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MGIC Investment

MTG NYSE Reinsurance Financials FY2016–FY2025

MGIC Investment's revenue rose 0.5% to $1.2 billion in fiscal 2025. Its net margin was 60.8%, down from 63.2% a year earlier. Free cash flow was $852 million, up 17.7%. It paid out $921 million in dividends and buybacks, 108% of free cash flow. The diluted share count fell 10.9%.

Last close · Oct 23, 2026

$28.80

3.8%
Value it Compare
Revenue Total sales reported in the income statement.
$1.2B
0.5% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$738M
3.2%
Free cash flow Cash from operations minus capital spending.
$852M
17.7%
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.
$6.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
9.0x
On $3.20 EPS (TTM)

What MGIC Investment does

No business description yet.

Legal name
MGIC Investment Corp
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000876437-26-000010
0000876437

Revenue and margins

MGIC Investment had $1.2B of revenue in fiscal 2025, up 0.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 15.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $852M in fiscal 2025, 70.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

MGIC Investment returned $921M to shareholders in fiscal 2025, 108% of free cash flow. The diluted share count fell 11.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value MGIC Investment yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 235.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 9.0x · peers 8.9x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably MGIC Investment can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $285M$327M$364M$230M$369M
Debt incl. finance leases $1.1B$663M$643M——
Net debt / EBITDA 0.9x0.3x0.3x——
Debt / equity 0.2x0.1x0.1x——
Interest coverage 12.2x23.7x25.5x28.2x27.1x
Total assets $7.3B$6.2B$6.5B$6.5B$6.6B
Total liabilities $2.5B$1.6B$1.5B$1.4B$1.5B
Shareholders' equity $4.9B$4.6B$5.1B$5.2B$5.1B
Net debt (− = net cash) $862M$335M$280M——

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

$14.7M

4 insiders

Of sales under plans

100%

$14.7M

DateInsiderTradeSharesPriceValueFiling
Sep 24, 2026 Nathaniel H ColsonOfficer EVP, CFO & CRO Sold plan 20,000 $29.48 $0.6M Form 4
Sep 1, 2026 Salvatore A MiosiPresident & COO Sold plan 30,000 $30.73 $0.9M Form 4
Aug 7, 2026 Paula C MaggioEVP and General Counsel Sold plan 20,000 $30.30 $0.6M Form 4
Aug 5, 2026 Timothy J. MattkeChief Executive Officer, Director Sold plan 137,113 $30.52 $4.2M Form 4
Aug 3, 2026 Salvatore A MiosiPresident & COO Sold plan 30,000 $29.70 $0.9M Form 4
Jul 1, 2026 Salvatore A MiosiPresident & COO Sold plan 30,000 $28.23 $0.8M Form 4
Jun 25, 2026 Nathaniel H ColsonOfficer EVP, CFO & CRO Sold plan 20,000 $27.10 $0.5M Form 4
Jun 8, 2026 Salvatore A MiosiPresident & COO Sold plan 30,000 $25.38 $0.8M Form 4
May 29, 2026 Paula C MaggioEVP and General Counsel Sold plan 20,937 $25.55 $0.5M Form 4
Apr 2, 2026 Timothy J. MattkeChief Executive Officer, Director Sold plan 139,202 $26.49 $3.7M Form 4
Apr 1, 2026 Salvatore A MiosiPresident & COO Sold plan 10,931 $26.25 $0.3M Form 4
Mar 2, 2026 Salvatore A MiosiPresident & COO Sold plan 30,000 $27.04 $0.8M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
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 — / 9— / 9— / 9
Accruals ratio 0.0%0.6%−1.7%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
MGIC Investment MTG $6.1B 0.5% — 70.2% — 9.0x —
RenaissanceRe RNR $14.6B 9.9% — — 54.2% 6.3x — Compare →
Everest Group EG $15.5B 1.2% — — — 8.4x — Compare →
Reinsurance Group of America RGA $17.4B 7.2% — — — 11.6x — Compare →
Essent Group ESNT $6.1B 1.5% — 67.3% — 9.3x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.1B $1.1B $1.1B $1.2B $1.2B $1.2B $1.2B $1.2B $1.2B $1.2B
Interest expense $56.7M $57.0M $53.0M $52.7M $59.6M $71.4M $48.1M $36.9M $35.6M $35.6M
Pretax income $515M $785M $844M $848M $559M $802M $1.1B $902M $969M $929M
Income tax $172M $429M $174M $174M $113M $167M $225M $189M $206M $190M
Net income $343M $356M $670M $674M $446M $635M $865M $713M $763M $738M
Diluted EPS $0.86 $0.95 $1.78 $1.85 $1.29 $1.85 $2.79 $2.49 $2.89 $3.14
Diluted shares 0.43B 0.39B 0.39B 0.37B 0.36B 0.35B 0.31B 0.29B 0.26B 0.24B
Cash flow
Cash from operations $225M $407M $545M $610M $732M $696M $650M $713M $725M $853M
Capital expenditure $10.6M $16.1M $14.2M $5.6M $3.3M $4.1M $3.3M $2.0M $1.2M $1.0M
Free cash flow $214M $391M $530M $604M $729M $692M $647M $711M $724M $852M
Depreciation and amortization $61.3M $64.4M $58.2M $48.8M $57.8M $66.0M $54.3M $35.2M $18.4M $6.9M
Stock-based compensation $11.4M $14.9M $20.9M $18.9M $13.8M $17.1M $24.8M $31.6M $31.3M $24.4M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $147M $0.0M $163M $126M $120M $291M $386M $337M $570M $789M
Dividends paid $0.0M $0.0M $0.0M $41.9M $82.1M $94.2M $111M $123M $131M $133M
Dividends and buybacks $147M $0.0M $163M $168M $202M $385M $497M $460M $700M $921M
Balance sheet
Cash and short-term investments $155M $99.9M $152M $162M $288M $285M $327M $364M $230M $369M
Total debt $1.2B $830M $832M $833M $1.2B $1.1B $663M $643M — —
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $36.1M $44.9M $51.7M $50.1M $47.1M $45.6M $41.4M $38.8M $35.7M $32.5M
Total assets $5.7B $5.6B $5.7B $6.2B $7.4B $7.3B $6.2B $6.5B $6.5B $6.6B
Total liabilities $3.2B $2.5B $2.1B $1.9B $2.7B $2.5B $1.6B $1.5B $1.4B $1.5B
Shareholders' equity $2.5B $3.2B $3.6B $4.3B $4.7B $4.9B $4.6B $5.1B $5.2B $5.1B
Margins
EBITDA margin 59.6% 85.0% 85.0% 78.2% 56.4% 79.2% 101.7% 84.4% 84.7% 80.0%
Net margin 32.2% 33.4% 59.6% 55.5% 37.2% 53.6% 73.8% 61.7% 63.2% 60.8%
FCF margin 20.2% 36.6% 47.2% 49.8% 60.8% 58.4% 55.2% 61.6% 59.9% 70.2%
Returns
Return on capital 11.1% 11.3% 17.5% 15.5% 9.3% 12.2% 16.9% 14.4% — —
Return on equity 14.3% 12.5% 19.9% 17.1% 9.9% 13.3% 18.2% 14.7% 14.9% 14.3%
Return on assets 5.9% 6.3% 11.9% 11.3% 6.6% 8.7% 12.8% 11.2% 11.7% 11.2%
Growth
Revenue growth 2.0% 0.3% 5.4% 8.0% −1.2% −1.1% −1.1% −1.5% 4.6% 0.5%
Net income growth −70.8% 3.9% 88.4% 0.6% −33.8% 42.3% 36.3% −17.6% 7.0% −3.2%
EPS growth −66.9% 10.5% 87.4% 3.9% −30.3% 43.4% 50.8% −10.8% 16.1% 8.7%
FCF growth 36.6% 82.3% 35.8% 13.9% 20.7% −5.1% −6.6% 9.9% 1.8% 17.7%
Share count change −7.7% −8.6% −2.2% −3.2% −3.9% −2.2% −11.4% −7.7% −8.1% −11.0%
Financial health
Net debt / EBITDA 1.6x 0.8x 0.7x 0.7x 1.4x 0.9x 0.3x 0.3x — —
Debt / equity 0.5x 0.3x 0.2x 0.2x 0.3x 0.2x 0.1x 0.1x — —
Interest coverage 10.1x 14.8x 16.9x 17.1x 10.4x 12.2x 23.7x 25.5x 28.2x 27.1x
Capital allocation
Capex / revenue 1.0% 1.5% 1.3% 0.5% 0.3% 0.4% 0.3% 0.2% 0.1% 0.1%
Stock comp / revenue 1.1% 1.4% 1.9% 1.6% 1.2% 1.4% 2.1% 2.7% 2.6% 2.0%
Payouts / FCF 68.7% 0.0% 30.8% 27.8% 27.7% 55.6% 76.8% 64.7% 96.7% 108.1%
Quality scores
Accruals ratio 2.0% −0.9% 2.2% 1.1% −4.2% −0.8% 3.2% 0.0% 0.6% −1.7%

Source: SEC EDGAR XBRL filings (CIK 0000876437). Data updated October 18, 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.

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