LLOEWS CORP

Fire, Marine & Casualty Insurance

Revenue: $3.2B; 9.7% YoY
Operating margin: —
EBITDA: —
Market cap: $37.5B
Employees: —
Net debt / EBITDA: —; $7.9B net debt
AI in 10-K: 1.8; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
197% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
26% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.8 per 10K words · 52nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$37.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$38M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.0B	$2.1B	$2.4B	$2.9B	$3.2B	9.7%
Net income	$1.6B	$822M	$1.4B	$1.4B	$1.7B	18%
Operating cash flow	$2.6B	$3.3B	$3.9B	$3.0B	$3.3B	8.4%
Capex	$482M	$660M	$686M	$632M	$579M	8.4%
Stock-based comp	$33M	$34M	$36M	$39M	$41M	5.1%
Buybacks	$1.1B	$729M	$849M	$608M	$806M	33%
Dividends	$65M	$61M	$57M	$55M	$52M	5.5%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 7, 2026	TISCH ANDREW H	SCHEDULE 13D/A	7.3%	Passive
Aug 7, 2026	TISCH JAMES S	SCHEDULE 13D/A	8.4%	Passive
Sep 16, 2022	TISCH JAMES S	SC 13D/A	7.1%	Passive
Mar 23, 2021	TISCH ANDREW H	SC 13D/A	6.0%	Passive
Sep 17, 2020	TISCH JAMES S	SC 13D/A	6.1%	Passive

Insider trading

Open-market buys, 12 mo: $1M · 2
Open-market sells, 12 mo: $39M · 23
Net: −$38M

Pay vs performance

No pay-versus-performance disclosure yet.