NYSE : MBI
MBIA Inc. — Financial statements
Financials · Insurance - Specialty · United States
Last price 4.45 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 227.02M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 28.00M | 30.00M | 36.00M | 37.00M | 53.00M | 74.00M |
| Total Interest & Dividend Income | 71.00M | 73.00M | 84.00M | 116.00M | 95.00M | 62.00M |
| Gain (Loss) on Sale of Investments | -24.00M | -25.00M | -59.00M | -87.00M | -84.00M | 15.00M |
| Other Revenue | 13.00M | 19.00M | -34.00M | -59.00M | 11.00M | -38.00M |
| Total Revenue | 88.00M | 97.00M | 27.00M | 7.00M | 75.00M | 113.00M |
| Policy Benefits | -30.00M | -20.00M | 184.00M | 177.00M | 38.00M | 350.00M |
| Policy Acquisition & Underwriting Costs | 4.00M | 4.00M | 4.00M | 5.00M | 8.00M | 6.00M |
| Selling, General & Administrative | 73.00M | 80.00M | 86.00M | 98.00M | 76.00M | 97.00M |
| Total Operating Expenses | 47.00M | 64.00M | 274.00M | 280.00M | 122.00M | 453.00M |
| Operating Income | 41.00M | 33.00M | -247.00M | -273.00M | -47.00M | -340.00M |
| Interest Expense | -193.00M | -196.00M | -209.00M | -198.00M | -101.00M | -163.00M |
| Currency Exchange Gain (Loss) | 5.00M | -18.00M | 15.00M | -13.00M | 28.00M | |
| EBT Excluding Unusual Items | -147.00M | -181.00M | -441.00M | -484.00M | -148.00M | -475.00M |
| Other Unusual Items | 30.00M | |||||
| Pretax Income | -147.00M | -181.00M | -441.00M | -484.00M | -148.00M | -445.00M |
| Income Tax Expense | 1.00M | |||||
| Earnings From Continuing Ops. | -147.00M | -181.00M | -441.00M | -484.00M | -149.00M | -445.00M |
| Earnings From Discontinued Ops. | -3.00M | -2.00M | -3.00M | -3.00M | -46.00M | |
| Net Income to Company | -150.00M | -183.00M | -444.00M | -487.00M | -195.00M | -445.00M |
| Minority Interest in Earnings | 5.00M | 6.00M | -3.00M | -4.00M | ||
| Net Income | -145.00M | -177.00M | -447.00M | -491.00M | -195.00M | -445.00M |
| Net Income to Common | -145.00M | -177.00M | -447.00M | -491.00M | -195.00M | -445.00M |
| Shares Outstanding (Basic) | 49.80M | 49.28M | 47.44M | 48.21M | 49.80M | 49.47M |
| Shares Outstanding (Diluted) | 49.80M | 49.28M | 47.44M | 48.21M | 49.80M | 49.47M |
| EPS (Basic) | -2.91 | -3.59 | -9.42 | -10.19 | -3.92 | -8.99 |
| EPS (Diluted) | -2.91 | -3.59 | -9.42 | -10.19 | -3.92 | -8.99 |
| Free Cash Flow | 43.00M | 38.00M | -176.00M | -195.00M | -418.00M | 510.00M |
| Free Cash Flow Per Share | 0.86 | 0.77 | -3.71 | -4.04 | -8.39 | 10.31 |
| Operating Margin | 46.59% | 34.02% | -914.81% | -3,900.00% | -62.67% | -300.88% |
| Profit Margin | -164.77% | -182.47% | -1,655.56% | -7,014.29% | -260.00% | -393.81% |
| Free Cash Flow Margin | 48.86% | 39.17% | -651.85% | -2,785.71% | -557.33% | 451.33% |
| EBIT | 41.00M | 33.00M | -247.00M | -273.00M | -47.00M | -340.00M |
| EBIT Margin | 46.59% | 34.02% | -62.67% | |||
| Revenue as Reported | 94.00M | 80.00M | 42.00M | 7.00M | 154.00M | 189.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 1.27B | 1.26B | 1.16B | 1.40B | 2.30B | 2.32B |
| Other Investments | 336.00M | 410.00M | 493.00M | 551.00M | 353.00M | 374.00M |
| Total Investments | 1.64B | 1.71B | 1.68B | 1.99B | 2.73B | 2.77B |
| Cash & Equivalents | 117.00M | 71.00M | 87.00M | 107.00M | 66.00M | 160.00M |
| Reinsurance Recoverable | 14.00M | 14.00M | 16.00M | 13.00M | 10.00M | 8.00M |
| Other Receivables | 167.00M | 164.00M | 318.00M | 329.00M | 297.00M | 1.47B |
| Deferred Policy Acquisition Cost | 22.00M | 24.00M | 27.00M | 31.00M | 35.00M | 42.00M |
| Property, Plant & Equipment | 2.00M | |||||
| Other Current Assets | 8.00M | 11.00M | 73.00M | 80.00M | 9.00M | |
| Other Long-Term Assets | 18.00M | 21.00M | 26.00M | 65.00M | 159.00M | 235.00M |
| Total Assets | 1.98B | 2.01B | 2.17B | 2.61B | 3.38B | 4.70B |
| Insurance & Annuity Liabilities | 447.00M | 456.00M | 528.00M | 474.00M | 440.00M | 949.00M |
| Unearned Premiums | 160.00M | 172.00M | 199.00M | 232.00M | 266.00M | 322.00M |
| Reinsurance Payable | 3.00M | 3.00M | 4.00M | 4.00M | 5.00M | |
| Current Portion of Long-Term Debt | 59.00M | 45.00M | 49.00M | 130.00M | ||
| Long-Term Debt | 3.60B | 3.46B | 3.38B | 3.38B | 3.34B | 3.49B |
| Long-Term Leases | 2.00M | |||||
| Other Current Liabilities | 6.00M | 7.00M | 78.00M | 67.00M | 1.00M | |
| Other Long-Term Liabilities | 95.00M | 83.00M | 79.00M | 81.00M | 89.00M | 103.00M |
| Total Liabilities | 4.30B | 4.24B | 4.24B | 4.25B | 4.25B | 5.00B |
| Common Stock | 283.00M | 283.00M | 283.00M | 283.00M | 283.00M | 283.00M |
| Additional Paid-In Capital | 2.42B | 2.45B | 2.49B | 2.52B | 2.92B | 2.93B |
| Retained Earnings | -1.85B | -1.77B | -1.59B | -1.14B | -653.00M | -458.00M |
| Treasury Stock | -3.07B | -3.11B | -3.15B | -3.17B | -3.15B | -3.17B |
| Comprehensive Income & Other | -100.00M | -95.00M | -128.00M | -139.00M | -283.00M | 100.00M |
| Total Common Equity | -2.33B | -2.24B | -2.09B | -1.66B | -882.00M | -313.00M |
| Minority Interest | 8.00M | 7.00M | 13.00M | 10.00M | 6.00M | 13.00M |
| Shareholders' Equity | -2.32B | -2.23B | -2.08B | -1.65B | -876.00M | -300.00M |
| Total Liabilities & Equity | 1.98B | 2.01B | 2.17B | 2.61B | 3.38B | 4.70B |
| Filing Date Shares Outstanding | 51.02M | 50.51M | 50.97M | 50.93M | 54.84M | 54.60M |
| Total Common Shares Outstanding | 51.02M | 50.51M | 50.97M | 50.86M | 54.85M | 54.56M |
| Total Debt | 3.60B | 3.52B | 3.43B | 3.38B | 3.38B | 3.62B |
| Net Cash (Debt) | -3.48B | -3.45B | -3.34B | -3.28B | -3.32B | -3.46B |
| Net Cash Per Share | -69.84 | -70.05 | -70.43 | -67.98 | -66.64 | -69.86 |
| Book Value Per Share | -45.59 | -44.29 | -40.98 | -32.58 | -16.08 | -5.74 |
| Tangible Book Value | -2.33B | -2.24B | -2.09B | -1.66B | -882.00M | -313.00M |
| Tangible Book Value Per Share | -45.59 | -44.29 | -40.98 | -32.58 | -16.08 | -5.74 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -145.00M | -177.00M | -447.00M | -491.00M | -195.00M | -445.00M |
| Gain (Loss) on Sale of Assets | 1.00M | -7.00M | 13.00M | 29.00M | -11.00M | 21.00M |
| Gain (Loss) on Sale of Investments | 6.00M | 3.00M | 76.00M | 41.00M | -5.00M | |
| Change in Accounts Receivable | 12.00M | 12.00M | 13.00M | 14.00M | 32.00M | 31.00M |
| Change in Unearned Revenue | -26.00M | -27.00M | -33.00M | -34.00M | -56.00M | -83.00M |
| Change in Insurance Reserves / Liabilities | -81.00M | -72.00M | 53.00M | 24.00M | -468.00M | -102.00M |
| Change in Other Net Operating Assets | 295.00M | 289.00M | 168.00M | 112.00M | 198.00M | 1.10B |
| Other Operating Activities | -16.00M | 12.00M | 51.00M | 72.00M | -13.00M | -2.00M |
| Operating Cash Flow | 43.00M | 38.00M | -176.00M | -195.00M | -418.00M | 511.00M |
| Capital Expenditures | -1.00M | |||||
| Cash Acquisitions | 2.00M | |||||
| Investment in Securities | -34.00M | 21.00M | 263.00M | 807.00M | 613.00M | -71.00M |
| Other Investing Activities | 4.00M | 18.00M | -47.00M | -66.00M | ||
| Investing Cash Flow | -26.00M | 25.00M | 287.00M | 767.00M | 623.00M | -61.00M |
| Long-Term Debt Issued | 8.00M | 69.00M | 10.00M | 2.00M | ||
| Total Debt Repaid | -66.00M | -72.00M | -127.00M | -169.00M | -292.00M | -458.00M |
| Net Debt Issued (Repaid) | -66.00M | -72.00M | -119.00M | -100.00M | -282.00M | -456.00M |
| Repurchases of Common Stock | -1.00M | -7.00M | -4.00M | -38.00M | -3.00M | -1.00M |
| Other Financing Activities | -9.00M | 5.00M | ||||
| Financing Cash Flow | -67.00M | -79.00M | -132.00M | -542.00M | -285.00M | -457.00M |
| Foreign Exchange Rate Adjustments | -2.00M | |||||
| Net Cash Flow | -50.00M | -16.00M | -21.00M | 30.00M | -82.00M | -7.00M |
| Free Cash Flow | 43.00M | 38.00M | -176.00M | -195.00M | -418.00M | 510.00M |
| Free Cash Flow Margin | 48.86% | 39.17% | -651.85% | -2,785.71% | -557.33% | 451.33% |
| Free Cash Flow Per Share | 0.86 | 0.77 | -3.71 | -4.04 | -8.39 | 10.31 |
| Levered Free Cash Flow | 122.00M | 116.12M | -257.00M | -522.38M | 1.05B | 484.62M |
| Unlevered Free Cash Flow | 242.62M | 238.62M | -126.38M | -398.62M | 1.12B | 586.50M |
| Cash Interest Paid | 47.00M | 49.00M | 53.00M | 64.00M | 43.00M | 61.00M |
| Cash Income Tax Paid | 1.00M | |||||
| Change in Working Capital | 200.00M | 202.00M | 201.00M | 116.00M | -294.00M | 942.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 227.53M | 361.53M | 329.65M | 312.97M | 705.37M | 859.07M |
| Enterprise Value | 3.71B | 3.83B | 3.66B | 3.64B | 3.90B | 4.37B |
| PS Ratio | 2.59 | 3.73 | 12.21 | 44.71 | 9.40 | 7.60 |
| PB Ratio | -0.16 | -0.16 | -0.19 | -0.81 | -2.86 | |
| P/FCF Ratio | 5.29 | 9.51 | 1.68 | |||
| P/OCF Ratio | 5.29 | 9.51 | 1.68 | |||
| EV/Sales Ratio | 42.11 | 39.47 | 135.58 | 519.42 | 52.02 | 38.71 |
| EV/EBIT Ratio | 90.38 | 116.02 | ||||
| EV/FCF Ratio | 86.18 | 100.75 | 8.58 | |||
| Debt / Equity Ratio | -1.55 | -1.58 | -1.65 | -2.06 | -3.86 | -12.05 |
| Debt / FCF Ratio | 83.61 | 92.71 | 7.09 | |||
| Net Debt / Equity Ratio | -1.50 | -1.55 | -1.61 | -1.99 | -3.79 | -11.52 |
| Net Debt / FCF Ratio | 80.88 | 90.84 | -18.98 | -16.80 | -7.94 | 6.78 |
| Quick Ratio | 3.87 | 2.68 | 3.53 | 3.13 | 1.85 | 4.39 |
| Current Ratio | 3.96 | 2.77 | 3.64 | 3.41 | 2.09 | 4.42 |
| Asset Turnover | 0.04 | 0.05 | 0.01 | 0.00 | 0.02 | 0.02 |
| Return on Assets (ROA) | 1.25% | 0.99% | -6.47% | -5.71% | -0.73% | -4.07% |
| Earnings Yield | -65.28% | -48.96% | -135.60% | -156.88% | -27.64% | -51.80% |
| FCF Yield | 18.90% | 10.51% | -53.39% | -62.31% | -59.26% | 59.37% |
| Buyback Yield / Dilution | -3.04% | -3.88% | 1.60% | 3.21% | -0.67% | 16.25% |