At a glance
Markel Corporation is worth $22.73B, about 11 times its fiscal 2025 earnings. Revenue grew 4.7% to $15.51B in fiscal 2025, with 13.6% kept as profit. It pays no dividend; it spent $1.95B buying back its shares over FY2021–FY2025. The stock returned −1.3% over the past year with dividends reinvested and +7.4% 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 28.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 24 months and 10 months after the lows.
The business in plain English
Markel Group is a holding company that owns independently run businesses. Its centerpiece, Markel Insurance, sells specialty insurance: coverage for unusual or hard-to-place risks that standard insurers often avoid. It earns money by collecting more in premiums than it pays in claims and expenses, and by investing the money it holds until claims come due, with a large portion in stocks. Its 2025 combined ratio was 95%, meaning claims and expenses used about 95 cents of each premium dollar. That was its eighteenth year of underwriting profit in the last 20.
The Markel Insurance segment brought in well over half of the company's roughly $15.5 billion in 2025 operating revenue. Its U.S. Wholesale and Specialty division sells mainly through wholesale brokers, who placed 71% of its 2025 premiums. Program and Solutions focuses on niches such as personal, surety and small-business coverage. International operates in 15 countries, partly through a Lloyd's of London syndicate. In August 2025, Markel sold the renewal rights to its reinsurance (insurance for insurers) contracts.
The other three segments, Industrial, Financial, and Consumer and Other, hold majority-owned businesses in markets from industrial bakery equipment to ornamental plants to precast concrete. Industrial is the biggest of these, at roughly a quarter of operating revenue. Markel also owns stakes in publicly traded companies, mostly within its insurance operations.
Price history
The interactive chart needs JavaScript.
MKL -1.3% over the year to Oct 27, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $4.16B, up 5.7% from a year earlier, and net income was $259.3M (-65.5%).
- For fiscal 2025, revenue was $15.51B (+4.7% year over year) with a 13.6% net margin.
Financial health check
| Operating margin | 20.6% good |
|---|---|
| Free cash flow margin | 16.5% good |
| Return on equity (FY2025) | 11.3% watch |
| Return on assets (FY2025) | 3.1% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $9.74B | $816.0M | $1.64B |
| FY2021 | $12.85B | $2.42B | $2.13B |
| FY2022 | $11.68B | $-216.3M | $2.45B |
| FY2023 | $14.28B | $2.00B | $2.53B |
| FY2024 | $14.81B | $2.75B | $2.34B |
| FY2025 | $15.51B | $2.11B | $2.55B |
Valuation snapshot
| Market value | $22.73B |
|---|---|
| P/E ratio | 11 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Markel’s market value went from $12.66B at the end of 2016 to $22.73B on Oct 27, 2026, up 80%; since the end of 2025 it is down 16%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 27, 2026 | $22.73B | -16.1% |
| 2025 | $27.11B | +22.1% |
| 2024 | $22.20B | +18.3% |
| 2023 | $18.77B | +5.9% |
| 2022 | $17.72B | +5.1% |
| 2021 | $16.87B | +18.5% |
| 2020 | $14.24B | -9.8% |
| 2019 | $15.79B | +9.6% |
| 2018 | $14.41B | -8.9% |
| 2017 | $15.82B | +25.0% |
| 2016 | $12.66B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MKL price data to Oct 27, 2026 | -13.5% | -1.3% | +9.1% | +7.4% | +7.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -13.5% |
| 2025 | +24.5% |
| 2024 | +21.6% |
| 2023 | +7.8% |
| 2022 | +6.8% |
| 2021 | +19.4% |
| 2020 | -9.6% |
| 2019 | +10.1% |
| 2018 | -8.9% |
| 2017 | +25.9% |
| 2016 | +2.4% |
| 2015 | +29.4% |
| 2014 | +17.7% |
| 2013 | +33.9% |
| 2012 | +4.5% |
| 2011 | +9.7% |
| 2010 | +11.2% |
| 2009 | +13.7% |
| 2008 | -39.1% |
| 2007 | +2.3% |
| 2006 | +51.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 58.5% over that stretch · deepest drop along the way 61.3%, back to its old high 52.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 44.5% over that stretch · deepest drop along the way 44.7%, back to its old high 23.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.9% over that stretch · deepest drop along the way 28.9%, back to its old high 10.4 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (24 read): 0 open-market purchases and 3 sales ($140K).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 22, 2026 | Greta J Harris Director | sell | $65K |
| May 22, 2026 | Greta J Harris Director | sell | $50K |
| May 22, 2026 | Greta J Harris Director | sell | $26K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 5.2% | Mar 31, 2026 |
ETFs with the most weight in MKL
| DFNL Davis Select Financial ETF | 5.73% |
| DUSA Davis Select U.S. Equity ETF | 4.72% |
| DWLD Davis Select Worldwide ETF | 4.47% |
| PJFM PGIM Jennison Focused Mid-Cap ETF | 3.95% |
| GABF Gabelli Financial Services Opportunities ETF | 3.43% |
| IAK iShares U.S. Insurance ETF | 2.69% |
| FTGS First Trust Growth Strength ETF | 2.32% |
| FTCS First Trust Capital Strength ETF | 2.07% |
What could go wrong
- A large, concentrated stock portfolio. Stocks equaled 70% of shareholders' equity at December 31, 2025, and the holdings are concentrated in particular companies and industries. A steep market drop could sharply cut net income and shareholders' equity.
- Hands-off management can mean uneven oversight. Independent local teams handle strategy, daily operations and legal compliance at each business. Markel says this makes coordinated procedures harder and could lead to inconsistent management, governance and oversight.
- Acquisitions may disappoint or need write-downs. Markel grows partly by buying companies. Integration can prove harder than expected. If an acquired business underperforms, Markel may have to write down goodwill, the premium it paid above the business's asset value.
- Heavy reliance on a few brokers. Markel depends on a few brokers, the intermediaries who place customers' policies, for a large share of its premiums. Losing the business that any one of them sends could materially hurt results.
- Claims could exceed what Markel set aside. Markel aims to set its reserves for future claims cautiously, but actual losses can still exceed them, especially as new types of claims and coverage questions emerge. Raising reserves would reduce earnings.
- Catastrophes and rare, very large losses. Natural disasters and other rare, severe events can trigger large claims across many policies at once. They can also hurt Markel's insurance-linked securities business, which manages outside investors' money tied to insurance risks.
Recent events
- Major agreement signed; Investor presentation or announcement
- Executive or board change; Other company announcement
- Investor presentation or announcement
- Investor presentation or announcement
- Executive or board change; Bylaws or fiscal year changed
- Quarterly results released
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Markel pays no dividend and paid none from fiscal 2021 through 2025. An income investor would get no regular cash from owning it and would have to sell shares to raise money. Instead, Markel reinvests its cash in its businesses, acquisitions and stock investments, and it buys back its own shares. It spent about $1.9 billion on buybacks over those five years, and its share count fell 10.5% between October 26, 2021 and October 21, 2026. The stock has fallen hard in market downturns. It lost 61.3% in the 2008 financial crisis and took about 52 months to recover from its March 2009 low. It lost 44.7% in the 2020 COVID crash and recovered in March 2022. In the 2022 bear market it lost 28.9% and recovered by August 2023. A single stock carries more risk than a diversified fund, because no other holdings offset one company's setbacks.
Questions investors ask
How does Markel Group make money?
Mostly from specialty insurance and investing. Markel Insurance aims to collect more in premiums than it pays in claims and expenses. Its combined ratio, which is claims plus expenses as a share of premiums, was 95% in 2025, so it made an underwriting profit. It invests the premiums it holds before claims are paid in high-quality bonds and, to a large degree, stocks. Markel Group's other segments own companies in fields from bakery equipment to precast concrete. Total operating revenue was about $15.5 billion in 2025.
Does Markel Group pay a dividend?
No. Markel Group paid no dividend from fiscal 2021 through fiscal 2025. Instead, it bought back about $1.9 billion of its own stock over that period. Shares outstanding fell 10.5%, from about 13.7 million on October 26, 2021, to about 12.2 million as of October 21, 2026. Buybacks raise each remaining share's slice of the company, but they send no cash to shareholders who keep their shares. Retirees who want income from the stock would need to sell shares.
Why does Markel's profit swing so much from year to year?
Mainly because of its stock portfolio. Its stock holdings equaled 70% of shareholders' equity at December 31, 2025, and changes in their market value flow straight into net income. In 2022, a bear-market year, Markel reported a net loss of about $216 million. Net income reached about $2.7 billion in 2024, then fell 23.3% to $2.1 billion in 2025 even as revenue grew 4.7%. Markel measures segment profit with adjusted operating income, which leaves these investment gains and losses out.
How has Markel stock performed over the long run?
It has gained over time, with deep drops along the way. As of October 27, 2026, the share price had risen about 7.8% a year over 10 years and 7.4% a year over five years, but it was down 13.5% year to date. It fell 61.3% in the 2008 financial crisis and took about 52 months to recover. The stock traded at about 11 times its 2025 earnings, with a market value near $22.7 billion. Since Markel pays no dividend, the price change is the entire return.
What are the biggest risks of owning Markel stock?
Key risks Markel lists in its annual report include a concentrated stock portfolio, large insurance losses and its decentralized structure. Its stock holdings are concentrated in particular companies and industries, so a market slump can sharply cut shareholders' equity. Catastrophes, or claims that exceed reserves (money set aside to pay future claims), can hurt insurance results. Markel also relies on a few brokers for a large share of premiums. Independent local management can mean uneven oversight, and acquired businesses may not fit in as planned.