Tearsheet

Markel (MKL)

Market Price (12/4/2025): $2056.54 | Market Cap: $25.8 Bil
Sector: Financials | Industry: Property & Casualty Insurance

Markel (MKL)

Market Price (12/4/2025): $2056.54
Market Cap: $25.8 Bil
Sector: Financials
Industry: Property & Casualty Insurance

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.5%, FCF Yield is 9.9%	Trading close to highs Dist 52W High is -1.7%, Dist 3Y High is -1.7%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.6%, Rev Chg QQuarterly Revenue Change % is -2.5%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -27%	Weak multi-year price returns 2Y Excs Rtn is -5.2%, 3Y Excs Rtn is -13%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 2.6 Bil, FCF LTM is 2.4 Bil
3	Low stock price volatility Vol 12M is 24%
4	Megatrend and thematic drivers Megatrends include Digital & Alternative Assets, and Global Risk & Specialty Insurance. Themes include Private Equity, Specialty Insurance Solutions, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.5%, FCF Yield is 9.9%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -27%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 2.6 Bil, FCF LTM is 2.4 Bil
3	Low stock price volatility Vol 12M is 24%
4	Megatrend and thematic drivers Megatrends include Digital & Alternative Assets, and Global Risk & Specialty Insurance. Themes include Private Equity, Specialty Insurance Solutions, Show more.
5	Trading close to highs Dist 52W High is -1.7%, Dist 3Y High is -1.7%
6	Weak multi-year price returns 2Y Excs Rtn is -5.2%, 3Y Excs Rtn is -13%
7	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.6%, Rev Chg QQuarterly Revenue Change % is -2.5%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$2,056.54	$1,726.23	$1,419.90	$1,317.49	$1,234.00
Market Cap CYE ($ Bil)	25.8	22.3	18.8	17.8	16.9
Total Debt ($ Bil)	4.3	4.3	3.8	4.1	4.4
Total Cash ($ Bil)	4.0	3.7	3.7	4.1	4.0
Enterprise Value ($ Bil)	26.1	26.6	22.6	21.9	21.3
Valuation Ratios
P/S TTM	1.5	1.3	1.2	1.5	1.3
P/EBIT TTM	8.2	5.8	6.7	402.1	5.1
P/E TTM	11.5	8.2	9.5	-82.7	7.0
Sector Ratios
P/S TTM (Sector)	3.0	3.1	2.8	2.8	3.4
P/EBIT TTM (Sector)	8.1	8.5	7.5	7.7	7.3
P/E TTM (Sector)	11.7	11.6	10.2	9.4	10.1

	12/4/25	2024	2023
Share Price CYE	$2,056.54	$1,726.23	$1,419.90
Market Cap CYE ($ Bil)	25.8	22.3	18.8
Total Debt ($ Bil)	4.3	4.3	3.8
Total Cash ($ Bil)	4.0	3.7	3.7
Enterprise Value ($ Bil)	26.1	26.6	22.6
Valuation Ratios
P/S TTM	1.5	1.3	1.2
P/EBIT TTM	8.2	5.8	6.7
P/E TTM	11.5	8.2	9.5
Sector Ratios
P/S TTM (Sector)	3.0	3.1	2.8
P/EBIT TTM (Sector)	8.1	8.5	7.5
P/E TTM (Sector)	11.7	11.6	10.2

	MKL	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	16.1
Rev Chg Q	-2.5%	7.1%
Rev Chg LTM	-6.6%	6.1%
Rev Chg 3Y Avg	13.2%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	2.6
Net Inc LTM ($ Bil)	2.1
CFO/Rev LTM	16.1%	20.5%
Net Inc Mgn	12.9%	13.1%
VALUATION	LOW
P/S	1.5	3.2
P/CFO	9.3	15.8
P/FCF	10.1	20.5
P/E	11.5	23.5

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Metric	Value	Date	Source
Underwriting Gross Premium Volume	2,720,000,000	9302025	Link
Combined Ratio	93%	9302025	Link
Shares Outstanding	12,600,000	9302025	Link

Upcoming
2/04/2026	Earnings Release	Rev: - EPS: -

MKL Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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1. Markel Group exceeded Q3 2025 earnings expectations. The company reported an Earnings Per Share (EPS) of $30.90, significantly surpassing analysts' consensus estimates of $22.77. Quarterly revenue also exceeded expectations, coming in at $3.93 billion against an estimated $3.77 billion.

2. The Markel Insurance segment demonstrated improved underwriting profitability. The combined ratio for Markel Insurance improved to 93% in Q3 2025, down from 97% in the prior period, indicating better performance in its core insurance operations.

Stock Movement Drivers

Fundamental Drivers

The 5.5% change in MKL stock from 9/3/2025 to 12/3/2025 was primarily driven by a 12.0% change in the company's P/E Multiple.

	9032025	12032025	Change
Stock Price ($)	1950.48	2056.92	5.46%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	16258.82	16145.88	-0.69%
Net Income Margin (%)	13.73%	12.88%	-6.23%
P/E Multiple	11.09	12.43	12.04%
Shares Outstanding (Mil)	12.70	12.56	1.06%
Cumulative Contribution			5.45%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
MKL	5.5%
Market (SPY)	6.2%	7.8%
Sector (XLF)	0.1%	52.0%

Fundamental Drivers

The 6.6% change in MKL stock from 6/4/2025 to 12/3/2025 was primarily driven by a 8.7% change in the company's Net Income Margin (%).

	6042025	12032025	Change
Stock Price ($)	1930.42	2056.92	6.55%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	15558.52	16145.88	3.78%
Net Income Margin (%)	11.85%	12.88%	8.69%
P/E Multiple	13.41	12.43	-7.32%
Shares Outstanding (Mil)	12.80	12.56	1.89%
Cumulative Contribution			6.51%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
MKL	6.6%
Market (SPY)	15.1%	23.0%
Sector (XLF)	5.8%	57.4%

Fundamental Drivers

The 17.9% change in MKL stock from 12/3/2024 to 12/3/2025 was primarily driven by a 62.7% change in the company's P/E Multiple.

	12032024	12032025	Change
Stock Price ($)	1744.94	2056.92	17.88%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	17289.49	16145.88	-6.61%
Net Income Margin (%)	17.16%	12.88%	-24.96%
P/E Multiple	7.64	12.43	62.70%
Shares Outstanding (Mil)	12.99	12.56	3.27%
Cumulative Contribution			17.75%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
MKL	17.9%
Market (SPY)	14.3%	51.8%
Sector (XLF)	7.4%	67.9%

Fundamental Drivers

The 53.1% change in MKL stock from 12/4/2022 to 12/3/2025 was primarily driven by a 40.5% change in the company's Total Revenues ($ Mil).

	12042022	12032025	Change
Stock Price ($)	1343.77	2056.92	53.07%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	11488.45	16145.88	40.54%
P/S Multiple	1.59	1.60	0.87%
Shares Outstanding (Mil)	13.56	12.56	7.39%
Cumulative Contribution			52.24%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
MKL	45.9%
Market (SPY)	53.2%	44.4%
Sector (XLF)	52.4%	63.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
MKL Return	-10%	19%	7%	8%	22%	19%	80%
Peers Return	-10%	39%	13%	5%	25%	9%	103%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
MKL Win Rate	67%	67%	50%	42%	42%	60%
Peers Win Rate	58%	63%	58%	60%	65%	60%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
MKL Max Drawdown	-35%	-9%	-13%	-10%	-2%	-4%
Peers Max Drawdown	-54%	-2%	-10%	-21%	-1%	-9%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: TRV, MET, AIG, HIG, PRU. See MKL Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	MKL	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-28.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	40.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	318 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-44.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	80.7%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	721 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-21.7%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	27.7%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	408 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-61.3%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	158.5%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1593 days	1480 days

Compare to TRV, MET, AIG, HIG, PRU

In The Past

Markel's stock fell -28.9% during the 2022 Inflation Shock from a high on 3/24/2022. A -28.9% loss requires a 40.6% gain to breakeven.

Preserve Wealth

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Asset Allocation

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About Markel (MKL)

Markel Corporation, a diverse financial holding company, markets and underwrites specialty insurance products in the United States, Bermuda, the United Kingdom, rest of Europe, Canada, the Asia Pacific, and the Middle East. Its Insurance segment offers general and professional liability, personal lines, marine and energy, specialty programs, and workers' compensation insurance products; and property coverages that include fire, allied lines, and other specialized property coverages, including catastrophe-exposed property risks, such as earthquake and wind. This segment also offers credit and surety products, and collateral protection insurance products. The company's Reinsurance segment offers transaction, healthcare, and environmental impairment liability; and specialty treaty reinsurance products comprising structured and whole turnover credit, political risk, mortgage and contract, and commercial surety reinsurance programs. Its Markel Ventures segment provides equipment used in baking systems and food processing; portable dredges; over-the-road car haulers and transportation equipment; and laminated oak and composite wood flooring, tube and tank trailers, as well as ornamental plants and residential homes, handbags, and architectural products. This segment also provides consulting, and other types of services to businesses and consumers, including distribution of exterior building products, crane rental, fire protection, and life safety services, management and technology consulting, and retail intelligence services. The company's Other segment provides healthcare, leasing and investment services, as well as operates as an insurance and investment fund manager offering a range of investment products, including insurance-linked securities, catastrophe bonds, insurance swaps, and weather derivatives; and program services. it also manages funds with third parties. Markel Corporation was founded in 1930 and is based in Glen Allen, Virginia.

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Here are 1-3 brief analogies for Markel (MKL):

A smaller, specialty Berkshire Hathaway.
Berkshire Hathaway for specialty insurance and diverse operating companies.

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Markel (MKL) Major Products and Services

Specialty Insurance and Reinsurance: Provides customized insurance and reinsurance solutions for unique or hard-to-place risks across various niche markets globally.
Products and Services from Operating Companies: Through its Markel Ventures segment, it offers a wide range of manufactured products and specialized services from its diverse portfolio of non-insurance businesses.

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Markel (MKL) primarily sells its specialty insurance products and services to other companies and organizations, rather than directly to individuals. As a specialty insurer, Markel underwrites a broad range of unique and complex risks for a diverse commercial customer base globally.

Due to the nature of the specialty insurance business and client confidentiality, Markel does not publicly disclose the names of its specific major customers (i.e., the insured entities). Furthermore, Markel's annual reports (10-K) indicate that no single customer or group of customers accounts for a material portion of its premiums, reflecting a highly diversified client portfolio.

However, we can describe the categories of businesses and organizations that typically purchase specialty insurance from Markel:

Commercial and Professional Services Firms: This broad category includes businesses of various sizes across numerous industries that require specialized coverage for professional liability (e.g., errors & omissions for architects, engineers, technology firms), directors & officers liability, general liability, property, cyber risks, and workers' compensation.
Niche and Specialty Industry Businesses: Markel is well-known for insuring companies in specific, often complex, sectors. These include businesses involved in marine and energy (e.g., shipping, offshore operations), aviation, environmental services, construction, healthcare, and other industries with unique risk profiles that standard insurers may not cover.
Public Entities and Non-Profit Organizations: Markel also provides specialty insurance solutions for governmental entities, municipalities, educational institutions, and various non-profit organizations, addressing their specific liability, property, and professional indemnity needs.

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Thomas S. Gayner Chief Executive Officer

Thomas S. Gayner has served as the Chief Executive Officer of Markel Group since January 2023, having previously been Co-Chief Executive Officer since 2016. He joined Markel in 1990 to establish Markel Gayner Asset Management, where he oversees all investing activities and is responsible for Markel Ventures, a subsidiary that acquires controlling interests in various companies. Prior to joining Markel, Mr. Gayner was Vice President of Davenport & Company LLC of Virginia and worked as a certified public accountant with PricewaterhouseCoopers LLP. He serves as Chairman of the Board of the Davis Series Mutual Funds and is on the boards of Graham Holdings and The Coca-Cola Company.

Brian Costanzo Chief Financial Officer

Brian Costanzo was appointed Chief Financial Officer of Markel Group in December 2023, and he also retains his role as CFO of the Markel insurance business. He has been with Markel Group for 14 years, holding various leadership positions including Controller from 2019 to 2021 and Chief Accounting Officer from 2021 to 2022. Most recently, he served as the Chief Financial Officer of the insurance arm of Markel.

Simon Wilson Chief Executive Officer, Markel Insurance

Simon Wilson was appointed Chief Executive Officer of Markel Insurance, which encompasses the company's three primary underwriting businesses, effective March 2025. He joined Markel in 2010 to lead international business development and is recognized as the "primary architect" of Markel International's expansion. In January 2020, he was named Managing Executive of Global Strategy, and in 2021, he became President of Markel International. Before joining Markel, Mr. Wilson led the Lloyd's Asia platform in Singapore.

Michael R. Heaton Executive Vice President; Chief Operating Officer

Michael R. Heaton assumed the role of Executive Vice President and Chief Operating Officer of Markel Group in February 2024. He has been with Markel for nearly two decades, joining in 2006. He has held several positions, including Managing Director for Markel Ventures (2012), Chief Operating Officer for Markel Ventures (2013), and President of Markel Ventures (2016-2022). Mr. Heaton played a significant role in the company's transition to a formal holding company structure. His early career involved entrepreneurial and operational roles, and he has served on the corporate boards of companies within Markel Ventures, such as CapTech, Brahmin, Lansing Building Products, and Costa Farms.

Richard R. Grinnan SVP, Chief Legal Officer

Richard R. Grinnan serves as Senior Vice President and Chief Legal Officer of Markel Group. He has been the Chief Legal Officer, Secretary, and Senior Vice President of the company since February 2020. Prior to this, he served as the General Counsel and Secretary from June 2014 to February 2020, and as Assistant General Counsel from August 2012 to June 2014.

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Markel (MKL) Emerging Threats The accelerating pace of technological disruption in the insurance sector, particularly through advanced artificial intelligence, machine learning, and sophisticated data analytics. These technologies are increasingly capable of automating complex underwriting processes, enhancing risk assessment, and improving claims management. While Markel has historically excelled in niche and complex specialty insurance lines relying on deep human expertise, these advancements could empower new Insurtech companies or more agile competitors to gain significant efficiencies, offer more competitive pricing, or deliver superior customer experiences across certain segments of Markel's market. This could erode Markel's traditional competitive advantages, necessitating substantial investment in technology to maintain its market position and profitability.

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Markel Group (MKL) operates across several key segments, with its main products and services primarily falling under Specialty Insurance, Reinsurance, and Markel Ventures.

Specialty Insurance

Markel's core business involves underwriting specialty insurance products globally, covering a wide array of niche markets and unique risks. The global specialty insurance market was valued at approximately USD 100.4 billion in 2024 and is projected to grow to around USD 184.4 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 7% from 2025 to 2033. Other estimates for the global market in 2024 range up to USD 105 billion, with projections reaching between USD 234 billion and USD 279 billion by 2031-2033.

Reinsurance

Markel's reinsurance segment provides coverage to other insurance companies, helping them manage risk and improve financial stability through both treaty and facultative reinsurance. The global reinsurance market size reached approximately USD 581.3 billion in 2024 and is expected to grow to about USD 1,165.7 billion by 2033, at a CAGR of 8.04% from 2025 to 2033. Another estimate places the global reinsurance market at USD 711.75 billion in 2024, projected to reach USD 2000.08 billion by 2034 with a CAGR of 10.88% from 2025 to 2034.

Markel Ventures

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Here are 3-5 expected drivers of future revenue growth for Markel (MKL) over the next 2-3 years:

Growth in Specialty Insurance Operations: Markel expects future revenue growth to be driven by continued expansion and profitability within its specialty insurance segments. This includes targeted premium increases, improved underwriting performance, and particular strength in its international and programs & solutions divisions. For instance, in Q3 2025, the international and programs and solutions divisions experienced strong growth in underwriting premiums, at 25% and 12% respectively. The company has also been focusing on streamlining its portfolio and improving efficiency in its insurance business to drive profitable growth.
Expansion of Markel Ventures through Organic Growth and Acquisitions: The Markel Ventures segment, which comprises diversified non-insurance businesses, is anticipated to contribute to revenue growth through both organic expansion and strategic acquisitions. Recent reports highlight revenue growth in Markel Ventures, particularly from its consumer and building products businesses, with contributions from acquisitions such as EPI and Valor Environmental.
Increased Net Investment Income and Returns from the Public Equity Portfolio: Markel's Investments engine is a significant driver of overall revenue. Future growth is expected to benefit from a continued environment of higher interest rates, which increases net investment income, and favorable market value movements within its public equity portfolio. For example, net investment income increased 22% in Q3 2024 and 29% year-to-date.
Enhanced Underwriting Discipline and Improved Combined Ratio: Markel's strategic initiatives to improve underwriting performance and lower its combined ratio are expected to underpin sustainable revenue growth. This involves exiting underperforming business lines, implementing leadership changes, and focusing on cost discipline, which enhances the overall profitability and financial health of the insurance operations. The combined ratio improved to 96.4% in Q3 2024 from 99.1% in Q3 2023, and further improved to just under 93% in Q3 2025. This improved efficiency allows for more profitable growth in premiums.

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Share Repurchases

Markel authorized a new $2 billion share repurchase program in November 2024, replacing a previous $750 million authorization from November 2023.
Under the prior $750 million program, $495 million of common stock was repurchased through November 12, 2024.
Annual share repurchases were approximately $572.7 million in 2024, $445.5 million in 2023, and $290.8 million in 2022.

Share Issuance

Markel has not reported significant share issuances; instead, the number of shares outstanding has consistently declined due to share repurchase programs. Shares outstanding decreased by 2.52% in 2024, 1.49% in 2023, and 1.59% in 2022.

Outbound Investments

In April 2025, Markel acquired The MECO Group Limited, a specialist marine managing general agent (MGA), to strengthen its marine insurance capabilities, with MECO having written US$63 million in gross written premiums in 2024.
In June 2024, Markel acquired a majority interest in Valor Environmental, a company specializing in erosion control and related services, expanding its Markel Ventures portfolio.
Markel Ventures, a division of Markel Group, continuously seeks acquisitions to diversify revenue streams and its portfolio of businesses.

Capital Expenditures

Markel's capital expenditures were approximately $258.6 million in 2023 and are forecasted at $255 million for 2024.
Historical capital expenditures were $254.7 million in 2022, $145.2 million in 2021, and $101.3 million in 2020.
Capital expenditures within Markel Ventures are primarily directed toward funding strategic growth investments and projects for its operating subsidiaries.

Better Bets than Markel (MKL)

	MKL	Better Performance than MKL
Metric	Value	INDUSTRY: Property & Casualty Insurance
Rev Chg LTM	-6.6%	PGR (21.5%), HIG (6.9%), ALL (6.9%), CB (6.7%), TRV (6.7%)
Rev Chg 3Y Avg	13.2%	LMND (49.5%), KNSL (32.4%), ACGL (28.9%), CINF (22.7%), PGR (20.0%)
CFO/Rev LTM	16.1%	ACGL (33.3%), CB (22.6%), HIG (21.6%), TRV (20.6%), PGR (20.4%)
FCF/Rev LTM	14.7%	ACGL (33.0%), CB (22.6%), HIG (21.2%), TRV (20.6%), PGR (20.0%)
Total Yield	8.7%	ACGL (17.8%), ALL (16.6%), HIG (11.1%), TRV (10.2%), CB (10.0%)
P/S	1.5	ALL (0.9), CNA (0.9), FNF (1.1), TRV (1.3), HIG (1.4)

	MKL	Better Performance than MKL
Metric	Value	SECTOR: Financials
Rev Chg LTM	-6.6%	MA (14.6%), V (11.3%), BAC (8.9%), JPM (8.6%), WFC (0.2%)
Rev Chg 3Y Avg	13.2%	BRK-B (19.8%), JPM (13.4%), COF (13.4%), SPGI (13.3%), MA (13.2%)
CFO/Rev LTM	16.1%	V (57.6%), BAC (57.3%), MA (56.1%), GS (30.5%), AXP (30.0%)
FCF/Rev LTM	14.7%	BAC (57.3%), V (53.9%), MA (52.5%), AXP (26.9%), GS (26.9%)
Total Yield	8.7%	TD (16.6%), BMO (11.0%), RY (10.3%), CB (10.0%), WFC (9.9%)
P/S	1.5	PRU (0.6), MET (0.8), ALL (0.9), MFC (1.2), TRV (1.3)

	MKL	Better Performance than MKL
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-6.6%	NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	13.2%	NVDA (92.0%), AVGO (24.0%), LLY (23.4%), META (17.3%), MSFT (13.2%)
CFO/Rev LTM	16.1%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	14.7%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	8.7%	VZ (16.8%), MRK (13.0%), T (11.0%), XOM (10.3%), GILD (8.8%)
P/S	1.5	UNH (0.7), WMT (1.1), VZ (1.4), XOM (1.4), LOW (1.5)

		Best Bets In Financials Sector
	MKL
What You Pay
P/E	11.5
P/EBIT	8.2
What You Get
Rev Chg Q	-2.5%
Rev Chg LTM	-6.6%
Rev Chg 3Y Avg	13.2%
FCF/Rev 3Y Avg	15.7%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	How Low Can Markel Stock Really Go?	Return
2	Markel (MKL) Valuation Ratios Comparison	Financials
3	MKL Dip Buy Analysis
4	Markel Total Shareholder Return (TSR): 21.6% in 2024 and 11.8% 3-yr compounded annual returns (below peer average)
5	Markel (MKL) Operating Cash Flow Comparison	Financials
6	Markel (MKL) Net Income Comparison	Financials
7	Markel (MKL) worth $29 Bil (up $2.8 Bil), more valuable than Copart	Notification
8	Day 0 of Loss Streak for Markel Stock with 0% Return (vs. 25% YTD) [11/29/2024]	Notification
9	Markel vs. S&P500 Correlation	Correlation
10	Markel Price Volatility	Volatility

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to MKL. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WU_11212025_Dip_Buyer_FCFYield	11212025	WU	Western Union	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.4%	3.4%	-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	COIN	Coinbase Global	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	9.5%	9.5%	0.0%
PYPL_11142025_Dip_Buyer_FCFYield	11142025	PYPL	PayPal	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.1%	0.1%	-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper	11142025	V	Visa	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.1%	-0.1%	-2.7%
WD_11072025_Dip_Buyer_ValueBuy	11072025	WD	Walker & Dunlop	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-7.7%	-7.7%	-11.0%
MKL_4302022_Quality_Momentum_RoomToRun_10%	04302022	MKL	Markel	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-11.2%	1.1%	-20.9%
MKL_3312020_Dip_Buyer_2_Growing_With_High_FCF_Yield	03312020	MKL	Markel	Dip Buy	DB \| Growth \| FCF YieldDip Buy with Growth and High Free Cash Flow Yield Buying dips for companies with growth, and significant free cash flow yield (FCF / Market Cap)	4.4%	22.8%	-14.8%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WU_11212025_Dip_Buyer_FCFYield	11212025	WU	Western Union	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.4%	3.4%	-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	COIN	Coinbase Global	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	9.5%	9.5%	0.0%
PYPL_11142025_Dip_Buyer_FCFYield	11142025	PYPL	PayPal	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.1%	0.1%	-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper	11142025	V	Visa	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.1%	-0.1%	-2.7%
WD_11072025_Dip_Buyer_ValueBuy	11072025	WD	Walker & Dunlop	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-7.7%	-7.7%	-11.0%
MKL_4302022_Quality_Momentum_RoomToRun_10%	04302022	MKL	Markel	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-11.2%	1.1%	-20.9%
MKL_3312020_Dip_Buyer_2_Growing_With_High_FCF_Yield	03312020	MKL	Markel	Dip Buy	DB \| Growth \| FCF YieldDip Buy with Growth and High Free Cash Flow Yield Buying dips for companies with growth, and significant free cash flow yield (FCF / Market Cap)	4.4%	22.8%	-14.8%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Markel

Peers to compare with:

Financials

	MKL	TRV	MET	AIG	HIG	PRU	Median
Name	Markel	Traveler.	MetLife	American.	Hartford.	Prudenti.
Mkt Price	2,056.92	284.27	77.51	77.07	133.04	109.57	121.30
Mkt Cap	25.8	63.7	51.5	42.6	37.4	38.9	40.8
Rev LTM	16,146	48,409	70,760	27,390	27,692	57,926	38,050
Op Inc LTM	-	-	-	-	-	-	-
FCF LTM	2,375	9,985	14,627	2,803	5,865	5,274	5,570
FCF 3Y Avg	2,535	8,682	13,545	4,120	4,922	5,781	5,351
CFO LTM	2,593	9,985	14,627	2,803	5,988	5,274	5,631
CFO 3Y Avg	2,770	8,682	13,545	4,120	5,109	5,781	5,445

Growth & Margins

	MKL	TRV	MET	AIG	HIG	PRU	Median
Name	Markel	Traveler.	MetLife	American.	Hartford.	Prudenti.
Rev Chg LTM	-6.6%	6.7%	0.2%	2.9%	6.9%	-21.0%	1.5%
Rev Chg 3Y Avg	13.2%	10.1%	1.3%	9.8%	8.6%	1.9%	9.2%
Rev Chg Q	-2.5%	4.8%	-7.7%	-5.2%	6.4%	-8.2%	-3.9%
QoQ Delta Rev Chg LTM	-0.7%	1.2%	-2.0%	-1.3%	1.6%	-2.7%	-1.0%
Op Mgn LTM	-	-	-	-	-	-	-
Op Mgn 3Y Avg	-	-	-	-	-	-	-
QoQ Delta Op Mgn LTM	-	-	-	-	-	-	-
CFO/Rev LTM	16.1%	20.6%	20.7%	10.2%	21.6%	9.1%	18.3%
CFO/Rev 3Y Avg	17.1%	19.4%	19.6%	21.6%	19.6%	9.4%	19.5%
FCF/Rev LTM	14.7%	20.6%	20.7%	10.2%	21.2%	9.1%	17.7%
FCF/Rev 3Y Avg	15.7%	19.4%	19.6%	21.6%	18.9%	9.4%	19.1%

Valuation

	MKL	TRV	MET	AIG	HIG	PRU	Median
Name	Markel	Traveler.	MetLife	American.	Hartford.	Prudenti.
Mkt Cap	25.8	63.7	51.5	42.6	37.4	38.9	40.8
P/S	1.5	1.3	0.8	1.6	1.4	0.6	1.3
P/EBIT	8.2	8.1	9.2	8.4	8.1	-	8.2
P/E	11.5	10.7	14.3	13.3	10.5	14.1	12.4
P/CFO	9.3	6.3	3.7	15.5	6.3	7.0	6.6
Total Yield	8.7%	10.2%	9.8%	9.7%	11.1%	12.3%	10.0%
Dividend Yield	0.0%	0.8%	2.8%	2.3%	1.6%	5.2%	1.9%
FCF Yield 3Y Avg	12.0%	17.2%	25.3%	9.2%	15.8%	15.0%	15.4%
D/E	0.2	0.1	0.4	0.2	0.1	0.6	0.2
Net D/E	-0.3	-1.4	-1.7	-0.6	-0.5	-1.3	-1.0

Returns

	MKL	TRV	MET	AIG	HIG	PRU	Median
Name	Markel	Traveler.	MetLife	American.	Hartford.	Prudenti.
1M Rtn	5.2%	6.2%	-2.1%	-2.4%	7.5%	6.1%	5.7%
3M Rtn	5.5%	3.2%	-3.1%	-4.7%	0.4%	3.3%	1.8%
6M Rtn	6.6%	5.4%	-0.2%	-8.3%	4.9%	8.3%	5.1%
12M Rtn	17.9%	10.9%	-7.0%	4.8%	12.0%	-9.4%	7.9%
3Y Rtn	53.1%	58.9%	10.6%	31.3%	85.9%	18.1%	42.2%
1M Excs Rtn	5.2%	6.2%	-2.1%	-2.4%	7.6%	6.1%	5.7%
3M Excs Rtn	-0.3%	-3.2%	-9.8%	-10.5%	-6.1%	-3.3%	-4.7%
6M Excs Rtn	-8.2%	-9.3%	-14.9%	-23.0%	-9.9%	-6.4%	-9.6%
12M Excs Rtn	1.8%	-4.9%	-23.2%	-11.1%	-3.4%	-24.5%	-8.0%
3Y Excs Rtn	-13.1%	-11.1%	-60.5%	-37.2%	16.1%	-52.3%	-25.1%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/29/2025	2/24/2025	2/23/2024	2/17/2023	2/18/2022	2/19/2021	2/21/2020
Key Financials
Total Revenue	16,146	16,750	15,714	11,813	12,918	9,639	9,520
Net Income	2,079	2,747	1,996	-216	2,423	816	1,790
EPS	160.18	199.69	147.32	-23.72	176.79	55.67	129.25
Growth Rates
Total Revenue Growth	-6.6%	6.6%	33.0%	-8.6%	34.0%	1.3%	37.0%
Net Income Growth	-29.9%	37.6%	1022.9%	-108.9%	196.9%	-54.4%	1496.8%
Margins
Net Income Margin	12.9%	16.4%	12.7%	-1.8%	18.8%	8.5%	18.8%
Cash & Debt
Total Cash	10,847	10,556	20,691	18,664	18,366	17,058	14,240
Total Debt	4,285	4,330	3,780	4,104	4,361	3,484	3,534
Net Debt / (Cash)	-6,563	-6,226	-16,911	-14,560	-14,005	-13,574	-10,706
Cash Flows
Net Cash from Operations	2,593	2,594	2,787	2,709	2,274	1,738	1,274
Free Cash from Operations	2,375	2,339	2,528	2,455	2,129	1,636	1,151
Returns to Shareholders
Dividends	0	36	36	36	36	18	-0
Share Repurchases	1,128	573	445	291	207	27	116

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/29/2025	7/30/2025	4/30/2025	2/24/2025	10/30/2024	7/31/2024	5/1/2024	2/23/2024	11/1/2023	8/2/2023	4/26/2023	2/17/2023
Key Financials Quarterly
Total Revenue	4,387	4,411	3,326	4,022	4,500	3,711	4,518	4,561	3,414	4,128	3,610	4,107
Net Income	751	657	122	549	905	268	1,025	769	43	696	489	692
EPS	59.44	49.80	12.11	38.83	66.40	18.66	75.56	56.67	3.15	50.20	37.33	49.21
Key Financials TTM
Total Revenue TTM	16,146	16,259	15,559	16,750	17,289	16,204	16,621	15,714	15,259	15,025	12,794	11,813
Net Income TTM	2,079	2,233	1,844	2,747	2,967	2,105	2,533	1,996	1,918	1,935	324	-216
Growth Rates Quarterly
Total Revenue Growth	-2.5%	18.9%	-26.4%	-11.8%	31.8%	-10.1%	25.1%	11.1%	7.4%	117.6%	37.3%	8.6%
Net Income Growth	-17.0%	145.5%	-88.1%	-28.6%	2024.8%	-61.5%	109.8%	11.2%	-28.5%	175.9%	1044.4%	-20.4%
Margins Quarterly
Net Income Margin	17.1%	14.9%	3.7%	13.7%	20.1%	7.2%	22.7%	16.9%	1.2%	16.9%	13.5%	16.8%
Cash & Debt
Total Cash	10,847	10,273	10,662	10,556	10,504	9,973	10,046	20,691	10,398	19,091	18,923	18,664
Total Debt	4,285	4,364	4,391	4,330	4,356	4,400	3,855	3,780	3,769	3,814	3,897	4,104
Net Debt / (Cash)	-6,563	-5,908	-6,272	-6,226	-6,148	-5,573	-6,190	-16,911	-6,629	-15,277	-15,026	-14,560
Cash Flows Quarterly
FCF from Operations	1,218	504	376	494	891	579	631	823	956	724	284	829
Cash Flows TTM
FCF from Operations TTM	2,593	2,265	2,340	2,594	2,923	2,987	3,133	2,787	2,793	2,797	2,579	2,709
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	74	699	170	184	129	99	161	176	82	105	82	83
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Investing	30,542	26,982	28,278	24,782	22,130
Underwriting	9,898	8,854	8,111	7,228	6,622
Other insurance operations	9,086
Markel Ventures	5,520	5,316	4,958	3,636	2,551
Other operations		8,640	7,130	6,064	6,172
Total	55,046	49,791	48,477	41,710	37,474

Price Behavior

Price Behavior

Market Price	$2,056.92
Market Cap ($ Bil)	25.8
First Trading Date	03/26/1990
Distance from 52W High	-1.7%
	50 Days	200 Days
DMA Price	$1,971.65	$1,923.50
DMA Trend	up	up
Distance from DMA	4.3%	6.9%
	3M	1YR
Volatility	20.4%	23.9%
Downside Capture	1.55	54.92
Upside Capture	25.74	63.76
Correlation (SPY)	8.2%	51.7%

MKL Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.20	0.06	0.14	0.40	0.62	0.56
Up Beta	0.10	0.36	0.50	0.76	0.68	0.55
Down Beta	-0.56	0.15	-0.09	0.12	0.63	0.61
Up Capture	90%	28%	28%	37%	49%	25%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	12	23	32	66	128	405
Down Capture	-1%	-32%	3%	43%	64%	77%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	8	19	31	59	120	345

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of MKL With Other Asset Classes (Last 1Y)
	MKL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	15.2%	5.7%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	23.8%	19.2%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	0.53	0.16	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		68.0%	51.6%	4.3%	13.9%	54.6%	14.0%

ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of MKL With Other Asset Classes (Last 5Y)
	MKL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	14.9%	15.3%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	23.0%	18.9%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.58	0.67	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		61.5%	47.7%	3.6%	12.4%	41.5%	17.9%

Based On 10-Year Data

		Comparison of MKL With Other Asset Classes (Last 10Y)
	MKL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	8.2%	12.5%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	25.3%	22.4%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.33	0.52	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		70.2%	62.9%	0.6%	21.3%	58.0%	15.0%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	255,240
Short Interest: % Change Since 10312025	18.7%
Average Daily Volume	47,080
Days-to-Cover Short Interest	5.42
Basic Shares Quantity	12,562,000
Short % of Basic Shares	2.0%

Returns Analyses

	Title
0	How Low Can Markel Stock Really Go?
1	Markel Stock Return Comparison
2	[9/29/2021] Markel (MKL) Stock Price Forecast: AI Forecasts MKL Stock Price To Be Around $1,230 In A Month (Up 1.8%)
3	Markel (MKL) Stock Return: AI Predicts MKL Average and Excess Return After a Fall or Rise

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10292025	10-Q 9/30/2025
6302025	7302025	10-Q 6/30/2025
3312025	4302025	10-Q 3/31/2025
12312024	2242025	10-K 12/31/2024
9302024	10302024	10-Q 9/30/2024
6302024	7312024	10-Q 6/30/2024
3312024	5012024	10-Q 3/31/2024
12312023	2232024	10-K 12/31/2023
9302023	11012023	10-Q 9/30/2023
6302023	8022023	10-Q 6/30/2023
3312023	4262023	10-Q 3/31/2023
12312022	2172023	10-K 12/31/2022
9302022	11012022	10-Q 9/30/2022
6302022	8022022	10-Q 6/30/2022
3312022	4262022	10-Q 3/31/2022
12312021	2182022	10-K 12/31/2021

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0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Markel (MKL)

Market Price (12/4/2025): $2056.54 | Market Cap: $25.8 BilSector: Financials | Industry: Property & Casualty Insurance

Markel (MKL)

Market Price (12/4/2025): $2056.54Market Cap: $25.8 BilSector: FinancialsIndustry: Property & Casualty Insurance

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Market Price (12/4/2025): $2056.54 | Market Cap: $25.8 Bil
Sector: Financials | Industry: Property & Casualty Insurance

Market Price (12/4/2025): $2056.54
Market Cap: $25.8 Bil
Sector: Financials
Industry: Property & Casualty Insurance