MBIA INC MBI

Financials SIC 6351 - Surety Insurance NAICS Finance and Insurance › Insurance Carriers and Related Activities › Insurance Carriers derived NYSE

The Company's operating subsidiaries are running off their insured portfolios. Today, the Company's primary objectives are ensuring that adequate liquidity exists at the holding company to satisfy all of its outstanding obligations, mitigating losses at National Public Finance Guarantee Corporation ("National") and MBIA Corp., and maximizing recoveries on paid insurance claims. We do not expect National or MBIA Corp. to write new financial guarantee policies outside of remediation related activities.

MBIA's primary business has been to provide financial guarantee insurance to the United States' public finance markets through our indirect, wholly-owned subsidiary, National, whose financial guarantee insurance policies provide investors with unconditional and irrevocable guarantees of the payment of the principal, interest or other amounts owing on insured obligations when due. National ceased pursuing the writing of new financial guarantee insurance policies in 2017, and its primary activity today is to provide ongoing surveillance, including remediation activity where warranted, of its existing insured portfolio of $22.3 billion gross par outstanding as of December 31, 2025. The Company has also provided financial guarantee insurance in the international and structured finance markets through its subsidiary MBIA Corp. As of December 31, 2025, MBIA Corp.'s total insured gross par outstanding was $2.1 billion. As a result of MBIA Corp.'s capital structure and business prospects, we do not expect its financial performance to have a material economic impact on MBIA Inc. Refer to "Management's Discussion and Analysis of Financial Condition and Results of Operations––Liquidity and Capital Resources" in Part II, Item 7 of this Form 10-K for a further discussion of MBIA Corp.'s insurance statutory capital.

Last close 4.46 2026-10-23
Market cap $227.5M 2026-06-30 share count
52-week range 4.19 - 7.87

Valuation FY2025 figures against the last close

P/S2.8x
P/E—
P/FCF6.0x
EV/EBITDA—
Dividend yield0.0%
Diluted EPS-3.58

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $80.0M$42.0M$7.0M$154.0M$189.0M$282.0M$280.0M$162.0M$433.0M$480.0M
SG&A —————$97.0M$103.0M$91.0M$129.0M$177.0M
Interest expense $196.0M$208.0M$210.0M$179.0M$163.0M$178.0M$201.0M$206.0M$197.0M$197.0M
Pre-tax income -$181.0M-$441.0M-$484.0M-$148.0M-$445.0M-$578.0M-$357.0M-$296.0M-$661.0M-$339.0M
Income tax $0$0$0$1.0M$0$0$2.0M$0$944.0M$1.0M
Net income -$177.0M$435.0M$477.0M-$195.0M-$445.0M-$578.0M-$359.0M-$296.0M-$1.60B-$338.0M
EPS, basic -3.58-9.43-10.18-3.92-8.99-9.78-4.43-3.33-13.50-2.54
EPS, diluted -3.58-9.43-10.18-3.92-8.99-9.78-4.43-3.33-13.50-2.54
Shares, diluted (wtd. avg.) 49.3M47.4M48.2M49.8M49.5M59.1M81.0M89.0M118.9M133.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $71.0M$87.0M$108.0M$78.0M$160.0M$167.0M$83.0M$280.0M$146.0M$187.0M
Total assets $2.01B$2.17B$2.61B$3.38B$4.70B$5.75B$7.28B$8.11B—$11.14B
Long-term debt ——————$2.23B$2.25B—$1.99B
Total liabilities $4.24B$4.24B$4.25B$4.25B$5.00B$5.60B$6.45B$6.97B—$7.90B
Retained earnings -$1.77B-$1.59B-$1.14B-$653.0M-$458.0M-$13.0M$607.0M$966.0M—$2.70B
Total equity -$2.24B-$2.09B-$1.65B-$876.0M-$300.0M$149.0M$839.0M$1.13B$1.43B$3.23B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $38.0M-$176.0M-$195.0M-$418.0M$511.0M-$390.0M-$368.0M-$319.0M-$652.0M-$149.0M
Stock-based compensation —————————$0
Capital expenditure ——$0$0$1.0M$0$0$1.0M$1.0M$1.0M
Investing cash flow $25.0M$287.0M$767.0M$623.0M-$61.0M$1.74B$1.27B$1.21B$1.20B$2.42B
Financing cash flow -$79.0M-$132.0M-$542.0M-$285.0M-$457.0M-$1.26B-$1.10B-$752.0M-$589.0M-$2.54B
Dividends paid $0$0$409.0M$0$0—————
Buybacks $7.0M$4.0M$38.0M$3.0M$1.0M$200.0M$106.0M$44.0M$330.0M$110.0M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-076834.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B -1B 0 1B Revenue, FY2016: 480M Net income, FY2016: -338M Revenue, FY2017: 433M Net income, FY2017: -1.6B Revenue, FY2018: 162M Net income, FY2018: -296M Revenue, FY2019: 280M Net income, FY2019: -359M Revenue, FY2020: 282M Net income, FY2020: -578M Revenue, FY2021: 189M Net income, FY2021: -445M Revenue, FY2022: 154M Net income, FY2022: -195M Revenue, FY2023: 7M Net income, FY2023: 477M Revenue, FY2024: 42M Net income, FY2024: 435M Revenue, FY2025: 80M Net income, FY2025: -177M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $480.0M $433.0M $162.0M $280.0M $282.0M $189.0M $154.0M $7.0M $42.0M $80.0M
Gross profit — — — — — — — — — —
Net income -$338.0M -$1.60B -$296.0M -$359.0M -$578.0M -$445.0M -$195.0M $477.0M $435.0M -$177.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 6351

TickerCompanyMarket capP/ERevenue growth
ORI OLD REPUBLIC INTERNATIONAL CORP $9.39B 10.5x 11.0%
ESNT Essent Group Ltd. $6.00B 9.7x 1.5%
MTG MGIC INVESTMENT CORP $5.91B 9.2x 0.5%
RDN RADIAN GROUP INC $4.73B 8.6x -0.8%
NMIH NMI Holdings, Inc. $3.20B 8.6x 8.5%
AGO ASSURED GUARANTY LTD $3.05B 6.8x —
OSG OCTAVE SPECIALTY GROUP INC $214.0M — 55.8%