Markel Group Inc (MKL) is undervalued and Progressive Corp (PGR) is fairly valued.
Against our estimates of intrinsic value, MKL trades at the wider discount: a margin of safety of +31%, against +3% for PGR.
Values as of the 22 Sept 2026 close.
Book value at 1.67x, the multiple a 12.6% return on equity justifies, blended with earnings, values the shares at $2546.87; the price of $1763.36 is 31% below that value.
Leak Score 70/100 on 10 of 12 signals
Book value at 2.50x, the multiple a 34.9% return on equity justifies, blended with earnings, values the shares at $213.51; the price of $206.94 is 3% below that value.
Leak Score 65/100 on 9 of 12 signals
| Metric | MKL | PGR |
|---|---|---|
| Verdict | Undervalued | Fairly valued |
| Price | $1763.36 | $206.94 |
| Intrinsic value | $2546.87 | $213.51 |
| Margin of safety | +31% | +3% |
| Leak Score | 70/100 (10/12) | 65/100 (9/12) |
| Market cap | $21.8B | $120.3B |
| Revenue growth, 5 years | 11.2% | 15.5% |
| Operating margin | 18.6% | 16.6% |
| Net margin | 13.8% | 12.8% |
| Return on equity | 12.6% | 34.9% |
| Debt to equity | 0.23 | 0.24 |
| P/E | 9.7x | 10.4x |
| Forward P/E | 15.7x | 12.8x |
| P/B | 1.1x | 3.5x |
| Dividend yield | — | 4.7% |