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Side-by-side financial comparison of ICON PLC (ICLR) and MARKEL GROUP INC. (MKL). Click either name above to swap in a different company.
MARKEL GROUP INC. is the larger business by last-quarter revenue ($3.6B vs $2.0B, roughly 1.8× ICON PLC). MARKEL GROUP INC. runs the higher net margin — 16.1% vs 0.1%, a 16.0% gap on every dollar of revenue. On growth, ICON PLC posted the faster year-over-year revenue change (0.6% vs -6.9%). MARKEL GROUP INC. produced more free cash flow last quarter ($599.1M vs $333.9M). Over the past eight quarters, ICON PLC's revenue compounded faster (0.6% CAGR vs -10.5%).
ICON plc is an Irish headquartered multinational healthcare intelligence and clinical research organisation. As of February 2025 had approximately 41,900 employees in 55 countries.
MARKEL GROUP INC.MKLEarnings & Financial Report
Markel Group Inc. is a group of companies headquartered in Richmond, Virginia, and originally founded in 1930 as an insurance company.
ICLR vs MKL — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $3.6B |
| Net Profit | $2.4M | $576.8M |
| Gross Margin | — | — |
| Operating Margin | 4.2% | 22.2% |
| Net Margin | 0.1% | 16.1% |
| Revenue YoY | 0.6% | -6.9% |
| Net Profit YoY | -98.8% | 5.0% |
| EPS (diluted) | $0.03 | $48.22 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $3.6B | ||
| Q3 25 | $2.0B | $3.9B | ||
| Q2 25 | $2.0B | $4.6B | ||
| Q1 25 | $2.0B | $3.4B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | $2.0B | $4.6B | ||
| Q2 24 | $2.1B | $3.7B | ||
| Q1 24 | $2.1B | $4.5B |
| Q4 25 | — | $576.8M | ||
| Q3 25 | $2.4M | $751.3M | ||
| Q2 25 | $183.0M | $657.1M | ||
| Q1 25 | $154.2M | $121.7M | ||
| Q4 24 | — | $549.2M | ||
| Q3 24 | $197.1M | $905.0M | ||
| Q2 24 | $146.9M | $267.7M | ||
| Q1 24 | $187.4M | $1.0B |
| Q4 25 | — | 22.2% | ||
| Q3 25 | 4.2% | 25.7% | ||
| Q2 25 | 10.4% | 24.1% | ||
| Q1 25 | 11.0% | 8.3% | ||
| Q4 24 | — | 15.5% | ||
| Q3 24 | 14.1% | 29.7% | ||
| Q2 24 | 10.8% | 11.1% | ||
| Q1 24 | 13.7% | 29.9% |
| Q4 25 | — | 16.1% | ||
| Q3 25 | 0.1% | 19.1% | ||
| Q2 25 | 9.1% | 14.3% | ||
| Q1 25 | 7.7% | 3.6% | ||
| Q4 24 | — | 14.3% | ||
| Q3 24 | 9.7% | 19.6% | ||
| Q2 24 | 6.9% | 7.2% | ||
| Q1 24 | 9.0% | 23.0% |
| Q4 25 | — | $48.22 | ||
| Q3 25 | $0.03 | $59.25 | ||
| Q2 25 | $2.30 | $49.67 | ||
| Q1 25 | $1.90 | $12.08 | ||
| Q4 24 | — | $39.02 | ||
| Q3 24 | $2.36 | $66.25 | ||
| Q2 24 | $1.76 | $18.62 | ||
| Q1 24 | $2.25 | $75.43 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $468.9M | $4.0B |
| Total DebtLower is stronger | — | $4.3B |
| Stockholders' EquityBook value | $9.3B | $18.6B |
| Total Assets | $16.5B | $68.9B |
| Debt / EquityLower = less leverage | — | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $4.0B | ||
| Q3 25 | $468.9M | $4.0B | ||
| Q2 25 | $390.4M | $3.7B | ||
| Q1 25 | $526.7M | $4.2B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | $695.5M | $3.9B | ||
| Q2 24 | $506.6M | $3.5B | ||
| Q1 24 | $396.1M | $3.6B |
| Q4 25 | — | $4.3B | ||
| Q3 25 | — | $4.3B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.4B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.4B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $3.9B |
| Q4 25 | — | $18.6B | ||
| Q3 25 | $9.3B | $18.0B | ||
| Q2 25 | $9.6B | $17.3B | ||
| Q1 25 | $9.5B | $17.1B | ||
| Q4 24 | — | $16.9B | ||
| Q3 24 | $9.8B | $17.0B | ||
| Q2 24 | $9.6B | $15.9B | ||
| Q1 24 | $9.4B | $15.7B |
| Q4 25 | — | $68.9B | ||
| Q3 25 | $16.5B | $67.4B | ||
| Q2 25 | $16.6B | $66.8B | ||
| Q1 25 | $16.7B | $64.6B | ||
| Q4 24 | — | $61.9B | ||
| Q3 24 | $17.2B | $62.3B | ||
| Q2 24 | $17.0B | $59.7B | ||
| Q1 24 | $17.0B | $57.3B |
| Q4 25 | — | 0.23× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | — | 0.25× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $387.6M | $662.2M |
| Free Cash FlowOCF − Capex | $333.9M | $599.1M |
| FCF MarginFCF / Revenue | 16.3% | 16.7% |
| Capex IntensityCapex / Revenue | 2.6% | 1.8% |
| Cash ConversionOCF / Net Profit | 164.59× | 1.15× |
| TTM Free Cash FlowTrailing 4 quarters | $1.0B | $2.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $662.2M | ||
| Q3 25 | $387.6M | $1.2B | ||
| Q2 25 | $146.2M | $504.4M | ||
| Q1 25 | $268.2M | $376.2M | ||
| Q4 24 | — | $493.9M | ||
| Q3 24 | $402.7M | $890.8M | ||
| Q2 24 | $218.6M | $578.6M | ||
| Q1 24 | $327.1M | $630.7M |
| Q4 25 | — | $599.1M | ||
| Q3 25 | $333.9M | $1.2B | ||
| Q2 25 | $113.9M | $453.8M | ||
| Q1 25 | $239.3M | $335.5M | ||
| Q4 24 | — | $420.0M | ||
| Q3 24 | $359.3M | $838.9M | ||
| Q2 24 | $182.3M | $521.4M | ||
| Q1 24 | $299.9M | $558.7M |
| Q4 25 | — | 16.7% | ||
| Q3 25 | 16.3% | 29.6% | ||
| Q2 25 | 5.6% | 9.9% | ||
| Q1 25 | 12.0% | 9.9% | ||
| Q4 24 | — | 10.9% | ||
| Q3 24 | 17.7% | 18.2% | ||
| Q2 24 | 8.6% | 14.1% | ||
| Q1 24 | 14.3% | 12.5% |
| Q4 25 | — | 1.8% | ||
| Q3 25 | 2.6% | 1.3% | ||
| Q2 25 | 1.6% | 1.1% | ||
| Q1 25 | 1.4% | 1.2% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | 2.1% | 1.1% | ||
| Q2 24 | 1.7% | 1.5% | ||
| Q1 24 | 1.3% | 1.6% |
| Q4 25 | — | 1.15× | ||
| Q3 25 | 164.59× | 1.62× | ||
| Q2 25 | 0.80× | 0.77× | ||
| Q1 25 | 1.74× | 3.09× | ||
| Q4 24 | — | 0.90× | ||
| Q3 24 | 2.04× | 0.98× | ||
| Q2 24 | 1.49× | 2.16× | ||
| Q1 24 | 1.74× | 0.62× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ICLR
| Other Customers | $681.3M | 33% |
| Clients1125 | $549.4M | 27% |
| Clients15 | $503.3M | 25% |
| Clients610 | $308.8M | 15% |
MKL
| Industrial | $1.6B | 45% |
| Consumer And Other | $958.3M | 27% |
| Financial | $737.0M | 21% |
| Other | $198.8M | 6% |
| Corporate Operations | $52.0M | 1% |
| Revenue From Contract With Customer | $10.5M | 0% |
