Markel Group Inc. (MKL) vs Old Republic International Corporation (ORI)

Markel Group Inc. and Old Republic International Corporation are both Insurance Property & Casualty companies. Markel Group Inc. is the larger, with a market value of $21.5B against $9.2B — 2.3× the size. Old Republic International Corporation trades at the lower P/E: 8.1× against 9.5×. Old Republic International Corporation grew revenue faster over the last twelve months: 12.1% against 0.86%. Markel Group Inc. has the higher net margin (13.8% vs 11.7%) and the lower return on invested capital (10.0% vs 12.1%). Across the 22 metrics below, Old Republic International Corporation leads on 12 and Markel Group Inc. on 10.

Valuation

Metric MKL ORI Insurance Property & Casualty median
P/E 9.46 8.06 10.29
P/S 1.31 0.93 1.17
P/B 1.14 1.49 1.83
Price to free cash flow 10.23 7.07 7.48
EV/EBITDA 7.11 7.11 7.49
EV/Sales 1.32 1.12 1.13
Earnings yield 10.57% 12.41% 9.50%
Free cash flow yield 9.77% 14.14% 13.29%

Profitability

Metric MKL ORI Insurance Property & Casualty median
Gross margin 51.93% 15.79% 41.16%
Operating margin 18.63% 15.79% 15.09%
Net margin 13.77% 11.71% 11.51%
Free cash flow margin 12.76% 13.17% 17.59%
Return on equity 12.57% 18.52% 18.19%
Return on assets 3.31% 3.74% 3.74%
Return on invested capital 10.01% 12.06% 12.06%

Growth

Metric MKL ORI Insurance Property & Casualty median
Revenue growth (TTM) 0.86% 12.12% 8.69%
EPS growth (last fiscal year) (15.10%) 14.81% —
Revenue growth, 5-year CAGR 11.25% 4.98% 9.23%
Net income growth, 5-year CAGR 21.14% 10.86% 10.09%

Health

Metric MKL ORI Insurance Property & Casualty median
Debt to equity 0.23 0.38 0.25
Current ratio 0.57 0.19 0.42
Net debt to EBITDA (0.09) 1.04 0.08

Dividend

Metric MKL ORI Insurance Property & Casualty median
Dividend yield — 3.63% 2.79%
Payout ratio 0.00 0.36 0.27

Size

Metric MKL ORI Insurance Property & Casualty median
Market cap 21.50b 9.16b 2.44b

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