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Stocks · Financials · Fire, Marine & Casualty Insurance

MARKEL GROUP INC.

MKL Clue Score59
United States Fiscal year ends December CIK 0001096343
$1,760.74 -0.40% Close, 9 Oct 2026
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Price $1,760.74 +42.03% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1.31Operating income0.81Net income0.46EPS, diluted31.27Fiscal year 2017Revenue1.41 +8.1%Operating income0.22Net income0.40 −13.3%EPS, diluted25.81 −17.5%Fiscal year 2018Revenue2.13 +50.9%Operating income0.04Net income−0.13 −132.4%EPS, diluted−9.55 −137.0%Fiscal year 2019Revenue2.42 +13.6%Operating income2.48Net income1.79EPS, diluted129.07Fiscal year 2020Revenue3.13 +29.2%Operating income1.27Net income0.82 −54.4%EPS, diluted55.63 −56.9%Fiscal year 2021Revenue4.00 +27.8%Operating income3.24Net income2.42 +196.9%EPS, diluted176.38 +217.1%Fiscal year 2022Revenue5.24 +31.0%Operating income−0.09Net income−0.22 −108.9%EPS, diluted−23.72 −113.4%Fiscal year 2023Revenue14.28 +172.7%Operating income2.93Net income2.00EPS, diluted146.98Fiscal year 2024Revenue14.81 +3.7%Operating income3.71Net income2.75 +37.6%EPS, diluted199.32 +35.6%Fiscal year 2025Revenue15.51 +4.7%Operating income3.19Net income2.11 −23.3%EPS, diluted169.22 −15.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1.31 1.41 2.13 2.42 3.13 4.00 5.24 14.28 14.81 15.51
Growth +8.1% +50.9% +13.6% +29.2% +27.8% +31.0% +172.7% +3.7% +4.7%
Operating income 0.81 0.22 0.04 2.48 1.27 3.24 −0.09 2.93 3.71 3.19
Net income 0.46 0.40 −0.13 1.79 0.82 2.42 −0.22 2.00 2.75 2.11
Growth −13.3% −132.4% −54.4% +196.9% −108.9% +37.6% −23.3%
EPS, diluted 31.27 25.81 −9.55 129.07 55.63 176.38 −23.72 146.98 199.32 169.22
Growth −17.5% −137.0% −56.9% +217.1% −113.4% +35.6% −15.1%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin61.6%Net margin34.8%Free cash flow margin36.0%Fiscal year 2017Operating margin15.3%Net margin28.0%Free cash flow margin55.5%Fiscal year 2018Operating margin1.9%Net margin−6.0%Free cash flow margin36.9%Fiscal year 2019Operating margin102.3%Net margin73.9%Free cash flow margin47.5%Fiscal year 2020Operating margin40.7%Net margin26.1%Free cash flow margin52.3%Fiscal year 2021Operating margin81.1%Net margin60.6%Free cash flow margin53.3%Fiscal year 2022Operating margin−1.8%Net margin−4.1%Free cash flow margin46.9%Fiscal year 2023Operating margin20.5%Net margin14.0%Free cash flow margin17.7%Fiscal year 2024Operating margin25.1%Net margin18.5%Free cash flow margin15.8%Fiscal year 2025Operating margin20.6%Net margin13.6%Free cash flow margin16.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 61.6% 15.3% 1.9% 102.3% 40.7% 81.1% −1.8% 20.5% 25.1% 20.6%
Net margin 34.8% 28.0% −6.0% 73.9% 26.1% 60.6% −4.1% 14.0% 18.5% 13.6%
Free cash flow margin 36.0% 55.5% 36.9% 47.5% 52.3% 53.3% 46.9% 17.7% 15.8% 16.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.53Capital expenditure−0.06Free cash flow0.47Buybacks−0.05Fiscal year 2017Operating cash flow0.86Capital expenditure−0.07Free cash flow0.78 +66.4%Buybacks−0.11Fiscal year 2018Operating cash flow0.89Capital expenditure−0.11Free cash flow0.79 +0.3%Buybacks−0.05Fiscal year 2019Operating cash flow1.27Capital expenditure−0.12Free cash flow1.15 +46.4%Buybacks−0.12Fiscal year 2020Operating cash flow1.74Capital expenditure−0.10Free cash flow1.64 +42.2%Buybacks−0.03Fiscal year 2021Operating cash flow2.27Capital expenditure−0.15Free cash flow2.13 +30.1%Buybacks−0.21Fiscal year 2022Operating cash flow2.71Capital expenditure−0.25Free cash flow2.45 +15.3%Buybacks−0.29Fiscal year 2023Operating cash flow2.79Capital expenditure−0.26Free cash flow2.53 +3.0%Buybacks−0.45Fiscal year 2024Operating cash flow2.59Capital expenditure−0.25Free cash flow2.34 −7.5%Buybacks−0.57Fiscal year 2025Operating cash flow2.76Capital expenditure−0.21Free cash flow2.55 +9.2%Buybacks−0.43
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.53 0.86 0.89 1.27 1.74 2.27 2.71 2.79 2.59 2.76
Capital expenditure −0.06 −0.07 −0.11 −0.12 −0.10 −0.15 −0.25 −0.26 −0.25 −0.21
Free cash flow 0.47 0.78 0.79 1.15 1.64 2.13 2.45 2.53 2.34 2.55
Growth +66.4% +0.3% +46.4% +42.2% +30.1% +15.3% +3.0% −7.5% +9.2%
Buybacks −0.05 −0.11 −0.05 −0.12 −0.03 −0.21 −0.29 −0.45 −0.57 −0.43

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash1.74Shareholders’ equity8.46Fiscal year 2017Cash2.20Shareholders’ equity9.50Fiscal year 2018Cash2.01Shareholders’ equity9.08Fiscal year 2019Cash3.07Total debt3.53Net cash (debt)−0.46Shareholders’ equity11.07Debt to equity0.32Fiscal year 2020Cash4.34Total debt3.48Net cash (debt)0.86Shareholders’ equity12.80Debt to equity0.27Fiscal year 2021Cash3.98Total debt4.36Net cash (debt)−0.38Shareholders’ equity14.72Debt to equity0.30Fiscal year 2022Cash4.14Total debt4.10Net cash (debt)0.03Shareholders’ equity13.15Debt to equity0.31Fiscal year 2023Cash3.75Total debt3.78Net cash (debt)−0.03Shareholders’ equity14.98Debt to equity0.25Fiscal year 2024Cash3.69Total debt4.33Net cash (debt)−0.64Shareholders’ equity16.92Debt to equity0.26Fiscal year 2025Cash3.96Total debt4.30Net cash (debt)−0.34Shareholders’ equity18.60Debt to equity0.23
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.74 2.20 2.01 3.07 4.34 3.98 4.14 3.75 3.69 3.96
Total debt n/a n/a n/a 3.53 3.48 4.36 4.10 3.78 4.33 4.30
Net cash (debt) n/a n/a n/a −0.46 0.86 −0.38 0.03 −0.03 −0.64 −0.34
Shareholders’ equity 8.46 9.50 9.08 11.07 12.80 14.72 13.15 14.98 16.92 18.60
Debt to equity n/a n/a n/a 0.32 0.27 0.30 0.31 0.25 0.26 0.23

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
1.31 1.41 2.13 2.42 3.13 4.00 5.24 14.28 14.81 15.51
Growth +8.1% +50.9% +13.6% +29.2% +27.8% +31.0% +172.7% +3.7% +4.7%
0.81 0.22 0.04 2.48 1.27 3.24 −0.09 2.93 3.71 3.19
Growth −73.1% −81.6% +6,130.9% −48.6% +154.5% −102.9% +26.8% −13.9%
0.63 0.09 −0.01 2.29 1.00 3.13 −0.15 2.65 3.64 2.73
0.17 −0.31 0.12 0.49 0.17 0.68 −0.05 0.55 0.79 0.58
0.46 0.40 −0.13 1.79 0.82 2.42 −0.22 2.00 2.75 2.11
Growth −13.3% −132.4% −54.4% +196.9% −108.9% +37.6% −23.3%
Per share
31.41 25.89 −9.55 129.25 55.67 176.79 −23.72 147.32 199.69 169.74
31.27 25.81 −9.55 129.07 55.63 176.38 −23.72 146.98 199.32 169.22
Growth −17.5% −137.0% −56.9% +217.1% −113.4% +35.6% −15.1%
14.0 14.0 13.9 13.9 13.8 13.8 13.6 13.3 13.0 12.6
14.1 14.0 13.9 13.9 13.8 13.8 13.6 13.4 13.0 12.6
Growth −0.5% −0.6% −0.3% −0.4% −0.2% −1.6% −1.5% −2.5% −3.0%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 37.7% a year over five years, and earnings per share grew 24.9% a year.
  • The diluted share count fell 8.5% in five years, so buybacks did some of the work per share.
  • Operating margin is down 20.1 points on five years ago, at 20.6%.
  • A net loss in 2 of 10 years on file.