Loews Corporation (L)
Financials · $21.7B market cap · SEC CIK 0000060086
fundamentals score out of 100
Next reports on Nov 2, 2026.
The case for L
- Cheap on earnings at 12.8×, well under the market's usual 20×.
- Earnings per share up 29.8%.
- A PEG of 0.43: a P/E of 12.8× is low for EPS growing 30%.
- Trades at 1.22× book value, close to what the balance sheet says it owns.
- Moves less than the market (beta 0.51).
- Price/sales of 1.2× is lower than 89% of Financials companies.
The case against
- Net margin of 9% is thinner than 88% of Financials companies.
- Revenue growth of +3.4% is slower than 88% of Financials companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 79 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 46 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 33 |
| Momentumhow the price has behaved lately | 49 |
| Stabilityhow violently it moves, what it owes and what it pays you | 78 |
- Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
- Each factor except momentum is half fixed thresholds, half rank among the 74 Financials companies.
Key numbers
| Price / earnings | 12.8× |
|---|---|
| Price / book | 1.22× |
| Price / sales | 1.2× |
| Revenue growth (YoY) | +3.4% |
| EPS growth (YoY) | +29.8% |
| Gross margin | — |
| Operating margin | 14% |
| Net margin | 9% |
| Return on equity | 9% |
| Debt / equity | 0.47× |
| Current ratio | 287.78 |
| Dividend yield | 0.36% |
| Beta | 0.51 |
| 52-week range | $96.17 – $121.01 |
| Position in that range | 39% of the way up |
| 3-month return | -0.5% |
| 1-year return | +10.4% |
Five years of financials, as filed
Pulled from Loews Corporation's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $3.2B | $2.9B | $2.4B | $2.1B | $2.0B |
| Net income | $1.7B | $1.4B | $1.4B | $822M | $1.6B |
| Operating cash flow | $3.3B | $3.0B | $3.9B | $3.3B | $2.6B |
| Capital expenditure | $579M | $632M | $686M | $660M | $482M |
| Total assets | $86.3B | $81.9B | $79.2B | $75.6B | $81.6B |
| Total liabilities | $66.7B | $64.0B | $62.7B | $60.4B | $62.5B |
| Shareholder equity | $18.7B | $17.1B | $15.7B | $14.3B | $17.8B |
| Cash | $495M | $541M | $399M | $532M | $621M |
| Free cash flow | $2.7B | $2.4B | $3.2B | $2.7B | $2.1B |
| Net margin | 52.5% | 48.9% | 60.8% | 39.4% | 77.9% |
| Diluted shares | 209M | 221M | 228M | 243M | 260M |
Share count is down 19.6% over 4 years. Buybacks have been shrinking the pie.
What Loews Corporation says it does
of this Report, Boardwalk Pipelines is currently engaged in growth projects for which it has executed precedent or long-term firm transportation agreements. Through the date of this filing, the expected aggregate construction costs associated with these agreements is approximately $3.3 billion; this cost is expected to be spent through 2030. As of December 31, 2025, Boardwalk Pipelines has spent $135 million on these growth projects. The majority of the capital expenditures for each of these projects is expected to be spent upon receiving FERC approval to begin construction, which is generally 12-18 months prior to the project’s expected in-service date. Boardwalk Pipelines is also evaluating additional growth projects involving substantial capital commitments. Boardwalk Pipelines expects to finance its growth projects through a combination of operating cash flows and the issuance of long-term debt, including borrowings under its…
Risk factors L lists in its 10-K
- Non-GAAP Reconciliation of Net Income Attributable to Loews Corporation to EBITDA
- Claim and claim adjustment expense reserves (a)
- U.S. Government, Government agencies and Government-sponsored enterprises
- Due after one year through five years
- Due after five years through ten years
- Property and Casualty Claim and Claim Adjustment Expense Reserves
- Establishing Property & Casualty Reserve Estimates
- Other Professional Liability and Management Liability
- (In millions, except frequency and severity assumptions)
- For the year ended December 31, 2025
- Estimated Reduction to Pretax Income
- 5% decrease in active life mortality and lapse
- 10% decrease in active life mortality and lapse
- 25% decrease in anticipated future premium rate increases