Markel Corporation (MKL) 10-Year Financial Performance & Capital Metrics

MKL • • Insurance & Managed Care

Financial ServicesProperty & Casualty InsuranceSpecialty & Excess Lines InsuranceExcess & Surplus Lines

AboutMarkel Corporation, a diverse financial holding company, markets and underwrites specialty insurance products in the United States, Bermuda, the United Kingdom, rest of Europe, Canada, the Asia Pacific, and the Middle East. Its Insurance segment offers general and professional liability, personal lines, marine and energy, specialty programs, and workers' compensation insurance products; and property coverages that include fire, allied lines, and other specialized property coverages, including catastrophe-exposed property risks, such as earthquake and wind. This segment also offers credit and surety products, and collateral protection insurance products. The company's Reinsurance segment offers transaction, healthcare, and environmental impairment liability; and specialty treaty reinsurance products comprising structured and whole turnover credit, political risk, mortgage and contract, and commercial surety reinsurance programs. Its Markel Ventures segment provides equipment used in baking systems and food processing; portable dredges; over-the-road car haulers and transportation equipment; and laminated oak and composite wood flooring, tube and tank trailers, as well as ornamental plants and residential homes, handbags, and architectural products. This segment also provides consulting, and other types of services to businesses and consumers, including distribution of exterior building products, crane rental, fire protection, and life safety services, management and technology consulting, and retail intelligence services. The company's Other segment provides healthcare, leasing and investment services, as well as operates as an insurance and investment fund manager offering a range of investment products, including insurance-linked securities, catastrophe bonds, insurance swaps, and weather derivatives; and program services. it also manages funds with third parties. Markel Corporation was founded in 1930 and is based in Glen Allen, Virginia.Show more

Revenue $16.75B +6.6%
Combined Ratio 78.28% -5.8%
Net Income $2.75B +37.6%
Return on Equity 16.65% +22.1%
Medical Cost Ratio 44.64% -8.1%
Operating Margin 21.72% +28.6%
Net Margin 16.4% +29.1%
ROA 4.7% +23.4%
Equity / Assets 28.22%
Book Value per Share 1339.54 +15.4%
Tangible BV/Share 1017.83 +20.4%
Debt/Equity 0.25 +1.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 78.3% combined ratio
✓Low loss ratio of 44.6%
✓Share count reduced 2.5% through buybacks
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.55%

5Y11.96%

3Y9.04%

TTM-5.5%

Profit (Net Income) CAGR

10Y23.94%

5Y8.94%

3Y4.27%

TTM-29.92%

EPS CAGR

10Y24.5%

5Y9.08%

3Y4.13%

TTM-10.41%

ROCE

10Y Avg3.2%

5Y Avg4.09%

3Y Avg3.66%

Latest6.22%

Peer Comparison

Excess & Surplus Lines

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KNSLKinsale Capital Group, Inc.	9.08B	390.33	21.95	29.65%	26.3%	25.42%	10.49%	0.12
RLIRLI Corp.	5.45B	59.38	15.88	17.09%	19.02%	18.84%	10.19%	0.07
MKLMarkel Corporation	26.73B	2119.42	10.63	6.6%	12.73%	11.18%	8.75%	0.25
GBLIGlobal Indemnity Group, LLC	305.17M	28.98	9.29	-16.46%	6.31%	3.96%	12.73%	0.02

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	5.37B	5.61B	6.06B	6.95B	9.52B	9.64B	12.92B	11.81B	15.71B	16.75B
Revenue Growth %	0.05%	0.04%	0.08%	0.15%	0.37%	0.01%	0.34%	-0.09%	0.33%	0.07%
Medical Costs & Claims+	2.75B	3.25B	4.22B	4.3B	4.67B	6.26B	7.03B	8.41B	7.63B	7.48B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	2.62B	2.36B	1.85B	2.64B	4.85B	3.38B	5.89B	3.41B	8.08B	9.27B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.18%	-0.1%	-0.22%	0.43%	0.83%	-0.3%	0.74%	-0.42%	1.37%	0.15%
Operating Expenses+	1.88B	1.73B	1.76B	2.65B	2.57B	2.38B	2.76B	3.56B	5.43B	5.64B
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	200.99M	194.15M	203.87M	227.85M	269.24M	307.07M	336.39M	309.45M	319.73M	342.36M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	742.11M	629.92M	87.3M	-7.86M	2.29B	1B	3.13B	-151.57M	2.65B	3.64B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.69%	-0.15%	-0.86%	-1.09%	292%	-0.56%	2.13%	-1.05%	18.51%	0.37%
EBITDA+	943.09M	824.07M	291.17M	219.99M	2.56B	1.31B	3.47B	157.88M	2.97B	3.98B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	118.3M	129.9M	132.45M	154.21M	171.69M	177.58M	183.58M	196.06M	185.08M	204.3M
Non-Operating Income	-118.3M	-129.9M	-132.45M	-154.21M	-171.69M	-177.58M	-183.58M	-196.06M	-185.08M	-204.3M
Pretax Income+	742.11M	629.92M	87.3M	-7.86M	2.29B	1B	3.13B	-151.57M	2.65B	3.64B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	152.96M	169.48M	-313.46M	122.5M	486.35M	168.68M	683.96M	-48.21M	552.62M	790.29M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	582.77M	455.69M	395.27M	-128.18M	1.79B	816.03M	2.42B	-216.28M	2B	2.75B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.81%	-0.22%	-0.13%	-1.32%	14.97%	-0.54%	1.97%	-1.09%	10.23%	0.38%
EPS (Diluted)+	41.74	31.27	25.81	-9.21	129.07	55.63	176.51	-7.45	146.98	199.32
EPS Growth %	0.87%	-0.25%	-0.17%	-1.36%	15.01%	-0.57%	2.17%	-1.04%	20.73%	0.36%
EPS (Basic)	41.99	31.41	25.89	-9.21	129.25	55.67	176.92	-7.45	147.32	199.69
Diluted Shares Outstanding	14.06M	14.08M	14.01M	13.92M	13.88M	13.82M	13.8M	13.58M	13.38M	13.04M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	24.94B	34.42B	32.81B	42.58B	37.47B	41.71B	48.48B	49.79B	55.05B	61.9B
Asset Growth %	-0.01%	0.38%	-0.05%	0.3%	-0.12%	0.11%	0.16%	0.03%	0.11%	0.12%
Total Investment Assets+	15.11B	19.06B	18.07B	19.24B	18.76B	19.71B	23.41B	22.2B	26.52B	6.86B
Long-Term Investments	15.11B	16.97B	18.07B	16.84B	18.76B	19.71B	23.41B	22.2B	26.52B	0
Short-Term Investments	11.04B	12.23B	12.1B	11.12B	11.17B	12.72B	14.39B	14.53B	16.94B	6.86B
Total Current Assets+	5.39B	5.32B	5.93B	20.05B	0	0	0	0	0	10.56B
Cash & Equivalents	2.63B	1.74B	2.2B	2.01B	3.07B	4.34B	3.98B	4.14B	3.75B	3.69B
Receivables	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Assets	0	0	0	0	-22.94B	-26.43B	-29.87B	-32.14B	-35.75B	0
Goodwill & Intangibles+	1.96B	1.86B	3.13B	3.96B	4.05B	4.39B	4.72B	4.39B	4.21B	4.2B
Goodwill	1.17B	1.14B	1.78B	2.24B	2.31B	2.6B	2.9B	2.64B	2.62B	2.74B
Intangible Assets	792.37M	722.54M	1.36B	1.73B	1.74B	1.78B	1.82B	1.75B	1.59B	1.46B
PP&E (Net)	430.83M	412.4M	501.62M	551.54M	0	0	0	0	0	0
Other Assets	-15.11B	-18.05B	-19.01B	-449.14M	-22.8B	-24.1B	-28.13B	-26.58B	-30.74B	54.01B
Total Liabilities	17.04B	15.62B	17.73B	33.31B	26.22B	28.65B	33.28B	36.05B	39.52B	44.43B
Total Debt+	2.24B	2.57B	3.1B	3.01B	3.53B	3.48B	4.36B	4.1B	3.78B	4.33B
Net Debt	-388.58M	835.78M	900.77M	995.41M	461.38M	-857.71M	382.78M	-33.8M	32.74M	637.67M
Long-Term Debt	2.24B	2.57B	3.1B	3.01B	3.53B	3.48B	4.36B	3.85B	3.78B	4.33B
Short-Term Debt	0	0	0	0	0	0	0	249.94M	0	0
Total Current Liabilities+	2.24B	2.24B	4.94B	5.4B	0	0	0	0	0	0
Accounts Payable	2.24B	2.24B	4.94B	5.4B	5.66B	6.23B	7.49B	669.74M	1.04B	0
Deferred Revenue	0	2.05B	4.86B	5.11B	0	0	0	0	0	0
Other Current Liabilities	-2.24B	-4.29B	-9.8B	-10.51B	-5.66B	-6.23B	-7.49B	-919.68M	-1.04B	0
Deferred Taxes	0	1000K	1000K	1000K	0	0	0	0	0	0
Other Liabilities	14.79B	0	0	21.02B	-3.53B	-3.48B	-4.36B	-3.85B	-3.78B	40.1B
Total Equity+	7.9B	8.54B	9.67B	9.27B	11.26B	13.06B	15.2B	13.74B	15.53B	17.47B
Equity Growth %	0.03%	0.08%	0.13%	-0.04%	0.21%	0.16%	0.16%	-0.1%	0.13%	0.13%
Shareholders Equity	7.83B	8.46B	9.5B	9.08B	11.07B	12.8B	14.72B	13.15B	14.98B	16.92B
Minority Interest	69.42M	80.16M	163.7M	193.71M	185.11M	260.53M	484.24M	585.95M	541.97M	553.08M
Retained Earnings	3.14B	3.53B	3.78B	5.78B	7.46B	8.2B	10.45B	9.83B	11.35B	13.38B
Common Stock	3.34B	3.37B	3.38B	3.39B	3.4B	3.43B	3.44B	3.49B	3.52B	3.56B
Accumulated OCI	1.35B	1.57B	2.35B	-94.65M	208.77M	584.38M	237.62M	-767.49M	-478.21M	-617.08M
Return on Equity (ROE)	0.07%	0.06%	0.04%	-0.01%	0.17%	0.07%	0.17%	-0.01%	0.14%	0.17%
Return on Assets (ROA)	0.02%	0.02%	0.01%	-0%	0.04%	0.02%	0.05%	-0%	0.04%	0.05%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.28x	0.30x	0.32x	0.32x	0.31x	0.27x	0.29x	0.30x	0.24x	0.25x
Book Value per Share	562.09	606.70	690.26	666.12	810.89	944.83	1101.56	1011.56	1160.55	1339.54
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	651.15M	534.62M	858.53M	892.86M	1.27B	1.74B	2.27B	2.71B	2.79B	2.59B
Operating CF Growth %	-0.09%	-0.18%	0.61%	0.04%	0.43%	0.36%	0.31%	0.19%	0.03%	-0.07%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	589.14M	460.44M	400.76M	-130.35M	1.8B	831.77M	2.45B	-101.2M	2.1B	2.85B
Depreciation & Amortization	200.99M	194.15M	203.87M	227.85M	269.24M	307.07M	336.39M	366.95M	259.92M	342.36M
Stock-Based Compensation	16.3M	14.3M	11.9M	0	0	0	0	0	0	0
Deferred Taxes	-9.68M	63.36M	-324.09M	2.73M	323.38M	-2.73M	453.41M	-281.75M	233.8M	394.56M
Other Non-Cash Items	67.41M	43.46M	20.85M	-25.17M	-1.55B	-494.68M	-1.88B	1.53B	-1.41B	-2.06B
Working Capital Changes	-90.23M	-161.64M	551.84M	287.61M	433.62M	1.1B	919.73M	1.2B	1.61B	1.07B
Cash from Investing+	125.77M	-1.55B	-744.46M	-797.24M	-535.16M	-511.75M	-2.94B	-1.67B	-2.7B	-2.4B
Capital Expenditures	-79.75M	-63.67M	-74.65M	-106.59M	-123.38M	-101.3M	-145.25M	-254.71M	-258.62M	-254.99M
Acquisitions	-260.21M	-7.31M	-1.44B	-1.18B	-503M	-554.13M	-525.64M	752.33M	-155M	-207.75M
Purchase of Investments	-1.64B	-2.9B	-941.54M	-444.28M	-1.05B	-2.15B	-3.42B	-3.4B	-4.94B	-4.37B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	61.53M	92.02M	5.57M	-42.16M	16.8M	72.93M	16.21M	-161.09M	23.08M	32.17M
Cash from Financing+	-74.21M	152.02M	256.31M	-178.99M	359.32M	434.56M	369.77M	-595.31M	-999.72M	-297.88M
Dividends Paid	0	0	0	0	0	-18.4M	-36M	-36M	-36M	-36M
Share Repurchases	-31.49M	-51.14M	-110.84M	-54.01M	-116.31M	-26.83M	-206.52M	-290.8M	-445.48M	-572.73M
Stock Issued	4.75M	4.62M	552K	0	0	0	0	0	0	0
Debt Issuance (Net)	-1000K	1000K	1000K	-1000K	1000K	-1000K	1000K	-1000K	-1000K	1000K
Other Financing	-24.5M	-77.78M	-37.53M	-42.73M	-65.88M	-59.29M	-99.49M	-47.56M	-193.57M	-226.61M
Net Change in Cash+	669.84M	-891.26M	415.68M	-104.41M	1.1B	1.72B	-335.7M	340.57M	-889.48M	-139.79M
Exchange Rate Effect	-1000K	-1000K	1000K	-1000K	1000K	1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	1.96B	2.63B	2.09B	2.5B	2.4B	3.5B	5.22B	4.88B	5.22B	4.33B
Cash at End	2.63B	1.74B	2.5B	2.4B	3.5B	5.22B	4.88B	5.22B	4.33B	4.19B
Free Cash Flow+	571.4M	470.95M	783.88M	786.26M	1.15B	1.64B	2.13B	2.45B	2.53B	2.34B
FCF Growth %	-0.1%	-0.18%	0.66%	0%	0.46%	0.42%	0.3%	0.15%	0.03%	-0.07%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	40.64	33.45	55.97	56.47	82.9	118.37	154.26	180.76	188.98	179.36

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	86.18%	88.77%	98.56%	100.11%	75.99%	89.62%	75.77%	101.28%	83.11%	78.28%
Medical Cost Ratio	51.26%	57.91%	69.56%	61.94%	49.03%	64.91%	54.38%	71.17%	48.57%	44.64%
Return on Equity (ROE)	7.49%	5.54%	4.34%	-1.35%	17.44%	6.71%	17.15%	-1.49%	13.64%	16.65%
Return on Assets (ROA)	2.32%	1.54%	1.18%	-0.34%	4.47%	2.06%	5.37%	-0.44%	3.81%	4.7%
Equity / Assets	31.69%	24.82%	29.47%	21.78%	30.04%	31.31%	31.36%	27.59%	28.21%	28.22%
Book Value / Share	562.09	606.7	690.26	666.12	810.89	944.83	1.1K	1.01K	1.16K	1.34K
Debt / Equity	0.28x	0.30x	0.32x	0.32x	0.31x	0.27x	0.29x	0.30x	0.24x	0.25x
Revenue Growth	4.6%	4.48%	8.09%	14.59%	36.98%	1.26%	34.02%	-8.55%	33.02%	6.6%

Revenue by Segment

	2022	2023	2024
Insurance	8.09B	7.28B	7.41B
Insurance Growth	-	-9.93%	1.72%
Markel Ventures Operations	4.76B	4.99B	5.12B
Markel Ventures Operations Growth	-	4.78%	2.71%
Investing Member	-1.17B	2.24B	2.77B
Investing Member Growth	-	291.98%	23.71%
Reinsurance	-	1.01B	1.03B
Reinsurance Growth	-	-	1.37%

Frequently Asked Questions

Valuation & Price

Markel Corporation (MKL) has a price-to-earnings (P/E) ratio of 10.6x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Markel Corporation (MKL) grew revenue by 6.6% over the past year. This is steady growth.

Yes, Markel Corporation (MKL) is profitable, generating $2.08B in net income for fiscal year 2024 (16.4% net margin).

Dividend & Returns

Yes, Markel Corporation (MKL) pays a dividend with a yield of 0.13%. This makes it attractive for income-focused investors.

Markel Corporation (MKL) has a return on equity (ROE) of 16.7%. This is reasonable for most industries.

Industry Metrics

Markel Corporation (MKL) has a combined ratio of 78.3%. A ratio below 100% indicates underwriting profitability.

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