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Friday 6 November 2026
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Markel Group Inc.
MKL Financial Insurance Property & Casualty
Markel Group Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.6 billion, roughly unchanged from fiscal 2024.
- Revenue
- −11.2%
- EPS
- −69.4%
- Free cash flow
- −27.2%
- Total debt
- +1.75%
Quarter to September 2026, against a year earlier
1,949.31
5.20
−0.27%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 5,612 | 6,062 | 6,841 | 9,526 | 9,735 | 12,846 | 11,675 | 15,804 | 16,621 | 16,589 | 16,106 | +12.8% | 15,851 | 15,907 | 16,524 | (0.1%) | |
| Gross margin, % | 36.78 | 26.50 | 32.79 | 49.94 | 43.66 | 54.27 | 40.38 | 48.35 | 51.69 | 50.49 | 50.23 | +13.7 pt | ||||||
| EBT | 630 | 87 | (8) | 2,286 | 1,000 | 3,130 | (152) | 2,654 | 3,638 | 2,733 | 2,329 | +17.7% | ||||||
| EBT margin, % | 11.22 | 1.44 | (0.11) | 23.99 | 10.28 | 24.36 | (1.30) | 16.79 | 21.89 | 16.47 | 14.46 | +5.3 pt | ||||||
| Net income | 460 | 401 | (130) | 1,799 | 832 | 2,446 | (103) | 2,101 | 2,847 | 2,152 | 1,833 | +18.7% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 400.49 | 434.09 | 491.37 | 687.27 | 704.88 | 933.06 | 859.74 | 1,184.06 | 1,276.85 | 1,315.67 | 1,298.37 | +14.1% | |||||
| Earnings | 31.41 | 25.89 | (9.55) | 129.25 | 55.67 | 176.92 | (23.72) | 147.32 | 199.69 | 169.74 | 141.34 | +20.6% | ||||||
| Cash flow | 38.15 | 61.48 | 64.13 | 91.92 | 125.81 | 165.17 | 199.52 | 208.80 | 199.28 | 218.99 | 165.50 | +21.4% | ||||||
| Capex | (4.54) | (5.35) | (7.66) | (8.90) | (7.33) | (10.55) | (18.76) | (19.38) | (19.59) | (16.41) | (20.25) | +15.3% | ||||||
| Free cash flow | 33.61 | 56.14 | 56.47 | 83.02 | 118.48 | 154.62 | 180.76 | 189.42 | 179.69 | 202.58 | 145.24 | +22.1% | ||||||
| Book value | 604.25 | 680.43 | 653.62 | 799.25 | 927.86 | 1,070.61 | 973.04 | 1,128.06 | 1,300.53 | 1,474.83 | 1,491.79 | +10.4% | ||||||
| Shares, m | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 13 | 13 | 13 | 13 | (1.2%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 29.06 | 43.08 | 0.00 | 8.85 | 18.54 | 6.97 | 0.00 | 9.75 | 8.66 | 12.62 | 13.79 | 13.8 | |||||
| P/S | 2.28 | 2.57 | 2.11 | 1.66 | 1.47 | 1.32 | 1.54 | 1.21 | 1.35 | 1.63 | 1.50 | 1.7 | ||||||
| P/B | 1.51 | 1.64 | 1.59 | 1.43 | 1.17 | 1.20 | 1.42 | 1.33 | 1.38 | 1.46 | 1.31 | 1.4 | ||||||
| EV/Sales | 2.37 | 2.67 | 2.20 | 1.67 | 1.29 | 1.28 | 1.44 | 1.18 | 1.36 | 1.62 | — | 1.7 | ||||||
| EV/FCF | 28.20 | 20.65 | 19.16 | 13.80 | 7.66 | 7.74 | 6.86 | 7.37 | 9.67 | 10.49 | — | 13.2 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 535 | 859 | 893 | 1,274 | 1,738 | 2,274 | 2,709 | 2,787 | 2,594 | 2,761 | 2,053 | +20.0% | |||||
| Capex | (64) | (75) | (107) | (123) | (101) | (145) | (255) | (259) | (255) | (207) | (251) | +14.0% | ||||||
| Free cash flow | 471 | 784 | 786 | 1,151 | 1,636 | 2,129 | 2,455 | 2,528 | 2,339 | 2,554 | 1,802 | +20.7% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (8,220) | (9,476) | (9,915) | (9,398) | (9,083) | (10,494) | (11,860) | (14,790) | (15,708) | (16,594) | (17,447) | +8.1% | |||||
| Net debt | 489 | 598 | 613 | 34 | (1,733) | (520) | (1,118) | (552) | 138 | (299) | 164 | n/m | ||||||
| Shareholders’ equity | 8,467 | 9,502 | 9,100 | 11,078 | 12,815 | 14,740 | 13,214 | 15,056 | 16,929 | 18,596 | 18,506 | +9.1% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 1.79 | 1.35 | (0.39) | 5.06 | 2.01 | 5.29 | (0.51) | 3.74 | 4.64 | 3.18 | 2.57 | +1.4 pt | |||||
| ROIC | 5.62 | 1.34 | 0.26 | 13.93 | 7.18 | 14.25 | (0.48) | 12.62 | 13.60 | 10.91 | 8.25 | +5.3 pt | ||||||
| ROE | 5.59 | 4.40 | (1.38) | 17.75 | 6.85 | 18.10 | (1.88) | 14.47 | 17.60 | 11.91 | 9.81 | +6.3 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 10,900 | 15,600 | 17,400 | 18,600 | 18,900 | 20,300 | 20,900 | 21,600 | 22,000 | 22,900 | — | +8.6% | |||||
| Revenue/emp, $m | 0.51 | 0.39 | 0.39 | 0.51 | 0.52 | 0.63 | 0.56 | 0.73 | 0.76 | 0.72 | — | +3.9% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2021
| Insurance | 5,465 | 42.54% |
|---|---|---|
| Markel Ventures | 3,644 | 28.36% |
| Investing | 2,353 | 18.32% |
| Reinsurance | 1,042 | 8.11% |
| Other Insurance Operations | 342 | 2.66% |
| Gross margin | 54.27% | |
| Operating margin | 25.23% | |
| Pre-tax margin | 24.36% |
Markel Group Inc. vs peers in Insurance Property & Casualty (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| CINF Cincinnati Financial Corporation | $28.9B | 10.9× | 11.6× | −18.22% (below 0%: shrinking) | −58.41% (below 0%: shrinking) | −29.04% (below 0%: shrinking) | 18.81% | 18.54% | Compare |
| WRB W.R. Berkley Corporation | $28.6B | 16.2× | 15.1× | −0.78% (below 0%: shrinking) | −10.85% (below 0%: shrinking) | −31.31% (below 0%: shrinking) | 46.55% | 16.21% | Compare |
| MKL Markel Group Inc. | $23.9B | 13.8× | 12.3× | −11.22% (below 0%: shrinking) | −69.36% (below 0%: shrinking) | −27.15% (below 0%: shrinking) | 46.51% | 9.88% | |
| L Loews Corporation | $22.5B | 15.2× | 16.0× | +1.88% (above 0%: growing) | −35.20% (below 0%: shrinking) | −9.55% (below 0%: shrinking) | 50.68% | 10.65% | Compare |
| AIZ Assurant, Inc. | $15.1B | 14.2× | 14.0× | +9.22% (above 0%: growing) | +6.97% (above 0%: growing) | +99.03% (above 0%: growing) | 77.83% | 10.73% | Compare |
| CNA CNA Financial Corporation | $13.0B | 12.6× | 11.8× | +0.10% (above 0%: growing) | −51.11% (below 0%: shrinking) | −9.94% (below 0%: shrinking) | 38.58% | 7.04% | Compare |
| AFG American Financial Group, Inc. | $13.0B | 12.7× | 12.4× | +10.81% (above 0%: growing) | +31.78% (above 0%: growing) | +134.10% (above 0%: growing) | 20.98% | 14.79% | Compare |
| ORI Old Republic International Corporation | $9.7B | 8.8× | 8.9× | +5.21% (above 0%: growing) | −11.55% (below 0%: shrinking) | −23.85% (below 0%: shrinking) | 11.68% | 11.68% | Compare |
| KNSL Kinsale Capital Group, Inc. | $8.9B | 17.2× | 16.2× | −8.58% (below 0%: shrinking) | −28.76% (below 0%: shrinking) | −9.58% (below 0%: shrinking) | 27.99% | 27.89% | Compare |
| Median of peers | $14.1B | 13.5× | 13.2× | +0.99% | −20.15% | −9.76% | 33.29% | 13.24% |
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
78.78%
Held by the ten largest
35.24%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 1.18m | 9.54% | +1.27k |
| BlackRock | 697.84k | 5.63% | −12.77k |
| Davis Selected Advisers | 406.76k | 3.28% | +23.33k |
| Morgan Stanley | 350.66k | 2.83% | −6.43k |
| Select Equity Group, L.P. | 331.68k | 2.68% | −45.96k |
| State Street | 312.17k | 2.52% | +5.18k |
| Principal Financial | 308.30k | 2.49% | −94.09k |
| Boston Partners | 307.50k | 2.48% | +56.53k |
| CHECK CAPITAL MANAGEMENT INC/CA | 237.63k | 1.92% | +160.74k |
| VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V. | 230.64k | 1.86% | +4.49k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 2 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 14.12m | 18.29m | 208.04 |
| 2024 | 9.74m | 11.92m | 167.06 |
| 2023 | 8.07m | 8.56m | 137.41 |
Ownership
Directors and executive officers, together
1.08%
The Vanguard Group100 Vanguard Blvd., Malvern, PA
9.50%
BlackRock, Inc.50 Hudson Yards, New York, NY
6.08%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Markel Group Inc. (MKL) Latest News
30 Oct
29 Oct
28 Oct
15 Oct
8 Oct
25 Sep
8 Sep
MKL metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
Markel Group is a holding company built around specialty insurance and a collection of independently operated businesses. Founded in 1920, it is headquartered in Richmond. Its insurance business, Markel Insurance, is headquartered in Richmond, Virginia, and provides coverage for risks that are often difficult to place in the standard insurance market.
Markel Insurance serves commercial customers ranging from small businesses to large companies, as well as individuals with specialized coverage needs. Its products include general and professional liability, property, marine and energy insurance, workers’ compensation, and credit and surety coverage. For example, it covers homeowners who do not qualify for standard homeowners’ insurance and businesses seeking protection against cyberattacks and other digital incidents.