Markel Corp.

Markel made $112.15 a share in 2025, yet the stock still sits at $2,061.88 against a $3,840 target.

If you own Markel, you own a niche insurer priced like average quality and valued like something better.

mkl

financials · insurance large cap updated feb 27, 2026
$2061.88
market cap ~$26B · 52-week range $1621–$2181
xvary composite: 63 / 100 · average
our overall rating — combines growth, value, risk, and momentum
Start here if you're new
what it is
Markel sells hard-to-price insurance to weird corners of the market, then invests the cash while everyone waits for claims.
how it gets paid
Last year Markel made $15.5B in revenue. Excess & Surplus lines was the main engine at $4.19B, or 27% of sales.
why it's growing
Revenue grew 4.7% last year. Revenue reached $11.5B, up 192% vs. prior year, while management also pointed to higher yield as a driver of respectable top-line results.
what just happened
Markel's last quarter delivered $30.07 EPS, beating the $25.92 estimate by 16.01%.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
5/100 earnings predictability — expect surprises
18.4x trailing p/e — priced about right
12.9% return on capital — nothing to write home about
xvary composite: 63/100 — average
What they do
Markel sells hard-to-price insurance to weird corners of the market, then invests the cash while everyone waits for claims.
Markel wins by living where big insurers get selective. Its four insurance buckets are split 27%, 23%, 23%, and 27% of premiums in 2025, so you are not betting on one hot product. Specialty insurance means weird risks with fewer bidders, plain English less price competition, so what: disciplined underwriters can keep more of every premium dollar.
insurance mid-cap specialty-insurance investment-float hard-market
How they make money
$15.5B annual revenue · their business grew +4.7% last year
Excess & Surplus lines
$4.19B
Specialty Admitted
$3.57B
London Insurance Market
$3.57B
Alterra
$4.19B
The products that matter
specialty casualty underwriting
Casualty
$1.6B · 10% of revenue
It is a $1.6B business, or 10% of total revenue. That is meaningful, but not big enough to carry the whole stock by itself.
10% of revenue
liability insurance lines
Liability
$4.0B · 26% of revenue
This $4.0B segment accounts for 26% of sales. If underwriting turns against the company here, you will feel it in group results.
26% of revenue
mixed and less-disclosed lines
Other
$7.0B · 45% of revenue
The largest bucket is simply labeled "Other" at $7.0B, or 45% of revenue. That's a reminder that this snapshot has limits, and that you need deeper segment detail before treating the business as simple.
largest bucket
Key numbers
18.4x
trailing p/e
P/E means price-to-earnings, plain English what you pay for each dollar of profit, so what: you are paying a market-like multiple for a business with a $3,840 target.
20.6%
operating margin
Operating margin means profit after running the business, plain English how much is left from each revenue dollar, so what: Markel keeps about 21 cents before taxes and investment noise.
12.9%
return on capital
Return on capital means profit earned on money put to work, plain English how productive management is with your capital, so what: 12.9% is solid, not magical.
$3,840
18-month target
The target sits 86% above $2,061.88, so the setup is simple: either the stock is cheap, or the optimism is doing cardio.
Financial health
B++
strength
  • balance sheet grade B++ — above average financial health
  • risk rank 2 — safer than 80% of stocks
  • price stability 95 / 100
  • return on equity 6% — $0.06 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market

You invested $10,000 in MKL 3 years ago → it's now worth $15,070.

The index would have given you $13,880.

same period. same starting point. MKL beat the market by $1,190.

source: institutional data · total return
What just happened
beat estimates
Markel's last quarter delivered $30.07 EPS, beating the $25.92 estimate by 16.01%.
Revenue reached $11.5B, up 192% vs. prior year, while management also pointed to higher yield as a driver of respectable top-line results. The bigger story is contrast: 2025 full-year EPS was $112.15 versus $199.32 in 2024.
$3.9B
revenue
$30.07
eps
20.6%
gross margin
the number that mattered
The 16.01% EPS beat matters because it shows Markel can still surprise upward even after full-year earnings fell 43.7% from 2024 to 2025.
source: company earnings report, 2026

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What could go wrong

The main risk is not generic "insurance risk." It is underwriting and reserve discipline across a business with lumpy earnings — and the data already hints at that with a 5/100 predictability score.

!
high
unpredictable insurance earnings
A 5/100 earnings predictability score is the market telling you quarterly results can swing. Claims experience, reserve changes, and investment marks can all hit at once.
puts the valuation case at risk even if revenue holds near $15.5B
!
high
thin return profile versus a fair multiple
Return on capital is 12.9% and return on equity is 6%. Those are respectable, but they do not leave much room for the market to forgive a weak underwriting stretch.
if returns slip, 18.4x earnings stops looking ordinary and starts looking full
∘
med
segment disclosure is thinner than you want
The revenue mix includes a $7.0B "Other" bucket and another $2.9B "other" bucket. When the categories are this broad, you have less visibility into what is really driving performance.
limits how precisely you can underwrite the story from the snapshot alone
The combined picture is straightforward: this is a solid insurer with a real record, but the thesis weakens fast if underwriting volatility pushes returns below an already modest 12.9% return on capital.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
return on capital needs to improve from 12.9%
That is a decent number, not a premium one. If it drifts lower, the case for multiple expansion gets thin fast.
risk
earnings surprises are part of the package
A 5 / 100 predictability score means you should expect noise. The question is whether the noise is temporary or structural.
calendar
next update needs cleaner segment detail
Two separate "other" buckets totaling $9.9B make this business harder to read than it should be. Better disclosure would improve confidence.
trend
institutional buying has stayed positive for 3 quarters
357 buyers versus 323 sellers is not a stampede, but it does say larger holders are leaning in rather than leaving.
Analyst rankings
earnings predictability
5 / 100
Earnings can be hard to forecast. In human-speak: this stock can look calm while the underlying results stay messy.
risk rank
2
Safer than 80% of stocks on this measure. In human-speak: balance-sheet risk is not the first thing to worry about here.
source: institutional data
Institutional activity

institutions have been net buying for 3 consecutive quarters — 357 buyers vs. 323 sellers in 3q2025. total institutional holdings: 20.6M shares. net buying for 3 quarters.

source: institutional data · 1q2025-3q2025
source: institutional data
Price targets
3-5 year target range
$1425 $2388
$2062 current price
$3840 target midpoint · +86% from current · 3-5yr high: $4420 (+115% · 21% ann'l return)
source: institutional data · analyst targets

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