NYSE : MKL
Markel Group Inc. — Financial statements
Financials · Insurance - Property & Casualty · United States
Last price 1869.82 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 22.87B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 8.68B | 8.72B | 8.43B | 8.30B | 7.59B | 6.50B |
| Total Interest & Dividend Income | 1.03B | 970.43M | 920.50M | 734.53M | 446.75M | 367.42M |
| Gain (Loss) on Sale of Investments | 371.10M | 1.08B | 1.81B | 1.52B | -1.60B | 1.98B |
| Other Revenue | 6.03B | 5.83B | 5.46B | 5.25B | 5.24B | 4.00B |
| Total Revenue | 16.11B | 16.59B | 16.62B | 15.80B | 11.68B | 12.85B |
| Policy Benefits | 4.91B | 5.08B | 5.05B | 5.32B | 4.45B | 3.58B |
| Policy Acquisition & Underwriting Costs | 3.10B | 3.13B | 2.98B | 2.84B | 2.52B | 2.29B |
| Amortization of Goodwill & Intangibles | 172.86M | 185.01M | 181.47M | 180.61M | 178.78M | 160.54M |
| Other Operating Expenses | 5.45B | 5.00B | 4.70B | 4.53B | 4.55B | 3.57B |
| Total Operating Expenses | 13.64B | 13.39B | 12.91B | 12.87B | 11.69B | 9.60B |
| Operating Income | 2.47B | 3.19B | 3.71B | 2.93B | -13.34M | 3.24B |
| Interest Expense | -204.16M | -205.91M | -204.30M | -185.08M | -196.06M | -183.58M |
| Currency Exchange Gain (Loss) | 68.07M | -256.23M | 129.44M | -90.05M | 137.83M | 71.90M |
| EBT Excluding Unusual Items | 2.33B | 2.73B | 3.64B | 2.65B | -71.57M | 3.13B |
| Impairment of Goodwill | -80.00M | |||||
| Pretax Income | 2.33B | 2.73B | 3.64B | 2.65B | -151.57M | 3.13B |
| Income Tax Expense | 495.98M | 580.30M | 790.29M | 552.62M | -48.21M | 683.96M |
| Earnings From Continuing Ops. | 1.83B | 2.15B | 2.85B | 2.10B | -103.36M | 2.45B |
| Minority Interest in Earnings | -40.71M | -45.40M | -100.38M | -105.03M | -112.92M | -22.73M |
| Net Income | 1.79B | 2.11B | 2.75B | 2.00B | -216.28M | 2.42B |
| Preferred Dividends & Other Adjustments | 31.30M | -33.23M | 147.70M | 29.79M | 105.90M | -10.87M |
| Net Income to Common | 1.76B | 2.14B | 2.60B | 1.97B | -322.17M | 2.43B |
| Shares Outstanding (Basic) | 12.49M | 12.61M | 13.02M | 13.35M | 13.58M | 13.77M |
| Shares Outstanding (Diluted) | 12.54M | 12.65M | 13.04M | 13.38M | 13.58M | 13.80M |
| EPS (Basic) | 141.03 | 169.74 | 199.69 | 147.32 | -23.72 | 176.79 |
| EPS (Diluted) | 140.52 | 169.22 | 199.32 | 146.98 | -23.72 | 176.38 |
| Free Cash Flow | 1.80B | 2.55B | 2.34B | 2.53B | 2.45B | 2.13B |
| Free Cash Flow Per Share | 143.73 | 201.96 | 179.36 | 188.98 | 180.76 | 154.26 |
| Operating Margin | 15.31% | 19.26% | 22.34% | 18.53% | -0.11% | 25.23% |
| Profit Margin | 10.94% | 12.90% | 15.64% | 12.44% | -2.76% | 18.95% |
| Free Cash Flow Margin | 11.19% | 15.40% | 14.07% | 16.00% | 21.02% | 16.57% |
| EBITDA | 2.80B | 3.54B | 4.05B | 3.25B | 296.11M | 3.58B |
| EBITDA Margin | 17.39% | 21.36% | 24.40% | 20.56% | 2.54% | 27.85% |
| D&A For EBITDA | 335.77M | 347.92M | 342.36M | 319.73M | 309.45M | 336.39M |
| EBIT | 2.47B | 3.19B | 3.71B | 2.93B | -13.34M | 3.24B |
| EBIT Margin | 15.31% | 19.26% | 22.34% | 18.53% | -0.11% | 25.23% |
| Effective Tax Rate | 21.29% | 21.23% | 21.73% | 20.82% | 21.85% | |
| Revenue as Reported | 11.68B | 12.85B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 17.30B | 17.80B | 15.75B | 14.37B | 11.86B | 12.59B |
| Investments in Equity & Preferred Securities | 13.11B | 13.74B | 12.65B | 10.18B | 8.17B | 9.48B |
| Other Investments | 2.77B | 2.03B | 2.52B | 2.57B | 2.67B | 1.80B |
| Total Investments | 33.17B | 33.57B | 30.92B | 27.13B | 22.69B | 23.87B |
| Cash & Equivalents | 3.60B | 3.96B | 3.69B | 3.75B | 4.14B | 3.98B |
| Reinsurance Recoverable | 17.30B | 14.62B | 11.60B | 9.24B | 8.45B | 7.29B |
| Other Receivables | 4.09B | 3.99B | 3.64B | 3.46B | 2.97B | 2.43B |
| Deferred Policy Acquisition Cost | 809.39M | 909.52M | 875.71M | 931.34M | 925.48M | 794.14M |
| Property, Plant & Equipment | 2.16B | 2.08B | 1.93B | 1.20B | 1.10B | |
| Goodwill | 2.84B | 2.82B | 2.74B | 2.62B | 2.64B | 2.90B |
| Other Intangible Assets | 1.43B | 1.54B | 1.46B | 1.59B | 1.75B | 1.82B |
| Restricted Cash | 594.14M | 638.60M | 499.58M | 584.97M | 1.08B | 902.46M |
| Other Current Assets | 3.45B | 3.78B | 3.68B | 2.98B | 2.71B | 2.33B |
| Long-Term Deferred Tax Assets | 32.80M | 40.00M | 23.50M | 37.20M | 18.40M | |
| Other Long-Term Assets | 4.79B | 879.92M | 672.41M | 815.13M | 1.21B | 1.04B |
| Total Assets | 72.08B | 68.91B | 61.90B | 55.05B | 49.79B | 48.48B |
| Insurance & Annuity Liabilities | 33.86B | 30.86B | 26.63B | 24.13B | 21.60B | 19.08B |
| Unearned Premiums | 7.43B | 7.25B | 7.06B | 6.64B | 6.22B | 5.38B |
| Reinsurance Payable | 1.75B | 1.67B | 1.43B | 1.04B | 669.74M | 616.66M |
| Current Portion of Leases | 140.41M | |||||
| Current Income Taxes Payable | 88.20M | 40.30M | 29.40M | 2.20M | 31.30M | |
| Long-Term Debt | 4.36B | 4.30B | 4.33B | 3.78B | 4.10B | 4.36B |
| Long-Term Leases | 569.62M | 723.92M | 657.22M | 554.39M | 571.34M | |
| Long-Term Deferred Tax Liabilities | 1.90B | 1.60B | 1.20B | 896.70M | 1.40B | |
| Other Long-Term Liabilities | 5.67B | 3.02B | 2.60B | 2.04B | 2.01B | 1.83B |
| Total Liabilities | 53.06B | 49.80B | 44.43B | 39.52B | 36.05B | 33.28B |
| Preferred Stock, Redeemable | 591.89M | 591.89M | 591.89M | 591.89M | ||
| Common Stock | 3.72B | 3.67B | 3.56B | 3.52B | 3.49B | 3.44B |
| Retained Earnings | 15.51B | 15.03B | 13.38B | 11.35B | 9.83B | 10.45B |
| Comprehensive Income & Other | -720.70M | -109.46M | -617.08M | -478.21M | -767.49M | 237.62M |
| Total Common Equity | 18.51B | 18.60B | 16.32B | 14.39B | 12.56B | 14.13B |
| Minority Interest | 504.77M | 504.43M | 553.08M | 541.97M | 585.95M | 484.24M |
| Shareholders' Equity | 19.01B | 19.10B | 17.47B | 15.53B | 13.74B | 15.20B |
| Total Liabilities & Equity | 72.08B | 68.91B | 61.90B | 55.05B | 49.79B | 48.48B |
| Filing Date Shares Outstanding | 12.23M | 12.58M | 12.77M | 13.11M | 13.41M | 13.61M |
| Total Common Shares Outstanding | 12.25M | 12.59M | 12.79M | 13.13M | 13.42M | 13.63M |
| Total Debt | 4.36B | 5.01B | 5.05B | 4.44B | 4.66B | 4.93B |
| Net Cash (Debt) | -758.26M | -1.05B | -1.36B | -689.95M | -520.59M | -954.11M |
| Net Cash Per Share | -60.49 | -82.95 | -104.41 | -51.57 | -38.34 | -69.14 |
| Book Value Per Share | 1,510.84 | 1,477.23 | 1,276.30 | 1,095.95 | 935.65 | 1,036.20 |
| Tangible Book Value | 14.25B | 14.23B | 12.13B | 10.18B | 8.17B | 9.40B |
| Tangible Book Value Per Share | 1,163.00 | 1,130.51 | 948.27 | 775.10 | 608.87 | 689.84 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.79B | 2.11B | 2.75B | 2.00B | -216.28M | 2.42B |
| Depreciation & Amortization | 335.77M | 347.92M | 342.36M | 319.73M | 309.45M | 336.39M |
| Gain (Loss) on Sale of Assets | -225.83M | -22.09M | ||||
| Gain (Loss) on Sale of Investments | -1.18B | -1.18B | -1.93B | -1.58B | 1.65B | -1.98B |
| Change in Accounts Receivable | -287.91M | -287.91M | -158.55M | -486.31M | -653.26M | -372.49M |
| Reinsurance Recoverable | -2.93B | -2.93B | -2.39B | -767.51M | -1.17B | -1.31B |
| Change in Unearned Revenue | 1.83M | 1.83M | -136.24M | 101.97M | 615.10M | 622.26M |
| Change in Insurance Reserves / Liabilities | 3.97B | 3.97B | 3.25B | 2.44B | 2.34B | 1.99B |
| Other Operating Activities | 144.44M | 526.17M | 417.82M | 399.77M | -93.25M | 595.43M |
| Operating Cash Flow | 2.05B | 2.76B | 2.59B | 2.79B | 2.71B | 2.27B |
| Capital Expenditures | -251.25M | -206.89M | -254.99M | -258.62M | -254.71M | -145.25M |
| Cash Acquisitions | -80.05M | -106.21M | -207.75M | -3.58M | 381.57M | -517.44M |
| Investment in Securities | -1.33B | -1.01B | -1.97B | -2.51B | -2.03B | -2.33B |
| Other Investing Activities | 68.70M | 133.56M | 32.17M | 64.38M | 28.34M | 16.21M |
| Investing Cash Flow | -1.59B | -1.19B | -2.40B | -2.70B | -1.67B | -2.94B |
| Long-Term Debt Issued | 882.83M | 1.43B | 624.97M | 1.03B | 1.20B | |
| Total Debt Repaid | -1.12B | -912.28M | -896.75M | -949.64M | -1.26B | -486.73M |
| Net Debt Issued (Repaid) | 76.03M | -29.45M | 537.46M | -324.66M | -220.95M | 711.77M |
| Repurchases of Common Stock | -770.82M | -429.52M | -572.73M | -445.48M | -290.80M | -206.52M |
| Repurchases of Preferred Stock | -600.00M | |||||
| Preferred Dividends Paid | -18.00M | -36.00M | -36.00M | -36.00M | -36.00M | |
| Total Dividends Paid | -18.00M | -36.00M | -36.00M | -36.00M | -36.00M | |
| Other Financing Activities | -165.77M | -133.08M | -226.61M | -193.57M | -47.56M | -99.49M |
| Financing Cash Flow | -860.56M | -1.21B | -297.88M | -999.72M | -595.31M | 369.77M |
| Foreign Exchange Rate Adjustments | -24.74M | 49.77M | -37.30M | 27.04M | -103.36M | -41.73M |
| Net Cash Flow | -421.22M | 411.05M | -139.79M | -889.48M | 340.57M | -335.70M |
| Free Cash Flow | 1.80B | 2.55B | 2.34B | 2.53B | 2.45B | 2.13B |
| Free Cash Flow Margin | 11.19% | 15.40% | 14.07% | 16.00% | 21.02% | 16.57% |
| Free Cash Flow Per Share | 143.73 | 201.96 | 179.36 | 188.98 | 180.76 | 154.26 |
| Levered Free Cash Flow | -3.92B | -628.08M | -8.20M | 1.64B | -2.34B | 1.15B |
| Unlevered Free Cash Flow | -3.79B | -499.39M | 119.49M | 1.76B | -2.21B | 1.27B |
| Cash Interest Paid | 204.00M | 204.00M | 197.40M | 187.80M | 197.30M | 178.60M |
| Cash Income Tax Paid | 402.62M | 402.62M | 382.50M | 280.70M | 251.50M | 204.90M |
| Change in Working Capital | 960.27M | 960.27M | 1.02B | 1.66B | 1.20B | 919.73M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 23.24B | 27.11B | 22.20B | 18.77B | 17.72B | 16.87B |
| Enterprise Value | 24.00B | 27.90B | 23.93B | 19.30B | 19.48B | 18.04B |
| PE Ratio | 13.52 | 12.67 | 8.54 | 9.54 | 6.93 | |
| PS Ratio | 1.42 | 1.63 | 1.34 | 1.19 | 1.52 | 1.31 |
| PB Ratio | 1.24 | 1.42 | 1.27 | 1.21 | 1.29 | 1.11 |
| P/FCF Ratio | 12.69 | 10.61 | 9.49 | 7.42 | 7.22 | 7.92 |
| P/OCF Ratio | 11.14 | 9.82 | 8.56 | 6.74 | 6.54 | 7.42 |
| EV/Sales Ratio | 1.47 | 1.68 | 1.44 | 1.22 | 1.67 | 1.41 |
| EV/EBITDA Ratio | 8.43 | 7.88 | 5.90 | 5.94 | 65.79 | 5.04 |
| EV/EBIT Ratio | 9.58 | 8.73 | 6.45 | 6.59 | 5.57 | |
| EV/FCF Ratio | 13.11 | 10.92 | 10.23 | 7.63 | 7.94 | 8.48 |
| Debt / Equity Ratio | 0.23 | 0.26 | 0.29 | 0.29 | 0.34 | 0.32 |
| Debt / EBITDA Ratio | 1.46 | 1.34 | 1.20 | 1.31 | 11.03 | 1.34 |
| Debt / FCF Ratio | 2.42 | 1.96 | 2.16 | 1.75 | 1.90 | 2.32 |
| Net Debt / Equity Ratio | 0.04 | 0.06 | 0.08 | 0.04 | 0.04 | 0.06 |
| Net Debt / EBITDA Ratio | 0.27 | 0.30 | 0.34 | 0.21 | 1.76 | 0.27 |
| Net Debt / FCF Ratio | 0.42 | 0.41 | 0.58 | 0.27 | 0.21 | 0.45 |
| Quick Ratio | 1.14 | 1.09 | 1.15 | 1.27 | 1.42 | 1.36 |
| Current Ratio | 3.47 | 3.17 | 3.00 | 2.93 | 3.19 | 3.11 |
| Asset Turnover | 0.23 | 0.25 | 0.28 | 0.30 | 0.24 | 0.28 |
| Return on Equity (ROE) | 9.75% | 11.77% | 17.26% | 14.36% | -0.71% | 17.31% |
| Return on Assets (ROA) | 2.21% | 3.05% | 3.97% | 3.49% | -0.02% | 4.49% |
| Return on Invested Capital (ROIC) | 8.22% | 10.79% | 13.68% | 12.09% | -0.07% | 13.60% |
| Earnings Yield | 7.40% | 7.77% | 12.37% | 10.63% | -1.22% | 14.37% |
| FCF Yield | 7.88% | 9.42% | 10.54% | 13.47% | 13.85% | 12.62% |
| Payout Ratio | 0.85% | 1.31% | 1.80% | 1.49% | ||
| Buyback Yield / Dilution | 1.83% | 3.01% | 2.52% | 1.49% | 1.59% | 0.17% |