MARKEL GROUP INC.
$1,977.29
+15.21 (+0.78%) · delayed · Nov 13, 2026
Five-year price
52w $1,704.17 to $2,207.59
- Market cap
- $24.2B
- Enterprise value
- $24.5B
- P/E
- 11.7×
- 11.5× on 3y avg EPS
- EV / EBIT
- 7.7×
- FCF yield
- 10.6%
- ROIC
- 13.3%
- Debt / equity
- 0.23
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
67
- ●ROIC > 12% (5y avg)5y avg ROIC 12.3%
- ○ROE > 15% (5y avg)5y avg ROE 11.1%
- ○Stable operating marginsMargin volatility 27.6% (σ, 5y)
- ●Earnings convert to cashFCF / net income 105% (5y avg)
- ●Growing revenueRevenue CAGR 5y 37.7%
- ●Shrinking share countDiluted shares -8.5% over 5y
Value
100
- ●P/E below 15P/E 11.7
- ●EV/EBIT below 12EV/EBIT 7.7
- ●FCF yield above 6%FCF yield 10.6%
- ●Price below Graham NumberGraham Number $2406.28
- ●P/B below 3P/B 1.3
Safety
75
- ●Debt / equity below 0.5D/E 0.23
- ●Debt payable in < 4 yrs of earningsNet debt $0.3B
- ●Interest coverage > 8xCoverage 15.5x
- –Current ratio > 1.5Current ratio n/a
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
67
- ●Adequate size (revenue > $2B)Revenue $15.5B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 985%
- ●Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 11.5
- ●P/E × P/B ≤ 22.5Product 15.0
Valuation lab
What do you have to believe?
At $1,977.29, the market is pricing in about −4.2% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $339M · 12M shares · 5y revenue CAGR 37.7%
Intrinsic value
$12,267.87
Price
$1,977.29
Margin of safety
84%
What the price implies
The market is paying for −4.2% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,308 | 1,413 | 2,133 | 2,423 | 3,129 | 3,997 | 5,237 | 14,280 | 14,814 | 15,513 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 805 | 217 | 40 | 2,477 | 1,274 | 3,242 | (93) | 2,929 | 3,713 | 3,195 |
| Operating margin | 61.6% | 15.3% | 1.9% | 102.3% | 40.7% | 81.1% | -1.8% | 20.5% | 25.1% | 20.6% |
| Pre-tax income | 630 | 87 | (8) | 2,286 | 1,000 | 3,130 | (152) | 2,654 | 3,638 | 2,733 |
| Income tax | 169 | (313) | 122 | 486 | 169 | 684 | (48) | 553 | 790 | 580 |
| Net income | 456 | 395 | (128) | 1,790 | 816 | 2,423 | (216) | 1,996 | 2,747 | 2,107 |
| EPS (diluted) | 31.27 | 25.81 | -9.55 | 129.07 | 55.63 | 176.38 | -23.72 | 146.98 | 199.32 | 169.22 |
| Diluted shares | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 13 | 13 | 13 |
Who owns it