MARKEL GROUP INC. MKL
Markel Group is a holding company that owns independently operated businesses across a range of industries. The cornerstone business, Markel Insurance, provides specialized insurance products that are not typically available through the standard insurance market. This insurance business sits at the center of the Company's strategy. It generates and holds capital used to support growth and investment across Markel Group. The other majority-owned businesses operate in diverse end markets, from industrial bakery equipment to ornamental plants to precast concrete. Markel Group also owns shares in publicly traded companies, primarily within its insurance operations.
Markel Group supports each business by empowering leaders to make the best long-term decisions for their businesses. Customers, associates, and shareholders each benefit from this approach, given how it allows businesses to pursue opportunities that require time, stability, and trust. We believe this approach is difficult to replicate and makes Markel Group a distinctive home for businesses.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.51B | $14.81B | $14.28B | $11.68B | $12.85B | $3.13B | $2.42B | $2.13B | $1.41B | $1.31B |
| Total operating expenses | $13.39B | $12.91B | $12.87B | $11.77B | $9.60B | $8.46B | $7.05B | $6.80B | $5.85B | $4.81B |
| Operating income | $3.19B | $3.71B | $2.93B | -$93.3M | $3.24B | $1.27B | $2.48B | $39.8M | $216.6M | $805.2M |
| Interest expense | $205.9M | $204.3M | $185.1M | $196.1M | $183.6M | $177.6M | $171.7M | $154.2M | $132.5M | $129.9M |
| Pre-tax income | $2.73B | $3.64B | $2.65B | -$151.6M | $3.13B | $1.00B | $2.29B | -$7.9M | $87.3M | $629.9M |
| Income tax | $580.3M | $790.3M | $552.6M | $48.2M | $684.0M | $168.7M | $486.3M | $122.5M | $313.5M | $169.5M |
| Net income | $2.11B | $2.75B | $2.00B | -$216.3M | $2.42B | $816.0M | $1.79B | -$128.2M | $395.3M | $455.7M |
| EPS, basic | 169.74 | 199.69 | 147.32 | -23.72 | 176.79 | 55.67 | 129.25 | -9.55 | 25.89 | 31.41 |
| EPS, diluted | 169.22 | 199.32 | 146.98 | -23.72 | 176.38 | 55.63 | 129.07 | -9.55 | 25.81 | 31.27 |
| Shares, diluted (wtd. avg.) | $12.6M | $13.0M | $13.4M | $13.6M | $13.8M | $13.8M | $13.9M | $13.9M | $14.0M | $14.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.96B | $3.69B | $4.33B | $5.22B | $4.88B | $5.22B | $3.50B | $2.40B | $2.50B | $2.09B |
| Inventory | $703.4M | $731.1M | $617.2M | $639.6M | $529.3M | $412.6M | $303.1M | $298.7M | — | — |
| Property, plant and equipment | $1.50B | $1.40B | $1.30B | $1.20B | $1.10B | $632.0M | $588.6M | $551.5M | $501.6M | $412.4M |
| Goodwill | $2.82B | $2.74B | $2.62B | $2.64B | $2.90B | $2.60B | $2.31B | $2.24B | $1.78B | $1.14B |
| Other intangibles | $1.54B | $1.46B | $1.59B | $1.75B | $1.82B | $1.78B | $1.74B | $1.73B | $1.36B | $722.5M |
| Total assets | $68.91B | $61.90B | $55.05B | $49.79B | $48.48B | $41.71B | $37.47B | $33.31B | $32.81B | $25.88B |
| Long-term debt | $4.30B | $4.33B | $3.78B | $4.10B | $4.36B | $3.48B | $3.53B | — | — | — |
| Total liabilities | $49.80B | $44.43B | $39.52B | $36.05B | $33.28B | $28.65B | $26.22B | $24.03B | $23.14B | $17.33B |
| Retained earnings | $15.03B | $13.38B | $11.35B | $9.83B | $10.45B | $8.20B | $7.46B | $5.78B | $3.78B | $3.53B |
| Total equity | $18.60B | $16.92B | $14.98B | $13.15B | $14.72B | $12.80B | $11.07B | $9.08B | $9.50B | $8.46B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.76B | $2.59B | $2.79B | $2.71B | $2.27B | $1.74B | $1.27B | $892.9M | $858.5M | $534.6M |
| Depreciation and amortisation | $347.9M | $342.4M | $319.7M | $309.4M | $336.4M | $307.1M | $269.2M | $227.8M | $203.9M | $194.1M |
| Capital expenditure | $206.9M | $255.0M | $258.6M | $254.7M | $145.2M | $101.3M | $123.4M | $106.6M | $74.7M | $63.7M |
| Investing cash flow | -$1.19B | -$2.40B | -$2.70B | -$1.67B | -$2.94B | -$511.7M | -$535.2M | -$797.2M | -$744.5M | -$1.64B |
| Financing cash flow | -$1.21B | -$297.9M | -$999.7M | -$595.3M | $369.8M | $434.6M | $359.3M | -$179.0M | $256.3M | $152.0M |
| Buybacks | $429.5M | $572.7M | $445.5M | $290.8M | $206.5M | $26.8M | $116.3M | $54.0M | $110.8M | $51.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001096343-26-000020.
Others in SIC 6331
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|---|---|---|---|---|
| CB | Chubb Ltd | $132.49B | 13.3x | 6.5% |
| PGR | PROGRESSIVE CORP/OH/ | $127.29B | 11.4x | 16.3% |
| TRV | TRAVELERS COMPANIES, INC. | $77.04B | 13.5x | 5.2% |
| ALL | ALLSTATE CORP | $65.63B | 6.8x | 5.6% |
| AIG | AMERICAN INTERNATIONAL GROUP, INC. | $39.85B | 14.0x | -1.7% |
| HIG | HARTFORD INSURANCE GROUP, INC. | $37.48B | 10.4x | 3.3% |
| ACGL | ARCH CAPITAL GROUP LTD. | $33.47B | 8.5x | 14.3% |
| CINF | CINCINNATI FINANCIAL CORP | $26.26B | 11.3x | 11.4% |