Markel Corporation (MKL) Balance Sheet
MKL balance sheet, 2025
December 31, 2025 · U.S. dollars$68.91B assets = $49.80B liabilities + $19.10B equity
Both columns are drawn to the same scale: what MKL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MKL financial health
Descriptive bands, not a rating. Fiscal 2025.
MKL balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $34.42B2016 | $68.91B2025 | +8.0%/yr | |
| Total liabilities | $15.62B2016 | $49.80B2025 | +13.7%/yr | |
| Shareholders’ equity | $18.79B2016 | $18.60B2025 | −0.1%/yr | |
| Cash & short-term investments | $13.97B2016 | $11.03B2025 | −2.6%/yr | |
| Total debt | $2.76B2016 | $4.30B2025 | +5.1%/yr | |
| Net cash (debt) | $11.21B2016 | $6.73B2025 | −$4.5B | |
| Working capital | $3.08B2016 | −$6.45B2025 | −$9.5B | |
| Book value per share | $1,335.032016 | $1,460.942025 | +1.0%/yr | |
| Debt / equity | 0.152016 | 0.232025 | +0.08 | |
| Shares outstanding | 14.1M2016 | 12.7M2025 | −1.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MKL assets
MKL liabilities and equity
MKL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MKL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $11.03B | $4.19B | $4.33B | $18.66B | $18.37B | $17.06B | $14.24B | $2.40B | $14.30B | $13.97B |
| Cash & equivalents | $3.96B | $4.19B | $4.33B | $4.14B | $3.98B | $4.34B | $3.07B | $2.40B | $2.20B | $1.74B |
| Short-term investments | $7.07B | $6.86B | $16.94B | $14.53B | $14.39B | $12.72B | $11.17B | $11.12B | $12.10B | $12.23B |
| Receivables | $18.58B | $2.87B | $2.63B | $11.41B | $9.71B | $7.92B | $7.28B | $1.33B | $6.31B | $3.31B |
| Inventory | $0 | $0 | −$22.90B | −$27.08B | −$9.11B | −$9.60B | $303.1M | $298.7M | −$21.27B | −$18.43B |
| Other current assets | $3.71B | $0 | $22.90B | $0 | $11.81B | $9.60B | $0 | $0 | $6.58B | $6.46B |
| Total current assets | $33.32B | $7.06B | $6.96B | $2.99B | $30.77B | $24.98B | $21.52B | $3.72B | $5.93B | $5.32B |
| Property, plant & equipment (net) | $0 | $2.08B | $1.93B | $1.73B | $1.63B | $1.16B | $441.9M | $551.5M | $501.6M | $412.4M |
| Goodwill & intangible assets | $5.27B | $4.20B | $4.21B | $4.39B | $5.52B | $4.39B | $4.05B | $3.96B | $3.13B | $1.86B |
| Long-term investments | $32.84B | $30.05B | $26.52B | $22.20B | $23.41B | $19.71B | $18.76B | $16.84B | $18.07B | $16.97B |
| Other non-current assets | $0 | $3.95B | $3.82B | $32.14B | $0 | $0 | $0 | $2.12B | $5.17B | $9.85B |
| Total assets | $68.91B | $47.35B | $43.44B | $63.44B | $48.48B | $41.71B | $37.47B | $27.20B | $32.81B | $34.42B |
| Liabilities | ||||||||||
| Accounts payable | $1.67B | $1.43B | $1.04B | $8.66B | $7.49B | $6.23B | $5.66B | $5.40B | $4.94B | $2.24B |
| Short-term debt | $194.8M | $172.8M | $202.0M | $500.5M | $0 | $126.8M | $113.0M | $288.5M | $86.3M | $183.9M |
| Deferred revenue | $7.25B | $7.06B | $6.64B | $8.16B | $5.38B | $6.10B | $5.55B | $5.11B | $4.86B | $2.05B |
| Total current liabilities | $39.78B | — | $15.52B | $8.66B | $24.18B | $6.23B | $5.66B | $5.40B | $4.94B | $2.24B |
| Long-term debt | $4.25B | $4.29B | $3.70B | $4.10B | $4.36B | $3.48B | $3.47B | $2.72B | $3.10B | $2.57B |
| Other long-term liabilities | $5.78B | $25.59B | $24.22B | $0 | $4.74B | $0 | $63.5M | $15.21B | $0 | $0 |
| Total liabilities | $49.80B | $29.88B | $27.92B | $25.54B | $33.28B | $21.21B | $19.37B | $17.93B | $17.73B | $15.62B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $3.67B | $3.56B | $3.52B | $3.49B | $3.44B | $3.43B | $3.40B | $3.39B | $3.38B | $3.37B |
| Retained earnings (deficit) | $15.03B | $13.38B | $11.35B | $9.84B | $10.45B | $8.20B | $7.46B | $5.78B | $3.78B | $3.53B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$109.5M | −$617.1M | −$478.2M | −$857.1M | $237.6M | $584.4M | $208.8M | −$94.7M | $2.35B | $1.57B |
| Minority interest | $504.4M | $553.1M | $542.0M | $62.8M | $22.9M | $14.9M | $7.5M | $19.6M | −$2.6M | $6.5M |
| Total shareholders' equity | $18.60B | $16.92B | $14.98B | $37.90B | $14.72B | $20.50B | $18.10B | $9.08B | $15.08B | $18.79B |
| Key figures | ||||||||||
| Total debt | $4.30B | $5.65B | $4.97B | $4.60B | $4.82B | $3.61B | $3.58B | $3.01B | $3.19B | $2.76B |
| Net cash (debt) | $6.73B | −$1.45B | −$636.4M | $14.06B | $13.54B | $13.45B | $10.66B | −$613.1M | $11.11B | $11.21B |
| Working capital | −$6.45B | — | −$8.56B | −$5.68B | $6.60B | $18.75B | $15.86B | −$1.68B | $983.2M | $3.08B |
| Tangible book value | $13.32B | $12.72B | $10.77B | $33.52B | $9.20B | $16.11B | $14.06B | $5.12B | $11.95B | $16.93B |
| Book value per share | $1,460.94 | $1,297.13 | $1,120.04 | $2,790.97 | $1,066.47 | $1,483.15 | $1,304.27 | $652.21 | $1,076.60 | $1,335.03 |
| Shares outstanding | 12.7M | 13.0M | 13.4M | 13.6M | 13.8M | 13.8M | 13.9M | 13.9M | 14.0M | 14.1M |
| Current ratio | 0.84 | — | 0.45 | 0.34 | 1.27 | 4.01 | 3.80 | 0.69 | 1.20 | 2.38 |
| Quick ratio | 0.74 | — | 0.45 | 3.47 | 1.16 | 4.01 | 3.80 | 0.69 | 4.17 | 7.72 |
| Debt / equity | 0.23 | 0.33 | 0.33 | 0.12 | 0.33 | 0.18 | 0.20 | 0.33 | 0.21 | 0.15 |
| Equity / assets | 27.0% | 35.7% | 34.5% | 59.7% | 30.4% | 49.2% | 48.3% | 33.4% | 46.0% | 54.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $5.76B | $10.86B | $11.03B | $4.62B | $4.30B | $4.67B | $4.19B | $4.63B | $4.22B | $4.28B | $4.33B | $10.40B |
| Cash & equivalents | $3.42B | $3.68B | $3.96B | $4.62B | $4.30B | $4.67B | $4.19B | $4.63B | $4.22B | $4.28B | $4.33B | $4.35B |
| Short-term investments | $2.33B | $7.18B | $7.07B | $6.80B | $6.55B | $6.47B | $6.86B | $6.63B | $6.46B | $6.42B | $16.94B | $6.04B |
| Receivables | $4.13B | $19.00B | $18.58B | $4.27B | $4.55B | $4.28B | $2.87B | $3.91B | $4.23B | $3.61B | $2.63B | $12.09B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$12.37B | −$23.42B | −$7.24B | −$22.90B | −$13.01B |
| Other current assets | $4.55B | $3.77B | $3.71B | $0 | $0 | $0 | $0 | $12.37B | $23.42B | $7.24B | $22.90B | $12.08B |
| Total current assets | $14.44B | $33.64B | $33.32B | $8.89B | $8.85B | $8.96B | $7.06B | $8.54B | $8.44B | $7.89B | $6.96B | $21.55B |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $2.08B | $0 | $0 | $0 | $1.93B | $0 |
| Goodwill & intangible assets | $4.30B | $5.19B | $5.27B | $4.39B | $4.44B | $4.41B | $4.20B | $4.25B | $4.29B | $4.17B | $4.21B | $4.26B |
| Long-term investments | $33.50B | $32.27B | $32.84B | $32.16B | $31.00B | $30.07B | $30.05B | $30.01B | $28.36B | $27.71B | $26.52B | $23.78B |
| Other non-current assets | $19.02B | $0 | $0 | $5.26B | $5.15B | $5.21B | $3.95B | $5.33B | $5.19B | $5.16B | $3.82B | $3.16B |
| Total assets | $71.26B | $68.60B | $68.91B | $50.70B | $49.44B | $48.65B | $47.35B | $48.12B | $46.28B | $44.93B | $43.44B | $52.75B |
| Liabilities | ||||||||||||
| Accounts payable | $1.68B | $16.35B | $1.67B | $14.24B | $14.07B | $1.84B | $1.43B | $11.74B | $10.79B | $1.24B | $1.04B | $9.04B |
| Short-term debt | — | — | $194.8M | $0 | $0 | $0 | $172.8M | $0 | — | — | $202.0M | $171.3M |
| Deferred revenue | $7.92B | $7.23B | $7.25B | $8.23B | $9.07B | $7.69B | $7.06B | $7.89B | $4.57B | $4.37B | $4.28B | $8.87B |
| Total current liabilities | $9.60B | $40.22B | $39.78B | — | — | — | — | $16.58B | $16.31B | $15.81B | $15.52B | $9.04B |
| Long-term debt | $4.37B | $4.38B | $4.30B | $4.28B | $4.36B | $4.39B | $4.33B | $4.36B | $4.40B | $3.86B | $3.78B | $3.77B |
| Other long-term liabilities | $37.82B | $5.35B | $5.72B | $27.82B | $27.20B | $26.51B | $25.55B | $26.10B | $25.46B | $24.75B | $24.14B | $0 |
| Total liabilities | $52.26B | $49.95B | $49.80B | $32.10B | $31.57B | $30.90B | $29.88B | $30.46B | $29.85B | $28.61B | $27.92B | $26.98B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $3.72B | $3.71B | $3.67B | $3.67B | $3.66B | $3.58B | $3.56B | $3.55B | $3.55B | $3.55B | $3.52B | $3.52B |
| Retained earnings (deficit) | $15.59B | $14.66B | $15.03B | $14.51B | $13.84B | $13.36B | $13.38B | $13.06B | $12.33B | $12.18B | $11.35B | $10.78B |
| Accumulated other comprehensive income | −$305.1M | −$237.6M | −$109.5M | −$139.0M | −$180.8M | −$391.1M | −$617.1M | −$193.9M | −$618.4M | −$595.0M | −$478.2M | −$890.8M |
| Minority interest | $465.9M | $518.1M | $504.4M | $554.7M | $550.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $19.01B | $18.13B | $18.60B | $18.04B | $17.32B | $17.15B | $16.92B | $17.01B | $15.85B | $15.73B | $14.98B | $14.00B |
| Key figures | ||||||||||||
| Total debt | $4.37B | $4.38B | $4.30B | $4.28B | $4.36B | $4.39B | $5.65B | $4.36B | $4.40B | $3.86B | $4.97B | $3.94B |
| Net cash (debt) | $1.39B | $6.48B | $6.73B | $332.1M | −$69.1M | $284.4M | −$1.45B | $270.5M | −$183.9M | $421.2M | −$636.4M | $6.46B |
| Working capital | $4.84B | −$6.58B | −$6.45B | — | — | — | — | −$8.04B | −$7.87B | −$7.92B | −$8.56B | $12.51B |
| Tangible book value | $14.71B | $12.94B | $13.32B | $13.65B | $12.87B | $12.74B | $12.72B | $12.77B | $11.56B | $11.56B | $10.77B | $9.74B |
| Book value per share | $1,692.01 | $1,614.24 | $1,571.82 | $1,417.18 | $1,360.42 | $1,335.87 | $1,308.57 | $1,307.08 | $1,211.68 | $1,195.36 | $1,127.80 | $1,049.02 |
| Shares outstanding | 11.2M | 11.2M | 11.8M | 12.7M | 12.7M | 12.8M | 12.9M | 13.0M | 13.1M | 13.2M | 13.3M | 13.3M |
| Current ratio | 1.50 | 0.84 | 0.84 | — | — | — | — | 0.51 | 0.52 | 0.50 | 0.45 | 2.38 |
| Quick ratio | 1.03 | 0.74 | 0.74 | — | — | — | — | 0.51 | 0.52 | 0.50 | 0.45 | 2.49 |
| Debt / equity | 0.23 | 0.24 | 0.23 | 0.24 | 0.25 | 0.26 | 0.33 | 0.26 | 0.28 | 0.25 | 0.33 | 0.28 |
| Equity / assets | 26.7% | 26.4% | 27.0% | 35.6% | 35.0% | 35.3% | 35.7% | 35.4% | 34.2% | 35.0% | 34.5% | 26.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
MKL financial position
At the end of fiscal 2025 (December 31, 2025), Markel had total assets of $68.9 billion (up 45.5% from a year earlier), total liabilities of $49.8 billion and shareholders' equity of $18.6 billion. It held $11.0 billion in cash and short-term investments against $4.3 billion of debt, a net cash position of $6.7 billion. Its current ratio was 0.84. In the latest quarter (ended June 30, 2026) total assets were $71.3 billion and equity $19.0 billion.
Related: MKL income statement, MKL cash flow statement, MKL key metrics. See the MKL stock overview for the latest quote and news.
MKL balance sheet FAQ
What are Markel's total assets?
Markel reported total assets of $68.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $47.3 billion a year earlier.
How much debt does Markel have?
Markel had $4.3 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.23.
How much cash does Markel have?
Markel held $11.0 billion in cash and short-term investments at the end of fiscal 2025; with $4.3 billion of debt that is net cash of $6.7 billion.
What is Markel's book value?
Markel's shareholders' equity (book value) was $18.6 billion at the end of fiscal 2025, or $1,460.94 per share.
What is Markel's current ratio?
Markel had current assets of $33.3 billion and current liabilities of $39.8 billion, a current ratio of 0.84 (current liabilities exceed current assets).
How much goodwill does Markel have?
Markel carried $5.3 billion of goodwill and intangible assets, 7.7% of total assets, at the end of fiscal 2025.