LNYSE·Insurance - Property & Casualty

Loews Corporation L

Market cap $21.6BP/E 12.9× trailingGross margin 47.0%Reports Mon 2 Nov, before the open

$105.04

−0.87 (−0.82%)Wed close 16:00 ET

52-wk $97.38 – $121.01

Watch

Orin's take

0.58conviction · moderate

Refreshed 11 Aug · take v7. A new filing or a print queues the next refresh.

Get emailed if this changes

Loews Corporation remains a fundamentally solid but fully-valued diversified conglomerate. Full-year 2025 EPS of $7.97 on $18.2B revenue with $2.7B free cash flow supports an attractive ~11% FCF yield at $113.15, and Q2 2026 net income of $444M ($2.16/share) grew 13.5% YoY as hotels and pipelines offset softening insurance underwriting.

However, the stock's 13.9x P/E trades at a 5.7% premium to the peer median of 13.1x, the MACD histogram has turned negative (-0.61) with RSI at 42, and smart money engagement remains negligible (score 0.0113). With insurance—the core business—softening and much of the diversification upside already reflected in the price, a hold is warranted until underwriting margins reaccelerate or the multiple compresses.

What could go wrong

Insurance underwriting softening. Q2 2026 results showed hotels and pipelines driving profit growth while insurance underwriting weakened, raising concern about the core P&C franchise's pricing power and loss ratios.
Insider net selling. Over 24 months, insiders net sold $49.9M in value despite accumulating 1.49M net shares, suggesting distribution at higher prices even as Tisch family members exercised warrants in August 2026.
Valuation premium to peers. At 13.9x P/E, L trades at a 5.7% premium to the peer median of 13.1x, limiting upside if growth decelerates from the 2025 EPS of $7.97.
Negligible institutional conviction. Smart money score of 0.0113 across only 48 funds indicates limited institutional conviction, constraining potential re-rating catalysts.

What would change my mind

Insurance margin reacceleration. CNA combined ratio improves below 95% for two consecutive quarters, signaling underwriting discipline returningbullish

Multiple compression. P/E falls below 12x on stable or growing EPS, creating a margin-of-safety entry pointbullish

Sustained insurance deterioration. CNA reports combined ratio above 100% for two consecutive quarters, indicating underwriting lossesbearish

Non-insurance segment slowdown. Hotels, pipelines, or packaging segment EBITDA declines YoY for two consecutive quarters, removing the diversification offsetbearish

Where this comes from: FMP annual fundamentals FY2025 · PRNewsWire Q2 2026 earnings release · Proactive Investors article 2026-08-03 · peer_relative composite. Orin's read on L; not advice.

Twelve months actual closes to 2026-09-23 · actual filings

Sept 25Nov 25Jan 26Mar 26May 26Jul 26

50-day average 200-day average · volume below

On file

All L filings

Form	Filed	What it says	Read
13D/A	7 Aug	James S. Tisch beneficially owns 17,267,750 shares of Loews Corp. common stock, representing 8.4% of the outstanding shares as of July 31, 2026. This ownership includes 1,873,521…	read
13D/A	7 Aug	Andrew H. Tisch beneficially owns 15,024,959 shares of Loews Corp. common stock, representing 7.3% of the outstanding shares as of July 31, 2026. This ownership includes 1,115,472…	read
10-Q	3 Aug	Loews Corporation reported net income attributable to Loews Corporation of $444 million ($2.16 per share) for the three months ended June 30, 2026, an increase from $391 million…	read
8-K	3 Aug	Loews Corporation reported second quarter 2026 net income of $444 million, or $2.16 per share, an increase from $391 million, or $1.87 per share, in	read
8-K	12 May	Loews Corporation filed an 8-K disclosing only the routine results of its 2026 annual shareholder meeting held May 12, 2026.	read
10-Q	4 May	Loews Corporation’s first-quarter 2026 net income attributable to common shareholders fell 8.9 % year-over-year to $337 million ($1.63 per diluted share) from $370 million…	read
8-K	4 May	Loews Corporation filed an 8-K on May 4, 2026, solely to furnish its first-quarter 2026 earnings release and accompanying remarks under Item 2.02.	read
13G	30 Apr	—	on file

Largest holders · 13F Q2 2026

Money flow

Filer	Position	Of fund
Vanguard Capital Management	$1.2B	0.0% of fund
Jpmorgan Chase &	$926.5M	0.1% of fund
State Street	$900.8M	0.0% of fund
Vanguard Portfolio Management	$800.2M	0.0% of fund
Geode Capital Management	$600.9M	0.0% of fund
Norges Bank	$510.5M	0.1% of fund

78 filers · quarter ended Q2 2026 · positions, not flows

Insiders, last 24 months: 188 Form 4 filings, net −$49.9M. 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

its filings · its transcripts · its numbers

Orin answers questions about L from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.

Start 3 free days →

Where it trades

vs its own 5y · Financial Services

Metric	Now	Own median	Sector
P/E	12.9×	13.2×	21.6×
EV/EBITDA	8.7×	9.3×	—
P/S	1.16×	1.08×	—
P/B	1.1×	1.0×	—

Its P/E sits 40th percentile of its own last 5 years (0.00σ from its own mean).

What the price assumes

-5.0%

free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $2.7B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.

Against the companies it is compared to

median P/E 11.7× of 5 peers

Company	Market cap	P/E	EV/EBITDA	Gross	Net	ROE
LLoews Corporation	$22B	12.9×	8.7×	47.0%	10.4%	10%
CFGCitizens Financial Group, Inc.	$27B	13.9×	9.8×	72.4%	18.5%	8%
CINFCincinnati Financial Corporation	$25B	7.6×	5.5×	52.3%	23.8%	21%
KEYKeyCorp	$22B	11.7×	18.3×	64.5%	19.4%	10%
RFRegions Financial Corporation	$23B	11.0×	7.2×	76.8%	23.3%	12%
WRBW. R. Berkley Corporation	$25B	13.8×	10.3×	44.8%	10.7%	20%

The median is of the 5 peers listed above and nothing else — check it against the column. This company trades 10.0% above it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.

What it has traded at

P/E by fiscal year

FY14 26.6×FY25 13.2×

What its sector has traded at

Financial Services

FY14 29.6×FY26 23.9×

Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.

Discounted cash flow

not recomputed since

Model	Fair value	Against	Computed
Standard DCF	$137	$108.43 · +26%	2026-06-10
Levered DCF	$456	$108.43 · +320%	2026-06-10

The vendor’s intrinsic-value models. Treat them as a low-growth anchor — for a fast grower the market routinely pays well above a DCF. These were computed against the price in the “against” column, not today’s.

Every estimate on one scale

price $105.04

52-week range$97 – $121

Standard DCF$137 as of 2026-06-10, when it was $108.43

Levered DCF$456 as of 2026-06-10, when it was $108.43

At own 5y-median P/E (13×)$108

At 5y P/E range (10–17×)$78 – $141

At sector P/E (22×)$176

The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.