Mercury General Corp
MCY NYSE Fire, Marine & Casualty Insurance Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$6.0B
9.4%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$541M
15.6%
Free cash flow
Cash from operations minus capital spending.
$1.0B
3.8%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $16.92 EPS (TTM)
What Mercury General Corp does
No business description yet.
- Legal name
- MERCURY GENERAL CORP
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 17, 2026
- Accession · CIK
- 0000064996-26-000005
0000064996
Revenue and margins
Mercury General Corp had $6.0B of revenue in fiscal 2025, up 9.4% on the year before.
FY16
Revenue $3.2B
FY17
Revenue $3.4B
FY18
Revenue $3.4B
FY19
Revenue $4.0B
FY20
Revenue $3.8B
FY21
Revenue $4.0B
FY22
Revenue $3.6B
FY23
Revenue $4.6B
FY24
Revenue $5.5B
FY25
Revenue $6.0B
Q3 '23
Revenue $1.1B
Q4 '23
Revenue $1.4B
Q1 '24
Revenue $1.3B
Q2 '24
Revenue $1.3B
Q3 '24
Revenue $1.5B
Q4 '24
Revenue $1.4B
Q1 '25
Revenue $1.4B
Q2 '25
Revenue $1.5B
Q3 '25
Revenue $1.6B
Q4 '25
Revenue $1.5B
Q1 '26
Revenue $1.5B
Q2 '26
Revenue $1.7B
FY16
Gross —
Operating —
Net 2.3%
FCF 8.5%
FY17
Gross 99.7%
Operating —
Net 4.2%
FCF 9.4%
FY18
Gross 99.7%
Operating —
Net −0.2%
FCF 10.5%
FY19
Gross 99.7%
Operating —
Net 8.1%
FCF 12.1%
FY20
Gross 99.7%
Operating —
Net 9.9%
FCF 14.9%
FY21
Gross 99.7%
Operating —
Net 6.2%
FCF 11.5%
FY22
Gross 99.7%
Operating —
Net −14.1%
FCF 8.7%
FY23
Gross 99.8%
Operating —
Net 2.1%
FCF 9.0%
FY24
Gross 99.8%
Operating —
Net 8.5%
FCF 18.1%
FY25
Gross 99.7%
Operating —
Net 9.0%
FCF 17.2%
Gross
Operating
Net
FCF
Q3 '23
Gross 99.7%
Operating —
Net −0.8%
FCF 10.7%
Q4 '23
Gross 99.8%
Operating —
Net 13.9%
FCF 15.7%
Q1 '24
Gross 99.7%
Operating —
Net 5.8%
FCF 14.3%
Q2 '24
Gross 99.8%
Operating —
Net 4.8%
FCF 20.4%
Q3 '24
Gross 99.8%
Operating —
Net 15.1%
FCF 20.0%
Q4 '24
Gross 99.7%
Operating —
Net 7.4%
FCF 17.3%
Q1 '25
Gross 99.7%
Operating —
Net −7.8%
FCF −5.9%
Q2 '25
Gross 99.8%
Operating —
Net 11.3%
FCF 24.2%
Q3 '25
Gross 99.8%
Operating —
Net 17.7%
FCF 30.3%
Q4 '25
Gross 99.7%
Operating —
Net 13.2%
FCF 17.8%
Q1 '26
Gross 99.7%
Operating —
Net 12.4%
FCF 20.1%
Q2 '26
Gross 99.8%
Operating —
Net 15.7%
FCF 12.0%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 24.9% a year. Loss periods are shown in red.
FY16
Net income $73.0M
FY17
Net income $145M
FY18
Net income −$5.7M
FY19
Net income $320M
FY20
Net income $375M
FY21
Net income $248M
FY22
Net income −$513M
FY23
Net income $96.3M
FY24
Net income $468M
FY25
Net income $541M
Q3 '23
Net income −$8.2M
Q4 '23
Net income $191M
Q1 '24
Net income $73.5M
Q2 '24
Net income $62.6M
Q3 '24
Net income $231M
Q4 '24
Net income $101M
Q1 '25
Net income −$108M
Q2 '25
Net income $166M
Q3 '25
Net income $280M
Q4 '25
Net income $203M
Q1 '26
Net income $190M
Q2 '26
Net income $264M
FY16
Diluted EPS $1.32
FY17
Diluted EPS $2.62
FY18
Diluted EPS −$0.10
FY19
Diluted EPS $5.78
FY20
Diluted EPS $6.77
FY21
Diluted EPS $4.48
FY22
Diluted EPS −$9.26
FY23
Diluted EPS $1.74
FY24
Diluted EPS $8.45
FY25
Diluted EPS $9.77
Q3 '23
Diluted EPS −$0.15
Q4 '23
Diluted EPS $3.46
Q1 '24
Diluted EPS $1.33
Q2 '24
Diluted EPS $1.13
Q3 '24
Diluted EPS $4.17
Q4 '24
Diluted EPS $1.82
Q1 '25
Diluted EPS −$1.96
Q2 '25
Diluted EPS $3.01
Q3 '25
Diluted EPS $5.06
Q4 '25
Diluted EPS $3.66
Q1 '26
Diluted EPS $3.44
Q2 '26
Diluted EPS $4.76
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity 4.2%
Return on assets 1.5%
FY17
Return on capital —
Return on equity 8.2%
Return on assets 2.9%
FY18
Return on capital —
Return on equity −0.3%
Return on assets −0.1%
FY19
Return on capital —
Return on equity 18.7%
Return on assets 5.7%
FY20
Return on capital —
Return on equity 19.6%
Return on assets 6.1%
FY21
Return on capital —
Return on equity 11.9%
Return on assets 3.8%
FY22
Return on capital —
Return on equity −28.0%
Return on assets −7.7%
FY23
Return on capital —
Return on equity 6.3%
Return on assets 1.4%
FY24
Return on capital —
Return on equity 26.8%
Return on assets 6.1%
FY25
Return on capital —
Return on equity 24.8%
Return on assets 6.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $1.0B in fiscal 2025, 17.2% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $275M
FY17
Free cash flow $322M
FY18
Free cash flow $355M
FY19
Free cash flow $480M
FY20
Free cash flow $566M
FY21
Free cash flow $460M
FY22
Free cash flow $317M
FY23
Free cash flow $416M
FY24
Free cash flow $991M
FY25
Free cash flow $1.0B
Q3 '23
Free cash flow $114M
Q4 '23
Free cash flow $216M
Q1 '24
Free cash flow $182M
Q2 '24
Free cash flow $266M
Q3 '24
Free cash flow $306M
Q4 '24
Free cash flow $236M
Q1 '25
Free cash flow −$81.9M
Q2 '25
Free cash flow $357M
Q3 '25
Free cash flow $480M
Q4 '25
Free cash flow $274M
Q1 '26
Free cash flow $309M
Q2 '26
Free cash flow $202M
FY16
Cash from operations $292M
Capital spending $17.0M
FY17
Cash from operations $341M
Capital spending $19.4M
FY18
Cash from operations $383M
Capital spending $28.0M
FY19
Cash from operations $520M
Capital spending $40.1M
FY20
Cash from operations $606M
Capital spending $40.0M
FY21
Cash from operations $502M
Capital spending $41.4M
FY22
Cash from operations $353M
Capital spending $35.5M
FY23
Cash from operations $453M
Capital spending $36.8M
FY24
Cash from operations $1.0B
Capital spending $46.1M
FY25
Cash from operations $1.1B
Capital spending $58.4M
Cash from operations
Capital spending
Q3 '23
Cash from operations $122M
Capital spending $7.9M
Q4 '23
Cash from operations $225M
Capital spending $9.8M
Q1 '24
Cash from operations $193M
Capital spending $10.3M
Q2 '24
Cash from operations $278M
Capital spending $11.6M
Q3 '24
Cash from operations $318M
Capital spending $12.0M
Q4 '24
Cash from operations $248M
Capital spending $12.3M
Q1 '25
Cash from operations −$68.7M
Capital spending $13.1M
Q2 '25
Cash from operations $372M
Capital spending $14.4M
Q3 '25
Cash from operations $496M
Capital spending $16.9M
Q4 '25
Cash from operations $288M
Capital spending $14.0M
Q1 '26
Cash from operations $326M
Capital spending $16.8M
Q2 '26
Cash from operations $218M
Capital spending $16.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
Mercury General Corp returned $70.3M to shareholders in fiscal 2025, 7% of free cash flow. The diluted share count rose 0.0%.
FY16
Dividends $137M
Buybacks —
FY17
Dividends $138M
Buybacks —
FY18
Dividends $138M
Buybacks —
FY19
Dividends $139M
Buybacks —
FY20
Dividends $140M
Buybacks —
FY21
Dividends $140M
Buybacks —
FY22
Dividends $105M
Buybacks —
FY23
Dividends $70.3M
Buybacks —
FY24
Dividends $70.3M
Buybacks —
FY25
Dividends $70.3M
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.06B
FY17
Diluted shares 0.06B
FY18
Diluted shares 0.06B
FY19
Diluted shares 0.06B
FY20
Diluted shares 0.06B
FY21
Diluted shares 0.06B
FY22
Diluted shares 0.06B
FY23
Diluted shares 0.06B
FY24
Diluted shares 0.06B
FY25
Diluted shares 0.06B
Balance sheet
Cash, debt and the ratios that show how comfortably Mercury General Corp can carry it.
FY16
Cash $596M
Debt —
FY17
Cash $594M
Debt $375M
FY18
Cash $568M
Debt $375M
FY19
Cash $789M
Debt $375M
FY20
Cash $724M
Debt $378M
FY21
Cash $336M
Debt $378M
FY22
Cash $290M
Debt $404M
FY23
Cash $551M
Debt $578M
FY24
Cash $720M
Debt $578M
FY25
Cash $1.3B
Debt $576M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $336M | $290M | $551M | $720M | $1.3B |
| Debt incl. finance leases | $378M | $404M | $578M | $578M | $576M |
| Debt / equity | 0.2x | 0.3x | 0.4x | 0.3x | 0.2x |
| Total assets | $6.8B | $6.5B | $7.1B | $8.3B | $9.6B |
| Total liabilities | $4.6B | $5.0B | $5.6B | $6.4B | $7.1B |
| Shareholders' equity | $2.1B | $1.5B | $1.5B | $1.9B | $2.4B |
| Net debt (− = net cash) | $42.6M | $114M | $26.9M | −$143M | −$740M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ |
| Current ratio rose | — | — | — | — | — | — | — | — | — | — |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✓ | ✕ | ✓ | ✓ | ✕ | ✕ |
| Gross margin rose | — | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | — | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ | ✕ |
| F-score | — / 3 | — / 6 | 3 / 8 | 7 / 8 | 6 / 8 | 4 / 8 | 4 / 8 | 7 / 8 | 7 / 8 | 5 / 8 |
| Accruals ratio | −4.6% | −4.0% | −7.4% | −3.5% | −3.8% | −3.9% | −13.0% | −5.2% | −7.4% | −6.1% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $3.2B | $3.4B | $3.4B | $4.0B | $3.8B | $4.0B | $3.6B | $4.6B | $5.5B | $6.0B |
| Gross profit | — | $3.4B | $3.4B | $4.0B | $3.8B | $4.0B | $3.6B | $4.6B | $5.5B | $6.0B |
| Interest expense | $4.0M | $15.2M | $17.0M | $17.0M | $17.0M | $17.1M | $17.2M | $24.2M | — | — |
| Pretax income | $70.7M | $167M | −$30.6M | $378M | $459M | $299M | −$671M | $99.4M | $575M | $664M |
| Income tax | −$2.3M | $22.2M | −$24.9M | $58.0M | $83.9M | $51.4M | −$158M | $3.1M | $107M | $123M |
| Net income | $73.0M | $145M | −$5.7M | $320M | $375M | $248M | −$513M | $96.3M | $468M | $541M |
| Net income to common | $73.0M | $145M | −$5.7M | $320M | $375M | $248M | −$513M | $96.3M | $468M | $541M |
| Diluted EPS | $1.32 | $2.62 | −$0.10 | $5.78 | $6.77 | $4.48 | −$9.26 | $1.74 | $8.45 | $9.77 |
| Diluted shares | 0.06B | 0.06B | 0.06B | 0.06B | 0.06B | 0.06B | 0.06B | 0.06B | 0.06B | 0.06B |
| Cash flow | ||||||||||
| Cash from operations | $292M | $341M | $383M | $520M | $606M | $502M | $353M | $453M | $1.0B | $1.1B |
| Capital expenditure | $17.0M | $19.4M | $28.0M | $40.1M | $40.0M | $41.4M | $35.5M | $36.8M | $46.1M | $58.4M |
| Free cash flow | $275M | $322M | $355M | $480M | $566M | $460M | $317M | $416M | $991M | $1.0B |
| Depreciation and amortization | $53.3M | $55.3M | $58.8M | $64.7M | $68.5M | $79.1M | $82.4M | $72.2M | $73.4M | $75.0M |
| Stock-based compensation | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | $0.0M | $0.0M | $4.6M | $14.6M |
| Dividends paid | $137M | $138M | $138M | $139M | $140M | $140M | $105M | $70.3M | $70.3M | $70.3M |
| Dividends and buybacks | $137M | $138M | $138M | $139M | $140M | $140M | $105M | $70.3M | $70.3M | $70.3M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $596M | $594M | $568M | $789M | $724M | $336M | $290M | $551M | $720M | $1.3B |
| Total debt | — | $375M | $375M | $375M | $375M | $375M | $400M | $575M | $575M | $575M |
| Finance lease liabilities | — | — | — | $0.0M | $2.8M | $3.1M | $3.6M | $2.8M | $2.5M | $1.2M |
| Property and equipment, net | $156M | $145M | $153M | $169M | $179M | $191M | $171M | $151M | $138M | $147M |
| Goodwill | $42.8M | $42.8M | $42.8M | $42.8M | $42.8M | $42.8M | $42.8M | $42.8M | $42.8M | $42.8M |
| Intangible assets | $25.6M | $20.7M | $15.5M | $10.6M | $11.3M | $10.3M | $9.2M | $8.3M | $7.7M | $6.8M |
| Total assets | $4.8B | $5.1B | $5.4B | $5.9B | $6.3B | $6.8B | $6.5B | $7.1B | $8.3B | $9.6B |
| Total liabilities | $3.0B | $3.3B | $3.8B | $4.1B | $4.3B | $4.6B | $5.0B | $5.6B | $6.4B | $7.1B |
| Shareholders' equity | $1.8B | $1.8B | $1.6B | $1.8B | $2.0B | $2.1B | $1.5B | $1.5B | $1.9B | $2.4B |
| Margins | ||||||||||
| Gross margin | — | 99.7% | 99.7% | 99.7% | 99.7% | 99.7% | 99.7% | 99.8% | 99.8% | 99.7% |
| Net margin | 2.3% | 4.2% | −0.2% | 8.1% | 9.9% | 6.2% | −14.1% | 2.1% | 8.5% | 9.0% |
| FCF margin | 8.5% | 9.4% | 10.5% | 12.1% | 14.9% | 11.5% | 8.7% | 9.0% | 18.1% | 17.2% |
| Returns | ||||||||||
| Return on equity | 4.2% | 8.2% | −0.3% | 18.7% | 19.6% | 11.9% | −28.0% | 6.3% | 26.8% | 24.8% |
| Return on assets | 1.5% | 2.9% | −0.1% | 5.7% | 6.1% | 3.8% | −7.7% | 1.4% | 6.1% | 6.1% |
| Return on tangible equity | 4.3% | 8.5% | −0.4% | 18.3% | 18.9% | 11.9% | −34.9% | 6.4% | 24.7% | 22.9% |
| Growth | ||||||||||
| Revenue growth | — | 5.8% | −1.1% | 17.5% | −4.7% | 5.5% | −8.8% | 27.1% | 18.3% | 9.4% |
| Net income growth | — | 98.3% | −104.0% | — | 17.0% | −33.8% | −306.8% | — | 385.8% | 15.6% |
| EPS growth | — | 98.5% | −103.8% | — | 17.1% | −33.8% | −306.7% | — | 385.6% | 15.6% |
| FCF growth | — | 17.2% | 10.4% | 34.9% | 17.9% | −18.7% | −31.1% | 31.3% | 138.1% | 3.8% |
| Share count change | — | 0.0% | 0.0% | 0.0% | −0.0% | 0.0% | −0.0% | 0.0% | 0.0% | 0.0% |
| Financial health | ||||||||||
| Debt / equity | — | 0.2x | 0.2x | 0.2x | 0.2x | 0.2x | 0.3x | 0.4x | 0.3x | 0.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.5% | 0.6% | 0.8% | 1.0% | 1.1% | 1.0% | 1.0% | 0.8% | 0.8% | 1.0% |
| Stock comp / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.2% |
| Payouts / FCF | 49.9% | 42.8% | 39.0% | 29.0% | 24.7% | 30.5% | 33.3% | 16.9% | 7.1% | 6.8% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | 3.0 | 7.0 | 6.0 | 4.0 | 4.0 | 7.0 | 7.0 | 5.0 |
| Accruals ratio | −4.6% | −4.0% | −7.4% | −3.5% | −3.8% | −3.9% | −13.0% | −5.2% | −7.4% | −6.1% |
Source: SEC EDGAR XBRL filings (CIK 0000064996). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.