NYSE: L
Loews
Financials · Fire, Marine & Casualty Insurance
52-week range
$98.13$121.01
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$23.1B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $15.8B |
| FY2017, ended Dec 31, 2017 | $16.5B |
| FY2018, ended Dec 31, 2018 | $14.2B |
| FY2019, ended Dec 31, 2019 | $15.1B |
| FY2020, ended Dec 31, 2020 | $12.0B |
| FY2021, ended Dec 31, 2021 | $14.3B |
| FY2022, ended Dec 31, 2022 | $13.7B |
| FY2023, ended Dec 31, 2023 | $15.5B |
| FY2024, ended Dec 31, 2024 | $18.0B |
| FY2025, ended Dec 31, 2025 | $21.7B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $23.1B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$18.7B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $13.1B |
| FY2017, ended Dec 31, 2017 | $13.7B |
| FY2018, ended Dec 31, 2018 | $14.1B |
| FY2019, ended Dec 31, 2019 | $14.9B |
| FY2020, ended Dec 31, 2020 | $12.6B |
| FY2021, ended Dec 31, 2021 | $14.7B |
| FY2022, ended Dec 31, 2022 | $14.0B |
| FY2023, ended Dec 31, 2023 | $15.9B |
| FY2024, ended Dec 31, 2024 | $17.5B |
| FY2025, ended Dec 31, 2025 | $18.5B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $18.7B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $654M | $803M |
| FY2017, ended Dec 31, 2017 | $1.16B | $1.56B |
| FY2018, ended Dec 31, 2018 | $636M | $3.23B |
| FY2019, ended Dec 31, 2019 | $932M | $700M |
| FY2020, ended Dec 31, 2020 | −$931M | $1.03B |
| FY2021, ended Dec 31, 2021 | $1.56B | $2.14B |
| FY2022, ended Dec 31, 2022 | $822M | $2.65B |
| FY2023, ended Dec 31, 2023 | $1.43B | $3.22B |
| FY2024, ended Dec 31, 2024 | $1.41B | $2.39B |
| FY2025, ended Dec 31, 2025 | $1.67B | $2.70B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.69B | $1.77B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$508M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $327M |
| FY2017, ended Dec 31, 2017 | $472M |
| FY2018, ended Dec 31, 2018 | $405M |
| FY2019, ended Dec 31, 2019 | $336M |
| FY2020, ended Dec 31, 2020 | $478M |
| FY2021, ended Dec 31, 2021 | $621M |
| FY2022, ended Dec 31, 2022 | $532M |
| FY2023, ended Dec 31, 2023 | $399M |
| FY2024, ended Dec 31, 2024 | $541M |
| FY2025, ended Dec 31, 2025 | $495M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $508M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$8.94B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $10.8B |
| FY2017, ended Dec 31, 2017 | $11.5B |
| FY2018, ended Dec 31, 2018 | $11.4B |
| FY2019, ended Dec 31, 2019 | $11.5B |
| FY2020, ended Dec 31, 2020 | $10.1B |
| FY2021, ended Dec 31, 2021 | $9.08B |
| FY2022, ended Dec 31, 2022 | $9.02B |
| FY2023, ended Dec 31, 2023 | $9.00B |
| FY2024, ended Dec 31, 2024 | $8.94B |
| FY2025, ended Dec 31, 2025 | $9.49B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $8.94B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 39.3% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.204M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 337M |
| FY2017, ended Dec 31, 2017 | 329M |
| FY2018, ended Dec 31, 2018 | 311M |
| FY2019, ended Dec 31, 2019 | 288M |
| FY2020, ended Dec 31, 2020 | 267M |
| FY2021, ended Dec 31, 2021 | 248M |
| FY2022, ended Dec 31, 2022 | 235M |
| FY2023, ended Dec 31, 2023 | 222M |
| FY2024, ended Dec 31, 2024 | 213M |
| FY2025, ended Dec 31, 2025 | 206M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 204M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $340M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $134M | $32.0M |
| FY2017, ended Dec 31, 2017 | $216M | $33.0M |
| FY2018, ended Dec 31, 2018 | $1.03B | $35.0M |
| FY2019, ended Dec 31, 2019 | $1.05B | $37.0M |
| FY2020, ended Dec 31, 2020 | $923M | $37.0M |
| FY2021, ended Dec 31, 2021 | $1.14B | $33.0M |
| FY2022, ended Dec 31, 2022 | $729M | $34.0M |
| FY2023, ended Dec 31, 2023 | $849M | $36.0M |
| FY2024, ended Dec 31, 2024 | $608M | $39.0M |
| FY2025, ended Dec 31, 2025 | $806M | $41.0M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $340M | — |
Revenue (TTM)
$18.7B
+3.5% YoY
Net income (TTM)
$1.69B
+25.1% YoY
Cash
$508M
+13.6% YoY
Total debt
$8.94B
−0.1% YoY
Valuation
At current price- Market Cap
- $22.8B
- P/E
- 13.5×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.2×
- Price / Book
- 1.2×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $18.7B
- Revenue Growth YoY
- 3.5%
- Revenue CAGR 3Y
- 9.5%
- Revenue CAGR 5Y
- 8.0%
- EPS Growth YoY
- 29.4%
- Net Income Growth YoY
- 25.1%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- —
- Net Margin
- 9.0%
- FCF Margin
- 9.4%
- Return on Equity
- 9.2%
Earnings
Trailing 12 months- Net Income
- $1.69B
- EPS (diluted)
- $8.15
- EBITDA
- —. Operating income + depreciation & amortization
- Operating Income
- —
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $508M
- Total Debt
- $8.94B
- Net Debt
- $8.43B
- Total Assets
- $87.2B
- Total Liabilities
- $67.2B
- Shareholders' Equity
- $19.1B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.58B
- Capital Expenditure
- $809M
- Free Cash Flow
- $1.77B
Dividends and risk
Last 12 months- Dividend Yield
- 0.2%
- Dividend / Share
- $0.25
- Beta (5Y)
- 0.50
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $18.7B.
Note
Net margin of 9.0% over the last 12 months.
Note
Free cash flow of $1.77B, 9.4% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 10, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K52Some concerns
52Some concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 11, 2025 · Read the filing on EDGAR
- Net income was nearly flat at $1,414 million versus $1,434 million, though revenue across the segments rose about 10%.
- A $265 million pension settlement charge pushed CNA's profit down to $879 million from $1,094 million; excluding it, Loews' net income rose 17%.
- Boardwalk's profit jumped to $413 million from $283 million and it signed $6.0 billion of new contracts, while hotel profit fell by about half to $70 million.
- Parent company cash rose to $3.3 billion, helped by $1.3 billion of subsidiary dividends, even after $608 million of share buybacks.
Business momentum
Mixed
“Net income attributable to Loews Corporation decreased $215 million for 2024 as compared with 2023.”
Outlook
Neutral
“In the first quarter of 2025, we expect to receive cash dividends of $611 million from CNA and $75 million from Boardwalk Pipelines.”
Financial stress
Low
“Parent Company cash and investments, net of receivables and payables, totaled $3.3 billion at December 31, 2024 as compared to $2.6 billion at December 31, 2023.”
Tone against the previous report
About the same
Red flags
- Medium
Other
“Net income attributable to Loews Corporation for 2024 includes a $265 million after-tax and noncontrolling interests pension settlement charge for CNA.”
- Minor
Other
“During the third quarter of 2024, CNA was notified of a data breach resulting from a ransomware attack that impacted a former vendor.”
Positives
Underlying profit grew once the pension charge is excluded
“Excluding CNA’s pension charge, net income attributable to Loews Corporation increased by 17% in 2024 compared to 2023”
Boardwalk signed large new long-term contracts
“During 2024, Boardwalk Pipelines entered into $6.0 billion of new firm agreements, of which approximately 78% were associated with new growth projects executed in 2024.”
Rating agencies turned more positive on CNA
“Moody’s revised its outlook on CNA’s ratings to positive from stable in November 2024.”
Concerns
CNA's catastrophe losses rose sharply
“Catastrophe losses were $358 million in 2024 as compared with $236 million in 2023, primarily driven by severe weather related events, including $71 million for Hurricane Helene and $33 million for Hurricane Milton in 2024.”
Hotel profit fell by about half on new-hotel costs and weaker joint ventures
“Net income attributable to Loews Corporation decreased by $77 million in 2024 as compared with 2023.”
Pricing pressure is squeezing CNA's Specialty insurance margins
“The increase in the loss ratio was primarily due to an increase in the underlying loss ratio, primarily driven by continued pricing pressure in management liability lines over the last several quarters.”
New risks since the previous report
Tariffs could raise CNA's claim costs and hurt investment values
“Any imposition of significant tariffs by the U.S., as well as any related retaliatory tariffs, may result in considerable increases in certain costs that would increase the cost of claims.”
New $2 billion parent company bet on wider credit spreads could lose money
“In the fourth quarter of 2024, we entered into credit default swap index transactions with a notional value of $2 billion that potentially benefit from widening investment grade credit spreads”
Abuse lawsuit laws are driving up CNA's mass tort reserves
“CNA has recorded, and may continue to record, increases in its mass tort reserves, driven substantially by abuse reviver statutes that have resulted in increased claims.”
Artificial intelligence may increase CNA's exposure to cyber attacks
“the increasing use of artificial intelligence, both within CNA’s systems to achieve operational efficiencies and within threat actors’ attack strategies, may further expose its systems to the risk of cyber-attacks”
Hotel unit faces a lawsuit alleging price fixing among hotel chains
“Loews Hotels & Co is a defendant in litigation alleging that it and certain other hotel chains engaged in a conspiracy to fix higher prices for hotel rooms in violation of antitrust laws.”
Biggest risks named
- CNA insurance and long-term care reserves proving too low
- Catastrophe losses at CNA, including severe weather and cyber events
- Investment losses and interest rate swings at CNA and the parent company
- Boardwalk climate regulation, pipeline safety costs and project risks
- Cyber attacks and data breaches across Loews, its subsidiaries and vendors
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −2.7 | |
| New risks | −2 | |
| Score | 52 | |
Written by AI (Claude Opus 5.5) from the report’s text. 16 of 16 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 10, 2026 | Pro | |||
| 10-K | Feb 11, 2025 | 52 | Mixed | 1 medium1 minor | |
| 10-K | Feb 6, 2024 | 72 | Strong improvement | None | |
| 10-K | Feb 7, 2023 | 51 | Weakening | None | |
| 10-K | Feb 8, 2022 | 71 | Strong improvement | 1 minor | |
| 10-K | Feb 9, 2021 | 32 | Sharp deterioration | 2 medium1 minor | |
| 10-K | Feb 12, 2020 | 65 | Strong improvement | 2 medium1 minor | |
| 10-K | Feb 13, 2019 | 39 | Sharp deterioration | None | |
| 10-K | Feb 15, 2018 | 67 | Strong improvement | 1 minor | |
| 10-K | Feb 16, 2017 | 59 | Improving | 1 medium2 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 3, 2026. View filings on SEC EDGAR