Erie Indemnity Company (ERIE)
Juste valeurFondamental
72
Prix
$219.15
Capitalisation boursière
$11.45B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
Erie Indemnity does not sell insurance policies itself. It manages the day-to-day operations — underwriting, claims handling, marketing, IT — for Erie Insurance Exchange, a separate policyholder-owned insurer that actually writes the auto, home and business coverage and carries the underwriting risk. Erie Indemnity is paid a fee for running the Exchange, not for the insurance itself.
Comment l'entreprise gagne de l'argent
The great majority of revenue is a management fee calculated as a percentage of the premiums the Exchange writes, capped at 25% and set each year by Erie Indemnity's own board. Because the fee is a share of premiums rather than of the Exchange's underwriting profit, Erie Indemnity's revenue does not depend on whether the Exchange's policies turn out to be profitable — only on how much premium the Exchange writes and on the fee rate the board chooses. A smaller stream reimburses the company for administrative services it also performs for the Exchange.
Avantage concurrentiel
Coûts de changement · LargeErie Indemnity's relationship with the Exchange is set by a long-standing subscriber's agreement, not a contract that gets rebid: the Exchange has no practical way to replace its manager, and Erie Indemnity's own board sets the fee it earns. The advantage is structural rather than competitive — it does not depend on out-competing a rival for the business.
Ce qui stimule la demande
DéfensifAuto, home and business insurance are recurring necessities, so the premium base the management fee is calculated on tends to grow steadily rather than swing with the economic cycle. The main variable is not consumer demand but the fee rate the board sets each year and how much premium growth the Exchange achieves.
Principaux risques
- Dependence on one client — Management fees from the Exchange are the company's principal source of revenue. A reduction in the fee rate, or a significant drop in the premiums the Exchange writes, would directly hurt revenue and profitability.
- Fee rate set at the board's discretion — The management fee rate, while capped at 25%, is set each year by Erie Indemnity's board and can be changed. A lower rate in a future year would reduce revenue even if the Exchange's premium volume keeps growing.
- No control over underwriting outcomes — Erie Indemnity manages underwriting and claims for the Exchange but does not own the underwriting risk itself; a period of poor claims experience at the Exchange can still pressure the relationship and future fee-setting decisions even though it does not directly hit Erie Indemnity's own balance sheet.
Les arguments en faveur
Buyers argue that a fee tied to premium volume rather than underwriting profit gives Erie Indemnity a more stable, capital-light revenue stream than a traditional insurer, that the structural relationship with the Exchange has no practical competitive threat, and that steady growth in the Exchange's premiums supports steady growth in fee revenue.
Les arguments contre
Sellers fear that revenue depends entirely on a single counterparty and on a fee rate the company's own board could choose to lower, that Erie Indemnity has essentially no other business to fall back on, and that its fortunes are tied to how well the Exchange manages a book of insurance risk it does not directly control.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users
Cincinnati Financial sells personal auto, homeowners and small-commercial cover through the same independent agencies and across much of the same Midwest and Mid-Atlantic territory Erie depends on.
Allstate writes personal auto and homeowners nationwide, including Erie's core Pennsylvania, Ohio, Virginia and Maryland markets.
Progressive competes for the same personal auto customers both through independent agents and by selling direct to consumers, the channel Erie's filings single out as a competitive pressure.
Travelers distributes personal home and auto as well as commercial multi-peril through independent agencies, overlapping with Erie on both sides of its book.
Auto-Owners is the other large agency-distributed regional mutual competing for the same auto and home policyholders inside the very agencies that also place Erie's business.
State Farm is the largest US personal auto and homeowners writer and the main captive-agent alternative for households in every state Erie operates in.
Bilan & Liquidités
Chiffre d'affaires
$4.12B
12 derniers mois (au 30/06/2026)
Résultat net
$577M
12 derniers mois (au 30/06/2026)
Flux de trésorerie libre
$571M
Capitaux propres totaux
$2.28B
Passif total
$1.07B
Ratio de liquidité général
1.25
Couverture des intérêts
-
Dette/EBITDA
0.00
Bénéfice par action
Aucune donnée EPS disponible
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$226.21
Prix actuel
$219.15
Marge de sécurité
+3.1%
Fourchette de juste valeur
$147.04 - $305.39
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
17.83
ROE
24.5%
Ratio P/B
4.10
P/FCF
18.30
Marge brute
-
ROIC
22.5%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
22.5%
WACC
8.0%
ROIC − WACC
+14.5 pp
Le ROIC dépasse le coût du capital — l'entreprise crée de la valeur pour les actionnaires.
Critères d'analyse fondamentale
Réussi (15)
- Price CAGR 7.22%
- ROIC 22.5%
- P/FCF 18.30
- Debt/Equity ratio
- Operating Margin 17.9%
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 24.5%
- Revenue Growth 5Y 9.9%
- Analyst Consensus 75% Buy
- PEG Ratio 1.09
- Earnings Quality (OCF/NI) 1.21
Échoué (6)
- P/B Ratio 4.10
- CapEx intensity
- DCF valuation (Unknown)
- Earnings Surprise avg -7.8%
- Net Margin Trend 14.0% vs 15.7%
- Piotroski F-Score 3/9
Indisponible (6)
- EPS data insufficient
- Gross Margin NaN%
- Dividend Payout NaN%
- Interest Coverage
- Price below Graham Number
- Share Dilution (missing shares data)
Score F de Piotroski
Préoccupations financières sérieuses
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Timothy Gerard NeCastro C.I.C., C.P.A. | President & CEO | 65 |
| Ms. Julie Marie Pelkowski C.P.A. | Executive VP & CFO | 55 |
| Mr. Parthasarathy Srinivasa | Executive VP & Chief Information Officer | 53 |
| Mr. Brian William Bolash Esq. | Executive VP, Corporate Secretary & General Counsel | 59 |
| Mr. Douglas Edward Smith C.P.C.U., FCAS, MAAA | Executive Vice President of Sales & Products | 51 |
| Mr. Bill Matrogran | Vice President of Construction Management & Operations | - |
| Mr. Ronald Steven Habursky C.F.A. | Senior VP & Chief Investment Officer | - |
| Mr. Scott W. Beilharz | Vice President of Capital Management & Investor Relations | - |
| Mr. Charles Michael Fletcher C.I.C. | Senior Vice President of Sales & Marketing | - |
| Mr. Sean David Dugan AU, C.I.C., C.P.C.U. | Executive VP of Human Resources & Corporate Services | 56 |
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Documents
- Voir le document
Rapport annuel (10-K)
Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.
Déposé le 2026-02-23
- Voir le document
Rapport trimestriel (10-Q)
Une mise à jour de la performance financière des trois derniers mois.
Déposé le 2026-07-30
- Voir le document
Rapport d'événement important (8-K)
Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.
Déposé le 2026-07-30
via SEC EDGAR
Historique des résultats
via SEC EDGAR
Latest News
Recent headlines for ERIE, sourced from Markets Gazette.
- 2/25/2026NEUTRALErie Indemnity (ERIE) Q4 2025 Earnings Transcript
Erie Indemnity has announced the release of its Q4 2025 earnings transcript. While this is a routine event for publicly traded companies, the current lack of specific content means investors are still awaiting crucial information. The analysis of these details is vital for assessing the insurance company's financial performance and anticipating any potential impact on its stock value. Market participants will closely monitor the full release to identify growth trends, profit margins, and future outlooks that could influence investment decisions, keeping the stock in a holding pattern.
via Markets Gazette