Markel Corporation (MKL) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Insurance - Property & Casualty
EV/EBITDA
↑
7.63
↓-73% vs avg
5yr avg: 28.06
30Y Low1.7·High68.5
P/FCF
↑
8.65
+0% vs avg
5yr avg: 8.63
30Y Low4.1·High27.4
P/B Ratio
↑
1.18
-8% vs avg
5yr avg: 1.27
30Y Low1.1·High2.2
ROE
↓
11.5%
↓+0% vs avg
5yr avg: 11.5%
30Y Low-12%·High20%
Debt/EBITDA
↑
1.46
↓-77% vs avg
5yr avg: 6.39
30Y Low0.3·High26.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MKL Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Markel Corporation trades at 10.4x earnings, 10% above its 5-year average of 9.5x, sitting at the 16th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.3x, the stock trades at a discount of 22%. On a free-cash-flow basis, the stock trades at 8.6x P/FCF, roughly in line with the 5-year average of 8.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $22.1B | $27.4B | $22.5B | $19.0B | $17.9B | $17.0B | $14.3B | $15.9B | $14.5B | $16.0B | $12.7B |
| Enterprise Value | $22.4B | $27.7B | $24.0B | $19.6B | $17.9B | $17.9B | $13.6B | $16.4B | $15.1B | $16.6B | $13.2B |
| P/E Ratio → | 10.43 | 12.70 | 8.66 | 9.66 | — | 6.99 | 18.57 | 8.86 | — | 44.14 | 28.93 |
| P/S Ratio | 1.33 | 1.65 | 1.34 | 1.21 | 1.51 | 1.32 | 1.48 | 1.67 | 2.08 | 2.63 | 2.27 |
| P/B Ratio | 1.18 | 1.43 | 1.29 | 1.22 | 1.30 | 1.12 | 1.09 | 1.41 | 1.56 | 1.65 | 1.49 |
| P/FCF | 8.65 | 10.71 | 9.62 | 7.51 | 7.29 | 8.00 | 8.73 | 13.79 | 18.38 | 20.35 | 27.04 |
| P/OCF | 8.00 | 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
MKL EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Markel Corporation's enterprise value stands at 7.6x EBITDA, 73% below its 5-year average of 28.1x. The Financial Services sector median is 11.4x, placing the stock at a 33% discount on an enterprise-value basis.
| 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 | 7.63 | 9.43 | 6.02 | 6.60 | 113.11 | 5.16 | 10.39 | 6.41 | 68.48 | 56.85 | 16.05 |
| EV / EBIT | 8.21 | 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 |
MKL Profitability
Margins and return-on-capital ratios measuring operating efficiency
Markel Corporation earns an operating margin of 16.5%, below the Financial Services sector average of 21.4%. ROE of 11.5% is modest. ROIC of 10.7% represents solid returns on invested capital versus a sector median of 5.7%.
Margins
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% |
Return on Capital
| 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% |
MKL Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Markel Corporation carries a Debt/EBITDA ratio of 1.5x, which is manageable (64% below the sector average of 4.1x). Net debt stands at $339M ($4.3B total debt minus $4.0B cash). Interest coverage of 14.3x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| 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 | 1.46 | 1.46 | 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 | 0.12 | 0.12 | 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 |
MKL Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.84x is below 1.0, meaning current liabilities exceed current assets — though the company's $4.0B cash position helps mitigate short-term liquidity concerns.
| 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 | — | — | — | — | — | — | — | — | — | — | — |
MKL Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Markel Corporation returns 4.7% to shareholders annually — split between a 2.8% dividend yield and 1.9% buyback yield. The earnings yield of 9.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.6% | 7.9% | 11.5% | 10.4% | — | 14.3% | 5.4% | 11.3% | — | 2.3% | 3.5% |
| FCF Yield | 11.6% | 9.3% | 10.4% | 13.3% | 13.7% | 12.5% | 11.5% | 7.3% | 5.4% | 4.9% | 3.7% |
| Buyback Yield | 1.9% | 1.6% | 2.5% | 2.3% | 1.6% | 1.2% | 0.2% | 0.7% | 0.4% | 0.7% | 0.4% |
| Total Shareholder Yield | 4.7% | 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 |
Peer Comparison
Compare MKL with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MKLYou | $22B | 10.4 | 7.6 | 8.6 | 69.4% | 16.5% | 11.5% | 10.7% | 1.5 |
 RLI | $5B | 11.5 | 8.8 | 7.6 | 29.8% | 27.5% | 24.4% | 22.8% | 0.2 |
 ERIE | $10B | 20.8 | 12.4 | 17.9 | 15.8% | 17.7% | 26.2% | 29.5% | — |
 HCI | $2B | 6.2 | — | 4.5 | — | — | 42.3% | — | — |
 KMPR | $2B | 6.7 | 7.5 | 6.0 | 12.7% | 8.4% | 12.0% | 7.3% | 3.1 |
 WRB | $25B | 14.9 | 10.9 | 7.2 | 19.8% | 15.9% | 19.6% | 18.2% | 1.2 |
 RNR | $13B | 5.3 | 3.4 | 3.5 | 40.7% | 31.5% | 14.6% | 16.0% | 0.6 |
 ACGL | $34B | 8.1 | 6.8 | 5.5 | 37.2% | 25.0% | 19.5% | 15.4% | 0.5 |
 AXS | $7B | 8.0 | 6.2 | — | 49.9% | 18.7% | 16.2% | 14.8% | 1.2 |
 HIG | $37B | 10.1 | 8.0 | 6.4 | 46.1% | 16.8% | 21.7% | 16.3% | 0.8 |
 TRV | $65B | 11.0 | 8.7 | — | 44.3% | 16.0% | 20.7% | 15.3% | 1.1 |
| Financial Services Median | — | 13.3 | 11.4 | 10.6 | 62.9% | 21.4% | 9.5% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonMKL — Frequently Asked Questions
Quick answers to the most common questions about buying MKL stock.
What is Markel Corporation's P/E ratio?
Markel Corporation's current P/E ratio is 10.4x. The historical average is 19.0x. This places it at the 16th percentile of its historical range.
What is Markel Corporation's EV/EBITDA?
Markel Corporation's current EV/EBITDA is 7.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.1x.
What is Markel Corporation's ROE?
Markel Corporation's return on equity (ROE) is 11.5%. The historical average is 8.0%.
Is MKL stock overvalued?
Based on historical data, Markel Corporation is trading at a P/E of 10.4x. This is at the 16th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Markel Corporation's dividend yield?
Markel Corporation's current dividend yield is 2.75%.
What are Markel Corporation's profit margins?
Markel Corporation has 69.4% gross margin and 16.5% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Markel Corporation have?
Markel Corporation's Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.