Loews Corporation L

The business

Loews is a Tisch-family holding company with four operating pieces and a large cash-and-investments book at the parent. The engine is CNA Financial: at 92% ownership and CNA's own ≈$12B market cap, Loews's stake is worth about $11B, or roughly 47% of the market cap, and CNA supplies the bulk of consolidated earnings through commercial P&C insurance (specialty, management liability, surety). Boardwalk Pipelines is the second lever, about 13,615 miles of natural-gas pipe and 213 Bcf of storage across Louisiana and Texas, contributing steady mid-teens EBITDA margins on regulated and contracted tariffs. Loews Hotels (26 properties, several joint-ventured with Universal / Comcast) and a small plastics packaging business round out the rest. On top sits about $6.2B of parent-level cash and investments (≈$29.67 per share, per the ratios feed), giving management a permanent optionality pool.

What the financials do not show but the math needs: this is a discount-to-NAV story, not an earnings-multiple story, and the family runs it that way. Ben Tisch stepped into the CEO role in early 2025 after James Tisch's long tenure; the succession is intra-family, the voting structure is one-share-one-vote, and the pattern of buying back stock when it trades below intrinsic value has been consistent for two decades. The last 24 months have accelerated that: diluted share count fell from 227.8M (FY2023) to 220.5M (FY2024) to 209.1M (FY2025), an 8.2% reduction, at prices averaging in the low $80s to high $90s. The stock now sits at $114 near the 52-week high, so the pace of retirement matters more than the current buyback signal.