Loews Corporation
- Open
- 109.45
- Day high
- 110.08
- Day low
- 108.79
- Prev close
- 108.71
- Volume
- 554K
- Mkt cap
- $22.3B
- P/E (TTM)
- 13.4
- EPS (TTM)
- $8.16
- P/B
- 1.2
- P/S
- 1.2
- Yield
- 0.23%
- Per share
- $0.25
Loews Corporation (L) is a Financial Services company listed on NYSE. The stock is up 13% over the past year. Drillr has 2 published research articles covering L.
Loews Corporation (L) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
L earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | — | $2.16 | — | $4.7B | — |
| May 6, 2026 | — | $1.63 | — | $4.6B | — |
| May 1, 2023 | — | $1.61 | — | $3.8B | — |
| Feb 6, 2023 | — | $1.63 | — | $3.8B | — |
| Oct 31, 2022 | — | $0.86 | — | $3.5B | — |
| May 2, 2022 | — | $1.37 | — | $3.4B | — |
| Feb 7, 2022 | $0.81 | $1.37 | +70.0% | $3.6B | — |
| May 3, 2021 | $0.75 | $0.81 | +8.0% | $3.6B | -35.7% |
| Feb 8, 2021 | — | $1.60 | — | $3.6B | — |
| May 4, 2020 | — | $-0.25 | — | $3.2B | — |
| Feb 10, 2020 | $0.72 | $0.71 | -1.4% | $3.9B | — |
| Apr 29, 2019 | $0.95 | $1.20 | +26.3% | $3.8B | +54.6% |
L insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | TISCH JAMES Sdirector | Grant | 223 | — |
| Jul 1, 2026 | Locker Jonathan Cdirector | Grant | 223 | — |
| Jul 1, 2026 | DIKER CHARLES Mother: DIRECTOR EMERITUS | Grant | 102 | — |
| Jul 1, 2026 | HARRIS WALTER Ldirector | Grant | 223 | — |
| Jul 1, 2026 | Peters Susandirector | Grant | 223 | — |
| Jul 1, 2026 | DAVIDSON CHARLES Ddirector | Grant | 223 | — |
| Jul 1, 2026 | FRIBOURG PAUL Jdirector | Grant | 223 | — |
| Jul 1, 2026 | Robusto Dinodirector | Grant | 223 | — |
| Jul 1, 2026 | VanBelle Jenniferdirector | Grant | 223 | — |
| Jun 1, 2026 | Robusto Dinodirector | Buy | 5,000 | $104.74 |
| May 5, 2026 | Robusto Dinodirector | Buy | 5,000 | $105.44 |
| Mar 31, 2026 | FRIBOURG PAUL Jdirector | Grant | 235 | — |
| Mar 31, 2026 | TISCH JAMES Sdirector | Grant | 235 | — |
| Mar 31, 2026 | HARRIS WALTER Ldirector | Grant | 235 | — |
| Mar 31, 2026 | DIKER CHARLES Mdirector | Grant | 235 | — |
Source: L SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full L insider & 13F page →L research & analysis
[L] Loews Corporation Thesis 2026: Tisch Family Buyback Discipline Tests CNA Cycle and NAV Discount
Loews Corporation (NYSE: L) FY2025 revenue ~$16-17B (+0-3%) with EPS ~$4.50-5.50 reflecting continued aggressive buyback discipline at perpetual ~15-25% NAV discount + CNA Financial P&C cycle capture + Boardwalk Pipeline LNG tailwind + Loews Hotels Universal Orlando partnership + selected continued long-tenured leadership under CEO James Tisch (~26-year tenure since January 1999 — selected longest-tenured S&P 500 CEO). Diversified holding company controlled by the Tisch family operating subsidiaries in commercial property + casualty insurance (CNA Financial ~90% owned), natural gas pipelines (Boardwalk Pipeline 100% owned), hospitality (Loews Hotels & Co 100% owned), and packaging (Altium Packaging 53% owned). Founded 1959 by Laurence Tisch + Preston Tisch as movie theater operator (selected initial Loews Theatres business; selected post-1959 IPO; selected transformation into diversified holding company through 1960s-1970s including Lorillard tobacco + selected oil + gas + selected hotels acquisitions). Headquartered in New York New York; ~17,000+ employees consolidated across subsidiaries with ~$16-17B revenue. CEO James S. Tisch since January 1999 (~26-year tenure; selected longest-tenured S&P 500 CEO; ex-Loews various roles 1977-1999; Cornell + Pennsylvania); Co-CEOs Jonathan M. Tisch (selected post-2007 Co-CEO; ex-Loews Hotels CEO 1989-2007; New England Patriots minority owner) + Andrew H. Tisch (selected post-2007 Co-CEO; ex-Lorillard tobacco CEO 1996-2008; Cornell + Harvard MBA). ~third-generation Tisch family (founders Laurence + Preston were brothers; James + Jonathan + Andrew are next generation; ~22-25% Tisch family economic ownership + ~50%+ voting control via dual-class structure). Aggressive buyback discipline: Loews trades at perpetual ~15-25% NAV discount (selected book value per share ~$80+ vs stock ~$70-80 range); ~$25-30B+ aggregate NAV (CNA Financial market cap × ~90% Loews ownership + Boardwalk + Loews Hotels + Altium + parent-level cash + investment portfolio) translating to ~$110-130/share NAV; ~$3-4B+ buyback program FY2025 generating ~25% share count reduction over 10 years (FY2014 ~344M shares → FY2025 ~215M shares; ~$10-15B aggregate buybacks at NAV discount); FY2026 expected continued $2-3B buyback at NAV discount supporting per-share intrinsic value compounding. CNA Financial subsidiary: ~90% owned CNA Financial (NYSE: CNA) ~$13B+ revenue commercial P&C insurance; selected post-2022 P&C cycle hardening + selected casualty reserve discipline; CNA Q1 2025 dividend recently raised + ~$5/share special dividend to Loews (~$1.2B+ aggregate to Loews parent); CNA combined ratio ~94-96%. Boardwalk Pipeline (100% owned post-July 2018 buyout from public minority ~$1.5B): natural gas pipeline operator ~14,400 miles; ~$1.5B FY2025 revenue; selected post-2024 LNG export tailwind from Texas + Louisiana LNG facility build-out. Loews Hotels & Co (100% owned ~25 hotels): ~$700M-1B FY2025 revenue; major Universal Orlando partnership hotels (~10 hotels). Altium Packaging (53% owned post-2017 acquisition $1.85B): ~$1B+ FY2025 revenue; plastic packaging. Capital return: ~$0.25/share annual dividend (modest); $3-4B+ buyback program FY2025; investment-grade A2/A credit; net cash $3-5B parent-level. FY2026 thesis: continued buyback at NAV discount + CNA P&C cycle + Boardwalk LNG tailwind + Loews Hotels expansion. Risks: NAV discount narrowing, CNA major reserve charge or catastrophe, Boardwalk regulatory risk, Tisch family succession.
[CNA] CNA Financial Thesis 2026: Specialty P&C Cycle Drives Loews Capital Return
CNA Financial Corp. (NYSE: CNA) FY2025 revenue ~$13.0-13.6B (+3-7%) with adj. EPS ~$5.05-5.50 reflecting continued post-2024 ~$10.0-10.5B aggregate Net Earned Premiums (NEPs) (~80%+ aggregate revenue mix; selected primary US Specialty + Commercial + International P&C insurance) + selected continued post-2024 ~$2.4-2.6B aggregate Net Investment Income (~20% aggregate revenue mix) + selected continued post-2024 selected ~95-96% aggregate combined ratio (selected post-2024 ~96% combined ratio toward selected ~95% trajectory) under continued President + CEO Doug Worman since January 2024 (~2-year tenure as CNA Financial CEO; selected ~89%+ Loews Corp aggregate ownership). One of the largest US Specialty + Commercial Property & Casualty (P&C) insurance companies. Founded 1853 as Continental Casualty Company in Hammond Indiana (~172-year heritage); selected post-1968 Loews Corp acquisition; selected post-1968 NYSE listing; selected post-January 2024 Doug Worman CEO appointment. Headquartered in Chicago Illinois; ~6,000+ employees globally with ~$13.0-13.6B revenue. Three primary business segments: Specialty (~45% NEPs ~$4.5-4.7B), Commercial (~40% NEPs ~$4.0-4.2B), International (~15% NEPs ~$1.5-1.6B). Geographic mix: US ~85%+ + UK + Canada + selected various ~15%. Specialty P&C cycle: ~$10.0-10.5B Net Earned Premiums; selected primary US Specialty + Commercial + International P&C insurance. Net Investment Income + combined ratio: ~$2.4-2.6B Net Investment Income; ~95-96% aggregate combined ratio. President + CEO Doug Worman since January 2024 (~2-year tenure); CFO Scott Lindquist. Capital return: ~$1.84 annual base dividend FY2025 (~33-year continuous dividend track post-1992) + ~$2.00 aggregate annual special dividend; modest opportunistic buybacks; aggregate capital return ~$1.05-1.15B; net leverage ratio ~25-30% debt-to-capital; selected ~89%+ Loews Corp aggregate ownership; investment-grade Baa1/A- credit rating. FY2026 thesis: Specialty P&C cycle + Net Investment Income + combined ratio + ~$1.84 base dividend + ~$2.00 special dividend + ~33-year continuous dividend track + ~$1.05-1.20B aggregate annual capital return + selected ~89%+ Loews Corp aggregate ownership + selected potential post-2024 special dividend acceleration. Risks: Travelers + Chubb + Hartford + AIG competition, P&C cycle, Federal Reserve rate vs Net Investment Income, P&C reserve adequacy, ~89%+ Loews Corp ownership concentration.
CNA
Loews Corporation company profile
Overview
Loews Corporation (NYSE:L) is a diversified holding company founded in 1969 and headquartered in New York. The company operates as a conglomerate with subsidiaries spanning multiple industries including property and casualty insurance, natural gas pipeline infrastructure, hospitality, and specialty manufacturing. Loews has evolved from its origins as a family-controlled investment vehicle into a publicly traded corporation that maintains controlling or significant ownership stakes in several operating companies, with a focus on businesses that generate steady cash flows and offer long-term value creation opportunities.
Business
Loews Corporation operates as a diversified holding company with four primary business segments that generate revenue across different industries: CNA Financial Corporation (Insurance) represents the largest segment, providing commercial property and casualty insurance products in the United States and internationally. CNA offers specialty insurance including management and professional liability coverage, surety and fidelity bonds, property insurance covering marine and boiler machinery, and casualty insurance such as workers' compensation and commercial auto coverage. The insurance business operates by collecting premiums from policyholders and investing those funds while maintaining reserves to pay future claims. This segment typically accounts for approximately 70-80% of Loews' total revenue. Boardwalk Pipelines operates natural gas transportation and storage infrastructure, including approximately 13,615 miles of interconnected natural gas pipelines, 450 miles of natural gas liquids (NGL) pipelines in Louisiana and Texas, and 14 underground storage fields with capacity for about 213 billion cubic feet of natural gas. The company also operates eleven salt dome caverns for brine supply services. This infrastructure-heavy business generates revenue by charging fees for transporting and storing natural gas for utility companies, industrial users, and other energy companies. Loews Hotels & Co operates a chain of 26 hotels and is expanding its footprint through new property development and management agreements. The hospitality segment generates revenue through room bookings, food and beverage services, meetings and events, and other hotel amenities. This segment is most sensitive to economic cycles and travel patterns. Altium Packaging develops, manufactures, and markets plastic containers through extrusion blow-molding and injection molding processes. The company serves customers in pharmaceutical, dairy, household chemicals, food/nutraceuticals, industrial/specialty chemicals, and beverage segments. Additionally, Altium manufactures plastic resins from recycled materials, positioning it within the circular economy trend.
Revenue model
Loews Corporation generates revenue through multiple business models across its diversified portfolio. The insurance operations at CNA follow the traditional insurance model of collecting premiums upfront, investing the float (money held before claims are paid), and earning profits from both underwriting activities and investment returns. CNA's customers are primarily businesses seeking commercial insurance coverage, and the company distributes its products through independent agents, brokers, and managing general underwriters. Boardwalk Pipelines operates under a fee-based utility model, earning revenue from long-term transportation and storage contracts with natural gas producers, utilities, and industrial customers. Approximately 70% of Boardwalk's revenue comes from firm contracts with end users, providing predictable cash flows. The pipeline business benefits from its essential infrastructure role in the energy supply chain. Loews Hotels generates revenue through traditional hospitality operations including room rates, food and beverage sales, and event hosting. The hotel business operates both owned properties and manages hotels under fee arrangements, diversifying its revenue streams between asset ownership and management services. Altium Packaging operates as a contract manufacturer, generating revenue from product sales to customers across various end markets. The company's revenue depends on customer demand, raw material costs (primarily plastic resins), and its ability to pass through cost increases. Several factors influence Loews' margins across segments. Interest rate environments significantly impact CNA's investment returns and the present value of insurance reserves. Natural gas demand and pricing volatility affect Boardwalk's throughput volumes and contract renewal rates. Economic cycles and travel patterns directly influence hotel occupancy and average daily rates. Commodity plastic resin prices and recycling market dynamics impact Altium's input costs and profitability. Regulatory changes in insurance accounting standards, environmental regulations for pipelines, and plastic recycling mandates can also affect margins across the portfolio.
Competitive moat
Loews Corporation's competitive advantages stem primarily from its diversified holding company structure and the individual moats of its operating subsidiaries, though the overall moat strength is moderate rather than exceptional. CNA Financial benefits from its specialized focus on commercial insurance markets, established relationships with independent agents and brokers, and expertise in underwriting complex risks. However, the property and casualty insurance industry is highly competitive with relatively low switching costs for customers, limiting the strength of this moat. Boardwalk Pipelines possesses the strongest moat within the portfolio due to its natural monopoly characteristics. Once built, pipeline infrastructure is extremely difficult and expensive to replicate, creating high barriers to entry. The company's extensive network of interconnected pipelines and storage facilities in strategic locations provides competitive advantages through operational flexibility and customer convenience. Long-term contracts with creditworthy counterparties provide revenue stability, though regulatory oversight and potential environmental policy changes pose risks. Loews Hotels operates in a highly competitive hospitality industry with limited sustainable competitive advantages. While the company focuses on upscale properties in desirable locations, hotels face constant competition from both traditional competitors and alternative accommodation platforms like Airbnb. Altium Packaging competes in commodity-like manufacturing markets where differentiation is primarily based on cost, quality, and customer service. The company's focus on recycled materials provides some positioning advantage as sustainability becomes more important, but technological disruption and substitute materials pose ongoing competitive threats. The holding company structure itself provides some advantages through capital allocation flexibility and the ability to cross-subsidize investments across different business cycles. However, this diversification also creates a "conglomerate discount" where the sum of parts may trade below the value of standalone entities. Management's track record of capital allocation and the Tisch family's long-term orientation provide some competitive advantages, but these are not insurmountable moats against activist investors or market pressures.
Risks & safety
Loews Corporation demonstrates strong financial stability with multiple layers of safety across its diversified operations, though individual subsidiary risks require monitoring. Liquidity and Solvency: • Cash and short-term investments of $541 million at parent company level • Exceptional current ratio of 147.5x indicating strong short-term liquidity • Operating cash flow of $3.0 billion in 2024 with free cash flow of $2.4 billion • Debt-to-equity ratio of 0.52, indicating moderate leverage • No immediate solvency concerns given strong cash generation Valuation Metrics: • Trading at P/E ratio of 13.2x based on 2024 earnings, reasonable for a diversified conglomerate • Price-to-book ratio of 1.09x suggests modest premium to book value • EV/EBITDA of 11.0x appears reasonable given the asset-heavy nature of pipeline operations • Graham number of 105.8 suggests potential undervaluation relative to conservative metrics Other Considerations: • Insurance reserves at CNA require ongoing monitoring for adequacy, particularly long-term care exposures • Regulatory capital requirements at CNA provide additional safety buffer • Pipeline assets provide stable cash flows but face potential stranded asset risks from energy transition • Hotel operations most vulnerable to economic downturns but represent smallest segment • Holding company structure provides flexibility but also complexity in valuation
Recent development
Based on recent earnings calls, Loews has pursued several strategic initiatives to strengthen its portfolio and adapt to changing market conditions. At CNA Financial, the company has focused on de-risking its long-term care insurance reserves while maintaining strong underwriting discipline, achieving record profitability with a combined ratio of 93.5% in 2023. The insurance subsidiary has also been preparing for new accounting standards and strategically lengthening its investment portfolio duration to better manage interest rate risks. Boardwalk Pipelines has been actively expanding its infrastructure footprint, including the acquisition of the Bayou Ethane pipeline for $355 million and investing over $340 million annually in capital projects. The company has successfully shifted its customer base toward end users, with 70% of revenue now coming from direct relationships rather than intermediaries, improving contract stability and pricing power. Management has also been positioning Boardwalk to benefit from anticipated natural gas demand growth driven by data centers and AI infrastructure, expecting 20% electricity demand growth by 2030. Loews Hotels has embarked on a significant expansion program, opening new properties including a 900-room hotel in Arlington, Texas, and developing three new hotels at Universal Orlando through a 50% joint venture. The company expects to manage 11 properties with 11,000 rooms by the end of 2025, representing substantial growth from its current portfolio. Management has been targeting mid-to-high teens cash-on-cash returns on these new investments. Capital allocation has remained disciplined, with Loews repurchasing $852 million worth of shares in 2023 and continuing opportunistic buybacks when shares trade below management's assessment of intrinsic value. The company has maintained its focus on long-term value creation while adapting to changing market conditions across its diverse portfolio of businesses.
L company profile · for informational purposes only — not investment advice.
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