$246.88

-4.42 (-1.76%)

After Hours: $245.97 (-0.91, -0.37%)

Weekly Expected Move ±4.6%

$230 $242 $254 $265 $277

NASDAQ · Financial Services · Insurance - Property & Casualty · Tech Score Buy · Power 73 · $11.4B mcap · 25M float · 1.03% daily turnover · Short 73% of daily vol

Credit Risk of going bust: not rated, financial company (lending is its business) Bonds: none of note held by US funds details ▾

Not rated: lending and leverage are a financial company's business, which the model misreads.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE

50.2 / 100

NoneWeakNarrowWide

Primary source: Cost Advantage · ROIC: 26.6% · 5Y Avg: 29.6%

Cost Advantage ★

Intangibles

Switching Cost

Network Effect

Scale

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. ERIE shows a Weak competitive edge (50.2/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Cost Advantage. ROIC of 26.6% confirms the company is generating returns well above its cost of capital — a hallmark of durable competitive advantages.

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

A-

Oct 27, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. ERIE receives an overall rating of A-. Strongest factors: DCF (4/5), ROE (5/5), ROA (5/5), D/E (4/5). Areas of concern: P/E (2/5), P/B (1/5).

Rating Change History

Date	From	To
2026-10-13	A	A-
2026-10-12	A-	A
2026-09-28	A	A-
2026-09-25	A-	A
2026-08-28	A	A-
2026-08-27	A-	A
2026-08-19	A	A-
2026-08-17	A-	A
2026-08-06	A	A-
2026-08-04	A-	A

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 64 Grade A+

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

100

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. ERIE scores highest in Safety (100/100) and lowest in Growth (43/100). An overall grade of A+ places ERIE among the highest-quality companies in its peer group.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman-I Score

21.12

Safe Zone

Piotroski F-Score

6/9

✓ ✓ ✗ ✓ ✗ ✓ ✓ ✗ ✓

Beneish M-Score

-2.59

Unlikely Manipulator

Ohlson O-Score

-9.99

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

AA+

Score: 90.3/100

Trend: Stable

Earnings Quality

100/100

OCF/NI: 1.21x

Accruals: -3.6%

The Altman-I Score is adapted for insurance companies, emphasizing return on equity, tangible net worth, and cash reserves alongside the standard equity and earnings components. ERIE scores 21.12, placing it in the Safe Zone (safe > 3.0, distress < 1.5). Bankruptcy is statistically unlikely within the next two years. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. ERIE scores 6/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. ERIE's score of -2.59 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. ERIE's implied 0.0% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. ERIE receives an estimated rating of AA+ (score: 90.3/100), with a stable trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). ERIE's score of 100/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

19.84x

PEG

-2.61x

P/S

2.76x

P/B

4.60x

P/FCF

22.39x

P/OCF

17.75x

EV/EBITDA

15.75x

EV/Revenue

2.78x

EV/EBIT

17.02x

EV/FCF

21.88x

Earnings Yield

4.66%

FCF Yield

4.47%

Shareholder Yield

2.13%

Graham Number

$108.21

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 19.8x earnings, ERIE trades at a reasonable valuation. Graham's intrinsic value formula yields $108.21 per share, 128% below the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.787

NI / EBT

Interest Burden

1.032

EBT / EBIT

EBIT Margin

0.163

EBIT / Rev

Asset Turnover

1.304

Rev / Assets

Equity Multiplier

1.437

Assets / Equity

ROE

24.8%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. ERIE's ROE of 24.8% is driven by Asset Turnover (1.304), indicating efficient use of assets to generate revenue.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

15.00%

Fair P/E

38.50x

Intrinsic Value

$424.76

Price/Value

0.56x

Margin of Safety

44.25%

Premium

-44.25%

Assessment

Neutral

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with ERIE's realized 15.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. ERIE actually compounded EPS at 18.0% over three years; the model uses 15%, the highest rate it will extrapolate — of 4,457 company-quarters that grew faster than 200%, none sustained it over the following seven years. ERIE trades at a -44% premium to its adjusted intrinsic value of $424.76, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 38.5x compares to the current market P/E of 19.8x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$246.88

Median 1Y

$243.11

5th Pctile

$148.24

95th Pctile

$398.49

Ann. Volatility

33.2%

25th–75th percentile 5th–95th percentile Median path Historical

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Jeffrey A. Ludrof, Former President and CEO*	$805,365	$1,395,605	$8,603,968
John J. Brinling, Jr., President and CEO**	$336,660	$1,048,948	$2,740,879
Philip A. Garcia, Executive Vice President and Chief Financial Officer	$398,015	$540,030	$1,322,653
Thomas B. Morgan, Executive Vice President, Insurance Operations***	$377,028	$551,189	$1,260,430
Douglas F. Ziegler, Senior Vice President and Chief Investment Officer	$327,380	$417,805	$975,743
Michael J. Krahe, Executive Vice President, Human Development and Leadership	$296,385	$344,709	$951,029

CEO Pay Ratio

775:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $8,603,968

Avg Employee Cost (SGA/emp): $11,108

Employees: 6,667

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

6,667

-0.7% YoY

Revenue / Employee

$610,058

Rev: $4,067,258,000

Profit / Employee

$83,896

NI: $559,335,000

SGA / Employee

$11,108

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
ROE	24.1%	23.5%	23.0%	22.8%	21.8%	21.4%	22.4%	24.5%	27.0%	28.7%	30.1%	31.4%	31.4%	32.9%	32.4%	31.1%	30.4%	26.2%	25.8%	24.8%	24.81%
ROA	13.9%	13.7%	13.6%	13.5%	13.1%	13.3%	14.2%	15.7%	17.5%	18.9%	20.3%	21.1%	21.3%	22.4%	22.2%	21.5%	20.9%	17.9%	18.0%	17.3%	17.26%
ROIC	22.9%	20.7%	20.8%	22.1%	22.9%	21.2%	24.4%	25.6%	26.2%	28.7%	28.7%	29.4%	29.5%	32.0%	30.5%	30.3%	34.2%	29.7%	28.6%	26.6%	26.57%
ROCE	14.2%	19.5%	14.6%	15.9%	16.5%	25.0%	18.7%	25.6%	20.9%	31.4%	25.3%	33.3%	32.4%	34.3%	33.6%	32.2%	31.1%	27.2%	28.3%	27.5%	27.47%
Gross Margin	13.8%	9.7%	12.5%	14.3%	14.4%	11.6%	14.7%	16.0%	17.3%	15.5%	15.8%	19.2%	18.0%	18.1%	15.3%	18.8%	34.2%	14.6%	14.5%	18.7%	18.73%
Operating Margin	13.8%	9.7%	12.5%	14.3%	14.4%	11.6%	14.7%	16.0%	17.3%	15.5%	15.8%	19.2%	18.0%	18.1%	15.3%	18.8%	16.1%	16.6%	16.4%	18.7%	18.73%
Net Margin	13.1%	8.7%	10.2%	11.0%	11.4%	9.3%	11.5%	14.0%	15.3%	13.6%	14.1%	16.5%	16.0%	16.5%	14.0%	16.5%	14.0%	6.7%	14.9%	16.5%	16.54%
EBITDA Margin	14.4%	11.0%	14.2%	15.8%	15.8%	13.5%	17.3%	18.3%	19.6%	18.0%	18.1%	21.4%	19.7%	21.3%	17.3%	20.7%	17.5%	10.7%	20.8%	20.9%	20.93%
FCF Margin	12.7%	9.6%	9.0%	8.5%	7.8%	10.5%	10.9%	11.7%	8.6%	8.8%	9.5%	9.1%	12.7%	12.8%	13.1%	14.2%	13.5%	13.3%	12.4%	12.7%	12.69%
OCF Margin	14.3%	15.3%	14.7%	14.0%	13.6%	12.9%	13.4%	14.5%	11.4%	11.7%	12.4%	11.8%	15.4%	16.1%	16.4%	17.3%	16.6%	16.0%	15.3%	16.0%	16.01%
ROE 3Y Avg	snapshot only																				27.00%
ROE 5Y Avg	snapshot only																				25.17%
ROA 3Y Avg	snapshot only																				18.63%
ROIC 3Y Avg	snapshot only																				26.40%
ROIC Economic	snapshot only																				23.77%
Cash ROA	snapshot only																				19.62%
Cash ROIC	snapshot only																				31.93%
CROIC	snapshot only																				25.31%
NOPAT Margin	snapshot only																				13.33%
Pretax Margin	snapshot only																				16.83%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				5.84%
SBC / Revenue	snapshot only																				-5.23%

Valuation

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
P/E Ratio	27.65	30.81	32.17	35.18	37.40	40.87	40.05	29.41	36.55	37.58	41.65	34.44	48.48	34.57	38.48	28.12	25.17	26.38	22.76	21.46	19.842
P/S Ratio	3.24	3.48	3.52	3.80	3.88	4.30	4.34	3.43	4.65	5.13	5.94	5.15	7.35	5.47	6.05	4.42	3.81	3.43	3.00	2.84	2.756
P/B Ratio	6.57	6.84	7.06	7.72	7.94	8.43	8.52	6.74	9.08	10.08	11.69	9.99	13.92	10.44	11.43	8.05	7.06	6.46	5.53	5.02	4.603
P/FCF	25.55	36.13	39.30	44.45	50.06	40.82	39.60	29.26	53.76	58.09	62.19	56.79	57.99	42.66	46.33	31.16	28.26	25.84	24.22	22.39	22.392
P/OCF	22.71	22.79	23.98	27.12	28.59	33.33	32.42	23.66	40.59	43.97	48.00	43.51	47.88	33.95	36.80	25.53	23.01	21.49	19.69	17.75	17.749
EV/EBITDA	24.42	26.68	26.35	26.98	26.81	28.84	27.33	20.58	26.47	27.59	31.78	26.34	37.59	26.75	30.08	21.96	19.22	19.95	16.68	15.75	15.748
EV/Revenue	3.18	3.44	3.49	3.76	3.84	4.28	4.27	3.36	4.59	5.06	5.88	5.09	7.28	5.39	5.98	4.33	3.67	3.34	2.93	2.78	2.778
EV/EBIT	26.05	28.82	28.72	29.57	29.58	31.81	30.07	22.58	28.91	29.91	34.33	28.28	40.27	28.60	32.23	23.60	20.77	21.95	18.42	17.02	17.023
EV/FCF	25.02	35.63	38.91	43.99	49.48	40.68	39.04	28.68	53.13	57.31	61.55	56.17	57.48	42.02	45.79	30.53	27.17	25.18	23.59	21.88	21.884
Earnings Yield	3.6%	3.2%	3.1%	2.8%	2.7%	2.4%	2.5%	3.4%	2.7%	2.7%	2.4%	2.9%	2.1%	2.9%	2.6%	3.6%	4.0%	3.8%	4.4%	4.7%	4.66%
FCF Yield	3.9%	2.8%	2.5%	2.2%	2.0%	2.4%	2.5%	3.4%	1.9%	1.7%	1.6%	1.8%	1.7%	2.3%	2.2%	3.2%	3.5%	3.9%	4.1%	4.5%	4.47%
Price/Tangible Book	snapshot only																				5.020
EV/OCF	snapshot only																				17.346
EV/Gross Profit	snapshot only																				12.931
Acquirers Multiple	snapshot only																				16.397
Shareholder Yield	snapshot only																				2.13%
Graham Number	snapshot only																				$108.21

Leverage & Solvency

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Current Ratio	—	1.21	—	—	—	1.10	—	1.57	—	1.31	0.00	1.32	1.36	1.43	0.00	0.00	1.59	1.27	1.20	1.25	1.246
Quick Ratio	—	1.21	—	—	—	1.11	—	1.55	—	1.31	0.00	1.32	1.36	1.43	0.00	0.00	1.59	1.27	1.20	1.25	1.246
Debt/Equity	0.07	0.07	0.07	0.03	0.00	0.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.02	0.00	0.00	0.00	0.03	0.026
Net Debt/Equity	-0.13	-0.10	-0.07	-0.08	-0.09	-0.03	-0.12	-0.13	-0.11	-0.14	-0.12	-0.11	-0.12	-0.16	-0.13	-0.16	-0.27	-0.17	-0.14	-0.11	-0.114
Debt/Assets	0.04	0.04	0.04	0.02	0.00	0.05	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.00	0.00	0.00	0.02	0.018
Debt/EBITDA	0.28	0.28	0.26	0.11	0.00	0.29	0.00	0.00	0.00	0.00	0.00	0.01	0.01	0.01	0.02	0.04	0.00	0.00	0.00	0.08	0.082
Net Debt/EBITDA	-0.51	-0.38	-0.27	-0.28	-0.31	-0.10	-0.39	-0.42	-0.32	-0.38	-0.33	-0.29	-0.33	-0.41	-0.35	-0.45	-0.77	-0.53	-0.45	-0.37	-0.366
Interest Coverage	83.53	76.00	78.79	87.03	117.72	190.27	411.00	3929.56	—	—	—	—	—	—	—	—	—	—	—	—	—
Equity Multiplier	1.74	1.67	1.67	1.63	1.61	1.55	1.50	1.51	1.49	1.49	1.48	1.47	1.47	1.45	1.44	1.43	1.44	1.47	1.43	1.44	1.442
Cash Ratio	snapshot only																				0.356
Cash to Debt	snapshot only																				5.457
FCF to Debt	snapshot only																				8.757
Defensive Interval	snapshot only																				2051.1 days

Efficiency & Turnover

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Asset Turnover	1.19	1.21	1.24	1.25	1.26	1.27	1.31	1.35	1.38	1.39	1.42	1.41	1.40	1.42	1.41	1.37	1.38	1.38	1.36	1.30	1.304
Inventory Turnover	—	—	—	—	—	—	—	585.29	—	—	—	662.13	—	—	—	—	—	—	—	—	—
Receivables Turnover	5.16	5.41	5.57	5.22	5.30	5.66	5.77	5.37	5.41	5.64	5.78	5.42	5.39	5.61	5.69	5.34	5.56	5.92	5.81	5.67	5.671
Payables Turnover	16.01	16.03	13.26	16.27	16.27	16.34	14.20	16.97	17.01	16.46	14.95	16.20	16.94	17.52	15.17	16.72	16.79	36.41	15.43	17.16	17.157
DSO	71	67	65	70	69	65	63	68	67	65	63	67	68	65	64	68	66	62	63	64	64.4 days
DIO	0	0	0	0	0	-1	0	1	0	-1	0	1	0	0	0	0	0	0	0	0	0.0 days
DPO	23	23	28	22	22	22	26	22	21	22	24	23	22	21	24	22	22	10	24	21	21.3 days
Cash Conversion Cycle	48	45	38	47	46	41	38	47	46	42	39	45	46	44	40	46	44	52	39	43	43.1 days
Fixed Asset Turnover	snapshot only																				7.343
Cash Velocity	snapshot only																				12.643
Capital Intensity	snapshot only																				0.816

Growth (YoY)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue	3.3%	3.8%	4.9%	5.8%	6.4%	7.8%	9.1%	11.5%	13.6%	15.1%	16.3%	16.9%	17.0%	16.1%	14.9%	12.0%	16.0%	13.4%	10.9%	9.7%	9.65%
Net Income	5.3%	1.6%	-4.8%	-3.5%	-5.7%	0.2%	7.9%	20.4%	39.0%	49.4%	53.2%	49.9%	39.6%	34.6%	26.8%	17.8%	15.9%	-6.8%	-7.0%	-7.7%	-7.67%
EPS	5.4%	2.3%	-4.7%	-3.5%	-5.7%	-0.5%	8.0%	33.4%	38.0%	49.4%	69.8%	49.9%	40.6%	35.5%	14.4%	18.7%	15.0%	-7.5%	3.1%	-7.7%	-7.66%
FCF	20.2%	-11.5%	-22.8%	-21.6%	-34.9%	17.7%	33.4%	52.8%	26.5%	-3.5%	1.5%	-9.6%	71.6%	68.6%	57.2%	75.3%	23.4%	17.4%	5.3%	-1.9%	-1.94%
EBITDA	-4.8%	-4.3%	2.5%	11.7%	17.2%	24.3%	29.1%	30.7%	37.6%	42.1%	37.6%	38.4%	30.7%	27.5%	23.6%	14.3%	14.1%	-5.7%	-2.2%	-2.0%	-1.97%
Op. Income	-6.0%	-5.9%	-0.7%	7.1%	11.0%	18.3%	23.3%	25.3%	33.1%	38.3%	36.3%	39.8%	34.1%	30.0%	25.6%	15.5%	14.4%	6.2%	6.4%	5.8%	5.75%
OCF Growth	snapshot only																				1.37%
Asset Growth	snapshot only																				13.71%
Equity Growth	snapshot only																				12.93%
Debt Growth	snapshot only																				79.63%
Shares Change	snapshot only																				-0.02%
Dividend Growth	snapshot only																				7.12%

Growth (CAGR)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue 3Y	5.7%	3.4%	3.6%	3.8%	4.1%	4.7%	5.3%	6.5%	7.7%	8.8%	10.0%	11.3%	12.3%	12.9%	13.4%	13.4%	15.5%	14.9%	14.0%	12.8%	12.82%
Revenue 5Y	—	10.5%	10.5%	10.6%	10.7%	10.9%	9.4%	8.3%	7.4%	6.5%	7.2%	7.9%	8.5%	8.9%	9.3%	9.6%	11.1%	11.2%	11.2%	11.1%	11.11%
EPS 3Y	5.8%	4.9%	-4.1%	-1.3%	-3.4%	1.5%	-2.0%	6.3%	11.1%	15.0%	20.4%	24.5%	22.3%	26.3%	28.0%	33.4%	30.7%	23.3%	26.1%	18.0%	17.98%
EPS 5Y	12.0%	7.4%	4.3%	7.0%	8.8%	10.9%	8.0%	10.7%	9.1%	11.4%	10.1%	14.0%	11.8%	16.2%	12.8%	16.4%	17.3%	13.8%	15.5%	16.2%	16.17%
Net Income 3Y	5.8%	1.1%	-0.5%	-1.3%	-3.4%	-2.0%	1.7%	6.2%	11.4%	15.0%	16.3%	20.3%	22.3%	26.3%	28.0%	28.6%	31.0%	23.3%	21.8%	17.7%	17.70%
Net Income 5Y	9.5%	7.2%	6.6%	7.0%	6.5%	8.7%	8.0%	8.4%	9.2%	9.1%	10.2%	11.6%	11.8%	13.6%	15.3%	16.2%	17.4%	13.8%	13.2%	13.6%	13.63%
EBITDA 3Y	-0.4%	-1.9%	-1.2%	1.0%	1.8%	4.3%	7.2%	10.7%	15.4%	19.1%	22.1%	26.4%	28.2%	31.1%	29.9%	27.4%	27.1%	19.6%	18.5%	15.7%	15.73%
EBITDA 5Y	—	1.9%	2.9%	4.5%	5.6%	6.8%	7.8%	8.7%	9.8%	10.8%	11.4%	13.3%	13.7%	15.5%	15.9%	16.5%	18.0%	15.3%	17.1%	17.7%	17.74%
Gross Profit 3Y	-0.7%	-2.6%	-2.6%	-0.8%	-0.6%	1.7%	4.1%	7.2%	11.6%	15.4%	18.6%	23.3%	25.6%	28.6%	28.3%	26.4%	39.3%	35.5%	32.3%	29.3%	29.34%
Gross Profit 5Y	3.0%	-8.3%	-6.0%	-2.6%	0.8%	5.3%	6.0%	6.7%	7.7%	8.6%	9.2%	11.3%	11.9%	13.6%	14.1%	14.7%	23.0%	22.6%	23.2%	23.8%	23.76%
Op. Income 3Y	-0.7%	-2.6%	-2.6%	-0.8%	-0.6%	1.7%	4.1%	7.2%	11.6%	15.4%	18.6%	23.3%	25.6%	28.6%	28.3%	26.4%	26.9%	24.1%	22.1%	19.5%	19.49%
Op. Income 5Y	-7.3%	1.7%	2.3%	3.6%	4.3%	5.3%	6.0%	6.7%	7.7%	8.6%	9.2%	11.3%	11.9%	13.6%	14.1%	14.7%	16.3%	16.3%	17.4%	18.0%	18.02%
FCF 3Y	20.0%	7.0%	-3.0%	-4.1%	-5.0%	4.4%	7.9%	9.3%	-0.3%	0.2%	1.5%	2.7%	12.2%	24.2%	28.6%	34.3%	38.9%	24.1%	18.9%	15.9%	15.85%
FCF 5Y	11.0%	3.1%	3.2%	1.6%	2.9%	12.2%	15.1%	17.0%	7.3%	6.8%	4.3%	4.0%	13.2%	13.1%	14.9%	15.7%	16.0%	14.7%	11.6%	13.3%	13.26%
OCF 3Y	34.8%	30.3%	16.8%	14.4%	12.0%	3.2%	5.9%	8.1%	-0.0%	3.6%	5.7%	7.0%	15.0%	14.9%	17.8%	21.8%	23.4%	23.3%	19.1%	16.6%	16.63%
OCF 5Y	24.1%	15.5%	16.6%	16.3%	13.2%	21.9%	24.4%	23.6%	18.9%	15.9%	11.2%	10.5%	16.1%	12.9%	14.3%	14.6%	14.4%	14.9%	13.2%	15.3%	15.26%
Assets 3Y	8.3%	8.0%	7.3%	4.9%	3.3%	3.6%	4.3%	3.7%	3.5%	5.3%	6.8%	7.6%	8.6%	8.8%	10.1%	12.8%	15.1%	14.4%	14.9%	15.2%	15.22%
Assets 5Y	8.5%	7.7%	8.3%	6.8%	5.9%	6.1%	7.2%	7.1%	6.4%	6.8%	7.3%	7.3%	7.7%	7.5%	8.7%	8.5%	9.0%	9.6%	10.0%	10.5%	10.45%
Equity 3Y	11.8%	11.3%	9.6%	8.0%	6.6%	8.5%	10.0%	9.0%	8.9%	11.9%	12.6%	13.7%	14.8%	14.0%	15.7%	17.7%	19.4%	16.4%	16.5%	16.9%	16.89%
Book Value 3Y	11.8%	15.5%	5.6%	8.0%	6.6%	12.3%	6.1%	9.0%	8.7%	11.9%	16.6%	17.6%	14.8%	14.0%	15.7%	22.1%	19.1%	16.4%	20.6%	17.2%	17.17%
Dividend 3Y	17.0%	-7.6%	-14.0%	-10.6%	-10.4%	6.0%	-1.3%	2.4%	2.1%	2.4%	5.9%	5.9%	2.3%	2.3%	2.3%	6.1%	2.1%	2.3%	5.9%	2.6%	2.56%

Growth Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue Stability	0.73	0.85	0.86	0.87	0.88	0.90	0.94	0.97	0.94	0.85	0.84	0.84	0.84	0.86	0.87	0.91	0.90	0.93	0.96	0.98	0.978
Earnings Stability	0.79	0.64	0.67	0.65	0.47	0.41	0.52	0.64	0.48	0.42	0.48	0.56	0.58	0.65	0.72	0.81	0.85	0.83	0.83	0.85	0.849
Margin Stability	0.91	0.55	0.61	0.69	0.78	0.86	0.89	0.91	0.91	0.90	0.89	0.87	0.86	0.85	0.86	0.86	0.76	0.78	0.79	0.79	0.793
Rev. Growth Consistency	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
Earn. Growth Consistency	0.50	0.50	0.00	0.00	0.00	1.00	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.000
FCF Positive Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	0.98	0.99	0.98	0.99	0.98	1.00	0.97	0.92	0.84	0.80	0.50	0.80	0.84	0.86	0.89	0.93	0.94	0.97	0.97	0.97	0.969
Earnings Smoothness	0.95	0.98	0.95	0.96	0.94	1.00	0.92	0.82	0.67	0.60	0.58	0.60	0.67	0.71	0.76	0.84	0.85	0.93	0.93	0.92	0.920
ROE Trend	-0.02	-0.04	-0.04	-0.03	-0.02	-0.03	-0.02	-0.00	0.02	0.05	0.06	0.07	0.06	0.06	0.05	0.03	0.01	-0.04	-0.05	-0.05	-0.054
Gross Margin Trend	-0.02	-0.02	-0.01	-0.01	-0.00	0.01	0.01	0.02	0.02	0.03	0.03	0.04	0.03	0.03	0.03	0.02	0.06	0.05	0.05	0.04	0.042
FCF Margin Trend	0.02	-0.01	-0.02	-0.03	-0.04	0.00	0.00	0.02	-0.02	-0.01	-0.00	-0.01	0.04	0.03	0.03	0.04	0.03	0.02	0.01	0.01	0.011
Sustainable Growth Rate	1.8%	8.3%	7.6%	7.3%	6.4%	6.6%	7.5%	9.7%	12.3%	14.4%	16.1%	17.8%	18.3%	19.9%	19.6%	18.9%	18.7%	14.3%	14.1%	13.5%	13.49%
Internal Growth Rate	1.1%	5.1%	4.7%	4.5%	4.0%	4.3%	5.0%	6.6%	8.7%	10.5%	12.1%	13.6%	14.1%	15.7%	15.6%	15.0%	14.8%	10.8%	10.9%	10.4%	10.35%

Cash Flow Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
OCF/Net Income	1.22	1.35	1.34	1.30	1.31	1.23	1.24	1.24	0.90	0.85	0.87	0.79	1.01	1.02	1.05	1.10	1.09	1.23	1.16	1.21	1.209
FCF/OCF	0.89	0.63	0.61	0.61	0.57	0.82	0.82	0.81	0.75	0.76	0.77	0.77	0.83	0.80	0.79	0.82	0.81	0.83	0.81	0.79	0.793
FCF/Net Income	snapshot only																				0.959
OCF/EBITDA	snapshot only																				0.908
CapEx/Revenue	1.6%	5.6%	5.7%	5.5%	5.8%	2.4%	2.4%	2.8%	2.8%	2.8%	2.8%	2.8%	2.7%	3.3%	3.4%	3.1%	3.1%	2.7%	2.9%	3.3%	3.32%
CapEx/Depreciation	snapshot only																				2.514
Accruals Ratio	-0.03	-0.05	-0.05	-0.04	-0.04	-0.03	-0.03	-0.04	0.02	0.03	0.03	0.04	-0.00	-0.00	-0.01	-0.02	-0.02	-0.04	-0.03	-0.04	-0.036
Sloan Accruals	snapshot only																				0.312
Cash Flow Adequacy	snapshot only																				1.710
Earnings Quality Score	snapshot only																				1.000

Dividends & Buybacks

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Dividend Yield	3.3%	2.1%	2.1%	1.9%	1.9%	1.7%	1.7%	2.1%	1.5%	1.3%	1.1%	1.3%	0.9%	1.1%	1.0%	1.4%	1.5%	1.7%	2.0%	2.1%	2.38%
Dividend/Share	$5.40	$3.69	$3.36	$3.42	$3.89	$3.93	$3.60	$4.07	$4.14	$4.21	$4.28	$4.36	$4.46	$4.54	$4.14	$4.70	$4.75	$4.83	$4.91	$5.04	$5.85
Payout Ratio	92.5%	64.7%	67.0%	67.9%	70.6%	69.3%	66.6%	60.5%	54.4%	49.7%	46.6%	43.3%	41.8%	39.6%	39.4%	39.3%	38.6%	45.5%	45.3%	45.6%	45.64%
FCF Payout Ratio	85.4%	75.9%	81.9%	85.8%	94.4%	69.2%	65.8%	60.2%	80.0%	76.8%	69.6%	71.4%	50.0%	48.8%	47.4%	43.6%	43.3%	44.5%	48.2%	47.6%	47.62%
Total Payout Ratio	92.5%	64.7%	67.0%	67.9%	70.6%	69.3%	66.6%	60.5%	54.4%	49.7%	46.6%	43.3%	41.8%	39.6%	39.4%	39.3%	38.6%	45.5%	45.3%	45.6%	45.64%
Div. Increase Streak	1	0	0	0	0	0	0	0	0	1	1	1	1	1	1	1	1	1	1	1	1
Chowder Number	0.63	-0.27	-0.27	-0.27	-0.26	0.09	0.09	0.09	0.09	0.09	0.08	0.08	0.08	0.08	0.08	0.08	0.09	0.09	0.09	0.09	0.092
Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Net Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Total Shareholder Return	3.3%	2.1%	2.1%	1.9%	1.9%	1.7%	1.7%	2.1%	1.5%	1.3%	1.1%	1.3%	0.9%	1.1%	1.0%	1.4%	1.5%	1.7%	2.0%	2.1%	2.13%

DuPont Factors

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Tax Burden (NI/EBT)	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.787
Interest Burden (EBT/EBIT)	1.21	1.20	1.14	1.07	1.01	0.98	0.96	0.99	1.01	1.02	1.05	1.05	1.06	1.06	1.07	1.08	1.09	1.09	1.06	1.03	1.032
EBIT Margin	0.12	0.12	0.12	0.13	0.13	0.13	0.14	0.15	0.16	0.17	0.17	0.18	0.18	0.19	0.19	0.18	0.18	0.15	0.16	0.16	0.163
Asset Turnover	1.19	1.21	1.24	1.25	1.26	1.27	1.31	1.35	1.38	1.39	1.42	1.41	1.40	1.42	1.41	1.37	1.38	1.38	1.36	1.30	1.304
Equity Multiplier	1.73	1.72	1.70	1.68	1.67	1.61	1.58	1.56	1.54	1.51	1.49	1.49	1.48	1.47	1.46	1.45	1.45	1.46	1.44	1.44	1.437

Per Share

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
EPS (Diluted TTM)	$5.84	$5.69	$5.02	$5.04	$5.51	$5.67	$5.41	$6.72	$7.60	$8.47	$9.19	$10.07	$10.69	$11.48	$10.52	$11.95	$12.30	$10.62	$10.84	$11.03	$11.03
Book Value/Share	$24.60	$25.66	$22.85	$22.94	$25.94	$27.49	$25.46	$29.33	$30.60	$31.56	$32.77	$34.71	$37.24	$37.99	$35.40	$41.76	$43.82	$43.34	$44.67	$47.17	$53.41
Tangible Book/Share	$24.60	$25.66	$22.85	$22.94	$25.94	$26.68	$25.46	$29.33	$30.60	$32.50	$32.77	$34.71	$37.24	$37.99	$35.40	$41.76	$43.74	$43.34	$44.67	$47.17	$47.17
Revenue/Share	$49.85	$50.35	$45.82	$46.61	$53.07	$53.91	$50.01	$57.60	$59.83	$62.05	$64.48	$67.34	$70.52	$72.55	$66.84	$75.96	$81.19	$81.70	$82.13	$83.31	$89.21
FCF/Share	$6.32	$4.86	$4.11	$3.99	$4.12	$5.67	$5.48	$6.75	$5.17	$5.48	$6.16	$6.11	$8.94	$9.30	$8.73	$10.78	$10.95	$10.84	$10.19	$10.58	$11.97
OCF/Share	$7.12	$7.70	$6.73	$6.53	$7.21	$6.95	$6.69	$8.35	$6.85	$7.24	$7.98	$7.97	$10.82	$11.68	$11.00	$13.16	$13.45	$13.03	$12.53	$13.34	$15.11
Cash/Share	$5.10	$4.25	$3.21	$2.53	$2.36	$3.16	$3.08	$3.92	$3.28	$4.29	$3.95	$3.88	$4.71	$6.11	$4.93	$7.48	$11.93	$7.21	$6.42	$6.59	$7.46
EBITDA/Share	$6.48	$6.48	$6.06	$6.50	$7.60	$8.00	$7.82	$9.41	$10.38	$11.38	$11.93	$13.02	$13.66	$14.61	$13.30	$14.99	$15.48	$13.68	$14.41	$14.70	$14.70
Debt/Share	$1.80	$1.79	$1.60	$0.68	$0.00	$2.33	$0.00	$0.00	$0.00	$0.00	$0.00	$0.12	$0.15	$0.14	$0.22	$0.67	$0.00	$0.00	$0.00	$1.21	$1.21
Net Debt/Share	$-3.29	$-2.45	$-1.61	$-1.84	$-2.36	$-0.83	$-3.08	$-3.92	$-3.28	$-4.29	$-3.95	$-3.76	$-4.56	$-5.96	$-4.72	$-6.81	$-11.93	$-7.21	$-6.42	$-5.38	$-5.38

Academic Models

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Altman-I Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	21.118
Altman Z-Prime	snapshot only																				17.066
Piotroski F-Score	7	7	7	7	7	6	8	8	5	7	6	5	7	8	5	6	8	5	7	6	6
Beneish M-Score	-2.52	-3.07	-2.78	-2.76	-2.72	-2.70	-3.27	-20.80	-2.96	-2.92	-2.16	-1.98	-2.38	-2.54	-2.27	-2.03	-8.35	-2.46	-3.03	-2.59	-2.593
Ohlson O-Score	snapshot only																				-9.993
ROIC (Greenblatt)	snapshot only																				85.51%
Net-Net WC	snapshot only																				$2.23
EVA	snapshot only																				$362072189.17

Credit

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Credit Rating	snapshot only																				AA+
Credit Score	95.09	95.57	95.58	96.20	80.61	95.98	80.80	84.67	79.14	80.89	71.07	89.94	90.00	91.42	91.24	90.76	83.59	81.22	81.39	90.33	90.330
Credit Grade	snapshot only																				2
Credit Trend	snapshot only																				-0.435
Implied Spread (bps)	snapshot only																				65.000
Industry Credit Rank	snapshot only																				71
Sector Credit Rank	snapshot only																				93

ERIE NASDAQ

Edge Score

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Scaling Efficiency

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