Markel Corporation Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Markel Corporation has an operating margin of 22.3%, meaning the company retains $22 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 18.5% the prior year.
Markel Corporation's revenue grew 5.2% year-over-year to $16.6B, a solid pace of expansion. This earns a growth score of 43/100.
Markel Corporation carries a low D/E ratio of 0.26, meaning only $0.26 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Markel Corporation converts 14.1% of revenue into free cash flow ($2.3B). This strong cash generation earns a score of 70/100.
Markel Corporation earns a strong 16.2% return on equity (ROE), meaning it generates $16 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 65/100. This is up from 13.3% the prior year.
Markel Corporation passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Markel Corporation generates $0.94 in operating cash flow ($2.6B OCF vs $2.7B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Markel Corporation earns $18.2 in operating income for every $1 of interest expense ($3.7B vs $204.3M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
This page shows Markel Corporation (MKL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Markel Corporation generated $16.6B in revenue in fiscal year 2024. This represents an increase of 5.2% from the prior year.
Markel Corporation's EBITDA was $4.1B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 24.8% from the prior year.
Markel Corporation generated $2.3B in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 7.5% from the prior year.
Markel Corporation reported $2.7B in net income in fiscal year 2024. This represents an increase of 37.6% from the prior year.
Markel Corporation earned $199.32 per diluted share (EPS) in fiscal year 2024. This represents an increase of 35.6% from the prior year.
Markel Corporation held $3.7B in cash against $4.3B in long-term debt as of fiscal year 2024.
Markel Corporation had 13M shares outstanding in fiscal year 2024. This represents a decrease of 2.6% from the prior year.
Markel Corporation's operating margin was 22.3% in fiscal year 2024, reflecting core business profitability. This is up 3.8 percentage points from the prior year.
Markel Corporation's net profit margin was 16.5% in fiscal year 2024, showing the share of revenue converted to profit. This is up 3.9 percentage points from the prior year.
Markel Corporation's ROE was 16.2% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 2.9 percentage points from the prior year.
Markel Corporation spent $572.7M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 28.6% from the prior year.
Markel Corporation invested $255.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 1.4% from the prior year.
MKL Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.9B-14.5% | $4.6B+35.4% | $3.4B-28.6% | $4.8B+28.5% | $3.7B-17.1% | $4.5B-3.8% | $4.6B+37.5% | $3.4B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $1.0B-8.8% | $1.1B+291.9% | $282.5M-52.6% | $595.5M+45.2% | $410.0M-69.3% | $1.3B+18.0% | $1.1B+1454.8% | $72.8M |
| Interest Expense | $50.7M-4.5% | $53.1M+1.8% | $52.1M-1.2% | $52.8M+0.4% | $52.6M+15.5% | $45.5M+3.8% | $43.9M-1.5% | $44.6M |
| Income Tax | $214.7M+15.9% | $185.2M+551.9% | $28.4M-82.5% | $162.1M+112.6% | $76.2M-73.9% | $292.6M+37.5% | $212.7M+1394.3% | $14.2M |
| Net Income | $751.3M+14.3% | $657.1M+439.9% | $121.7M-77.8% | $549.2M+105.1% | $267.7M-73.9% | $1.0B+33.3% | $769.3M+1706.3% | $42.6M |
| EPS (Diluted) | $59.25+19.3% | $49.67+311.2% | $12.08-69.0% | $39.02+109.6% | $18.62-75.3% | $75.43+33.5% | $56.49+1699.0% | $3.14 |
MKL Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $67.4B+0.9% | $66.8B+3.4% | $64.6B+4.4% | $61.9B+3.7% | $59.7B+4.2% | $57.3B+4.1% | $55.0B+4.4% | $52.7B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $4.0B+8.8% | $3.7B-11.3% | $4.2B+13.6% | $3.7B+5.2% | $3.5B-3.2% | $3.6B-3.2% | $3.7B-14.0% | $4.4B |
| Inventory | N/A | N/A | N/A | $631.5M | N/A | N/A | $617.2M | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $2.8B-0.2% | $2.8B+2.0% | $2.8B+1.3% | $2.7B-0.1% | $2.7B+4.3% | $2.6B+0.1% | $2.6B0.0% | $2.6B |
| Total Liabilities | $48.8B-0.3% | $48.9B+4.4% | $46.9B+5.5% | $44.4B+2.6% | $43.3B+5.7% | $41.0B+3.7% | $39.5B+3.4% | $38.2B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $4.3B-1.8% | $4.4B-0.6% | $4.4B+1.4% | $4.3B-1.6% | $4.4B+14.1% | $3.9B+2.0% | $3.8B+0.3% | $3.8B |
| Total Equity | $18.0B+4.2% | $17.3B+1.0% | $17.1B+1.4% | $16.9B+6.7% | $15.9B+0.8% | $15.7B+5.0% | $15.0B+7.0% | $14.0B |
| Retained Earnings | $14.5B+4.9% | $13.8B+3.6% | $13.4B-0.1% | $13.4B+8.5% | $12.3B+1.2% | $12.2B+7.3% | $11.4B+5.3% | $10.8B |
MKL Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.2B+141.6% | $504.4M+34.1% | $376.2M-23.8% | $493.9M-14.6% | $578.6M-8.3% | $630.7M-23.3% | $822.5M-13.9% | $955.7M |
| Capital Expenditures | $52.4M+3.5% | $50.6M+24.4% | $40.7M-44.9% | $74.0M+29.3% | $57.2M-20.5% | $72.0M-30.5% | $103.5M+36.9% | $75.6M |
| Free Cash Flow | $1.2B+157.0% | $453.8M+35.3% | $335.5M-20.1% | $420.0M-19.5% | $521.4M-6.7% | $558.7M-22.3% | $719.0M-18.3% | $880.0M |
| Investing Cash Flow | -$719.3M-557.4% | -$109.4M-156.7% | $192.8M+137.5% | -$514.3M+48.3% | -$994.1M-76.2% | -$564.2M+58.5% | -$1.4B-40.4% | -$969.1M |
| Financing Cash Flow | -$170.8M+79.2% | -$822.0M-676.9% | -$105.8M+70.9% | -$363.6M-201.6% | $357.9M+448.4% | -$102.7M+48.7% | -$200.4M-18.3% | -$169.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $74.4M-25.1% | $99.4M-41.7% | $170.3M-7.3% | $183.6M+84.9% | $99.3M-38.3% | $160.9M-8.5% | $175.9M+113.4% | $82.4M |
MKL Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 25.7%+1.6pp | 24.1%+15.8pp | 8.3%-4.2pp | 12.5%+1.4pp | 11.1%-18.8pp | 29.9%+5.5pp | 24.4%+22.2pp | 2.2% |
| Net Margin | 19.1%+4.8pp | 14.3%+10.7pp | 3.6%-8.0pp | 11.5%+4.3pp | 7.2%-15.7pp | 22.9%+6.4pp | 16.6%+15.3pp | 1.3% |
| Return on Equity | 4.2%+0.4pp | 3.8%+3.1pp | 0.7%-2.5pp | 3.3%+1.6pp | 1.7%-4.8pp | 6.5%+1.4pp | 5.1%+4.8pp | 0.3% |
| Return on Assets | 1.1%+0.1pp | 1.0%+0.8pp | 0.2%-0.7pp | 0.9%+0.4pp | 0.4%-1.3pp | 1.8%+0.4pp | 1.4%+1.3pp | 0.1% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.24-0.0 | 0.250.0 | 0.260.0 | 0.26-0.0 | 0.28+0.0 | 0.250.0 | 0.25-0.0 | 0.27 |
| FCF Margin | 29.6%+19.8pp | 9.9%-0.0pp | 9.9%+1.0pp | 8.8%-5.3pp | 14.1%+1.6pp | 12.5%-3.0pp | 15.5%-10.6pp | 26.1% |
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Frequently Asked Questions
What is Markel Corporation's annual revenue?
Markel Corporation (MKL) reported $16.6B in total revenue for fiscal year 2024. This represents a 5.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Markel Corporation's revenue growing?
Markel Corporation (MKL) revenue grew by 5.2% year-over-year, from $15.8B to $16.6B in fiscal year 2024.
Is Markel Corporation profitable?
Yes, Markel Corporation (MKL) reported a net income of $2.7B in fiscal year 2024, with a net profit margin of 16.5%.
What is Markel Corporation's earnings per share (EPS)?
Markel Corporation (MKL) reported diluted earnings per share of $199.32 for fiscal year 2024. This represents a 35.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Markel Corporation's EBITDA?
Markel Corporation (MKL) had EBITDA of $4.1B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Markel Corporation have?
As of fiscal year 2024, Markel Corporation (MKL) had $3.7B in cash and equivalents against $4.3B in long-term debt.
What is Markel Corporation's operating margin?
Markel Corporation (MKL) had an operating margin of 22.3% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Markel Corporation's net profit margin?
Markel Corporation (MKL) had a net profit margin of 16.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Markel Corporation's return on equity (ROE)?
Markel Corporation (MKL) has a return on equity of 16.2% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Markel Corporation's free cash flow?
Markel Corporation (MKL) generated $2.3B in free cash flow during fiscal year 2024. This represents a -7.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Markel Corporation's operating cash flow?
Markel Corporation (MKL) generated $2.6B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Markel Corporation's total assets?
Markel Corporation (MKL) had $61.9B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Markel Corporation's capital expenditures?
Markel Corporation (MKL) invested $255.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
Does Markel Corporation buy back shares?
Yes, Markel Corporation (MKL) spent $572.7M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Markel Corporation have outstanding?
Markel Corporation (MKL) had 13M shares outstanding as of fiscal year 2024.
What is Markel Corporation's debt-to-equity ratio?
Markel Corporation (MKL) had a debt-to-equity ratio of 0.26 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Markel Corporation's return on assets (ROA)?
Markel Corporation (MKL) had a return on assets of 4.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Markel Corporation's Piotroski F-Score?
Markel Corporation (MKL) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Markel Corporation's earnings high quality?
Markel Corporation (MKL) has an earnings quality ratio of 0.94x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Markel Corporation cover its interest payments?
Markel Corporation (MKL) has an interest coverage ratio of 18.2x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Markel Corporation?
Markel Corporation (MKL) scores 76 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.