Latest Ratios: P/E Ratio 13.5x · EV/EBITDA 9.6x · 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 | $24.0B | $27.4B | $22.5B | $19.0B | $17.9B | $17.0B | $14.3B | $15.9B | $14.5B | $16.0B | $12.7B |
| Enterprise Value | $24.4B | $27.7B | $24.0B | $19.6B | $17.9B | $17.9B | $13.6B | $16.4B | $15.1B | $16.6B | $13.2B |
| P/E Ratio → | 13.46 | 12.70 | 8.66 | 9.66 | — | 6.99 | 18.57 | 8.86 | — | 44.14 | 28.93 |
| P/S Ratio | 1.40 | 1.65 | 1.34 | 1.21 | 1.51 | 1.32 | 1.48 | 1.67 | 2.08 | 2.63 | 2.27 |
| P/B Ratio | 1.29 | 1.43 | 1.29 | 1.22 | 1.30 | 1.12 | 1.09 | 1.41 | 1.56 | 1.65 | 1.49 |
| P/FCF | 13.33 | 10.71 | 9.62 | 7.51 | 7.29 | 8.00 | 8.73 | 13.79 | 18.38 | 20.35 | 27.04 |
| P/OCF | 8.70 | 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 | 9.61 | 8.99 | 6.02 | 6.60 | 113.11 | 5.16 | 10.39 | 6.41 | 68.48 | 56.85 | 16.05 |
| EV / EBIT | 8.92 | 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 | 2.5% | 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 | 7.4% | 7.9% | 11.5% | 10.4% | — | 14.3% | 5.4% | 11.3% | — | 2.3% | 3.5% |
| FCF Yield | 7.5% | 9.3% | 10.4% | 13.3% | 13.7% | 12.5% | 11.5% | 7.3% | 5.4% | 4.9% | 3.7% |
| Buyback Yield | 1.8% | 1.6% | 2.5% | 2.3% | 1.6% | 1.2% | 0.2% | 0.7% | 0.4% | 0.7% | 0.4% |
| Total Shareholder Yield | 4.3% | 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 13.5x. The historical average is 19.0x. This places it at the 32th percentile of its historical range.
Markel Corporation's current EV/EBITDA is 9.6x. 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 13.5x. This is at the 32th 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 2.50%.
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 casualty reserve pressure
Metrics are mathematically derived from official filings.
Discount to Book Reflects Earnings Skepticism
Based on reported figures, Markel trades at 1.29 times book value and 11.46 times trailing earnings, a discount to specialty peers such as RLI at 3.54 times book, suggesting investors price in volatile underwriting results and equity-driven earnings swings.
A price-to-book of 1.29 implies the market values Markel's invested assets and reserve-backing equity at a modest premium only, which is low relative to RLI and Erie Indemnity. The forward P/E of 18.66 versus trailing 11.46 suggests the market expects trailing earnings to be depressed or distorted by mark-to-market swings rather than representative of normalized underwriting profit. Investors should monitor whether the discount narrows as combined ratios stabilize below 100% on a sustained basis.
Combined Ratio Volatility Undermines Underwriting Consistency
As reported in quarterly results, Markel's combined ratio ranged from 70.8% to 107.7% over the last ten quarters, with the 2026Q1 print above 100% indicating an underwriting loss that investment income had to offset.
The swing from 70.8% in 2026Q2 to 107.7% in 2026Q1 points to heavy dependence on catastrophe timing and prior-year reserve movements rather than steady pricing adequacy. Expense ratios near 60% in 2026Q3 and 75% in 2026Q1, against 30% in 2026Q2, further suggest that quarterly results reflect accounting timing as much as operating performance. Sustained sub-100% combined ratios would be needed to confirm durable underwriting discipline.
ROE Volatility Driven by Equity Gains
Based on Markel's reported quarterly returns, ROE moved between -1.1% and 6.2% over the last ten quarters, with return on assets remaining below 2% throughout, implying modest and uneven capital efficiency.
Underwriting margins of -7.7% in 2026Q1 and 29.2% in 2026Q2 show that operating profit contributes unevenly to returns, leaving investment income and equity mark-to-market gains to drive much of headline ROE. Investors should decompose returns to separate underwriting profit from investment yield on float before extrapolating recent ROE levels. The gap between ROE in the low single digits and specialty peers such as RLI at 22.5% warrants further investigation into capital deployment and reserve adequacy.
Stable Debt Levels Mask Reserve Sensitivity
Based on reported figures, debt-to-equity has held near 0.23 to 0.25 across most recent quarters, and interest coverage has fluctuated from roughly 4 to 30 times, suggesting moderate financial leverage but volatile earnings support for debt service.
Debt-to-equity stability at roughly 0.24 indicates the balance sheet has not materially shifted toward borrowing, which is consistent with a capital base built largely from retained earnings and float. The wide range in interest coverage, including a negative reading in 2026Q1, reflects the sensitivity of operating income to combined ratio swings rather than a structural debt burden. Premium-to-surplus dynamics and rating agency thresholds would need to be checked against statutory filings, which are not included in the supplied data.
Lagging Specialty Peers on Returns
As reported in peer data, Markel's trailing ROE of roughly 2% to 6% sits well below RLI at 22.5% and HCI at 28.7%, while Markel's price-to-book premium over Kemper at 0.78 times is supported by a stronger balance sheet.
The peer gap in ROE suggests Markel's diversified model, which includes Ventures and equity holdings, has not translated into superior insurance-level returns in recent periods. Kemper's negative ROE of -19.4% indicates the valuation discount across the group is driven by underwriting execution rather than uniform sector pressure. Markel's premium to Kemper is defensible only if its non-insurance and float-investment engines compound book value over time, a thesis that requires multi-year confirmation.
Price-to-Book Misleads on Reserve Quality
The ratio most commonly misapplied to Markel is price-to-book, which may appear cheap at 1.29 times while obscuring that book value depends on casualty reserve estimates that may not yet reflect social inflation.
Book value relies on reserve estimates for long-tail US casualty claims, and favorable loss ratios in several quarters may partly reflect prior-year releases that could reverse. A low P/B therefore does not confirm undervaluation if reserves prove deficient. Analysts should instead adjust book value for reserve development sensitivity and evaluate tangible book value alongside combined ratio trends on a current-accident-year basis.