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MKL

MARKEL GROUP INC.
CIK 0001096343 ยท EDGAR โ†—
cleanelevatedtriggeredno dataplanned
22.2
composite ยท 5 signals ยท CLEAN

Every card below shows the score and the exact filing data it was computed from โ€” no unexplained numbers. Some signals (P-02, P-03, P-08, P-09, P-10, P-11) pull live documents from SEC EDGAR the first time you view this company; a few of those (P-03, P-10, P-11) use AI to read the filing text, but every AI claim must quote the actual document verbatim or it's discarded โ€” never a guess.

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Signals

P-01 ยท FY 2025-12-31 ยท CLEAN30.2

Earnings quality

Beneish M-Score -2.44 โ€” no manipulation profile
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-02-26) โ†—
Evidence โ€” inputs and thresholds
{
  "m_score": -2.442,
  "threshold": -1.78,
  "ratios": {
    "DSRI": 1,
    "GMI": 1,
    "AQI": 1.001,
    "SGI": 1.047,
    "DEPI": 1.044,
    "SGAI": 1,
    "LVGI": 0.893,
    "TATA": -0.009
  },
  "defaulted_to_neutral": [
    "DSRI",
    "GMI",
    "SGAI"
  ],
  "sloan_accruals": -0.01,
  "inputs": {
    "revenue_t": 15513233000,
    "revenue_t1": 14813544000,
    "total_assets_t": 68905050000,
    "net_income_t": 2107010000,
    "cfo_t": 2761256000
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1096343/000109634326000020/0001096343-26-000020-index.htm",
    "form": "10-K",
    "filed": "2026-02-26"
  }
}
P-05 ยท FY 2025-12-31 ยท CLEAN0.0

Tax arbitrage

ETR 21.2% โ€” within normal range of statutory
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-02-26) โ†—
Evidence โ€” inputs and thresholds
{
  "etr_by_year": {
    "2025-12-31": 0.2124,
    "2024-12-31": 0.2173,
    "2023-12-31": 0.2082
  },
  "statutory_rate": 0.21,
  "gap_by_year": {
    "2025-12-31": -0.0024,
    "2024-12-31": -0.0073,
    "2023-12-31": 0.0018
  },
  "note": "Low ETR can be fully legitimate; this flags persistence + magnitude for review.",
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1096343/000109634326000020/0001096343-26-000020-index.htm",
    "form": "10-K",
    "filed": "2026-02-26"
  }
}
P-07 ยท FY 2025-12-31 ยท CLEAN0.0

Pension underfunding

DB plan 165% funded
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-02-26) โ†—
Evidence โ€” inputs and thresholds
{
  "benefit_obligation": 110600000,
  "plan_assets": 183000000,
  "funded_ratio": 1.6546,
  "deficit": 72400000,
  "deficit_vs_equity": null,
  "thresholds": {
    "elevated": "<90% funded",
    "triggered": "<80% funded or deficit >25% of equity"
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1096343/000109634326000020/0001096343-26-000020-index.htm",
    "form": "10-K",
    "filed": "2026-02-26"
  }
}
P-12 ยท FY 2025-12-31 ยท CLEAN21.0

Restatement predictor

F-Score 0.63 โ€” at or below the population base rate
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-02-26) โ†—
Evidence โ€” inputs and thresholds
{
  "f_score": 0.63,
  "probability": 0.00233,
  "components": {
    "rsst": -0.01,
    "drec": null,
    "dinv": -0.0004,
    "soft": 0.9207,
    "dcs": 0.0472,
    "droa": -0.0138,
    "issue": 0
  },
  "model": "Dechow et al. 2011, Model 1 (simplified RSST)",
  "thresholds": {
    "elevated": 1,
    "triggered": 1.85
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1096343/000109634326000020/0001096343-26-000020-index.htm",
    "form": "10-K",
    "filed": "2026-02-26"
  }
}
P-13 ยท FY 2025-12-31 ยท CLEAN0.0

Zombie / distress

Interest coverage 15.52x โ€” servicing debt from operations
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-02-26) โ†—
Evidence โ€” inputs and thresholds
{
  "icr_by_year": {
    "2025-12-31": 15.516,
    "2024-12-31": 18.172,
    "2023-12-31": 15.825,
    "2022-12-31": -0.476
  },
  "consecutive_years_below_1": 0,
  "altman_z_double_prime": 1.415,
  "definitions": {
    "zombie": "ICR<1 for 3+ consecutive FYs (BIS 2018)",
    "z_distress": "<1.1 distress, 1.1-2.6 gray, >2.6 safe"
  },
  "inputs": {
    "ebit_t": 3194852000,
    "interest_expense_t": 205910000
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1096343/000109634326000020/0001096343-26-000020-index.htm",
    "form": "10-K",
    "filed": "2026-02-26"
  }
}