MKL Markel Group Inc. Common Stock
NYSE · Insurance · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Jul 29, 2026MKL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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About Markel Group Inc. Common Stock Company overview from Wikipedia
Markel Group Inc. is a group of companies headquartered in Richmond, Virginia, and originally founded in 1930 as an insurance company.
History
Company founder Samuel A. Markel formed the Mutual Casualty Association and established the Mutual Casualty Company in Norfolk, Virginia. The company headquarters later moved to Richmond, Virginia. Sam Markel's four sons, Lewis, Irvin, Stanley, and Milton, joined the business in the 1930s, and Markel Service, Inc. was created. During this time, Markel was actively involved in efforts to develop safety and other standards aimed at legitimizing the growing bus and trucking industries. Markel also assisted in passing the National Motor Carrier Act of 1935.
By the 1940s, Markel Service, Inc. earned a national following and developed a reputation for industry-leading claims adjusting and safety engineering. American Fidelity & Casualty, a sister company covering fleets of trucks and buses, also became the largest insurer of these risks in the United States. In 1980, the company became an insurance carrier when Essex Insurance Company was incorporated and licensed to write excess and surplus lines business.
In 1986, the Markel Corporation was listed on the NASDAQ exchange, with an IPO offered at $8.33 per share. The company's trading was moved to the NYSE in 1997. Markel gained access to specialty international markets in 2000, when Terra Nova Holdings, Ltd. was acquired and the London office opened. Branch offices later opened in the UK, Europe, Asia Pacific, and Canada. With a "permanent capital" investing approach, Markel Ventures acquired AMF Bakery Systems in 2005 and continued to acquire other varied and scalable businesses. With the $3.1 billion acquisition of Alterra Capital Holdings Limited, Markel added two additional insurance divisions, Markel Global and Markel Reinsurance.
In 2015, Markel acquired Bermuda-based CATCo, a specialist investment management business; and Markel Ventures announced a majority interest in CapTech.
In 2023, Markel Corporation changed its name to Markel Group Inc. Markel is headquartered in Richmond, Virginia, with 76 offices in 18 countries.
Timeline
Beginning in 1930, Markel established Markel Service, a separate company to handle direct and reinsurance of American Fidelity & Casualty.
In 1951, the company expanded into Canada by founding Markel Service Canada, Ltd., headquartered in Toronto, Ontario.
In 1959, the national claims division of American Fidelity & Casualty became National Claims Service, an independent adjuster that could be contracted by other insurance firms. The Safety Engineering Division also began offering services to other firms.
The company later expanded beyond truck and bus companies, led by the third generation of Markels: Anthony, Steve, and Gary.
In 1980, the company founded Essex Insurance Company in Delaware. Essex began as a property insurance company in White Bear Lake, Minnesota, but later moved to Richmond, Virginia.
In 1985, Prem Watsa took control of Markel Financial Holdings, a Canadian-based trucking insurance company. Near bankruptcy, Watsa determined it needed a capital injection.
In December 1986, Markel Corp. held its first IPO at $8.33 per share, valuing the company at $15 million. Shares traded on the NASDAQ.
In 1987, Markel reorganized Markel Financial Holdings (Canada) and renamed it Fairfax Financial Holdings Ltd., short for "fair, friendly acquisitions."
In December 1987, Markel Corp. acquired half of Shand Morahan & Company, an underwriter in Deerfield, Illinois.
In December 1990, Markel completed its acquisition of Shand. As part of the Shand acquisition, Markel Corp. also acquired American Underwriting Managers, an insurance underwriter in Pewaukee, Wisconsin, specializing in personal boat and motorcycle insurance.
In 1989, Markel Corp. acquired the Rhulen Agency of Monticello, New York. Rhulen is a specialty insurer for children's summer camps and youth organizations. Rhulen was later moved to Richmond, Virginia, and renamed Markel Insurance Company.
In the Spring of 1997, Markel Corp. trading moved to the NYSE.
In January 2000, Markel Corp. founded Markel Southwest Underwriters in Scottsdale, Arizona, after buying the Arizona policies of Acceptance Insurance Company.
In March 2000, Markel Corp. completed the acquisition of Terra Nova (Bermuda) Holdings Ltd.
In October 2009, Elliott Special Risks LP (ESR) was purchased by Markel International, a London-based specialty property and casualty insurer that runs the international operations of Markel Corp.
On October 30, 2009, Markel Ventures, Inc. acquired Panel Specialists, LLC., a manufacturer of panels, wall systems, casework, furniture, and countertops and other stone-related products.
On December 2, 2009, Markel Ventures, Inc. acquired a majority interest in Ellicott Dredge Enterprises, LLC, a company which manufactures dredging equipment for both domestic and international markets.
On May 10, 2010, at the Markel Corp. Annual Meeting, it was reported there would be a new management structure approved by the Board. Alan I. Kirshner would remain chairman and chief executive officer while Anthony F. Markel and Steven A. Markel would still serve as vice chairman. Reporting to them would be a three-member Office of the President. Thomas S. Gayner became president and chief investment officer, while Richard R. Whitt, III and F. Michael Crowley became president and co-chief operating officers.
On May 11, 2010, Markel Ventures, Inc. acquired Solbern, LLC, a manufacturer of food processing equipment for both the domestic and international markets.
In July 2010, Markel Corp. acquired Aspen Holdings, Inc. of Omaha, Nebraska.
In April 2011, Markel (UK) Limited launched Markel Direct, an online direct to customer distribution channel for specialist insurance.
On July 14, 2011, Markel Corp. acquired PartnerMD, LLC, a company which provides concierge medicine, a type of membership health-care service in which patients pay an annual fee for enhanced care that includes disease-prevention, health-maintenance, and around-the-clock access to a physician.
On October 19, 2011, Markel Ventures, Inc. acquired a majority interest in WI Holdings, Inc. ("Weldship") which manufactures, leases and sells high pressure tube trailers, certified ISO containers and other gas and liquid containers to industrial gas manufacturers, independent distributors, specialty chemical companies and the United States Government for use in the domestic and international compressed gas, electronic gas and specialty chemical industries.
On January 4, 2012, Markel Corp. completed the acquisition of Thompson Insurance Enterprises, a privately held program administrator underwriting multi-line, industry-focused insurance programs.
In February 2012, Markel's Camp Insurance Program joined forces with CampDoc.com, an electronic health record system for camps.
In June 2012, Markel Direct expanded product range into charity and community group risks.
In October 2012, Markel purchased Essentia Insurance Company.
On May 1, 2013, Markel Corporation completed its acquisition of Alterra Capital Holdings Limited.
On August 16, 2013, Markel Ventures, Inc. acquired Eagle Construction of VA.
In January 2014, Markel Corp. acquired Abbey Protection plc, an integrated specialty insurance and consultancy group headquartered in London.
On July 23, 2014, Markel Ventures, Inc. acquired majority interest in Cottrell, Inc., involved in the design, manufacture and delivery of automobile transport equipment.
On January 1, 2016, Thomas S. Gayner and Richard R. Whitt III began serving Markel as co-CEOs.
In June 2016, it was announced that Markel had joined the Fortune 500 for the first time.
In 2017, Markel merged their Global and Wholesale divisions and created Markel Assurance.
On May 1, 2017, Markel Corp. acquired SureTec Financial Corp., one of the largest privately owned surety companies in the US.
On July 26, 2017, Markel Corp. announced their plans to acquire majority interest in Costa Farms and their related operating companies. Costa Farms is the largest producer of ornamental plants in the world.
On November 1, 2017, Markel Corp. acquired State National Companies, Inc., a leading specialty provider of property and casualty insurance services.
On June 4, 2018, Markel Corp. announced their partnership with Rosemont Investment Partners LLC, a specialist investor focusing on making investments in asset and wealth management companies.
On August 31, 2018, Markel Corp. acquired Nephila Capital Ltd, a leading investment manager which specializes in reinsurance. Nephila Capital Ltd focuses on insurance-linked securities, catastrophe bonds, insurance swaps, and weather derivatives.
On September 17, 2018, Markel Corp. announced their plans to acquire majority interest in Brahmin, a creator of fashion leather handbags.
On September 12, 2019, Markel announced their plans to acquire Caunce O'Hara & Company Limited, an Insurance Broker based in Manchester specialising in providing insurance to freelance and contract workers.
Markel Lines of Business
Insurance
Markel Specialty
Markel Specialty provides property and casualty cover for standard and hard-to-place risks to commercial customers and individuals for the insuring of: camps; child care centers; horses and farms; medical transportation, motorcycle, boat, and ATV owners; museums and fine art collections; pest control operators; schools; social service agencies; and small businesses.
Insurance-linked securities and insurance services
Markel CATCo
Based in Bermuda, Markel CATCo managed retrocessional and traditional reinsurance portfolios on behalf of financial institutions, charities, pension funds, family offices, and investment funds. CATCo was placed into runoff in 2019 and has 10 or fewer open contracts as of mid-2023.
Nephila
Based in Bermuda, Nephila Capital Ltd offers a broad range of investment products focusing on instruments such as insurance-linked securities, catastrophe bonds, insurance swaps, and weather derivatives. As of mid-20203 the firm manages $7.2 billion.
State National
State National Companies, Inc., provides property and casualty insurance services operating in two niche markets across the United States—Its Lender Services and Program Services segments—typically as a fronting carrier.
Markel Assurance
Markel Assurance has underwriting teams located across the US, and in Bermuda, Dublin, and London. Products originate from three product lines—casualty, professional liability, and property/marine.
Markel International
Headquartered in London, Markel International writes business across the UK, Europe, Canada, Latin America, and Asia Pacific. Their product portfolio includes equine and livestock, marine and energy, professional liability, and trade credit coverage. They also write "specialty" coverage on a primary and reinsurance basis, including products for accident & health, casualty treaty reinsurance, contingency, property open market (including manufacturing risks), and property treaty reinsurance.
Non-Insurance Businesses
Markel Ventures
This line of business makes permanent investments in businesses outside of the specialty insurance marketplace. The goal is to build profitable enterprises that will endure as part of the broader Markel Corporation. Markel Ventures companies include:
Brahmin – Boston, Massachusetts
CapTech Ventures – Richmond, Virginia
Costa Farms – Miami, Florida
Cotrell – Gainesville, Georgia
Diamond Healthcare Corporation – Richmond, Virginia
Eagle Construction of VA – Richmond, Virginia
Eagle Partners – Richmond, Virginia
Ellicott Dredges – Baltimore, Maryland
Havco – Cape Girardeau, Missouri
Markel Food Group – Richmond, Virginia
Panel Specialists – Temple, Texas
Parkland Ventures – Richmond, Virginia
PartnerMD – Richmond, Virginia
RetailData – Richmond, Virginia
Rosemont Investment Group – Richmond, Virginia
Weldship – Bethlehem, Pennsylvania
Reinsurance
Markel Global Reinsurance
Markel Global Reinsurance provides Casualty and Specialty Reinsurance products to the broker market.
Companies
Essex Insurance Company
Shand, Morahan & Company
Markel Insurance Company
Markel American Insurance Company
Investors Underwriting Managers, Inc.
Markel Global Reinsurance
Markel Southwest Underwriters
Markel International Insurance Company Limited U.K.
Corifrance (Compagnie de Reassurance d'lle-de-France)
Markel Capital Limited
Markel Syndicate Management Limited
Markel Syndicate 3000
Markel UK Ltd
Elliott Special Risks LP
Alterra
Evanston Insurance Company
Markel-Gayner Asset Management Corp
Markel's internal money management firm is Markel-Gayner Asset Management Corp.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | MKL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 9.65Y avg ≈-3.5 | ≈-3.5 | 10.9 | Fair value | |
| P/S (TTM) | 1.4 | · | 1.5 | Fair value | |
| P/B (MRQ) | 1.1 | · | 1.5 | Fair value | |
| Price / FCF (TTM) | 10.2 | · | · | · | |
| Price / Cash Flow (TTM) | 9.3 | · | 7.8 | Overvalued | |
| Price / Tangible Book (MRQ) | 1.2 | · | · | · | |
| PEG Ratio | ≈0.4 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | MKL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 20.5%5Y avg ≈17.2% | ≈17.2% | · | · | |
| EBITDA Margin | 22.8%5Y avg ≈19.5% | ≈19.5% | 3.3% | Top tier | |
| Pretax Margin (TTM) | 19.6%5Y avg ≈15.9% | ≈15.9% | 17.8% | Top tier | |
| Net Profit Margin (TTM) | 15.2%5Y avg ≈12.0% | ≈12.0% | 14.0% | Top tier | |
| ROA (TTM) | 3.3%5Y avg ≈3.3% | ≈3.3% | 4.2% | Weak | |
| ROE (TTM) | 12.6%5Y avg ≈11.9% | ≈11.9% | 16.0% | Weak | |
| ROIC | 13.5%5Y avg ≈12.6% | ≈12.6% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | MKL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Interest Coverage | 15.55Y avg ≈13.3 | ≈13.3 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | MKL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 4.7%5Y avg ≈10.7% | ≈10.7% | · | · | |
| Revenue CAGR 3Y | 9.9%5Y avg ≈9.5% | ≈9.5% | · | · | |
| Revenue CAGR 5Y | 9.8% | · | · | · | |
| EPS YoY | -15.1%5Y avg ≈79.2% | ≈79.2% | · | · | |
| Net Income YoY | -23.3%5Y avg ≈70.4% | ≈70.4% | · | · | |
| EPS CAGR 3Y | 4.2% | · | · | · | |
| EPS CAGR 5Y | 24.9% | · | · | · | |
| Net Income CAGR 3Y | 4.3% | · | · | · | |
| Net Income CAGR 5Y | 20.9% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | MKL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.25Y avg ≈0.3 | ≈0.3 | 0.3 | Weak | |
| Revenue / Employee | ≈$677.4K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Jul 28, 2026 | $19.79 | $31.41 | -37.0% |
| March 31, 2026 | $23.55 | $26.60 | -11.5% | |
| Dec. 31, 2025 | $66.70 | $25.99 | 156.7% | |
| Sept. 30, 2025 | $32.44 | $23.35 | 38.9% | |
| June 30, 2025 | $13.88 | $25.28 | -45.1% | |
| March 31, 2025 | $21.60 | $16.94 | 27.5% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.51B | $14.81B | $14.28B | $11.68B | $12.85B | $9.74B | $9.53B | $6.84B | $6.06B | $5.61B | $5.37B | $5.13B | |
| Operating Expenses | $13.39B | $12.91B | $12.87B | $11.77B | $9.60B | $8.46B | $7.05B | $6.80B | $5.85B | $4.81B | $4.51B | $4.58B | |
| Operating Income | $3.19B | $3.71B | $2.93B | $-93M | $3.24B | $1.27B | $2.48B | $40M | $217M | $805M | $860M | $558M | |
| Interest Expense | $206M | $204M | $185M | $196M | $184M | $178M | $172M | $154M | $132M | $130M | $118M | $117M | |
| Pretax Income | $2.73B | $3.64B | $2.65B | $-152M | $3.13B | $1.00B | $2.29B | $-8M | $87M | $630M | $742M | $440M | |
| Income Tax | $580M | $790M | $553M | $-48M | $684M | $169M | $486M | $122M | $-313M | $169M | $153M | $117M | |
| Net Income | $2.11B | $2.75B | $2.00B | $-216M | $2.42B | $816M | $1.79B | $-128M | $395M | $456M | $583M | $321M | |
| EPS (Basic) | $169.74 | $199.69 | $147.32 | $-23.72 | $176.79 | $55.67 | $129.25 | $-9.55 | $25.89 | $31.41 | $41.99 | $22.38 | |
| EPS (Diluted) | $169.22 | $199.32 | $146.98 | $-23.72 | $176.38 | $55.63 | $129.07 | $-9.55 | $25.81 | $31.27 | $41.74 | $22.27 | |
| Shares (Basic) | 12,609,000 | 13,017,000 | 13,347,000 | 13,580,000 | 13,768,000 | 13,811,000 | 13,861,000 | 13,923,000 | 13,964,000 | 14,013,000 | 13,978,000 | 13,984,000 | |
| Shares (Diluted) | 12,648,000 | 13,041,000 | 13,378,000 | 13,580,000 | 13,800,000 | 13,823,000 | 13,881,000 | 13,923,000 | 14,006,000 | 14,078,000 | 14,061,000 | 14,057,000 | |
| EBITDA | $3.54B | $4.05B | $3.19B | $274M | $3.58B | $1.58B | $2.75B | $268M | $424M | $998M | $1.06B | $761M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.96B | $3.69B | $3.75B | $4.14B | $3.98B | $4.34B | $3.07B | $2.01B | $2.20B | $1.74B | $2.63B | $1.96B | |
| Inventory | $703M | $731M | $617M | $640M | $529M | $413M | $303M | $299M | · | · | · | · | |
| PP&E (Net) | $1.50B | $1.40B | $1.30B | $1.20B | $1.10B | $632M | $589M | $552M | $502M | $412M | $431M | $421M | |
| PP&E (Gross) | · | · | · | · | · | · | · | $1.03B | $912M | $766M | $736M | $677M | |
| Accum. Depreciation | · | · | · | · | · | · | · | $479M | $411M | $354M | $305M | $255M | |
| Goodwill | $2.82B | $2.74B | $2.62B | $2.64B | $2.90B | $2.60B | $2.31B | $2.24B | $1.78B | $1.14B | $1.17B | $1.05B | |
| Intangibles | $1.54B | $1.46B | $1.59B | $1.75B | $1.82B | $1.78B | $1.74B | $1.73B | $1.36B | $723M | $792M | $703M | |
| Total Assets | $68.91B | $61.90B | $55.05B | $49.79B | $48.48B | $41.71B | $37.47B | $33.31B | $32.81B | $25.88B | $24.94B | $25.20B | |
| Total Liabilities | $49.80B | $44.43B | $39.52B | $36.05B | $33.28B | $28.65B | $26.22B | $24.03B | $23.14B | $17.33B | $17.04B | $17.54B | |
| Long-term Debt | $4.30B | $4.33B | $3.78B | $4.10B | $4.36B | $3.48B | $3.53B | · | · | · | · | · | |
| Common Stock | $3.67B | $3.56B | $3.52B | $3.49B | $3.44B | $3.43B | $3.40B | $3.39B | $3.38B | $3.37B | $3.34B | $3.31B | |
| Retained Earnings | $15.03B | $13.38B | $11.35B | $9.83B | $10.45B | $8.20B | $7.46B | $5.78B | $3.78B | $3.53B | $3.14B | $2.58B | |
| AOCI | $-109M | $-617M | $-478M | $-767M | $238M | $584M | $209M | $-95M | $2.35B | $1.57B | $1.35B | $1.70B | |
| Stockholders' Equity | $18.60B | $16.92B | $14.98B | $13.15B | $14.72B | $12.80B | $11.07B | $9.08B | $9.50B | $8.46B | $7.83B | $7.59B | |
| Liabilities + Equity | $68.91B | $61.90B | $55.05B | $49.79B | $48.48B | $41.71B | $37.47B | $33.31B | $32.81B | $25.88B | $24.94B | $25.20B | |
| Shares Outstanding | 12,589,631 | 12,790,117 | 13,131,672 | · | · | · | 13,794,142 | 13,887,711 | 13,903,526 | 13,954,931 | 13,959,018 | 13,961,675 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $348M | $342M | $320M | $309M | $336M | $307M | $269M | $228M | $204M | $194M | $201M | $204M | |
| Deferred Tax | $151M | $395M | $234M | $-282M | $453M | $-3M | $323M | $3M | $-324M | $63M | $-10M | $85M | |
| Amort. of Intangibles | $185M | $181M | $181M | $179M | $161M | $159M | $149M | $116M | $81M | $69M | $69M | $58M | |
| Other Non-cash | $155M | $-890M | $297M | $2.84B | $-941M | $617M | $-1.11B | $790M | $583M | $-179M | $-123M | $107M | |
| Operating Cash Flow | $2.76B | $2.59B | $2.79B | $2.71B | $2.27B | $1.74B | $1.27B | $893M | $859M | $535M | $651M | $717M | |
| CapEx | $207M | $255M | $259M | $255M | $145M | $101M | $123M | $107M | $75M | $64M | $80M | $82M | |
| Investing Cash Flow | $-1.19B | $-2.40B | $-2.70B | $-1.67B | $-2.94B | $-512M | $-535M | $-797M | $-744M | $-1.64B | $63M | $-622M | |
| Stock Issued | · | · | · | · | · | · | · | · | $552.0K | $5M | $5M | $6M | |
| Stock Repurchased | $430M | $573M | $445M | $291M | $207M | $27M | $116M | $54M | $111M | $51M | $31M | $26M | |
| Net Stock Activity | $-430M | $-573M | $-445M | $-291M | $-207M | $-27M | $-116M | $-54M | $-110M | $-47M | $-27M | $-20M | |
| Financing Cash Flow | $-1.21B | $-298M | $-1000M | $-595M | $370M | $435M | $359M | $-179M | $256M | $152M | $-74M | $-67M | |
| Net Change in Cash | $411M | $-140M | $-889M | $341M | $-336M | $1.72B | $1.10B | $-104M | $416M | $-985M | $588M | $-18M | |
| Free Cash Flow | $2.55B | $2.34B | $2.53B | $2.45B | $2.13B | $1.64B | $1.15B | $786M | $784M | $471M | $571M | $635M | |
| Levered FCF | $2.39B | $2.18B | $2.38B | $2.32B | $1.99B | $1.49B | $1.02B | $-1.77B | $176M | $376M | $477M | $548M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 20.6% | 22.3% | 18.5% | -0.80% | 25.2% | 13.1% | 26.0% | 0.58% | 3.6% | 14.3% | 16.0% | 10.9% | |
| Net Margin | 13.6% | 16.5% | 12.6% | -1.8% | 18.9% | 8.4% | 18.8% | -1.9% | 6.5% | 8.1% | 10.8% | 6.3% | |
| Pretax Margin | 17.6% | 21.9% | 16.8% | -1.3% | 24.4% | 10.3% | 24.0% | -0.11% | 1.4% | 11.2% | 13.8% | 8.6% | |
| EBITDA Margin | 22.8% | 24.4% | 20.2% | 2.4% | 27.9% | 16.2% | 28.8% | 3.9% | 7.0% | 17.8% | 19.8% | 14.8% | |
| ROA | 3.2% | 4.7% | 3.8% | -0.44% | 5.4% | 2.1% | 5.1% | -0.39% | 1.4% | 1.8% | 2.3% | 1.3% | |
| ROE | 11.9% | 17.2% | 14.2% | -1.5% | 17.6% | 6.8% | 17.8% | -1.4% | 4.4% | 5.6% | 7.5% | 4.5% | |
| ROIC | 13.5% | 17.2% | 15.5% | -0.48% | 17.2% | 8.3% | 17.6% | 7.3% | 10.6% | 7.0% | 8.7% | 5.4% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | 15.5 | 18.2 | 15.8 | -0.5 | 17.7 | 7.2 | 14.4 | 0.3 | 1.7 | 6.2 | 7.3 | 4.7 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.3 | 0.3 | 0.2 | 0.3 | 0.2 | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $1477.23 | · | · | · | · | · | $802.58 | $653.86 | $683.58 | $606.30 | $561.23 | $543.98 | |
| Revenue / Share | $1226.54 | $1274.50 | $1181.31 | $859.74 | $930.90 | $704.27 | $686.28 | $491.37 | $432.79 | $398.64 | $381.91 | $365.20 | |
| Cash Flow / Share | $218.32 | $198.91 | $208.31 | $199.52 | $164.79 | $125.70 | $91.79 | $64.13 | $61.30 | $37.98 | $46.31 | $50.99 | |
| Cash / Share | $314.92 | · | · | · | · | · | $222.76 | $145.03 | $158.12 | $124.60 | $188.41 | $140.40 | |
| EPS (TTM) | $169.22 | $199.32 | $146.98 | $-23.72 | $176.38 | $55.63 | $129.07 | $-9.55 | $25.81 | $31.27 | $41.74 | $22.27 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 4.7% | 3.7% | 22.3% | -9.1% | 32.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 9.9% | 4.9% | 13.6% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 9.8% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -15.1% | 35.6% | · | · | 217.1% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | · | 4.2% | 38.2% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 24.9% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -23.3% | 37.6% | · | · | 196.9% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | · | 4.3% | 34.7% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 20.9% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $15.51B | $14.81B | $14.28B | $11.68B | $12.85B | $9.74B | $9.53B | $6.84B | $6.06B | $5.61B | $5.37B | $5.13B | |
| Net Income TTM | $2.11B | $2.75B | $2.00B | $-216M | $2.42B | $816M | $1.79B | $-128M | $395M | $456M | $583M | $321M | |
| Market Cap | $27.06B | · | · | · | · | · | $15.77B | $14.42B | $15.84B | $12.62B | $12.33B | $9.53B | |
| P/E | 12.7 | 8.7 | 9.7 | -55.5 | 7.0 | 18.6 | 8.9 | -108.7 | 44.1 | 28.9 | 21.2 | 30.7 | |
| P/S | 1.7 | · | · | · | · | · | 1.7 | 2.1 | 2.6 | 2.2 | 2.3 | 1.9 | |
| P/B | 1.5 | · | · | · | · | · | 1.4 | 1.6 | 1.7 | 1.5 | 1.6 | 1.3 | |
| P / Tangible Book | 1.9 | · | · | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | 9.8 | · | · | · | · | · | 12.4 | 16.1 | 18.4 | 23.6 | 18.9 | 13.3 | |
| P / FCF | 10.6 | · | · | · | · | · | 13.7 | 18.3 | 20.2 | 26.8 | 21.6 | 15.0 | |
| Earnings Yield | 7.9% | 11.6% | 10.3% | -1.8% | 14.3% | 5.4% | 11.3% | -0.92% | 2.3% | 3.5% | 4.7% | 3.3% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.02B | $3.55B | $3.58B | $3.93B | $4.02B | $3.55B | $2.95B | $3.69B | $3.70B | $4.47B | $3.12B | $3.38B | $4.14B | $3.64B | $4.21B | $3.07B | |
| Operating Expenses | $3.63B | $3.10B | $3.42B | $3.36B | $3.50B | $3.12B | $3.25B | $3.24B | $3.29B | $3.13B | $3.51B | $3.30B | $3.17B | $2.89B | $3.15B | $3.00B | |
| Operating Income | $1.56B | $-273M | $795M | $1.01B | $1.11B | $283M | $595M | $1.37B | $410M | $1.34B | $1.13B | $73M | $970M | $754M | $1.06B | $67M | |
| Interest Expense | $52M | $51M | $50M | $51M | $53M | $52M | $53M | $53M | $53M | $46M | $44M | $45M | $47M | $49M | $49M | $47M | |
| Pretax Income | $1.52B | $-270M | $734M | $978M | $862M | $158M | $724M | $1.21B | $366M | $1.34B | $1.01B | $68M | $908M | $672M | $904M | $133M | |
| Income Tax | $333M | $-66M | $152M | $215M | $185M | $28M | $162M | $259M | $76M | $293M | $213M | $14M | $192M | $134M | $192M | $16M | |
| Net Income | $1.17B | $-212M | $577M | $751M | $657M | $122M | $549M | $905M | $268M | $1.03B | $769M | $43M | $696M | $489M | $692M | $60M | |
| EPS (Basic) | · | $-18.90 | $48.39 | $59.44 | $49.80 | $12.11 | $39.07 | $66.40 | $18.66 | $75.56 | $56.64 | $3.15 | $50.20 | $37.33 | $48.84 | $3.09 | |
| EPS (Diluted) | $92.76 | $-18.90 | $48.22 | $59.25 | $49.67 | $12.08 | $39.02 | $66.25 | $18.62 | $75.43 | $56.49 | $3.14 | $50.09 | $37.26 | $48.85 | $3.08 | |
| Shares (Basic) | 12,548,000 | 12,630,000 | · | 12,562,000 | 12,697,000 | 12,804,000 | · | 12,987,000 | 13,053,000 | 13,137,000 | · | 13,315,000 | 13,382,000 | 13,450,000 | · | 13,564,000 | |
| Shares (Diluted) | 12,592,000 | 12,630,000 | · | 12,602,000 | 12,730,000 | 12,837,000 | · | 13,017,000 | 13,081,000 | 13,159,000 | · | 13,345,000 | 13,411,000 | 13,475,000 | · | 13,595,000 | |
| EBITDA | $1.56B | $-273M | · | $1.01B | $1.11B | $283M | · | $1.37B | $410M | $1.34B | · | $73M | $970M | $754M | · | $73M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.42B | $3.68B | $3.96B | $4.05B | $3.72B | $4.19B | $3.69B | $3.87B | $3.51B | $3.63B | · | $4.35B | $4.31B | $4.03B | · | $3.54B | |
| Inventory | · | · | $703M | · | · | · | $731M | · | · | · | · | · | · | · | · | · | |
| PP&E (Net) | · | · | $1.50B | · | · | · | $1.40B | · | · | · | · | · | · | · | · | · | |
| Goodwill | $2.84B | $2.84B | $2.82B | $2.82B | $2.83B | $2.77B | $2.74B | $2.74B | $2.74B | $2.63B | $2.62B | $2.62B | $2.63B | $2.64B | $2.64B | $2.80B | |
| Intangibles | $1.46B | $1.50B | $1.54B | $1.57B | $1.62B | $1.64B | $1.46B | $1.51B | $1.55B | $1.55B | $1.59B | $1.63B | $1.68B | $1.71B | $1.75B | $1.69B | |
| Total Assets | $71.26B | $68.60B | $68.91B | $67.39B | $66.79B | $64.60B | $61.90B | $62.28B | $59.71B | $57.29B | · | $52.75B | $52.18B | $50.94B | · | $48.42B | |
| Total Liabilities | $51.79B | $49.95B | $49.80B | $48.80B | $48.92B | $46.85B | $44.43B | $44.62B | $43.28B | $40.97B | · | $38.23B | $37.48B | $36.66B | · | $35.55B | |
| Long-term Debt | $4.37B | $4.38B | $4.30B | $4.28B | $4.36B | $4.39B | $4.33B | $4.36B | $4.40B | $3.86B | · | $3.77B | $3.81B | $3.90B | · | $4.13B | |
| Common Stock | $3.72B | $3.71B | $3.67B | $3.67B | $3.66B | $3.58B | $3.56B | $3.55B | $3.55B | $3.55B | · | $3.52B | $3.52B | $3.51B | · | $3.48B | |
| Retained Earnings | $15.59B | $14.66B | $15.03B | $14.51B | $13.84B | $13.36B | $13.38B | $13.06B | $12.33B | $12.18B | · | $10.78B | $10.82B | $10.26B | · | $9.26B | |
| AOCI | $-305M | $-238M | $-109M | $-139M | $-181M | $-391M | $-617M | $-194M | $-618M | $-595M | · | $-891M | $-741M | $-610M | · | $-1.04B | |
| Stockholders' Equity | $19.01B | $18.13B | $18.60B | $18.04B | $17.32B | $17.15B | $16.92B | $17.01B | $15.85B | $15.73B | · | $14.00B | $14.19B | $13.74B | · | $12.29B | |
| Liabilities + Equity | $71.26B | $68.60B | $68.91B | $67.39B | $66.79B | $64.60B | $61.90B | $62.28B | $59.71B | $57.29B | · | $52.75B | $52.18B | $50.94B | · | $48.42B | |
| Shares Outstanding | 12,409,491 | 12,530,957 | 12,589,631 | 12,620,512 | 12,654,180 | 12,702,640 | 12,790,117 | · | · | · | 13,131,672 | · | · | · | · | · |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amort. of Intangibles | $43M | $44M | $43M | $44M | $51M | $47M | $46M | $46M | $44M | $44M | $44M | $48M | $44M | $44M | $44M | $43M | |
| Operating Cash Flow | $429M | $16M | $662M | $1.22B | $504M | $376M | $494M | $891M | $579M | $631M | $823M | $956M | $724M | $284M | $829M | $959M | |
| CapEx | $44M | $47M | $63M | $52M | $51M | $41M | $74M | $52M | $57M | $72M | $104M | $76M | $42M | $37M | $45M | $99M | |
| Investing Cash Flow | $-197M | $-348M | $-554M | $-719M | $-109M | $193M | $-514M | $-326M | $-994M | $-564M | $-1.36B | $-969M | $-265M | $-109M | $-387M | $-880M | |
| Stock Repurchased | $237M | $134M | $86M | $74M | $99M | $170M | $184M | $129M | $99M | $161M | $176M | $82M | $105M | $82M | $83M | $82M | |
| Net Stock Activity | · | $-134M | · | · | · | $-170M | · | · | · | $-161M | · | · | · | $-82M | · | · | |
| Financing Cash Flow | $-342M | $-80M | $-111M | $-171M | $-822M | $-106M | $-364M | $-189M | $358M | $-103M | $-200M | $-169M | $-218M | $-412M | $-104M | $-104M | |
| Net Change in Cash | $-113M | $-422M | $-14M | $322M | $-380M | $483M | $-434M | $411M | $-61M | $-55M | $-713M | $-196M | $236M | $-217M | $426M | $-115M | |
| Free Cash Flow | · | $-31M | · | · | · | $335M | · | · | · | $559M | · | · | · | $247M | · | · | |
| Levered FCF | · | $-70M | · | · | · | $293M | · | · | · | $523M | · | · | · | $207M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 38.8% | -7.7% | · | 25.7% | 24.1% | 8.3% | · | 29.7% | 11.1% | 29.9% | · | 2.2% | 23.4% | 20.7% | · | 2.4% | |
| Net Margin | 29.1% | -6.0% | · | 19.1% | 14.3% | 3.6% | · | 19.6% | 7.2% | 22.9% | · | 1.3% | 16.8% | 13.4% | · | 2.1% | |
| Pretax Margin | 37.8% | -7.6% | · | 24.9% | 18.7% | 4.6% | · | 26.2% | 9.9% | 30.0% | · | 2.0% | 21.9% | 18.4% | · | 4.6% | |
| EBITDA Margin | 38.8% | -7.7% | · | 25.7% | 24.1% | 8.3% | · | 29.7% | 11.1% | 29.9% | · | 2.2% | 23.4% | 20.7% | · | 2.4% | |
| ROA | 1.7% | -0.32% | · | 1.2% | 1.0% | 0.20% | · | 1.6% | 0.48% | 1.9% | · | 0.08% | 1.4% | 0.98% | · | 0.14% | |
| ROE | 6.4% | -1.2% | · | 4.3% | 4.0% | 0.74% | · | 5.8% | 1.8% | 7.0% | · | 0.32% | 5.2% | 3.5% | · | 0.50% | |
| ROIC | 6.4% | -1.1% | · | 4.4% | 5.0% | 1.4% | · | 6.3% | 2.1% | 6.6% | · | 0.41% | 5.4% | 4.4% | · | 0.52% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | 29.8 | -5.4 | · | 19.9 | 20.9 | 5.4 | · | 25.7 | 7.8 | 29.3 | · | 1.6 | 20.5 | 15.2 | · | 1.5 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $1531.53 | $1446.97 | · | $1429.48 | $1368.57 | $1350.00 | · | · | · | · | · | · | · | · | · | · | |
| Revenue / Share | $319.13 | $281.12 | · | $312.22 | $361.57 | $264.79 | · | $354.25 | $282.99 | $339.44 | · | $252.92 | $308.89 | $270.38 | · | $225.53 | |
| Cash Flow / Share | · | $1.26 | · | · | · | $29.31 | · | · | · | $47.93 | · | · | · | $21.09 | · | · | |
| Cash / Share | $275.86 | $293.71 | · | $320.84 | $293.99 | $330.14 | · | · | · | · | · | · | · | · | · | · | |
| EPS (TTM) | $181.33 | $138.24 | · | $160.02 | $167.02 | $135.97 | · | $216.79 | $153.68 | $185.15 | · | $139.34 | $139.28 | $20.04 | · | $-10.32 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $15.08B | $15.08B | · | $14.46B | $14.22B | $13.90B | · | $14.98B | $14.66B | $15.10B | · | $15.37B | $15.06B | $12.71B | · | $11.22B | |
| Net Income TTM | $2.28B | $1.77B | · | $2.08B | $2.23B | $1.84B | · | $2.97B | $2.10B | $2.53B | · | $1.92B | $1.94B | $324M | · | $-39M | |
| Market Cap | $24.24B | $23.99B | · | $24.12B | $25.27B | $23.75B | · | · | · | · | · | · | · | · | · | · | |
| P/E | 10.8 | 13.8 | · | 11.9 | 12.0 | 13.8 | · | 7.2 | 10.3 | 8.2 | · | 10.6 | 9.9 | 63.7 | · | -105.1 | |
| P/S | 1.6 | 1.6 | · | 1.7 | 1.8 | 1.7 | · | · | · | · | · | · | · | · | · | · | |
| P/B | 1.3 | 1.3 | · | 1.3 | 1.5 | 1.4 | · | · | · | · | · | · | · | · | · | · | |
| P / Tangible Book | 1.6 | 1.7 | · | 1.8 | 2.0 | 1.9 | · | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | · | 1507.4 | · | · | · | 63.1 | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | 9.3% | 7.2% | · | 8.4% | 8.4% | 7.3% | · | 13.8% | 9.8% | 12.2% | · | 9.5% | 10.1% | 1.6% | · | -0.95% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $15.51B | $14.81B | $14.28B | $11.68B | $12.85B |
| Operating Margin % | 20.6% | 22.3% | 18.5% | -0.80% | 25.2% |
| Net Income | $2.11B | $2.75B | $2.00B | $-216M | $2.42B |
| Diluted EPS | $169.22 | $199.32 | $146.98 | $-23.72 | $176.38 |
Not enough fundamentals data to build this statement yet.
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $2.55B | $2.34B | $2.53B | $2.45B | $2.13B |
Institutional owners (13F) 989 filers · $21.0B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 101 (-17 vs prior Q) | 82 (-2 vs prior Q) | 321 (+24 vs prior Q) | 315 (+12 vs prior Q) | -93K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $2,519,183,434 | 1,171,904 | 12.02% | Shares |
| BlackRock, Inc. | $1,362,880,029 | 697,836 | 6.50% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $1,065,659,907 | 545,650 | 5.08% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,019,424,348 | 521,976 | 4.86% | Shares |
| Davis Selected Advisers | $794,400,127 | 406,759 | 3.79% | Shares |
| MORGAN STANLEY | $684,846,688 | 350,660 | 3.27% | Shares |
| Select Equity Group, L.P. | $647,772,404 | 331,679 | 3.09% | Shares |
| STATE STREET CORP | $609,669,179 | 312,169 | 2.91% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $601,186,915 | 307,791 | 2.87% | Shares |
| Boston Partners | $600,544,927 | 307,500 | 2.86% | Shares |
| VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V. | $450,436,367 | 230,637 | 2.15% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $418,197,910 | 214,799 | 2.00% | Shares |
| DAVENPORT & Co LLC | $403,208,108 | 206,399 | 1.92% | Shares |
| BAILLIE GIFFORD & CO | $308,425,198 | 157,923 | 1.47% | Shares |
| NORGES BANK | $284,244,981 | 145,542 | 1.36% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $271,607,304 | 139,067 | 1.30% | Shares |
| BANK OF AMERICA CORP /DE/ | $231,607,841 | 118,590 | 1.10% | Shares |
| Madison Avenue Partners, LP | $219,371,848 | 112,325 | 1.05% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $200,003,848 | 102,408 | 0.95% | Shares |
| Bank Julius Baer & Co. Ltd, Zurich | $180,985,480 | 92,601 | 0.86% | Shares |
| Davis Asset Management, L.P. | $179,882,025 | 92,105 | 0.86% | Shares |
| GOLDMAN SACHS GROUP INC | $172,274,712 | 88,210 | 0.82% | Shares |
| Fenimore Asset Management Inc | $170,419,653 | 87,260 | 0.81% | Shares |
| NORTHERN TRUST CORP | $164,103,619 | 84,026 | 0.78% | Shares |
| FORT WASHINGTON INVESTMENT ADVISORS INC /OH/ | $160,039,404 | 81,945 | 0.76% | Shares |
| Douglass Winthrop Advisors, LLC | $156,969,273 | 80,373 | 0.75% | Shares |
| CHECK CAPITAL MANAGEMENT INC/CA | $154,696,297 | 79,209 | 0.74% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $153,447,996 | 78,570 | 0.73% | Shares |
| Polar Capital Holdings Plc | $152,823,033 | 78,250 | 0.73% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $151,514,516 | 77,580 | 0.72% | Shares |
| BARR E S & CO | $150,481,374 | 77,051 | 0.72% | Shares |
| JANA Partners Management, LP | $149,879,846 | 76,743 | 0.72% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $148,885,935 | 77,785 | 0.71% | Shares |
| JENNISON ASSOCIATES LLC | $145,983,592 | 74,748 | 0.70% | Shares |
| JANE STREET GROUP, LLC | $127,471,010 | 65,269 | 0.61% | Shares |
| RAYMOND JAMES FINANCIAL INC | $126,881,197 | 64,967 | 0.61% | Shares |
| Legal & General Group Plc | $122,219,364 | 62,580 | 0.58% | Shares |
| Troy Asset Management Ltd | $120,127,692 | 61,509 | 0.57% | Shares |
| HighTower Advisors, LLC | $119,428,241 | 61,151 | 0.57% | Shares |
| Scharf Investments, LLC | $118,304,948 | 60,564 | 0.56% | Shares |
| WELLS FARGO & COMPANY/MN | $115,261,834 | 59,018 | 0.55% | Shares |
| Quilter Plc | $89,633,394 | 45,895 | 0.43% | Shares |
| UBS Group AG | $86,455,845 | 44,268 | 0.41% | Shares |
| AVENIR CORP | $86,350,091 | 44,214 | 0.41% | Shares |
| ROYAL BANK OF CANADA | $75,529,000 | 38,673 | 0.36% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $72,048,492 | 36,891 | 0.34% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $70,904,961 | 36,330 | 0.34% | Shares |
| Swiss National Bank | $69,097,494 | 35,380 | 0.33% | Shares |
| NEUBERGER BERMAN GROUP LLC | $68,673,690 | 35,163 | 0.33% | Shares |
| Bank of New York Mellon Corp | $68,051,482 | 34,844 | 0.32% | Shares |
Activists & 5%+ owners 3 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| MARKEL GROUP INC. | Sept. 14, 2026 | 42.00% | Amendment | · | SEC |
| Alterra Capital Holdings Limited ×2 filings | May 7, 2013 | · | Initial filing | · | SEC |
| Markel Corporation ×6 filings | May 6, 2013 | · | Initial filing | M&A / sale | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 45 insiders · 21 officers · 24 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Thomas Sinnickson Gayner | Chief Executive Officer | May 15, 2026 F | 56,260 | 0 | 0 | $0 |
| Simon Wilson | EVP and CEO, Markel Insurance | Feb. 26, 2026 S | 2,397 | 0 | 2 | $-363,418 |
| Richard R Whitt III | Co-Chief Executive Officer | Dec. 6, 2022 F | 11,360 | 0 | 0 | $0 |
| Brian J. Costanzo | Chief Financial Officer | June 30, 2026 J | 1,632 | 0 | 0 | $0 |
| Anne G Waleski | Exec Vice President and CFO | Feb. 21, 2018 A | 3,762 | 0 | 0 | $0 |
| Jeremy Andrew Noble | President, Insurance | Feb. 18, 2025 A | 4,888 | 0 | 0 | $0 |
| John K Latham | President-Wholesale Operations | May 10, 2011 F | 9,413 | 0 | 0 | $0 |
| Michael R Heaton | EVP & Chief Operating Officer | Dec. 2, 2025 F | 4,709 | 0 | 0 | $0 |
| Robert C Cox | Pres. & COO, Insur. Operations | Dec. 6, 2022 F | 2,346 | 0 | 0 | $0 |
| Andrew G. Crowley | EVP & Pres., Markel Ventures | July 15, 2026 J | 2,749 | 0 | 0 | $0 |
| Meade P. Grandis | CAO and Controller | Feb. 24, 2026 A | 294 | 0 | 0 | $0 |
| Susan L. Davies | CHRO, Markel Insurance | Dec. 15, 2022 J | 848 | 0 | 0 | $0 |
| Bradley James Kiscaden | Pres/Chief Admin Off-Ins Ops | Feb. 15, 2022 A | 8,090 | 0 | 0 | $0 |
| Linda V Schreiner | SVP, Strategic Management | Dec. 7, 2021 F | 1,528 | 0 | 0 | $0 |
| Oscar Guerrero | Chief Accounting Officer | Feb. 16, 2021 A | 399 | 0 | 0 | $0 |
| Alan I Kirshner | Executive Chairman | April 9, 2020 S | 20,453 | 0 | 0 | $0 |
| Nora N Crouch | Chief Accounting Officer | Feb. 18, 2020 A | 2,250 | 0 | 0 | $0 |
| Britton L. Glisson | Chief Administrative Officer | Feb. 21, 2018 A | 11,656 | 0 | 0 | $0 |
| Michael F Crowley | Vice Chairman | Dec. 5, 2017 F | 5,816 | 0 | 0 | $0 |
| Gerard Albanese JR | EVP & Chief Underwriting Off. | May 13, 2016 F | 14,996 | 0 | 0 | $0 |
| Paul W Springman | Executive VP | Feb. 26, 2008 A | 21,070 | 0 | 0 | $0 |
| Morgan E. Housel | Director | June 15, 2026 J | 1,029 | 0 | 0 | $0 |
| Mark Besca | Director | June 15, 2026 J | 1,222 | 0 | 0 | $0 |
| Lawrence A Cunningham | Director | June 15, 2026 J | 1,042 | 0 | 0 | $0 |
| Diane Leopold | Director | June 15, 2026 J | 2,345 | 2 | 0 | $268,721 |
| Lynne A. Puckett | Director | June 15, 2026 J | 507 | 1 | 0 | $102,345 |
| Harold Lawrence Morrison Jr. | Director | June 15, 2026 J | 1,127 | 0 | 0 | $0 |
| Michael Oreilly | Director | June 15, 2026 J | 3,935 | 0 | 0 | $0 |
| MICHAEL JONATHAN E | Director | June 15, 2026 J | 333 | 0 | 0 | $0 |
| Greta J Harris | Director | May 22, 2026 S | 645 | 0 | 3 | $-140,395 |
| Steven A Markel | Director | Dec. 11, 2025 S | 60,368 | 0 | 18 | $-3,175,429 |
| MARKEL ANTHONY F | Director | Feb. 24, 2025 G | 15,000 | 0 | 0 | $0 |
| Lemuel E Lewis | Director | May 14, 2021 J | 5,741 | 0 | 0 | $0 |
| KASEN STEWART M | Director | Nov. 3, 2020 S | 2,028 | 0 | 0 | $0 |
| Darrell D Martin | Director | May 11, 2020 A | 11,540 | 0 | 0 | $0 |
| Debora J Wilson | Director | May 1, 2020 P | 3,956 | 0 | 0 | $0 |
| Michael Jay Schewel | Director | Dec. 24, 2019 G | 6,260 | 0 | 0 | $0 |
| Bruce K Connell | Director | March 7, 2019 P | 2,226 | 0 | 0 | $0 |
| Alfred J Broaddus Jr | Director | May 14, 2018 A | 2,338 | 0 | 0 | $0 |
| Jay M Weinberg | Director | May 15, 2017 J | 5,040 | 0 | 0 | $0 |
| Douglas C Eby | Director | May 15, 2017 A | 522 | 0 | 0 | $0 |
| Leslie A Grandis | Director | Feb. 23, 2009 J | 18,901 | 0 | 0 | $0 |
| MARKEL GROUP INC. | 10% owner | Sept. 11, 2026 C | 10,944,411 | 0 | 0 | $0 |
| Richard Randolph Grinnan | · | May 15, 2026 F | 4,147 | 0 | 0 | $0 |
| Gary L Markel | · | March 9, 2004 G | 301,353 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 74 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| DFNL · Davis Fundamental ETF Trust | 5.77% | 14,690 NS | July 31, 2026 | N-PORT |
| DUSA · Davis Fundamental ETF Trust | 4.60% | 31,071 NS | July 31, 2026 | N-PORT |
| DWLD · Davis Fundamental ETF Trust | 2.97% | 9,657 NS | July 31, 2026 | N-PORT |
| FXO · First Trust Exchange-Traded AlphaDE… | 0.87% | 5,202 NS | July 31, 2026 | N-PORT |
| VFMV · VANGUARD WELLINGTON FUND | 0.74% | 1,592 SH | Aug. 19, 2026 | Daily |
| FTA · First Trust Exchange-Traded AlphaDE… | 0.66% | 4,924 NS | July 31, 2026 | N-PORT |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.35% | 2,886 NS | July 31, 2026 | N-PORT |
| IYF · iShares Trust | 0.34% | 8,275 SH | Sept. 11, 2026 | Daily |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.33% | 297 NS | July 31, 2026 | N-PORT |
| VFH · VANGUARD WORLD FUND | 0.29% | 20,434 SH | Aug. 19, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.28% | 143,611 SH | Aug. 19, 2026 | Daily |
| FNCL · FIDELITY COVINGTON TRUST | 0.26% | 3,305 NS | July 31, 2026 | N-PORT |
| VOT · VANGUARD INDEX FUNDS | 0.25% | 45,607 SH | Aug. 19, 2026 | Daily |
| VO · VANGUARD INDEX FUNDS | 0.22% | 257,695 SH | Aug. 19, 2026 | Daily |
| IWS · iShares Trust | 0.22% | 18,532 SH | Sept. 11, 2026 | Daily |
| IMCG · iShares Trust | 0.22% | 4,834 SH | Sept. 11, 2026 | Daily |
| EUSA · iShares, Inc. | 0.20% | 2,171 SH | Sept. 11, 2026 | Daily |
| VOE · VANGUARD INDEX FUNDS | 0.20% | 38,182 SH | Aug. 19, 2026 | Daily |
| SIZE · iShares Trust | 0.19% | 445 SH | Sept. 11, 2026 | Daily |
| IWR · iShares Trust | 0.16% | 50,762 SH | Sept. 11, 2026 | Daily |
| IMCB · iShares Trust | 0.15% | 1,455 SH | Sept. 11, 2026 | Daily |
| DFLV · Dimensional ETF Trust | 0.13% | 4,580 NS | July 31, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.11% | 9,368 NS | July 31, 2026 | N-PORT |
| DFVX · Dimensional ETF Trust | 0.11% | 308 NS | July 31, 2026 | N-PORT |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.10% | 540 SH | Oct. 2, 2026 | Daily |
| IMCV · iShares Trust | 0.09% | 591 SH | Sept. 11, 2026 | Daily |
| USXF · iShares Trust | 0.09% | 749 SH | Sept. 11, 2026 | Daily |
| VTV · VANGUARD INDEX FUNDS | 0.09% | 112,890 SH | Aug. 19, 2026 | Daily |
| HAPI · Harbor ETF Trust | 0.08% | 201 NS | July 31, 2026 | N-PORT |
| VEGN · ETF Series Solutions | 0.08% | 71 NS | July 31, 2026 | N-PORT |
| IQSU · New York Life Investments ETF Trust | 0.07% | 123 NS | July 31, 2026 | N-PORT |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.07% | 7,462 SH | Aug. 19, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.07% | 16,579 NS | July 31, 2026 | N-PORT |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.06% | 296 SH | Oct. 2, 2026 | Daily |
| IWD · iShares Trust | 0.06% | 27,433 SH | Sept. 11, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.05% | 157 NS | July 31, 2026 | N-PORT |
| PRF · Invesco Exchange-Traded Fund Trust | 0.05% | 2,919 SH | Oct. 2, 2026 | Daily |
| ILCG · iShares Trust | 0.05% | 857 SH | Sept. 11, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.04% | 797 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.04% | 2,836 NS | July 31, 2026 | N-PORT |
| VV · VANGUARD INDEX FUNDS | 0.04% | 13,887 SH | Aug. 19, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.04% | 2,790 SH | Aug. 19, 2026 | Daily |
| BKLC · BNY Mellon ETF Trust | 0.04% | 1,094 NS | July 31, 2026 | N-PORT |
| VOTE · TCW ETF Trust | 0.04% | 209 NS | July 31, 2026 | N-PORT |
| BBUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.04% | 1,691 NS | July 31, 2026 | N-PORT |
| ROUS · Lattice Strategies Trust | 0.04% | 133 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.04% | 3,885 NS | July 31, 2026 | N-PORT |
| ILCB · iShares Trust | 0.03% | 240 SH | Sept. 11, 2026 | Daily |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.03% | 2,199 SH | Oct. 2, 2026 | Daily |
| IYY · iShares Trust | 0.03% | 542 SH | Sept. 11, 2026 | Daily |
| IWB · iShares Trust | 0.03% | 8,603 SH | Sept. 11, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.03% | 381 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.03% | 16,403 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.03% | 3,417 SH | Sept. 11, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.03% | 377,535 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.03% | 2,037 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.03% | 1,042 SH | Aug. 19, 2026 | Daily |
| TOV · EA Series Trust | 0.03% | 47 NS | July 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.03% | 334 NS | July 31, 2026 | N-PORT |
| URTH · iShares, Inc. | 0.02% | 1,138 SH | Sept. 11, 2026 | Daily |
| TOK · iShares Trust | 0.02% | 33 SH | Sept. 11, 2026 | Daily |
| ACWI · iShares Trust | 0.02% | 3,928 SH | Sept. 11, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.02% | 10,016 SH | Aug. 19, 2026 | Daily |
| ILCV · iShares Trust | 0.02% | 140 SH | Sept. 11, 2026 | Daily |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0.02% | 711 NS | July 31, 2026 | N-PORT |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.01% | 157 SH | Oct. 2, 2026 | Daily |
| BLV · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| BSV · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| BND · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| VCSH · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VCLT · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VTC · VANGUARD SCOTTSDALE FUNDS | · | · | July 30, 2026 | Daily |
| BNDW · VANGUARD SCOTTSDALE FUNDS | · | · | July 30, 2026 | Daily |
| IAK · iShares Trust | · | 6,671 SH | Sept. 11, 2026 | Daily |
MKL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
6 analysts · 2026-09-29Mean target $1956.33 +12.6%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MKL | $27.06B | 12.7 | 4.7% | 13.6% | 11.9% | · |
| AIG | $46.04B | 15.8 | -1.8% | 11.6% | 7.4% | · |
| HIG | $38.16B | 10.3 | 6.9% | 13.5% | 21.4% | · |
| WRB | $26.45B | 15.8 | 7.8% | 12.1% | 19.7% | · |
| CINF | $25.38B | 10.8 | 11.4% | 18.9% | 16.0% | · |
| L | · | 13.2 | 5.4% | 9.0% | 9.3% | · |
| AIZ | · | · | · | · | · | · |
| CNA | $12.92B | 10.2 | 5.0% | 8.5% | 11.6% | · |
| AFG | $11.40B | 13.6 | -1.8% | 10.3% | 18.1% | · |
| FNF | $14.79B | 24.7 | 5.6% | 4.2% | 7.9% | · |
| ERIE | · | · | 7.2% | 13.8% | 25.0% | · |
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