At a glance
Loews Corp is worth $22.52B, about 14 times its fiscal 2025 earnings. Revenue grew 5.4% to $18.45B in fiscal 2025, with 9.0% kept as profit; over 5 years it has grown 8.0% a year. It pays a 0.22% dividend yield, and returned $4.42B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +12.1% over the past year with dividends reinvested and +14.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 44.7% in the 2020 crash (S&P 500: 33.7%) and 26.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 14 months after the lows.
The business in plain English
Loews Corporation is a holding company: it owns and oversees other businesses rather than running one main operation. By far the largest is CNA Financial, a commercial insurer about 92% owned by Loews. CNA brought in $15.0 billion, or 81.2% of Loews' $18.5 billion in total revenue for 2025.
CNA writes property and casualty insurance for businesses. This covers damage to property and legal liability claims. CNA also issues surety bonds, which guarantee that a firm will meet its contract obligations. Customers range from small businesses to large companies, and include professional firms such as law firms and architects, health care providers and nonprofits. CNA reaches them mainly through independent agents and brokers in the US, Canada, the UK and Continental Europe, and at Lloyd's of London. It makes money when premiums exceed claims and costs, and by investing premiums until claims are paid.
Boardwalk Pipelines is wholly owned. It transports and stores natural gas and natural gas liquids (NGLs), and it supplies ethane to petrochemical customers in Louisiana and Texas. It produced 12.6% of revenue. Loews Hotels, also wholly owned, operates a hotel chain and added 5.1%. Loews also owns about 53% of Altium Packaging, a maker of rigid plastic packaging. Loews' share of Altium's results is counted in the small Corporate segment, which made up 1.1% of revenue.
Price history
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L +12.1% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| CNA Financial Corporation | $14.99B | 81.2% |
| Boardwalk Pipeline Partners, LP | $2.32B | 12.6% |
| Loews Hotels Holding Corporation | $945.0M | 5.1% |
| Corporate | $196.0M | 1.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $4.76B, up 1.9% from a year earlier, and net income was $306.0M (-39.3%).
- For fiscal 2025, revenue was $18.45B (+5.4% year over year; +8.0% a year from FY2020 to FY2025) with a 9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.0% good |
|---|---|
| Free cash flow margin | 14.6% good |
| Return on equity (FY2025) | 8.9% watch |
| Return on assets (FY2025) | 1.9% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $12.58B | $-931.0M | $1.03B |
| FY2021 | $14.66B | $1.56B | $2.14B |
| FY2022 | $14.04B | $822.0M | $2.65B |
| FY2023 | $15.90B | $1.43B | $3.22B |
| FY2024 | $17.51B | $1.41B | $2.39B |
| FY2025 | $18.45B | $1.67B | $2.70B |
Valuation snapshot
| Market value | $22.52B |
|---|---|
| P/E ratio | 14 |
| Dividend yield | 0.22% |
Rank among 1514 US companies
Market value at each year end
Loews’s market value went from $15.78B at the end of 2016 to $22.52B on Nov 2, 2026, up 43%; since the end of 2025 it is up 3%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $22.52B | +3.5% |
| 2025 | $21.76B | +18.0% |
| 2024 | $18.44B | +18.7% |
| 2023 | $15.54B | +12.2% |
| 2022 | $13.85B | -5.5% |
| 2021 | $14.65B | +18.4% |
| 2020 | $12.37B | -20.7% |
| 2019 | $15.61B | +9.2% |
| 2018 | $14.30B | -15.1% |
| 2017 | $16.84B | +6.7% |
| 2016 | $15.78B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| L price data to Nov 2, 2026 | +5.9% | +12.1% | +19.9% | +14.5% | +10.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +5.9% |
| 2025 | +24.7% |
| 2024 | +22.1% |
| 2023 | +19.8% |
| 2022 | +1.4% |
| 2021 | +28.9% |
| 2020 | -13.7% |
| 2019 | +15.9% |
| 2018 | -8.6% |
| 2017 | +8.5% |
| 2016 | +22.7% |
| 2015 | -8.1% |
| 2014 | -12.4% |
| 2013 | +19.2% |
| 2012 | +8.9% |
| 2011 | -2.6% |
| 2010 | +7.8% |
| 2009 | +29.8% |
| 2008 | -43.5% |
| 2007 | +22.0% |
| 2006 | +31.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 63.3% over that stretch · deepest drop along the way 64.2%, back to its old high 55.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 44.6% over that stretch · deepest drop along the way 44.7%, back to its old high 12.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 11.1% over that stretch · deepest drop along the way 26.1%, back to its old high 13.7 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 2 open-market purchases ($1.1M) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 5, 2026 | Dino Robusto Director | buy | $527K |
| May 29, 2026 | Dino Robusto Director | buy | $524K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 6.06% | Mar 31, 2026 |
ETFs with the most weight in L
| ABEQ Absolute Select Value ETF | 6.88% |
| DEMZ Democratic Large Cap Core ETF | 4.58% |
| DFNL Davis Select Financial ETF | 3.34% |
| JPEF JPMorgan Equity Focus ETF | 3.28% |
| KIE SPDR S&P Insurance ETF | 1.96% |
| SPVM Invesco S&P 500 Value with Momentum ETF | 1.84% |
| IAK iShares U.S. Insurance ETF | 1.81% |
| RSPF Invesco S&P 500 Equal Weight Financials ETF | 1.46% |
What could go wrong
- CNA's claim reserves could prove too low. CNA sets aside reserves, its estimate of future claim payments. Rising legal costs and jury awards, called social inflation, and laws reopening old abuse claims could force increases that are charged against earnings.
- Old long-term care policies could cost more. CNA still pays claims on long-term care policies it no longer actively writes. Reserves must rise if more policyholders claim, keep policies longer than assumed, or approved premium increases fall short.
- Asbestos and pollution claims still linger. CNA still faces claims tied to asbestos and environmental pollution (A&EP) on older policies. These claims can surface decades after coverage was written, and the company warns they could cause large losses.
- Disasters can bring large, sudden insurance losses. Natural disasters and man-made events such as terrorism can produce big claims. Reinsurance, which is insurance that insurers purchase for themselves, softens the blow. However, it may become costly, or reinsurers may fail to pay.
- Pipeline profits depend on energy markets. Boardwalk's rates and contract renewals depend on natural gas supply, demand and price gaps between regions. New projects can run over budget or late, and tighter safety rules can raise costs.
- Loews relies on cash from its subsidiaries. Loews gets substantially all of its income and cash from its subsidiaries. Regulators limit the dividends that CNA's insurance companies can pay, which can restrict how much cash flows up to Loews.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Other company announcement
- Quarterly results released
- Executive or board change
- Executive or board change
- Quarterly results released
For income and retirement investors
Loews pays a dividend, but it is tiny and has not grown. The company paid 25 cents a share in every year from 2020 through 2025, and the yield was 0.22% as of October 28, 2026. Dividends used just 3.1% of 2025 earnings and 1.9% of free cash flow (cash generated after capital spending). Loews returns far more cash through share repurchases. It spent $4.1 billion on them from 2021 through 2025, against $290 million in dividends. Its share count fell 19.4% between October 2021 and July 2026. That increases each remaining share's claim on profits but pays no cash, so investors who need regular income would get little from this stock.
In past downturns, the stock fell 64.2% during the 2008 financial crisis and took about 55 months to recover. It dropped 44.7% in the 2020 COVID crash and recovered in about 12.5 months. In the 2022 bear market it fell 26.1% and recovered in about 13.7 months. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Loews Corporation make money?
Mostly from commercial insurance. Loews is a holding company. CNA Financial, its roughly 92%-owned insurer, produced 81.2% of Loews' $18.5 billion in revenue in 2025. Boardwalk Pipelines, which transports and stores natural gas and natural gas liquids, added 12.6%. Loews Hotels contributed 5.1%. The Corporate segment, which includes Loews' share of Altium Packaging's results, made up 1.1%. CNA earns premiums on business insurance and surety bonds, plus income from investing those premiums.
Does Loews raise its dividend every year?
No. Loews paid 25 cents per share in each year from 2020 through 2025, with no increases over that span. The payout is tiny compared with profits: dividends took 3.1% of 2025 earnings, and the yield was 0.22% as of October 28, 2026. The company has returned cash mainly through share repurchases, so the stock offers little income for investors who depend on dividends.
How much of CNA Financial does Loews own?
About 92%. Because Loews controls CNA, it consolidates CNA. That means CNA's full revenue and results appear in Loews' financial statements. CNA accounted for 81.2% of Loews' total revenue in 2025, 81.5% in 2024 and 83.6% in 2023. CNA also files its own reports with the SEC, so investors can study it directly. For Loews shareholders, CNA's insurance results and reserve decisions shape most of what the company reports.
Does Loews repurchase its own shares?
Yes, on a large scale. Loews spent $4.1 billion on share repurchases (buybacks) from 2021 through 2025, far more than the $290 million it paid in dividends over the same years. Its share count fell 19.4%, from about 253.7 million in October 2021 to 204.4 million in July 2026. With fewer shares, each remaining share represents a bigger slice of earnings. However, buybacks do not provide regular cash payments the way dividends do.
How has Loews stock performed over the long run?
The share price gained about 11% a year over the 10 years to October 28, 2026, and 14.7% a year over five years. Its one-year price return was 12.3%. The path has been bumpy. The stock fell 64.2% in the 2008 financial crisis and took about 55 months to recover. It dropped 44.7% in the 2020 COVID crash. As of October 28, 2026, the stock's price-to-earnings (P/E) ratio was 13.8, meaning it traded at 13.8 times its 2025 earnings.