Tearsheet

Employers (EIG)

Market Price (12/23/2025): $43.005 | Market Cap: $999.7 Mil
Sector: Financials | Industry: Property & Casualty Insurance

Employers (EIG)

Market Price (12/23/2025): $43.005
Market Cap: $999.7 Mil
Sector: Financials
Industry: Property & Casualty Insurance

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.3%, Dividend Yield is 3.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.1%, FCF Yield is 5.3%	Weak multi-year price returns 2Y Excs Rtn is -28%, 3Y Excs Rtn is -64%	Key risks EIG key risks include [1] significant underwriting losses driven by the escalating frequency and severity of its California cumulative trauma claims.
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -109%
2	Low stock price volatility Vol 12M is 24%

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.3%, Dividend Yield is 3.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.1%, FCF Yield is 5.3%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -109%
2	Low stock price volatility Vol 12M is 24%
3	Weak multi-year price returns 2Y Excs Rtn is -28%, 3Y Excs Rtn is -64%
4	Key risks EIG key risks include [1] significant underwriting losses driven by the escalating frequency and severity of its California cumulative trauma claims.

Valuation, Metrics & Events

	12/23/25	2024	2023	2022	2021
Share Price CYE	$43.01	$49.80	$37.34	$39.77	$35.33
Market Cap CYE ($ Mil)	999.7	1,231.3	957.4	1,093.7	986.6
Total Debt ($ Mil)	4.1	4.2	5.9	196.1	16.6
Total Cash ($ Mil)	166.8	68.3	226.4	89.2	75.1
Enterprise Value ($ Mil)	837.0	1,235.5	963.3	1,289.8	1,003.2
Valuation Ratios
P/S TTM	1.1	1.5	1.2	1.7	1.7
P/EBIT TTM	13.1	8.7	6.7	20.0	7.9
P/E TTM	16.0	10.8	8.8	24.5	9.8
P/FCF TTM	18.7	17.9	22.0	12.2	162.6
Sector Ratios
P/S TTM (Sector)	3.3	3.1	2.8	2.8	3.4
P/EBIT TTM (Sector)	8.1	8.5	7.4	7.6	7.2
P/E TTM (Sector)	12.3	11.5	10.1	9.4	10.1
P/FCF TTM (Sector)	8.9	8.8	7.8	6.5	7.4

	12/23/25	2024	2023
Share Price CYE	$43.01	$49.80	$37.34
Market Cap CYE ($ Mil)	999.7	1,231.3	957.4
Total Debt ($ Mil)	4.1	4.2	5.9
Total Cash ($ Mil)	166.8	68.3	226.4
Enterprise Value ($ Mil)	837.0	1,235.5	963.3
Valuation Ratios
P/S TTM	1.1	1.5	1.2
P/EBIT TTM	13.1	8.7	6.7
P/E TTM	16.0	10.8	8.8
P/FCF TTM	18.7	17.9	22.0
Sector Ratios
P/S TTM (Sector)	3.3	3.1	2.8
P/EBIT TTM (Sector)	8.1	8.5	7.4
P/E TTM (Sector)	12.3	11.5	10.1
P/FCF TTM (Sector)	8.9	8.8	7.8

	EIG	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	0.9
Rev Chg Q	6.8%	7.3%
Rev Chg LTM	1.7%	6.0%
Rev Chg 3Y Avg	9.7%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.1
CFO/Rev LTM	6.3%	20.4%
Net Inc Mgn	6.9%	13.1%
VALUATION	MODERATE
P/S	1.1	3.2
P/CFO	17.5	15.5
P/FCF	18.7	20.7
P/E	16.0	23.5

AI Analysis | Feedback

Metric	Value	Date	Source
Ending Policies in-Force	135414	9302025	Link

Upcoming
2/19/2026	Earnings Release	Rev: - EPS: -

EIG Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

1. Q3 2025 Earnings Miss and Stock Drop: Employers Holdings Inc. reported its third-quarter 2025 earnings on October 30, 2025, with an earnings per share (EPS) of -$1.10, significantly missing the consensus estimate of $0.61. This outcome led to a substantial 8.42% drop in the stock price following the announcement. 2. Q3 2025 Revenue Exceeds Estimates: Despite the negative EPS, the company's quarterly revenue for Q3 2025 reached $239.30 million, surpassing analyst estimates and marking a 6.8% increase year-over-year. Show more

Stock Movement Drivers

Fundamental Drivers

The 2.2% change in EIG stock from 9/22/2025 to 12/22/2025 was primarily driven by a 60.1% change in the company's P/E Multiple.

	9222025	12222025	Change
Stock Price ($)	42.06	42.98	2.18%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	889.50	904.80	1.72%
Net Income Margin (%)	11.37%	6.91%	-39.23%
P/E Multiple	9.99	15.99	60.06%
Shares Outstanding (Mil)	24.01	23.25	3.16%
Cumulative Contribution			2.08%

LTM = Last Twelve Months as of date shown

Market Drivers

9/22/2025 to 12/22/2025

	Return	Correlation
EIG	2.2%
Market (SPY)	2.7%	-7.9%
Sector (XLF)	2.4%	31.6%

Fundamental Drivers

The -8.2% change in EIG stock from 6/23/2025 to 12/22/2025 was primarily driven by a -42.4% change in the company's Net Income Margin (%).

	6232025	12222025	Change
Stock Price ($)	46.84	42.98	-8.24%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	860.20	904.80	5.18%
Net Income Margin (%)	11.99%	6.91%	-42.37%
P/E Multiple	11.09	15.99	44.22%
Shares Outstanding (Mil)	24.40	23.25	4.72%
Cumulative Contribution			-8.45%

LTM = Last Twelve Months as of date shown

Market Drivers

6/23/2025 to 12/22/2025

	Return	Correlation
EIG	-8.2%
Market (SPY)	14.4%	13.5%
Sector (XLF)	9.2%	43.3%

Fundamental Drivers

The -13.0% change in EIG stock from 12/22/2024 to 12/22/2025 was primarily driven by a -54.8% change in the company's Net Income Margin (%).

	12222024	12222025	Change
Stock Price ($)	49.39	42.98	-12.99%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	889.80	904.80	1.69%
Net Income Margin (%)	15.27%	6.91%	-54.77%
P/E Multiple	9.04	15.99	76.94%
Shares Outstanding (Mil)	24.86	23.25	6.48%
Cumulative Contribution			-13.35%

LTM = Last Twelve Months as of date shown

Market Drivers

12/22/2024 to 12/22/2025

	Return	Correlation
EIG	-13.0%
Market (SPY)	16.9%	26.8%
Sector (XLF)	15.7%	49.7%

Fundamental Drivers

The 7.1% change in EIG stock from 12/23/2022 to 12/22/2025 was primarily driven by a 30.8% change in the company's Total Revenues ($ Mil).

	12232022	12222025	Change
Stock Price ($)	40.14	42.98	7.08%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	691.50	904.80	30.85%
Net Income Margin (%)	8.10%	6.91%	-14.70%
P/E Multiple	19.58	15.99	-18.34%
Shares Outstanding (Mil)	27.31	23.25	14.88%
Cumulative Contribution			4.71%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2023 to 12/22/2025

	Return	Correlation
EIG	14.7%
Market (SPY)	47.7%	24.5%
Sector (XLF)	52.0%	53.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
EIG Return	-21%	32%	13%	-6%	33%	-14%	27%
Peers Return	4%	27%	11%	16%	31%	13%	154%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	113%
Monthly Win Rates [3]
EIG Win Rate	58%	50%	50%	67%	67%	42%
Peers Win Rate	60%	57%	53%	62%	68%	62%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
EIG Max Drawdown	-35%	-5%	-17%	-16%	-1%	-28%
Peers Max Drawdown	-39%	-6%	-11%	-14%	-1%	-7%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HIG, FNF, PGR, CB, TRV.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)

How Low Can It Go

Unique Key	Event	EIG	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-22.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	28.8%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	21 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-40.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	68.6%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	923 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-22.4%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	28.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	2,442 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-65.0%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	185.5%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,428 days	1,480 days

Compare to HIG, FNF, PGR, CB, TRV

In The Past

Employers's stock fell -22.4% during the 2022 Inflation Shock from a high on 6/28/2022. A -22.4% loss requires a 28.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Employers (EIG)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Employers Holdings, Inc., through its subsidiaries, operates in the commercial property and casualty insurance industry primarily in the United States. It offers workers' compensation insurance to small businesses in low to medium hazard industries. The company markets its products through independent local, regional, and national agents and brokers; alternative distribution channels; and national, regional, and local trade groups and associations, as well as directly to customers. Employers Holdings, Inc. was founded in 2000 and is based in Reno, Nevada.

AI Analysis | Feedback

The Travelers of workers' compensation insurance.
AFLAC, but for workers' compensation insurance.
Like The Hartford, but exclusively focused on workers' compensation.

AI Analysis | Feedback

Workers' Compensation Insurance: Provides coverage for medical expenses, lost wages, and rehabilitation costs for employees injured on the job.
Claims Administration: Manages the processing and payment of workers' compensation claims filed by injured employees.
Loss Control Services: Offers guidance and resources to businesses to help prevent workplace accidents and reduce potential risks.
Premium Audit Services: Conducts reviews of employer payroll records to ensure accurate calculation of insurance premiums.

AI Analysis | Feedback

Employers Holdings, Inc. (symbol: EIG) primarily sells workers' compensation insurance to other companies.

As an insurance provider, EIG serves a large and diverse base of small to medium-sized businesses across various industries. Due to the nature of its business and the broad dispersion of its policyholders, EIG does not publicly disclose the names of its specific customer companies, nor does it typically rely on a small number of "major customers" for a significant portion of its revenue.

EIG's target market generally includes businesses operating in industries with moderate hazard risks, focusing on the needs of small to mid-sized employers.

AI Analysis | Feedback

null

AI Analysis | Feedback

Katherine H. Antonello, President and Chief Executive Officer
Ms. Antonello has served as President and Chief Executive Officer of Employers Holdings, Inc. since April 2021. Prior to this, she was the Executive Vice President and Chief Actuary at the company. Her career also includes serving as Chief Actuary for the National Council on Compensation Insurance.

Michael A. Pedraja, Executive Vice President, Chief Financial Officer
Mr. Pedraja became the Executive Vice President and Chief Financial Officer of Employers Holdings, Inc. in 2025. He previously served as Group Chief Financial Officer for Ariel Re Services from 2021 to 2025. Prior to that, he was Senior Vice President and Treasurer of The Allstate Corporation from 2019 to 2021. His professional experience also includes roles as an insurance-focused Investment Banker at Aon Securities, Barclays, and Credit Suisse.

Lori A. Brown, Executive Vice President, Chief Legal Officer, and General Counsel
Ms. Brown has been the Chief Legal Officer, Executive Vice President, and General Counsel of Employers Holdings, Inc. since January 2019. Before this, she served as Senior Vice President and Deputy General Counsel at EIG Services Inc, EICN, ECIC, EPIC, and EAC from March 2015 to December 2018.

John M. Mutschink, Executive Vice President, Chief Administrative Officer
Mr. Mutschink serves as the Executive Vice President and Chief Administrative Officer of Employers Holdings, Inc.

Kelley F. Kage, Senior Vice President, Chief Information Officer
Ms. Kage has been the Chief Information Officer and Senior Vice President of Employers Holdings, Inc. since 2023. Prior to this role, she served as Chief Information Officer and Vice President, Technology at Liberty Mutual Insurance from 2021 to 2023, bringing 16 years of experience from Liberty Mutual Insurance.

AI Analysis | Feedback

The key risks to Employers Holdings, Inc.'s (EIG) business are primarily concentrated in the workers' compensation insurance market, particularly within California, and broader industry shifts.

Increased Frequency and Severity of California Cumulative Trauma (CT) Claims: The most significant immediate risk for EIG is the escalating frequency and severity of cumulative trauma claims in California. This trend has directly led to a substantial increase in the company's loss and loss adjustment expenses (LAE) ratio, negatively impacting its underwriting profitability. For instance, the company reported a significant strengthening of prior-year reserves by $38.2 million in Q3 2025, largely due to a surge in California CT claims for accident years 2023 and 2024. This resulted in a GAAP combined ratio of 129.7% in Q3 2025, indicating a significant underwriting loss, in contrast to the industry's projected combined ratio of 85% to 93% for 2025. The current accident year loss and LAE ratio for voluntary business was increased from 66.0% in Q1 2025 to 69.0% in Q2 2025, and further to 72.0% in Q3 2025, specifically in response to this rise in California CT claims.
Competitive Rate Environment: EIG operates in a workers' compensation market characterized by persistent rate competition. This competitive landscape puts pressure on pricing and can squeeze underwriting margins. The company has acknowledged that its focus on profitability over growth has led to targeted underwriting actions, which in some areas have tempered premium growth.
Shrinking Addressable Market due to Automation, AI, and Gig Economy: A longer-term risk for EIG is the evolving nature of work, driven by automation, artificial intelligence, and the expansion of the gig economy. These trends are reducing the demand for traditional workers' compensation insurance by shrinking the pool of full-time employees covered under standard policies. This consequently limits EIG's addressable market and can lead to lower long-term premium growth and policy volumes.

AI Analysis | Feedback

The increasing prevalence of technology-driven insurtech companies and integrated payroll/HR platforms that offer bundled workers' compensation and other business insurance directly to small and medium-sized businesses. These platforms leverage digital processes, data analytics, and existing customer relationships to provide streamlined, often more cost-effective, and highly integrated insurance solutions, potentially bypassing traditional broker channels and eroding market share from incumbent insurers like EIG.

AI Analysis | Feedback

The main product of Employers Holdings Inc. (EIG) is workers' compensation insurance, with a primary focus on serving small to medium-sized businesses in the United States.

The addressable market for workers' compensation insurance in the U.S. is estimated to be approximately $56.7 billion for 2024. Other estimates for the U.S. workers' compensation market include total direct premiums written of $57.48 billion in 2024 and annual premiums totaling an estimated $55-60 billion. The global workers' compensation insurance market was valued at $77.1 billion in 2023 and is projected to reach $93.4 billion by the end of 2025, with North America holding approximately 56.65% of that market share in 2025.

AI Analysis | Feedback

Employers Holdings Inc. (EIG) anticipates several key drivers for its future revenue growth over the next two to three years:

Expansion into the Excess Workers' Compensation Market: EIG plans to launch a new excess workers' compensation product in early 2026. This initiative is expected to diversify revenue streams and strengthen relationships with distribution partners by leveraging existing expertise and infrastructure.
Appetite Expansion and Growth in Policy Count: The company has reported a record number of policies in-force, with a 4% year-over-year increase. Its ongoing appetite expansion initiative has contributed to both policy count and premium growth, particularly in smaller policy size bands.
Targeted Pricing and Underwriting Actions: Employers is implementing targeted pricing and underwriting refinements to address specific market trends and improve underwriting margins. These actions, impacting certain classes and jurisdictions, are also intended to contribute to premium growth.
Growth in Renewal Business Premium: The company has observed an increase in gross and net premiums earned driven by growth in renewal business, indicating strong customer retention and continued premium generation from existing policies.
Strong Investment Income and Gains: Robust investment income and continued net investment gains have contributed to the expansion of total revenue. Investment performance remains a significant component of the company's overall revenue.

AI Analysis | Feedback

Share Repurchases

Employers Holdings, Inc. repurchased $149.2 million of its common stock over the three-year period ended December 31, 2024.
On October 29, 2025, the Board of Directors approved a recapitalization plan, authorizing a $125.0 million increase to the existing 2025 share repurchase program.
The Company intends to fund the additional share repurchases through various debt sources, including collateralized advances from the Federal Home Loan Bank.

Capital Expenditures

Capital expenditures were reported as $5.5 million in 2020, $3.6 million in 2021, $2.6 million in 2022, $2.2 million in 2023, and $4.9 million in 2024.
For the trailing twelve months ended September 30, 2025, capital expenditures were $3.7 million.

	Best Bets In Financials Sector
What You Pay
P/E	16.0	13.1	8.9	9.0	26.1	19.5	8.4	11.5	14.0	36.0	12.7
P/EBIT	13.0	10.4	5.6	6.9	19.6	15.2	6.2	9.1	10.8	24.4	8.1
What You Get
Rev Chg Q	6.8%	-35.5%	17.8%	-0.7%	-3.0%	19.0%	7.6%	6.0%	16.3%	13.3%	11.9%
Rev Chg LTM	1.7%	24.0%	-4.9%	2.2%	5.8%	18.1%	8.9%	10.2%	21.1%	22.2%	3.9%
Rev Chg 3Y Avg	9.7%	429.4%	22.0%	1.2%	8.9%	32.4%	10.3%	7.6%	23.5%	19.7%	2.1%
FCF/Rev 3Y Avg	7.3%	847.0%	120.8%	62.2%	61.9%	60.8%	58.4%	55.6%	54.7%	49.8%	49.6%

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Can Employers Stock Hold Up When Markets Turn?	Return
2	Why Employers Stock Moved: EIG Stock Has Gained 22% Since 2021 Fiscal End, Primarily Due To Favorable Change In Revenues
3	Employers (EIG) Valuation Ratios Comparison	Financials
4	EIG Dip Buy Analysis
5	Time To Buy Employers Stock?	Buy or Fear
6	Employers Total Shareholder Return (TSR): 36.4% in 2024 and 16.8% 3-yr compounded annual returns (above peer average)
7	Employers (EIG) Operating Cash Flow Comparison	Financials
8	Employers (EIG) Net Income Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to EIG. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WU_11212025_Dip_Buyer_FCFYield	11212025	WU	Western Union	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	13.5%	13.5%	-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	COIN	Coinbase Global	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	3.1%	3.1%	-0.5%
PYPL_11142025_Dip_Buyer_FCFYield	11142025	PYPL	PayPal	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.7%	-4.7%	-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper	11142025	V	Visa	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	6.7%	6.7%	-2.7%
WD_11072025_Dip_Buyer_ValueBuy	11072025	WD	Walker & Dunlop	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-10.3%	-10.3%	-12.1%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ADEA	Adeia	1.8	30.5%	21.0%
AAOI	Applied Optoelectronics	2.5	24.8%	6.1%
QBTS	D-Wave Quantum	11.0	20.0%	283.2%
ZBIO	Zenas BioPharma	1.8	17.1%	416.8%
UNF	UniFirst	3.6	16.1%	16.4%
FLY	Firefly Aerospace	4.0	16.0%
UAMY	United States Antimony	0.7	16.0%	215.8%
RZLT	Rezolute	0.2	15.8%	-58.2%
RCAT	Red Cat	0.8	14.5%	-28.2%
KURA	Kura Oncology	1.0	14.5%	29.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TPL	Texas Pacific Land	7.0	-66.3%	-72.5%
EWTX	Edgewise Therapeutics	2.2	-18.0%	-21.6%
DJT	Trump Media & Technology	4.0	-10.4%	-57.7%
AVO	Mission Produce	0.8	-9.7%	-17.0%
GTN-A	Gray Media	1.0	-8.0%	43.1%
ANGX	Angel Studios	0.8	-8.0%
DDS	Dillard's	9.6	-7.7%	48.3%
NKTR	Nektar Therapeutics	0.6	-7.2%	211.7%
MPLT	MapLight Therapeutics	0.8	-6.7%
TLRY	Tilray Brands	11.0	-6.6%	-21.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LUNR	Intuitive Machines	2.0	50.1%	-8.1%
FBYD	Falcons Beyond Global	0.7	46.4%	129.2%
TE	T1 Energy	1.1	44.3%
HUT	Hut 8	5.3	42.2%	145.9%
FLY	Firefly Aerospace	4.0	40.5%
RKLB	Rocket Lab	39.9	40.0%	204.5%
DJT	Trump Media & Technology	4.0	37.8%	-57.7%
QBTS	D-Wave Quantum	11.0	35.6%	283.2%
EEX	Emerald	0.9	34.2%	-0.1%
AAOI	Applied Optoelectronics	2.5	30.8%	6.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-79.5%	-26.1%
TPL	Texas Pacific Land	7.0	-63.9%	-72.5%
LW	Lamb Weston	6.0	-28.0%	-34.3%
OLMA	Olema Pharmaceuticals	2.4	-21.4%	383.4%
FDMT	4D Molecular Therapeutics	0.5	-20.5%	56.4%
NKTR	Nektar Therapeutics	0.6	-18.4%	211.7%
INSP	Inspire Medical Systems	2.9	-17.9%	-47.2%
PLAY	Dave & Buster's Entertainment	0.6	-17.9%	-45.0%
NKE	Nike	84.5	-15.6%	-22.6%
HPP	Hudson Pacific Properties	4.6	-14.9%	-51.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TE	T1 Energy	1.1	168.4%
WVE	WAVE Life Sciences	2.9	166.0%	45.3%
LUNR	Intuitive Machines	2.0	107.3%	-8.1%
AAOI	Applied Optoelectronics	2.5	100.6%	6.1%
RKLB	Rocket Lab	39.9	96.4%	204.5%
VERA	Vera Therapeutics	3.4	93.0%	27.2%
ANF	Abercrombie & Fitch	5.9	83.9%	-16.6%
PL	Planet Labs PBC	6.3	83.4%	409.9%
ARWR	Arrowhead Pharmaceuticals	9.6	81.1%	267.0%
FTRE	Fortrea	1.6	76.2%	-5.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.2	-78.8%	-58.2%
TPL	Texas Pacific Land	7.0	-65.7%	-72.5%
JANX	Janux Therapeutics	0.9	-50.7%	-73.7%
FRMI	Fermi	6.2	-42.4%
LENZ	LENZ Therapeutics	0.5	-36.4%	-39.0%
GOGO	Gogo	0.6	-30.3%	-41.9%
UP	Wheels Up Experience	0.4	-27.4%	-62.1%
ACLX	Arcellx	3.7	-27.2%	-15.0%
ORIC	ORIC Pharmaceuticals	0.7	-26.8%	4.1%
KOS	Kosmos Energy	0.5	-26.5%	-71.8%

Peer Comparisons for Employers

Peers to compare with:

Financials

	EIG	HIG	FNF	PGR	CB	TRV	Median
Name	Employers	Hartford.	Fidelity.	Progress.	Chubb	Traveler.
Mkt Price	42.98	139.55	55.12	227.36	310.95	291.64	183.46
Mkt Cap	1.0	39.2	14.8	133.3	123.6	65.4	52.3
Rev LTM	905	27,692	13,717	85,166	58,900	48,409	38,050
Op Inc LTM	-	-	-	-	-	-	-
FCF LTM	53	5,865	5,674	17,049	13,321	9,985	7,925
FCF 3Y Avg	64	4,922	6,190	13,420	13,409	8,682	7,436
CFO LTM	57	5,988	5,817	17,386	13,321	9,985	7,986
CFO 3Y Avg	67	5,109	6,331	13,690	13,409	8,682	7,506

Growth & Margins

	EIG	HIG	FNF	PGR	CB	TRV	Median
Name	Employers	Hartford.	Fidelity.	Progress.	Chubb	Traveler.
Rev Chg LTM	1.7%	6.9%	3.9%	18.4%	6.7%	6.7%	6.7%
Rev Chg 3Y Avg	9.7%	8.6%	2.1%	20.6%	12.2%	10.1%	9.9%
Rev Chg Q	6.8%	6.4%	11.9%	14.2%	8.2%	4.8%	7.5%
QoQ Delta Rev Chg LTM	1.7%	1.6%	3.2%	3.4%	2.2%	1.2%	1.9%
Op Mgn LTM	-	-	-	-	-	-	-
Op Mgn 3Y Avg	-	-	-	-	-	-	-
QoQ Delta Op Mgn LTM	-	-	-	-	-	-	-
CFO/Rev LTM	6.3%	21.6%	42.4%	20.4%	22.6%	20.6%	21.1%
CFO/Rev 3Y Avg	7.6%	19.6%	50.7%	18.7%	24.8%	19.4%	19.5%
FCF/Rev LTM	5.9%	21.2%	41.4%	20.0%	22.6%	20.6%	20.9%
FCF/Rev 3Y Avg	7.3%	18.9%	49.6%	18.4%	24.8%	19.4%	19.1%

Valuation

	EIG	HIG	FNF	PGR	CB	TRV	Median
Name	Employers	Hartford.	Fidelity.	Progress.	Chubb	Traveler.
Mkt Cap	1.0	39.2	14.8	133.3	123.6	65.4	52.3
P/S	1.1	1.4	1.1	1.6	2.1	1.4	1.4
P/EBIT	13.0	8.5	8.1	9.7	9.4	8.5	8.9
P/E	16.0	11.0	12.7	12.4	12.8	11.1	12.6
P/CFO	17.5	6.5	2.5	7.7	9.3	6.5	7.1
Total Yield	9.3%	10.6%	11.6%	10.2%	9.0%	9.7%	10.0%
Dividend Yield	3.0%	1.5%	3.7%	2.2%	1.2%	0.7%	1.8%
FCF Yield 3Y Avg	5.9%	15.8%	42.6%	10.8%	12.9%	17.2%	14.4%
D/E	0.0	0.1	0.3	0.1	0.1	0.1	0.1
Net D/E	-1.1	-0.4	-1.9	-0.0	-0.2	-1.4	-0.8

Returns

	EIG	HIG	FNF	PGR	CB	TRV	Median
Name	Employers	Hartford.	Fidelity.	Progress.	Chubb	Traveler.
1M Rtn	9.0%	2.7%	-5.8%	0.2%	4.6%	0.9%	1.8%
3M Rtn	2.2%	7.2%	-5.5%	-5.7%	14.3%	6.0%	4.1%
6M Rtn	-8.2%	10.4%	0.3%	-14.6%	8.6%	9.8%	4.4%
12M Rtn	-13.0%	29.6%	1.7%	-3.3%	15.3%	23.1%	8.5%
3Y Rtn	7.1%	94.3%	64.0%	80.9%	47.8%	62.9%	63.5%
1M Excs Rtn	5.7%	-1.2%	-8.3%	-4.6%	0.1%	-3.5%	-2.3%
3M Excs Rtn	-0.4%	3.0%	-9.4%	-8.0%	9.7%	2.7%	1.1%
6M Excs Rtn	-20.6%	-1.7%	-12.8%	-27.4%	-3.8%	-2.4%	-8.3%
12M Excs Rtn	-29.0%	15.4%	-14.5%	-20.6%	-1.1%	8.4%	-7.8%
3Y Excs Rtn	-64.4%	23.5%	-8.4%	6.9%	-24.0%	-8.4%	-8.4%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/31/2025	2/28/2025	2/26/2024	2/24/2023	2/24/2022	2/23/2021	2/20/2020
Key Financials
Total Revenue	905	881	851	714	703	711	836
Net Income	62	119	118	48	119	120	157
EPS	2.54	4.73	4.48	1.76	4.22	4.01	4.89
Growth Rates
Total Revenue Growth	1.7%	3.5%	19.3%	1.5%	-1.2%	-14.9%	4.4%
Net Income Growth	-54.0%	0.4%	144.0%	-59.4%	-0.4%	-23.7%	11.2%
Margins
Net Income Margin	6.9%	13.5%	13.9%	6.8%	17.0%	16.8%	18.8%
Cash & Debt
Total Cash	1,091	1,017	2,196	2,395	2,428	2,666	2,641
Total Debt	4	4	6	196	17	40	18
Net Debt / (Cash)	-1,087	-1,013	-2,190	-2,198	-2,412	-2,626	-2,623
Cash Flows
Net Cash from Operations	57	76	49	100	11	33	122
Free Cash from Operations	53	72	47	97	7	28	110
Returns to Shareholders
Dividends	30	30	30	90	29	30	28
Share Repurchases	99	43	76	30	43	99	68

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/31/2025	8/1/2025	5/2/2025	2/28/2025	11/1/2024	8/2/2024	4/26/2024	2/26/2024	10/27/2023	7/28/2023	4/28/2023	2/24/2023
Key Financials Quarterly
Total Revenue	239	246	203	217	224	217	223	226	204	215	206	222
Net Income	-8	30	13	28	30	32	28	46	14	35	24	47
EPS	-0.36	1.24	0.52	1.14	1.22	1.25	1.12	1.78	0.54	1.31	0.87	1.73
Key Financials TTM
Total Revenue TTM	905	890	860	881	890	869	868	851	847	848	768	714
Net Income TTM	62	101	103	119	136	120	123	118	120	125	74	48
Growth Rates Quarterly
Total Revenue Growth	6.8%	13.5%	-9.2%	-4.0%	10.1%	0.8%	8.0%	1.8%	-0.4%	59.1%	35.9%	11.0%
Net Income Growth	-127.4%	-6.3%	-54.8%	-37.9%	116.4%	-9.2%	19.9%	-3.2%	-26.7%	323.7%	1126.1%	-14.1%
Margins Quarterly
Net Income Margin	-3.5%	12.1%	6.3%	13.1%	13.5%	14.6%	12.7%	20.2%	6.9%	16.2%	11.4%	21.2%
Cash & Debt
Total Cash	1,091	1,014	1,059	1,017	991	856	855	2,196	875	2,244	2,394	2,395
Total Debt	4	3	4	4	5	5	6	6	46	111	195	196
Net Debt / (Cash)	-1,087	-1,011	-1,055	-1,013	-987	-851	-850	-2,190	-830	-2,133	-2,198	-2,198
Cash Flows Quarterly
FCF from Operations	29	0	15	13	51	12	1	28	25	-8	4	32
Cash Flows TTM
FCF from Operations TTM	57	79	90	76	91	65	46	49	54	58	87	100
Returns to Shareholders Quarterly
Dividends	7	8	8	8	7	8	8	7	7	8	8	41
Share Repurchases	45	24	20	11	8	19	6	15	15	35	11	2
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Insurance Operations	851	714
Cerity			4	3	0
Corporate and Other			0	-1	7
Employers			699	709	828
Total	851	714	703	711	836

Net Income by Segment

$ Mil	2024	2023	2022	2021	2020
Insurance Operations	118	48
Total	118	48

Price Behavior

Price Behavior

Market Price	$42.98
Market Cap ($ Bil)	1.0
First Trading Date	01/31/2007
Distance from 52W High	-15.1%
	50 Days	200 Days
DMA Price	$40.11	$44.03
DMA Trend	down	down
Distance from DMA	7.2%	-2.4%
	3M	1YR
Volatility	24.8%	24.6%
Downside Capture	-55.63	37.04
Upside Capture	-37.53	17.61
Correlation (SPY)	-7.7%	26.7%

EIG Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	-0.55	-0.19	-0.03	0.48	0.36	0.41
Up Beta	1.50	1.23	1.25	1.39	0.40	0.47
Down Beta	-0.51	-0.07	-0.20	0.11	0.36	0.43
Up Capture	-116%	-72%	-43%	-0%	10%	9%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	14	23	32	62	126	390
Down Capture	-106%	-53%	-17%	74%	59%	68%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	5	18	29	61	119	350

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of EIG With Other Asset Classes (Last 1Y)
	EIG	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-14.1%	14.3%	14.7%	67.3%	6.8%	-0.5%	-16.6%
Annualized Volatility	24.6%	19.3%	19.7%	19.3%	15.2%	17.6%	35.4%
Sharpe Ratio	-0.67	0.57	0.57	2.54	0.23	-0.18	-0.25
Correlation With Other Assets		50.5%	27.9%	2.3%	4.7%	47.7%	5.6%

ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of EIG With Other Asset Classes (Last 5Y)
	EIG	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	9.6%	16.5%	15.0%	18.9%	11.8%	5.1%	35.8%
Annualized Volatility	24.2%	18.9%	17.1%	15.5%	18.7%	18.9%	48.9%
Sharpe Ratio	0.36	0.73	0.71	0.98	0.51	0.18	0.63
Correlation With Other Assets		49.6%	28.6%	-3.0%	6.5%	32.6%	6.2%

Based On 10-Year Data

		Comparison of EIG With Other Asset Classes (Last 10Y)
	EIG	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	7.7%	13.4%	14.9%	14.9%	6.7%	5.5%	69.9%
Annualized Volatility	27.4%	22.3%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.31	0.55	0.71	0.84	0.30	0.23	0.90
Correlation With Other Assets		52.7%	40.4%	-3.3%	14.1%	38.3%	7.1%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	616,469
Short Interest: % Change Since 11152025	3.1%
Average Daily Volume	243,313
Days-to-Cover Short Interest	2.53
Basic Shares Quantity	23,247,221
Short % of Basic Shares	2.7%

Returns Analyses

	Title
0	Can Employers Stock Hold Up When Markets Turn?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/30/2025	-6.4%	-6.0%	-1.3%
7/30/2025	-9.5%	-8.4%	-5.2%
5/1/2025	2.4%	2.6%	1.9%
2/20/2025	0.3%	4.8%	1.4%
10/30/2024	1.6%	11.9%	11.9%
7/31/2024	-3.6%	-5.0%	0.1%
4/25/2024	1.1%	-0.7%	-4.4%
2/15/2024	3.9%	6.5%	2.4%
...
SUMMARY STATS
# Positive	11	9	11
# Negative	10	12	10
Median Positive	3.0%	3.6%	2.4%
Median Negative	-5.2%	-5.1%	-1.7%
Max Positive	11.1%	13.4%	24.3%
Max Negative	-9.5%	-8.4%	-20.3%

	Forward Returns
10/30/2025	-6.4%	-6.0%	-1.3%
7/30/2025	-9.5%	-8.4%	-5.2%
5/1/2025	2.4%	2.6%	1.9%
2/20/2025	0.3%	4.8%	1.4%
10/30/2024	1.6%	11.9%	11.9%
7/31/2024	-3.6%	-5.0%	0.1%
4/25/2024	1.1%	-0.7%	-4.4%
2/15/2024	3.9%	6.5%	2.4%
10/25/2023	-4.7%	-2.3%	-2.1%
7/26/2023	3.0%	2.5%	3.7%
4/27/2023	-6.0%	-6.9%	-13.6%
2/16/2023	6.9%	1.5%	-1.4%
10/27/2022	11.1%	13.4%	17.6%
7/28/2022	-2.3%	-5.3%	0.1%
4/27/2022	-4.4%	-5.2%	1.5%
2/16/2022	2.2%	-0.4%	3.2%
10/28/2021	-2.1%	0.9%	-0.7%
7/22/2021	-5.7%	-0.1%	-0.2%
2/17/2021	4.2%	3.6%	24.3%
7/23/2020	4.7%	-0.7%	-0.6%
2/19/2020	-6.4%	-6.6%	-20.3%
SUMMARY STATS
# Positive	11	9	11
# Negative	10	12	10
Median Positive	3.0%	3.6%	2.4%
Median Negative	-5.2%	-5.1%	-1.7%
Max Positive	11.1%	13.4%	24.3%
Max Negative	-9.5%	-8.4%	-20.3%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10312025	10-Q 9/30/2025
6302025	8012025	10-Q 6/30/2025
3312025	5022025	10-Q 3/31/2025
12312024	2282025	10-K 12/31/2024
9302024	11012024	10-Q 9/30/2024
6302024	8022024	10-Q 6/30/2024
3312024	4262024	10-Q 3/31/2024
12312023	2262024	10-K 12/31/2023
9302023	10272023	10-Q 9/30/2023
6302023	7282023	10-Q 6/30/2023
3312023	4282023	10-Q 3/31/2023
12312022	2242023	10-K 12/31/2022
9302022	10282022	10-Q 9/30/2022
6302022	7292022	10-Q 6/30/2022
3312022	4292022	10-Q 3/31/2022
12312021	2242022	10-K 12/31/2021

Insider Activity

Expand for Morenull

Industry Resources

Financials Resources

Federal Reserve Economic Data

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Employers (EIG)

Market Price (12/23/2025): $43.005 | Market Cap: $999.7 MilSector: Financials | Industry: Property & Casualty Insurance

Employers (EIG)

Market Price (12/23/2025): $43.005Market Cap: $999.7 MilSector: FinancialsIndustry: Property & Casualty Insurance

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

EIG Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Employers (EIG)

Interactive Breakdown

Better Bets than Employers (EIG)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Employers

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

Industry Resources

External Quote Links

Market Price (12/23/2025): $43.005 | Market Cap: $999.7 Mil
Sector: Financials | Industry: Property & Casualty Insurance

Market Price (12/23/2025): $43.005
Market Cap: $999.7 Mil
Sector: Financials
Industry: Property & Casualty Insurance