# The Travelers Companies (TRV.US)

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

Analysis as of: 2026-10-16T07:32:32.669Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $383.89 per share; close as of 2026-10-15.

Estimated value: low $239.37 per share, central $299.21 per share, high $398.95 per share. Buy at or below the central value $299.21 per share. Valuation as of 2026-10-16T07:32:32.669Z; scenarios are not confidence intervals.

Expected annual return: 9.1% at the stated quote. About 9.1% 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: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.26×

Chart: Net income; fiscal year observations.

- FY2016: $3.0B

- FY2017: $2.0B

- FY2018: $2.5B

- FY2019: $2.6B

- FY2020: $2.7B

- FY2021: $3.6B

- FY2022: $2.8B

- FY2023: $3.0B

- FY2024: $5.0B

- FY2025: $6.2B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity

- Underwriting economics assessed through return on tangible common equity

- Bank / P&C ROTE, median of available years: 14.6%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 10.8%

- Years with reported combined ratio: 0

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

- FY2016: 15.4%

- FY2017: 10.5%

- FY2018: 13.5%

- FY2019: 12.0%

- FY2020: 10.8%

- FY2021: 14.8%

- FY2022: 16.3%

- FY2023: 14.4%

- FY2024: 21.3%

- FY2025: 21.9%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 10.3%

- Book return interval: 10 years

- Starting book value per share: $75.18

- Ending book value per share: $144.53

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

- FY2016: 9.6%

- FY2017: 10.3%

- FY2018: 3.2%

- FY2019: 20.3%

- FY2020: 19.4%

- FY2021: 3.4%

- FY2022: -18.7%

- FY2023: 23.7%

- FY2024: 16.2%

- FY2025: 23.4%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -3.2%

- Diluted shares, 5-year annual growth: -2.2%

- Share growth excluding flagged crisis recapitalisations: -3.2%

- Five-year share growth excluding flagged crisis recapitalisations: -2.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 2.12×

- Book value created per share: $69.35

- Earnings retained per share after dividends and buybacks: $32.76

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

- FY2015: 100

- FY2016: 93

- FY2017: 89

- FY2018: 86

- FY2019: 84

- FY2020: 81

- FY2021: 80

- FY2022: 76

- FY2023: 74

- FY2024: 74

- FY2025: 73

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

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

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

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

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

## Price story

The price assumes profits grow 6.9% a year forever · net income +25.8%

Story as of 2026-10-16T09:59:43.686Z; price observation 2026-10-15.

The price assumes profits grow 6.9% a year forever

- 2026-04-17: TRV Q1 Deep Dive: Underwriting Strength and Investment Gains Offset Flat Revenue ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/trv-q1-deep-dive-underwriting-080007247.html))

- 2026-07-19: Travelers (TRV) Is Up 8.9% After Underwriting-Driven Q2 Earnings Surge And Capital Returns Expansion ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/travelers-trv-8-9-underwriting-001630214.html))

### Net income · FY2025

net income +25.8%; source https://www.sec.gov/Archives/edgar/data/86312/000008631226000065/trv-20251231.htm; observed 2026-02-12.

- FY2016: $3.0B 

- FY2017: $2.0B 

- FY2018: $2.5B 

- FY2019: $2.6B 

- FY2020: $2.7B 

- FY2021: $3.6B 

- FY2022: $2.8B 

- FY2023: $3.0B 

- FY2024: $5.0B 

- FY2025: $6.2B 

## Owner memo

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

### How it makes money

Operates in insurance property & casualty; annual sales are USD 48.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/86312/000008631226000065/trv-20251231.htm#000008631226000065 (filed 2026-02-12); FY2025: revenue 48828000000.

### Why customers stay

It earns 14.6% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 10-year return on tangible equity observations [[2016,0.15444174882568523],[2017,0.10500051445621977],[2018,0.13453685794111325],[2019,0.12021984112322187],[2020,0.10751565762004175],[2021,0.14792658609042444],[2022,0.1629236187287108],[2023,0.1436520224501645],[2024,0.21318379098448714],[2025,0.21907903973045065]]; median 0.14578930427029446. 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 3.1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2016,757000000],[2017,785000000],[2018,814000000],[2019,844000000],[2020,861000000],[2021,869000000],[2022,869000000],[2023,908000000],[2024,951000000],[2025,979000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/86312/000008631226000065/trv-20251231.htm (filed 2026-02-12); FY2025: cash repurchases 3131000000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TRV.US SharesStats.PercentInsiders = 0.28400000000000003 percentage points; cache date 2026-10-16.

### What could break it

"High levels of catastrophe losses" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/86312/000008631226000065/trv-20251231.htm (filed 2026-02-12); High levels of catastrophe losses

### What the price says

The price assumes profits grow 6.9% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Price 383.89; FX 1; original perpetual distributable cash 11.968463375872808; discount 0.1; growth 0.06882319576995283. 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: $108.18 per share

- 2016-11: $113.35 per share

- 2016-12: $122.42 per share

- 2017-01: $117.78 per share

- 2017-02: $122.24 per share

- 2017-03: $120.54 per share

- 2017-04: $121.66 per share

- 2017-05: $124.85 per share

- 2017-06: $126.53 per share

- 2017-07: $128.09 per share

- 2017-08: $121.18 per share

- 2017-09: $122.52 per share

- 2017-10: $132.45 per share

- 2017-11: $135.57 per share

- 2017-12: $135.64 per share

- 2018-01: $149.92 per share

- 2018-02: $139.00 per share

- 2018-03: $138.86 per share

- 2018-04: $131.60 per share

- 2018-05: $128.52 per share

- 2018-06: $122.34 per share

- 2018-07: $130.14 per share

- 2018-08: $131.60 per share

- 2018-09: $129.71 per share

- 2018-10: $125.13 per share

- 2018-11: $130.37 per share

- 2018-12: $119.75 per share

- 2019-01: $125.54 per share

- 2019-02: $132.91 per share

- 2019-03: $137.16 per share

- 2019-04: $143.75 per share

- 2019-05: $145.57 per share

- 2019-06: $149.52 per share

- 2019-07: $146.62 per share

- 2019-08: $146.96 per share

- 2019-09: $148.69 per share

- 2019-10: $131.06 per share

- 2019-11: $136.72 per share

- 2019-12: $136.95 per share

- 2020-01: $131.62 per share

- 2020-02: $119.81 per share

- 2020-03: $99.35 per share

- 2020-04: $101.21 per share

- 2020-05: $106.98 per share

- 2020-06: $114.05 per share

- 2020-07: $114.42 per share

- 2020-08: $116.04 per share

- 2020-09: $108.19 per share

- 2020-10: $120.71 per share

- 2020-11: $129.65 per share

- 2020-12: $140.37 per share

- 2021-01: $136.30 per share

- 2021-02: $145.50 per share

- 2021-03: $150.40 per share

- 2021-04: $154.66 per share

- 2021-05: $159.70 per share

- 2021-06: $149.71 per share

- 2021-07: $148.92 per share

- 2021-08: $159.71 per share

- 2021-09: $152.01 per share

- 2021-10: $160.88 per share

- 2021-11: $146.95 per share

- 2021-12: $156.43 per share

- 2022-01: $166.18 per share

- 2022-02: $171.83 per share

- 2022-03: $182.73 per share

- 2022-04: $171.06 per share

- 2022-05: $179.04 per share

- 2022-06: $169.13 per share

- 2022-07: $158.70 per share

- 2022-08: $161.64 per share

- 2022-09: $153.20 per share

- 2022-10: $184.46 per share

- 2022-11: $189.81 per share

- 2022-12: $187.49 per share

- 2023-01: $191.12 per share

- 2023-02: $185.12 per share

- 2023-03: $171.41 per share

- 2023-04: $181.14 per share

- 2023-05: $169.24 per share

- 2023-06: $173.66 per share

- 2023-07: $172.61 per share

- 2023-08: $161.23 per share

- 2023-09: $163.31 per share

- 2023-10: $167.44 per share

- 2023-11: $180.62 per share

- 2023-12: $190.49 per share

- 2024-01: $211.36 per share

- 2024-02: $220.96 per share

- 2024-03: $230.14 per share

- 2024-04: $212.16 per share

- 2024-05: $215.70 per share

- 2024-06: $203.34 per share

- 2024-07: $216.44 per share

- 2024-08: $228.07 per share

- 2024-09: $234.12 per share

- 2024-10: $245.94 per share

- 2024-11: $266.04 per share

- 2024-12: $240.89 per share

- 2025-01: $245.18 per share

- 2025-02: $258.49 per share

- 2025-03: $264.46 per share

- 2025-04: $264.13 per share

- 2025-05: $275.70 per share

- 2025-06: $267.54 per share

- 2025-07: $260.24 per share

- 2025-08: $271.51 per share

- 2025-09: $279.22 per share

- 2025-10: $268.62 per share

- 2025-11: $292.86 per share

- 2025-12: $290.06 per share

- 2026-01: $284.51 per share

- 2026-02: $308.64 per share

- 2026-03: $291.68 per share

- 2026-04: $305.14 per share

- 2026-05: $291.89 per share

- 2026-06: $330.12 per share

- 2026-07: $374.36 per share

- 2026-08: $365.93 per share

- 2026-09: $356.51 per share

- 2026-10: $373.28 per share

## Annual estimated value (USD per share)

- FY2016: low $126.46 per share, central $158.08 per share, high $210.77 per share

- FY2017: low $127.83 per share, central $159.78 per share, high $213.04 per share

- FY2018: low $126.39 per share, central $157.98 per share, high $210.65 per share

- FY2019: low $135.70 per share, central $169.62 per share, high $226.17 per share

- FY2020: low $133.69 per share, central $167.12 per share, high $222.82 per share

- FY2021: low $161.26 per share, central $201.57 per share, high $268.76 per share

- FY2022: low $133.40 per share, central $166.75 per share, high $222.33 per share

- FY2023: low $154.65 per share, central $193.31 per share, high $257.74 per share

- FY2024: low $174.95 per share, central $218.69 per share, high $291.59 per share

- FY2025: low $217.50 per share, central $271.87 per share, high $362.50 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/86312/000008631226000065/trv-20251231.htm); period 2025-12-31, filed 2026-02-12.

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.

## Reported holder observations

- [David Hoeft](https://gigainvestors.com/DAC): 90,119 TRV shares; USD 29,750,000 reported position value; 0.02% of portfolio; reduce; quarter 2026 Q2.
- [Andrew Adams](https://gigainvestors.com/MPF): 156,482 TRV shares; USD 51,658,000 reported position value; 0.47% of portfolio; add; quarter 2026 Q2.
- [Ron Muhlenkamp](https://gigainvestors.com/MUHL): 6,627 TRV shares; USD 2,188,000 reported position value; 0.63% of portfolio; hold; quarter 2026 Q2.
- [Christopher Bloomstran](https://gigainvestors.com/SA): 19,100 TRV shares; USD 6,305,000 reported position value; 0.71% of portfolio; hold; quarter 2026 Q2.

# TRV — Travelers Companies Inc.

Held by 4 investors · USD 89,901,000 total · 2026 Q2 · reported price USD 330.12 (split-adjusted).
Page: https://gigainvestors.com/s/TRV

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Andrew Adams (https://gigainvestors.com/MPF) | USD 51,658,000 | 0.5% | add +9.88% |
| David Hoeft (https://gigainvestors.com/DAC) | USD 29,750,000 | <0.1% | reduce -2.86% |
| Christopher Bloomstran (https://gigainvestors.com/SA) | USD 6,305,000 | 0.7% | hold |
| Ron Muhlenkamp (https://gigainvestors.com/MUHL) | USD 2,188,000 | 0.6% | hold |

## Total held by quarter

- 2009 Q3: USD 1,346,025 · 1 holder · USD 49.24
- 2009 Q4: USD 1,362,973 · 1 holder · USD 49.86
- 2010 Q1: USD 0 · 0 holders
- 2010 Q2: USD 0 · 0 holders
- 2010 Q3: USD 0 · 0 holders
- 2010 Q4: USD 0 · 0 holders
- 2011 Q1: USD 0 · 0 holders
- 2011 Q2: USD 0 · 0 holders
- 2011 Q3: USD 0 · 0 holders
- 2011 Q4: USD 0 · 0 holders
- 2012 Q1: USD 0 · 0 holders
- 2012 Q2: USD 0 · 0 holders
- 2012 Q3: USD 0 · 0 holders
- 2012 Q4: USD 0 · 0 holders
- 2013 Q1: USD 0 · 0 holders
- 2013 Q2: USD 0 · 0 holders
- 2013 Q3: USD 0 · 0 holders
- 2013 Q4: USD 0 · 0 holders
- 2014 Q1: USD 0 · 0 holders
- 2014 Q2: USD 0 · 0 holders
- 2014 Q3: USD 0 · 0 holders
- 2014 Q4: USD 0 · 0 holders
- 2015 Q1: USD 0 · 0 holders
- 2015 Q2: USD 0 · 0 holders
- 2015 Q3: USD 0 · 0 holders
- 2015 Q4: USD 0 · 0 holders
- 2016 Q1: USD 0 · 0 holders
- 2016 Q2: USD 0 · 0 holders
- 2016 Q3: USD 0 · 0 holders
- 2016 Q4: USD 0 · 0 holders
- 2017 Q1: USD 0 · 0 holders
- 2017 Q2: USD 0 · 0 holders
- 2017 Q3: USD 0 · 0 holders
- 2017 Q4: USD 0 · 0 holders
- 2018 Q1: USD 0 · 0 holders
- 2018 Q2: USD 0 · 0 holders
- 2018 Q3: USD 462,245,770 · 2 holders · USD 129.71
- 2018 Q4: USD 715,912,322 · 2 holders · USD 119.75
- 2019 Q1: USD 819,995,910 · 2 holders · USD 137.16
- 2019 Q2: USD 893,888,622 · 2 holders · USD 149.52
- 2019 Q3: USD 888,927,158 · 2 holders · USD 148.70
- 2019 Q4: USD 45,519,304 · 2 holders · USD 136.95
- 2020 Q1: USD 1,987,000 · 1 holder · USD 99.35
- 2020 Q2: USD 2,281,000 · 1 holder · USD 114.05
- 2020 Q3: USD 2,164,000 · 1 holder · USD 108.20
- 2020 Q4: USD 2,807,000 · 1 holder · USD 140.35
- 2021 Q1: USD 3,008,000 · 1 holder · USD 150.40
- 2021 Q2: USD 2,994,000 · 1 holder · USD 149.70
- 2021 Q3: USD 3,040,000 · 1 holder · USD 152.00
- 2021 Q4: USD 3,129,000 · 1 holder · USD 156.45
- 2022 Q1: USD 3,655,000 · 1 holder · USD 182.75
- 2022 Q2: USD 3,383,000 · 1 holder · USD 169.15
- 2022 Q3: USD 3,064,000 · 1 holder · USD 153.20
- 2022 Q4: USD 3,779,063 · 1 holder · USD 187.50
- 2023 Q1: USD 68,307,086 · 2 holders · USD 171.42
- 2023 Q2: USD 3,499,916 · 1 holder · USD 173.65
- 2023 Q3: USD 3,291,916 · 1 holder · USD 163.33
- 2023 Q4: USD 3,838,923 · 1 holder · USD 190.47
- 2024 Q1: USD 48,497,603 · 3 holders · USD 230.13
- 2024 Q2: USD 43,131,062 · 3 holders · USD 203.34
- 2024 Q3: USD 49,207,745 · 3 holders · USD 234.12
- 2024 Q4: USD 210,602,939 · 4 holders · USD 240.89
- 2025 Q1: USD 53,731,493 · 4 holders · USD 264.46
- 2025 Q2: USD 56,221,212 · 4 holders · USD 267.54
- 2025 Q3: USD 60,083,646 · 4 holders · USD 279.22
- 2025 Q4: USD 67,963,279 · 4 holders · USD 290.06
- 2026 Q1: USD 76,104,338 · 4 holders · USD 291.68
- 2026 Q2: USD 89,901,000 · 4 holders · USD 330.12