MKLMARKEL GROUP INC.

Fire, Marine & Casualty Insurance

Revenue: $15.5B; 4.7% YoY
Operating margin: 20.6%; 18% YoY
EBITDA: $3.2B; 14% YoY
Market cap: $25.8B
Employees: 22,900; $677K revenue each
Net debt / EBITDA: 0.2×; $758M net debt
AI in 10-K: 1.8; mentions per 10K words

Takeover score 0 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
131% of net income
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
16% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$677K · 26th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.8 per 10K words · 53rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$25.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.0B	$5.2B	$14.3B	$14.8B	$15.5B	4.7%
Operating income	$3.2B	−$93M	$2.9B	$3.7B	$3.2B	14%
Net income	$2.4B	−$216M	$2.0B	$2.7B	$2.1B	23%
Operating cash flow	$2.3B	$2.7B	$2.8B	$2.6B	$2.8B	6.4%
Capex	$145M	$255M	$259M	$255M	$207M	19%
Buybacks	$207M	$291M	$445M	$573M	$430M	25%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $371K · 3
Open-market sells, 12 mo: $4M · 23
Net: −$3M

Pay vs performance

No pay-versus-performance disclosure yet.