NYSE : MTG
MGIC Investment Corporation — Financial statements
Financials · Insurance - Specialty · United States
Last price 28.85 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 5.92B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 951.19M | 965.81M | 970.81M | 952.55M | 1.01B | 1.01B |
| Total Interest & Dividend Income | 245.03M | 246.26M | 244.64M | 214.74M | 167.48M | 156.44M |
| Gain (Loss) on Sale of Investments | 196.00K | 334.00K | -9.85M | -14.14M | -7.46M | 5.86M |
| Other Revenue | -792.00K | 1.23M | 2.13M | 1.95M | 5.64M | 8.96M |
| Total Revenue | 1.20B | 1.21B | 1.21B | 1.16B | 1.17B | 1.19B |
| Policy Benefits | 86.38M | 48.90M | -14.86M | -20.86M | -254.56M | 64.58M |
| Policy Acquisition & Underwriting Costs | 2.02M | 11.05M | 7.47M | 7.01M | 53.38M | 193.94M |
| Other Operating Expenses | 21.66M | 21.38M | 21.55M | 21.52M | ||
| Total Operating Expenses | 275.50M | 249.50M | 203.42M | 215.97M | -5.50M | 275.62M |
| Operating Income | 920.13M | 964.14M | 1.00B | 939.13M | 1.18B | 910.05M |
| Interest Expense | -35.60M | -35.60M | -35.60M | -36.91M | -48.05M | -71.36M |
| EBT Excluding Unusual Items | 884.52M | 928.54M | 968.71M | 902.23M | 1.13B | 838.69M |
| Other Unusual Items | -40.20M | -36.91M | ||||
| Pretax Income | 884.52M | 928.54M | 968.71M | 902.23M | 1.09B | 801.78M |
| Income Tax Expense | 176.67M | 190.19M | 205.72M | 189.28M | 224.69M | 166.79M |
| Net Income | 707.85M | 738.35M | 762.99M | 712.95M | 865.35M | 634.98M |
| Net Income to Common | 707.85M | 738.35M | 762.99M | 712.95M | 865.35M | 634.98M |
| Shares Outstanding (Basic) | 219.37M | 232.97M | 261.68M | 283.61M | 305.85M | 334.33M |
| Shares Outstanding (Diluted) | 221.27M | 235.10M | 264.00M | 287.15M | 311.23M | 351.31M |
| EPS (Basic) | 3.23 | 3.17 | 2.92 | 2.51 | 2.83 | 1.90 |
| EPS (Diluted) | 3.20 | 3.14 | 2.89 | 2.49 | 2.79 | 1.85 |
| Free Cash Flow | 706.48M | 851.77M | 723.86M | 710.96M | 646.76M | 692.20M |
| Free Cash Flow Per Share | 3.19 | 3.62 | 2.74 | 2.48 | 2.08 | 1.97 |
| Dividend Per Share | 0.60 | 0.56 | 0.49 | 0.43 | 0.36 | 0.28 |
| Operating Margin | 76.96% | 79.44% | 83.16% | 81.30% | 100.47% | 76.75% |
| Profit Margin | 59.20% | 60.84% | 63.18% | 61.72% | 73.79% | 53.55% |
| Free Cash Flow Margin | 59.09% | 70.18% | 59.94% | 61.55% | 55.15% | 58.38% |
| EBITDA | 923.72M | 971.09M | 1.02B | 974.36M | 1.23B | 976.07M |
| EBITDA Margin | 77.26% | 80.02% | 84.68% | 84.35% | 105.09% | 82.32% |
| D&A For EBITDA | 3.59M | 6.95M | 18.44M | 35.23M | 54.25M | 66.01M |
| EBIT | 920.13M | 964.14M | 1.00B | 939.13M | 1.18B | 910.05M |
| EBIT Margin | 76.96% | 79.44% | 83.16% | 81.30% | 100.47% | 76.75% |
| Effective Tax Rate | 19.97% | 20.48% | 21.24% | 20.98% | 20.61% | 20.80% |
| Revenue as Reported | 1.20B | 1.21B | 1.21B | 1.16B | 1.17B | 1.19B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 5.70B | 5.79B | 5.85B | 5.72B | 5.41B | 6.59B |
| Investments in Equity & Preferred Securities | 15.27M | 15.32M | 14.76M | 14.77M | 14.14M | 16.07M |
| Total Investments | 5.72B | 5.81B | 5.87B | 5.74B | 5.42B | 6.60B |
| Cash & Equivalents | 207.28M | 368.99M | 229.49M | 363.67M | 327.38M | 284.69M |
| Reinsurance Recoverable | 81.58M | 69.44M | 51.48M | 43.20M | 46.32M | 103.18M |
| Other Receivables | 127.29M | 116.19M | 118.60M | 117.27M | 113.18M | 108.44M |
| Deferred Policy Acquisition Cost | 7.47M | 8.38M | 11.69M | 14.59M | 19.06M | 21.67M |
| Property, Plant & Equipment | 31.60M | 32.45M | 35.68M | 38.76M | 41.42M | 45.61M |
| Restricted Cash | 7.82M | 6.53M | 5.14M | 6.98M | 5.53M | 20.27M |
| Other Current Assets | 2.40M | |||||
| Long-Term Deferred Tax Assets | 131.24M | 18.51M | 69.88M | 79.78M | 124.77M | |
| Other Long-Term Assets | 215.26M | 212.44M | 158.83M | 133.85M | 112.29M | 137.49M |
| Total Assets | 6.53B | 6.64B | 6.55B | 6.54B | 6.21B | 7.33B |
| Insurance & Annuity Liabilities | 503.00M | 486.28M | 475.16M | 526.48M | 583.49M | 920.82M |
| Unearned Premiums | 84.51M | 93.03M | 120.36M | 157.78M | 195.29M | 241.69M |
| Long-Term Debt | 646.87M | 646.14M | 644.67M | 643.20M | 662.81M | 1.15B |
| Other Current Liabilities | 900.00K | 400.00K | 400.00K | |||
| Other Long-Term Liabilities | 278.34M | 266.09M | 134.27M | 138.91M | 129.47M | 154.40M |
| Total Liabilities | 1.51B | 1.49B | 1.37B | 1.47B | 1.57B | 2.46B |
| Common Stock | 206.60M | 219.37M | 248.45M | 371.35M | 371.35M | 371.35M |
| Additional Paid-In Capital | 1.80B | 1.81B | 1.81B | 1.81B | 1.80B | 1.79B |
| Retained Earnings | 3.17B | 3.25B | 3.40B | 4.59B | 4.00B | 3.25B |
| Treasury Stock | -1.38B | -1.05B | -675.26M | |||
| Comprehensive Income & Other | -168.82M | -134.39M | -288.16M | -316.28M | -481.51M | 119.70M |
| Shareholders' Equity | 5.01B | 5.15B | 5.17B | 5.07B | 4.64B | 4.86B |
| Total Liabilities & Equity | 6.53B | 6.64B | 6.55B | 6.54B | 6.21B | 7.33B |
| Filing Date Shares Outstanding | 205.12M | 214.95M | 242.71M | 269.67M | 290.43M | 315.61M |
| Total Common Shares Outstanding | 206.60M | 219.37M | 248.45M | 272.49M | 293.43M | 320.34M |
| Total Debt | 646.87M | 646.14M | 644.67M | 643.20M | 662.81M | 1.15B |
| Net Cash (Debt) | -439.60M | -277.15M | -415.18M | -279.53M | -335.43M | -862.02M |
| Net Cash Per Share | -1.99 | -1.18 | -1.57 | -0.97 | -1.08 | -2.45 |
| Book Value Per Share | 24.27 | 23.47 | 20.82 | 18.61 | 15.82 | 15.18 |
| Tangible Book Value | 5.01B | 5.15B | 5.17B | 5.07B | 4.64B | 4.86B |
| Tangible Book Value Per Share | 24.27 | 23.47 | 20.82 | 18.61 | 15.82 | 15.18 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 707.85M | 738.35M | 762.99M | 712.95M | 865.35M | 634.98M |
| Depreciation & Amortization | 3.59M | 6.95M | 18.44M | 35.23M | 54.25M | 66.01M |
| Gain (Loss) on Sale of Investments | 1.38M | -334.00K | 9.85M | 14.14M | 7.46M | -5.86M |
| Stock-Based Compensation | 23.82M | 24.43M | 31.32M | 31.61M | 24.77M | 17.11M |
| Change in Accounts Receivable | -12.46M | -648.00K | 963.00K | -499.00K | -1.46M | -496.00K |
| Reinsurance Recoverable | -25.76M | -17.96M | -8.28M | 3.12M | 56.86M | -7.47M |
| Change in Unearned Revenue | -20.54M | -27.33M | -37.42M | -37.51M | -46.40M | -45.41M |
| Change in Income Taxes | -42.71M | 93.16M | 16.27M | -4.14M | -8.55M | 5.43M |
| Change in Insurance Reserves / Liabilities | 39.85M | 12.22M | -42.72M | -52.61M | -325.53M | 2.98M |
| Change in Other Net Operating Assets | 11.46M | 1.43M | -31.72M | 5.14M | -15.18M | -12.96M |
| Other Operating Activities | 18.73M | 19.22M | 2.43M | 1.06M | 35.83M | 42.10M |
| Operating Cash Flow | 708.02M | 852.80M | 725.03M | 712.96M | 650.01M | 696.32M |
| Capital Expenditures | -1.54M | -1.02M | -1.17M | -2.00M | -3.25M | -4.12M |
| Sale of Property, Plant & Equipment | 2.34M | |||||
| Investment in Securities | 121.10M | 229.40M | -140.83M | -179.53M | 413.74M | -156.63M |
| Investing Cash Flow | 119.57M | 228.37M | -142.00M | -179.19M | 410.49M | -160.75M |
| Total Debt Repaid | -28.64M | -486.41M | -98.61M | |||
| Net Debt Issued (Repaid) | -28.64M | -486.41M | -98.61M | |||
| Repurchases of Common Stock | -776.75M | -807.79M | -588.54M | -344.44M | -395.67M | -297.55M |
| Common Dividends Paid | -134.63M | -132.49M | -130.50M | -122.97M | -110.95M | -94.22M |
| Other Financing Activities | -39.51M | -36.91M | ||||
| Financing Cash Flow | -911.38M | -940.28M | -719.04M | -496.04M | -1.03B | -527.29M |
| Net Cash Flow | -83.80M | 140.89M | -136.02M | 37.73M | 27.95M | 8.28M |
| Free Cash Flow | 706.48M | 851.77M | 723.86M | 710.96M | 646.76M | 692.20M |
| Free Cash Flow Margin | 59.09% | 70.18% | 59.94% | 61.55% | 55.15% | 58.38% |
| Free Cash Flow Per Share | 3.19 | 3.62 | 2.74 | 2.48 | 2.08 | 1.97 |
| Levered Free Cash Flow | 518.86M | 566.42M | 611.64M | 586.40M | 802.63M | 536.37M |
| Unlevered Free Cash Flow | 541.11M | 588.67M | 633.89M | 609.47M | 832.66M | 580.97M |
| Cash Interest Paid | 34.10M | 34.10M | 34.10M | 35.10M | 53.70M | 71.70M |
| Cash Income Tax Paid | 77.80M | 77.80M | 181.80M | 188.20M | 236.50M | 155.30M |
| Change in Working Capital | -47.36M | 64.18M | -100.00M | -82.03M | -337.65M | -58.03M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.94B | 6.54B | 6.01B | 5.35B | 3.86B | 4.69B |
| Enterprise Value | 6.38B | 6.92B | 6.36B | 5.73B | 4.28B | 5.76B |
| PE Ratio | 9.05 | 8.86 | 7.87 | 7.50 | 4.46 | 7.39 |
| PS Ratio | 4.97 | 5.39 | 4.97 | 4.63 | 3.29 | 3.96 |
| PB Ratio | 1.19 | 1.27 | 1.16 | 1.05 | 0.83 | 0.97 |
| P/FCF Ratio | 8.40 | 7.67 | 8.30 | 7.52 | 5.97 | 6.78 |
| P/OCF Ratio | 8.38 | 7.67 | 8.29 | 7.50 | 5.94 | 6.74 |
| EV/Sales Ratio | 5.33 | 5.70 | 5.27 | 4.96 | 3.65 | 4.86 |
| EV/EBITDA Ratio | 6.90 | 7.12 | 6.22 | 5.88 | 3.47 | 5.91 |
| EV/EBIT Ratio | 6.93 | 7.17 | 6.34 | 6.10 | 3.63 | 6.33 |
| EV/FCF Ratio | 9.02 | 8.12 | 8.79 | 8.05 | 6.62 | 8.33 |
| Debt / Equity Ratio | 0.13 | 0.13 | 0.12 | 0.13 | 0.14 | 0.24 |
| Debt / EBITDA Ratio | 0.70 | 0.67 | 0.63 | 0.66 | 0.54 | 1.17 |
| Debt / FCF Ratio | 0.92 | 0.76 | 0.89 | 0.91 | 1.02 | 1.66 |
| Net Debt / Equity Ratio | 0.09 | 0.05 | 0.08 | 0.06 | 0.07 | 0.18 |
| Net Debt / EBITDA Ratio | 0.48 | 0.28 | 0.41 | 0.29 | 0.27 | 0.88 |
| Net Debt / FCF Ratio | 0.62 | 0.33 | 0.57 | 0.39 | 0.52 | 1.25 |
| Quick Ratio | 3.24 | 4.57 | 2.38 | 2.68 | 1.97 | 1.41 |
| Current Ratio | 4.96 | 6.01 | 3.35 | 3.38 | 2.52 | 2.14 |
| Asset Turnover | 0.18 | 0.18 | 0.18 | 0.18 | 0.17 | 0.16 |
| Return on Equity (ROE) | 13.92% | 14.31% | 14.90% | 14.68% | 18.21% | 13.28% |
| Return on Assets (ROA) | 8.80% | 9.14% | 9.59% | 9.21% | 10.88% | 7.75% |
| Return on Invested Capital (ROIC) | 12.98% | 13.21% | 13.72% | 13.47% | 16.54% | 12.06% |
| Earnings Yield | 11.06% | 11.29% | 12.70% | 13.33% | 22.41% | 13.53% |
| FCF Yield | 11.90% | 13.03% | 12.05% | 13.29% | 16.75% | 14.74% |
| Dividend Yield | 2.35% | 1.88% | 2.03% | 2.19% | 2.74% | 1.91% |
| Payout Ratio | 21.25% | 17.94% | 17.10% | 17.25% | 12.82% | 14.84% |
| Buyback Yield / Dilution | 11.53% | 10.95% | 8.06% | 7.74% | 11.41% | 2.22% |
| Total Shareholder Return | 13.88% | 12.83% | 10.09% | 9.93% | 14.14% | 4.13% |