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 $117.7B against $21.5B — 5.5× the size. Markel Group Inc. trades at the lower P/E: 9.5× against 10.3×. The Progressive Corporation grew revenue faster over the last twelve months: 10.5% against 0.86%. Markel Group Inc. has the higher net margin (13.8% vs 12.8%) and the lower return on invested capital (10.0% vs 23.0%). Across the 22 metrics below, Markel Group Inc. leads on 13 and The Progressive Corporation on 9.

Valuation

Metric MKL PGR Insurance Property & Casualty median
P/E 9.46 10.29 10.29
P/S 1.31 1.32 1.17
P/B 1.14 3.49 1.83
Price to free cash flow 10.23 7.48 7.48
EV/EBITDA 7.11 8.08 7.49
EV/Sales 1.32 1.41 1.13
Earnings yield 10.57% 9.72% 9.50%
Free cash flow yield 9.77% 13.37% 13.29%

Profitability

Metric MKL PGR Insurance Property & Casualty median
Gross margin 51.93% 17.21% 41.16%
Operating margin 18.63% 17.21% 15.09%
Net margin 13.77% 12.84% 11.51%
Free cash flow margin 12.76% 17.59% 17.59%
Return on equity 12.57% 34.94% 18.19%
Return on assets 3.31% 9.73% 3.74%
Return on invested capital 10.01% 23.03% 12.06%

Growth

Metric MKL PGR Insurance Property & Casualty median
Revenue growth (TTM) 0.86% 10.49% 8.69%
EPS growth (last fiscal year) (15.10%) 33.54% —
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 0.26 0.42
Net debt to EBITDA (0.09) 0.44 0.08

Dividend

Metric MKL PGR Insurance Property & Casualty median
Dividend yield — 1.71% 2.79%
Payout ratio 0.00 0.14 0.27

Size

Metric MKL PGR Insurance Property & Casualty median
Market cap 21.50b 117.67b 2.44b

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