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MKLMarkel Corporation
$1939.04$24.0B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
MKL logo

Markel Corporation

MKL
NYSE · Property & Casualty Insurers
$1939.04
At close - Nov 6, 4:00 PM EST - USD
Market Cap$24.02B
P/E13.5x
52W High$2207.59
Volume71.01K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q3

Volatile Underwriting Profits Mask Fragile Casualty Reserve Quality

Markel's revenue has oscillated between roughly $3.3B and $5.2B over the last ten quarters with trailing top-line growth of -1.0%, suggesting the premium base is no longer expanding meaningfully.

GrowthMixed
ProfitabilityModerate
ValuationAttractive
TechnicalsNeutral
Explore valuation models
MARKET ACTION

MKL price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

9/12 Beats

EPS beat 9 of last 12 quarters

02

Valuation risk

+35% Peers

P/E is 35% above peer median

03

Market leadership

RS 69 · Avg

Average momentum (RS Rating: 69)

04

Trend Check

N/A

Trend data unavailable

Next CatalystEstimated earnings · Jan 28
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue has oscillated between roughly $3.3B and $5.2B with a 2026Q3 combined ratio of 90.8% and a 2026Q1 combined ratio of 107.7%, indicating underwriting results that are highly uneven quarter to quarter.

Analyst Consensus-11.9% target
Hold(15 analysts)
0 Buy12 Hold3 Sell

The Bull Case

Upside Catalysts

Diversified Business Model

Markel operates a 'Berkshire-inspired' holding company structure with three core 'flywheels': specialty insurance, private businesses under Markel Ventures, and a long-term equity portfolio. The insurance segment focuses on niche, hard-to-price markets with deep underwriting expertise, prioritizing discipline and relationships over volume.

Compounding Value and Financial Strength

Markel has demonstrated strong financial performance, including an 8.3% sequential increase in book value per share and robust year-over-year growth in investment income. Adjusted operating income for the first quarter of 2026 was $498 million, a 4% increase compared to the first quarter of 2025.

Growth Potential and Valuation

Analysts have recently upgraded MKL stock, with some moving from 'hold' to 'buy' ratings. The stock is trading at a P/E ratio of around 11.25x, which is close to its 5-year median and suggests potential undervaluation relative to its earnings potential.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
MKL-8.98%
S&P 500 (^GSPC)+7.63%
1-Year Return
MKL-3.49%
S&P 500 (^GSPC)+9.69%
3-Year Return
MKL+45.24%
S&P 500 (^GSPC)+67.87%
5-Year Return
MKL+47.91%
S&P 500 (^GSPC)+55.94%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
13.5x
Forward P/E
18.7x
EV/EBITDA80th %ile
9.6x
FCF YieldCash Flow
7.5%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
13.5x
9.7x
100th· High
EV/EBITDA
9.6x
6.6x
80th· High
Price/FCF
13.3x
8.0x
100th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$2064.63+6.5%
Base (Fair)$4125.75+112.8%
Bull$7031.64+262.6%
$2064.63 Bear$4125.75 Base$7031.64 Bull
Current Market Price: $1939.04
Trades at a 53.0% discount to Base DCF ($4125.75)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$16.59B-1.0% YoY
Net income FY25
$2.11B-23.3% YoY
Free cash flow FY25
$2.55B+9.2% YoY
Operating margin FY25
16.5%-5.2 pts YoY
ROIC (FY25)10.7%
Avg ROIC 5Y11.1%
ROE (TTM)9.5%
Piotroski Score7 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate9/12 (75%)
Revenue Beat Rate7/12 (58%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q4 2026Latest
Oct 28, 2026
$35.07+26.9%
vs $27.63
$3.9B+2.6%
vs $3.8B
Q3 2026
Jul 29, 2026
$19.51-36.3%
vs $30.64
$5.2B+15.2%
vs $4.5B
Q2 2026
Apr 28, 2026
$21.61-18.4%
vs $26.47
$2.8B-22.9%
vs $3.7B
Q1 2026
Feb 4, 2026
$34.45+24.7%
vs $27.62
$4.2B+15.9%
vs $3.6B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
Defense World·2d ago
Fidelity National Financial (NYSE:FNF) versus Markel Group (NYSE:MKL) Head to Head Survey

Markel Group (NYSE: MKL - Get Free Report) and Fidelity National Financial (NYSE: FNF - Get Free Report) are both large-cap finance companies, but which is the better stock? We will compare the two companies based on the strength of their valuation, profitability, institutional ownership, earnings, dividends, risk and analyst recommendations. Profitability This table compares Markel Group

Business Wire·4d ago
AM Best Comments on Credit Ratings of Cavello Bay Reinsurance Limited Following Enstar Group Limited's Transaction with Markel Group Inc.

OLDWICK, N.J.--(BUSINESS WIRE)-- #insurance--AM Best has commented that the Credit Ratings (ratings) of Cavello Bay Reinsurance Limited (Cavello Bay) (Bermuda), a subsidiary of Enstar Group Limited (ENSTAR) (Bermuda), are unchanged following Enstar's announcement that it has entered into a reinsurance agreement with Markel Group Inc. (Markel) [NYSE: MKL].On October 28, 2026, Enstar entered an agreement with Markel to reinsure Markel's global reinsurance reserves and certain exited lines within its insurance.

MarketBeat·Oct 30, 2026
What Markel Group (MKL) Said on Its Q3 Earnings Call

Markel Group NYSE: MKL reported higher third-quarter adjusted operating income as improved insurance underwriting, growth in its non-insurance businesses and increased investment income offset unfavorable equity-market valuation changes.

The Motley Fool·Oct 29, 2026
Markel: 3 Key Takeaways for Long-Term Investors

Markel secured $1.2 billion in adverse development protection from Enstar. Industrial adjusted operating income increased 29% on 10% organic revenue growth.

Filtered for Markel CorporationMore Headlines
04

Compare before deciding

Benchmark MKL against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Markel Corporation (MKL)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
MKL logoMKLMarkel CorporationCurrent
$1939.04$24.02B13.46-0.96%10.47%9.53%2.5%
RLI logoRLIRLI Corp.
$68.35$6.27B15.966.33%20.34%22.5%3.83%
ERIE logoERIEErie Indemnity Company
$273.07$12.61B24.797.17%13.97%23.86%1.77%
HCI logoHCIHCI Group, Inc.
$186.03$2.37B7.1220.21%33.48%28.01%0.8%
KMPR logoKMPRKemper Corporation
$33.39$1.97B-3.973.62%-10.83%-19.42%3.81%
WRB logoWRBW. R. Berkley Corporation
$75.23$28.01B15.807.82%10.36%18.96%2.33%

Compare MKL vs Peers

Markel Corporation (MKL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs RLI

Most directly comparable listed peer for MKL.

Scale Benchmark

vs MRSH

Larger-name benchmark to compare MKL against a more recognizable public peer.

Peer Set

Compare Top 5

vs RLI, ERIE, HCI, KMPR

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

MKL SEC Filings & Documents

Markel Corporation (MKL) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Oct 28, 2026·SEC

Material company update

May 22, 2026·SEC

Material company update

May 20, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 26, 2026·SEC

FY 2025

Feb 24, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

Oct 28, 2026·SEC

FY 2026

Jul 29, 2026·SEC

FY 2026

Apr 28, 2026·SEC

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MKL Frequently Asked Questions

Markel Corporation (MKL) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
How fast is Markel Corporation growing?

Markel Corporation (MKL) grew revenue by 7.3% over the trailing twelve months, compared with the twelve months before.

Is MKL profitable?

Yes. Markel Corporation (MKL) earned $1.79B in net income over the trailing twelve months (a 10.5% net margin).

Dividend & Returns
Does MKL pay dividends?

Yes. Markel Corporation (MKL) pays a dividend that yields 2.50% at the current price, a moderate yield.

What is MKL's return on equity?

Markel Corporation (MKL) had a return on equity (ROE) of 9.5% over the trailing twelve months. That is below the market's typical 10-15%.

Industry Metrics
What is Markel Corporation's combined ratio?

Markel Corporation (MKL) has a combined ratio of 83.5%. A ratio below 100% indicates underwriting profitability.

What if you invested $1,000 in MKL back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →