Markel Group Inc. (MKL) intrinsic value & 10-year financials
Markel Group Inc. (MKL) has a Graham intrinsic value of $5,620.76 per share. At $1,850.13 on Oct 17, 2026, the stock trades 67% below that value. Over the last 10 fiscal years revenue grew 31.6% a year to $15.5B, with an average return on invested capital of 10.2%.
- Graham intrinsic value
- $5,620.76
- Share price (Oct 17, 2026)
- $1,850.13
- Price vs Graham value
- 67% below
- Market cap
- $23.4B
- Revenue (FY2025)
- $15.5B
- Revenue growth (10-yr CAGR)
- 31.6%
- ROIC (10-yr avg)
- 10.2%
- Free cash flow (FY2025)
- $2.6B
MKL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $15.5B | $2.1B | $169.22 | $2.6B | 20.6% | 13.7% |
| FY2024 | $16.6B | $2.7B | $199.32 | $2.3B | 22.3% | 17.7% |
| FY2023 | $15.8B | $2.0B | $146.98 | $2.5B | 18.5% | 16.4% |
| FY2022 | $5.2B | -$214.1M | -$23.57 | $2.5B | -1.8% | -0.5% |
| FY2021 | $4.0B | $2.4B | $176.51 | $2.1B | 81.3% | 18.7% |
| FY2020 | $3.1B | $816.0M | $55.63 | $1.6B | 40.7% | 9.0% |
| FY2019 | $2.4B | $1.8B | $129.07 | $1.2B | 102.3% | 18.0% |
| FY2018 | $2.1B | -$128.2M | -$9.55 | $786.3M | 1.9% | 0.4% |
| FY2017 | $1.4B | $395.3M | $25.81 | $783.9M | 15.5% | 2.2% |
| FY2016 | $1.3B | $455.7M | $31.27 | $470.9M | 61.5% | 6.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MARKEL GROUP INC. is a consistent compounder, expanding top-line revenue at 31.6% annually over the past decade.
MARKEL GROUP INC. returns on capital have been average, hovering around 10.2% ROIC over the decade.
Over the decade, MARKEL GROUP INC. shows that management has aggressively returned capital to shareholders by retiring 10.2% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MARKEL GROUP INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $5620.76 per share.