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Major Indexes

Financial Statements

Markel Corporation

Markel Corporation (MKL)

$914.36
9.03 (+1.00%)

Income Statement

Quarter data
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Year 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Earnings Per Share Diluted 20.5227.2714.6025.8922.4822.2741.7431.2725.81-9.550.13
Net Profit Margin 0.100.120.050.080.070.060.110.080.07-0.020.19
Weighted Average Shares Outstanding 9.859.729.699.6412.5413.9813.9814.0113.9613.9213.92
Revenue 2,069.332,225.392,629.953,000.114,323.085,133.675,369.985,612.036,061.666,841.289,526.19
Weighted Average Shares Outstanding (Diluted) 9.869.769.739.6712.5914.0614.0614.0814.0113.9213.94
Gross Profit 2,069.332,225.392,629.953,000.114,323.085,133.675,369.985,612.036,061.666,841.289,526.19
Dividend per Share -----------
Operating Income 252.61369.17276.45404.81475.75557.82860.41803.92219.7539.762,477.35
Gross Margin 1.001.001.001.001.001.001.001.001.001.001.00
Income Tax Expense -3.7827.7841.7153.8077.90116.69152.96169.48-313.46122.50-486.35
EBIT Margin 0.140.170.130.160.150.150.200.180.070.040.29
Net Income 202.42266.79142.03253.38281.02321.18582.77455.69395.27-128.181,799.46
Cost of Revenue -----------
Earnings Before Tax Margin 0.100.190.070.100.080.090.140.110.01-0.000.24
EBIT 252.61369.17276.45404.81475.75557.82860.41803.92219.7539.762,477.35
EBITDA 283.78369.17347.02492.14665.81761.401,061.39998.06423.62267.612,746.59
Profit Margin 0.100.120.050.080.070.060.110.080.07-0.020.19
Operating Expenses 1,816.72893.171,119.221,407.721,975.842,315.752,501.892,688.832,895.393,665.687,048.85
Earnings Per Share Basic 20.5427.3114.6625.9622.5722.3841.9931.4125.89-9.550.13
Earnings before Tax 198.64431.69190.20312.05361.74440.38742.11629.9287.30-7.862,285.81
Interest Expense -53.9773.6686.2592.76114.00117.44118.30129.90132.45154.21171.69

Balance Sheet Statement

Quarter data
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Year 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Short-term debt -----------
Other Assets ---------324.81469.19
Total current liabilities --992.361,105.672,506.812,559.412,454.532,541.573,684.384,032.05139.07
Cash and cash equivalents 7.858.22775.03973.181,978.531,960.172,630.011,738.752,198.462,014.17256.76
Long-term debt 0.961.021,185.841,388.031,633.871,635.171,634.471,944.172,537.33684.10929.24
Cash and short-term investments 7.858.228,728.159,332.7512,121.0618,115.4817,741.2118,712.2520,267.9518,856.00256.76
Total debt 964.641,016.991,185.841,388.031,633.871,635.171,634.471,944.172,537.333,693.684,463.43
Inventories ---------298.73303.05
Deferred revenue --915.931,000.262,127.112,245.692,166.112,263.843,308.783,611.03-
Goodwill and Intangible Assets 502.83645.90867.561,049.221,532.801,751.861,960.221,864.793,133.143,964.171,079.90
Total non-current liabilities 0.961.021,596.581,556.931,674.321,945.721,810.662,274.663,042.91446.05929.24
Total non-current assets 502.8310,825.592,752.163,210.8611,829.037,076.287,193.897,152.9312,505.1314,397.131,521.83
Total liabilities 7,450.187,654.078,144.598,667.9317,281.9317,605.5417,107.1217,414.3723,300.8724,225.611,435.65
Total assets 10.2410,825.5911,532.1012,556.5923,955.5125,200.3624,941.2725,875.3032,805.0233,306.262,550.84
Other comprehensive income -----------
Short-term investments --7,953.118,359.5610,142.5416,155.3115,111.2016,973.5018,069.4916,841.83-
Property, Plant & Equipment Net --244.85330.23347.91421.39430.83412.40501.62551.54441.93
Net Debt 956.791,008.76410.81414.85-344.65-325.00-995.54205.42338.87-2,014.174,206.67
Investments --7,953.118,359.5610,142.5416,155.3115,111.2016,973.5018,069.4916,841.83-
Total shareholders equity 2,774.363,171.523,387.513,888.666,673.587,594.827,834.158,460.939,504.159,080.6511,070.87
Retained earnings (deficit) 1,514.401,735.971,835.092,068.342,294.912,581.873,137.283,526.393,776.745,782.317,457.18
Long-term investments -----------
Receivables --51.8012.985.428.606.1710.1231.9453.14-
Payables --64.33103.21295.50276.12224.92231.33324.30337.33139.07
Total current assets 7.858.228,779.949,345.7312,126.4818,124.0817,747.3818,722.3720,299.8918,909.14559.81

Cash Flow Statement

Quarter data
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Year 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Investing Cash Flow -333.71-105.23-474.31-339.49193.87-622.21125.77-1,545.11-744.46-797.24-535.16
Free Cash Flow 260.56181.19251.19347.01697.80634.66571.40470.95783.88786.261,150.74
Depreciation & Amortization 31.1753.5970.5787.33190.07203.58200.99194.15203.87227.85269.24
Net cash flow / Change in cash 210.12-105.2329.77198.151,114.76-18.36669.84-891.26415.68-104.411,103.92
Effect of forex changes on cash -0.43-1.823.146.49-45.82-32.87-32.7945.30-21.05-
Financing Cash Flow 251.61-45.61194.59141.96175.37-67.12-74.21152.02256.31-178.99359.32
Dividend payments ----7.68-5.12-5.25-6.29-5.95-7.90-9.16-
Stock-based compensation ----12.703.900.50----
Investment purchases -726.95-957.19-42.91-16.87-57.39-26.05-31.49-51.14-110.84-1,599.92-955.97
Acquisitions and disposals -154.92-214.16-120.10-243.68-12.20-319.09-261.52-7.53-1,431.71-1,175.21-245.33
Capital Expenditure 21.9142.1060.1345.5247.7382.1379.7563.6774.65106.59123.38
Operating Cash Flow 282.46223.29311.32392.53745.52716.79651.15534.62858.53892.861,274.12

Retained Earning Schedule

Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Retained Earnings (Previous Year) 1,2981,5141,7361,8352,0682,2952,5823,1373,5263,7775,782
Net Income 202267142253281321583456395-1281,799
Stock Dividends 14-45-43-12-49-29-21-61-1372,143-125
Dividend Paid ----8-5-5-6-6-8-9-
Retained Earnings 1,5141,7361,8352,0682,2952,5823,1373,5263,7775,7827,457

PPE Schedule

Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Gross PPE ---245330348421431412502552
Annual Depreciation -22-4218540-30-9-70-8215-57-233
Capital Expenditure 224260464882806475107123
Net PPE --245330348421431412502552442

Intangible and Goodwill Schedule

Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Intangible and Goodwill (Previous Year) 3445036468681,0491,5331,7521,9601,8653,1333,964
New Purchases -727-957-43-17-57-26-31-51-111-1,600-956
Intangible and Goodwill 5036468681,0491,5331,7521,9601,8653,1333,9641,080

Markel Corporation income statement is the only one that provides an overview of company sales and net income
The reasoning behind the adjustment, however, is that free cash flow is meant to measure money being spent right now, not transactions that happened in the past. This makes Markel Corporation FCF a useful instrument for identifying growing companies with high up-front costs, which may eat into earnings now but have the potential to pay off later.