Markel Group Inc (MKL) is undervalued and Travelers Companies Inc (TRV) is undervalued.
Against our estimates of intrinsic value, MKL trades at the wider discount: a margin of safety of +31%, against +21% for TRV.
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 26.5% return on equity justifies, blended with earnings, values the shares at $459.92; the price of $362.01 is 21% below that value.
Leak Score 96/100 on 8 of 12 signals
| Metric | MKL | TRV |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $1763.36 | $362.01 |
| Intrinsic value | $2546.87 | $459.92 |
| Margin of safety | +31% | +21% |
| Leak Score | 70/100 (10/12) | 96/100 (8/12) |
| Market cap | $21.8B | $75.5B |
| Revenue growth, 5 years | 11.2% | 8.8% |
| Operating margin | 18.6% | 22.0% |
| Net margin | 13.8% | 16.8% |
| Return on equity | 12.6% | 26.5% |
| Debt to equity | 0.23 | 0.27 |
| P/E | 9.7x | 9.7x |
| Forward P/E | 15.7x | 11.9x |
| P/B | 1.1x | 2.3x |
| Dividend yield | — | 1.3% |