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Travelers Cos Inc/The

TRVWithin bandExpectations · modest

Held by 8 superinvestors.

Price$371.15
Holders8
Total value$233.0M

SEC 10-K · fundamentals

Business quality

as of 2025-12-31

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
+5.2%
Net margin
12.9%
ROE
19.1%
FCF margin
—
Revenue $31.98B → $48.83B · 6y
What makes a business high quality

Valuation · value band

In fair-value range

$343/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$371
cheaperpricier

Zero-growth floor

$220

Central IV

$343

Optimistic top

$421

Travelers Cos Inc/The (TRV): A conservative value band $220–$421 / sh (zero-growth floor to growth-capped optimistic top); central read about $343. Today’s price sits inside that band (price $371 as of 2026-08-26).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 5% (lower of historical trend and fundamental cap, capped by moat) · moat 10 yr · discount 10.6% · Zero-growth downside $220

Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.

Method & numbers

Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $226.85 – $420.90 · Greenwald zero-growth $268.47 · zero-growth base $268.47 · reproduction $134.53

Moat Franchise (moat) · terminal value 48% of present value · owner-earnings yield 7% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)

Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.

Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

Buffett owner-earnings value$219.66 – $268.47 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied. Financial issuer (bank/insurer): net debt / owner earnings does not describe a deposit-funded balance sheet, so no leverage premium is applied here; leverage is instead handled by the reliability gate.

Reproduction value = tangible net assets $28.74B = $134.53 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Assumes a narrow moat · competitive-advantage period ≈ 10 years.

Growth value not assessable — Operating income is not available across the window, so ROIIC / growth value cannot be computed.

Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 17% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 5% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 9.16%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about 6.2% a year in owner-earnings for the next few years. Revenue actually grew 9.2% a year.

Below what it has already done.

Roughly, the price needs its historical revenue growth to run about 8 more years to hold up.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

8 holders · $233.0M combined · this quarter +0 opened / -1 exited

This quarter2 added2 trimmed1 exited
Holders 7 → 7 · last 8q
Exited this quarter (1)
Lee Ainslie

SEC 13F · notes

Written summary

Travelers Cos Inc/The (TRV) is held by 8 of the superinvestors tracked on Compounder, with a combined $233.0M in reported 13F value. The largest position belongs to Jim Cullen, where it makes up 1.6% of the portfolio.

Other notable holders by value include Dodge & Cox (0.0% of its book), Jeremy Grantham (0.0% of its book) and Ray Dalio (0.1% of its book).

Over the latest quarter, 0 of the tracked filers opened a new position in TRV, 2 added to existing ones, 2 trimmed, and 1 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Travelers Cos Inc/The (TRV) also commonly hold →

TRV's price is not below its conservative value band. See current strike-zone stocks

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-18

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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