MKLNYSEFire, Marine & Casualty InsuranceFiscal year ends December 31
MARKEL GROUP INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 29, 2026
$1855.84+5.71 (+0.31%)
Close on Oct 19, 2026
- Market cap
- $23.37B
- P/E (TTM)
- 10.3
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
20.6%+7.5 pts over 5 years
Net margin
13.6%+5.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +4.7% | +9.9% | +9.8% | +11.2% | |
| Operating income | -13.9% | – | +20.2% | +14.0% | |
| Net income | -23.3% | – | +20.9% | +13.7% | |
| EPS, diluted | -15.1% | – | +24.9% | +15.0% | |
| Free cash flow | +9.2% | +1.3% | +9.3% | +16.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 5.6% | 6.8% | 11.9% | |
| Return on assets | 1.8% | 2.1% | 3.2% | |
| Interest coverage | 6.2× | 7.2× | 15.5× | |
| Capex to revenue | 1.1% | 1.0% | 1.3% | |
| Diluted shares | 14M | 14M | 13M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Markel generated $13.13B from operations and spent $3.07B on capital expenditure, dividends and share buybacks. 37% of that went back into the business.
Generated
$13.13B
Used
$3.07B
Capital expenditure$1.12B37%Dividends$00%Share buybacks$1.95B63%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin13.6%
×Asset turnover0.24×
×Equity multiplier3.68×
=Return on equity, FY202511.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 13.6% | 0.24× | 3.68× | 11.9% |
| FY2024 | 18.5% | 0.25× | 3.67× | 17.2% |
| FY2023 | 14.0% | 0.27× | 3.73× | 14.2% |
| FY2022 | -1.9% | 0.24× | 3.53× | -1.6% |
| FY2021 | 18.9% | 0.28× | 3.28× | 17.6% |
| FY2020 | 8.4% | 0.25× | 3.32× | 6.8% |
| FY2019 | 18.8% | 0.27× | 3.51× | 17.8% |
| FY2018 | -1.9% | 0.21× | 3.56× | -1.4% |
| FY2017 | 6.5% | 0.21× | 3.27× | 4.4% |
| FY2016 | 8.1% | 0.22× | 3.12× | 5.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$2.11B
- Cash generatingOperating cash flow above zero$2.76B
- Return on assets improvedROA up on the prior year5.0% → 3.4%
- Earnings backed by cashOperating cash flow above net income$2.76B vs $2.11B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise13M → 13M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.27 → 0.25