What is Employers Holdings, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Employers Holdings, Inc.'s reported free cash flow gives $32.44 per share. The share price was $47.30 on September 25, 2026, 46% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -1.0% | 10.0% | $19.88 | -58% |
| Base | 4.0% | 9.0% | $32.44 | -31% |
| Bull | 9.0% | 8.0% | $55.88 | +18% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $41.36 | $44.07 | $47.38 | $51.52 | $56.84 |
| 8.0% | $34.71 | $36.47 | $38.55 | $41.04 | $44.08 |
| 9.0% | $29.85 | $31.05 | $32.44 | $34.05 | $35.96 |
| 10.0% | $26.14 | $26.99 | $27.96 | $29.07 | $30.34 |
| 11.0% | $23.22 | $23.84 | $24.54 | $25.33 | $26.22 |
Where the presets come from
Base: years 1 to 5 grow at Employers Holdings, Inc.'s revenue growth rate over the last 5 fiscal years (3.8% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions