Markel Group Inc.

Finance
Property-Casualty Insurers
www.mklgroup.com

Earnings Score
Moat Score
Safety Score

Market Cap $18.84B
PE 10
Debt $4.39B
Cash $4.67B
EV $18.55B
FCF $2.12B

Earnings

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Sales & Net Margins

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Earnings	$1.81B
EBIT	$2.65B
ROE	11%
ROA	4%
FCF	$2.12B
Equity	$17.16B
Growth Stability	-27%
PE	10.42
PEG	0.4
PB	1.1
P/FCF	8.9
P/S	1.21
Price/Cash	0.25
Debt/Equity	0.26
Debt/FCF	2.08
Net Margins	4%
Op. Margins	17%
Earnings CAGR	17%
Sales Growth YoY	-24%
Sales Growth QoQ	-12%
Sales CAGR	15%
FCF CAGR	25%
Equity CAGR	9%
Earnings Stability	0.24
Earnings Growth YoY	-88%

Earnings Growth QoQ	-77%
Earnings CAGR 5Y	26%
Sales CAGR 5Y	14%
FCF CAGR 5Y	11%
Equity CAGR 5Y	7%
Earnings CAGR 3Y	18%
Sales CAGR 3Y	18%
FCF CAGR 3Y	2%
Equity CAGR 3Y	14%
Market Cap	$18.84B
Revenue	$15.55B
Assets	$64.60B
Total Debt	$4.39B
Cash	$4.67B
Shares Outstanding	10.05M
EV	18.55B
Earnings Score	13%
Moat Score	69%
Safety Score	63%
Final Score	49%
Shares Growth 3y	-2%
Equity Growth QoQ	1%
Equity Growth YoY	9%

Assets & ROA

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Stockholders Equity & ROE

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Markel's primary business is property and casualty insurance, and the company focuses primarily on specialty lines, ranging from areas such as executive liability to commercial equine insurance. The acquisition of Alterra in 2013 added substantial reinsurance operations, which now account for a little over 15% of premiums. The company uses capital generated by its insurance operations to buy noninsurance operations in diverse areas, such as bakery equipment manufacturing and residential homebuilding.

SEC Filings

Direct access to Markel Group Inc. (MKL) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-Q Mar 31
2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Markel Group Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Markel Group Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 17%

Stability 24%

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Markel Group Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Markel Group Inc..

Years

Calculation mode

= $122B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$2.1B	$2.6B	$3.3B	$4.1B	$5.2B	$6.5B	$8.1B	$10B	$13B	$16B	$20B	$198B
DCF		$2.4B	$2.7B	$3.1B	$3.5B	$4B	$4.6B	$5.2B	$5.9B	$6.7B	$7.6B	$76B
Value	$122B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	11%	8%	7%	-2%	19%	8%	19%	-2%	12%	16%	4%
ROA	-	3%	1%	0%	7%	3%	7%	-0%	5%	6%	4%
ROE	-	5%	4%	-1%	16%	6%	16%	-2%	13%	16%	11%

Bad Net Margins (3.58%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	-	-	-	3.07	2.13	2.05	1.67	1.5	1.85	2.08
Debt over Equity	-	-	-	-	0.32	0.27	0.3	0.31	0.25	0.26	0.26
Growth Stability	-	-	-	-27%	100%	100%	100%	-15%	100%	100%	-27%

Neutral Debt/FCF ratio (2.08)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Good Debt/Equity ratio (0.26)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (-27%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	5%	8%	13%	39%	2%	32%	-9%	35%	5%	14%
Earnings YoY growth	-	-22%	-13%	-133%	-1K%	-55%	200%	-110%	-884%	38%	26%
Equity YoY growth	-	8%	12%	-4%	22%	16%	15%	-11%	15%	12%	7%
FCF YoY growth	-	-18%	66%	0%	46%	42%	30%	15%	3%	-7%	11%