Loews Corporation

L · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$21,763	$18,342	$15,536	$13,849	$14,653	$11,421	$13,316	$11,548	$16,842	$15,780	$13,607	$16,048	$18,748	$16,101	$14,917	$16,292	$15,733	$13,482	$32,380	$26,792	$17,616	$13,039	$9,169	$8,372	$10,605	$10,213	$6,577	$11,245	$12,208	$10,953	$9,236	$5,240	$5,960	$8,012	$7,528	$7,162	$9,381	$5,995	$5,180	$4,729	$4,412
Enterprise value	$25,668	$23,010	$20,565	$18,334	$19,580	$17,699	$22,696	$21,518	$28,619	$26,664	$24,166	$25,708	$27,474	$24,465	$23,115	$23,225	$21,999	$19,578	$35,146	$22,264	$15,622	$13,185	$5,215	$5,572	$11,582	$9,165	$7,132	$11,609	$11,098	$8,594	$7,445	($369)	$1,009	$10,705	$10,466	$10,698	$12,652	$7,406	$6,633	$6,004	$5,203
P/E (TTM) at period end	13.06×	12.97×	10.83×	16.85×	9.38×	–	14.29×	18.16×	14.47×	24.13×	52.33×	27.15×	31.51×	28.35×	14.05×	12.64×	27.89×	2.98×	13.01×	10.75×	14.54×	10.59×	–	9.18×	–	5.52×	18.11×	24.19×	15.38×	7.91×	5.23×	19.57×	10.03×	65.35×	8.32×	8.90×	10.34×	6.60×	7.44×	8.67×	7.49×
P/S (TTM) at period end	1.18×	1.05×	0.98×	0.99×	1.00×	0.91×	0.89×	0.82×	1.23×	1.20×	1.01×	1.12×	1.28×	1.14×	1.06×	1.11×	1.11×	1.02×	2.26×	1.50×	1.10×	0.86×	0.56×	0.48×	0.57×	0.49×	0.31×	0.53×	0.61×	0.54×	0.49×	0.39×	0.44×	0.59×	0.55×	0.57×	0.82×	0.55×	0.56×	0.55×	0.70×
P/B at period end	1.16×	1.07×	0.99×	0.97×	0.82×	0.64×	0.70×	0.62×	0.88×	0.87×	0.77×	0.83×	0.96×	0.83×	0.79×	0.88×	0.93×	1.03×	1.84×	1.62×	1.35×	1.07×	0.84×	0.76×	1.10×	0.93×	0.66×	1.10×	1.26×	1.25×	1.12×	0.97×	0.97×	1.45×	1.33×	1.42×	1.95×	1.49×	1.59×	1.62×	1.81×
EV / EBITDA (TTM)	7.88×	8.10×	7.37×	9.85×	6.32×	–	8.55×	9.27×	9.23×	11.53×	14.06×	8.11×	7.90×	7.63×	6.45×	5.48×	8.75×	–	9.59×	4.99×	7.73×	6.13×	–	3.09×	–	2.94×	5.32×	7.67×	5.74×	3.19×	2.43×	(0.86×)	1.22×	0.87×	4.86×	5.82×	7.60×	–	–	–	–
EV / Sales (TTM)	1.39×	1.31×	1.29×	1.31×	1.34×	1.41×	1.52×	1.53×	2.08×	2.03×	1.80×	1.79×	1.88×	1.74×	1.64×	1.59×	1.56×	1.48×	2.46×	1.24×	0.98×	0.87×	0.32×	0.32×	0.62×	0.44×	0.33×	0.55×	0.55×	0.42×	0.40×	(0.03×)	0.07×	0.78×	0.77×	0.85×	1.11×	0.68×	0.71×	0.70×	0.82×
Returns
Return on equity	8.9%	8.3%	9.1%	5.7%	8.8%	(5.2%)	4.9%	3.4%	6.1%	3.6%	1.5%	3.1%	3.1%	2.9%	5.7%	7.0%	3.3%	34.5%	14.1%	15.1%	9.3%	10.1%	(5.5%)	8.3%	(5.7%)	16.9%	3.6%	4.6%	8.2%	15.9%	21.4%	5.0%	9.7%	2.2%	16.0%	16.0%	18.9%	22.6%	21.4%	18.7%	24.1%
Return on invested capital	7.2%	6.8%	6.9%	4.6%	7.8%	(2.9%)	4.0%	3.7%	5.6%	3.3%	2.3%	4.9%	5.5%	5.4%	6.5%	7.3%	4.6%	–	7.7%	12.2%	6.7%	6.2%	(4.6%)	5.9%	(3.4%)	10.8%	5.3%	5.9%	9.2%	16.4%	20.9%	3.1%	7.5%	8.0%	20.6%	20.2%	23.5%	18.3%	17.0%	15.2%	18.8%
Dividend yield	0.2%	0.3%	0.4%	0.4%	0.4%	0.6%	0.6%	0.7%	0.5%	0.5%	0.7%	0.6%	0.5%	0.6%	0.7%	0.6%	0.7%	1.6%	1.0%	1.1%	1.4%	1.7%	2.4%	2.4%	1.4%	1.3%	2.3%	1.4%	0.9%	1.1%	0.8%	1.1%	1.1%	0.8%	0.9%	1.0%	0.8%	–	–	–	–
Financial health
Current ratio	–	–	–	–	–	1.62×	1.75×	2.00×	1.98×	2.04×	2.00×	1.91×	2.55×	2.60×	2.87×	2.76×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Debt / equity	0.51×	0.52×	0.57×	0.63×	0.51×	0.57×	0.60×	0.61×	0.60×	0.59×	0.60×	0.55×	0.53×	0.47×	0.48×	0.51×	0.56×	0.63×	0.41×	0.34×	0.40×	0.57×	0.54×	0.51×	0.61×	0.55×	0.57×	0.58×	0.60×	0.50×	0.52×	0.40×	0.36×	0.32×	0.34×	0.53×	0.51×	0.35×	0.45×	0.44×	0.32×
Effective tax rate	22.4%	20.3%	22.6%	20.0%	21.8%	11.8%	22.2%	15.3%	10.7%	23.5%	(17.6%)	25.2%	28.8%	25.4%	23.9%	30.8%	19.9%	1.2%	31.1%	32.4%	26.6%	29.3%	38.8%	34.8%	23.3%	34.7%	(32.4%)	(32.9%)	(31.1%)	(32.9%)	(33.3%)	3.4%	(6.8%)	94.6%	19.4%	6.8%	(8.2%)	26.8%	(5.8%)	9.3%	10.7%
Share count
Diluted shares outstanding	209	221	228	243	260	280	303	320	338	338	363	383	390	396	405	420	433	477	645	647	558	556	556	565	587	592	667	689	690	699	708	726	773	800	825	876	902	912	933	975	972

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$18,694	$18,454	$17,510	$15,901	$14,044	$14,657	$12,583	$14,931	$14,066	$13,735	$13,105	$13,415	$14,325	$14,613	$14,072	$14,129	$14,615	$14,117	$13,247	$14,302	$17,911	$16,018	$15,242	$16,293	$17,464	$18,736	$20,633	$21,465	$21,296	$20,139	$20,442	$18,677	$13,515	$13,687	$13,692	$13,620	$12,637	$11,437	$10,865	$9,324	$8,626	$6,322
Cost of revenue	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($7,529)	($7,580)	($8,541)	($8,125)	($11,880)	($10,182)	($13,187)	($11,711)	($14,033)	($14,027)	($13,407)	($13,563)	($11,795)	($10,620)	($10,465)	–	($10,189)	($9,468)	($8,414)	–	–	–	–
Gross profit	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	$6,773	$10,331	$7,476	$7,117	$4,413	$7,282	$5,550	$8,922	$7,432	$7,269	$6,732	$6,880	$6,882	$2,896	$3,222	–	$3,431	$3,169	$3,023	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($1,549)	($1,391)	($1,224)	($1,185)	($1,004)	–	–	–	–	–	–	–	($3,982)	($4,258)	($3,592)	($3,162)	($2,796)	($1,526)	($1,506)	($1,279)	($1,070)	($1,135)	($992)	–	–	–	–
Total operating expenses	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($3,578)	($5,858)	($5,630)	($5,295)	($5,788)	($5,616)	($6,314)	($5,786)	($6,488)	($6,192)	($5,139)	($4,472)	($4,043)	($2,630)	($2,532)	–	($1,234)	($1,306)	($1,123)	–	–	–	–
Total costs and expenses	($16,069)	($15,808)	($15,253)	($13,649)	($12,691)	($12,073)	($13,459)	($13,221)	($12,658)	($11,507)	($11,633)	($12,651)	($12,017)	($11,911)	($11,624)	($11,381)	($11,196)	($12,387)	–	($11,107)	($13,439)	($14,171)	($13,420)	($17,668)	($15,798)	($19,501)	($17,497)	($20,521)	($20,219)	($18,546)	($18,035)	($15,838)	($13,249)	($12,997)	($1,428)	($11,423)	($10,774)	($9,537)	($9,503)	($8,523)	($7,923)	($5,642)
Operating income	$2,625	$2,646	$2,257	$2,252	$1,353	$2,584	($876)	$1,710	$1,408	$2,228	$1,472	$764	$2,308	$2,702	$2,448	$2,748	$3,419	$1,730	–	$3,195	$4,472	$1,846	$1,822	($1,375)	$1,666	($764)	$3,136	$944	$1,077	$1,593	$2,408	$2,839	$266	$689	$12,263	$2,197	$1,863	$1,900	$1,362	$801	$703	$680
Earnings
EBITDA	–	$3,256	$2,840	$2,790	$1,862	$3,099	($142)	$2,653	$2,320	$3,102	$2,313	$1,719	$3,169	$3,476	$3,206	$3,581	$4,235	$2,514	–	$3,666	$4,464	$2,021	$2,151	($1,183)	$1,805	($706)	$3,122	$1,340	$1,514	$1,935	$2,693	$3,065	$427	$824	$12,274	$2,152	$1,838	$1,664	–	–	–	–
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($441)	($437)	($441)	($376)	($378)	($424)	($515)	($591)	($574)	($646)	($536)	($520)	($498)	($425)	($426)	($522)	($517)	($448)	($345)	($319)	($304)	($364)	($324)	($308)	($310)	($332)	($357)	($354)	($369)	($323)	($318)	($282)	($175)	($162)	($149)	($164)	($172)	($131)	($128)	($141)	($101)	($31)
Pre-tax income	$2,305	$2,283	$1,874	$1,996	$1,114	$2,182	($1,464)	$1,119	$834	$1,582	$936	$244	$1,810	$2,277	$2,022	$2,226	$2,902	$1,730	$587	$3,195	$4,472	$1,846	$1,822	($1,375)	$1,666	($764)	$3,136	$944	$1,077	$1,593	$2,408	$2,839	$266	$689	($411)	$1,122	$864	$839	$1,216	$620	$601	$563
Income tax expense	($516)	($511)	($380)	($451)	($223)	($475)	$173	($248)	($128)	($170)	($220)	$43	($457)	($656)	($513)	($532)	($894)	($345)	($7)	($995)	($1,451)	($490)	($534)	$534	($580)	$178	($1,090)	$306	$354	$495	$791	$945	($9)	$47	$389	($218)	($59)	$68	($326)	$36	($56)	($60)
Net income	$1,687	$1,667	$1,414	$1,434	$822	$1,562	($931)	$932	$636	$1,164	$654	$260	$591	$595	$568	$1,062	$1,289	$564	$4,530	$2,488	$2,491	$1,212	$1,231	($597)	$912	($554)	$1,849	$363	$465	$794	$1,384	$1,766	$268	$594	$123	$904	$805	$907	$908	$696	$546	$589
Per share
Diluted EPS (GAAP)	$8.14	$7.97	$6.41	$6.29	$3.38	$6.00	($3.32)	$3.07	$1.99	$3.45	$1.93	$0.72	$1.55	$1.53	$1.43	$2.62	$3.07	$1.30	$9.05	$3.65	$3.75	$1.72	$1.88	($1.28)	$1.64	($0.94)	$3.10	$0.56	$0.68	$1.15	$1.99	$2.50	$0.37	$0.77	$0.15	$1.10	$0.92	$1.01	$1.00	$0.75	$0.56	$0.61
Basic EPS (GAAP)	$8.16	$7.98	$6.42	$6.30	$3.39	$6.02	($3.32)	$3.08	$1.99	$3.46	$1.93	$0.72	$1.55	$1.53	$1.44	$2.62	$3.08	$1.30	$9.05	$3.66	$3.75	$1.72	$1.88	($1.28)	$1.64	($0.96)	$3.10	$0.56	$0.68	$1.15	$1.99	$2.50	$0.37	$0.77	$0.15	$1.10	$0.92	$1.01	$1.00	$0.75	$0.56	$0.61
Basic shares outstanding	207	209	220	227	243	260	280	303	319	337	338	362	382	389	395	405	419	433	477	643	646	557	556	556	565	574	592	651	687	690	697	707	724	769	800	825	876	902	912	933	975	972
Margins
Gross margin	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	47.4%	57.7%	46.7%	46.7%	27.1%	41.7%	29.6%	43.2%	34.6%	34.1%	33.4%	33.7%	36.8%	21.4%	23.5%	–	25.2%	25.1%	26.4%	–	–	–	–
Operating margin	14.0%	14.3%	12.9%	14.2%	9.6%	17.6%	(7.0%)	11.5%	10.0%	16.2%	11.2%	5.7%	16.1%	18.5%	17.4%	19.4%	23.4%	12.3%	–	22.3%	25.0%	11.5%	12.0%	(8.4%)	9.5%	(4.1%)	15.2%	4.4%	5.1%	7.9%	11.8%	15.2%	2.0%	5.0%	89.6%	16.1%	14.7%	16.6%	12.5%	8.6%	8.1%	10.8%
Net margin	9.0%	9.0%	8.1%	9.0%	5.9%	10.7%	(7.4%)	6.2%	4.5%	8.5%	5.0%	1.9%	4.1%	4.1%	4.0%	7.5%	8.8%	4.0%	34.2%	17.4%	13.9%	7.6%	8.1%	(3.7%)	5.2%	(3.0%)	9.0%	1.7%	2.2%	3.9%	6.8%	9.5%	2.0%	4.3%	0.9%	6.6%	6.4%	7.9%	8.4%	7.5%	6.3%	9.3%

Analyst consensus

Buy4 analysts

Bearish · 0 · Hold · 2 · Bullish · 2

Earnings history

	EPS	Estimate
Q3 2024	$1.82	—
Q4 2024	$0.86	—
Q1 2025	$1.74	—
Q2 2025	$1.87	—
Q3 2025	$2.43	—
Q4 2025	$1.94	—
Q1 2026	$1.78	—
Q2 2026	$2.16	—

Peers

Company overview

IPO dateMar 17, 1980

CEOBenjamin J. Tisch

Employees13,100

SectorFinancial Services

IndustryInsurance - Property & Casualty

CountryUS

ExchangeNew York Stock Exchange

Websitewww.loews.com

Loews Corporation functions as a diversified holding company, with significant business segments spanning insurance, energy infrastructure, hospitality, and manufacturing. Its insurance division delivers commercial property and casualty coverage to clients both within the United States and internationally. This segment offers a comprehensive array of products, including specialized options such as professional and management liability, along with surety and fidelity bonds. Property insurance solutions encompass general property, marine risks, and boiler and machinery protection. For casualty needs, Loews provides workers' compensation, general and product liability, and commercial automobile and umbrella policies. Additionally, the company furnishes supplementary services like loss-sensitive insurance programs, warranty services, risk management consulting, information resources, and claims administration. These insurance offerings are distributed through a network of independent agents, brokers, and managing general underwriters. In the energy sector, the company is actively involved in the transportation and storage of natural gas, natural gas liquids (NGLs), and various other hydrocarbons. Its robust infrastructure includes approximately 13,615 miles of interconnected natural gas pipelines and 450 miles of NGL pipelines, primarily situated in Louisiana and Texas. Storage capabilities consist of 14 underground fields, boasting a total capacity of around 213 billion cubic feet of natural gas, alongside eleven salt dome caverns and related brine systems designed for brine supply services. Further diversifying its operations, Loews also owns and manages a chain of 26 hotels. Moreover, the corporation maintains a strong presence in plastics manufacturing. Here, it designs, produces, and markets a variety of extrusion blow-molded and injection-molded plastic containers. These products cater to diverse customer bases in industries such as pharmaceuticals, dairy, household chemicals, food and nutraceuticals, industrial and specialty chemicals, and the water/beverage/juice sectors. The company also produces both standard and specialized plastic resins, often derived from recycled materials. Loews Corporation was founded in 1969 and its corporate headquarters are located in New York, New York.

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