Is L a Buy? What to Consider in 2026
Last updated July 2026
Short answer
The bull case for Loews Corporation (L) rests on CNA insurance earnings and investment income: CNA is the largest driver of Loews' results, contributing roughly $1.17 billion of net income to Loews in 2025. Revenue (TTM) is ~$18B. If you believe that thesis holds, the real questions become position sizing and overlap, not timing. The main risk to that view: Because CNA drives most earnings, weaker underwriting, higher catastrophe losses, or unfavorable prior-year reserve development can pressure results, as seen when Q1 2026 net income fell to $337 million from $370 million a year earlier on a combined ratio above 100%. Whether L is a buy comes down to whether you believe the thesis. This is informational, not a recommendation, and Walnut is not an investment adviser.
Loews Corporation is a diversified holding company controlled by the Tisch family. Its largest asset is an approximately 92% ownership stake in CNA Financial (NYSE: CNA), a commercial property and casualty and specialty insurer. Loews also owns Boardwalk Pipelines, a natural gas and NGL midstream transportation and storage business, and Loews Hotels & Co, a chain of upscale hotels across the United States and one in Canada. A corporate segment holds a large portfolio of cash and investments, and the parent uses those funds for opportunistic acquisitions, dividends, and heavy share repurchases. The investment picture is that of a conservatively financed compounder rather than a high-growth story. Most of Loews' reported earnings flow from CNA's insurance results and investment income, so underwriting cycles and reserve development drive the swings, while Boardwalk and Hotels have become steadier contributors. Management has a long history of buying back stock when shares trade below intrinsic value, which is common because the market often applies a holding-company discount to the sum of the parts. That structure appeals to value-oriented, patient investors and tends to lag in momentum-driven markets.
What's the case for buying L?
1. CNA insurance earnings and investment income
CNA is the largest driver of Loews' results, contributing roughly $1.17 billion of net income to Loews in 2025. Property and casualty underwriting margins, premium growth, retention, and reserve development set the pace, while a large fixed-income portfolio benefits from higher reinvestment yields. Insurance also funds most of the dividends that flow up to the parent.
2. Boardwalk Pipelines midstream growth
Boardwalk has become a more reliable earnings engine, with Q1 2026 net income of about $159 million and EBITDA near $360 million, helped by higher contracting rates and utilization. The unit continues to add capacity and complete bolt-on acquisitions, including a roughly $215 million deal in early 2026, positioning it for demand tied to natural gas power generation and LNG.
3. Loews Hotels recovery and expansion
Loews Hotels has swung back to solid profitability, posting Q1 2026 net income of about $26 million and adjusted EBITDA near $124 million versus much weaker prior-year figures. Trailing twelve-month revenue of roughly $512 million reflects strong travel demand and new properties, making Hotels a growing contributor after years of pandemic-era drag.
4. Capital returns and the holding-company discount
Loews consistently repurchases shares (about $31 million in Q1 2026) and grows book value per share, which stood near $91 at March 31, 2026. Management's willingness to buy stock below intrinsic value is a structural tailwind whenever the conglomerate trades at a discount to the sum of its parts.
What are the risks to L?
Because CNA drives most earnings, weaker underwriting, higher catastrophe losses, or unfavorable prior-year reserve development can pressure results, as seen when Q1 2026 net income fell to $337 million from $370 million a year earlier on a combined ratio above 100%. The holding-company structure means shares often trade at a persistent discount that may never fully close. Boardwalk is exposed to natural gas demand, regulation, and contract renewals, while Hotels is cyclical and sensitive to travel spending and construction costs. Tisch-family control concentrates decision-making and limits the odds of an outside takeover premium. Broader interest-rate and equity-market moves affect the large investment portfolio.
How is L valued? (as of July 2026)
Snapshot for L as of July 2026, sourced from Yahoo Finance and may be delayed. Valuation figures move with price and earnings; verify the current numbers with your broker before deciding.
- Revenue (TTM): ~$18B
- Net income (FY2025): ~$1.67B
- Diluted EPS (FY2025): ~$7.97
- Market cap: ~$21B
- P/E (TTM): ~14-16x
- Book value per share: ~$91
Loews trades at a mid-teens earnings multiple and often below its book value adjusted for the sum of its parts, reflecting the usual holding-company discount. Q1 2026 net income slipped to $337 million on softer CNA underwriting, partly offset by stronger pipelines and hotels. The dividend yield is small (a quarterly payout of about $0.0625 per share), with most capital returned through buybacks.
How do you decide if L is a buy?
Rather than asking whether L is a buy in the abstract, it tends to help to answer four questions:
- Thesis: do you believe the case above, and is it still true today?
- Time horizon: a single stock can be volatile, so a longer horizon absorbs more of the swings.
- Position sizing: a thesis can be right and the sizing still wrong; decide how much of your portfolio one name should be.
- Overlap: check whether you already hold L indirectly through an index or sector ETF before adding more.
For the full picture, see the L stock guide (what the company does, the ETFs that hold it, similar stocks, and the themes it fits). In Walnut you can ask its AI about L against your real portfolio and see your actual exposure before deciding.
The bottom line on L
The bottom line: Loews Corporation's story right now is CNA insurance earnings and investment income, with revenue (ttm) at ~$18B. If you believe that narrative continues, the call is about sizing L sensibly and checking overlap with what you own; if you doubt it (the risk: because CNA drives most earnings, weaker underwriting, higher catastrophe losses, or unfavorable prior-year reserve development can pressure results, as seen when Q1 2026 net income fell to $337 million from $370 million a year earlier on a combined ratio above 100%.), it is not for you. Decide from the thesis, not the ticker. Walnut is not an investment adviser.
More on L
- L stock guide (what the company does, ETFs that hold it, similar stocks, and the themes it fits)
- L stock forecast (the drivers and risks shaping the outlook)
- Does L pay a dividend?
Build a basket around L with Walnut
Use Loews Corporation as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
Is L a good stock to buy right now?
+
The case for Loews Corporation right now is CNA insurance earnings and investment income, with revenue (ttm) at ~$18B. If you believe that thesis holds, L is a way to own it and the real questions are sizing and overlap, not timing; the main risk to that view is because CNA drives most earnings, weaker underwriting, higher catastrophe losses, or unfavorable prior-year reserve development can pressure results, as seen when Q1 2026 net income fell to $337 million from $370 million a year earlier on a combined ratio above 100%. So it comes down to whether you believe the thesis. Walnut is not an investment adviser and this is not a recommendation.
What does Loews Corporation do?
+
Loews Corporation is a diversified holding company controlled by the Tisch family.
What are the main risks of L?
+
Because CNA drives most earnings, weaker underwriting, higher catastrophe losses, or unfavorable prior-year reserve development can pressure results, as seen when Q1 2026 net income fell to $337 million from $370 million a year earlier on a combined ratio above 100%. The holding-company structure means shares often trade at a persistent discount that may never fully close. Boardwalk is exposed to natural gas demand, regulation, and contract renewals, while Hotels is cyclical and sensitive to travel spending and construction costs. Tisch-family control concentrates decision-making and limits the odds of an outside takeover premium. Broader interest-rate and equity-market moves affect the large investment portfolio.
What does Loews Corporation do?
+
Loews is a diversified holding company that owns roughly 92% of insurer CNA Financial, all of Boardwalk Pipelines (natural gas midstream), and Loews Hotels & Co, plus a large corporate investment portfolio. It allocates capital across these businesses and buys back its own stock.
Is Loews the same as Lowe's the home improvement store?
+
No. Loews Corporation (NYSE: L) is a diversified financial and industrial holding company controlled by the Tisch family. Lowe's Companies (NYSE: LOW) is a separate home improvement retailer. The similar names are a common point of confusion.
How does Loews make most of its money?
+
The majority of Loews' earnings come from CNA Financial's insurance underwriting and investment income, which contributed roughly $1.17 billion of net income to Loews in 2025. Boardwalk Pipelines and Loews Hotels add steadier, growing contributions on top of that.
Does Loews pay a dividend?
+
Yes, but it is small. Loews declared a quarterly dividend of about $0.0625 per share in 2026, a token yield. The company returns far more capital to shareholders through ongoing share repurchases than through dividends.
Walnut is informational and is not an investment adviser. This page is educational and not a recommendation to buy or sell L; figures are approximate and dated, and your own situation, time horizon, and risk tolerance should drive any decision. Verify current data before investing.