Mapfre SA MPFRY

FinancialsInsuranceSpain

Last close 8.95 USD on Nov 1, 2026, −1.2% year to date

Quant rating

Quant rating C Rank 128 of 304 in Financials

Growth C 137 of 304
Valuation B 105 of 304
Quality C 170 of 304
Revisions B 67 of 304
Momentum C 194 of 304

Wall Street consensus Hold (3.17)Average target 4.81 USD −46.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 13.7B
Enterprise value: 16.2B
52-week range: 7.96 – 10.42
3-year range: 4.12 – 10.42
Dividend yield: 4.85%
Beta (5 years): 0.37
Shares outstanding: 3,080M
Next earnings: Feb 12, 2027

About the company

Mapfre SA is a Spain-based company engaged in the insurance sector. The Company's activities are divided into four business units: Insurance, Assistance, Reinsurance and Global Risks. The Insurance line offers insurance policies, including life, accident, health, property and casualty and automotive insurance, among others. The Assistance line focuses on developing assistance services for insurance products, including road and travel assistance. The Reinsurance line is responsible for reinsurance activities. The Global Risks line offers integrated insurance services, such as risk prevention and protection, audit and control, for business customers. In addition, the Company is active in the management of pension funds, retirement plans and investment funds, as well as the provision of healthcare services in Spain. The Company operates in Europe, Africa, Asia and the Americas. It is a parent of the Mapfre Group.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	28,610	24,621	25,810	22,766	20,388	–
Revenue growth	16.2%	−4.6%	13.4%	11.7%	−1.2%	6.7%
EPS (basic, normalized)	0.44	0.30	0.24	0.23	0.29	–
EPS growth	45.9%	27.6%	4.7%	−21.1%	–	–
Gross margin	–	–	–	–	–	–
Net margin	4.9%	4.3%	3.1%	2.6%	3.7%	3.7%
ROE	12.4%	10.4%	8.8%	8.2%	9.0%	9.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	28,610	+16.2%	0.6x	3.65	+28.5%	2.5x	0.44	+45.9%	20.4x
2026	33,252	+16.2%	0.5x	3.31	−9.3%	2.7x	0.46	+3.7%	19.7x
2027	34,512	+3.8%	0.5x	3.50	+5.7%	2.6x	0.48	+4.4%	18.8x
2028	34,289	−0.6%	0.5x	3.72	+6.3%	2.4x	0.50	+5.8%	17.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	33,252	+0.1%	+0.3%	−2.6%	0.46	−1.0%	−1.1%	+1.6%
2027	34,512	+0.8%	+1.0%	−2.5%	0.48	+0.5%	+0.5%	+2.4%
2028	34,289	+0.8%	+0.8%	−8.0%	0.50	+1.0%	+1.3%	+3.7%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	8,143	9,582	6,477	6,499	8,584	7,363	6,436	6,761	8,394	7,554
Sales mean (mil)	7,677	7,155	7,034	6,106	8,218	7,088	6,563	5,774	8,790	6,205
Surprise	+6.1%	+33.9%	−7.9%	+6.4%	+4.5%	+3.9%	−1.9%	+17.1%	−4.5%	+21.7%
EPS reported	0.07	0.09	0.06	0.08	0.09	0.09	0.08	0.11	0.10	0.11
EPS mean	0.06	0.07	0.07	0.07	0.07	0.09	0.11	0.10	0.11	0.12
Surprise	+16.7%	+28.6%	−14.3%	+6.7%	+20.0%	0.0%	−27.3%	+5.4%	−11.0%	−12.0%

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
MPFRY Mapfre SA	13.7B	12.4%	4.9%	1.22x	19.7x	18.8x	2.7x	2.6x
GJNSY Gjensidige Forsikring ASA	14.1B	24.1%	14.9%	5.21x	17.6x	15.4x	5.1x	4.8x
RNR RenaissanceRe Holdings Ltd.	13.7B	16.4%	21.1%	1.22x	7.2x	8.1x	1.3x	1.1x
ERIE Erie Indemnity Co	13.7B	–	13.8%	5.35x	20.8x	20.0x	–	–
IAG iA Financial Corporation Inc	13.4B	17.1%	10.0%	2.32x	14.9x	13.4x	2.6x	2.4x
CNA CNA Financial Corp	13.2B	12.1%	8.5%	1.18x	11.4x	13.0x	7.2x	6.1x
Mean		16.4%	12.2%	2.75x	15.3x	14.8x	3.8x	3.4x
Median		16.4%	11.9%	1.77x	16.3x	14.4x	2.7x	2.6x

Technical analysis

1M−10.2%
3M−5.7%
1Y−3.8%
3Y+133.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Mapfre SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	28,610	24,621	25,810	22,766	20,388	20,640
Other revenue	−1,541	−1,452	−1,550	175	3,036	2,902
Total revenue	27,069	23,169	24,260	22,941	23,424	23,542
Losses, benefits and adjustments	18,590	16,666	17,884	16,759	14,657	13,962
Amortization of policy acquisition costs	7,107	5,774	5,913	5,260	5,242	5,630
Selling, general & administrative expenses	–	–	–	–	872	912
Interest expense (income), operating	–	–	–	–	26.8	42.9
Other operating expenses	1,081	679	1,170	−42.7	1,086	1,629
Operating income	292	50.2	−707	964	1,540	1,366
Net interest income (expense)	2,674	2,124	2,525	394	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	2,965	2,174	1,818	1,359	1,540	1,366
Provision for taxes	854	531	421	317	363	364
Minority interest	−781	−642	−650	−439	−307	−359
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,330	1,002	747	603	870	643
Extraordinary items	–	–	–	–	0	0
Net income	1,330	1,002	747	603	870	643
Basic weighted average shares (mil)	3,064	3,067	3,064	3,055	3,049	3,097
Diluted weighted average shares (mil)	3,064	3,067	3,064	3,055	3,049	3,097
Basic EPS, normalized	0.44	0.30	0.24	0.23	0.29	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Mapfre SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	1,403	1,256	1,307	1,394	1,472	1,562
Goodwill	1,455	1,409	1,494	1,547	1,674	1,722
Intangibles	1,272	1,221	1,464	1,438	1,636	1,674
Insurance receivables	907	1,016	846	799	5,945	6,140
Long-term investments	53,287	44,385	45,188	40,274	43,662	46,750
Note receivable	615	449	568	479	415	405
Other long-term assets	480	459	515	685	770	10,236
Deferred policy acquisition costs	–	–	–	–	–	–
Other assets	7,016	6,703	6,956	6,490	13,733	13,013
Total assets	68,723	58,709	60,639	55,862	72,590	84,456
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	105	130	140	109	342	389
Policy liabilities	47,633	41,215	42,353	38,077	51,356	53,763
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	3,079	2,767	3,027	3,141	3,514	3,656
Minority interest	1,297	1,136	1,313	1,148	1,368	1,590
Other liabilities	5,557	4,259	4,462	5,043	6,389	14,633
Total liabilities	57,671	49,506	51,296	47,517	62,968	74,031
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	362	319	340	330	350	376
Additional paid-in capital	1,770	1,560	1,663	1,612	1,713	1,840
Retained earnings (accumulated deficit)	11,321	9,310	9,325	8,952	8,734	9,074
Treasury stock	−61.1	−26.4	−35.0	−44.3	−71.5	−77.4
Other equity	−2,339	−1,960	−1,949	−2,506	−1,104	−788
Total equity	11,052	9,203	9,344	8,344	9,621	10,425
Total liabilities & shareholders' equity	68,723	58,709	60,639	55,862	72,590	84,456

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Mapfre SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	−547	−358	−300	−397	−478	−423
Cash from operations	1,927	1,552	1,784	617	−552	−728
Investing activities
Capital expenditures	−255	−298	−240	−246	−143	−352
Other investing cash flows	−221	−476	−503	33.2	1,638	1,792
Cash from investing	−476	−773	−743	−212	1,495	1,440
Financing activities
Financing cash flow items	332	1.6	−413	−423	174	97.6
Cash dividends paid	−1,390	−1,138	−1,064	−938	−698	−804
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−38.8	10.0	63.3	586	104	10.4
Cash from financing	−1,097	−1,126	−1,414	−775	−420	−696
Foreign exchange effects	−119	−3.8	−166	35.3	10.5	−161
Net change in cash	236	−351	−539	−335	533	−145
Free cash flow	1,672	1,254	1,544	372	−695	−1,080

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.