L vs MKL: Loews and Markel compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Loews is the larger company, worth $22.8B, close to Markel's $22.5B.
- Loews grew revenue faster over the last year (+3.9% vs -0.1%).
- Markel keeps more of each dollar of revenue as operating profit (19.9% vs 12.3%).
- On earnings, Markel is the cheaper stock (13.0x vs 14.1x).
- Markel's price assumes faster free cash flow growth: about -6% a year, against -7% for Loews (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | L | MKL |
|---|---|---|
| Market cap | $22.8B | $22.5B |
| Share price | $106.69 | $1,760.74 |
| Revenue (last fiscal year) | $18.5B | $15.5B |
| Free cash flow (last fiscal year) | $2.7B | $2.6B |
| Revenue growth, last year | +3.9% | -0.1% |
| Revenue growth per year, last 5 fiscal years | +5.9% | +4.8% |
| Operating margin | 12.3% | 19.9% |
| Net margin | 9.0% | 14.7% |
| Return on equity | 8.8% | 12.0% |
| P/E (trailing) | 14.1x | 13.0x |
| Price / free cash flow | 8.43x | 8.81x |
| EV / EBITDA | — | — |
| FCF growth the price implies | -6.5% | -5.9% |
| Dividend yield | 0.22% | — |
| Debt / equity | 3.52x | 2.73x |
| Fundamental grade | C | C |
| Superinvestors holding it | 4 | 7 |
| Insider purchases, last 12 months | 2 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Loews
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $14.7B | $2.1B | 14.7% |
| 2022 | $14.0B | $2.7B | 7.9% |
| 2023 | $15.9B | $3.2B | 12.6% |
| 2024 | $17.5B | $2.4B | 10.7% |
| 2025 | $18.5B | $2.7B | 12.4% |
Markel
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $12.8B | $2.1B | 25.2% |
| 2022 | $11.7B | $2.5B | -0.80% |
| 2023 | $14.3B | $2.5B | 20.5% |
| 2024 | $14.8B | $2.3B | 25.1% |
| 2025 | $15.5B | $2.6B | 20.6% |
Where the revenue comes from
Loews · by segments, 2025
CNA Financial Corporation$15.0B81%
Boardwalk Pipeline Partners, LP$2.3B13%
Loews Hotels Holding Corporation$945M5%
Corporate$196M1%
Markel · by segments, 2024
Insurance$7.4B45%
Markel Ventures$5.1B31%
Investing$2.8B17%
Reinsurance$1.0B6%
Other Insurance Operations$292M2%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open L in InvestinglyQuestions
Which is bigger, Loews or Markel?
Loews (L), at $22.8B against $22.5B.
Is L or MKL cheaper?
By trailing P/E, Markel (13.0x) is cheaper than Loews (14.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, L or MKL?
Loews: revenue grew +3.9% over the last year, against -0.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.