Markel Group Inc.

Finance
Property-Casualty Insurers
www.mklgroup.com

Earnings Score
Moat Score
Safety Score

Market Cap $22.82B
PE 8
Debt $4.36B
Cash $4.63B
EV $22.54B
FCF $2.64B

Earnings

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Sales & Net Margins

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Earnings	$2.93B
EBIT	$4.25B
ROE	17%
ROA	7%
FCF	$2.64B
Equity	$17.15B
Growth Stability	-27%
PE	7.78
PEG	0.47
PB	1.33
P/FCF	8.65
P/S	1.31
Price/Cash	0.2
Debt/Equity	0.25
Debt/FCF	1.65
Net Margins	17%
Op. Margins	24%
Earnings CAGR	14%
Sales Growth YoY	37%
Sales Growth QoQ	25%
Sales CAGR	15%
FCF CAGR	27%
Equity CAGR	8%
Earnings Stability	0.18
Earnings Growth YoY	2K%

Earnings Growth QoQ	262%
Earnings CAGR 5Y	17%
Sales CAGR 5Y	16%
FCF CAGR 5Y	18%
Equity CAGR 5Y	8%
Earnings CAGR 3Y	17%
Sales CAGR 3Y	17%
FCF CAGR 3Y	10%
Equity CAGR 3Y	8%
Market Cap	$22.82B
Revenue	$17.42B
Assets	$62.28B
Total Debt	$4.36B
Cash	$4.63B
Shares Outstanding	12.99M
EV	22.54B
Earnings Score	10%
Moat Score	90%
Safety Score	64%
Final Score	55%
Shares Growth 3y	2%
Equity Growth QoQ	8%
Equity Growth YoY	22%

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.

2024
- 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
2022
- 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 14%

Stability 18%

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Markel Group Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Markel Group Inc..

Years

Calculation mode

= $171B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$2.6B	$3.3B	$4.2B	$5.4B	$6.8B	$8.6B	$11B	$14B	$18B	$22B	$28B	$281B
DCF		$3B	$3.5B	$4B	$4.6B	$5.3B	$6.2B	$7.1B	$8.2B	$9.4B	$11B	$108B
Value	$171B

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	6%	11%	8%	7%	-2%	19%	8%	19%	-2%	12%	17%
ROA	-	3%	3%	1%	0%	7%	3%	7%	-0%	5%	7%
ROE	-	7%	5%	4%	-1%	16%	6%	16%	-2%	13%	17%

Good Net Margins (17.06%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce 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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	-	-	-	3.07	2.13	2.05	1.67	1.5	1.65
Debt over Equity	-	-	-	-	-	0.32	0.27	0.3	0.31	0.25	0.25
Growth Stability	-	-	-	87%	-27%	100%	100%	100%	-15%	100%	-27%

Good Debt/FCF ratio (1.65)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.25)

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	5%	5%	8%	13%	39%	2%	32%	-9%	35%	16%
Earnings YoY growth	-	81%	-22%	-13%	-133%	-1K%	-55%	200%	-110%	-884%	17%
Equity YoY growth	-	3%	8%	12%	-4%	22%	16%	15%	-11%	15%	8%
FCF YoY growth	-	-10%	-18%	66%	0%	46%	42%	30%	15%	3%	18%