# Markel (MKL.US)

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

Analysis as of: 2026-10-16T07:30:14.472Z. 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: $1,824.54 per share; close as of 2026-10-15.

Estimated value: low $688.71 per share, central $860.89 per share, high $1,147.85 per share. Buy at or below the central value $860.89 per share. Valuation as of 2026-10-16T07:30:14.472Z; scenarios are not confidence intervals.

Expected annual return: 7.9% at the stated quote. About 7.9% 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: 8

- Required profitable years: 8

- Return on common equity variation (informational): 0.88×

Chart: Net income; fiscal year observations.

- FY2016: $456M

- FY2017: $362M

- FY2018: -$128M

- FY2019: $1.8B

- FY2020: $798M

- FY2021: $2.4B

- FY2022: -$252M

- FY2023: $2.0B

- FY2024: $2.7B

- FY2025: $2.1B

### 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: 8.9%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: -0.8%

- Years with reported combined ratio: 0

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

- FY2016: 2.7%

- FY2017: 3.0%

- FY2018: -2.5%

- FY2019: 12.7%

- FY2020: 5.1%

- FY2021: 25.4%

- FY2022: -0.8%

- FY2023: 19.3%

- FY2024: 22.4%

- FY2025: 14.6%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 11.5%

- Book return interval: 10 years

- Starting book value per share: $557.15

- Ending book value per share: $1K

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 146.7%

- FY2017: -15.8%

- FY2018: -39.4%

- FY2019: 100.1%

- FY2020: 10.5%

- FY2021: -28.8%

- FY2022: 168.7%

- FY2023: -60.7%

- FY2024: 16.6%

- FY2025: 21.4%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -1.1%

- Diluted shares, 5-year annual growth: -1.8%

- Share growth excluding flagged crisis recapitalisations: -1.1%

- Five-year share growth excluding flagged crisis recapitalisations: -1.8%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.56×

- Book value created per share: $913.26

- Earnings retained per share after dividends and buybacks: $586.30

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

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 99

- FY2019: 99

- FY2020: 98

- FY2021: 98

- FY2022: 97

- FY2023: 95

- FY2024: 93

- FY2025: 90

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

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

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

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

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

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

## Price story

The price assumes profits grow 8.1% a year forever · "MKL Q4 Deep Dive: Profitability Rises on Insurance Restructuring and Diversified Segment Gains" (finance.yahoo.com, Feb 2026) · net income -23.2%

Story as of 2026-10-16T09:59:10.014Z; price observation 2026-10-15.

The price assumes profits grow 8.1% a year forever

- 2025-05-01: Markel Group Q1 Earnings Top Estimates on Solid Reinsurance Unit ([finance.yahoo.com](https://finance.yahoo.com/news/markel-group-q1-earnings-top-144900145.html))

- 2025-10-31: MKL Q3 Deep Dive: Segment Restructuring and Underwriting Gains Drive Outperformance ([finance.yahoo.com](https://finance.yahoo.com/news/mkl-q3-deep-dive-segment-125114045.html))

- 2025-11-03: Markel Group Q3 Earnings Beat Estimates on Solid Investment Income ([finance.yahoo.com](https://finance.yahoo.com/news/markel-group-q3-earnings-beat-164800340.html))

- 2026-02-05: MKL Q4 Deep Dive: Profitability Rises on Insurance Restructuring and Diversified Segment Gains ([finance.yahoo.com](https://finance.yahoo.com/news/mkl-q4-deep-dive-profitability-191050175.html))

- 2026-07-31: MKL Q2 Earnings Miss Estimates on Weak Industrial, Financial Units ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/mkl-q2-earnings-miss-estimates-180100610.html))

- 2026-08-04: MKL Q2 Deep Dive: Missed Profit Expectations Amid Reserve Charge and Investment in AI ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/mkl-q2-deep-dive-missed-034122347.html))

### Net income · FY2025

net income -23.2%; source https://www.sec.gov/Archives/edgar/data/1096343/000109634326000020/mkl-20251231.htm; observed 2026-02-26.

- FY2016: $456M 

- FY2017: $362M 

- FY2018: -$128M 

- FY2019: $1.8B 

- FY2020: $798M 

- FY2021: $2.4B 

- FY2022: -$252M 

- FY2023: $2.0B 

- FY2024: $2.7B 

- FY2025: $2.1B 

## Owner memo

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

### How it makes money

Operates in insurance property & casualty; annual sales are USD 15.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1096343/000109634326000020/mkl-20251231.htm#000109634326000020 (filed 2026-02-26); FY2025: revenue 15513233000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MKL.US: Markel Group Inc. engages in the insurance business in the United States, the United Kingdom, Bermuda, Germany, rest of the European Union, Canada, and the Asia Pacific. It operates through Markel Insurance, Industrial, Financial, and Consumer and Other segments. The company offers general and professional liability, specialty programs, workers' compensation, and marine and energy insurance; personal lines insurance, such as property coverage for homeowners; property insurance coverages, including fire, windstorm, hail, water damage, and catastrophe-exposed property risks, such as earthquake and wind; and credit and surety products. It also distributes exterior building products, such as siding, windows, doors, roofing, and gutters; invests in asset and wealth management companies; engages in the homebuilding of single-family homes, townhouses, and condominiums; designs and provides leather handbags and accessories; owns and operates manufactured housing communities; and sponsors teachers for placement. In addition, the company offers structural and architectural precast concrete; ornamental plants; industrial bakery equipment; over-the-road car-hauling equipment, such as trailers; cutter suction and auger dredges; and laminated oak and composite flooring for trailers. Further, it provides fire protection, life safety, and low-voltage solutions; heavy lift crawler cranes; erosion control and stormwater management; gas containment and transportation equipment; wall panel systems and dorm room furniture; insurance-linked securities investment and insurance management; equipment leasing; fronting and automobile collateral protection coverage; information technology consulting; data collection and pricing intelligence solutions; and concierge healthcare membership services. The company was formerly known as Markel Corporation and changed its name to Markel Group Inc. in May 2023. Markel Group Inc. was founded in 1930 and is headquartered in Glen Allen, Virginia.

### Why customers stay

It earns 8.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on tangible equity observations [[2016,0.026916423874505126],[2017,0.03026443659357309],[2018,-0.025052369968271166],[2019,0.12736708631142396],[2020,0.05138612002034494],[2021,0.25384702174102836],[2022,-0.007662594237543975],[2023,0.19256668203223154],[2024,0.22352455204757052],[2025,0.14620601921088133]]; median 0.08937660316588444. 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 429.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,559300000],[2017,664657000],[2018,9164000],[2019,8992000],[2020,18400000],[2021,36000000],[2022,36000000],[2023,36000000],[2024,36000000],[2025,618000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1096343/000109634326000020/mkl-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 429519000 USD.

### Are managers owners

Insiders own 1.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MKL.US SharesStats.PercentInsiders = 1.4489999999999998 percentage points; cache date 2026-10-16.

### What could break it

In 2025, the top five independent brokers accounted for 37% of our underwriting gross premiums written.

- Source: https://www.sec.gov/Archives/edgar/data/1096343/000109634326000020/mkl-20251231.htm (filed 2026-02-26); A significant volume of premium for the property and casualty insurance industry is produced through a small number of large insurance brokers. In 2025, the top five independent brokers accounted for 37% of our underwriting gross premiums written. Investments 

### What the price says

The price assumes profits grow 8.1% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Price 1824.54; FX 1; original perpetual distributable cash 34.435531707820154; discount 0.1; growth 0.08112645833589828. 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: $877.43 per share

- 2016-11: $898.34 per share

- 2016-12: $904.50 per share

- 2017-01: $925.00 per share

- 2017-02: $979.73 per share

- 2017-03: $975.86 per share

- 2017-04: $969.60 per share

- 2017-05: $977.25 per share

- 2017-06: $975.86 per share

- 2017-07: $1,071.51 per share

- 2017-08: $1,051.99 per share

- 2017-09: $1,067.98 per share

- 2017-10: $1,084.30 per share

- 2017-11: $1,106.90 per share

- 2017-12: $1,139.13 per share

- 2018-01: $1,147.69 per share

- 2018-02: $1,112.00 per share

- 2018-03: $1,170.25 per share

- 2018-04: $1,130.04 per share

- 2018-05: $1,097.08 per share

- 2018-06: $1,084.35 per share

- 2018-07: $1,170.00 per share

- 2018-08: $1,208.80 per share

- 2018-09: $1,188.49 per share

- 2018-10: $1,093.24 per share

- 2018-11: $1,144.14 per share

- 2018-12: $1,038.05 per share

- 2019-01: $1,053.51 per share

- 2019-02: $1,004.88 per share

- 2019-03: $996.24 per share

- 2019-04: $1,071.51 per share

- 2019-05: $1,058.87 per share

- 2019-06: $1,089.60 per share

- 2019-07: $1,113.93 per share

- 2019-08: $1,143.08 per share

- 2019-09: $1,181.90 per share

- 2019-10: $1,171.00 per share

- 2019-11: $1,135.55 per share

- 2019-12: $1,143.17 per share

- 2020-01: $1,172.97 per share

- 2020-02: $1,181.60 per share

- 2020-03: $927.89 per share

- 2020-04: $865.84 per share

- 2020-05: $897.42 per share

- 2020-06: $923.17 per share

- 2020-07: $1,044.54 per share

- 2020-08: $1,086.83 per share

- 2020-09: $973.70 per share

- 2020-10: $932.80 per share

- 2020-11: $973.83 per share

- 2020-12: $1,033.30 per share

- 2021-01: $969.48 per share

- 2021-02: $1,088.80 per share

- 2021-03: $1,139.62 per share

- 2021-04: $1,176.42 per share

- 2021-05: $1,225.49 per share

- 2021-06: $1,186.71 per share

- 2021-07: $1,206.17 per share

- 2021-08: $1,270.25 per share

- 2021-09: $1,195.13 per share

- 2021-10: $1,313.13 per share

- 2021-11: $1,194.82 per share

- 2021-12: $1,234.00 per share

- 2022-01: $1,232.74 per share

- 2022-02: $1,242.91 per share

- 2022-03: $1,475.24 per share

- 2022-04: $1,353.28 per share

- 2022-05: $1,369.43 per share

- 2022-06: $1,293.25 per share

- 2022-07: $1,297.14 per share

- 2022-08: $1,194.11 per share

- 2022-09: $1,084.22 per share

- 2022-10: $1,206.10 per share

- 2022-11: $1,324.84 per share

- 2022-12: $1,317.49 per share

- 2023-01: $1,408.98 per share

- 2023-02: $1,329.86 per share

- 2023-03: $1,277.41 per share

- 2023-04: $1,368.53 per share

- 2023-05: $1,314.73 per share

- 2023-06: $1,383.18 per share

- 2023-07: $1,449.71 per share

- 2023-08: $1,478.92 per share

- 2023-09: $1,472.49 per share

- 2023-10: $1,470.52 per share

- 2023-11: $1,439.09 per share

- 2023-12: $1,419.90 per share

- 2024-01: $1,497.43 per share

- 2024-02: $1,492.48 per share

- 2024-03: $1,521.48 per share

- 2024-04: $1,458.40 per share

- 2024-05: $1,641.59 per share

- 2024-06: $1,575.66 per share

- 2024-07: $1,638.85 per share

- 2024-08: $1,600.68 per share

- 2024-09: $1,568.58 per share

- 2024-10: $1,542.01 per share

- 2024-11: $1,782.92 per share

- 2024-12: $1,726.23 per share

- 2025-01: $1,828.78 per share

- 2025-02: $1,933.44 per share

- 2025-03: $1,869.61 per share

- 2025-04: $1,818.60 per share

- 2025-05: $1,941.70 per share

- 2025-06: $1,997.36 per share

- 2025-07: $2,008.29 per share

- 2025-08: $1,959.06 per share

- 2025-09: $1,911.36 per share

- 2025-10: $1,974.53 per share

- 2025-11: $2,080.44 per share

- 2025-12: $2,149.65 per share

- 2026-01: $2,040.64 per share

- 2026-02: $2,072.47 per share

- 2026-03: $1,914.07 per share

- 2026-04: $1,772.47 per share

- 2026-05: $1,815.59 per share

- 2026-06: $1,953.01 per share

- 2026-07: $1,882.34 per share

- 2026-08: $1,802.91 per share

- 2026-09: $1,712.45 per share

- 2026-10: $1,824.54 per share

## Annual estimated value (USD per share)

- FY2016: low $523.17 per share, central $653.96 per share, high $871.94 per share

- FY2017: low $124.26 per share, central $153.07 per share, high $199.29 per share

- FY2018: low $53.54 per share, central $65.95 per share, high $85.87 per share

- FY2019: low $147.54 per share, central $181.75 per share, high $236.63 per share

- FY2020: low $123.95 per share, central $147.90 per share, high $183.33 per share

- FY2021: low $77.01 per share, central $91.90 per share, high $113.91 per share

- FY2022: low $381.56 per share, central $447.53 per share, high $541.09 per share

- FY2023: low $49.63 per share, central $59.37 per share, high $73.87 per share

- FY2024: low $291.20 per share, central $364.00 per share, high $485.33 per share

- FY2025: low $652.75 per share, central $815.94 per share, high $1,087.92 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/1096343/000109634326000020/mkl-20251231.htm); period 2025-12-31, filed 2026-02-26.

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.

## Reported holder observations

- [Steven Check](https://gigainvestors.com/CHE): 79,209 MKL shares; USD 154,696,000 reported position value; 8.91% of portfolio; add; quarter 2026 Q2.
- [Christopher Davis](https://gigainvestors.com/DAV): 406,759 MKL shares; USD 794,400,000 reported position value; 3.41% of portfolio; add; quarter 2026 Q2.
- [Francois Rochon](https://gigainvestors.com/GC): 30,877 MKL shares; USD 60,303,000 reported position value; 2.03% of portfolio; reduce; quarter 2026 Q2.
- [Josh Tarasoff](https://gigainvestors.com/GLC): 20,305 MKL shares; USD 39,656,000 reported position value; 10.89% of portfolio; reduce; quarter 2026 Q2.
- [Thomas Russo](https://gigainvestors.com/GR): 4,265 MKL shares; USD 8,330,000 reported position value; 0.09% of portfolio; reduce; quarter 2026 Q2.

# MKL — Markel Group Inc.

Held by 5 investors · USD 1,057,385,000 total · 2026 Q2 · reported price USD 1953.01 (split-adjusted).
Page: https://gigainvestors.com/s/MKL

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Christopher Davis (https://gigainvestors.com/DAV) | USD 794,400,000 | 3.4% | add +6.08% |
| Steven Check (https://gigainvestors.com/CHE) | USD 154,696,000 | 8.9% | add +3.02% |
| Francois Rochon (https://gigainvestors.com/GC) | USD 60,303,000 | 2.0% | reduce -28.1% |
| Josh Tarasoff (https://gigainvestors.com/GLC) | USD 39,656,000 | 11% | reduce -9.98% |
| Thomas Russo (https://gigainvestors.com/GR) | USD 8,330,000 | 0.1% | reduce -13.91% |

## Total held by quarter

- 2008 Q4: USD 18,294,016 · 1 holder · USD 299.00
- 2009 Q1: USD 16,373,915 · 1 holder · USD 283.88
- 2009 Q2: USD 14,481,021 · 1 holder · USD 281.71
- 2009 Q3: USD 13,890,039 · 1 holder · USD 329.82
- 2009 Q4: USD 56,789,918 · 2 holders · USD 340.01
- 2010 Q1: USD 54,600,691 · 2 holders · USD 374.66
- 2010 Q2: USD 51,923,100 · 2 holders · USD 340.00
- 2010 Q3: USD 50,681,978 · 2 holders · USD 344.59
- 2010 Q4: USD 54,720,618 · 2 holders · USD 378.14
- 2011 Q1: USD 56,694,441 · 2 holders · USD 414.45
- 2011 Q2: USD 53,586,413 · 2 holders · USD 396.81
- 2011 Q3: USD 59,046,551 · 2 holders · USD 386.50
- 2011 Q4: USD 64,669,652 · 2 holders · USD 414.68
- 2012 Q1: USD 69,965,547 · 2 holders · USD 448.94
- 2012 Q2: USD 97,221,060 · 2 holders · USD 441.70
- 2012 Q3: USD 100,921,848 · 2 holders · USD 458.51
- 2012 Q4: USD 110,081,944 · 2 holders · USD 433.43
- 2013 Q1: USD 134,296,238 · 2 holders · USD 503.51
- 2013 Q2: USD 140,221,595 · 2 holders · USD 526.96
- 2013 Q3: USD 190,922,510 · 2 holders · USD 517.77
- 2013 Q4: USD 232,049,083 · 2 holders · USD 580.35
- 2014 Q1: USD 238,400,279 · 2 holders · USD 596.10
- 2014 Q2: USD 335,540,531 · 2 holders · USD 655.66
- 2014 Q3: USD 335,117,100 · 2 holders · USD 636.15
- 2014 Q4: USD 359,532,165 · 2 holders · USD 682.84
- 2015 Q1: USD 394,157,351 · 2 holders · USD 768.94
- 2015 Q2: USD 426,553,139 · 2 holders · USD 800.68
- 2015 Q3: USD 425,727,676 · 2 holders · USD 801.87
- 2015 Q4: USD 468,188,013 · 2 holders · USD 883.36
- 2016 Q1: USD 471,437,646 · 2 holders · USD 891.60
- 2016 Q2: USD 500,360,926 · 2 holders · USD 952.82
- 2016 Q3: USD 489,365,078 · 2 holders · USD 928.77
- 2016 Q4: USD 475,496,790 · 2 holders · USD 904.52
- 2017 Q1: USD 512,498,139 · 2 holders · USD 975.86
- 2017 Q2: USD 514,498,011 · 2 holders · USD 975.88
- 2017 Q3: USD 559,895,359 · 2 holders · USD 1068.02
- 2017 Q4: USD 629,919,192 · 3 holders · USD 1139.13
- 2018 Q1: USD 647,288,517 · 3 holders · USD 1170.25
- 2018 Q2: USD 600,541,903 · 3 holders · USD 1084.35
- 2018 Q3: USD 659,969,423 · 3 holders · USD 1188.49
- 2018 Q4: USD 576,561,375 · 3 holders · USD 1038.04
- 2019 Q1: USD 555,326,692 · 3 holders · USD 996.25
- 2019 Q2: USD 608,693,303 · 3 holders · USD 1089.59
- 2019 Q3: USD 660,509,316 · 3 holders · USD 1181.90
- 2019 Q4: USD 886,898,709 · 4 holders · USD 1143.17
- 2020 Q1: USD 697,139,085 · 4 holders · USD 927.89
- 2020 Q2: USD 691,901,198 · 4 holders · USD 923.17
- 2020 Q3: USD 708,269,808 · 4 holders · USD 973.70
- 2020 Q4: USD 580,302,788 · 4 holders · USD 1033.30
- 2021 Q1: USD 346,195,177 · 4 holders · USD 1139.62
- 2021 Q2: USD 375,543,947 · 4 holders · USD 1186.71
- 2021 Q3: USD 359,512,767 · 3 holders · USD 1195.13
- 2021 Q4: USD 373,093,875 · 3 holders · USD 1233.99
- 2022 Q1: USD 1,064,299,966 · 4 holders · USD 1475.24
- 2022 Q2: USD 990,898,826 · 4 holders · USD 1293.25
- 2022 Q3: USD 830,535,449 · 4 holders · USD 1084.22
- 2022 Q4: USD 1,064,608,246 · 4 holders · USD 1317.49
- 2023 Q1: USD 1,080,539,776 · 6 holders · USD 1277.41
- 2023 Q2: USD 1,227,721,034 · 6 holders · USD 1383.18
- 2023 Q3: USD 849,558,823 · 6 holders · USD 1472.49
- 2023 Q4: USD 620,648,399 · 5 holders · USD 1419.89
- 2024 Q1: USD 723,891,277 · 5 holders · USD 1521.48
- 2024 Q2: USD 690,531,904 · 5 holders · USD 1575.66
- 2024 Q3: USD 691,936,702 · 5 holders · USD 1568.58
- 2024 Q4: USD 899,986,275 · 5 holders · USD 1726.24
- 2025 Q1: USD 980,962,014 · 5 holders · USD 1869.61
- 2025 Q2: USD 1,045,029,889 · 5 holders · USD 1997.37
- 2025 Q3: USD 1,003,484,721 · 5 holders · USD 1911.37
- 2025 Q4: USD 1,215,963,111 · 5 holders · USD 2149.66
- 2026 Q1: USD 1,015,977,637 · 5 holders · USD 1914.08
- 2026 Q2: USD 1,057,385,000 · 5 holders · USD 1953.01