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Financial Statements

Markel Corporation

Markel Corporation (MKL)

Financial Services

Retained Earning Schedule

Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Retained Earnings (Previous Year) -1,5141,7361,8352,0682,2952,5823,1373,5263,777
Net Income 202267142253281321583456395-128
Stock Dividends 1,313-45-43-12-49-29-21-61-1372,143
Divident Paid ----8-5-5-6-6-8-9
Retained Earnings 1,5141,7361,8352,0682,2952,5823,1373,5263,7775,782

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.