MGIC INVESTMENT CORP MTG

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

See the "Glossary of terms and acronyms" for definitions and descriptions of terms used throughout this annual report.

We are a holding company and through wholly-owned subsidiaries we provide private mortgage insurance, other mortgage credit risk management solutions, and ancillary services. In 2025, our total revenues were $1.2 billion and our primary NIW was $60.2 billion. As of December 31, 2025, our direct primary IIF was $303.1 billion and our direct primary RIF was $81.2 billion. For further information about our results of operations, see our consolidated financial statements in Item 8 and our MD&A in Item 7. As of December 31, 2025, our principal mortgage insurance subsidiary, MGIC, was licensed in all 50 states of the United States, the District of Columbia, Puerto Rico and Guam. During 2025, we wrote new insurance in each of those jurisdictions.

Last close 28.80 2026-10-23
Market cap $5.91B 2026-06-30 share count
52-week range 24.69 - 31.89

Valuation FY2025 figures against the last close

P/S4.9x
P/E9.2x
P/FCF6.9x
EV/EBITDA—
Dividend yield2.2%
Diluted EPS3.14

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $1.21B$1.21B$1.16B$1.17B$1.19B$1.20B$1.21B$1.12B$1.07B$1.06B
Pre-tax income $928.5M$968.7M$902.2M$1.09B$801.8M$559.3M$848.0M$844.1M$784.5M$514.7M
Income tax $190.2M$205.7M$189.3M$224.7M$166.8M$113.2M$174.2M$174.1M$428.7M$172.2M
Net income $738.3M$763.0M$712.9M$865.3M$635.0M$446.1M$673.8M$670.1M$355.8M$342.5M
EPS, basic 3.172.922.512.831.901.311.911.830.981.00
EPS, diluted 3.142.892.492.791.851.291.851.780.950.86
Shares, diluted (wtd. avg.) 235.1M264.0M287.2M311.2M351.3M359.3M373.9M386.1M394.8M432.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $369.0M$229.5M$370.6M$332.9M$305.0M$296.7M$169.1M$155.0M$99.9M$155.4M
Property, plant and equipment $32.5M$35.7M$38.8M$41.4M$45.6M$47.1M$50.1M$51.7M$44.9M$36.1M
Total assets $6.64B$6.55B$6.54B$6.21B$7.33B$7.35B$6.23B$5.68B$5.62B$5.73B
Long-term debt ——$643.2M$662.8M$1.15B$1.24B$832.8M$831.6M$830.4M$1.18B
Total liabilities $1.49B$1.37B$1.47B$1.57B$2.46B$2.66B$1.92B$2.10B$2.46B$3.19B
Retained earnings $3.25B$3.40B$4.59B$4.00B$3.25B$2.64B$2.28B$1.65B$977.2M$632.6M
Total equity $5.15B$5.17B$5.07B$4.64B$4.86B$4.70B$4.31B$3.58B$3.15B$2.55B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $852.8M$725.0M$713.0M$650.0M$696.3M$732.3M$609.5M$544.5M$406.7M$224.8M
Depreciation and amortisation $6.9M$18.4M$35.2M$54.3M$66.0M$57.8M$48.8M$58.2M$64.4M$61.3M
Stock-based compensation $24.4M$31.3M$31.6M$24.8M$17.1M$13.8M————
Capital expenditure $1.0M$1.2M$2.0M$3.3M$4.1M$3.3M$5.6M$14.2M$16.1M$10.6M
Investing cash flow $228.4M-$142.0M-$179.2M$410.5M-$160.7M-$772.5M-$422.1M-$317.8M-$303.6M-$93.4M
Financing cash flow -$940.3M-$719.0M-$496.0M-$1.03B-$527.3M$167.8M-$173.4M-$171.6M-$158.6M-$157.1M
Dividends paid $132.5M$130.5M$123.0M$110.9M$94.2M$82.1M$41.9M$0$0—
Buybacks $788.6M$569.5M$337.2M$385.6M$290.8M$120.0M$125.8M$163.4M$0$147.1M

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 0000876437-26-000010.

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. 0 500M 1B 1.5B Revenue, FY2016: 1.1B Net income, FY2016: 342.5M Revenue, FY2017: 1.1B Net income, FY2017: 355.8M Revenue, FY2018: 1.1B Net income, FY2018: 670.1M Revenue, FY2019: 1.2B Net income, FY2019: 673.8M Revenue, FY2020: 1.2B Net income, FY2020: 446.1M Revenue, FY2021: 1.2B Net income, FY2021: 635M Revenue, FY2022: 1.2B Net income, FY2022: 865.3M Revenue, FY2023: 1.2B Net income, FY2023: 712.9M Revenue, FY2024: 1.2B Net income, FY2024: 763M Revenue, FY2025: 1.2B Net income, FY2025: 738.3M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.06B $1.07B $1.12B $1.21B $1.20B $1.19B $1.17B $1.16B $1.21B $1.21B
Gross profit — — — — — — — — — —
Net income $342.5M $355.8M $670.1M $673.8M $446.1M $635.0M $865.3M $712.9M $763.0M $738.3M

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
  • Results announced Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • 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
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Results announced Item 2.02
  • Shareholder vote Item 5.07

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.

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