# Everest Group (EG.US)

Canonical: https://gigainvestors.com/s/EG

Analysis as of: 2026-10-16T07:28:12.211Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $381.35 per share; close as of 2026-10-15.

Estimated value: low $380.83 per share, central $476.04 per share, high $634.72 per share. Buy at or below the central value $476.04 per share. Valuation as of 2026-10-16T07:28:12.211Z; scenarios are not confidence intervals.

Expected annual return: 11.0% at the stated quote. About 11.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 9

- Required profitable years: 8

- Return on common equity variation (informational): 0.67×

Chart: Net income; fiscal year observations.

- FY2016: $792M

- FY2017: $273M

- FY2018: -$126M

- FY2019: $766M

- FY2020: $262M

- FY2021: $1.4B

- FY2022: $589M

- FY2023: $2.5B

- FY2024: $1.4B

- FY2025: $1.6B

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity

- Underwriting economics assessed through return on tangible common equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 9.6%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 2.9%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 10.2%

- FY2017: 3.4%

- FY2018: -1.7%

- FY2019: 9.0%

- FY2020: 2.9%

- FY2021: 14.7%

- FY2022: 7.9%

- FY2023: 20.8%

- FY2024: 10.9%

- FY2025: 11.3%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 10.6%

- Book return interval: 10 years

- Starting book value per share: $173.73

- Ending book value per share: $371.66

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 14.4%

- FY2017: 7.9%

- FY2018: -2.5%

- FY2019: 19.7%

- FY2020: 10.4%

- FY2021: 8.7%

- FY2022: -13.1%

- FY2023: 50.1%

- FY2024: 4.1%

- FY2025: 16.9%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -0.5%

- Diluted shares, 5-year annual growth: 0.8%

- Share growth excluding flagged crisis recapitalisations: -0.5%

- Five-year share growth excluding flagged crisis recapitalisations: 0.8%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.72×

- Book value created per share: $197.93

- Earnings retained per share after dividends and buybacks: $114.80

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 95

- FY2017: 93

- FY2018: 93

- FY2019: 92

- FY2020: 91

- FY2021: 90

- FY2022: 89

- FY2023: 94

- FY2024: 97

- FY2025: 95

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Arnold Van Den Berg](https://gigainvestors.com/VAN): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [C.T. Fitzpatrick](https://gigainvestors.com/VVP): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 4% since Oct 2023 · "Everest Group's first-quarter earnings hit by California wildfire losses" (ca.finance.yahoo.com, Apr 2025) · net income +15.8%

Story as of 2026-10-16T09:58:40.736Z; price observation 2026-10-15.

The price assumes profits grow 5% a year forever

- 2025-04-30: Everest Group's first-quarter earnings hit by California wildfire losses ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/everest-groups-first-quarter-earnings-222443678.html))

- 2026-07-30: Everest Group Q2 Earnings Beat Estimates on Lower Expenses ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/everest-group-q2-earnings-beat-153800850.html))

### Net income · FY2025

net income +15.8%; source https://www.sec.gov/Archives/edgar/data/1095073/000109507326000006/eg-20251231.htm; observed 2026-02-26.

- FY2016: $792M 

- FY2017: $273M 

- FY2018: -$126M 

- FY2019: $766M 

- FY2020: $262M 

- FY2021: $1.4B 

- FY2022: $589M 

- FY2023: $2.5B 

- FY2024: $1.4B 

- FY2025: $1.6B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance reinsurance; annual sales are USD 17.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1095073/000109507326000006/eg-20251231.htm#000109507326000006 (filed 2026-02-26); FY2025: revenue 17496000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EG.US: Everest Group, Ltd., together with subsidiaries, provides reinsurance and insurance products in the United States, Europe, and internationally. It operates in two segment, Insurance and Reinsurance. The company writes property and casualty reinsurance; treaty and facultative reinsurance products; and specialty lines of business through reinsurance brokers, as well as directly with ceding companies; and writes property and casualty insurance directly, as well as through brokers, surplus lines, and general agents. It provides reinsurance products comprising mortgage, catastrophe, marine, aviation, engineering, professional line, credit and surety, motor, agriculture/crop, and political violence reinsurance products. In addition, the company offers commercial property and casualty insurance products through wholesale and retail brokers, surplus lines brokers, and program administrators. The company was formerly known as Everest Re Group, Ltd. and changed its name to Everest Group, Ltd. in July 2023.Everest Group, Ltd., was founded in 1973 and is headquartered in Hamilton, Bermuda.

### Why customers stay

It earns 9.6% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on tangible equity observations [[2016,0.10249382254883498],[2017,0.0343780902591186],[2018,-0.01712398479077519],[2019,0.08962465714784901],[2020,0.028778726413938922],[2021,0.14686522067551527],[2022,0.07875384409680439],[2023,0.2081137599330824],[2024,0.10939262123409055],[2025,0.11304347826086956]]; median 0.096059239848342. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 818 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,195384000],[2017,207242000],[2018,216221000],[2019,234322000],[2020,249000000],[2021,247000000],[2022,255000000],[2023,288000000],[2024,334000000],[2025,335000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1095073/000109507326000006/eg-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 818000000 USD.

### Are managers owners

Insiders own 0.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EG.US SharesStats.PercentInsiders = 0.8290000000000001 percentage points; cache date 2026-10-16.

### What could break it

"FINANCIAL" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1095073/000109507326000006/eg-20251231.htm (filed 2026-02-26); FINANCIAL

### What the price says

The price assumes profits grow 5% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Price 381.35; FX 1; original perpetual distributable cash 19.041573855658484; discount 0.1; growth 0.05006798516937595. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $203.52 per share

- 2016-11: $210.55 per share

- 2016-12: $216.40 per share

- 2017-01: $219.93 per share

- 2017-02: $235.14 per share

- 2017-03: $233.81 per share

- 2017-04: $251.71 per share

- 2017-05: $254.65 per share

- 2017-06: $254.59 per share

- 2017-07: $262.39 per share

- 2017-08: $252.48 per share

- 2017-09: $228.39 per share

- 2017-10: $237.45 per share

- 2017-11: $219.60 per share

- 2017-12: $221.26 per share

- 2018-01: $229.80 per share

- 2018-02: $240.24 per share

- 2018-03: $256.82 per share

- 2018-04: $232.67 per share

- 2018-05: $225.29 per share

- 2018-06: $230.48 per share

- 2018-07: $218.35 per share

- 2018-08: $223.02 per share

- 2018-09: $228.47 per share

- 2018-10: $217.86 per share

- 2018-11: $222.08 per share

- 2018-12: $217.76 per share

- 2019-01: $219.05 per share

- 2019-02: $226.11 per share

- 2019-03: $215.96 per share

- 2019-04: $235.50 per share

- 2019-05: $247.66 per share

- 2019-06: $247.18 per share

- 2019-07: $246.64 per share

- 2019-08: $235.88 per share

- 2019-09: $266.09 per share

- 2019-10: $257.09 per share

- 2019-11: $271.26 per share

- 2019-12: $276.84 per share

- 2020-01: $276.57 per share

- 2020-02: $247.88 per share

- 2020-03: $192.42 per share

- 2020-04: $173.13 per share

- 2020-05: $198.41 per share

- 2020-06: $206.20 per share

- 2020-07: $218.79 per share

- 2020-08: $220.08 per share

- 2020-09: $197.54 per share

- 2020-10: $197.08 per share

- 2020-11: $227.33 per share

- 2020-12: $234.09 per share

- 2021-01: $211.08 per share

- 2021-02: $241.81 per share

- 2021-03: $247.81 per share

- 2021-04: $276.95 per share

- 2021-05: $259.96 per share

- 2021-06: $252.01 per share

- 2021-07: $252.83 per share

- 2021-08: $264.90 per share

- 2021-09: $250.78 per share

- 2021-10: $261.50 per share

- 2021-11: $256.38 per share

- 2021-12: $273.92 per share

- 2022-01: $283.40 per share

- 2022-02: $298.22 per share

- 2022-03: $301.38 per share

- 2022-04: $274.71 per share

- 2022-05: $282.50 per share

- 2022-06: $280.28 per share

- 2022-07: $261.35 per share

- 2022-08: $269.05 per share

- 2022-09: $262.44 per share

- 2022-10: $322.66 per share

- 2022-11: $337.94 per share

- 2022-12: $331.27 per share

- 2023-01: $349.69 per share

- 2023-02: $383.97 per share

- 2023-03: $358.02 per share

- 2023-04: $378.00 per share

- 2023-05: $340.02 per share

- 2023-06: $341.86 per share

- 2023-07: $360.51 per share

- 2023-08: $360.68 per share

- 2023-09: $371.67 per share

- 2023-10: $395.62 per share

- 2023-11: $410.55 per share

- 2023-12: $353.58 per share

- 2024-01: $384.97 per share

- 2024-02: $368.88 per share

- 2024-03: $397.50 per share

- 2024-04: $366.41 per share

- 2024-05: $390.93 per share

- 2024-06: $381.02 per share

- 2024-07: $392.87 per share

- 2024-08: $392.24 per share

- 2024-09: $391.83 per share

- 2024-10: $355.61 per share

- 2024-11: $387.56 per share

- 2024-12: $362.46 per share

- 2025-01: $347.51 per share

- 2025-02: $353.22 per share

- 2025-03: $363.33 per share

- 2025-04: $358.83 per share

- 2025-05: $347.19 per share

- 2025-06: $339.85 per share

- 2025-07: $335.80 per share

- 2025-08: $341.88 per share

- 2025-09: $350.23 per share

- 2025-10: $314.52 per share

- 2025-11: $314.29 per share

- 2025-12: $339.35 per share

- 2026-01: $331.28 per share

- 2026-02: $335.49 per share

- 2026-03: $326.85 per share

- 2026-04: $356.76 per share

- 2026-05: $324.03 per share

- 2026-06: $357.23 per share

- 2026-07: $374.15 per share

- 2026-08: $374.65 per share

- 2026-09: $365.17 per share

- 2026-10: $381.35 per share

## Annual estimated value (USD per share)

- FY2016: low $262.11 per share, central $327.63 per share, high $436.84 per share

- FY2017: low $259.55 per share, central $324.44 per share, high $432.58 per share

- FY2018: low $242.09 per share, central $302.61 per share, high $403.48 per share

- FY2019: low $259.95 per share, central $324.93 per share, high $433.24 per share

- FY2020: low $279.66 per share, central $349.57 per share, high $466.10 per share

- FY2021: low $315.25 per share, central $394.06 per share, high $525.42 per share

- FY2022: low $244.65 per share, central $305.81 per share, high $407.75 per share

- FY2023: low $367.40 per share, central $459.25 per share, high $612.33 per share

- FY2024: low $315.88 per share, central $394.85 per share, high $526.47 per share

- FY2025: low $351.01 per share, central $438.77 per share, high $585.02 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1095073/000109507326000006/eg-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.