Method & caveats:
(1) Operating segments valued via after-tax earnings × P/E multiple.
(2) Insurance investment income partially credited (60% non-overlap with §1 listed equities — bond yield).
(3) Float credited per chosen preset (smaller than BRK at ~$26B).
(4) Q1 2026 13F shows Gayner did massive trimming — share counts below reflect post-trim positions.
(5) Markel Ventures is now reported across "Industrial" / "Financial" / "Consumer & Other" segments rather than one line.
Valuation presets
Live SOTP per share
Equity portfolio (after-tax)
$0
+ Operating segments
$0
+ Cash & fixed income + float credit
$0
– Corp. deferred tax
$0
– Debt
$0
Implied equity value
$0
÷ Shares
SOTP / share
MKL mkt price
$1,800
Premium / (discount)
—
1. Public equity portfolio (Q1 2026 13F, post-trim)
Corporate tax rate: %
Deferred-tax recognition: %
| Ticker | Company | Shares (M) | Price ($) | Mkt val ($M) | Cost / sh ($) | Gain ($M) | Tax ($M) | After-tax ($M) | % port |
|---|---|---|---|---|---|---|---|---|---|
| Totals | — | — | — | — | |||||
Notes
"Other 13F holdings" plug captures the ~125 smaller positions to tie to the disclosed $11.94B portfolio total.
2. Operating segments (Q1 2026 adj. op income × P/E)
| Segment | What it is | Q1'26 op inc ($M) | Annualized ($M) | P/E | Value ($M) |
|---|---|---|---|---|---|
| Total operating segments | — | ||||
3. Cash, fixed income & float
| Line | Source | Carry ($B) | Haircut % | SOTP value ($B) |
|---|---|---|---|---|
| Total | — | |||
4. Debt
| Borrower | Type | Face ($M) | SOTP value ($M) |
|---|---|---|---|
| Total | — | — | |
Share count & market
| Shares outstanding (M) | M | |
| Current MKL price ($) | $ | |
| Book value per share (Q1'26) | ~$1,200 | |
Not investment advice. Sources: Q1 2026 10-Q, Q1 2026 13F (May 1 2026 filing).