# Loews (L.US)

Canonical: https://gigainvestors.com/s/L

Analysis as of: 2026-10-16T07:29:44.332Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $108.79 per share; close as of 2026-10-15.

Estimated value: low $7.72 per share, central $9.62 per share, high $12.75 per share. Buy at or below the central value $9.62 per share. Valuation as of 2026-10-16T07:29:44.332Z; scenarios are not confidence intervals.

Expected annual return: 6.3% at the stated quote. About 6.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 9

- Required profitable years: 8

- Return on common equity variation (informational): 0.75×

Chart: Net income; fiscal year observations.

- FY2016: $654M

- FY2017: $1.2B

- FY2018: $636M

- FY2019: $932M

- FY2020: -$931M

- FY2021: $1.6B

- FY2022: $1.0B

- FY2023: $1.4B

- FY2024: $1.4B

- FY2025: $1.7B

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity

- Underwriting economics assessed through return on tangible common equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 7.1%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 3.7%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 3.7%

- FY2017: 6.5%

- FY2018: 3.7%

- FY2019: 5.3%

- FY2020: -5.7%

- FY2021: 9.1%

- FY2022: 7.7%

- FY2023: 9.4%

- FY2024: 9.0%

- FY2025: 9.6%

### economics: fail

- Common book per share

- Parent-total proxy for preferred equity

- nonpositive book value in the compounding window

- Book return interval: 10 years

- Starting book value per share: -$14.47

- Ending book value per share: $89.36

### management: pass

- Common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -5.4%

- Diluted shares, 5-year annual growth: -5.7%

- Share growth excluding flagged crisis recapitalisations: -5.4%

- Five-year share growth excluding flagged crisis recapitalisations: -5.7%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 48.85×

- Book value created per share: $103.84

- Earnings retained per share after dividends and buybacks: $2.13

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 93

- FY2017: 93

- FY2018: 88

- FY2019: 84

- FY2020: 77

- FY2021: 72

- FY2022: 67

- FY2023: 63

- FY2024: 61

- FY2025: 58

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 9.6% a year forever · "Hotels and pipelines drive Loews profits higher as insurance underwriting softens" (finance.yahoo.com, Aug 2026) · net income +17.9%

Story as of 2026-10-16T09:59:02.791Z; price observation 2026-10-15.

The price assumes profits grow 9.6% a year forever

- 2025-05-05: Loews first-quarter profit falls on higher catastrophe losses ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/loews-first-quarter-profit-falls-124545984.html))

- 2025-08-04: Loews's Q2 Earnings Jump As Investment Income And Insurance Underwriting Shine ([finance.yahoo.com](https://finance.yahoo.com/news/loewss-q2-earnings-jump-investment-123639949.html))

- 2025-11-03: Loews Q3 Profit Rises On Higher Insurance Premiums ([nasdaq.com](https://www.nasdaq.com/articles/loews-q3-profit-rises-higher-insurance-premiums))

### Net income · FY2025

net income +17.9%; source https://www.sec.gov/Archives/edgar/data/60086/000006008626000008/l-20251231.htm; observed 2026-02-10.

- FY2016: $654M 

- FY2017: $1.2B 

- FY2018: $636M 

- FY2019: $932M 

- FY2020: -$931M 

- FY2021: $1.6B 

- FY2022: $1.0B 

- FY2023: $1.4B 

- FY2024: $1.4B 

- FY2025: $1.7B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance property & casualty; annual sales are USD 18.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/60086/000006008626000008/l-20251231.htm#000006008626000008 (filed 2026-02-10); FY2025: revenue 18454000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); L.US: Loews Corporation, through its subsidiaries, provides commercial property and casualty insurance in the United States and internationally. The company offers specialty insurance products, such as management and professional liability and other coverage products; surety and fidelity bonds; professional liability coverages and risk management services to various professional firms, including architects, real estate agents, and accounting and law firms; standard and excess property, marine and boiler, machinery coverages, workers' compensation, general and product liability, commercial auto, umbrella, excess and surplus coverages, specialized loss-sensitive insurance programs, total risk management services relating to claim and information services; directors and officers, errors and omissions, employment practices, fiduciary, fidelity, and cyber coverages, as well as for small and mid-size firms, public and privately held firms, and not-for-profit organizations; and insurance products to serve the health care industry, including professional and general liability, as well as associated casualty coverage to aging services, allied medical facilities, dentists, physicians, nurses, and other medical practitioners. It also provides warranty and alternative risk, and run-off long-term care insurance products; ethane supply and transportation services for petrochemical customers, as well as transports and stores natural gas and natural gas liquids; operates a chain of hotels; develops, manufactures, and markets a range of extrusion blow-molded and injection molded plastic containers; and manufactures commodities and differentiated plastic resins. The company markets its insurance products and services through a network of retail and wholesale brokers, independent agents, brokers, and managing general underwriters. Loews Corporation was incorporated in 1969 and is headquartered in New York, New York.

### Why customers stay

It earns 7.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-10); 10-year return on tangible equity observations [[2016,0.037001414427157],[2017,0.06500251298374937],[2018,0.03688667207980513],[2019,0.05264049703473595],[2020,-0.05654418463407227],[2021,0.09075224292615597],[2022,0.07733455601406083],[2023,0.09430487965276864],[2024,0.08972081218274111],[2025,0.09607515416978848]]; median 0.0711685344989051. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 806 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-10); Dividend observations: [[2016,84000000],[2017,84000000],[2018,80000000],[2019,76000000],[2020,70000000],[2021,65000000],[2022,61000000],[2023,57000000],[2024,55000000],[2025,52000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/L.US.json#2025-12-31 (filed 2026-02-10); FY2025: cash repurchases 806000000 USD.

### Are managers owners

Insiders own 20.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); L.US SharesStats.PercentInsiders = 20.066 percentage points; cache date 2026-10-16.

### What could break it

"CNA has exposure related to A&EP claims, which could result in material losses." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/60086/000006008626000008/l-20251231.htm (filed 2026-02-10); CNA has exposure related to A&EP claims, which could result in material losses.

### What the price says

The price assumes profits grow 9.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-10); Price 108.79; FX 1; original perpetual distributable cash 0.3914462649223434; discount 0.1; growth 0.09640181758505062. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $43.03 per share

- 2016-11: $44.65 per share

- 2016-12: $46.83 per share

- 2017-01: $46.58 per share

- 2017-02: $46.98 per share

- 2017-03: $46.77 per share

- 2017-04: $46.62 per share

- 2017-05: $47.16 per share

- 2017-06: $46.81 per share

- 2017-07: $48.68 per share

- 2017-08: $46.58 per share

- 2017-09: $47.86 per share

- 2017-10: $49.51 per share

- 2017-11: $50.28 per share

- 2017-12: $50.03 per share

- 2018-01: $51.65 per share

- 2018-02: $49.33 per share

- 2018-03: $49.73 per share

- 2018-04: $52.46 per share

- 2018-05: $48.87 per share

- 2018-06: $48.28 per share

- 2018-07: $50.78 per share

- 2018-08: $50.31 per share

- 2018-09: $50.23 per share

- 2018-10: $46.56 per share

- 2018-11: $48.06 per share

- 2018-12: $45.52 per share

- 2019-01: $47.90 per share

- 2019-02: $47.62 per share

- 2019-03: $47.93 per share

- 2019-04: $51.29 per share

- 2019-05: $51.36 per share

- 2019-06: $54.67 per share

- 2019-07: $53.54 per share

- 2019-08: $48.07 per share

- 2019-09: $51.48 per share

- 2019-10: $49.00 per share

- 2019-11: $50.90 per share

- 2019-12: $52.49 per share

- 2020-01: $51.45 per share

- 2020-02: $45.63 per share

- 2020-03: $34.83 per share

- 2020-04: $34.66 per share

- 2020-05: $33.24 per share

- 2020-06: $34.29 per share

- 2020-07: $36.41 per share

- 2020-08: $35.86 per share

- 2020-09: $34.75 per share

- 2020-10: $34.68 per share

- 2020-11: $41.91 per share

- 2020-12: $45.02 per share

- 2021-01: $45.29 per share

- 2021-02: $47.81 per share

- 2021-03: $51.28 per share

- 2021-04: $55.75 per share

- 2021-05: $58.38 per share

- 2021-06: $54.65 per share

- 2021-07: $53.63 per share

- 2021-08: $55.87 per share

- 2021-09: $53.93 per share

- 2021-10: $56.07 per share

- 2021-11: $53.46 per share

- 2021-12: $57.76 per share

- 2022-01: $59.66 per share

- 2022-02: $61.34 per share

- 2022-03: $64.82 per share

- 2022-04: $62.84 per share

- 2022-05: $65.49 per share

- 2022-06: $59.26 per share

- 2022-07: $58.25 per share

- 2022-08: $55.31 per share

- 2022-09: $49.84 per share

- 2022-10: $57.02 per share

- 2022-11: $58.15 per share

- 2022-12: $58.33 per share

- 2023-01: $61.48 per share

- 2023-02: $61.09 per share

- 2023-03: $58.02 per share

- 2023-04: $57.57 per share

- 2023-05: $56.00 per share

- 2023-06: $59.38 per share

- 2023-07: $62.65 per share

- 2023-08: $62.09 per share

- 2023-09: $63.31 per share

- 2023-10: $64.01 per share

- 2023-11: $70.29 per share

- 2023-12: $69.59 per share

- 2024-01: $72.86 per share

- 2024-02: $75.13 per share

- 2024-03: $78.29 per share

- 2024-04: $75.15 per share

- 2024-05: $76.80 per share

- 2024-06: $74.74 per share

- 2024-07: $79.95 per share

- 2024-08: $81.94 per share

- 2024-09: $79.05 per share

- 2024-10: $78.96 per share

- 2024-11: $86.73 per share

- 2024-12: $84.69 per share

- 2025-01: $85.45 per share

- 2025-02: $86.67 per share

- 2025-03: $91.91 per share

- 2025-04: $86.83 per share

- 2025-05: $89.29 per share

- 2025-06: $91.66 per share

- 2025-07: $90.54 per share

- 2025-08: $96.80 per share

- 2025-09: $100.39 per share

- 2025-10: $99.56 per share

- 2025-11: $107.87 per share

- 2025-12: $105.31 per share

- 2026-01: $105.57 per share

- 2026-02: $110.02 per share

- 2026-03: $106.74 per share

- 2026-04: $112.61 per share

- 2026-05: $103.55 per share

- 2026-06: $113.21 per share

- 2026-07: $116.01 per share

- 2026-08: $108.29 per share

- 2026-09: $104.43 per share

- 2026-10: $108.79 per share

## Annual estimated value (USD per share)

- FY2016: low $17.61 per share, central $19.37 per share, high $21.52 per share

- FY2017: low $17.88 per share, central $19.67 per share, high $21.85 per share

- FY2018: low $3.67 per share, central $4.21 per share, high $4.93 per share

- FY2019: low $3.53 per share, central $4.05 per share, high $4.75 per share

- FY2020: low $18.51 per share, central $20.36 per share, high $22.62 per share

- FY2021: low $3.73 per share, central $4.26 per share, high $4.98 per share

- FY2022: low $18.07 per share, central $19.87 per share, high $22.08 per share

- FY2023: low $3.54 per share, central $4.15 per share, high $5.00 per share

- FY2024: low $5.41 per share, central $6.58 per share, high $8.37 per share

- FY2025: low $7.55 per share, central $9.40 per share, high $12.46 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/60086/000006008626000008/l-20251231.htm); period 2025-12-31, filed 2026-02-10.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.