Latest Ratios: P/E Ratio 10.3x · EV/EBITDA 7.1x · ROE 11.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $21.6B | $27.4B | $22.5B | $19.0B | $17.9B | $17.0B | $14.3B | $15.9B | $14.5B | $16.0B | $12.7B |
| Enterprise Value | $21.9B | $27.7B | $24.0B | $19.6B | $17.9B | $17.9B | $13.6B | $16.4B | $15.1B | $16.6B | $13.2B |
| P/E Ratio → | 10.29 | 12.70 | 8.66 | 9.66 | — | 6.99 | 18.57 | 8.86 | — | 44.14 | 28.93 |
| P/S Ratio | 1.30 | 1.65 | 1.34 | 1.21 | 1.51 | 1.32 | 1.48 | 1.67 | 2.08 | 2.63 | 2.27 |
| P/B Ratio | 1.16 | 1.43 | 1.29 | 1.22 | 1.30 | 1.12 | 1.09 | 1.41 | 1.56 | 1.65 | 1.49 |
| P/FCF | 8.45 | 10.71 | 9.62 | 7.51 | 7.29 | 8.00 | 8.73 | 13.79 | 18.38 | 20.35 | 27.04 |
| P/OCF | 7.82 | 9.91 | 8.68 | 6.82 | 6.60 | 7.49 | 8.22 | 12.45 | 16.19 | 18.58 | 23.82 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.67 | 1.43 | 1.25 | 1.51 | 1.38 | 1.41 | 1.72 | 2.17 | 2.73 | 2.36 |
| EV / EBITDA | 7.12 | 8.99 | 6.02 | 6.60 | 113.11 | 5.16 | 10.39 | 6.41 | 68.48 | 56.85 | 16.05 |
| EV / EBIT | 8.02 | 9.43 | 6.24 | 6.92 | 401.33 | 5.39 | 11.54 | 6.66 | 102.94 | 75.33 | 17.40 |
| EV / FCF | — | 10.85 | 10.25 | 7.77 | 7.27 | 8.40 | 8.31 | 14.23 | 19.16 | 21.12 | 28.08 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.4% | 69.4% | 55.4% | 51.4% | 28.8% | 45.6% | 35.1% | 51.0% | 38.1% | 30.4% | 42.1% |
| Operating Margin | 16.5% | 16.5% | 21.7% | 16.9% | -1.3% | 24.2% | 10.4% | 24.0% | -0.1% | 1.4% | 11.2% |
| Net Profit Margin | 12.7% | 12.7% | 16.4% | 12.7% | -1.8% | 18.8% | 8.5% | 18.8% | -1.8% | 6.5% | 8.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.5% | 11.5% | 16.7% | 13.6% | -1.5% | 17.1% | 6.7% | 17.4% | -1.4% | 4.3% | 5.5% |
| ROA | 3.6% | 3.6% | 6.1% | 4.3% | -0.4% | 5.9% | 2.5% | 6.2% | -0.5% | 1.5% | 1.9% |
| ROIC | 10.7% | 10.7% | 15.6% | 13.3% | -0.8% | 16.5% | 6.2% | 15.8% | -0.1% | 0.7% | 5.9% |
| ROCE | 14.9% | 14.9% | 8.0% | 5.7% | -0.7% | 18.2% | 3.1% | 7.9% | -0.0% | 0.4% | 2.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.23 | 0.23 | 0.32 | 0.32 | 0.30 | 0.32 | 0.35 | 0.36 | 0.32 | 0.32 | 0.30 |
| Debt / EBITDA | 1.40 | 1.40 | 1.42 | 1.67 | 25.99 | 1.39 | 3.46 | 1.57 | 13.68 | 10.64 | 3.12 |
| Net Debt / Equity | — | 0.02 | 0.08 | 0.04 | -0.00 | 0.06 | -0.05 | 0.05 | 0.07 | 0.06 | 0.06 |
| Net Debt / EBITDA | 0.11 | 0.11 | 0.37 | 0.21 | -0.21 | 0.24 | -0.53 | 0.20 | 2.79 | 2.06 | 0.59 |
| Debt / FCF | — | 0.13 | 0.62 | 0.25 | -0.01 | 0.40 | -0.42 | 0.44 | 0.78 | 0.76 | 1.04 |
| Interest Coverage | 14.27 | 14.27 | 18.81 | 15.34 | 0.23 | 18.05 | 6.63 | 14.31 | 0.95 | 1.66 | 5.85 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.84 | 0.84 | — | — | 1.18 | 1.27 | — | — | 0.69 | 0.77 | 1.41 |
| Quick Ratio | 0.84 | 0.84 | — | — | 1.18 | 1.27 | — | — | 0.63 | 5.08 | 9.64 |
| Cash Ratio | 0.28 | 0.28 | — | — | 0.66 | 0.76 | — | — | 0.44 | 0.51 | 0.93 |
| Asset Turnover | — | 0.24 | 0.35 | 0.36 | 0.24 | 0.27 | 0.28 | 0.31 | 0.26 | 0.22 | 0.23 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.8% | 2.3% | 0.2% | 0.2% | 0.2% | 0.2% | 0.1% | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.7% | 7.9% | 11.5% | 10.4% | — | 14.3% | 5.4% | 11.3% | — | 2.3% | 3.5% |
| FCF Yield | 11.8% | 9.3% | 10.4% | 13.3% | 13.7% | 12.5% | 11.5% | 7.3% | 5.4% | 4.9% | 3.7% |
| Buyback Yield | 2.0% | 1.6% | 2.5% | 2.3% | 1.6% | 1.2% | 0.2% | 0.7% | 0.4% | 0.7% | 0.4% |
| Total Shareholder Yield | 4.8% | 3.8% | 2.7% | 2.5% | 1.8% | 1.4% | 0.3% | 0.7% | 0.4% | 0.7% | 0.4% |
| Shares Outstanding | — | $13M | $13M | $13M | $14M | $14M | $14M | $14M | $14M | $14M | $14M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MKL stock.
Markel Corporation's current P/E ratio is 10.3x. The historical average is 19.0x. This places it at the 16th percentile of its historical range.
Markel Corporation's current EV/EBITDA is 7.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.1x.
Markel Corporation's return on equity (ROE) is 11.5%. The historical average is 8.0%.
Based on historical data, Markel Corporation is trading at a P/E of 10.3x. This is at the 16th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Markel Corporation's current dividend yield is 2.79%.
Markel Corporation has 69.4% gross margin and 16.5% operating margin. Operating margin between 10-20% is typical for established companies.
Markel Corporation's Debt/EBITDA ratio is 1.4x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Social inflation reserve pressure
Metrics are mathematically derived from official filings.
Underwriting Discipline Amid Volatility
Markel's combined ratio averaged 82.6% over the last four quarters, with 2026Q2 at 70.8%, indicating strong underwriting profitability, though 2026Q1 spiked to 107.7%, per reported financials.
The sharp fluctuation in the combined ratio, from 70.8% in 2026Q2 to 107.7% in 2026Q1, underscores the inherent volatility in Markel's catastrophe-exposed lines. The low loss ratios in recent quarters, particularly 40.9% in 2026Q2, may reflect favorable reserve development, but investors should monitor whether social inflation pressures prior-year reserves, as suggested by industry trends. The expense ratio's variability, spiking to 74.8% in 2026Q1, appears to be a function of premium volume swings rather than a structural inefficiency, given the 29.9% expense ratio in 2026Q2.
ROE Decomposition: Underwriting Drives Returns
Markel's ROE swung from -1.1% in 2026Q1 to 6.2% in 2026Q2, with underwriting margins of 29.2% in 2026Q2, according to quarterly data, highlighting the dominance of underwriting profitability over investment income.
The ROE volatility is largely attributable to the equity portfolio's mark-to-market swings under ASU 2016-01, as evidenced by the net loss in 2026Q1 despite a strong underwriting margin. Excluding these paper gains and losses, the underlying profitability appears stable, with underwriting margins averaging around 20% over the past year. The investment yield on float, while not directly disclosed, likely benefits from rising rates, but the reported ROE of 6.2% in 2026Q2 suggests that underwriting, not investments, is the primary driver of returns.
Leverage Stable, Capital Base Growing
Markel's debt-to-equity ratio remained steady at 0.23 in 2026Q2, with equity up 10% year-over-year to $19.0B, according to balance sheet data, indicating a conservative capital structure.
The stable D/E ratio, despite a 44% surge in total assets, suggests that asset growth is being funded by retained earnings and equity issuance rather than debt. The premium-to-surplus ratio, while not directly provided, appears manageable given the strong capital base and the company's willingness to shrink premium volume in soft markets. This conservative leverage provides a buffer against catastrophe losses and reserve strengthening, though investors should monitor the RBC ratio, which is not disclosed.
Valuation Discount vs. Specialty Peers
Markel trades at a P/B of 1.26 versus RLI's 3.21 and ERIE's 5.64, according to peer data, suggesting a significant discount that may reflect its conglomerate structure.
The P/B discount to pure-play specialty insurers like RLI and ERIE likely stems from the market's skepticism of the Markel Ventures model and the volatility of the equity portfolio. However, Markel's ROE of 6.2% in 2026Q2 is lower than RLI's 24.4% and ERIE's 24.5%, which partially justifies the lower multiple. The discount may also be a function of the 'conglomerate discount' applied to diversified holding companies, as seen with Berkshire Hathaway, but Markel's long-term book value growth suggests the market may be undervaluing the counter-cyclical cash flows from Ventures.
P/E Misleads; Use P/B and Operating Earnings
Markel's P/E of 11.15 is distorted by equity portfolio swings, as seen in 2026Q1's net loss, so investors should rely on P/B and operating income, per accounting rules.
The P/E ratio is particularly misleading for Markel because ASU 2016-01 requires unrealized gains and losses on equities to flow through net income, causing massive swings that do not reflect underlying operations. For instance, the 2026Q1 net loss of $212M versus 2026Q2 net income of $1.2B is largely a function of market movements, not underwriting or Ventures performance. A more appropriate valuation metric is P/B, which at 1.26 appears reasonable given the company's historical book value growth, but investors should also adjust for the equity portfolio's mark-to-market by focusing on operating income or comprehensive income.