
Net Income From Continuing Operation Net Minority Interest	6,288,000	4,999,000	2,991,000	2,842,000
Reconciled Depreciation	680,000	715,000	722,000	826,000
EBIT	8,221,000	6,572,000	3,747,000	3,705,000
Net Interest Income	-425,000	-392,000	-376,000	-351,000
Interest Expense	425,000	392,000	376,000	351,000
Normalized Income	6,288,000	5,003,050	2,999,010	2,852,200
Net Income From Continuing And Discontinued Operation	6,288,000	4,999,000	2,991,000	2,842,000
Total Expenses	41,032,000	40,248,000	38,002,000	33,542,000
Diluted Average Shares	227,600	23,110,000	232,200	239,700
Basic Average Shares	224,200	228,000	229,700	237,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	6,242,000	4,961,000	2,969,000	2,822,000
Net Income Common Stockholders	6,242,000	4,961,000	2,969,000	2,822,000
Otherunder Preferred Stock Dividend	46,000	38,000	22,000	20,000
Net Income	6,288,000	4,999,000	2,991,000	2,842,000
Net Income Including Noncontrolling Interests	6,288,000	4,999,000	2,991,000	2,842,000
Net Income Continuous Operations	6,288,000	4,999,000	2,991,000	2,842,000
Tax Provision	1,508,000	1,181,000	380,000	512,000
Pretax Income	7,796,000	6,180,000	3,371,000	3,354,000
Other Income Expense	508,000	449,000	353,000	351,000
Special Income Charges	0	-5,000	-9,000	-12,000
Impairment Of Capital Assets	0	5,000	9,000	12,000
Net Non Operating Interest Income Expense	-425,000	-392,000	-376,000	-351,000
Interest Expense Non Operating	425,000	392,000	376,000	351,000
Selling General And Administration	6,120,000	5,819,000	5,176,000	4,810,000
General And Administrative Expense	6,120,000	5,819,000	5,176,000	4,810,000
Other Gand A	6,120,000	5,819,000	5,176,000	4,810,000
Total Revenue	48,828,000	46,428,000	41,373,000	36,896,000
Operating Revenue	48,828,000	46,428,000	41,373,000	36,896,000
Loss Adjustment Expense	27,221,000	27,059,000	26,215,000	22,854,000
Net Policyholder Benefits And Claims	27,221,000	27,059,000	26,215,000	22,854,000
Policyholder Benefits Gross	28,900,000	28,308,000	27,677,000	24,041,000
Policyholder Benefits Ceded	1,679,000	1,249,000	1,462,000	1,187,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	575,900	564,300	559,200	553,500
Ordinary Shares Number	217,500	226,600	228,200	232,100
Share Issued	793,400	790,900	787,400	785,600
Net Debt	8,557,000	7,465,000	7,531,000	6,493,000
Total Debt	9,267,000	8,033,000	8,031,000	7,292,000
Tangible Book Value	28,492,000	23,271,000	20,668,000	17,321,000
Invested Capital	42,161,000	35,897,000	32,952,000	28,852,000
Net Tangible Assets	28,492,000	23,271,000	20,668,000	17,321,000
Common Stock Equity	32,894,000	27,864,000	24,921,000	21,560,000
Total Capitalization	41,861,000	35,797,000	32,852,000	28,752,000
Total Equity Gross Minority Interest	32,894,000	27,864,000	24,921,000	21,560,000
Stockholders Equity	32,894,000	27,864,000	24,921,000	21,560,000
Gains Losses Not Affecting Retained Earnings	-2,500,000	-4,967,000	-4,471,000	-6,445,000
Other Equity Adjustments	-2,500,000	-4,967,000	-4,471,000	-6,445,000
Treasury Stock	45,447,000	42,251,000	41,105,000	40,076,000
Retained Earnings	54,931,000	49,630,000	45,591,000	43,516,000
Capital Stock	25,910,000	25,452,000	24,906,000	24,565,000
Common Stock	25,910,000	25,452,000	24,906,000	24,565,000
Total Liabilities Net Minority Interest	110,814,000	105,325,000	101,057,000	94,157,000
Non Current Deferred Liabilities					289,000
Non Current Deferred Taxes Liabilities					289,000
Long Term Debt And Capital Lease Obligation	8,967,000	7,933,000	7,931,000	7,192,000
Long Term Debt	8,967,000	7,933,000	7,931,000	7,192,000
Current Debt And Capital Lease Obligation	300,000	100,000	100,000	100,000
Current Debt	300,000	100,000	100,000	100,000
Other Current Borrowings				100,000	100,000
Commercial Paper	100,000	100,000	100,000	100,000
Current Notes Payable	200,000	0
Payables And Accrued Expenses	3,555,000	3,739,000	3,787,000	4,015,000
Payables	3,555,000	3,739,000	3,787,000	4,015,000
Accounts Payable	3,555,000	3,739,000	3,787,000	4,015,000
Total Assets	143,708,000	133,189,000	125,978,000	115,717,000
Investments And Advances	96,167,000	89,119,000	83,552,000	75,437,000
Goodwill And Other Intangible Assets	4,402,000	4,593,000	4,253,000	4,239,000
Other Intangible Assets	336,000	360,000	277,000	287,000
Goodwill	4,066,000	4,233,000	3,976,000	3,952,000
Prepaid Assets	1,283,000	1,202,000	1,150,000	1,024,000
Receivables	21,888,000	22,281,000	21,674,000	20,564,000
Accounts Receivable	21,888,000	22,281,000	21,674,000	20,564,000
Cash Cash Equivalents And Short Term Investments	26,169,000	89,687,000	84,052,000	76,236,000
Other Short Term Investments	25,459,000	89,119,000	83,552,000	75,437,000
Cash And Cash Equivalents	710,000	568,000	500,000	799,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	10,606,000	9,074,000	7,711,000	6,465,000
Repurchase Of Capital Stock	-3,131,000	-1,117,000	-1,022,000	-2,061,000
Issuance Of Debt	1,233,000	0	738,000	0
Interest Paid Supplemental Data	393,000	390,000	370,000	349,000
Income Tax Paid Supplemental Data	1,274,000	1,310,000	201,000	817,000
End Cash Position	842,000	699,000	650,000	799,000
Other Cash Adjustment Outside Changein Cash	-171,000	0	0
Beginning Cash Position	699,000	650,000	799,000	761,000
Effect Of Exchange Rate Changes	23,000	-14,000	12,000	-30,000
Changes In Cash	291,000	63,000	-161,000	68,000
Financing Cash Flow	-2,663,000	-1,747,000	-1,051,000	-2,669,000
Cash Flow From Continuing Financing Activities	-2,663,000	-1,747,000	-1,051,000	-2,669,000
Proceeds From Stock Option Exercised	214,000	321,000	141,000	267,000
Cash Dividends Paid	-979,000	-951,000	-908,000	-875,000
Common Stock Dividend Paid	-979,000	-951,000	-908,000	-875,000
Net Common Stock Issuance	-3,131,000	-1,117,000	-1,022,000	-2,061,000
Common Stock Payments	-3,131,000	-1,117,000	-1,022,000	-2,061,000
Net Issuance Payments Of Debt	1,233,000	0	738,000	0
Net Long Term Debt Issuance	1,233,000		738,000		739,000
Long Term Debt Issuance	1,233,000	0	738,000	0
Investing Cash Flow	-7,652,000	-7,264,000	-6,821,000	-3,728,000
Cash Flow From Continuing Investing Activities	-7,652,000	-7,264,000	-6,821,000	-3,728,000
Net Other Investing Changes	-533,000	-408,000	-462,000	-385,000
Net Investment Purchase And Sale	-7,071,000	-6,490,000	-6,292,000	-3,308,000
Sale Of Investment	13,117,000	11,162,000	11,745,000	13,310,000
Purchase Of Investment	-20,188,000	-17,652,000	-18,037,000	-16,618,000
Net Investment Properties Purchase And Sale	-48,000	16,000	-67,000	-31,000
Sale Of Investment Properties	0	64,000	0	10,000
Purchase Of Investment Properties	-48,000	-48,000	-67,000	-41,000
Net Business Purchase And Sale	0	-382,000	0	-4,000
Purchase Of Business	0	-382,000	0	-4,000
Operating Cash Flow	10,606,000	9,074,000	7,711,000	6,465,000
Cash Flow From Continuing Operating Activities	10,606,000	9,074,000	7,711,000	6,465,000
Change In Working Capital	-3,741,000	-3,753,000	-2,660,000	-2,445,000
Change In Other Working Capital				45,000	750,000
Change In Receivables	-252,000	-748,000	-1,404,000	-533,000
Changes In Account Receivables	-252,000	-748,000	-1,404,000	-533,000
Other Non Cash Items	81,000	556,000	647,000	45,000
Asset Impairment Charge	0	5,000	9,000	12,000
Amortization Of Securities	7,266,000	6,973,000	6,226,000	5,515,000
Deferred Tax	210,000	-152,000	-163,000	-186,000
Deferred Income Tax	210,000	-152,000	-163,000	-186,000
Depreciation And Amortization	680,000	715,000	722,000	826,000
Operating Gains Losses	-178,000	-269,000	-61,000	-144,000
Earnings Losses From Equity Investments	-226,000	-294,000	-157,000	-336,000
Gain Loss On Investment Securities	48,000	25,000	96,000	192,000
Net Income From Continuing Operations	6,288,000	4,999,000	2,991,000	2,842,000

These metrics estimate what The Travelers Companies, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$308.98

Margin of Safety

2.4%

Market Cap ÷ Company Value

1.27

P/B Ratio

1.95

Warren's Owner Earnings

N/A

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

5/6 — Enterprising Investor

✅ Adequate Size

$48.8B

vs > $1.5B revenue

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.44%

vs Uninterrupted dividends

✅ Earnings Growth

+133.1% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

9.0x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

1.95x P/B (P/E×P/B: 17.5)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

N/A

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	N/A	N/A	N/A	N/A	N/A
Repurchase of Capital Stock	-$3.1B	-$1.1B	-$1.0B	-$2.1B	N/A
Free Cash Flow	$10.6B ▲	$9.1B ▲	$7.7B ▲	$6.5B •	N/A •
Warren's Owner Earnings	N/A	N/A	N/A	N/A	N/A

Peers & Industry

No auto-detected peers for Insurance - Property & Casualty. You can manually compare TRV against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.27%

Low — management has little skin in the game

Return on Equity (ROE)

19.1%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

4.4%

Fair — average asset utilization

Share Buybacks (Latest Year)

$3.1B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+15.4% YoY

Debt is growing — management is leveraging up

Leadership Team

Alan David Schnitzer

Chairman & CEO

Age 59

Pay: $10,593,146

0.168% of net income

Daniel Stephen Frey CPA

Executive VP & CFO

Age 60

Pay: $4,145,239

0.066% of net income

Avrohom Kess

Vice Chairman & Chief Legal Officer

Age 56

Pay: $5,287,308

0.084% of net income

Michael Frederick Klein

Executive VP & President of Personal Insurance

Age 57

Pay: $4,481,203

0.071% of net income

Gregory Cheshire Toczydlowski

Executive VP & President of Business Insurance

Age 58

Pay: $5,073,751

0.081% of net income

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	10.49%	22,304,411
Vanguard Group Inc	10.40%	22,109,933
State Street Corporation	7.52%	16,000,457
FMR, LLC	6.04%	12,834,811
JPMORGAN CHASE & CO	3.37%	7,168,621
Geode Capital Management, LLC	2.63%	5,590,511
Massachusetts Financial Services Co.	2.44%	5,188,555
Morgan Stanley	1.78%	3,793,750

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.51

Low volatility — more stable than the market

Short Interest

2.1% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.29x

Conservative balance sheet — low financial risk

Current Ratio

0.34x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $249.19 Current: $301.53 High: $313.12

Currently at 82% of 52-week range

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