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Side-by-side financial comparison of MARKEL GROUP INC. (MKL) and PAN AMERICAN SILVER CORP (PAAS). Click either name above to swap in a different company.
MARKEL GROUP INC. is the larger business by last-quarter revenue ($3.6B vs $2.8B, roughly 1.3× PAN AMERICAN SILVER CORP).
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.
Pan American Silver Corporation is a mining company based in Canada with operations in Latin America. The company has mines and other projects in Mexico, Peru, Bolivia, and Argentina.
MKL vs PAAS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2022
| Metric | | |
|---|---|---|
| Revenue | $3.6B | $2.8B |
| Net Profit | $576.8M | — |
| Gross Margin | — | 27.0% |
| Operating Margin | 22.2% | — |
| Net Margin | 16.1% | — |
| Revenue YoY | -6.9% | — |
| Net Profit YoY | 5.0% | — |
| EPS (diluted) | $48.22 | $-1.05 |
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 | $3.9B | — | ||
| Q2 25 | $4.6B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $4.6B | — | ||
| Q2 24 | $3.7B | — | ||
| Q1 24 | $4.5B | — |
| Q4 25 | $576.8M | — | ||
| Q3 25 | $751.3M | — | ||
| Q2 25 | $657.1M | — | ||
| Q1 25 | $121.7M | — | ||
| Q4 24 | $549.2M | — | ||
| Q3 24 | $905.0M | — | ||
| Q2 24 | $267.7M | — | ||
| Q1 24 | $1.0B | — |
| Q4 25 | 22.2% | — | ||
| Q3 25 | 25.7% | — | ||
| Q2 25 | 24.1% | — | ||
| Q1 25 | 8.3% | — | ||
| Q4 24 | 15.5% | — | ||
| Q3 24 | 29.7% | — | ||
| Q2 24 | 11.1% | — | ||
| Q1 24 | 29.9% | — |
| Q4 25 | 16.1% | — | ||
| Q3 25 | 19.1% | — | ||
| Q2 25 | 14.3% | — | ||
| Q1 25 | 3.6% | — | ||
| Q4 24 | 14.3% | — | ||
| Q3 24 | 19.6% | — | ||
| Q2 24 | 7.2% | — | ||
| Q1 24 | 23.0% | — |
| Q4 25 | $48.22 | — | ||
| Q3 25 | $59.25 | — | ||
| Q2 25 | $49.67 | — | ||
| Q1 25 | $12.08 | — | ||
| Q4 24 | $39.02 | — | ||
| Q3 24 | $66.25 | — | ||
| Q2 24 | $18.62 | — | ||
| Q1 24 | $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 | $4.0B | — |
| Total DebtLower is stronger | $4.3B | — |
| Stockholders' EquityBook value | $18.6B | — |
| Total Assets | $68.9B | — |
| Debt / EquityLower = less leverage | 0.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.0B | — | ||
| Q3 25 | $4.0B | — | ||
| Q2 25 | $3.7B | — | ||
| Q1 25 | $4.2B | — | ||
| Q4 24 | $3.7B | — | ||
| Q3 24 | $3.9B | — | ||
| Q2 24 | $3.5B | — | ||
| Q1 24 | $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 | $18.0B | — | ||
| Q2 25 | $17.3B | — | ||
| Q1 25 | $17.1B | — | ||
| Q4 24 | $16.9B | — | ||
| Q3 24 | $17.0B | — | ||
| Q2 24 | $15.9B | — | ||
| Q1 24 | $15.7B | — |
| Q4 25 | $68.9B | — | ||
| Q3 25 | $67.4B | — | ||
| Q2 25 | $66.8B | — | ||
| Q1 25 | $64.6B | — | ||
| Q4 24 | $61.9B | — | ||
| Q3 24 | $62.3B | — | ||
| Q2 24 | $59.7B | — | ||
| Q1 24 | $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 | $662.2M | — |
| Free Cash FlowOCF − Capex | $599.1M | — |
| FCF MarginFCF / Revenue | 16.7% | — |
| Capex IntensityCapex / Revenue | 1.8% | — |
| Cash ConversionOCF / Net Profit | 1.15× | — |
| TTM Free Cash FlowTrailing 4 quarters | $2.6B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $662.2M | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $504.4M | — | ||
| Q1 25 | $376.2M | — | ||
| Q4 24 | $493.9M | — | ||
| Q3 24 | $890.8M | — | ||
| Q2 24 | $578.6M | — | ||
| Q1 24 | $630.7M | — |
| Q4 25 | $599.1M | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $453.8M | — | ||
| Q1 25 | $335.5M | — | ||
| Q4 24 | $420.0M | — | ||
| Q3 24 | $838.9M | — | ||
| Q2 24 | $521.4M | — | ||
| Q1 24 | $558.7M | — |
| Q4 25 | 16.7% | — | ||
| Q3 25 | 29.6% | — | ||
| Q2 25 | 9.9% | — | ||
| Q1 25 | 9.9% | — | ||
| Q4 24 | 10.9% | — | ||
| Q3 24 | 18.2% | — | ||
| Q2 24 | 14.1% | — | ||
| Q1 24 | 12.5% | — |
| Q4 25 | 1.8% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 1.1% | — | ||
| Q2 24 | 1.5% | — | ||
| Q1 24 | 1.6% | — |
| Q4 25 | 1.15× | — | ||
| Q3 25 | 1.62× | — | ||
| Q2 25 | 0.77× | — | ||
| Q1 25 | 3.09× | — | ||
| Q4 24 | 0.90× | — | ||
| Q3 24 | 0.98× | — | ||
| Q2 24 | 2.16× | — | ||
| Q1 24 | 0.62× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
PAAS
Segment breakdown not available.
