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Wednesday 4 November 2026 Export TRV’s income statement to Excel — free account

The Travelers Companies, Inc.

TRV Financial Insurance Property & Casualty

The Travelers Companies, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $48.8 billion, up 5.18% from fiscal 2024.

Revenue
−0.47%
EPS
+9.92%
Free cash flow
−7.92%
Total debt
+5.89%

Quarter to September 2026, against a year earlier

408.99 13.58 +3.43%
Market cap
$81.0B
P/E
10.2×
Fwd P/E
10.9×
Dividend yield
1.19%
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

The Travelers Companies, Inc. (TRV) valuation and DCF model

What the price implies · reverse DCF

At $408.99 the price implies 25.6% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 6.2% a year over the last ten years, 4.9% over the last five. The price asks for about four times its ten-year rate. Return on equity averaged 12.8% over ten years; the price implies 21.5% for good.

In December 2017 the price assumed 17.6% a year; The Travelers Companies, Inc. went on to grow the dividend a share 12.6% a year to FY2025.

Price implies
25.6%
Last 5 years, reported
4.9%
Last 10 years, reported
6.2%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
25.6% a year for ten years
$408.99
today’s price
Its base case
6.2% a year for five years, then 3.7%
$88.51
78.4% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record The Travelers Companies, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 25.6% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against The Travelers Companies, Inc.’s own cost of capital: risk-free 4.3% + beta 0.40 × equity premium 4.5% = 6.1% cost of equity; weighted, 6.1%.

Use 6.1%
Base case value per share $88.51 ten years discounted, and what follows
Current price $408.99 market price per share
Below today’s price 78.4% downside at the base case’s assumptions

How we got there$38.76 10 years of dividends+$49.75 terminal value=$88.51 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Insurance Property & Casualty).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 10.18× 12.43× 13.05× 22% below 11.87× 14% below
P/FCF 7.68× 6.50× 6.68× 15% above 8.12× 5% below
P/B 2.82× 2.12× 1.75× 61% above 1.99× 42% above
EV/EBITDA — 4.60× 4.65× — 3.38× —
EV/Sales — 1.35× 1.36× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
4.11×4.52×4.93×5.34×10Y avg 4.65×2016201720182019202020212022202320242025

EV/EBITDA has no reading today; its 10-year average is 4.65×.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.