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Erie Indemnity Company

ERIE Financial Insurance Brokers

Erie Indemnity Company’s revenue for fiscal 2025 (year ended December 2025) was $4.1 billion, up 7.17% from fiscal 2024.

Revenue
+0.30%
EPS
+0.25%
Free cash flow
+0.52%

Quarter to September 2026, against a year earlier

274.26 11.37 −3.98%
Market cap
$13.3B
P/E
22.9×
Fwd P/E
20.6×
Dividend yield
2.06%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Management Operations

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 1.43
Sold, $m 0.10
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — 1 — — — — —
Sell — — — — — 1 — — — — — —
Insider Ownership 46.09%

Capital & Financial Ratios $m

Size
Market Cap 13,300.00
Revenue ttm 4,122.65
Net income ttm 559.34
Free cash flow ttm 554.04
Net debt Q (362.69)
Valuation
P/E 22.94
Forward P/E 20.60
Price / sales 3.19
Forward P/S Powerpack
Price / FCF 23.71
Price / book 5.15
Financial health
Current ratio Q 1.73
Debt / equity Q 0.00
Interest coverage Q 10.82
Growth
Revenue growth Q +0.30% (above 0%: growing)
Operating income growth Q −0.74% (below 0%: shrinking)
EPS, this year +20.30% (at or above 15%: strong)
EPS, next year A +3.65%
Revenue, next year A +2.50%
EPS, past 5 yrs +13.76%
EPS, next 5 yrs A +10.00%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 10.56%
10-year low 10-year high
P/S against its own 10 years 33.00%
10-year low 10-year high
P/B against its own 10 years 6.16%
10-year low 10-year high

Dividends raised 7 years running

Yield
2.06%
Annual rate
5.85
Payout ratio
53.1%
Growth, 2018–26
+4.25%/yr
  1. 4.19 ’18
  2. 3.60 ’19 −14
  3. 3.86 ’20 +7
  4. 4.14 ’21 +7
  5. 4.44 ’22 +7
  6. 4.76 ’23 +7
  7. 5.10 ’24 +7
  8. 5.46 ’25 +7
  9. 5.85 ’26 +7
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 144 298 346 363
Receivables 625 707 736 781
Inventory — — — —
Other — — — —
769 1,005 1,081 1,144
2023 2024 2025 Q'26
Payables 529 598 626 660
ST’ Debt — — — —
Other — — — —
529 598 626 660

Compound Annual Growth %

10y 5y 3y
Sales 10.45% 9.90% 12.72%
Cash Flow 12.19% 14.92% 23.32%
Earnings 12.34% 13.78% 23.28%
Book Value 11.49% 13.96% 16.38%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.41 Actual 3.48

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.59 −0.33 Miss by 1.92
Q1 FY26 3.06 2.88 Miss by 0.18
Q2 FY26 3.35 3.45 Beat by 0.10
Q3 FY26 3.41 3.48 Beat by 0.07
Q4 FY26 2.95 — Reports 22 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.88 3.45 3.48 — —
’25 2.65 3.34 3.50 1.21 10.69
’24 2.38 3.13 3.06 2.91 11.48
’23 1.65 2.25 2.51 2.12 8.53
’22 1.31 1.53 1.61 1.25 5.71
’21 1.41 1.51 1.72 1.05 5.69
’20 1.13 1.57 1.71 1.20 5.61
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,012 1,090 1,070 — —
’25 989 1,060 1,067 951 4,067
’24 881 990 1,000 924 3,795
’23 752 840 859 818 3,269
’22 672 726 741 701 2,840
’21 630 680 688 636 2,634
’20 617 657 653 609 2,536
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 92 215 213 — —
’25 118 178 219 172 687
’24 87 131 199 193 611
’23 48 132 53 148 381
’22 24 83 132 128 366
’21 33 94 136 139 403
’20 20 107 107 108 343
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 54 173 185 — —
’25 88 157 184 141 571
’24 65 103 171 147 486
’23 29 106 26 128 289
’22 8 70 109 112 299
’21 22 77 126 28 254
’20 (1) 91 92 105 287
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 19.2% a year for ten years. It grew 7.2% a year over the last ten.

Implied
19.2%
10 years, reported
7.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,597 1,692 2,382 2,477 2,536 2,634 2,840 3,269 3,795 4,067 4,123 +10.9% 4,169 — — +2.5%
Gross margin, % 18.38 17.16 14.45 14.42 13.33 12.08 13.25 15.92 17.82 17.63 17.85 (0.7) pt
EBT 320 316 371 397 369 376 376 562 757 711 734 +9.3%
EBT margin, % 20.05 18.66 15.59 16.01 14.53 14.29 13.25 17.19 19.95 17.47 17.79 (2.6) pt
Net income 210 197 288 317 293 298 299 446 600 559 559 +11.5%
Per share, $
Per share, $ Revenue 34.57 36.63 51.57 53.63 54.91 57.02 61.49 70.77 82.16 88.05 89.25 +10.9%
Earnings 4.52 4.27 6.19 6.80 6.30 6.40 6.41 9.58 12.89 12.01 12.40 +11.5%
Cash flow 5.51 4.27 5.71 7.89 7.42 8.72 7.93 8.25 13.23 14.87 14.98 +11.7%
Capex (0.55) (0.63) (1.09) (2.19) (1.20) (3.22) (1.45) (2.01) (2.70) (2.50) (2.98) +18.4%
Free cash flow 4.96 3.64 4.62 5.70 6.22 5.50 6.48 6.25 10.53 12.36 11.99 +10.7%
Book value 17.69 18.56 21.08 24.53 25.72 29.06 31.36 36.00 43.02 49.43 55.26 +12.1%
Shares, m 46 46 46 46 46 46 46 46 46 46 46 0.0%
Valuation, ×
Valuation, × P/E 24.76 28.14 21.54 24.41 38.98 30.10 38.14 35.01 32.01 23.87 22.94 29.7
P/S 3.24 3.26 2.58 3.10 4.47 3.38 3.98 4.73 5.02 3.26 3.19 3.7
P/B 6.33 6.43 6.32 6.77 9.55 6.63 7.80 9.31 9.58 5.80 5.15 7.5
EV/Sales 3.14 3.17 2.51 3.00 4.45 3.34 3.97 4.73 4.97 3.20 — 3.6
EV/FCF 22.73 31.93 28.09 28.22 39.29 34.68 37.70 53.58 38.80 22.81 — 33.8
Cash, $m
Cash, $m Operating cash flow 254 197 264 365 343 403 366 381 611 687 692 +11.7%
Capex (25) (29) (50) (101) (56) (149) (67) (93) (125) (116) (138) +18.4%
Free cash flow 229 168 213 263 287 254 299 289 486 571 554 +10.7%
Balance, $m
Balance, $m Working capital 299 356 370 406 241 252 201 240 407 455 484 +4.8%
Net debt (164) (141) (167) (239) (65) (90) (142) (144) (298) (346) (363) +8.6%
Shareholders’ equity 817 857 974 1,133 1,188 1,342 1,448 1,663 1,987 2,283 2,553 +12.1%
Returns, %
Returns, % ROA 14.23 12.26 16.74 16.70 14.19 13.67 13.32 18.94 22.40 17.92 16.49 +3.7 pt
ROIC 28.11 25.32 26.67 24.97 18.83 15.87 18.00 21.41 25.03 23.13 21.00 (5.0) pt
ROE 26.52 23.53 31.48 30.07 25.27 23.54 21.40 28.67 32.89 26.19 23.70 (0.3) pt
People
People Employees 5,000 5,300 5,500 5,700 5,914 5,876 6,038 6,556 6,801 6,667 — +3.2%
Revenue/emp, $m 0.32 0.32 0.43 0.43 0.43 0.45 0.47 0.50 0.56 0.61 — +7.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Erie Indemnity Company manages insurance operations for the policyholders of Erie Insurance Exchange, a reciprocal insurer. In a reciprocal exchange, subscribers agree to insure one another. Each subscriber appoints Erie Indemnity as attorney-in-fact, giving it authority to conduct certain business on their behalf. The Exchange is Erie Indemnity’s sole customer.

Erie Indemnity’s primary job is to issue and renew policies. It provides sales support, pays agents, handles underwriting and policy processing, and supports customers. It also manages claims handling and investments for the Exchange and provides claims, life insurance management and investment management services to the Exchange’s insurance subsidiaries. The Exchange itself has no employees or officers.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Management Operations 4,067 100.00%
Gross margin 17.63%
Operating margin 17.63%
Pre-tax margin 17.47%

Revenue by segment since 2009

Erie Indemnity Company vs peers in Insurance Brokers (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WTW Willis Towers Watson Public Limited Company $31.0B 20.4× 18.8× +7.52% (above 0%: growing) +4.17% (above 0%: growing) +13.37% (above 0%: growing) 100.00% 17.44% Compare
BRO Brown & Brown, Inc. $24.7B 20.3× 20.5× +7.41% (above 0%: growing) +9.04% (above 0%: growing) +9.07% (above 0%: growing) 50.32% 24.35% Compare
ERIE Erie Indemnity Company $13.3B 22.9× 20.6× +0.30% (above 0%: growing) +0.25% (above 0%: growing) +0.52% (above 0%: growing) 19.38% 19.38%
RYAN Ryan Specialty Holdings Inc. $12.1B 57.8× 48.0× +4.69% (above 0%: growing) +25.00% (above 0%: growing) +4.14% (above 0%: growing) 100.00% 17.83% Compare
BWIN Baldwin Insurance Group, Inc. $4.5B — (loss-making) — (loss-making) +30.13% (above 0%: growing) n/m +208.10% (above 0%: growing) 31.81% (1.69%) Compare
CRVL CorVel Corp. $4.3B 35.9× — +11.47% (above 0%: growing) +24.89% (above 0%: growing) +8.94% (above 0%: growing) 27.07% 17.16% Compare
ARX Accelerant Holdings $4.3B — (loss-making) 46.1× +62.89% (above 0%: growing) +620.00% (above 0%: growing) −139.56% (below 0%: shrinking) 100.00% 30.96% Compare
NP Neptune Insurance Holdings Inc. $3.9B 86.7× 77.9× +34.27% (above 0%: growing) +116.67% (above 0%: growing) +66.53% (above 0%: growing) 100.00% 46.95% Compare
LIFE Ethos Technologies Inc. $2.1B — (loss-making) — (loss-making) +164.74% (above 0%: growing) −93.50% (below 0%: shrinking) +209.99% (above 0%: growing) 100.00% 1.64% Compare
Median of peers $4.4B 35.9× 46.1× +20.80% +24.89% +11.22% 100.00% 17.64%

All 23 Insurance Brokers stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 44.79%
Held by the ten largest 33.41%
Holder Shares Stake Change
PNC 4.83m 10.45% −82.26k
Vanguard 2.96m 6.42% +12.23k
BlackRock 1.67m 3.63% +93.44k
State Street 1.44m 3.11% +54.50k
Invesco 1.09m 2.36% +94.54k
Geode Capital Management 899.46k 1.95% +37.44k
Charles Schwab 855.98k 1.85% +92.00k
ProShare Advisors LLC 641.44k 1.39% +43.46k
Bank of America 526.27k 1.14% +46.49k
Morgan Stanley 513.78k 1.11% +56.03k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Erie Indemnity Company (ERIE) Latest News

30 Oct

Impact 3 · · Moby

29 Oct

Impact 3 · · Zacks
Impact 3 · · PR Newswire

12 Oct

Impact 3 · · Barchart

21 Sep

Impact 3 · · Barchart

31 Jul

Impact 3 ·

30 Jul

Impact 3 ·

26 Apr

Impact 3 · · StockStory

25 Apr

Impact 4 · · GuruFocus.com

24 Apr

Impact 3 · · Moby

23 Apr

Impact 4 · · PR Newswire

22 Apr

Impact 4 · · StockStory

13 Apr

Impact 3 · · StockStory

12 Apr

Impact 4 · · GuruFocus.com

4 Mar

Impact 4 · · Simply Wall St.

25 Feb

Impact 4 · · The Motley Fool transcript

24 Feb

Impact 4 ·
Impact 4 · · GuruFocus.com

23 Feb

Impact 4 · · Associated Press Finance
Impact 4 · · PR Newswire
Impact 3 · · StockStory

21 Feb

Impact 3 · · StockStory

20 Feb

Impact 4 · · PR Newswire

16 Feb

Impact 3 · · Zacks

10 Feb

Impact 4 · · StockStory

7 Feb

Impact 3 · · Simply Wall St.

6 Feb

Impact 3 · · Barchart

3 Feb

Impact 3 · · Insider Monkey

25 Jan

Impact 4 · · StockStory

21 Jan

Impact 4 · · Barchart

ERIE metrics, ten years each

stockrow.com/ERIE · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com