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Held by 244 of 2,417 reporting institutions (96th percentile) — extremely crowded.
Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $429.5M buybacks = $429.5M returned on $2.55B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 9%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Leverage ratios is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $3.96B covers the $54.4M due within a year 72.9× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Interest is easily covered by operating profit. Effective rate ~4.8% on $4.30B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 14 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AIG | $42.8B | 15.1× | — | 1.6× | -1.7% | — | 11.6% | 7.5% | 6.2% | — | 307 |
| HIG | $35.5B | 9.9× | — | 1.3× | 6.9% | — | 13.5% | 20.2% | 16.4% | — | 332 |
| ACGL | $34.7B | 9.2× | — | 1.7× | 14.3% | — | 22.1% | 18.2% | 18.2% | — | 239 |
| CINF | $27.8B | 11.9× | — | 2.2× | 11.4% | — | 18.9% | 15.0% | 14.3% | — | 280 |
| WRB | $27.4B | 16.6× | — | 1.9× | 7.8% | — | 12.1% | 18.3% | 18.3% | — | — |
| MKL | $22.9B | 11.1× | — | 1.5× | 4.7% | — | 13.6% | 11.3% | 9.2% | — | 244 |
| L | $22.8B | 14.0× | — | 1.2× | 5.4% | — | 9.0% | 8.9% | 8.9% | — | 201 |
| EG | $15.4B | 10.9× | — | 0.9× | 1.2% | — | 9.1% | 10.3% | 10.3% | — | — |
| RNR | $13.7B | 6.1× | — | 1.1× | 9.9% | — | 20.9% | 23.1% | 19.2% | — | — |
| CNA | $13.2B | 10.4× | — | 0.9× | 5.0% | — | 8.5% | 11.0% | 8.8% | — | 72 |
| AFG | $12.8B | 15.3× | — | 1.6× | -1.8% | — | 10.3% | 17.5% | 12.7% | — | 127 |
| THG | $8.4B | 13.3× | — | 1.3× | 5.7% | — | 10.0% | 18.5% | 13.8% | — | 121 |
| KNSL | $8.2B | 16.9× | — | 4.4× | 18.0% | — | 26.9% | 25.7% | 23.1% | — | 129 |
| AXS | $7.5B | 8.5× | — | 1.1× | 10.2% | — | 15.4% | 15.9% | 15.9% | — | — |
| RLI | $6.0B | 14.9× | — | 3.2× | 6.3% | — | 21.4% | 22.7% | 21.5% | — | 102 |
Peers = companies sharing MKL's sector (Fire, Marine & Casualty Insurance) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
A reverse discounted cash flow is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.51B 100.0% | $14.81B 100.0% | $14.28B 100.0% | $11.68B 100.0% | $12.85B 100.0% | $9.74B 100.0% | $9.53B 100.0% | $6.84B 100.0% | $6.06B 100.0% | $5.61B 100.0% |
| Total Operating Expenses | $13.39B 86.3% | $12.91B 87.1% | $12.87B 90.2% | $11.77B 100.8% | $9.60B 74.8% | $8.46B 86.9% | $7.05B 74.0% | $6.80B 99.4% | $5.85B 96.4% | $4.81B 85.7% |
| Operating Income | $3.19B 20.6% | $3.71B 25.1% | $2.93B 20.5% | -$93.3M -0.8% | $3.24B 25.2% | $1.27B 13.1% | $2.48B 26.0% | $39.8M 0.6% | $216.6M 3.6% | $805.2M 14.3% |
| Interest Expense | $205.9M 1.3% | $204.3M 1.4% | $185.1M 1.3% | $196.1M 1.7% | $183.6M 1.4% | $177.6M 1.8% | $171.7M 1.8% | $154.2M 2.3% | $132.5M 2.2% | $129.9M 2.3% |
| Pretax Income | $2.73B 17.6% | $3.64B 24.6% | $2.65B 18.6% | -$151.6M -1.3% | $3.13B 24.4% | $1.00B 10.3% | $2.29B 24.0% | -$7.9M -0.1% | $87.3M 1.4% | $629.9M 11.2% |
| Income Tax Expense | $580.3M 3.7% | $790.3M 5.3% | $552.6M 3.9% | -$48.2M -0.4% | $684.0M 5.3% | $168.7M 1.7% | $486.3M 5.1% | $122.5M 1.8% | -$313.5M -5.2% | $169.5M 3.0% |
| Net Income | $2.11B 13.6% | $2.75B 18.5% | $2.00B 14.0% | -$216.3M -1.9% | $2.42B 18.9% | $816.0M 8.4% | $1.79B 18.8% | -$128.2M -1.9% | $395.3M 6.5% | $455.7M 8.1% |
| Per Share | ||||||||||
| EPS (Basic) | $169.74 | $199.69 | $147.32 | -$23.72 | $176.79 | $55.67 | $129.25 | -$9.55 | $25.89 | $31.41 |
| EPS (Diluted) | $169.22 | $199.32 | $146.98 | -$23.72 | $176.38 | $55.63 | $129.07 | -$9.55 | $25.81 | $31.27 |
| Weighted Avg Shares (Basic) | 12.6M | 13.0M | 13.3M | 13.6M | 13.8M | 13.8M | 13.9M | 13.9M | 14.0M | 14.0M |
| Weighted Avg Shares (Diluted) | 12.6M | 13.0M | 13.4M | 13.6M | 13.8M | 13.8M | 13.9M | 13.9M | 14.0M | 14.1M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-30 | Costanzo Brian J. Chief Financial Officer | Other11d late | 2 | $1455.58 | $3k |
| 2026-07-15 | 2 co-filers EVP & Pres., Markel Ventures | Other | 7 | $1730.49 | $13k |
| 2026-06-30 | 2 co-filers EVP & Pres., Markel Ventures | Other11d late | 3 | $1617.19 | $5k |
| 2026-06-30 |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| Other11d late |
| 2 |
| $1617.19 |
| $3k |
| 2026-06-15 | Puckett A. Lynne Director | Other | 66 | $1668.65 | $110k |
| 2026-06-15 | Morrison Harold Lawrence Jr. Director | Other | 33 | $1668.65 | $55k |
| 2026-06-15 | Oreilly Michael Director | Other | 90 | $1668.65 | $150k |
| 2026-06-15 | Michael Jonathan E Director | Other | 66 | $1668.65 | $110k |
| 2026-06-15 | Leopold Diane Director | Other | 66 | $1668.65 | $110k |
| 2026-06-15 | Housel Morgan E. Director | Other | 66 | $1668.65 | $110k |
| 2026-06-15 | Besca Mark Director | Other | 81 | $1668.65 | $135k |
| 2026-06-15 | Cunningham Lawrence A Director | Other | 33 | $1668.65 | $55k |
| 2026-05-22 | 3 co-filers Group filing | Open-market sale | 35 | $1846.12 | $65k |
| 2026-05-22 | 3 co-filers Group filing | Open-market sale | 14 | $1847.36 | $26k |
| 2026-05-22 | 3 co-filers Group filing | Open-market sale | 27 | $1848.83 | $50k |
| 2026-05-20 | Besca Mark Director | Grant | 89 | $0.00 | $0 |
| 2026-05-20 | Housel Morgan E. Director | Grant | 89 | $0.00 | $0 |
| 2026-05-20 | Harris Greta J Director | Grant | 89 | $0.00 | $0 |
| 2026-05-20 | Cunningham Lawrence A Director | Grant | 89 | $0.00 | $0 |
| 2026-05-20 | Leopold Diane Director | Grant | 89 | $0.00 | $0 |
| 2026-05-20 | Puckett A. Lynne Director | Grant | 89 | $0.00 | $0 |
| 2026-05-20 | Morrison Harold Lawrence Jr. Director | Grant | 89 | $0.00 | $0 |
| 2026-05-20 | Oreilly Michael Director | Grant | 89 | $0.00 | $0 |
| 2026-05-20 | Michael Jonathan E Director | Grant | 89 | $0.00 | $0 |
| 2026-05-15 | 2 co-filers EVP & Pres., Markel Ventures | Tax withholding | 75 | $1844.00 | $138k |
| 2026-05-15 | 2 co-filers Chief Financial Officer | Tax withholding | 13 | $1844.00 | $24k |
| 2026-05-15 | Grinnan Richard Randolph SVP, Chief Legal Officer & Sec | Tax withholding | 116 | $1844.00 | $215k |
| 2026-05-15 | Gayner Thomas Sinnickson Chief Executive Officer | Tax withholding | 482 | $1844.00 | $888k |
| 2026-05-15 | 2 co-filers EVP & Pres., Markel Ventures | Other | 60 | $1659.60 | $100k |
| 2026-05-15 | 2 co-filers Chief Financial Officer | Other | 30 | $1659.60 | $50k |
| 2026-05-07 | 2 co-filers Group filing | Open-market buyindirect | 50 | $1789.19 | $89k |
| 2026-05-06 | 2 co-filers Group filing | Open-market buy | 100 | $1792.61 | $179k |
| 2026-05-01 | Puckett A. Lynne Director | Open-market buyindirect | 57 | $1795.53 | $102k |
| 2026-03-31 | Crowley Andrew G. EVP & Pres., Markel Ventures | Other10d late | 9 | $1626.96 | $15k |
| 2026-03-31 | Costanzo Brian J. Chief Financial Officer | Other10d late | 2 | $1626.96 | $3k |
| 2026-02-26 | 2 co-filers EVP and CEO, Markel Insurance | Open-market sale | 100 | $2079.48 | $208k |
| 2026-02-24 | 2 co-filers EVP and CEO, Markel Insurance | Grant | 868 | $0.00 | $0 |
| 2026-02-24 | Grandis Meade P. CAO and Controller | Grant | 70 | $0.00 | $0 |
| 2026-02-24 | Crowley Andrew G. EVP & Pres., Markel Ventures | Grant | 830 | $0.00 | $0 |
| 2026-02-24 | Costanzo Brian J. Chief Financial Officer | Grant | 655 | $0.00 | $0 |
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 37th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 11% against ROIC 9% — 2% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Operating Income | 0.6 | 26.0 | 13.1 | 25.2 | -0.8 | 20.5 | 25.1 | 20.6 |
| Income Tax | 1.8 | 5.1 | 1.7 | 5.3 | -0.4 | 3.9 | 5.3 | 3.7 |
| Net Income | -1.9 | 18.8 | 8.4 | 18.9 | -1.9 | 14.0 | 18.5 | 13.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on MKL: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 14.3% | 8.1% |
| FY2017 | not reported | 3.6% | 6.5% |
| FY2018 | not reported | 0.6% | -1.9% |
| FY2019 | not reported | 26.0% | 18.8% |
| FY2020 | not reported | 13.1% | 8.4% |
| FY2021 | not reported | 25.2% | 18.9% |
| FY2022 | not reported | -0.8% | -1.9% |
| FY2023 | not reported | 20.5% | 14.0% |
| FY2024 | not reported | 25.1% | 18.5% |
| FY2025 | not reported | 20.6% | 13.6% |
Leverage and buybacks account for 2 points of the 11% return on equity in FY2025. The business earns 9% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: wacc.
Converts 1.24x of reported profit into free cash flow over 5 years, with accruals negative.
Conversion has deteriorated: 1.11x over three years against 1.24x over 5.
Missing from our data, so excluded from this answer: share_based_compensation.
Leverage is not measurable this way for a insurer.
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $1869.82, free cash flow must compound -2.76%/yr for 10 years. It has done 14.21%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 42.2% | −2.8% |
| FY2021 | 30.1% | −2.8% |
| FY2022 | 15.3% | −2.8% |
| FY2023 | 3.0% | −2.8% |
| FY2024 | −7.5% | −2.8% |
| FY2025 | 9.2% | −2.8% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM (share count from the last fiscal year — the TTM window reports none).
The achieved growth rate spans a reporting-basis change in FY2023, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.11B | $2.11B |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $654M | $2.76B |
| Operating cash flow | $2.76B | $2.76B |
| Capex | −$207M | $2.55B |
| Free cash flow | $2.55B | $2.55B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 2.2% | not reported | not reported |
| FY2021 | 32.0% | not reported | not reported |
| FY2022 | -9.1% | not reported | not reported |
| FY2023 | 22.3% | not reported | not reported |
| FY2024 | 3.7% | not reported | not reported |
| FY2025 | 4.7% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 1.4 percent |
| FY2020 | -2.2 percent |
| FY2021 | 0.3 percent |
| FY2022 | -5.9 percent |
| FY2023 | -1.4 percent |
| FY2024 | 0.3 percent |
| FY2025 | -0.9 percent |