Markel Group (MKL) Financials

$1,994.35 +24.96 (+1.27%)

As of 03:58 PM Eastern

Annual Income Statements for Markel Group

This table shows Markel Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	321	583	456	395	-128	1,790	798	2,387	-252	1,960	2,711
Consolidated Net Income / (Loss)	324	589	460	401	-130	1,799	832	2,446	-103	2,101	2,847
Net Income / (Loss) Continuing Operations	324	589	460	401	-130	1,799	832	2,446	-103	2,101	2,847
Total Pre-Tax Income	440	742	630	87	-7.86	2,286	1,000	3,130	-152	2,654	3,638
Total Revenue	5,016	5,252	5,438	5,929	6,687	9,355	9,557	12,663	11,479	15,619	16,416
Net Interest Income / (Expense)	-117	-118	-130	-132	-154	-172	-178	-184	-196	-185	-204
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	117	118	130	132	154	172	178	184	196	185	204
Long-Term Debt Interest Expense	117	118	130	132	154	172	178	184	196	185	204
Total Non-Interest Income	5,134	5,370	5,568	6,062	6,841	9,526	9,735	12,846	11,675	15,804	16,621
Other Service Charges	884	1,087	422	462	635	813	1,690	2,285	2,809	2,705	2,825
Net Realized & Unrealized Capital Gains on Investments	409	460	394	400	-3.38	2,054	994	2,346	-1,149	2,259	2,728
Premiums Earned	3,841	3,824	3,866	4,248	4,712	5,050	5,612	6,503	7,588	8,295	8,432
Other Non-Interest Income	-	-	885	951	1,498	1,610	1,440	1,712	2,427	2,545	2,636
Total Non-Interest Expense	4,576	4,510	4,808	5,842	6,695	7,069	8,557	9,533	11,631	12,965	12,779
Property & Liability Insurance Claims	2,202	1,939	2,051	2,866	2,821	2,891	3,467	3,581	4,446	5,322	5,053
Other Operating Expenses	855	1,047	1,172	1,309	1,888	2,131	2,817	3,569	4,549	4,531	4,697
Amortization Expense	58	69	69	81	116	149	159	161	179	181	181
Impairment Charge	-	-	19	0.00	199	-	0.00	0.00	80	0.00	0.00
Restructuring Charge	1,461	1,455	1,497	1,589	1,778	1,878	-	2,294	2,516	2,841	2,977
Other Special Charges	-	-	1.25	-3.14	-107	20	96	-72	-138	90	-129
Income Tax Expense	117	153	169	-313	122	486	169	684	-48	553	790
Preferred Stock Dividends Declared	-	-	-	-	0.00	0.00	18	36	36	36	36
Net Income / (Loss) Attributable to Noncontrolling Interest	2.51	6.37	4.75	5.49	-2.17	9.00	16	23	113	105	100
Basic Earnings per Share	$22.38	$41.99	$31.41	$25.89	($9.55)	$129.25	$55.67	$176.79	($23.72)	$147.32	$199.69
Weighted Average Basic Shares Outstanding	13.98M	13.98M	14.01M	15.30M	13.92M	13.78M	13.78M	13.61M	13.41M	13.11M	12.77M
Diluted Earnings per Share	$22.27	$41.74	$31.27	$25.81	($9.55)	$129.07	$55.63	$176.38	($23.72)	$146.98	$199.32
Weighted Average Diluted Shares Outstanding	13.98M	13.98M	14.01M	15.30M	13.92M	13.78M	13.78M	13.61M	13.41M	13.11M	12.77M
Weighted Average Basic & Diluted Shares Outstanding	13.98M	13.98M	14.01M	15.30M	13.92M	13.78M	13.78M	13.61M	13.41M	13.11M	12.77M

This table shows Markel Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	674	489	678	43	751	1,025	250	905	531	122	631
Consolidated Net Income / (Loss)	712	538	716	53	794	1,049	290	947	561	129	677
Net Income / (Loss) Continuing Operations	712	538	716	53	794	1,049	290	947	561	129	677
Total Pre-Tax Income	904	672	908	68	1,007	1,342	366	1,206	724	158	862
Total Revenue	4,064	3,594	4,095	3,331	4,599	4,421	3,649	4,558	3,788	3,347	4,550
Net Interest Income / (Expense)	-49	-49	-47	-45	-44	-46	-53	-53	-53	-52	-53
Total Interest Income	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Interest Expense	49	49	47	45	44	46	53	53	53	52	53
Long-Term Debt Interest Expense	49	49	47	45	44	46	53	53	53	52	53
Total Non-Interest Income	4,211	3,643	4,143	3,375	4,643	4,467	3,702	4,611	3,841	3,399	4,603
Other Service Charges	847	566	672	726	741	618	684	736	787	661	804
Net Realized & Unrealized Capital Gains on Investments	744	532	654	-74	1,146	1,121	93	1,153	361	88	810
Premiums Earned	2,038	1,968	2,031	2,122	2,175	2,128	2,077	2,110	2,118	2,089	2,142
Other Non-Interest Income	582	578	785	602	581	601	847	612	575	561	847
Total Non-Interest Expense	3,258	2,922	3,187	3,263	3,592	3,079	3,283	3,352	3,065	3,189	3,687
Property & Liability Insurance Claims	1,229	1,173	1,188	1,404	1,557	1,288	1,233	1,291	1,242	1,255	1,288
Other Operating Expenses	1,129	996	1,242	1,152	1,140	1,060	1,305	1,159	1,172	1,068	1,382
Amortization Expense	44	44	44	48	44	44	44	46	46	47	51
Restructuring Charge	672	676	698	698	769	-	-	744	785	747	774
Other Special Charges	104	33	15	-39	81	-52	-8.71	112	-181	73	192
Income Tax Expense	192	134	192	14	213	293	76	259	162	28	185
Preferred Stock Dividends Declared	18	0.00	18	0.00	18	0.00	18	0.00	18	0.00	26
Net Income / (Loss) Attributable to Noncontrolling Interest	20	49	20	11	25	24	22	42	12	7.63	20
Basic Earnings per Share	$48.84	$37.33	$50.20	$3.15	$56.64	$75.56	$18.66	$66.40	$39.07	$12.11	$49.80
Weighted Average Basic Shares Outstanding	13.41M	13.35M	13.26M	13.22M	13.11M	13.00M	12.95M	12.86M	12.77M	12.68M	12.65M
Diluted Earnings per Share	$48.85	$37.26	$50.09	$3.14	$56.49	$75.43	$18.62	$66.25	$39.02	$12.08	$49.67
Weighted Average Diluted Shares Outstanding	13.41M	13.35M	13.26M	13.22M	13.11M	13.00M	12.95M	12.86M	12.77M	12.68M	12.65M
Weighted Average Basic & Diluted Shares Outstanding	13.41M	13.35M	13.26M	13.22M	13.11M	13.00M	12.95M	12.86M	12.77M	12.68M	12.65M

This table details how cash moves in and out of Markel Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-18	588	-985	416	-104	1,104	1,716	-336	341	-889	-140
Net Cash From Operating Activities	717	651	535	859	893	1,274	1,738	2,274	2,709	2,787	2,594
Net Cash From Continuing Operating Activities	717	651	535	859	893	1,274	1,738	2,274	2,709	2,787	2,594
Net Income / (Loss) Continuing Operations	324	589	460	401	-130	1,799	832	2,446	-103	2,101	2,847
Consolidated Net Income / (Loss)	324	589	460	401	-130	1,799	832	2,446	-103	2,101	2,847
Depreciation Expense	204	201	194	204	228	269	307	336	309	320	342
Amortization Expense	-	-	-	-	-	-	-	-	58	-60	-124
Non-Cash Adjustments to Reconcile Net Income	-46	-106	-1.07	2.16	530	-1,599	-522	-2,073	1,312	-1,453	-1,937
Changes in Operating Assets and Liabilities, net	236	-32	-119	252	265	805	1,121	1,564	1,134	1,879	1,464
Net Cash From Investing Activities	-622	63	-1,638	-744	-797	-535	-512	-2,938	-1,670	-2,704	-2,399
Net Cash From Continuing Investing Activities	-622	63	-1,638	-744	-797	-535	-658	-2,938	-1,670	-2,704	-2,399
Purchase of Property, Leasehold Improvements and Equipment	-82	-80	-64	-75	-107	-123	-101	-145	-255	-259	-255
Purchase of Investment Securities	-3,620	-1,923	-2,904	-2,621	-1,555	-1,538	-2,779	-3,742	-3,472	-4,911	-4,390
Divestitures	-	-	-	-	-	-	0.00	41	201	41	0.00
Sale and/or Maturity of Investments	2,815	2,066	1,329	1,374	2,073	1,126	2,222	909	1,394	2,425	2,246
Other Investing Activities, net	265	-	-	578	-33	-	0.00	0.00	461	0.00	0.00
Net Cash From Financing Activities	-67	-74	152	256	-179	359	435	370	-595	-1,000	-298
Net Cash From Continuing Financing Activities	-67	-74	152	256	-179	359	435	370	-595	-1,000	-298
Issuance of Debt	89	70	559	665	207	1,645	223	1,199	1,034	625	1,434
Repayment of Debt	-84	-88	-322	-260	-332	-1,131	-276	-487	-1,255	-950	-897
Repurchase of Common Equity	-26	-31	-51	-111	-54	-116	-27	-207	-291	-445	-573
Payment of Dividends	-5.25	-6.29	-5.95	-7.90	0.00	0.00	-18	-36	-36	-125	-153
Other Financing Activities, Net	-47	-23	-28	-30	-	-39	-59	-99	-48	-105	-109
Effect of Exchange Rate Changes	-46	-53	-33	45	-21	5.64	56	-42	-103	27	-37

This table details how cash moves in and out of Markel Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	426	-217	236	-196	-713	-55	-61	411	-434	483	-380
Net Cash From Operating Activities	829	284	724	956	823	631	579	891	494	376	504
Net Cash From Continuing Operating Activities	829	284	724	956	823	631	579	891	494	376	504
Net Income / (Loss) Continuing Operations	712	538	716	53	794	1,049	290	947	561	129	677
Consolidated Net Income / (Loss)	712	538	716	53	794	1,049	290	947	561	129	677
Non-Cash Adjustments to Reconcile Net Income	-1,383	-254	8.51	902	-2,110	-419	289	-56	-1,751	247	-173
Net Cash From Investing Activities	-387	-109	-265	-969	-1,361	-564	-994	-326	-514	193	-109
Net Cash From Continuing Investing Activities	-387	-109	-265	-969	-1,361	-564	-994	-326	-514	193	-109
Purchase of Property, Leasehold Improvements and Equipment	-45	-37	-42	-76	-104	-72	-57	-52	-74	-41	-51
Purchase of Investment Securities	-1,106	-727	-741	-1,301	-2,143	-1,079	-1,452	-913	-946	-831	-143
Sale and/or Maturity of Investments	672	656	477	407	886	587	515	638	506	1,065	84
Net Cash From Financing Activities	-104	-412	-218	-169	-200	-103	358	-189	-364	-106	-822
Net Cash From Continuing Financing Activities	-104	-412	-218	-169	-200	-103	358	-189	-364	-106	-822
Issuance of Debt	276	161	195	120	149	272	829	177	156	263	277
Repayment of Debt	-272	-369	-277	-166	-138	-209	-284	-223	-180	-203	-307
Repurchase of Common Equity	-83	-82	-105	-82	-176	-161	-99	-129	-184	-170	-99
Other Financing Activities, Net	-7.51	-122	-12	-41	71	-4.89	-69	-15	-20	3.83	-75
Effect of Exchange Rate Changes	88	20	-5.61	-13	26	-19	-3.17	35	-50	19	47

This table presents Markel Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	25,200	24,939	25,875	32,805	33,306	37,474	41,710	48,477	49,791	55,046	61,898
Cash and Due from Banks	1,960	2,630	1,739	2,198	2,014	3,073	4,342	3,978	4,137	3,747	3,693
Restricted Cash	522	440	346	302	382	428	875	902	1,084	585	500
Trading Account Securities	14,560	13,469	14,637	15,909	15,764	17,562	17,676	21,611	19,529	23,951	27,530
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Unearned Premiums Asset	1,501	1,436	1,583	7,413	8,245	8,696	9,371	11,506	13,474	15,056	18,179
Deferred Acquisition Cost	353	353	392	466	475	566	631	794	925	931	876
Goodwill	1,049	1,168	1,142	1,777	2,238	2,309	2,605	2,899	2,639	2,625	2,736
Intangible Assets	703	792	723	1,356	1,726	1,738	1,783	1,822	1,747	1,589	1,460
Other Assets	4,552	4,651	5,313	3,384	2,462	3,102	4,428	4,963	6,255	6,562	6,926
Total Liabilities & Shareholders' Equity	25,200	24,939	25,875	32,805	33,306	37,474	41,710	48,477	49,791	55,046	61,898
Total Liabilities	17,537	17,036	17,334	23,137	24,032	26,218	28,650	33,276	36,054	39,520	44,429
Long-Term Debt	2,254	2,239	2,575	3,099	3,010	3,534	3,484	4,361	4,104	3,780	4,330
Claims and Claim Expense	10,404	10,252	10,116	13,584	14,276	14,729	16,222	18,179	20,948	23,483	26,633
Future Policy Benefits	1,306	1,123	1,050	1,072	1,001	986	1,070	903	651	649	583
Unearned Premiums Liability	2,246	2,166	2,264	3,309	3,611	4,058	4,433	5,384	6,221	6,642	7,064
Other Long-Term Liabilities	1,328	1,255	1,331	2,073	2,133	2,912	3,440	4,449	4,131	4,965	5,818
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	61	63	74	166	174	178	246	461	523	470	540
Total Equity & Noncontrolling Interests	7,602	7,841	8,467	9,502	9,100	11,078	12,815	14,740	13,214	15,056	16,929
Total Preferred & Common Equity	7,595	7,834	8,461	9,504	9,081	11,071	12,800	14,717	13,151	14,984	16,916
Preferred Stock	-	-	-	-	-	0.00	592	592	592	592	592
Total Common Equity	7,595	7,834	8,461	9,504	9,081	11,071	12,208	14,125	12,559	14,392	16,324
Common Stock	3,308	3,342	3,369	3,382	3,393	3,405	3,428	3,441	3,494	3,517	3,561
Retained Earnings	2,582	3,137	3,526	3,777	5,782	7,457	8,195	10,447	9,833	11,353	13,380
Accumulated Other Comprehensive Income / (Loss)	1,705	1,355	1,566	2,346	-95	209	584	238	-767	-478	-617
Noncontrolling Interest	7.18	6.46	6.48	-2.57	20	7.55	15	23	63	72	13

This table presents Markel Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	48,421	50,942	52,184	52,749	57,286	59,710	62,283	64,599	66,791
Cash and Due from Banks	3,541	4,032	4,306	4,355	3,627	3,511	3,873	4,194	3,720
Restricted Cash	1,255	973	935	690	650	705	753	481	575
Trading Account Securities	18,677	20,517	21,435	21,526	25,090	25,570	27,659	27,975	29,103
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Unearned Premiums Asset	13,501	13,940	14,477	14,800	15,968	17,657	18,069	20,234	21,905
Deferred Acquisition Cost	946	994	1,013	986	962	1,001	968	961	975
Goodwill	2,797	2,643	2,627	2,623	2,626	2,738	2,740	2,772	2,827
Intangible Assets	1,686	1,706	1,678	1,633	1,546	1,553	1,508	1,635	1,617
Other Assets	6,018	6,138	5,714	6,135	6,818	6,973	6,714	6,347	6,069
Total Liabilities & Shareholders' Equity	48,421	50,942	52,184	52,749	57,286	59,710	62,283	64,599	66,791
Total Liabilities	35,550	36,661	37,481	38,226	40,969	43,285	44,620	46,855	48,923
Long-Term Debt	4,131	3,897	3,814	3,769	3,855	4,400	4,356	4,391	4,364
Claims and Claim Expense	20,194	21,307	21,375	22,144	24,145	24,647	25,877	27,888	28,515
Future Policy Benefits	733	669	644	600	617	595	623	588	612
Unearned Premiums Liability	6,515	6,570	7,072	7,197	7,154	8,244	7,887	7,692	9,073
Other Long-Term Liabilities	3,976	4,218	4,576	4,515	5,197	5,399	5,876	6,296	6,358
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	513	492	464	467	500	477	515	580	531
Total Equity & Noncontrolling Interests	12,359	13,789	14,239	14,055	15,818	15,949	17,147	17,165	17,337
Total Preferred & Common Equity	12,294	13,744	14,185	13,999	15,730	15,850	17,014	17,149	17,318
Preferred Stock	592	592	592	592	592	592	592	592	0.00
Total Common Equity	11,702	13,153	13,594	13,407	15,138	15,258	16,422	16,557	17,318
Common Stock	3,483	3,507	3,515	3,520	3,548	3,547	3,553	3,583	3,659
Retained Earnings	9,256	10,255	10,819	10,779	12,185	12,330	13,063	13,365	13,840
Accumulated Other Comprehensive Income / (Loss)	-1,036	-610	-741	-891	-595	-618	-194	-391	-181
Noncontrolling Interest	65	45	54	56	88	99	133	16	19

This table displays calculated financial ratios and metrics derived from Markel Group's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	19.18%	4.69%	3.55%	9.03%	12.78%	39.89%	2.17%	32.49%	-9.35%	36.06%	5.11%
EBITDA Growth	16.70%	46.45%	-12.62%	-64.67%	-24.44%	1,061.43%	-48.83%	165.10%	-93.79%	1,252.74%	32.36%
EBIT Growth	21.74%	68.52%	-15.12%	-86.14%	-109.00%	29,200.04%	-56.23%	212.84%	-104.84%	1,850.86%	37.08%
NOPAT Growth	14.04%	82.01%	-21.85%	-12.96%	-101.37%	32,826.42%	-53.78%	194.06%	-104.34%	2,080.36%	35.52%
Net Income Growth	14.04%	82.01%	-21.85%	-12.96%	-132.53%	1,480.45%	-53.78%	194.06%	-104.23%	2,132.85%	35.52%
EPS Growth	-0.93%	87.43%	-25.08%	-17.46%	-137.00%	1,451.52%	-56.90%	217.06%	-113.45%	719.65%	35.61%
Operating Cash Flow Growth	-3.85%	-9.16%	-17.90%	60.59%	4.00%	42.70%	36.38%	30.88%	19.15%	2.86%	-6.92%
Free Cash Flow Firm Growth	81.98%	161.88%	-241.16%	-144.12%	138.19%	-247.97%	-30.51%	37.92%	382.22%	-60.64%	-44.38%
Invested Capital Growth	10.11%	2.28%	9.59%	14.86%	-3.78%	20.40%	11.86%	18.25%	-8.80%	8.21%	12.92%
Revenue Q/Q Growth	1.19%	1.61%	0.10%	4.04%	-8.53%	29.92%	1.63%	3.25%	3.19%	3.54%	-4.70%
EBITDA Q/Q Growth	46.87%	29.87%	7.13%	49.81%	-81.35%	945.07%	-6.39%	9.58%	-39.52%	10.63%	-5.94%
EBIT Q/Q Growth	15.89%	12.60%	-9.92%	-29.52%	-100.74%	2,137.68%	-19.36%	4.13%	-184.61%	8.16%	-7.23%
NOPAT Q/Q Growth	6.33%	15.72%	-12.47%	325.73%	-100.52%	236.62%	67.75%	1.06%	-281.97%	4.09%	-7.55%
Net Income Q/Q Growth	6.33%	15.72%	-12.47%	325.73%	-112.27%	236.62%	-41.33%	63.24%	-277.28%	4.09%	-7.55%
EPS Q/Q Growth	9.81%	17.05%	-13.86%	473.56%	-112.79%	230.86%	71.33%	1.61%	-129.85%	5.48%	-8.06%
Operating Cash Flow Q/Q Growth	-3.10%	-10.87%	25.76%	6.13%	-12.72%	51.39%	-4.72%	8.37%	7.01%	-0.24%	-11.24%
Free Cash Flow Firm Q/Q Growth	-37.78%	1,156.05%	23.95%	-414.37%	241.22%	42.57%	-103.26%	-21.01%	1.27%	-12.82%	154.69%
Invested Capital Q/Q Growth	4.23%	1.48%	-0.70%	10.71%	-5.01%	0.63%	5.73%	5.51%	4.93%	5.54%	-1.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	12.84%	17.96%	15.15%	4.91%	3.29%	27.31%	13.68%	27.37%	1.88%	18.65%	23.49%
EBIT Margin	8.78%	14.13%	11.58%	1.47%	-0.12%	24.44%	10.47%	24.72%	-1.32%	16.99%	22.16%
Profit (Net Income) Margin	6.45%	11.22%	8.47%	6.76%	-1.95%	19.24%	8.70%	19.32%	-0.90%	13.45%	17.34%
Tax Burden Percent	73.50%	79.39%	73.10%	459.08%	1,659.49%	78.72%	83.14%	78.15%	68.19%	79.18%	78.27%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	26.50%	20.61%	26.90%	-359.08%	0.00%	21.28%	16.86%	21.85%	0.00%	20.82%	21.73%
Return on Invested Capital (ROIC)	3.42%	5.87%	4.33%	3.36%	-0.04%	13.29%	5.31%	13.55%	-0.57%	11.31%	13.85%
ROIC Less NNEP Spread (ROIC-NNEP)	3.42%	5.87%	4.33%	3.36%	-4.13%	13.29%	5.31%	13.55%	-0.50%	11.31%	13.85%
Return on Net Nonoperating Assets (RNNOA)	1.07%	1.70%	1.27%	1.05%	-1.33%	4.24%	1.53%	3.76%	-0.15%	3.05%	3.41%
Return on Equity (ROE)	4.49%	7.57%	5.60%	4.40%	-1.38%	17.53%	6.84%	17.31%	-0.71%	14.36%	17.26%
Cash Return on Invested Capital (CROIC)	-6.20%	3.62%	-4.82%	-10.47%	3.81%	-5.22%	-5.89%	-3.17%	8.64%	3.42%	1.72%
Operating Return on Assets (OROA)	1.79%	2.96%	2.48%	0.30%	-0.02%	6.46%	2.53%	6.94%	-0.31%	5.06%	6.22%
Return on Assets (ROA)	1.32%	2.35%	1.81%	1.37%	-0.39%	5.08%	2.10%	5.42%	-0.21%	4.01%	4.87%
Return on Common Equity (ROCE)	4.45%	7.50%	5.55%	4.34%	-1.35%	17.21%	6.55%	16.13%	-0.66%	13.23%	16.07%
Return on Equity Simple (ROE_SIMPLE)	4.26%	7.52%	5.44%	4.22%	-1.44%	16.25%	6.50%	16.62%	-0.79%	14.02%	16.83%
Net Operating Profit after Tax (NOPAT)	324	589	460	401	-5.50	1,799	832	2,446	-106	2,101	2,847
NOPAT Margin	6.45%	11.22%	8.47%	6.76%	-0.08%	19.24%	8.70%	19.32%	-0.92%	13.45%	17.34%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	4.09%	0.00%	0.00%	0.00%	-0.06%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	91.22%	85.87%	88.42%	98.53%	100.12%	75.56%	89.53%	75.28%	101.32%	83.01%	77.84%
Earnings before Interest and Taxes (EBIT)	440	742	630	87	-7.86	2,286	1,000	3,130	-152	2,654	3,638
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	644	943	824	291	220	2,555	1,308	3,466	215	2,914	3,857
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.26	1.57	1.50	1.67	1.59	1.43	1.17	1.19	1.41	1.30	1.36
Price to Tangible Book Value (P/TBV)	1.63	2.10	1.92	2.48	2.82	2.25	1.82	1.79	2.17	1.84	1.83
Price to Revenue (P/Rev)	1.90	2.35	2.33	2.67	2.16	1.69	1.49	1.33	1.54	1.20	1.35
Price to Earnings (P/E)	29.68	21.15	27.77	40.04	0.00	8.82	17.85	7.07	0.00	9.58	8.19
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.37%	4.73%	3.60%	2.50%	0.00%	11.34%	5.60%	14.15%	0.00%	10.44%	12.21%
Enterprise Value to Invested Capital (EV/IC)	0.95	1.14	1.19	1.30	1.24	1.08	0.81	0.89	1.00	1.00	1.08
Enterprise Value to Revenue (EV/Rev)	1.87	2.20	2.43	2.80	2.28	1.71	1.40	1.38	1.55	1.24	1.43
Enterprise Value to EBITDA (EV/EBITDA)	14.55	12.26	16.05	56.97	69.18	6.27	10.22	5.03	82.55	6.64	6.09
Enterprise Value to EBIT (EV/EBIT)	21.28	15.58	20.99	190.01	0.00	7.00	13.35	5.57	0.00	7.29	6.46
Enterprise Value to NOPAT (EV/NOPAT)	28.95	19.62	28.72	41.39	0.00	8.90	16.06	7.12	0.00	9.21	8.25
Enterprise Value to Operating Cash Flow (EV/OCF)	13.07	17.76	24.74	19.32	17.05	12.56	7.69	7.66	6.56	6.94	9.05
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	31.85	0.00	0.00	31.86	0.00	0.00	0.00	11.00	30.42	66.39
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.29	0.28	0.30	0.32	0.32	0.31	0.27	0.29	0.30	0.24	0.25
Long-Term Debt to Equity	0.29	0.28	0.30	0.32	0.32	0.31	0.27	0.29	0.30	0.24	0.25
Financial Leverage	0.31	0.29	0.29	0.31	0.32	0.32	0.29	0.28	0.29	0.27	0.25
Leverage Ratio	3.41	3.22	3.09	3.22	3.49	3.45	3.26	3.19	3.40	3.58	3.54
Compound Leverage Factor	3.41	3.22	3.09	3.22	3.49	3.45	3.26	3.19	3.40	3.58	3.54
Debt to Total Capital	22.73%	22.08%	23.16%	24.28%	24.50%	23.90%	21.06%	22.29%	23.00%	19.58%	19.86%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	22.73%	22.08%	23.16%	24.28%	24.50%	23.90%	21.06%	22.29%	23.00%	19.58%	19.86%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.58%	3.03%	3.32%	3.07%	2.72%
Noncontrolling Interests to Total Capital	0.69%	0.68%	0.72%	1.28%	1.58%	1.25%	1.57%	2.48%	3.28%	2.81%	2.54%
Common Equity to Total Capital	76.59%	77.24%	76.12%	74.44%	73.92%	74.85%	73.79%	72.21%	70.40%	74.55%	74.88%
Debt to EBITDA	3.50	2.37	3.12	10.64	13.68	1.38	2.66	1.26	19.05	1.30	1.12
Net Debt to EBITDA	-0.36	-0.88	0.59	2.06	2.79	0.01	-1.33	-0.15	-5.19	-0.19	0.04
Long-Term Debt to EBITDA	3.50	2.37	3.12	10.64	13.68	1.38	2.66	1.26	19.05	1.30	1.12
Debt to NOPAT	6.96	3.80	5.59	7.73	-547.35	1.96	4.19	1.78	-38.68	1.80	1.52
Net Debt to NOPAT	-0.71	-1.41	1.06	1.49	-111.51	0.02	-2.08	-0.21	10.54	-0.26	0.05
Long-Term Debt to NOPAT	6.96	3.80	5.59	7.73	-547.35	1.96	4.19	1.78	-38.68	1.80	1.52
Noncontrolling Interest Sharing Ratio	1.01%	0.88%	0.91%	1.34%	1.89%	1.85%	4.27%	6.82%	7.79%	7.90%	6.91%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-587	363	-512	-1,251	478	-707	-922	-573	1,616	636	354
Operating Cash Flow to CapEx	872.73%	816.44%	839.63%	1,150.04%	837.63%	1,032.71%	1,715.27%	1,565.63%	1,063.73%	1,077.57%	1,017.29%
Free Cash Flow to Firm to Interest Expense	-4.99	3.07	-3.94	-9.44	3.10	-4.12	-5.19	-3.12	8.24	3.44	1.73
Operating Cash Flow to Interest Expense	6.10	5.50	4.12	6.48	5.79	7.42	9.78	12.39	13.82	15.06	12.70
Operating Cash Flow Less CapEx to Interest Expense	5.40	4.83	3.63	5.92	5.10	6.70	9.21	11.60	12.52	13.66	11.45
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	0.21	0.21	0.20	0.20	0.26	0.24	0.28	0.23	0.30	0.28
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,917	10,143	11,116	12,767	12,284	14,790	16,544	19,563	17,841	19,306	21,799
Invested Capital Turnover	0.53	0.52	0.51	0.50	0.53	0.69	0.61	0.70	0.61	0.84	0.80
Increase / (Decrease) in Invested Capital	910	226	973	1,651	-483	2,506	1,754	3,019	-1,722	1,465	2,494
Enterprise Value (EV)	9,372	11,562	13,225	16,587	15,220	16,009	13,357	17,423	17,781	19,351	23,486
Market Capitalization	9,532	12,323	12,655	15,825	14,413	15,790	14,237	16,867	17,721	18,769	22,203
Book Value per Share	$544.06	$561.58	$604.72	$684.15	$654.01	$801.51	$886.04	$1,033.45	$933.74	$1,088.78	$1,269.14
Tangible Book Value per Share	$418.57	$421.06	$471.44	$458.61	$368.50	$508.51	$567.61	$688.01	$607.63	$770.03	$942.95
Total Capital	9,917	10,143	11,116	12,767	12,284	14,790	16,544	19,563	17,841	19,306	21,799
Total Debt	2,254	2,239	2,575	3,099	3,010	3,534	3,484	4,361	4,104	3,780	4,330
Total Long-Term Debt	2,254	2,239	2,575	3,099	3,010	3,534	3,484	4,361	4,104	3,780	4,330
Net Debt	-229	-831	489	598	613	34	-1,733	-520	-1,118	-552	138
Capital Expenditures (CapEx)	82	80	64	75	107	123	101	145	255	259	255
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	125	0.00	0.00	0.00	-2.74	0.00	0.00
Net Nonoperating Obligations (NNO)	2,254	2,239	2,575	3,099	3,010	3,534	3,484	4,361	4,104	3,780	4,330
Total Depreciation and Amortization (D&A)	204	201	194	204	228	269	307	336	367	260	219
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$22.38	$41.99	$31.41	$25.89	($9.55)	$129.25	$55.67	$176.92	($23.57)	$147.32	$199.69
Adjusted Weighted Average Basic Shares Outstanding	13.96M	13.96M	13.96M	13.90M	13.87M	13.78M	13.78M	13.61M	13.41M	13.11M	12.77M
Adjusted Diluted Earnings per Share	$22.27	$41.74	$31.27	$25.81	($9.55)	$129.07	$55.63	$176.51	($23.57)	$146.98	$199.32
Adjusted Weighted Average Diluted Shares Outstanding	13.96M	13.96M	13.96M	13.90M	13.87M	13.78M	13.78M	13.61M	13.41M	13.11M	12.77M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	13.96M	13.96M	13.96M	13.90M	13.87M	13.78M	13.78M	13.61M	13.41M	13.11M	12.77M
Normalized Net Operating Profit after Tax (NOPAT)	1,397	1,744	1,569	1,172	1,304	3,294	911	4,182	1,614	4,422	5,077
Normalized NOPAT Margin	27.86%	33.21%	28.86%	19.76%	19.49%	35.21%	9.54%	33.03%	14.06%	28.31%	30.92%
Pre Tax Income Margin	8.78%	14.13%	11.58%	1.47%	-0.12%	24.44%	10.47%	24.72%	-1.32%	16.99%	22.16%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.75	6.27	4.85	0.66	-0.05	13.31	5.63	17.05	-0.77	14.34	17.81
NOPAT to Interest Expense	2.76	4.98	3.54	3.03	-0.04	10.48	4.68	13.32	-0.54	11.35	13.94
EBIT Less CapEx to Interest Expense	3.05	5.60	4.36	0.10	-0.74	12.60	5.06	16.26	-2.07	12.94	16.56
NOPAT Less CapEx to Interest Expense	2.06	4.31	3.05	2.46	-0.73	9.76	4.11	12.53	-1.84	9.96	12.69
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	1.62%	1.07%	1.29%	1.97%	0.00%	0.00%	2.21%	1.47%	-34.83%	5.95%	5.38%
Augmented Payout Ratio	9.67%	6.41%	12.40%	29.63%	-41.43%	6.46%	5.44%	9.92%	-316.18%	27.15%	25.50%

This table displays calculated financial ratios and metrics derived from Markel Group's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.55%	40.58%	128.51%	8.63%	13.15%	23.02%	-10.89%	36.85%	-17.62%	-24.30%	24.67%
EBITDA Growth	-27.89%	3,525.66%	192.80%	-48.63%	23.60%	93.60%	-56.91%	988.95%	-26.74%	-85.23%	122.64%
EBIT Growth	-29.08%	1,103.06%	184.71%	-62.62%	24.83%	99.80%	-59.68%	1,687.11%	-28.14%	-88.24%	135.56%
NOPAT Growth	-18.51%	1,247.58%	191.17%	-54.38%	11.60%	95.09%	-59.51%	1,677.69%	-29.30%	-87.67%	133.63%
Net Income Growth	-18.51%	1,201.78%	181.10%	-54.38%	11.60%	95.09%	-59.51%	1,677.69%	-29.30%	-87.67%	133.63%
EPS Growth	-21.53%	673.23%	172.44%	1.95%	15.64%	102.44%	-62.83%	2,009.87%	-30.93%	-83.99%	166.76%
Operating Cash Flow Growth	27.25%	-31.50%	43.14%	-0.38%	-0.80%	121.92%	-20.13%	-6.79%	-39.95%	-40.35%	-12.83%
Free Cash Flow Firm Growth	213.44%	166.20%	77.65%	-174.70%	-127.57%	-168.76%	-5,418.31%	-124.98%	-187.99%	-93.76%	63.81%
Invested Capital Growth	-8.80%	-4.41%	4.24%	7.58%	8.21%	10.98%	12.46%	20.38%	12.92%	9.73%	6.76%
Revenue Q/Q Growth	32.56%	-11.57%	13.95%	-18.67%	38.07%	-2.92%	-17.46%	24.90%	-16.89%	-11.65%	35.93%
EBITDA Q/Q Growth	279.65%	-15.81%	33.01%	-87.92%	813.58%	37.71%	-70.40%	205.32%	-38.54%	-73.42%	346.31%
EBIT Q/Q Growth	346.68%	-16.74%	35.19%	-92.56%	1,391.50%	39.44%	-72.71%	229.52%	-40.02%	-78.20%	446.66%
NOPAT Q/Q Growth	509.42%	-24.42%	33.12%	-92.56%	1,390.75%	32.12%	-72.37%	226.70%	-40.71%	-76.96%	423.54%
Net Income Q/Q Growth	509.42%	-24.42%	33.12%	-92.56%	1,390.75%	32.12%	-72.37%	226.70%	-40.71%	-76.96%	423.54%
EPS Q/Q Growth	1,486.04%	-23.73%	34.43%	-93.73%	1,699.04%	33.53%	-75.31%	255.80%	-41.10%	-69.04%	311.18%
Operating Cash Flow Q/Q Growth	-13.56%	-65.73%	154.92%	31.92%	-13.93%	-23.33%	-8.25%	53.95%	-44.55%	-23.84%	34.08%
Free Cash Flow Firm Q/Q Growth	47.12%	-43.48%	-102.66%	-3,279.60%	45.70%	-40.98%	-113.32%	-37.79%	30.50%	5.15%	60.16%
Invested Capital Q/Q Growth	4.93%	1.89%	1.87%	-1.22%	5.54%	4.49%	3.23%	5.73%	-1.00%	1.54%	0.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	20.92%	19.92%	23.25%	3.45%	22.86%	31.35%	11.24%	27.49%	20.33%	6.12%	20.08%
EBIT Margin	19.84%	18.69%	22.17%	2.03%	21.89%	30.35%	10.03%	26.47%	19.10%	4.71%	18.95%
Profit (Net Income) Margin	17.51%	14.96%	17.48%	1.60%	17.27%	23.73%	7.94%	20.78%	14.82%	3.86%	14.88%
Tax Burden Percent	78.71%	80.09%	78.86%	78.91%	78.87%	78.20%	79.17%	78.50%	77.60%	81.99%	78.53%
Interest Burden Percent	112.08%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	21.29%	19.91%	21.14%	21.09%	21.13%	21.80%	20.83%	21.50%	22.40%	18.01%	21.47%
Return on Invested Capital (ROIC)	10.75%	10.07%	14.28%	1.37%	14.52%	20.35%	6.46%	17.76%	11.84%	2.80%	11.23%
ROIC Less NNEP Spread (ROIC-NNEP)	10.75%	10.07%	14.28%	1.37%	14.52%	20.35%	6.46%	17.76%	11.84%	2.80%	11.23%
Return on Net Nonoperating Assets (RNNOA)	3.14%	2.90%	4.25%	0.39%	3.91%	5.16%	1.70%	4.48%	2.91%	0.68%	2.87%
Return on Equity (ROE)	13.89%	12.98%	18.53%	1.76%	18.43%	25.51%	8.16%	22.24%	14.75%	3.48%	14.10%
Cash Return on Invested Capital (CROIC)	8.64%	7.10%	7.33%	4.13%	3.42%	3.22%	-0.62%	-3.21%	1.72%	-0.16%	4.22%
Operating Return on Assets (OROA)	4.64%	4.68%	6.56%	0.60%	6.52%	9.22%	2.87%	7.93%	5.36%	1.19%	4.87%
Return on Assets (ROA)	4.09%	3.75%	5.17%	0.48%	5.15%	7.21%	2.27%	6.22%	4.16%	0.97%	3.82%
Return on Common Equity (ROCE)	12.81%	11.98%	17.06%	1.61%	16.98%	23.59%	7.57%	20.61%	13.73%	3.24%	13.39%
Return on Equity Simple (ROE_SIMPLE)	0.00%	3.52%	14.68%	14.42%	0.00%	16.61%	13.79%	18.10%	0.00%	11.24%	13.37%
Net Operating Profit after Tax (NOPAT)	712	538	716	53	794	1,049	290	947	561	129	677
NOPAT Margin	17.51%	14.96%	17.48%	1.60%	17.27%	23.73%	7.94%	20.78%	14.82%	3.86%	14.88%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	80.16%	81.32%	77.83%	97.97%	78.11%	69.65%	89.97%	73.53%	80.90%	95.29%	81.05%
Earnings before Interest and Taxes (EBIT)	807	672	908	68	1,007	1,342	366	1,206	724	158	862
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	850	716	952	115	1,051	1,386	410	1,253	770	205	914
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.41	1.30	1.36	1.46	1.30	1.33	1.34	1.24	1.36	1.44	1.46
Price to Tangible Book Value (P/TBV)	2.17	1.95	1.99	2.13	1.84	1.83	1.87	1.67	1.83	1.97	1.97
Price to Revenue (P/Rev)	1.54	1.37	1.25	1.29	1.20	1.22	1.28	1.18	1.35	1.56	1.56
Price to Earnings (P/E)	0.00	59.45	9.72	10.38	9.58	8.06	9.90	6.93	8.19	13.21	11.57
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	1.68%	10.29%	9.64%	10.44%	12.41%	10.10%	14.44%	12.21%	7.57%	8.64%
Enterprise Value to Invested Capital (EV/IC)	1.00	0.94	0.98	1.06	1.00	1.03	1.05	0.97	1.08	1.12	1.17
Enterprise Value to Revenue (EV/Rev)	1.55	1.37	1.22	1.28	1.24	1.27	1.36	1.24	1.43	1.62	1.60
Enterprise Value to EBITDA (EV/EBITDA)	82.55	22.44	6.62	7.36	6.64	5.96	7.37	5.19	6.09	9.39	8.26
Enterprise Value to EBIT (EV/EBIT)	0.00	29.22	7.07	7.90	7.29	6.28	7.85	5.43	6.46	10.10	8.80
Enterprise Value to NOPAT (EV/NOPAT)	0.00	35.49	8.71	9.60	9.21	7.99	9.99	6.91	8.25	12.85	11.21
Enterprise Value to Operating Cash Flow (EV/OCF)	6.56	6.65	6.49	6.93	6.94	6.66	7.31	7.28	9.05	10.59	11.46
Enterprise Value to Free Cash Flow (EV/FCFF)	11.00	12.98	13.65	26.55	30.42	33.80	0.00	0.00	66.39	0.00	28.60
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.30	0.27	0.26	0.26	0.24	0.24	0.27	0.25	0.25	0.25	0.24
Long-Term Debt to Equity	0.30	0.27	0.26	0.26	0.24	0.24	0.27	0.25	0.25	0.25	0.24
Financial Leverage	0.29	0.29	0.30	0.29	0.27	0.25	0.26	0.25	0.25	0.24	0.26
Leverage Ratio	3.40	3.46	3.58	3.69	3.58	3.54	3.59	3.57	3.54	3.58	3.69
Compound Leverage Factor	3.81	3.46	3.58	3.69	3.58	3.54	3.59	3.57	3.54	3.58	3.69
Debt to Total Capital	23.00%	21.44%	20.60%	20.61%	19.58%	19.11%	21.13%	19.78%	19.86%	19.84%	19.63%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	23.00%	21.44%	20.60%	20.61%	19.58%	19.11%	21.13%	19.78%	19.86%	19.84%	19.63%
Preferred Equity to Total Capital	3.32%	3.26%	3.20%	3.24%	3.07%	2.93%	2.84%	2.69%	2.72%	2.67%	0.00%
Noncontrolling Interests to Total Capital	3.28%	2.95%	2.80%	2.86%	2.81%	2.91%	2.76%	2.95%	2.54%	2.69%	2.47%
Common Equity to Total Capital	70.40%	72.35%	73.41%	73.30%	74.55%	75.04%	73.27%	74.58%	74.88%	74.80%	77.90%
Debt to EBITDA	19.05	5.10	1.39	1.43	1.30	1.10	1.49	1.06	1.12	1.66	1.39
Net Debt to EBITDA	-5.19	-1.45	-0.52	-0.48	-0.19	-0.12	0.06	-0.07	0.04	-0.11	0.02
Long-Term Debt to EBITDA	19.05	5.10	1.39	1.43	1.30	1.10	1.49	1.06	1.12	1.66	1.39
Debt to NOPAT	-38.68	8.06	1.83	1.87	1.80	1.48	2.01	1.41	1.52	2.28	1.89
Net Debt to NOPAT	10.54	-2.29	-0.69	-0.63	-0.26	-0.16	0.08	-0.09	0.05	-0.15	0.03
Long-Term Debt to NOPAT	-38.68	8.06	1.83	1.87	1.80	1.48	2.01	1.41	1.52	2.28	1.89
Noncontrolling Interest Sharing Ratio	7.79%	7.64%	7.90%	8.34%	7.90%	7.54%	7.31%	7.32%	6.91%	6.95%	5.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,434	1,376	-37	-1,236	-671	-946	-2,018	-2,780	-1,932	-1,833	-730
Operating Cash Flow to CapEx	1,825.16%	764.36%	1,714.08%	1,263.34%	794.48%	876.48%	1,011.67%	1,716.61%	667.94%	924.01%	996.04%
Free Cash Flow to Firm to Interest Expense	49.70	27.82	-0.77	-27.74	-15.30	-20.77	-38.36	-52.10	-36.60	-35.15	-13.76
Operating Cash Flow to Interest Expense	16.93	5.75	15.34	21.45	18.75	13.85	11.00	16.69	9.36	7.22	9.50
Operating Cash Flow Less CapEx to Interest Expense	16.00	5.00	14.45	19.75	16.39	12.27	9.91	15.72	7.96	6.43	8.55
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.23	0.25	0.30	0.30	0.30	0.30	0.29	0.30	0.28	0.25	0.26
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	17,841	18,178	18,517	18,292	19,306	20,173	20,825	22,019	21,799	22,135	22,232
Invested Capital Turnover	0.61	0.67	0.82	0.85	0.84	0.86	0.81	0.85	0.80	0.73	0.75
Increase / (Decrease) in Invested Capital	-1,722	-838	752	1,289	1,465	1,995	2,308	3,727	2,494	1,962	1,407
Enterprise Value (EV)	17,781	17,149	18,144	19,372	19,351	20,870	21,839	21,276	23,486	24,778	25,955
Market Capitalization	17,721	17,128	18,461	19,532	18,769	20,112	20,488	20,306	22,203	23,875	25,336
Book Value per Share	$933.74	$980.91	$1,018.50	$1,010.76	$1,088.78	$1,164.21	$1,173.46	$1,268.59	$1,269.14	$1,296.52	$1,365.28
Tangible Book Value per Share	$607.63	$656.56	$696.01	$689.86	$770.03	$843.36	$843.45	$940.49	$942.95	$951.39	$1,014.96
Total Capital	17,841	18,178	18,517	18,292	19,306	20,173	20,825	22,019	21,799	22,135	22,232
Total Debt	4,104	3,897	3,814	3,769	3,780	3,855	4,400	4,356	4,330	4,391	4,364
Total Long-Term Debt	4,104	3,897	3,814	3,769	3,780	3,855	4,400	4,356	4,330	4,391	4,364
Net Debt	-1,118	-1,108	-1,427	-1,276	-552	-421	184	-270	138	-284	69
Capital Expenditures (CapEx)	45	37	42	76	104	72	57	52	74	41	51
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	4,104	3,897	3,814	3,769	3,780	3,855	4,400	4,356	4,330	4,391	4,364
Total Depreciation and Amortization (D&A)	44	44	44	48	44	44	44	46	46	47	51
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$48.84	$37.33	$50.20	$3.15	$56.64	$75.56	$18.66	$66.40	$39.07	$12.11	$49.80
Adjusted Weighted Average Basic Shares Outstanding	13.41M	13.35M	13.26M	13.22M	13.11M	13.00M	12.95M	12.86M	12.77M	12.68M	12.65M
Adjusted Diluted Earnings per Share	$48.85	$37.26	$50.09	$3.14	$56.49	$75.43	$18.62	$66.25	$39.02	$12.08	$49.67
Adjusted Weighted Average Diluted Shares Outstanding	13.41M	13.35M	13.26M	13.22M	13.11M	13.00M	12.95M	12.86M	12.77M	12.68M	12.65M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	13.41M	13.35M	13.26M	13.22M	13.11M	13.00M	12.95M	12.86M	12.77M	12.68M	12.65M
Normalized Net Operating Profit after Tax (NOPAT)	1,323	1,105	1,278	573	1,465	1,587	845	1,618	1,030	802	1,436
Normalized NOPAT Margin	32.54%	30.75%	31.21%	17.21%	31.85%	35.89%	23.16%	35.50%	27.19%	23.95%	31.56%
Pre Tax Income Margin	22.24%	18.69%	22.17%	2.03%	21.89%	30.35%	10.03%	26.47%	19.10%	4.71%	18.95%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	16.47	13.58	19.23	1.52	22.95	29.46	6.96	22.61	13.70	3.03	16.25
NOPAT to Interest Expense	14.53	10.88	15.16	1.20	18.10	23.03	5.51	17.75	10.63	2.48	12.76
EBIT Less CapEx to Interest Expense	15.54	12.83	18.33	-0.18	20.59	27.88	5.87	21.63	12.30	2.24	15.29
NOPAT Less CapEx to Interest Expense	13.60	10.13	14.27	-0.50	15.74	21.45	4.42	16.77	9.23	1.70	11.80
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-34.83%	0.00%	1.73%	1.78%	5.95%	0.00%	5.72%	4.06%	5.38%	0.00%	6.62%
Augmented Payout Ratio	-316.18%	60.73%	18.62%	19.24%	27.15%	20.07%	29.43%	22.40%	25.50%	30.20%	31.77%

Key Financial Trends

Markel Group (NYSE: MKL) has demonstrated robust financial performance and solid balance sheet metrics over the last four years, with data analyzed through Q2 2025. Here are the key financial trends and insights based on the quarterly statements:

Consistent Profitability: Net income attributable to common shareholders has grown significantly from $425.9 million in Q3 2023 to $631.0 million in Q2 2025, reflecting strong earnings growth.
Strong Earnings Per Share (EPS): Diluted EPS increased from $3.14 in Q3 2023 to $49.67 in Q2 2025, indicating improved profitability on a per-share basis.
Rising Total Revenues: Total revenue showed an upward trend, reaching $4.55 billion in Q2 2025 from approximately $3.33 billion in Q3 2023, driven by non-interest income and premiums earned.
Operating Cash Flow Growth: Net cash from continuing operating activities increased to $504 million in Q2 2025 from $172 million in Q2 2023, suggesting good cash generation capacity.
Investment Gains: Net realized and unrealized capital gains on investments surged to $810 million in Q2 2025 from $115 million in Q3 2023, enhancing investment income substantially.
Equity Growth: Total common equity rose to $17.3 billion in Q2 2025 from $13.4 billion in Q3 2023, reflecting retained earnings accumulation and potential capital issuance.
Stable Debt Levels: Long-term debt remained relatively stable around $4.3 billion over recent quarters with slight fluctuations; debt issuance and repayments were balanced.
Cash & Equivalents Fluctuations: Cash and due from banks fluctuated quarter-to-quarter, with Q2 2025 holding $3.72 billion compared to $4.35 billion in Q3 2023, reflecting active cash management.
Significant Restructuring Charges: Markel incurred substantial restructuring charges quarterly (e.g., $774 million in Q2 2025), which inflate expenses and reduce pre-tax income.
Large Cash Outflows from Financing Activities: Notable net cash outflows from financing activities were observed ($822 million in Q2 2025), driven mainly by equity repurchases and debt repayments, which could pressure liquidity if continued aggressively.

Summary: Over the analyzed period, Markel Group has strengthened earnings and maintained solid revenue growth, supported by expanding investment income and strong cash flow generation. The company shows disciplined capital management with stable debt levels, though significant restructuring costs and large financing cash outflows warrant attention. Overall, the trends suggest improving profitability underpinned by solid core operations and strategic financial management, positioning Markel as a financially sound insurer with growth prospects.

08/22/25 02:58 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Markel Group's Financials

When does Markel Group's fiscal year end?

According to the most recent income statement we have on file, Markel Group's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Markel Group's net income changed over the last 10 years?

Markel Group's net income appears to be on an upward trend, with a most recent value of $2.85 billion in 2024, rising from $323.69 million in 2014. The previous period was $2.10 billion in 2023. See Markel Group's forecast for analyst expectations on what’s next for the company.

How has Markel Group's revenue changed over the last 10 years?

Over the last 10 years, Markel Group's total revenue changed from $5.02 billion in 2014 to $16.42 billion in 2024, a change of 227.3%.

How much debt does Markel Group have?

Markel Group's total liabilities were at $44.43 billion at the end of 2024, a 12.4% increase from 2023, and a 153.3% increase since 2014.

How much cash does Markel Group have?

In the past 10 years, Markel Group's cash and equivalents has ranged from $1.74 billion in 2016 to $4.34 billion in 2020, and is currently $3.69 billion as of their latest financial filing in 2024.

How has Markel Group's book value per share changed over the last 10 years?

Over the last 10 years, Markel Group's book value per share changed from 544.06 in 2014 to 1,269.14 in 2024, a change of 133.3%.

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This page (NYSE:MKL) was last updated on 8/22/2025 by MarketBeat.com Staff

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Markel Group (MKL) Financials

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Markel Group (MKL) Financials

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