Markel Corporation Financials

$1.5 B

Revenue Q3, 2017

$15.8 B

Mkt cap, 16-Feb-2018
Net income (Q3, 2017)(261 M)
EBIT (Q3, 2017)(328.1 M)
Cash, 30-Sep-20172.1 B

Market Value

Revenue/Financials

Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Revenue

4.3 b5.1 b5.4 b5.6 b

Revenue growth, %

19%5%5%

EBIT

475.7 m557.8 m860.4 m803.9 m

EBIT margin, %

11%11%16%14%

Interest expense

114 m117.4 m118.3 m129.9 m

Pre tax profit

361.7 m440.4 m742.1 m629.9 m

Income tax expense

77.9 m116.7 m153 m169.5 m

Net Income

283.8 m323.7 m589.1 m460.4 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Revenue

1.3 b1.3 b1.4 b1.4 b1.4 b1.4 b1.5 b1.5 b

Operating expense total

1.2 b1.2 b1.1 b1.2 b1.3 b1.3 b1.2 b1.8 b

EBIT

129.6 m182.7 m245.2 m193.7 m152.6 m127.4 m241.3 m(328.1 m)

EBIT margin, %

10%14%18%14%11%9%16%(22%)

Interest expense

29.3 m30.1 m30.8 m33.7 m33.2 m33.4 m31.8 m31.8 m

Pre tax profit

100.3 m152.7 m214.3 m115.9 m119.5 m94 m209.5 m(359.9 m)

Income tax expense

7.8 m48.3 m50.7 m35.2 m36.1 m23 m58.1 m(98.9 m)

Net Income

184.9 m87.5 m128.6 m205.5 m194 m92.5 m104.4 m163.6 m80.7 m83.4 m71 m151.4 m(261 m)

Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Cash

2 b2 b2.6 b1.7 b

Accounts Receivable

1.3 m

Inventories

17 b

Goodwill

967.7 m1 b1.2 b1.1 b

Total Assets

24 b25.2 b24.9 b25.9 b

Accounts Payable

1 b

Total Liabilities

17.3 b

Common Stock

3.3 b3.3 b3.3 b3.4 b

Retained Earnings

2.3 b2.6 b3.1 b3.5 b

Total Equity

6.7 b7.6 b7.8 b8.5 b

Financial Leverage

3.6 x3.3 x3.2 x3.1 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Cash

2.1 b2.2 b1.9 b1.8 b2 b1.9 b2.3 b2.3 b2 b2.2 b1.9 b2.3 b2.1 b

Inventories

14.5 b15 b15.7 b15.9 b16 b16.1 b15.8 b15.8 b16.8 b16.8 b17.2 b17.1 b17.6 b

Goodwill

1 b1 b1 b1.1 b1 b1 b1 b1.2 b1.2 b1.2 b1.1 b1.2 b1.4 b

Total Assets

23.8 b24.5 b25.2 b25.1 b25.3 b25.4 b25.2 b25.7 b26.3 b26.4 b26.4 b27.2 b28.5 b

Total Liabilities

17.3 b17.5 b18 b17.8 b17.3 b17.6 b17.4 b17.4 b17.8 b17.8 b17.7 b18.2 b19.5 b

Common Stock

3.3 b3.3 b3.3 b3.3 b3.3 b3.3 b3.3 b3.4 b3.4 b3.4 b3.4 b3.4 b3.4 b

Retained Earnings

2.2 b2.4 b2.4 b2.5 b2.8 b2.8 b2.9 b3.3 b3.4 b3.4 b3.6 b3.7 b3.4 b

Total Equity

6.5 b6.9 b7.2 b7.2 b7.9 b7.7 b7.7 b8.2 b8.4 b8.5 b8.7 b9 b8.9 b

Financial Leverage

3.7 x3.5 x3.5 x3.5 x3.2 x3.3 x3.3 x3.1 x3.1 x3.1 x3.1 x3 x3.2 x

Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Net Income

283.8 m323.7 m589.1 m460.4 m

Depreciation and Amortization

194.1 m

Cash From Operating Activities

745.5 m716.8 m651.2 m534.6 m

Purchases of PP&E

(47.7 m)(82.1 m)(79.8 m)(63.7 m)

Cash From Financing Activities

175.4 m(67.1 m)(74.2 m)152 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017

Net Income

184.9 m87.5 m128.6 m205.5 m194 m92.5 m104.4 m163.6 m80.7 m83.4 m71 m

Depreciation and Amortization

16.9 m18.9 m17.3 m17.2 m17 m16.8 m

Cash From Operating Activities

542.5 m22.4 m237.1 m536.6 m22.8 m

Purchases of PP&E

(36.7 m)(10.7 m)(18 m)(52.4 m)(23.6 m)

Cash From Investing Activities

30.7 m

Cash From Financing Activities

189.5 m(30.9 m)(38.8 m)(46.7 m)(33.4 m)

Ratios

USDY, 2017

Revenue/Employee

138.2 k

Financial Leverage

3.2 x

Operating Metrics

Markel Corporation's Reported Claims, units was reported to be 62 k in FY, 2016, which is a 13% decrease from the previous period
FY, 2014FY, 2015FY, 2016

Reported Claims, but not Incurred (IBNR)

$649.53 m$1.03 b$1.44 b

Reported Claims, units

72 k71 k62 k