# Markel Group Inc. (MKL) — Stock CV

Markel Group Inc. is a $21.8B financial services company. Revenue shrank 8.3% over the last year, and it keeps 15¢ of every dollar of sales as profit. It trades at 9.5× earnings — around the middle of its own history.

> Markel's primary business is property and casualty insurance. The company focuses primarily on specialty lines, ranging from areas such as executive liability to commercial equine insurance.

## Identity

- **Ticker**: MKL
- **Sector**: Financial Services
- **Industry**: Fire, Marine & Casualty Insurance
- **Headquarters**: GLEN ALLEN, VA
- **Employees**: 22 900
- **Website**: https://www.mklgroup.com
- **Market cap**: $21.8B
- **Last price**: $1 760.74
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $15.1B
- **Net income**: $2.28B
- **Free cash flow**: $2.12B
- **Net cash**: $1.69B
- **P/E**: 9.5
- **Revenue growth (YoY)**: -8.3%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 95 |
| Growth | 31 |
| Profitability | 64 |
| Health | 43 |
| Quality | 49 |
| Moat | 43 |

## Qualifications (beginner checklist) — 8 of 11 passed

- [ ] Revenue growing — -8.3% YoY
- [x] Profitable — $2.28B TTM
- [x] Profit growing — +23.4% YoY
- [x] Generates cash — $2.12B TTM
- [x] Debt under control — more cash than debt
- [x] Established company — $21.8B market cap
- [x] Not printing shares — -15.1% shares over ~5y
- [x] Proven track record — 8/10 profitable years
- [ ] Financially stable — health score 25/100
- [ ] Pays a dividend — none
- [x] Valuation not extreme — P/E 9.5

## Experience (career milestones)

- **FY2024** — Best year on record: $2.75B net income
- **2023** — Markel Corporation changed its name to Markel Group Inc
- **FY2021** — Revenue crossed $10B: $12.8B for the year
- **May 1, 2017** — Markel Corp. acquired SureTec Financial Corp., one of the largest privately owned surety companies…
- **FY2016** — First recorded profitable year: $456M net income
- **FY2016** — Revenue already above $1B: $5.61B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2015** — Markel acquired Bermuda-based CATCo, a specialist investment management business
- **2005** — With a "permanent capital" investing approach, Markel Ventures acquired AMF Bakery Systems in 2005 and continued to…
- **2000** — Markel gained access to specialty international markets in 2000
- **1990** — Markel completed its acquisition of Shand
- **1989** — Markel Corp. acquired the Rhulen Agency of Monticello, New York
- **1987** — Markel reorganized Markel Financial Holdings (Canada) and renamed it Fairfax Financial Holdings Ltd., short…
- **1986** — The Markel Corporation was listed on the NASDAQ exchange
- **1980** — The company became an insurance carrier when Essex Insurance Company was incorporated and licensed to write…

## Strengths

- Net cash position after subtracting debt from cash
- Interest covered 6.9× by operating earnings

## Watch-outs

- Revenue shrinking 8.3% year over year
- Loss-making in 2 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $12.8B | $2.43B | $2.13B |
| FY2022 | $11.7B | -$214M | $2.45B |
| FY2023 | $15.8B | $2.00B | $2.53B |
| FY2024 | $16.6B | $2.75B | $2.34B |
| FY2025 | $15.5B | $2.11B | $2.55B |

---

Source: https://stockcv.com/MKL — derived from company filings; may be delayed or incomplete. Information, not investment advice.