Loews Corporation
Orin's own judgment of how firmly the evidence points one way — not the chance the price goes up.
Loews Corporation is a fundamentally resilient diversified conglomerate trading at an attractive entry point after a meaningful pullback to $104.43 from recent levels above $111.
Q2 2026 net income of $444M ($2.16/share) grew from $391M ($1.87/share) a year earlier as hotels and pipelines offset softening insurance underwriting, and full-year 2025 delivered $7.97 EPS on $18.2B revenue with $2.7B free cash flow. With RSI at 28.9 (deeply oversold), the stock trading below both its 50-day ($111.17) and 200-day ($108.98) moving averages, and relative valuation mixed-to-cheap — P/E of 13.0x sits only 11.6% above the peer median while P/S at 1.17x is 43% below and EV/EBITDA at 8.78x is 9.5% below — the risk/reward has shifted favorable after the selloff.
What could go wrong
- Insurance underwriting deterioration. Q2 2026 news explicitly noted softening insurance underwriting; if the core P&C business continues to weaken, consolidated margins and EPS could compress despite diversification benefits.
- Technical breakdown risk. Stock is below both MA50 ($111.17) and MA200 ($108.98) with negative MACD histogram (-0.146); failure to reclaim the 200-day could signal further downside.
- Low smart-money engagement. Smart money score of 0.00 with only 57 funds as of 30 Jun suggests limited institutional conviction, and 13F data is stale — Q3 2026 positions will not be public until mid-November.
- Insider selling overhang. Over the trailing 24 months, insider net value was -$49.9M despite net share accumulation of 1.49M, largely driven by warrant exercises by the Tisch family rather than open-market conviction buying.
What would change my mind
Where this comes from: results, quarter to 30 Jun · FY25 fundamentals · technicals, 30 Sep · peer comparison. Orin's read on L; not advice.
How has the share price moved?
Up 11.0% over twelve months, from $100.06 on 27 Oct 2025 to $111.02 at the Tue 27 Oct 2026 close. Its highest close in that time was $119.40 on 28 Jul 2026; the last close is 7.0% below it.
- Green line: the closing price each trading day.
- Grey line: the average closing price over the last 50 trading days.
- Dashed amber line: the same over the last 200 trading days — a slower, smoother line.
- Bars along the bottom: shares traded each day — green when it closed higher than the day before, rose when lower (the most, 2.6M, on 29 May 2026).
- Flags: the company's filings, on the day they were made (a 10-Q is the quarterly report and a 10-K the annual report; an 8-K reports a major event).
On file
All L filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| BlackRock | $1.6B | 0.0% |
| Vanguard Capital Management | $1.2B | 0.0% |
| JPMorgan Chase | $926.5M | 0.1% |
| State Street | $900.8M | 0.0% |
| Vanguard Portfolio Management | $800.2M | 0.0% |
| Geode Capital Management | $600.9M | 0.0% |
| Norges Bank | $510.5M | 0.1% |
| Invesco | $467.3M | 0.0% |
| T. Rowe Price Associates | $444.1M | 0.0% |
| Citadel Advisors | $409.4M | 0.0% |
81 of the 815 filers we track · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 196 Form 4 filings; open-market trades net −$40.6M. Of the 50 on hand, 1 was an open-market purchase and 11 sales — the rest are grants, option exercises and tax withholding.
Ask Orin about L
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Start 3 free days →How is it priced, against its own past and its sector?
Priced at 13.6× its last 12 months of profit (Tue 27 Oct close) — higher than in 4 of its last 5 fiscal years (middle 13.2×); the typical Financial Services company on the NYSE is at 17.6×.
| Measure | Now | Its usual | Sector |
|---|---|---|---|
| P/E | 13.6×near usual | 13.2× | 17.6× |
| P/S | 1.22×above usual | 1.08× | — |
| EV/EBITDA | 8.7×below usual | 9.3× | — |
| P/B | 1.2×above usual | 1.0× | — |
- "Its usual" is the middle of its own last 5 fiscal years.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
P/S: the company's total market value divided by one year of revenue. Used when there is no profit to measure.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
P/B: the share price divided by the book value per share — what the company owns minus what it owes, as its accounts record it. When book value is tiny, P/B swings wildly and says little.
How is it priced next to the companies it is compared to?
Priced at 13.6× its last 12 months of profit; the middle P/E of the 5 companies it is compared to that made a profit is 11.6×.
| Company | Market value | P/E | EV/EBITDA | Gross margin | Net margin | ROE |
|---|---|---|---|---|---|---|
| LLoews Corporation | $23B | 13.6× | 8.7× | n/a | 10.4% | 10% |
| CFGCitizens Financial Group, Inc. | $28B | 13.1× | n/a | n/a | 19.5% | 9% |
| CINFCincinnati Financial Corporation | $28B | 10.6× | 7.8× | n/a | 20.1% | 17% |
| KEYKeyCorp | $23B | 11.6× | n/a | n/a | 20.1% | 11% |
| RFRegions Financial Corporation | $24B | 11.0× | n/a | n/a | 24.0% | 12% |
| WRBW. R. Berkley Corporation | $27B | 15.2× | 11.1× | n/a | 10.4% | 19% |
- L, CFG, CINF, KEY, RF, WRB: gross margin is not used (n/a) for a bank, an insurer or a property trust — what it sells is money or space, not goods.
- CFG, KEY, RF: EV/EBITDA is not used (n/a) for a lender — the debt in its enterprise value is mostly the deposits it lends out.
- WRB: dividend yield marked one-off — most of the last 12 months' payouts were special or irregular, so the yield is not income that repeats.
- The list of companies is the data vendor's choice, so it can include a company a person would not have picked.
Market value: the share price times the number of shares — what the whole company is priced at.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
Gross margin: the share of each $1 of sales left after the direct cost of making what was sold.
Net margin: the share of each $1 of sales kept as profit after every cost. Below zero, the company lost money.
ROE: return on equity: one year of profit as a share of the shareholders' money in the business (its book value).
Is it priced high or low compared with its own past?
Priced at 13.6× its last 12 months of profit (Tue 27 Oct close). It has no full fiscal year on file since its history starts, so there is nothing of its own to compare with.
- Now13.6×
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
Fiscal year (FY): the company's own 12-month accounting year, which need not match the calendar year.
How has its sector been priced?
Financial Services companies on the NYSE were priced at a typical 17.6× their yearly profit (Tue 27 Oct close).
- Now17.6×
- Each year is the middle of that calendar year's daily sector P/E; "Now" is the Tue 27 Oct close figure, the same one in the table above.
Sector P/E: the middle P/E of the companies in the same sector on the same stock exchange, as the data vendor works it out each day.
What does a cash-flow model say a share is worth?
A cash-flow model is not built for a bank or an insurer — its cash moves with deposits, loans and claims — so none is shown.
Discounted cash flow: a model's estimate of what the company is worth today, from the cash it is forecast to make in future years. Small changes in the forecast move it a lot, and it says little about a company that loses money.