Everest Re Group Ltd reported Q3 2025 revenue of approximately $4.32 billion with EBITDA of $307 million and operating income of $307 million, yielding an operating margin of about 7.1% and a net margin of roughly 5.9%. Net income declined sharply year over year to $255 million, down about 50% from the prior-year period, and EPS came in at $6.09. The sequential results reflect earnings volatility typical of the reinsurance cycle, with a material QoQ drop in both operating and net income from Q2 2025 levels. Despite the earnings wobble, Everest maintains an exceptionally liquid balance sheet, supported by a heavy cash cushion and strong current liquidity (current ratio 11.34; cash ratio 1.525; cash per share $129.66). The stock trades around a price-to-book of 0.95 and a dividend yield of roughly 0.57%, underscoring a conservative valuation given the earnings sensitivity to catastrophe experience and reserve dynamics.