Markel Group Inc. (MKL) vs The Progressive Corporation (PGR)

Markel Group Inc. and The Progressive Corporation are both Insurance Property & Casualty companies. The Progressive Corporation is the larger, with a market value of $135.1B against $23.9B — 5.7× the size. The Progressive Corporation trades at the lower P/E: 11.7× against 13.8×. The Progressive Corporation grew revenue faster over the last twelve months: 7.67% against −0.64%. The Progressive Corporation has the higher net margin (12.7% vs 11.1%) and the higher return on invested capital (22.8% vs 8.25%). Across the 20 metrics below, The Progressive Corporation leads on 14 and Markel Group Inc. on 6.

Valuation

Metric MKL PGR Insurance Property & Casualty median
P/E 13.79 11.71 12.17
P/S 1.50 1.48 1.26
P/B 1.31 3.93 1.85
Price to free cash flow 13.42 8.86 8.04
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 7.25% 8.54% 8.20%
Free cash flow yield 7.45% 11.28% 11.86%

Profitability

Metric MKL PGR Insurance Property & Casualty median
Gross margin 50.23% 17.01% 37.39%
Operating margin 15.31% 17.01% 14.67%
Net margin 11.13% 12.67% 10.16%
Free cash flow margin 11.19% 16.66% 18.60%
Return on equity 9.81% 33.24% 16.59%
Return on assets 2.57% 9.32% 3.38%
Return on invested capital 8.25% 22.84% 9.43%

Growth

Metric MKL PGR Insurance Property & Casualty median
Revenue growth (TTM) (0.64%) 7.67% 5.70%
EPS growth (last fiscal year) (15.10%) 33.54% 39.61%
Revenue growth, 5-year CAGR 11.25% 15.50% 9.23%
Net income growth, 5-year CAGR 21.14% 14.77% 10.09%

Health

Metric MKL PGR Insurance Property & Casualty median
Debt to equity 0.24 0.24 0.25
Current ratio 0.59 0.25 0.49
Net debt to EBITDA (0.09) 0.44 0.08

Dividend

Metric MKL PGR Insurance Property & Casualty median
Dividend yield — 5.96% 1.56%
Payout ratio — 0.70 0.15

Size

Metric MKL PGR Insurance Property & Casualty median
Market cap 23.85b 135.10b 2.64b

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