MGIC INVESTMENT CORP MTG
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 3.17 | 2.92 | 2.51 | 2.83 | 1.90 | 1.31 | 1.91 | 1.83 | 0.98 | 1.00 |
| EPS, diluted | 3.14 | 2.89 | 2.49 | 2.79 | 1.85 | 1.29 | 1.85 | 1.78 | 0.95 | 0.86 |
| Shares, diluted (wtd. avg.) | $235.1M | $264.0M | $287.2M | $311.2M | $351.3M | $359.3M | $373.9M | $386.1M | $394.8M | $432.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 6351
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ORI | OLD REPUBLIC INTERNATIONAL CORP | $10.00B | 11.1x | 11.0% |
| ESNT | Essent Group Ltd. | $6.22B | 10.0x | 1.5% |
| RDN | RADIAN GROUP INC | $4.85B | 8.9x | -0.8% |
| NMIH | NMI Holdings, Inc. | $3.37B | 9.1x | 8.5% |
| AGO | ASSURED GUARANTY LTD | $3.33B | 7.4x | — |
| MBI | MBIA INC | $243.3M | — | 90.5% |
| OSG | OCTAVE SPECIALTY GROUP INC | $223.9M | — | 55.8% |