Also trades as: 0JYM.L (LSE) · $vol 0M

$1,858.62

-15.38 (-0.82%)

After Hours: $1849.00 (-9.62, -0.52%)

Weekly Expected Move ±2.5%

$1778 $1825 $1872 $1919 $1965

NYSE · Financial Services · Insurance - Property & Casualty · Tech Score Buy · Power 71 · $23.2B mcap · 12M float · 0.572% daily turnover · Short 55% of daily vol

Credit Risk of going bust: not rated, financial company (lending is its business) Bonds: $66.2M held by 126 funds, 102 bp over Treasuries → details ▾

Not rated: lending and leverage are a financial company's business, which the model misreads.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE

51.3 / 100

NoneWeakNarrowWide

Primary source: Intangible Assets · ROIC: 13.2% · 5Y Avg: 11.6%

Cost Advantage

Intangibles

Switching Cost

Network Effect

Scale

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. MKL shows a Weak competitive edge (51.3/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Intangible Assets. ROIC of 13.2% suggests modest returns relative to capital deployed.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

Low

$2025

Avg Target

$2025

High

Based on 2 analyst ratings (12 mo)

Analyst Recommendations

Strong Buy: 0Buy: 0Hold: 12Sell: 3Strong Sell: 0

Rating Summary

ConsensusHold

Avg Target$2025.00

Analysts2

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-04-30	Truist Financial	Mark Hughes	$2100	$1950	-150	+10.8%	$1759.21
2026-02-06	Truist Financial	Mark Hughes	$1500	$2100	+600	-1.3%	$2127.72
2024-05-03	RBC Capital	Scott Heleniak	$1650	$1625	-25	+3.1%	$1576.55
2022-12-22	Janney Montgomery	—	Initiated	$1550	—	+21.0%	$1280.74
2022-04-28	Truist Financial	—	Initiated	$1500	—	+8.3%	$1384.70
2022-04-28	RBC Capital	—	Initiated	$1650	—	+19.4%	$1381.53

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

A+

Oct 27, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. MKL receives an overall rating of A+. Strongest factors: DCF (5/5), ROE (4/5), ROA (5/5), D/E (4/5).

Rating Change History

Date	From	To
2026-10-26	A	A+
2026-10-22	A+	A
2026-10-16	A	A+
2026-10-01	A-	A
2026-09-08	A	A-
2026-07-30	B+	A
2026-07-29	A-	B+
2026-07-01	B+	A-
2026-05-18	A-	B+
2026-05-04	B+	A-

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 50 Grade A

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

100

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. MKL scores highest in Safety (100/100) and lowest in Growth (46/100). An overall grade of A places MKL among the highest-quality companies in its peer group.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman-I Score

6.53

Safe Zone

Piotroski F-Score

7/9

✓ ✓ ✗ ✓ ✓ ✗ ✓ ✓ ✓

Beneish M-Score

-3.15

Unlikely Manipulator

Ohlson O-Score

-7.28

Bankruptcy prob: 0.1%

Low Risk

Credit Rating

AA-

Score: 84.4/100

Trend: Improving

Earnings Quality

100/100

OCF/NI: 1.02x

Accruals: -0.1%

The Altman-I Score is adapted for insurance companies, emphasizing return on equity, tangible net worth, and cash reserves alongside the standard equity and earnings components. MKL scores 6.53, placing it in the Safe Zone (safe > 3.0, distress < 1.5). Bankruptcy is statistically unlikely within the next two years. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. MKL scores 7/9, signaling strong financial health across all three dimensions. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. MKL's score of -3.15 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. MKL's implied 0.1% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. MKL receives an estimated rating of AA- (score: 84.4/100), with a improving trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). MKL's score of 100/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

10.22x

PEG

1.11x

P/S

1.33x

P/B

1.10x

P/FCF

10.36x

P/OCF

9.43x

EV/EBITDA

6.26x

EV/Revenue

1.18x

EV/EBIT

6.61x

EV/FCF

9.70x

Earnings Yield

10.41%

FCF Yield

9.66%

Shareholder Yield

3.05%

Graham Number

$2782.72

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 10.2x earnings, MKL trades at a reasonable valuation. An earnings yield of 10.4% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $2782.72 per share, suggesting a potential 48% margin of safety at the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.772

NI / EBT

Interest Burden

0.952

EBT / EBIT

EBIT Margin

0.179

EBIT / Rev

Asset Turnover

0.251

Rev / Assets

Equity Multiplier

3.801

Assets / Equity

ROE

12.6%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. MKL's ROE of 12.6% is driven by financial leverage (equity multiplier: 3.80x). Note: high leverage means ROE is amplified by debt rather than operational performance.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

12.16%

Fair P/E

32.81x

Intrinsic Value

$6674.33

Price/Value

0.29x

Margin of Safety

70.74%

Premium

-70.74%

Assessment

Neutral

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with MKL's realized 12.2% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. MKL trades at a -71% premium to its adjusted intrinsic value of $6674.33, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 32.8x compares to the current market P/E of 10.2x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$1858.70

Median 1Y

$1913.95

5th Pctile

$1190.96

95th Pctile

$3075.03

Ann. Volatility

28.2%

25th–75th percentile 5th–95th percentile Median path Historical

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Thomas S. Gayner Chief Executive Officer	$14,124,065	$—	$14,124,065
Michael R. Heaton former Executive Vice President and Chief Operating Officer	$5,897,023	$—	$5,897,023
Simon Wilson b Executive Vice President and Chief Executive Officer, Markel Insurance	$4,772,772	$—	$4,772,772
Richard R. Grinnan Senior Vice President, Chief Legal Officer and Secretary	$3,380,163	$—	$3,380,163
Brian J. Costanzo Chief Financial Officer	$2,719,307	$—	$2,719,307

CEO Pay Ratio

Insufficient data for pay ratio.

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

22,900

+4.1% YoY

Revenue / Employee

$724,424

Rev: $16,589,313,999

Profit / Employee

$92,009

NI: $2,107,010,000

SGA / Employee

—

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
ROE	18.5%	17.6%	13.2%	0.7%	-0.3%	-1.6%	2.3%	14.4%	14.6%	14.2%	17.2%	14.0%	19.1%	17.2%	11.2%	13.5%	11.9%	11.9%	10.1%	12.6%	12.58%
ROA	5.5%	5.4%	3.9%	0.2%	-0.1%	-0.4%	0.6%	3.9%	3.8%	3.8%	4.7%	3.8%	5.2%	4.7%	3.0%	3.5%	3.7%	3.2%	2.7%	3.3%	3.31%
ROIC	-6.5%	3.4%	7.3%	-30.3%	-4.7%	8.6%	-37.6%	-1.9%	27.4%	-1.1%	27.4%	21.3%	28.3%	26.6%	17.7%	20.3%	12.0%	1.8%	15.6%	13.2%	13.19%
ROCE	6.8%	6.8%	5.2%	0.8%	0.6%	0.1%	1.5%	5.4%	5.2%	5.2%	6.1%	5.0%	6.6%	6.2%	4.1%	4.7%	5.8%	4.3%	8.7%	5.0%	5.04%
Gross Margin	46.5%	59.8%	40.6%	14.8%	45.5%	54.7%	54.2%	56.9%	41.1%	52.0%	59.6%	50.3%	57.8%	52.5%	45.2%	55.5%	55.0%	69.6%	67.1%	59.1%	59.14%
Operating Margin	8.9%	30.2%	-2.5%	-59.1%	4.2%	22.1%	18.6%	22.0%	2.0%	22.1%	29.7%	9.9%	26.8%	18.0%	4.7%	19.6%	22.3%	17.4%	-7.7%	29.2%	29.22%
Net Margin	6.9%	23.1%	-2.0%	-48.3%	1.9%	16.9%	13.5%	16.9%	1.2%	16.9%	22.7%	7.2%	20.1%	13.7%	3.7%	14.9%	17.1%	13.7%	-6.0%	22.5%	22.49%
EBITDA Margin	12.1%	32.6%	1.1%	-54.1%	7.0%	24.4%	21.2%	24.2%	4.7%	24.0%	31.7%	12.5%	29.0%	20.5%	7.7%	21.9%	24.5%	19.6%	-6.5%	31.1%	31.06%
FCF Margin	16.0%	16.5%	17.5%	19.8%	19.7%	20.8%	18.3%	17.2%	17.0%	16.1%	17.1%	16.5%	15.3%	14.0%	13.6%	12.6%	14.7%	15.6%	13.2%	12.2%	12.21%
OCF Margin	16.9%	17.6%	18.8%	21.6%	22.1%	23.0%	20.2%	18.7%	18.4%	17.7%	18.9%	18.4%	16.9%	15.5%	15.0%	13.9%	16.1%	16.9%	14.5%	13.4%	13.40%
ROE 3Y Avg	snapshot only																				12.73%
ROE 5Y Avg	snapshot only																				10.51%
ROA 3Y Avg	snapshot only																				3.36%
ROIC 3Y Avg	snapshot only																				11.94%
ROIC Economic	snapshot only																				10.09%
Cash ROA	snapshot only																				3.26%
Cash ROIC	snapshot only																				13.20%
CROIC	snapshot only																				12.02%
NOPAT Margin	snapshot only																				13.39%
Pretax Margin	snapshot only																				17.06%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				20.43%
SBC / Revenue	snapshot only																				0.00%

Valuation

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
P/E Ratio	6.86	7.00	11.19	192.05	-400.39	-81.72	53.43	9.59	10.25	9.45	7.91	9.79	6.88	8.12	13.02	11.39	11.70	12.07	12.13	9.60	10.215
P/S Ratio	1.33	1.31	1.60	1.60	1.28	1.51	1.35	1.24	1.29	1.20	1.20	1.27	1.18	1.33	1.54	1.56	1.51	1.56	1.30	1.26	1.332
P/B Ratio	1.18	1.15	1.43	1.38	1.20	1.36	1.25	1.31	1.40	1.26	1.27	1.30	1.20	1.32	1.40	1.47	1.35	1.37	1.19	1.15	1.102
P/FCF	8.28	7.97	9.14	8.07	6.53	7.26	7.36	7.21	7.58	7.46	7.05	7.69	7.74	9.54	11.34	12.41	10.24	9.96	9.83	10.36	10.356
P/OCF	7.85	7.46	8.49	7.39	5.82	6.58	6.67	6.63	7.03	6.77	6.39	6.90	6.99	8.60	10.26	11.22	9.38	9.21	8.95	9.43	9.434
EV/EBITDA	0.62	0.85	2.33	7.84	2.58	14.83	2.28	1.10	4.46	0.65	3.75	4.78	3.32	4.00	6.22	5.82	7.69	2.58	5.70	6.26	6.256
EV/Revenue	0.17	0.23	0.50	0.40	0.10	0.28	0.17	0.22	0.86	0.12	0.83	0.93	0.83	0.96	1.14	1.20	1.49	0.49	0.91	1.18	1.184
EV/EBIT	0.65	0.89	2.49	11.32	4.22	77.91	2.80	1.17	4.75	0.69	3.95	5.07	3.47	4.19	6.65	6.17	8.19	2.74	6.12	6.61	6.606
EV/FCF	1.05	1.39	2.85	2.02	0.52	1.33	0.94	1.27	5.02	0.77	4.87	5.61	5.41	6.88	8.38	9.53	10.10	3.15	6.87	9.70	9.700
Earnings Yield	14.6%	14.3%	8.9%	0.5%	-0.2%	-1.2%	1.9%	10.4%	9.8%	10.6%	12.6%	10.2%	14.5%	12.3%	7.7%	8.8%	8.5%	8.3%	8.2%	10.4%	10.41%
FCF Yield	12.1%	12.5%	10.9%	12.4%	15.3%	13.8%	13.6%	13.9%	13.2%	13.4%	14.2%	13.0%	12.9%	10.5%	8.8%	8.1%	9.8%	10.0%	10.2%	9.7%	9.66%
PEG Ratio	snapshot only																				1.107
Price/Tangible Book	snapshot only																				1.491
EV/OCF	snapshot only																				8.836
EV/Gross Profit	snapshot only																				1.902
Acquirers Multiple	snapshot only																				6.948
Shareholder Yield	snapshot only																				3.05%
Graham Number	snapshot only																				$2782.72

Leverage & Solvency

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Current Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.84	1.50	1.504
Quick Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.84	1.50	1.504
Debt/Equity	0.30	0.30	0.31	0.35	0.34	0.31	0.28	0.27	0.27	0.25	0.25	0.28	0.26	0.26	0.26	0.25	0.24	0.27	0.24	0.23	0.230
Net Debt/Equity	-1.03	-0.95	-0.98	-1.03	-1.10	-1.11	-1.09	-1.08	-0.47	-1.13	-0.39	-0.35	-0.36	-0.37	-0.37	-0.34	-0.02	-0.94	-0.36	-0.07	-0.073
Debt/Assets	0.09	0.09	0.09	0.09	0.09	0.08	0.08	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.08	0.07	0.06	0.06	0.061
Debt/EBITDA	1.28	1.25	1.64	8.01	9.05	18.59	4.07	1.28	1.29	1.25	1.05	1.40	1.01	1.08	1.54	1.30	1.37	1.61	1.66	1.33	1.330
Net Debt/EBITDA	-4.30	-4.03	-5.14	-23.47	-29.72	-65.94	-15.69	-5.12	-2.27	-5.60	-1.68	-1.77	-1.43	-1.55	-2.20	-1.76	-0.11	-5.57	-2.46	-0.42	-0.423
Interest Coverage	17.72	18.06	13.24	2.00	1.43	0.21	3.98	14.55	14.40	15.34	19.35	15.91	21.07	18.81	12.63	14.96	14.04	14.27	12.00	15.25	15.251
Equity Multiplier	3.33	3.29	3.47	3.76	3.94	3.79	3.71	3.68	3.77	3.67	3.64	3.77	3.66	3.66	3.77	3.86	2.81	3.71	3.78	3.75	3.750
Cash Ratio	snapshot only																				0.600
Debt Service Coverage	snapshot only																				16.102
Cash to Debt	snapshot only																				1.318
FCF to Debt	snapshot only																				0.485
Defensive Interval	snapshot only																				459.7 days

Efficiency & Turnover

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Asset Turnover	0.29	0.29	0.27	0.24	0.24	0.24	0.26	0.30	0.30	0.30	0.31	0.29	0.30	0.29	0.26	0.26	0.29	0.25	0.25	0.25	0.251
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	1.48	1.46	1.38	1.13	1.12	1.12	1.18	1.34	1.31	1.30	1.33	1.25	1.29	2.64	1.03	1.04	1.71	8.24	0.92	1.62	1.617
Payables Turnover	0.83	0.82	0.84	0.85	0.82	1.65	0.84	0.85	1.55	8.94	1.53	0.80	1.22	14.41	4.85	0.61	0.59	8.45	0.70	0.83	0.832
DSO	247	249	265	323	326	327	310	273	279	280	274	293	282	138	353	352	214	44	395	226	225.8 days
DIO	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.0 days
DPO	439	447	432	428	445	221	437	428	236	41	239	456	298	25	75	597	618	43	520	439	438.9 days
Cash Conversion Cycle	-192	-198	-167	-105	-119	107	-127	-155	43	239	35	-163	-16	113	278	-246	-404	1	-124	-213	-213.1 days
Cash Velocity	snapshot only																				3.015
Capital Intensity	snapshot only																				4.107

Growth (YoY)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue	39.2%	33.9%	4.0%	-11.8%	-7.4%	-8.8%	1.1%	35.8%	32.6%	33.4%	30.3%	8.1%	13.6%	6.6%	-6.4%	0.3%	-6.6%	-2.4%	6.5%	6.7%	6.73%
Net Income	4.0%	2.0%	-35.6%	-96.6%	-1.0%	-1.1%	-82.1%	20.1%	53.1%	10.1%	6.9%	8.9%	54.8%	37.6%	-27.2%	6.1%	-29.9%	-23.3%	-3.8%	2.3%	2.32%
EPS	4.0%	2.0%	-34.7%	-96.5%	-1.0%	-1.1%	-81.9%	20.4%	54.0%	10.3%	7.1%	11.6%	58.7%	41.4%	-25.4%	9.0%	-28.3%	-16.2%	9.9%	16.0%	15.96%
FCF	15.4%	30.1%	16.8%	11.6%	13.5%	15.3%	6.1%	17.9%	14.8%	3.0%	21.4%	4.1%	1.7%	-7.5%	-25.5%	-23.6%	-10.0%	9.2%	3.4%	3.4%	3.43%
EBITDA	2.5%	1.6%	-29.8%	-84.7%	-86.3%	-93.6%	-64.5%	4.3%	5.4%	12.7%	2.8%	5.6%	47.2%	33.3%	-22.7%	6.5%	-27.4%	-22.4%	-7.4%	-2.0%	-2.03%
Op. Income	3.8%	2.1%	-33.2%	-94.2%	-97.2%	-1.0%	-75.0%	12.4%	29.3%	18.2%	4.7%	6.4%	53.9%	37.1%	-26.2%	6.0%	-30.6%	-24.9%	-6.2%	0.3%	0.26%
OCF Growth	snapshot only																				2.65%
Asset Growth	snapshot only																				6.70%
Equity Growth	snapshot only																				9.74%
Debt Growth	snapshot only																				0.08%
Shares Change	snapshot only																				-11.76%
Dividend Growth	snapshot only																				17.89%

Growth (CAGR)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue 3Y	18.1%	22.9%	17.2%	10.2%	12.4%	7.3%	19.3%	22.5%	19.6%	17.7%	11.1%	9.0%	11.7%	9.1%	7.2%	13.8%	12.0%	11.5%	9.1%	5.0%	5.01%
Revenue 5Y	17.2%	18.1%	17.4%	13.9%	14.5%	14.2%	15.5%	17.1%	15.1%	17.7%	16.2%	14.5%	16.4%	12.0%	15.7%	14.8%	12.6%	11.1%	6.4%	6.8%	6.77%
EPS 3Y	31.9%	—	52.9%	-49.6%	—	—	—	1.0%	60.5%	36.6%	-1.6%	-5.9%	9.4%	6.4%	2.9%	2.0%	—	—	87.6%	12.2%	12.16%
EPS 5Y	36.3%	40.4%	38.4%	-26.4%	—	—	5.0%	38.9%	13.6%	—	39.2%	25.0%	43.0%	10.5%	—	59.8%	36.3%	24.7%	-4.8%	1.1%	1.06%
Net Income 3Y	31.4%	—	52.0%	-50.0%	—	—	—	1.0%	58.7%	34.7%	-3.2%	-7.6%	7.3%	4.2%	0.8%	1.9%	—	—	76.6%	5.7%	5.72%
Net Income 5Y	35.8%	39.7%	37.6%	-26.8%	—	—	4.3%	37.8%	12.6%	—	37.6%	23.5%	41.2%	8.9%	—	57.2%	34.1%	20.9%	-8.7%	-3.0%	-3.04%
EBITDA 3Y	36.0%	1.4%	40.9%	-23.7%	-23.6%	-56.1%	1.1%	67.6%	44.8%	31.2%	-1.3%	-5.1%	8.7%	5.0%	1.9%	81.3%	89.8%	1.4%	40.2%	3.3%	3.26%
EBITDA 5Y	30.1%	33.2%	30.6%	-6.9%	7.1%	-6.0%	29.0%	46.9%	17.0%	63.0%	30.8%	20.0%	33.2%	9.1%	94.1%	39.5%	26.6%	18.5%	-7.2%	-2.3%	-2.27%
Gross Profit 3Y	15.7%	25.0%	14.3%	0.6%	3.2%	-5.5%	19.0%	25.9%	22.8%	20.5%	7.5%	5.3%	11.0%	8.3%	6.2%	21.1%	18.8%	22.8%	19.9%	10.6%	10.63%
Gross Profit 5Y	14.6%	15.8%	14.5%	6.7%	10.2%	9.7%	13.3%	17.6%	12.0%	16.7%	14.3%	11.7%	15.7%	9.3%	18.2%	16.7%	14.6%	15.0%	7.5%	8.6%	8.62%
Op. Income 3Y	41.3%	—	50.8%	-41.5%	-51.0%	—	—	1.0%	59.5%	38.4%	-1.7%	-6.0%	9.3%	5.1%	1.6%	1.5%	2.2%	—	57.9%	4.2%	4.20%
Op. Income 5Y	33.9%	37.8%	35.6%	-20.2%	-7.4%	—	74.5%	69.4%	19.0%	—	37.3%	23.4%	40.6%	9.7%	—	57.3%	34.1%	22.3%	-8.0%	-2.4%	-2.44%
FCF 3Y	29.3%	39.4%	43.5%	44.0%	46.5%	28.7%	25.2%	22.8%	14.6%	15.6%	14.6%	11.1%	9.9%	3.2%	-1.4%	-2.1%	1.7%	1.3%	-2.2%	-6.3%	-6.28%
FCF 5Y	40.9%	35.2%	30.3%	27.9%	24.8%	25.6%	23.3%	25.2%	23.0%	26.3%	30.7%	29.7%	29.7%	15.2%	12.2%	8.1%	6.6%	9.3%	3.0%	1.6%	1.61%
OCF 3Y	27.1%	36.6%	40.5%	41.9%	44.4%	28.6%	25.0%	22.7%	15.3%	17.1%	16.3%	13.2%	11.7%	4.5%	-0.4%	-1.7%	0.8%	0.6%	-2.4%	-6.0%	-5.97%
OCF 5Y	37.6%	33.6%	29.5%	27.7%	25.6%	25.8%	23.3%	24.7%	22.3%	25.6%	29.7%	29.1%	28.3%	15.3%	12.1%	8.4%	7.3%	9.7%	3.8%	2.4%	2.43%
Assets 3Y	11.2%	4.4%	12.1%	9.6%	9.3%	9.9%	12.2%	10.1%	9.5%	9.7%	10.0%	9.4%	10.1%	8.5%	9.7%	11.7%	1.5%	11.4%	10.4%	10.9%	10.95%
Assets 5Y	12.1%	7.1%	13.2%	12.0%	11.2%	8.7%	9.2%	9.4%	9.2%	5.3%	10.5%	10.4%	11.0%	10.6%	12.4%	11.3%	4.8%	10.6%	9.8%	9.3%	9.32%
Equity 3Y	12.7%	17.5%	12.9%	7.1%	5.0%	5.9%	12.2%	7.6%	5.6%	5.4%	6.1%	4.3%	6.7%	4.8%	6.7%	10.7%	13.6%	12.2%	9.7%	10.2%	10.24%
Book Value 3Y	13.2%	17.9%	13.6%	7.7%	5.7%	6.8%	13.2%	8.7%	6.8%	6.8%	7.9%	6.2%	8.7%	6.9%	9.0%	13.2%	16.2%	17.4%	16.5%	17.0%	16.95%
Dividend 3Y	—	25.6%	25.9%	0.3%	0.3%	0.8%	0.8%	1.0%	1.2%	1.4%	1.7%	1.8%	1.9%	2.1%	2.1%	2.3%	2.2%	1.7%	1.7%	1.7%	1.71%

Growth Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue Stability	0.87	0.91	0.85	0.80	0.88	0.86	0.85	0.83	0.86	0.89	0.90	0.87	0.91	0.87	0.89	0.92	0.87	0.88	0.75	0.95	0.954
Earnings Stability	0.43	0.53	0.44	0.07	0.04	0.03	0.11	0.18	0.07	0.09	0.21	0.22	0.38	0.08	0.12	0.24	0.29	0.21	0.03	0.08	0.076
Margin Stability	0.90	0.89	0.90	0.87	0.89	0.85	0.90	0.91	0.88	0.89	0.91	0.89	0.90	0.86	0.93	0.92	0.91	0.89	0.89	0.92	0.922
Rev. Growth Consistency	1.00	1.00	1.00	0.00	0.00	0.00	1.00	0.50	0.50	0.50	1.00	1.00	1.00	1.00	0.00	1.00	0.00	0.00	0.50	1.00	1.000
Earn. Growth Consistency	0.50	0.50	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	0.00	1.00	0.00	0.00	0.00	1.00	1.000
FCF Positive Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	0.50	0.50	0.50	0.50	0.20	0.20	0.50	0.50	0.20	0.20	0.50	0.96	0.50	0.50	0.89	0.98	0.88	0.91	0.98	0.99	0.991
Earnings Smoothness	0.00	0.01	0.57	0.00	—	—	0.00	0.00	—	—	0.00	0.92	0.57	0.68	0.69	0.94	0.65	0.74	0.96	0.98	0.977
ROE Trend	0.13	0.05	0.03	-0.10	-0.11	-0.13	-0.15	0.04	0.05	0.06	0.09	0.06	0.11	0.10	0.02	-0.01	-0.04	-0.03	-0.04	-0.01	-0.011
Gross Margin Trend	0.04	0.01	0.01	-0.09	-0.08	-0.10	-0.10	0.03	0.02	0.02	0.03	0.03	0.07	0.08	0.02	0.01	-0.01	0.04	0.09	0.10	0.099
FCF Margin Trend	0.02	0.02	0.02	0.03	0.02	0.04	0.02	-0.01	-0.01	-0.03	-0.01	-0.02	-0.03	-0.05	-0.04	-0.04	-0.01	0.01	-0.02	-0.02	-0.024
Sustainable Growth Rate	18.3%	17.4%	12.9%	0.4%	—	—	2.1%	14.1%	14.3%	13.9%	16.9%	13.8%	18.9%	17.0%	11.0%	13.2%	11.7%	8.4%	6.5%	9.3%	9.28%
Internal Growth Rate	5.8%	5.6%	4.0%	0.1%	—	—	0.6%	3.9%	3.9%	3.9%	4.8%	3.8%	5.4%	4.9%	3.1%	3.6%	3.8%	2.3%	1.8%	2.5%	2.50%

Cash Flow Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
OCF/Net Income	0.87	0.94	1.32	25.99	-68.78	-12.42	8.00	1.45	1.46	1.40	1.24	1.42	0.98	0.94	1.27	1.01	1.25	1.31	1.35	1.02	1.018
FCF/OCF	0.95	0.94	0.93	0.92	0.89	0.91	0.91	0.92	0.93	0.91	0.91	0.90	0.90	0.90	0.90	0.90	0.92	0.93	0.91	0.91	0.911
FCF/Net Income	snapshot only																				0.927
OCF/EBITDA	snapshot only																				0.708
CapEx/Revenue	0.9%	1.1%	1.3%	1.8%	2.4%	2.2%	1.9%	1.5%	1.3%	1.6%	1.8%	1.9%	1.6%	1.5%	1.4%	1.3%	1.3%	1.3%	1.3%	1.2%	1.19%
CapEx/Depreciation	snapshot only																				1.193
Accruals Ratio	0.01	0.00	-0.01	-0.05	-0.05	-0.06	-0.05	-0.02	-0.02	-0.02	-0.01	-0.02	0.00	0.00	-0.01	-0.00	-0.01	-0.01	-0.01	-0.00	-0.001
Sloan Accruals	snapshot only																				0.068
Cash Flow Adequacy	snapshot only																				2.881
Earnings Quality Score	snapshot only																				1.000

Dividends & Buybacks

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Dividend Yield	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.1%	0.1%	0.1%	2.4%	2.9%	2.7%	0.00%
Dividend/Share	$2.64	$2.62	$2.64	$2.64	$2.65	$2.66	$2.67	$2.68	$2.70	$2.71	$2.74	$2.75	$2.77	$2.78	$2.80	$2.83	$2.83	$52.23	$55.02	$53.42	$0.00
Payout Ratio	1.5%	1.5%	2.0%	39.3%	—	—	11.2%	1.9%	1.9%	1.8%	1.4%	1.7%	1.2%	1.3%	2.0%	1.6%	1.7%	29.3%	34.9%	26.3%	26.26%
FCF Payout Ratio	1.8%	1.7%	1.6%	1.6%	1.6%	1.5%	1.5%	1.4%	1.4%	1.4%	1.3%	1.3%	1.4%	1.5%	1.7%	1.8%	1.5%	24.2%	28.3%	28.3%	28.32%
Total Payout Ratio	6.7%	10.0%	16.7%	3.4%	—	—	1.0%	20.1%	20.3%	24.1%	22.1%	26.3%	20.3%	22.2%	33.5%	54.6%	56.0%	49.7%	57.0%	29.3%	29.30%
Div. Increase Streak	0	1	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Chowder Number	—	0.96	0.96	-0.01	-0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	16.19	16.20	15.69	15.694
Buyback Yield	0.8%	1.2%	1.3%	1.5%	2.0%	1.6%	1.7%	1.9%	1.8%	2.4%	2.6%	2.5%	2.8%	2.6%	2.4%	4.6%	4.6%	1.7%	1.8%	0.3%	0.32%
Net Buyback Yield	0.8%	1.2%	1.3%	1.5%	2.0%	1.6%	1.7%	1.9%	1.8%	2.4%	2.6%	2.5%	2.8%	2.6%	2.4%	4.6%	4.6%	1.7%	1.8%	0.3%	0.32%
Total Shareholder Return	1.0%	1.4%	1.5%	1.7%	2.2%	1.8%	1.9%	2.1%	2.0%	2.6%	2.8%	2.7%	2.9%	2.7%	2.6%	4.8%	4.8%	4.1%	4.7%	3.1%	3.05%

DuPont Factors

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Tax Burden (NI/EBT)	0.80	0.77	0.77	0.47	-0.44	1.42	0.55	0.74	0.75	0.75	0.76	0.76	0.76	0.76	0.75	0.76	0.76	0.77	0.77	0.77	0.772
Interest Burden (EBT/EBIT)	0.94	0.94	0.92	0.50	0.30	-3.67	0.75	0.93	0.93	0.93	0.95	0.94	0.95	0.95	0.92	0.93	0.93	0.93	0.94	0.95	0.952
EBIT Margin	0.26	0.26	0.20	0.04	0.02	0.00	0.06	0.19	0.18	0.18	0.21	0.18	0.24	0.23	0.17	0.19	0.18	0.18	0.15	0.18	0.179
Asset Turnover	0.29	0.29	0.27	0.24	0.24	0.24	0.26	0.30	0.30	0.30	0.31	0.29	0.30	0.29	0.26	0.26	0.29	0.25	0.25	0.25	0.251
Equity Multiplier	3.35	3.28	3.38	3.50	3.62	3.53	3.59	3.72	3.85	3.73	3.67	3.73	3.71	3.67	3.71	3.81	3.22	3.68	3.78	3.80	3.801

Per Share

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
EPS (Diluted TTM)	$174.19	$176.38	$131.82	$6.73	$-2.71	$-16.12	$23.91	$144.17	$143.61	$150.24	$192.46	$160.90	$227.94	$212.50	$143.61	$175.41	$163.34	$178.08	$157.85	$203.40	$203.40
Book Value/Share	$1016.81	$1070.43	$1032.90	$937.13	$904.30	$971.56	$1020.00	$1057.75	$1049.02	$1127.80	$1195.36	$1211.68	$1307.08	$1308.57	$1335.87	$1360.42	$1417.18	$1571.62	$1614.24	$1692.01	$1691.92
Tangible Book/Share	$696.55	$727.01	$699.81	$606.62	$574.50	$647.52	$697.25	$736.80	$730.05	$810.66	$878.32	$883.65	$980.79	$984.02	$992.53	$1011.35	$1072.51	$1202.69	$1151.99	$1309.62	$1309.62
Revenue/Share	$899.33	$938.96	$924.24	$810.72	$844.42	$870.04	$946.80	$1117.62	$1140.73	$1182.72	$1263.11	$1238.76	$1328.22	$1295.75	$1212.01	$1277.21	$1268.33	$1381.34	$1475.02	$1544.95	$1544.95
FCF/Share	$144.30	$154.83	$161.48	$160.29	$166.10	$181.35	$173.55	$191.89	$194.30	$190.29	$215.81	$204.81	$202.66	$180.94	$164.82	$160.89	$186.59	$215.89	$194.75	$188.59	$188.59
OCF/Share	$152.23	$165.40	$173.66	$174.98	$186.24	$200.17	$191.37	$208.57	$209.33	$209.76	$238.11	$228.38	$224.52	$200.67	$182.25	$177.95	$203.69	$233.37	$213.75	$207.03	$207.03
Cash/Share	$1353.57	$1335.79	$1338.97	$1300.20	$1301.35	$1378.81	$1404.27	$1423.51	$779.17	$1557.37	$763.42	$762.41	$806.95	$816.62	$830.60	$806.95	$362.68	$1893.28	$966.74	$512.50	$512.50
EBITDA/Share	$242.51	$252.84	$197.42	$41.30	$33.57	$16.31	$71.05	$222.44	$218.71	$227.26	$280.08	$240.73	$330.00	$311.25	$221.92	$263.35	$245.05	$264.00	$234.76	$292.40	$292.40
Debt/Share	$309.63	$317.21	$324.40	$330.75	$303.87	$303.16	$289.18	$284.39	$282.45	$284.49	$292.99	$336.36	$334.64	$334.98	$342.03	$342.83	$336.59	$423.75	$390.19	$388.85	$388.85
Net Debt/Share	$-1043.94	$-1018.58	$-1014.57	$-969.44	$-997.48	$-1075.64	$-1115.09	$-1139.12	$-496.73	$-1272.87	$-470.43	$-426.05	$-472.31	$-481.64	$-488.57	$-464.12	$-26.09	$-1469.53	$-576.54	$-123.65	$-123.65

Academic Models

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Altman-I Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	6.534
Altman Z-Prime	snapshot only																				1.893
Piotroski F-Score	5	6	4	4	4	4	6	8	7	7	8	6	7	6	4	7	5	5	7	7	7
Beneish M-Score	-2.15	-2.24	-2.11	-0.41	-2.52	-2.55	-2.60	-2.31	-2.40	-2.39	-2.41	-2.26	-2.37	-3.53	-1.86	-2.29	-3.31	-2.68	-2.76	-3.15	-3.152
Ohlson O-Score	snapshot only																				-7.279
ROIC (Greenblatt)	snapshot only																				64.32%
Net-Net WC	snapshot only																				$-3367.02
EVA	snapshot only																				$562654389.31

Credit

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Credit Rating	snapshot only																				AA-
Credit Score	81.62	82.20	80.85	59.15	59.27	55.88	72.28	86.19	85.83	88.12	87.68	86.39	90.00	85.67	80.72	80.15	85.98	85.36	80.84	84.38	84.377
Credit Grade	snapshot only																				4
Credit Trend	snapshot only																				4.231
Implied Spread (bps)	snapshot only																				100.000
Industry Credit Rank	snapshot only																				53
Sector Credit Rank	snapshot only																				88

MKL NYSE

Edge Score

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Scaling Efficiency

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