Markel Corporation (MKL) Key Metrics
MKL valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $22.92B
- Enterprise value
- $22.53B
- P/E (TTM)
- 10.2 10-yr median 11.3
- Forward P/E
- 15.2
- PEG ratio
- 2.34
- Price / sales
- 1.4 10-yr median 1.6
- Price / book
- 1.1 10-yr median 1.1
- EV / EBITDA
- — 10-yr median 6.0
- Dividend yield
- —
- Beta
- 0.64
MKL key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMKL valuation Price multiples at each fiscal year-end price.
MKL returns How much profit the business earns on the capital it uses.
MKL per-share figures Results divided by the shares outstanding at year-end.
MKL financial health Debt, liquidity and how easily interest is covered.
MKL efficiency & capital use Working capital cycle and where the cash goes.
MKL valuation history
MKL returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MKL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MKL cash returned to shareholders
MKL price vs earnings per share
MKL key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $27.37B | $22.51B | $19.00B | $17.89B | $17.03B | $14.28B | $15.87B | $14.45B | $15.95B | $12.73B |
| Enterprise value | $20.64B | $23.97B | $19.63B | $3.83B | $3.49B | $836.6M | $5.21B | $15.07B | $4.84B | $1.53B |
| P/E ratio | 13.0 | 8.2 | 9.5 | — | 7.0 | 17.5 | 8.9 | — | 40.4 | 27.9 |
| Price / sales | 1.6 | 1.3 | 1.2 | 1.5 | 1.3 | 1.5 | 1.7 | 2.1 | 2.6 | 2.3 |
| Price / book | 1.5 | 1.3 | 1.3 | 0.5 | 1.2 | 0.7 | 0.9 | 1.6 | 1.1 | 0.7 |
| Price / free cash flow | 10.7 | 9.6 | 7.5 | 7.3 | 8.0 | 8.7 | 13.8 | 18.4 | 20.4 | 27.0 |
| Price / operating cash flow | 9.9 | 8.7 | 6.8 | 6.6 | 7.5 | 8.2 | 12.5 | 16.2 | 18.6 | 23.8 |
| EV / sales | 1.2 | 1.4 | 1.2 | 0.3 | 0.3 | 0.1 | 0.5 | 2.2 | 0.8 | 0.3 |
| EV / EBITDA | 6.3 | 5.7 | 6.2 | 10.8 | 1.0 | 0.6 | 1.9 | 40.3 | 11.4 | 1.6 |
| EV / free cash flow | 8.1 | 10.2 | 7.8 | 1.6 | 1.6 | 0.5 | 4.5 | 19.2 | 6.2 | 3.2 |
| Earnings yield | 7.7% | 12.2% | 10.5% | −1.2% | 14.2% | 5.7% | 11.3% | −0.9% | 2.5% | 3.6% |
| Free cash flow yield | 9.3% | 10.4% | 13.3% | 13.7% | 12.5% | 11.5% | 7.3% | 5.4% | 4.9% | 3.7% |
| Dividend yield | 2.3% | 0.2% | 0.2% | 0.2% | 0.2% | 0.1% | 0.1% | 0.1% | 4.2% | 4.4% |
| Shareholder yield (dividends + buybacks) | 3.8% | 2.7% | 2.5% | 1.8% | 1.4% | 0.3% | 0.8% | 0.4% | 4.9% | 4.8% |
| Share price at fiscal year-end | $2,149.65 | $1,726.23 | $1,419.90 | $1,317.49 | $1,234.00 | $1,033.30 | $1,143.17 | $1,038.05 | $1,139.13 | $904.50 |
| Per share | ||||||||||
| Revenue per share | $1,303.17 | $1,284.43 | $1,174.58 | $869.89 | $936.11 | $697.33 | $685.80 | $499.16 | $433.01 | $398.55 |
| Earnings per share | $165.52 | $210.65 | $149.20 | −$15.93 | $175.59 | $59.03 | $128.99 | −$9.21 | $28.22 | $32.37 |
| Operating cash flow per share | $216.91 | $198.91 | $208.31 | $199.52 | $164.79 | $125.70 | $91.79 | $64.13 | $61.30 | $37.98 |
| Free cash flow per share | $200.66 | $179.36 | $188.98 | $180.76 | $154.26 | $118.37 | $82.90 | $56.47 | $55.97 | $33.45 |
| Cash per share | $866.57 | $321.47 | $323.82 | $1,374.34 | $1,330.85 | $1,234.00 | $1,025.86 | $172.12 | $1,021.00 | $992.07 |
| 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 |
| Tangible book value per share | $1,046.59 | $975.42 | $805.09 | $2,467.97 | $666.78 | $1,165.75 | $1,012.72 | $367.48 | $852.90 | $1,202.57 |
| Dividends per share | $48.55 | $2.76 | $2.69 | $2.65 | $2.61 | $1.33 | $0.65 | $0.66 | $47.46 | $39.73 |
| Capex per share | $16.25 | $19.55 | $19.33 | $18.76 | $10.53 | $7.33 | $8.89 | $7.66 | $5.33 | $4.52 |
| Debt per share | $338.08 | $433.04 | $371.38 | $339.04 | $349.47 | $261.22 | $258.17 | $216.16 | $227.44 | $195.94 |
| Shares outstanding | 12.7M | 13.0M | 13.4M | 13.6M | 13.8M | 13.8M | 13.9M | 13.9M | 14.0M | 14.1M |
| Change in shares outstanding | −2.4% | −2.5% | −1.5% | −1.6% | −0.2% | −0.4% | −0.3% | −0.6% | −0.5% | +0.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 11.9% | 17.2% | 7.5% | −0.8% | 13.8% | 4.2% | 13.2% | −1.1% | 2.3% | 3.4% |
| Return on invested capital (ROIC) | 14.2% | 16.8% | 10.6% | −1.0% | 59.4% | 11.5% | 21.0% | −0.1% | 1.5% | 14.6% |
| Return on assets (ROA) | 3.6% | 6.1% | 3.7% | −0.4% | 5.4% | 2.1% | 5.5% | −0.4% | 1.2% | 1.5% |
| Return on tangible assets | 3.3% | 6.4% | 5.1% | −0.4% | 5.6% | 2.2% | 5.4% | −0.6% | 1.3% | 1.4% |
| Free cash flow margin | 15.4% | 14.0% | 16.1% | 20.8% | 16.5% | 17.0% | 12.1% | 11.3% | 12.9% | 8.4% |
| Income quality (OCF / net income) | 1.31 | 0.94 | 1.40 | — | 0.94 | 2.13 | 0.71 | — | 2.17 | 1.17 |
| Financial health | ||||||||||
| Total debt | $4.30B | $5.65B | $4.97B | $4.60B | $4.82B | $3.61B | $3.58B | $3.01B | $3.19B | $2.76B |
| Cash & short-term investments | $11.03B | $4.19B | $4.33B | $18.66B | $18.37B | $17.06B | $14.24B | $2.40B | $14.30B | $13.97B |
| Net debt | −$6.73B | $1.45B | $636.4M | −$14.06B | −$13.54B | −$13.45B | −$10.66B | $613.1M | −$11.11B | −$11.21B |
| Debt / equity | 0.23 | 0.33 | 0.33 | 0.12 | 0.33 | 0.18 | 0.20 | 0.33 | 0.21 | 0.15 |
| Debt / assets | 0.06 | 0.12 | 0.11 | 0.07 | 0.10 | 0.09 | 0.10 | 0.11 | 0.10 | 0.08 |
| Net debt / EBITDA | −2.05 | 0.35 | 0.20 | −39.72 | −3.71 | −9.05 | −3.91 | 1.64 | −26.24 | −11.75 |
| Current ratio | 0.84 | — | 0.45 | 0.34 | 1.27 | 4.01 | 3.80 | 0.69 | 1.20 | 2.38 |
| Quick ratio | 0.84 | — | 1.92 | 3.47 | 1.65 | 5.55 | 3.75 | 0.63 | 5.50 | 10.61 |
| Interest coverage | 13.3 | 17.8 | 14.3 | -0.8 | 17.0 | 5.6 | 13.3 | -0.1 | 0.7 | 4.8 |
| Working capital | −$6.45B | — | −$8.56B | −$5.68B | $6.60B | $18.75B | $15.86B | −$1.68B | $983.2M | $3.08B |
| Invested capital | $11.87B | $18.37B | $15.62B | $23.84B | $1.17B | $7.05B | $7.45B | $9.69B | $3.96B | $7.59B |
| Tangible asset value | $13.83B | $13.27B | $11.31B | $33.52B | $9.69B | $16.11B | $14.06B | $5.31B | $11.95B | $16.93B |
| Net current asset value | −$16.48B | −$22.81B | −$20.96B | −$22.55B | −$2.50B | $3.77B | $2.15B | −$14.20B | −$11.80B | −$10.31B |
| Graham number | $2,332.53 | $2,479.47 | $1,939.10 | — | $2,052.65 | $1,403.57 | $1,945.57 | — | $826.81 | $986.05 |
| Graham net-net per share | −$1,950.97 | −$1,804.44 | −$2,471.93 | −$873.58 | −$883.04 | −$217.76 | $34.77 | −$1,033.30 | −$665.84 | −$595.53 |
| Capital allocation | ||||||||||
| Dividends paid | $618.0M | $36.0M | $36.0M | $36.0M | $36.0M | $18.4M | $9.0M | $9.2M | $664.7M | $559.3M |
| Share buybacks (net) | $429.5M | $572.7M | $445.5M | $290.8M | $206.5M | $26.8M | $116.3M | $54.0M | $110.8M | $51.1M |
| Dividend payout ratio | 29.3% | 1.3% | 1.8% | — | 1.5% | 2.3% | 0.5% | — | 168.2% | 122.7% |
| Dividends + buybacks / free cash flow | 41.0% | 26.0% | 19.0% | 13.3% | 11.4% | 2.8% | 10.9% | 8.0% | 98.9% | 129.6% |
| Capex / revenue | 1.2% | 1.5% | 1.6% | 2.2% | 1.1% | 1.1% | 1.3% | 1.5% | 1.2% | 1.1% |
| Capex / operating cash flow | 7.5% | 9.8% | 9.3% | 9.4% | 6.4% | 5.8% | 9.7% | 11.9% | 8.7% | 11.9% |
| Capex / depreciation | 0.59 | 0.74 | 0.81 | 0.69 | 0.43 | 0.33 | 0.46 | 0.47 | 0.37 | 0.33 |
| Stock-based compensation / revenue | — | — | −4.8% | — | −15.9% | −5.4% | −16.8% | 7.6% | 0.2% | 0.3% |
| SG&A / revenue | — | — | — | — | — | — | 7.1% | 6.8% | 7.6% | 7.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 236.0 | 59.9 | 163.0 | 326.2 | 249.0 | 287.8 | 165.0 | 200.6 | 289.7 | 211.2 |
| Days of inventory on hand | — | — | -1,195.1 | -785.7 | -486.1 | -271.1 | 23.5 | -889.0 | -1,717.2 | -1,035.0 |
| Days payables outstanding | 111.5 | 60.4 | 232.0 | 350.7 | 356.5 | 346.8 | 432.4 | 438.5 | 310.7 | 251.6 |
| Cash conversion cycle (days) | 124.5 | -0.5 | -1,264.1 | -810.2 | -593.5 | -330.1 | -243.9 | -1,126.8 | -1,738.2 | -1,075.4 |
| Receivables turnover | 1.55 | 6.10 | 2.24 | 1.12 | 1.47 | 1.27 | 2.21 | 1.82 | 1.26 | 1.73 |
| Payables turnover | 3.27 | 6.05 | 1.57 | 1.04 | 1.02 | 1.05 | 0.84 | 0.83 | 1.17 | 1.45 |
| Inventory turnover | — | — | — | — | — | — | 15.51 | — | — | — |
| Asset turnover | 0.29 | 0.37 | 0.29 | 0.21 | 0.29 | 0.24 | 0.29 | 0.23 | 0.18 | 0.19 |
| Average receivables | $10.73B | $2.75B | $7.02B | $10.56B | $8.81B | $7.60B | $4.30B | $3.82B | $4.81B | $3.25B |
| Average payables | $1.55B | $1.24B | $4.85B | $8.08B | $6.86B | $5.95B | $5.53B | $5.17B | $3.59B | $2.24B |
| Average inventory | — | — | −$24.99B | −$18.10B | −$9.36B | −$4.65B | $300.9M | −$10.49B | −$19.85B | −$9.21B |
| Intangibles / total assets | 7.7% | 8.9% | 9.7% | 6.9% | 11.4% | 10.5% | 10.8% | 14.6% | 9.6% | 5.4% |
Computed from MKL's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MKL valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Markel traded at 13.0 times earnings, against a 10-year median of 11.3. Based on the latest twelve months, the trailing P/E is 10.2 and the forward P/E is 15.2. Markel earned a return on equity of 11.9% and a return on invested capital of 14.2% in fiscal 2025. It ended the year with $4.3 billion of debt and $11.0 billion in cash and short-term investments, a net cash position of $6.7 billion. It returned $1.0 billion to shareholders: $618.0 million in dividends and $429.5 million in share buybacks, 41% of free cash flow. The share count fell 9.6% from 14.1M to 12.7M over 9 years.
See the MKL income statement, the MKL chart for price history, or the MKL stock overview for the latest quote and news.
MKL key metrics FAQ
What is Markel's P/E ratio?
Markel's trailing P/E ratio is 10.2 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 15.2. At the end of fiscal 2025 it was 13.0, compared with a 10-year median of 11.3.
What is Markel's EV/EBITDA?
Markel's enterprise value was 6.3 times EBITDA at the end of fiscal 2025 (enterprise value $20.6 billion, EBITDA $3.3 billion).
What is Markel's return on equity?
Markel's return on equity (ROE) was 11.9% in fiscal 2025: net income of $2.1 billion on average shareholders' equity of $17.8 billion.
What is Markel's ROIC?
Markel's return on invested capital was 14.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Markel have?
Markel had total debt of $4.3 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.23 and more cash than debt.
What is Markel's dividend yield?
Markel paid $618.0 million in dividends in fiscal 2025 ($48.55 per share), a payout ratio of 29.3%.
Does Markel buy back its shares?
Yes. Markel spent $429.5 million on net share repurchases in fiscal 2025 Shares outstanding changed −2.4% over the year, to 12.7M..
What is Markel's free cash flow yield?
Markel generated $2.6 billion of free cash flow in fiscal 2025, a free cash flow yield of 9.3% on its market value at year-end ($27.4 billion).
What is Markel's current ratio?
Markel's current ratio was 0.84 at the end of fiscal 2025: current assets were 0.84 times current liabilities.