Markel
Financial ratios & Valuation

Forward Multiples (2025 – 2026)

20252026
Price/Earnings ratio
14.8512.08
Price/Sales ratio
1.661.54
Earnings per Share (EPS)
$131.49$161.64

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
29.7321.1827.8140.24-112.758.8417.487.01-176.789.4940.57-112.75
Price/Sales ratio
1.862.292.252.622.081.661.481.311.511.191.551.66
Price/Book Value ratio
1.251.571.491.671.591.431.111.151.361.261.38K1.59
Price/Cash Flow ratio
13.3218.9623.7018.5216.1812.438.217.476.606.806.6912.43
Price/Free Cash Flow ratio
15.0421.6026.9120.2918.3813.768.727.987.287.497.3813.76
Price/Earnings Growth ratio
-35.310.24-1.10-2.280.83-0.00-0.300.031.69-0.000.670.67
Dividend Yield
N/AN/AN/AN/AN/AN/A0.12%0.21%0.20%0.19%N/AN/A
Profitability Indicator Ratios
Gross Profit Margin
98.87%98.71%98.77%98.66%98.33%98.43%98.34%98.75%98.48%98.85%12.40%98.43%
Operating Profit Margin
10.86%16.02%14.32%3.62%2.13%-1.53%-22.28%-6.81%7.43%18.53%-0.79%-0.79%
Pretax Profit Margin
8.57%13.81%11.22%1.44%-0.11%24.00%10.37%24.24%-1.25%16.79%-1.27%24.00%
Net Profit Margin
6.25%10.85%8.11%6.52%-1.84%18.79%8.46%18.75%-0.85%12.63%3.82%-1.84%
Effective Tax Rate
26.49%20.61%26.90%-359.08%-1559.49%21.27%16.86%21.85%32.00%20.82%-32.00%-1559.49%
Return on Assets
1.27%2.33%1.32%1.20%-0.30%4.77%1.95%4.99%-0.15%3.62%1629.30%-0.30%
Return On Equity
4.22%7.43%5.38%4.15%-1.41%16.17%6.37%16.48%-0.77%13.32%4.56%-1.41%
Return on Capital Employed
2.41%3.79%2.49%0.78%0.39%-0.45%-6.05%-2.14%1.60%5.32%N/AN/A
Liquidity Ratios
Current Ratio
0.000.000.000.000.020.020.20N/AN/AN/AN/A0.02
Quick Ratio
2.182.4010.605.503.653.745.544.963.47N/AN/A3.74
Cash ratio
0.911.170.770.440.370.540.690.530.47N/AN/A0.54
Days of Sales Outstanding
N/AN/AN/AN/A363.24279.02N/AN/AN/AN/A92.56279.02
Days of Inventory outstanding
N/AN/A-98.14K-96.12K940.53744.18-21.98K-20.72K-55.29KN/AN/A744.18
Operating Cycle
N/AN/A-98.14K-96.12K1.30K1.02K-21.98K-20.72K-55.29KN/A22.821.02K
Days of Payables Outstanding
13.58K11.86K11.92K22.34K16.99K13.89K14.27K17.03K1.36K2.09KN/A13.89K
Cash Conversion Cycle
-13.58K-11.86K-110.06K-118.47K-15.69K-12.87K-36.26K-37.75K-56.65K-2.09K92.56-15.69K
Debt Ratios
Debt Ratio
0.080.080.070.090.070.090.080.080.060.061.31K0.07
Debt Equity Ratio
0.290.280.300.320.330.310.270.290.310.252.76K0.33
Long-term Debt to Capitalization
0.220.220.230.240.240.240.210.220.230.200.990.24
Total Debt to Capitalization
0.220.220.230.240.240.240.210.220.230.20N/A0.24
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/A7.17N/AN/AN/A-0.47N/A
Cash Flow to Debt Ratio
0.310.290.200.270.290.360.490.520.660.73N/A0.36
Company Equity Multiplier
3.313.184.063.454.683.383.253.294.853.672.093.38
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.130.120.090.140.120.130.180.170.220.170.230.12
Free Cash Flow / Operating Cash Flow Ratio
0.880.870.880.910.880.900.940.930.900.900.900.88
Cash Flow Coverage Ratio
0.310.290.200.270.290.360.490.520.660.73N/A0.36
Short Term Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Dividend Payout Ratio
N/AN/AN/AN/AN/AN/A2.25%1.48%-35.57%1.80%N/AN/A