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 $124.2B against $22.6B — 5.5× the size. Markel Group Inc. trades at the lower P/E: 10.1× against 10.9×. The Progressive Corporation grew revenue faster over the last twelve months: 5.92% against 0.86%. Markel Group Inc. has the higher net margin (13.8% vs 12.9%) and the lower return on invested capital (10.0% vs 49.3%). Across the 20 metrics below, Markel Group Inc. leads on 12 and The Progressive Corporation on 8.

Valuation

Metric MKL PGR Insurance Property & Casualty median
P/E 10.13 10.94 10.75
P/S 1.40 1.41 1.21
P/B 1.22 3.71 1.99
Price to free cash flow 10.96 7.95 7.76
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 9.87% 9.14% 9.08%
Free cash flow yield 9.12% 12.57% 12.11%

Profitability

Metric MKL PGR Insurance Property & Casualty median
Gross margin 51.93% 37.48% 41.16%
Operating margin 18.63% 37.48% 15.09%
Net margin 13.77% 12.88% 11.51%
Free cash flow margin 12.76% 0.00% 17.46%
Return on equity 12.57% 0.00% 17.34%
Return on assets 3.31% 9.32% 3.74%
Return on invested capital 10.01% 49.30% 12.06%

Growth

Metric MKL PGR Insurance Property & Casualty median
Revenue growth (TTM) 0.86% 5.92% 8.02%
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 0.23 0.24 0.25
Current ratio 0.57 0.28 0.42
Net debt to EBITDA (0.09) 0.44 0.08

Dividend

Metric MKL PGR Insurance Property & Casualty median
Dividend yield — 6.36% 1.50%
Payout ratio — 0.70 0.14

Size

Metric MKL PGR Insurance Property & Casualty median
Market cap 22.61b 124.21b 2.67b

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