Markel Group Inc. MKL

FinancialsInsuranceUnited States of America

Last close 1,904.42 USD on Nov 2, 2026, −11.4% year to date

Quant rating

Quant rating B Rank 138 of 799 in Financials

Growth C 422 of 799
Valuation B 240 of 799
Quality B 304 of 799
Revisions A 13 of 799
Momentum C 485 of 799

Wall Street consensus Hold (3.22)Average target 1,880.76 USD −1.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 23.3B
Enterprise value: 24.6B
52-week range: 1,704.17 – 2,201.00
3-year range: 1,301.30 – 2,201.00
Dividend yield: –
Beta (5 years): 0.59
Shares outstanding: 12.2M
Next earnings: Feb 2, 2027

About the company

Markel Group Inc. is a holding company comprised of a diverse group of companies and investments with specialty insurance at its core. It has four reportable segments: Markel Insurance, Industrial, Financial, and Consumer and Other. The Markel Insurance segment is the Company's core specialty insurance business, which comprises underwriting and other insurance-related activities. The Industrial segment consists of businesses that distribute building products, provide fire protection and life safety solutions, and manufacture a variety of products, including precast concrete, car hauler equipment, food processing equipment, flooring for dry van trailers, dredges, and wall systems. The Financial segment consists of businesses that operate in the insurance services and investment management industries. The Consumer and Other segment consists of businesses that produce ornamental houseplants, build homes, design leather handbags, and own and operate manufactured housing communities.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	14,543	13,893	13,545	12,824	10,500	–
Revenue growth	4.7%	2.6%	5.6%	22.1%	20.1%	10.7%
EPS (basic, normalized)	256.73	60.73	33.06	105.09	64.68	–
EPS growth	322.7%	83.7%	−68.5%	62.5%	–	–
Gross margin	–	–	–	–	–	–
Net margin	12.9%	15.6%	12.4%	−2.8%	18.9%	11.4%
ROE	12.1%	5.0%	12.4%	10.3%	6.2%	9.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	4,360
Net debt (mil)	–
Total equity (mil)	18,507
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	14,543	+4.7%	1.7x	1,477.18	+14.7%	1.3x	256.73	+322.7%	7.4x
2026	15,755	+8.3%	1.6x	603.22	−59.2%	3.2x	104.52	−59.3%	18.2x
2027	15,820	+0.4%	1.6x	656.50	+8.8%	2.9x	120.32	+15.1%	15.8x
2028	16,608	+5.0%	1.5x	554.58	−15.5%	3.4x	128.39	+6.7%	14.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	15,755	−0.2%	+1.5%	+4.9%	104.52	+1.2%	−0.7%	−10.2%
2027	15,820	−0.7%	+0.4%	+2.5%	120.32	+4.8%	+3.2%	−1.7%
2028	16,608	−4.4%	−2.5%	+4.3%	128.39	+8.8%	+6.8%	+2.3%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	4,467	3,818	3,708	3,733	3,399	4,603	3,935	4,018	2,823	5,186
Sales mean (mil)	3,566	3,923	3,811	3,768	3,605	3,925	3,814	3,941	3,641	4,372
Surprise	+25.2%	−2.7%	−2.7%	−0.9%	−5.7%	+17.3%	+3.1%	+1.9%	−22.5%	+18.6%
EPS reported	20.65	26.96	−4.24	29.65	21.60	13.88	32.44	66.70	25.42	10.93
EPS mean	17.93	21.46	21.43	18.93	16.77	25.03	23.12	25.73	26.34	31.10
Surprise	+15.2%	+25.6%	−119.8%	+56.6%	+28.8%	−44.6%	+40.3%	+159.2%	−3.5%	−64.9%

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
MKL Markel Group Inc.	23.3B	12.1%	12.9%	1.26x	18.2x	15.8x	3.2x	2.9x
CB Chubb Limited	141.0B	14.4%	17.4%	1.93x	12.7x	12.5x	1.8x	1.6x
PGR The Progressive Corporation	135.6B	38.2%	12.9%	3.96x	12.7x	14.4x	4.0x	3.5x
MRSH Marsh & McLennan Companies, Inc.	97.7B	33.4%	15.4%	6.65x	19.6x	17.9x	6.5x	5.6x
TRV The Travelers Companies, Inc.	81.7B	20.8%	12.8%	2.82x	10.8x	12.8x	2.6x	2.3x
AJG Arthur J. Gallagher & Co.	71.5B	12.8%	10.7%	2.97x	21.3x	18.8x	2.8x	2.6x
Mean		22.0%	13.7%	3.27x	15.9x	15.4x	3.5x	3.1x
Median		17.6%	12.9%	2.90x	15.5x	15.1x	3.0x	2.7x

Technical analysis

1M+9.6%
3M+1.2%
1Y−3.6%
3Y+46.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Markel Group Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	14,543	13,893	13,545	12,824	10,500	8,745
Other revenue	2,047	2,728	2,259	−1,149	2,346	989
Total revenue	16,589	16,621	15,804	11,675	12,846	9,735
Losses, benefits and adjustments	8,213	8,030	8,163	6,961	5,875	5,126
Amortization of policy acquisition costs	–	–	–	–	–	–
Selling, general & administrative expenses	–	–	–	–	–	–
Depreciation/amortization	185	181	181	179	161	159
Interest expense (income), operating	–	–	–	–	–	–
Other operating expenses	4,996	4,697	4,531	4,629	3,569	3,176
Operating income	3,195	3,713	2,929	−93.3	3,242	1,273
Net interest income (expense)	−462	−74.9	−275	−58.2	−112	−273
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	2,733	3,638	2,654	−152	3,130	1,000
Provision for taxes	580	790	553	−48.2	684	169
Minority interest	−45.4	−100	−105	−113	−22.7	−15.7
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,107	2,747	1,996	−216	2,423	816
Extraordinary items	–	–	–	–	–	–
Net income	2,107	2,747	1,996	−216	2,423	816
Basic weighted average shares (mil)	12.6	13.0	13.3	13.6	13.8	13.8
Diluted weighted average shares (mil)	12.6	13.0	13.4	13.6	13.8	13.8
Basic EPS, normalized	256.73	60.73	33.06	105.09	64.68	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Markel Group Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	2,158	2,081	1,929	–	–	1,160
Goodwill	2,822	2,736	2,625	2,639	2,899	2,605
Intangibles	1,543	1,460	1,589	1,747	1,822	1,783
Insurance receivables	7,039	6,574	5,821	5,027	4,213	3,382
Long-term investments	32,836	30,055	26,522	22,198	23,411	19,710
Note receivable	–	–	–	–	–	–
Other long-term assets	671	540	608	1,084	902	879
Deferred policy acquisition costs	910	876	931	925	794	631
Other assets	16,962	13,884	11,274	12,033	10,457	7,219
Total assets	68,905	61,898	55,046	49,791	48,477	41,710
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	710	724	657	–	–	565
Policy liabilities	39,778	35,132	31,163	27,838	24,179	21,149
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	54.4	41.8	76.2	–	–	36.5
Long-term debt	4,249	4,288	3,704	4,104	4,361	3,448
Minority interest	504	553	542	586	484	261
Other liabilities	5,011	4,243	3,919	4,112	4,735	3,451
Total liabilities	50,307	44,982	40,062	36,640	33,760	28,910
Shareholders' equity
Preferred stock	0	592	592	592	592	592
Common stock	3,672	3,561	3,517	3,494	3,441	3,428
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	15,035	13,380	11,353	9,833	10,447	8,195
Treasury stock	–	–	–	–	–	–
Other equity	−109	−617	−478	−767	238	584
Total equity	18,598	16,916	14,984	13,151	14,717	12,800
Total liabilities & shareholders' equity	68,905	61,898	55,046	49,791	48,477	41,710

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Markel Group Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,152	2,847	2,101	−101	2,448	832
Depreciation, depletion & amortization	348	342	260	367	336	307
Deferred taxes	151	395	234	−282	454	−2.7
Non-cash items	3,050	1,190	990	3,693	−8.3	861
Changes in working capital	−2,940	−2,181	−798	−968	−956	−260
Cash from operations	2,761	2,594	2,787	2,709	2,274	1,738
Investing activities
Capital expenditures	−207	−255	−259	−255	−145	−101
Other investing cash flows	−983	−2,144	−2,445	−1,415	−2,793	−410
Cash from investing	−1,190	−2,399	−2,704	−1,670	−2,938	−512
Financing activities
Financing cash flow items	−133	−227	−194	−47.6	−99.5	−59.3
Cash dividends paid	−18.0	−36.0	−36.0	−36.0	−36.0	−18.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,059	−35.3	−770	−512	505	512
Cash from financing	−1,210	−298	−1,000	−595	370	435
Foreign exchange effects	49.8	−37.3	27.0	−103	−41.7	55.9
Net change in cash	411	−140	−889	341	−336	1,716
Free cash flow	2,554	2,339	2,528	2,455	2,129	1,636

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.