Loews
L NYSE Multi-line Insurance Financials FY2016–FY2025
Loews' revenue rose 5.4% to $18.5 billion in fiscal 2025. Its net margin was 9.0%, up from 8.1% a year earlier. Free cash flow was $2.7 billion, up 12.8%. It paid out $858 million in dividends and buybacks, 32% of free cash flow. The diluted share count fell 5.2%.
What Loews does
Loews is a holding company, which means it owns other businesses rather than selling products itself. Its main businesses are CNA Financial, a commercial property and casualty insurer; Boardwalk Pipelines, which transports and stores natural gas, natural gas liquids and other hydrocarbons; and Loews Hotels, which operates a chain of hotels. It also owns part of Altium Packaging, which makes rigid plastic packaging.
Loews reports four segments: CNA, Boardwalk Pipelines, Loews Hotels and Corporate. Loews owns about 92% of CNA, and CNA made up 81.2% of Loews' consolidated revenue in 2025. CNA sells coverages such as professional and management liability, surety bonds, warranty products and standard commercial property and casualty insurance. It sells them through independent agents and brokers to businesses, professionals and other groups, in the United States, Canada, the United Kingdom and Europe.
Boardwalk Pipelines and Loews Hotels are wholly owned. Loews owns about 53% of Altium Packaging, which it does not consolidate in its results. Loews says CNA competes with a large number of stock and mutual insurance companies on price and service.
- Legal name
- LOEWS CORP
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 10, 2026
- Accession · CIK
- 0000060086-26-000008
0000060086
Revenue and margins
Loews had $18.5B of revenue in fiscal 2025, up 5.4% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 17.1% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $2.7B in fiscal 2025, 14.6% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Loews returned $858M to shareholders in fiscal 2025, 32% of free cash flow. The diluted share count fell 5.2%.
Value Loews yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$3.0B and divides by 209.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 13.7x · peers 14.2x · sector 13.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Loews can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $5.5B | $5.4B | $4.8B | $5.1B | $6.5B |
| Debt incl. finance leases | $9.1B | $9.0B | $9.0B | $8.9B | $9.5B |
| Net debt / EBITDA | 1.2x | 1.8x | 1.5x | 1.3x | 0.9x |
| Debt / equity | 0.5x | 0.6x | 0.6x | 0.5x | 0.5x |
| Interest coverage | 6.1x | 4.0x | 6.3x | 5.3x | 6.2x |
| Total assets | $81.6B | $75.6B | $79.2B | $81.9B | $86.3B |
| Total liabilities | $62.5B | $60.4B | $62.7B | $64.0B | $66.7B |
| Shareholders' equity | $17.8B | $14.3B | $15.7B | $17.1B | $18.7B |
| Net debt (− = net cash) | $3.6B | $3.6B | $4.2B | $3.8B | $3.0B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$1.1M
1 insider
Sold, 12 months
$31.3M
5 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 29, 2026 | Dino RobustoDirector | Bought | 5,000 | $104.74 | $0.5M | Form 4 |
| May 5, 2026 | Dino RobustoDirector | Bought | 5,000 | $105.44 | $0.5M | Form 4 |
| Mar 12, 2026 | Andrew H TischDirector Emeritus | Sold | 50,000 | $108.68 | $5.4M | Form 4 |
| Mar 11, 2026 | Andrew H TischDirector Emeritus | Sold | 50,000 | $108.81 | $5.4M | Form 4 |
| Feb 17, 2026 | Mark S SchwartzV.p., C.A.O. and Treasurer | Sold | 3,150 | $110.00 | $0.3M | Form 4 |
| Feb 13, 2026 | Andrew H TischDirector Emeritus | Sold | 50,000 | $108.87 | $5.4M | Form 4 |
| Feb 12, 2026 | Andrew H TischDirector Emeritus | Sold | 50,000 | $110.27 | $5.5M | Form 4 |
| Feb 10, 2026 | Ann E BermanDirector | Sold | 1,922 | $110.16 | $0.2M | Form 4 |
| Feb 10, 2026 | Marc A AlpertSr. VP, Gen. Coun. & Secy. | Sold | 3,495 | $109.87 | $0.4M | Form 4 |
| Dec 15, 2025 | Andrew H TischDirector Emeritus | Sold | 50,000 | $105.07 | $5.3M | Form 4 |
| Dec 11, 2025 | Richard Waldo ScottSVP & Chief Investment Officer | Sold | 1,000 | $104.74 | $0.1M | Form 4 |
| Dec 4, 2025 | Andrew H TischDirector Emeritus | Sold | 30,000 | $104.81 | $3.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✕ |
| Current ratio rose | — | — | — |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −3.2% | −2.0% | −1.9% |
| Altman Z'' | — | — | — |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Loews L | $23.0B | 5.4% | — | 14.6% | 9.5% | 13.7x | — | |
| Assurant AIZ | $14.2B | 7.9% | — | 12.5% | 17.5% | 13.6x | — | Compare → |
| American International Group AIG | $43.4B | −1.8% | — | — | 9.3% | 14.9x | — | Compare → |
| American Financial Group AFG | $12.5B | −1.8% | 13.1% | — | 17.8% | 13.2x | — | Compare → |
| Corebridge Financial CRBG | $15.5B | −1.2% | — | — | — | 21.5x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $13.1B | $13.7B | $14.1B | $14.9B | $12.6B | $14.7B | $14.0B | $15.9B | $17.5B | $18.5B |
| Gross profit | $12.8B | $13.4B | $13.1B | $13.8B | — | — | — | — | — | — |
| Interest expense | $536M | $646M | $574M | $591M | $515M | $424M | $378M | $376M | $441M | $437M |
| Pretax income | $936M | $1.6B | $834M | $1.1B | −$1.5B | $2.2B | $1.1B | $2.0B | $1.9B | $2.3B |
| Income tax | $220M | $170M | $128M | $248M | −$173M | $475M | $223M | $451M | $380M | $511M |
| Net income | $654M | $1.2B | $636M | $932M | −$931M | $1.6B | $822M | $1.4B | $1.4B | $1.7B |
| Diluted EPS | $1.93 | $3.45 | $1.99 | $3.07 | −$3.32 | $6.00 | $3.38 | $6.29 | $6.41 | $7.97 |
| Diluted shares | 0.34B | 0.34B | 0.32B | 0.30B | 0.28B | 0.26B | 0.24B | 0.23B | 0.22B | 0.21B |
| Cash flow | ||||||||||
| Cash from operations | $2.3B | $2.6B | $4.2B | $1.7B | $1.7B | $2.6B | $3.3B | $3.9B | $3.0B | $3.3B |
| Capital expenditure | $1.5B | $1.0B | $995M | $1.0B | $710M | $482M | $660M | $686M | $632M | $579M |
| Free cash flow | $803M | $1.6B | $3.2B | $700M | $1.0B | $2.1B | $2.7B | $3.2B | $2.4B | $2.7B |
| Depreciation and amortization | $841M | $854M | $880M | $898M | $673M | $503M | $509M | $534M | $580M | $607M |
| Stock-based compensation | $32.0M | $33.0M | $35.0M | $37.0M | $37.0M | $33.0M | $34.0M | $36.0M | $39.0M | $41.0M |
| Acquisitions | $79.0M | $1.2B | $37.0M | $257M | $58.0M | $0.0M | $0.0M | $401M | $0.0M | $0.0M |
| Share buybacks | $134M | $216M | $1.0B | $1.1B | $923M | $1.1B | $729M | $849M | $608M | $806M |
| Dividends paid | $84.0M | $84.0M | $80.0M | $76.0M | $70.0M | $65.0M | $61.0M | $57.0M | $55.0M | $52.0M |
| Dividends and buybacks | $218M | $300M | $1.1B | $1.1B | $993M | $1.2B | $790M | $906M | $663M | $858M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $5.1B | $5.1B | $4.3B | $5.0B | $5.2B | $5.5B | $5.4B | $4.8B | $5.1B | $6.5B |
| Total debt | $10.8B | $11.5B | $11.4B | $11.5B | $10.1B | $9.1B | $9.0B | $9.0B | $8.9B | $9.5B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $15.2B | $15.4B | $15.5B | $15.6B | $10.5B | $9.9B | $10.0B | $10.7B | $10.7B | $10.7B |
| Total assets | $76.6B | $79.6B | $78.3B | $82.2B | $80.2B | $81.6B | $75.6B | $79.2B | $81.9B | $86.3B |
| Total liabilities | $53.2B | $55.0B | $56.9B | $60.3B | $61.1B | $62.5B | $60.4B | $62.7B | $64.0B | $66.7B |
| Shareholders' equity | $18.2B | $19.2B | $18.5B | $19.1B | $17.9B | $17.8B | $14.3B | $15.7B | $17.1B | $18.7B |
| Margins | ||||||||||
| Gross margin | 97.9% | 97.8% | 93.4% | 92.8% | — | — | — | — | — | — |
| EBITDA margin | 17.7% | 22.4% | 16.3% | 17.5% | −2.2% | 21.1% | 14.3% | 18.3% | 16.5% | 18.0% |
| Net margin | 5.0% | 8.5% | 4.5% | 6.2% | −7.4% | 10.7% | 5.9% | 9.0% | 8.1% | 9.0% |
| FCF margin | 6.1% | 11.4% | 22.9% | 4.7% | 8.2% | 14.6% | 18.9% | 20.3% | 13.7% | 14.6% |
| Returns | ||||||||||
| Return on capital | 3.9% | 6.6% | 4.0% | 4.7% | −3.0% | 9.4% | 6.0% | 9.3% | 8.7% | 9.5% |
| Return on equity | 3.7% | 6.2% | 3.4% | 5.0% | −5.0% | 8.8% | 5.1% | 9.5% | 8.6% | 9.3% |
| Return on assets | 0.9% | 1.5% | 0.8% | 1.2% | −1.2% | 1.9% | 1.1% | 1.9% | 1.8% | 2.0% |
| Growth | ||||||||||
| Revenue growth | −2.3% | 4.8% | 2.4% | 6.2% | −15.7% | 16.5% | −4.2% | 13.2% | 10.1% | 5.4% |
| Net income growth | 151.5% | 78.0% | −45.4% | 46.5% | −199.9% | — | −47.4% | 74.5% | −1.4% | 17.9% |
| EPS growth | 168.1% | 78.8% | −42.3% | 54.3% | −208.1% | — | −43.7% | 86.1% | 1.9% | 24.3% |
| FCF growth | −59.7% | 94.2% | 107.0% | −78.3% | 47.9% | 106.9% | 24.0% | 21.4% | −25.7% | 12.8% |
| Share count change | −6.7% | −0.2% | −5.2% | −5.2% | −7.6% | −7.2% | −6.5% | −6.4% | −3.2% | −5.2% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.5x | 2.1x | 3.1x | 2.5x | — | 1.2x | 1.8x | 1.5x | 1.3x | 0.9x |
| Debt / equity | 0.6x | 0.6x | 0.6x | 0.6x | 0.6x | 0.5x | 0.6x | 0.6x | 0.5x | 0.5x |
| Interest coverage | 2.8x | 3.5x | 2.5x | 2.9x | −1.8x | 6.1x | 4.0x | 6.3x | 5.3x | 6.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 11.1% | 7.5% | 7.1% | 7.0% | 5.6% | 3.3% | 4.7% | 4.3% | 3.6% | 3.1% |
| Stock comp / revenue | 0.2% | 0.2% | 0.3% | 0.3% | 0.3% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% |
| Payouts / FCF | 27.2% | 19.2% | 34.3% | 161.0% | 95.9% | 56.1% | 29.8% | 28.1% | 27.7% | 31.8% |
| Quality scores | ||||||||||
| Accruals ratio | −2.1% | −1.8% | −4.5% | −1.0% | −3.3% | −1.3% | −3.2% | −3.2% | −2.0% | −1.9% |
Source: SEC EDGAR XBRL filings (CIK 0000060086). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.