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MKL

Markel Corporation

MKL

Markel Corporation • NYSE
$2080.44 ▼ -0.09% (-1.91)
Market Cap $26.23 B
52w High $2109.91
52w Low $1621.89
Dividend Yield 0%
P/E 13.04
Volume 22.73K
Outstanding Shares 12.61M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.387B ▼ $1.433B ▼ $751.336M ▲ 17.128% ▲ $93.97 ▲ $1.073B ▲
Q2-2025 $4.603B ▲ $3.495B ▲ $657.148M ▲ 14.277% ▲ $49.8 ▲ $966.644M ▲
Q1-2025 $3.326B ▼ $1.346B ▼ $121.714M ▼ 3.659% ▼ $12.11 ▼ $256.833M ▼
Q4-2024 $4.022B ▼ $1.389B ▼ $549.178M ▼ 13.655% ▼ $35.32 ▼ $822.8M ▼
Q3-2024 $4.5B $1.393B $904.959M 20.112% $66.4 $1.306B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $10.847B ▲ $67.392B ▲ $48.796B ▼ $18.041B ▲
Q2-2025 $10.273B ▼ $66.791B ▲ $48.923B ▲ $17.318B ▲
Q1-2025 $10.662B ▲ $64.599B ▲ $46.855B ▲ $17.149B ▲
Q4-2024 $10.556B ▲ $61.898B ▼ $44.429B ▼ $16.916B ▼
Q3-2024 $10.504B $62.283B $44.62B $17.014B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $763.787M ▲ $1.218B ▲ $-719.303M ▼ $-170.83M ▲ $321.81M ▲ $1.166B ▲
Q2-2025 $677.185M ▲ $504.396M ▲ $-109.409M ▼ $-821.952M ▼ $-379.849M ▼ $453.756M ▲
Q1-2025 $129.347M ▼ $376.192M ▼ $192.805M ▲ $-105.795M ▲ $482.694M ▲ $335.479M ▼
Q4-2024 $518.745M ▼ $493.945M ▼ $-514.257M ▼ $-363.61M ▼ $-434.269M ▼ $419.994M ▼
Q3-2024 $946.942M $890.782M $-326.072M $-189.463M $410.515M $838.89M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Markel Ventures
Markel Ventures
 $0 ▲$0 ▲$0 ▲$1.55Bn ▲
Insurance
Insurance
 $1.86Bn ▲$1.86Bn ▲$1.82Bn ▼$0 ▼
Investing Member
Investing Member
 $1.17Bn ▲$370.00M ▼$80.00M ▼$0 ▼
Markel Ventures Operations
Markel Ventures Operations
 $1.26Bn ▲$1.27Bn ▲$1.13Bn ▼$0 ▼
Reinsurance
Reinsurance
 $250.00M ▲$260.00M ▲$270.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Markel’s income statement shows a business that has grown meaningfully over the last several years but with some bumps along the way. Revenue has moved higher overall, with only a brief step back in the middle of the period. Profitability hit a soft patch one year, when earnings dipped into a small loss, but has since recovered strongly, with both operating profit and net income now at clearly healthy levels. This pattern fits an insurance and investment-driven company: results can be choppy year to year, but the longer-term trajectory points to growth and improving earnings power. The main watchpoint is that investment results and claims experience can still cause volatility in any single year.

Balance Sheet

Balance Sheet The balance sheet looks solid and steadily stronger over time. Total assets have expanded significantly, reflecting growth in both the insurance and non-insurance operations. Shareholders’ equity has climbed year after year, which suggests value is being built rather than diluted. Debt has inched up but remains modest relative to the company’s size and equity base, indicating a conservative use of leverage. Cash balances are stable, not excessive, which is typical for a firm that can consistently generate cash from operations.

Cash Flow

Cash Flow Cash flow is a clear strength. Cash generated from day-to-day operations has trended upward over the period, even in years when accounting profits were more volatile. Free cash flow closely tracks operating cash flow because Markel’s spending on physical assets is relatively small and steady. This combination — rising, resilient cash inflows and modest capital needs — supports financial flexibility, debt servicing, and the ability to reinvest in new opportunities or withstand insurance and market cycles. The risk is less about cash generation and more about how future underwriting and investment cycles may influence it.

Competitive Edge

Competitive Edge Markel occupies a distinctive position in specialty property and casualty insurance, focusing on complex, niche risks that many larger carriers avoid. Its reputation for disciplined underwriting and long-term relationships with brokers and clients gives it pricing power and helps keep insurance operations profitable over time. Beyond insurance, Markel Ventures adds a diversified mix of operating businesses, which provides earnings and cash flow that are less tied to insurance cycles. A long-term, value-oriented investment approach further deepens its moat, though it also introduces exposure to market swings. Overall, Markel’s competitive strength comes from a combination of specialty expertise, culture, diversification, and patient capital, rather than any single advantage.

Innovation and R&D

Innovation and R&D Markel is not a flashy technology company, but it is quietly weaving modern tools into a traditionally conservative industry. The firm partners with insurtechs to use artificial intelligence and advanced data analytics for underwriting, particularly in areas like workers’ compensation and cyber risk. It is upgrading core systems, such as moving claims platforms to the cloud, which should improve efficiency, data quality, and speed. Product-wise, Markel continues to design specialized offerings for emerging sectors, including tailored coverage for technology firms and the insurtech industry itself. Future innovation will likely come from deeper use of data and AI across underwriting and claims, continued modernization of systems, and disciplined acquisitions through Markel Ventures.

Summary

Overall, Markel presents as a long-term compounder with some year-to-year noise. The business has grown meaningfully, profitability has rebounded after a rough patch, and cash generation is consistently strong. The balance sheet is conservatively financed, and equity has built steadily, giving the company room to navigate insurance cycles and market volatility. Its competitive position is anchored in specialty insurance expertise, a distinctive portfolio of non-insurance businesses, and a patient investment philosophy. The key things to watch are how well Markel maintains underwriting discipline, navigates investment market swings, and successfully embeds technology and data analytics into its operations while expanding in new regions and niches.

NEWS

November 20, 2025 · 8:00 AM UTC

Markel announces collaboration with Greenhouse Specialty Insurance Services to deliver innovative environmental solutions

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November 13, 2025 · 9:18 AM UTC

Markel Canada Launches Storage Tank Liability Insurance through its Digital Platform, Markel Connect

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October 29, 2025 · 4:37 PM UTC

Markel Group reports 2025 third quarter and nine-months results

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October 23, 2025 · 4:30 PM UTC

Markel Group Inc. announces conference call date and time

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September 8, 2025 · 4:30 PM UTC

Markel Group announces date and location for 2026 Reunion

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