# Markel Group Inc. (MKL)

> Source: Nexqual · https://nexqual.com/MKL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Markel Group Inc. (MKL), nexqual.com/MKL" · informational, not investment advice.

**Price:** USD 1,905.39 (+1.79% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 1,871.94 · day 1,872.75–1,909.28 · 52w 1,704.17–2,207.59 · market cap $23.6B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $15.5B, net income $2.28B (14.7% margin), free cash flow $2.12B (SEC filings).
- Valuation: P/E 10.3x (avg 10.2x at the last 3 fiscal year-ends), net debt $945M.
- 4 of 80 tracked superinvestors hold MKL (13F, Q2 2026): 0 new, 1 added, 3 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $140K; 1 not under a Rule 10b5-1 plan ($140K); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $371K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.86 on a 1–5 scale) (7 analysts), mean target USD 1,951.5 (range 1,532–2,107).
- Total return with dividends: 1Y +0.5% vs S&P 500 +14.9%; 5Y +44.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 27.76, revenue estimate $3.78B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $12.8B | $11.7B | $14.3B | $14.8B | $15.5B | $15.5B |
| Operating income | $3.24B | -$93.3M | $2.93B | $3.71B | $3.19B | $3.09B |
| Net income | $2.42B | -$216M | $2.00B | $2.75B | $2.11B | $2.28B |
| EPS (diluted) | $176.38 | -$23.72 | $146.98 | $199.32 | $169.22 | — |
| Free cash flow | $2.13B | $2.45B | $2.53B | $2.34B | $2.55B | $2.12B |
| Operating margin | 25.2% | -0.8% | 20.5% | 25.1% | 20.6% | 19.9% |
| Net margin | 18.9% | -1.9% | 14.0% | 18.5% | 13.6% | 14.7% |
| Revenue growth | +32.0% | -9.1% | +22.3% | +3.7% | +4.7% | — |
| Cash + short-term investments | $3.98B | $4.14B | $3.75B | $3.69B | $3.96B | — |
| Total debt | $4.36B | $4.10B | $3.78B | $4.33B | $4.30B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 10.3x · P/S 1.5x · EV/Sales 1.6x · P/FCF 11.1x · P/B 1.2x · FCF yield 8.97% · Earnings yield 9.68% · Buyback yield (TTM) 2.25% · Net debt $945M · EV $24.6B
P/E at fiscal year-ends: Dec 2025 12.9x, Dec 2024 8.2x, Dec 2023 9.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold MKL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Josh Tarasoff | Greenlea Lane Capital | 10.89% | $39.7M | Reduced -10.0% |
| Christopher Davis | Davis Advisors | 3.41% | $794M | Added +6.1% |
| Francois Rochon | Giverny Capital | 2.03% | $60.3M | Reduced -28.1% |
| Thomas Russo | Gardner Russo & Quinn | 0.09% | $8.3M | Reduced -13.9% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-22 | Harris Greta J | Director | 76 | $140K | 10.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $371K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-06…2026-05-07 | Leopold Diane | Director | 150 | $269K | 1,791.47 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-01 | Puckett A. Lynne | Director | 57 | $102K | 1,795.53 | Too little history (no open-market trades in 2025) |

## Analysts
Consensus Hold (mean 2.86 on a 1–5 scale), 7 analysts; mean target USD 1,951.5 (low 1,532, high 2,107).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +0.5% | +44.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +0.5% | +7.6% |
| Volatility (annualized) | 19.7% | 21.8% |
| Max drawdown | -21.9% (Dec 2025→Sep 2026) | -27.8% (Mar 2022→Sep 2022) |

## Peers (Insurance - Property & Casualty)
L (Loews Corporation) USD 113.68 +1.75% · CINF (Cincinnati Financial Corporatio) USD 178.28 +2.68% · WRB (W.R. Berkley Corporation) USD 75.55 +1.63% · AIZ (Assurant, Inc.) USD 288.85 +1.60% · CNA (CNA Financial Corporation) USD 49.39 +2.21% · AFG (American Financial Group, Inc.) USD 153.46 +2.53%

## More
Full page: https://nexqual.com/MKL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MKL's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1096343/000109634326000020/mkl-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Markel International Insurance Company | "We utilize Syndicate 3000, MIICL, and Markel Insurance SE (MISE), a regulated insurance carrier located in Munich, Germany, to enable these writings." |
| Related party | Hagerty, Inc. (HGTY) | "See note 18 for further details regarding related party transactions with Hagerty." |

Other companies that name MKL in their own reports (relationship from MKL's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Hagerty, Inc. (HGTY) | 10-K 2026-02-26 | "Beginning with this Annual Report, we present our Consolidated Financial Statements in accordance with Article 7 of Regulation S-X, reflecting the continued expansion of our insurance operations, incl…" |
| partner | HIGHWOODS PROPERTIES, INC. (HIW) | 10-K 2026-02-10 | "In 2025, we sold our 50.0% interest in the Highwoods-Markel Associates, LLC joint venture (the "Markel joint venture") to Markel Corporation ("Markel")." |

## Company outlook (8-K filed 2026-02-04)

- "More information on the 2026 Reunion, including a sign-up form to receive event updates, is available at mklreunion.com. 7 Safe Harbor and Cautionary Statement This release, and any related oral statements, contain statements concerning or incorporating our expectations, assumptions, plans, objectives, future financial or operating performance and other statements that are not historical facts."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $27.76 | $27.41 | +1.3% | $3.78B | 5 |
| Next quarter (ends 2026-12-31) | $28.11 | $27.91 | +0.7% | $3.80B | 4 |
| Current fiscal year (ends 2026-12-31) | $97.11 | $107.67 | -9.8% | $15.85B | 6 |
| Next fiscal year (ends 2027-12-31) | $114.29 | $116.96 | -2.3% | $15.91B | 6 |