Loews Corporation (L) Stock

Loews Corporation (L) is a Financials stock trading at $109.19 (as of 2026-09-15), with a market capitalization of $22.32B and a trailing P/E of 13.2. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Loews Corporation operates in insurance and energy infrastructure. It provides commercial property and casualty insurance products in the U.S. and internationally, including specialty lines, surety and fidelity, and various property and casualty coverages, which are distributed through independent agents, brokers, and managing general underwriters, and also offers related risk and claims services. It also has natural gas, NGL, and hydrocarbon pipeline transportation and storage operations.

Understand Loews Corporation: how it makes money

Loews is a holding company that earns its profit mainly from CNA, a commercial insurer selling specialty property and liability policies to businesses, plus a natural gas pipeline and a small hotel portfolio. The insurance franchise drives about 78% of revenue, while the pipeline and hotels add smaller, steadier cash flows.

Loews earns on the underwriting spread: CNA collects premiums, pays claims and operating expenses, and keeps the difference, while the investment float held between premium receipt and claim payout adds a second layer of return.

Revenue by segment (latest quarter)
CNA Financial	$3.7B
Boardwalk Pipelines	$0.6B
Loews Hotels	$0.3B

Business quality (Mixed): A solid commercial insurance franchise wrapped in a modest conglomerate; the 13% operating margin and near-par valuation say adequate, not exceptional.

Valuation: At 14× earnings, L trades in line with the Insurance average (13×).

Bull case

Core insurer still expanding: CNA brings in $3.7B in revenue, 78% of the total, and overall revenue is up 4% YoY to $4.7B, showing the commercial specialty book (management liability, professional liability, property) is still growing its premium base.
No valuation premium paid: At a P/E of 13.5× versus the insurance industry average of 13× (just 3% above), investors are not paying up for the CNA franchise, which limits downside if underwriting stays stable.

Bear case

Concentrated in one line: CNA represents $3.7B of the $4.7B total (78%), so a single severe catastrophe or an adverse rate cycle would hit most of the P&L; Boardwalk Pipelines ($630M, 13%) and Loews Hotels ($250M, 5%) are too small to meaningfully offset that risk.
Middling profit margin: Operating margin sits at 13%, which is workable but not standout for a financial holding company that manages a large investment portfolio and a sizable insurance float to generate higher returns on capital.

Valuation — source: SEC EDGAR (first-party)
Price	$109.19
Market Cap	$22.32B
P/E Ratio	13.2
EV / EBITDA	7.5
Price / Book	1.11
Price / Sales	1.19
Dividend Yield	0.2%
FCF Yield	7.9%
DCF Value (model)	$120.15
DCF Upside vs Price	10.0%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$18.45B
Net Margin	9.0%
Return on Equity	8.4%
Revenue Growth (YoY)	3.9%
EPS Growth (YoY)	15.5%
FCF Growth (YoY)	-18.8%

Valuation vs Sector & Industry
Stock P/E	13.2
Sector P/E (Financials)	15.0
Industry P/E (Insurance)	12.8
vs Sector	-11.6%
vs Industry	3.0%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($2.05B)
Institutional Holders Tracked	10
Congressional Trades (recent)	7

Company
Sector	Financials
Industry	Insurance
CEO	Benjamin J. Tisch
Employees	13,000
Country	US
IPO Date	1980-03-17

Related Companies (Insurance; 8 comparable insurers)

Data as of 2026-09-15.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.