Loews

L · NYSE · Financials · Financials, fiscal 2016 to 2025

L · Last close · October 26, 2026

$111.42

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%.

LOEWS CORP Latest fiscal year ended December 31, 2025 10-K filed February 10, 2026 · 0000060086-26-000008 Updated October 9, 2026

Revenue

$18.5B

5.4%

Net margin

9.0%

0.9 pts

Net income

$1.7B

17.9%

Free cash flow

$2.7B

12.8%

Return on capital

9.5%

0.8 pts

Market cap

$22.9B

Oct 26 close

P/E

13.7x

On $8.16 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

CNA's insurance reserves may fall short of what it eventually pays in claims.
CNA's exposure to losses from natural and man-made disasters, and to asbestos and environmental pollution claims.
Losses on CNA's investments and swings in investment income as financial markets move.
Boardwalk Pipelines depends on a limited number of customers for a significant share of its revenue.
Changes in energy prices, regulation, and market conditions that affect demand and rates for Boardwalk Pipelines.

From Loews's annual report on Form 10-K, filed February 10, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 17.1% a year and net income 11.0% a year, as buybacks cut the share count by 38%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Loews yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Loews' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Loews' fiscal 2025 free cash flow of $2.7B, net cash of −$3.0B at December 31, 2025 and 209 million diluted shares, from its filings. The scenarios are fitted to Loews: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 9.5% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 7% for a stable business (Multi-line Insurance); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Loews's own revenue growth, as above. Cautious: growth of 5% then 3.5% a year, 2% after year 10, a 8% discount rate. Base: growth of 9.5% then 6% a year, 2.5% after year 10, a 7% discount rate. Optimistic: growth of 14.5% then 9% a year, 3% after year 10, a 6% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $111.42
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Loews' earnings per share of $8.16 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.8×, the middle of Loews' own P/E today, its peers' median and its sector's median (the Financials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 8%, 7% and 6%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Assurant, American International Group, American Financial Group, Corebridge Financial.

Earnings growth in the years ahead (% a year) Starts at Loews' revenue growth over the last 3 years, 9.5% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $111.42
Value at this multiple, against the last close: —
Loews' P/E at the last close: 13.7×

Company	Last close	Earnings per share	P/E today
Corebridge FinancialCRBG	$34.66	$1.59	21.8×
American International GroupAIG	$81.13	$5.47	14.8×
AssurantAIZ	$287.15	$20.91	13.7×
LoewsL	$111.42	$8.16	13.7×
American Financial GroupAFG	$150.59	$11.44	13.2×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	5,481	5,386	4,795	5,147	6,539
Debt incl. finance leases	9,079	9,019	9,003	8,944	9,489
Net debt (negative means net cash)	3,598	3,633	4,208	3,797	2,950
Net debt to EBITDA	1.2x	1.8x	1.4x	1.3x	0.9x
Debt to equity	0.5x	0.6x	0.6x	0.5x	0.5x
Interest coverage	6.1x	4.0x	6.3x	5.2x	6.2x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $1.1 million of Loews shares on the open market, and 8 insiders sold $39.3 million, $623,217 of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
May 29, 2026	Dino RobustoDirector	Bought	5,000	$104.74	$523,700	Form 4
May 5, 2026	Dino RobustoDirector	Bought	5,000	$105.44	$527,200	Form 4
Mar 12, 2026	Andrew H TischDirector Emeritus	Sold	50,000	$108.68	$5.4 million	Form 4
Mar 11, 2026	Andrew H TischDirector Emeritus	Sold	50,000	$108.81	$5.4 million	Form 4
Feb 17, 2026	Mark S SchwartzV.p., C.A.O. and Treasurer	Sold	3,150	$110.00	$346,500	Form 4
Feb 13, 2026	Andrew H TischDirector Emeritus	Sold	50,000	$108.87	$5.4 million	Form 4
Feb 12, 2026	Andrew H TischDirector Emeritus	Sold	50,000	$110.27	$5.5 million	Form 4
Feb 10, 2026	Marc A AlpertSr. VP, Gen. Coun. & Secy.	Sold	3,495	$109.87	$383,983	Form 4
Feb 10, 2026	Ann E BermanDirector	Sold	1,922	$110.16	$211,728	Form 4
Dec 15, 2025	Andrew H TischDirector Emeritus	Sold	50,000	$105.07	$5.3 million	Form 4
Dec 11, 2025	Richard Waldo ScottSVP & Chief Investment Officer	Sold	1,000	$104.74	$104,740	Form 4
Dec 4, 2025	Andrew H TischDirector Emeritus	Sold	30,000	$104.81	$3.1 million	Form 4

The latest 12 of 18 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	—	—	—
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—
Accruals ratio	−3.2%	−2.0%	−1.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Loews side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Loews	FY25	5.4%	—	14.6%	9.5%	0.9x	—
Assurant	FY25	7.9%	—	12.5%	17.5%	−0.0x	—	Compare
American International Group	FY25	−1.8%	—	—	9.3%	−0.4x	—	Compare
American Financial Group	FY25	−1.8%	13.1%	—	17.8%	0.1x	—	Compare
Corebridge Financial	FY25	−1.2%	—	—	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	13,105	13,735	14,066	14,931	12,583	14,657	14,044	15,901	17,510	18,454
Revenue growth	−2.3%	4.8%	2.4%	6.2%	−15.7%	16.5%	−4.2%	13.2%	10.1%	5.4%
Gross profit	12,834	13,436	13,143	13,849	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	654	1,164	636	932	−931	1,562	822	1,434	1,414	1,667
Diluted EPS (US$)	1.93	3.45	1.99	3.07	−3.32	6.00	3.38	6.29	6.41	7.97
Diluted shares (millions)	338	338	320	303	280	260	243	228	220	209
Cash flow
Cash from operations	2,253	2,590	4,222	1,741	1,745	2,623	3,314	3,907	3,025	3,279
Capital expenditure	1,450	1,031	995	1,041	710	482	660	686	632	579
Free cash flow	803	1,559	3,227	700	1,035	2,141	2,654	3,221	2,393	2,700
Dividends paid	84	84	80	76	70	65	61	57	55	52
Share buybacks	134	216	1,026	1,051	923	1,136	729	849	608	806
Acquisitions	79	1,218	37	257	58	0	0	401	0	0
Stock-based compensation	32	33	35	37	37	33	34	36	39	41
Balance sheet at fiscal year end
Cash and short-term investments	5,092	5,118	4,274	4,964	5,152	5,481	5,386	4,795	5,147	6,539
Debt incl. finance leases	10,778	11,533	11,376	11,533	10,109	9,079	9,019	9,003	8,944	9,489
Total assets	76,594	79,586	78,316	82,243	80,236	81,626	75,567	79,197	81,943	86,348
Total liabilities	53,233	55,020	56,930	60,313	61,055	62,451	60,366	62,672	64,006	66,707
Shareholders' equity	18,163	19,204	18,518	19,119	17,860	17,846	14,349	15,704	17,066	18,686
Margins and ratios
Gross margin	97.9%	97.8%	93.4%	92.8%	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	5.0%	8.5%	4.5%	6.2%	−7.4%	10.7%	5.8%	9.0%	8.1%	9.0%
Free cash flow margin	6.1%	11.3%	22.9%	4.7%	8.2%	14.6%	18.9%	20.3%	13.7%	14.6%
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%	−1.1%	1.9%	1.1%	1.9%	1.8%	2.0%
Net debt to EBITDA	2.5x	2.1x	3.1x	2.5x	—	1.2x	1.8x	1.4x	1.3x	0.9x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Loews' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Loews.