MGIC Investment Corporation MTG

FinancialsInsuranceUnited States of America

Last close 28.94 USD on Nov 2, 2026, +0.7% year to date

Quant rating

Quant rating A Rank 84 of 799 in Financials

Growth C 463 of 799
Valuation A 63 of 799
Quality B 121 of 799
Revisions A 99 of 799
Momentum C 403 of 799

Wall Street consensus Hold (3.00)Average target 28.87 USD −0.2%

Historical valuation

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

Key data

Market cap: 5.9B
Enterprise value: 6.4B
52-week range: 24.71 – 31.89
3-year range: 17.20 – 31.89
Dividend yield: 2.39%
Beta (5 years): 0.62
Shares outstanding: 205M
Next earnings: Nov 4, 2026

About the company

MGIC Investment Corporation, through its principal subsidiary, Mortgage Guaranty Insurance Corporation, serves lenders throughout the United States. The Company provides private mortgage insurance, other mortgage credit risk management solutions and ancillary services. Its mortgage insurance includes primary insurance, and CRT and pool insurance. Primary insurance provides mortgage default protection on individual loans and covers a percentage of the unpaid loan principal, delinquent interest and certain expenses associated with the default and subsequent foreclosure on the mortgage or sale of the underlying property. In connection with the GSEs' credit risk transfer programs, it provides insurance and reinsurance covering portions of the credit risk related to certain reference pools of mortgages acquired by the GSEs. Its non-insurance subsidiary provides contract underwriting services for lenders, pursuant to which loans are underwritten to conform to prescribed guidelines.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	967	973	955	1,013	1,023	–
Revenue growth	−0.6%	1.9%	−5.8%	−1.0%	−0.8%	−1.3%
EPS (basic, normalized)	3.14	2.91	2.53	2.91	1.93	–
EPS growth	7.9%	15.0%	−13.1%	50.8%	–	–
Gross margin	–	–	–	–	–	–
Net margin	60.8%	63.2%	61.7%	73.8%	53.6%	62.6%
ROE	14.3%	15.0%	14.9%	19.0%	27.2%	18.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	647
Net debt (mil)	–
Total equity (mil)	5,013
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	967	−0.6%	6.6x	23.47	+11.9%	1.2x	3.14	+7.9%	9.2x
2026	1,191	+23.2%	5.4x	25.32	+7.9%	1.1x	3.25	+3.6%	8.9x
2027	1,204	+1.0%	5.3x	27.76	+9.7%	1.0x	3.40	+4.7%	8.5x
2028	1,188	−1.3%	5.4x	30.02	+8.1%	1.0x	3.45	+1.3%	8.4x

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	1,191	0.0%	−0.2%	−1.1%	3.25	+0.1%	+0.5%	+7.2%
2027	1,204	−0.2%	−0.6%	−1.1%	3.40	−0.5%	+0.3%	+5.6%
2028	1,188	+0.3%	+0.3%	−6.4%	3.45	+3.4%	+3.4%	+7.5%

Earnings surprises EPS beat in 3 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)	294	305	307	301	306	304	305	299	297	295
Sales mean (mil)	301	301	306	304	306	306	308	308	304	297
Surprise	−2.0%	+1.4%	+0.2%	−0.7%	+0.2%	−0.6%	−1.2%	−3.0%	−2.4%	−0.6%
EPS reported	0.65	0.77	0.77	0.72	0.75	0.82	0.83	0.75	0.76	0.87
EPS mean	0.60	0.64	0.66	0.67	0.69	0.72	0.75	0.76	0.75	0.76
Surprise	+7.5%	+21.2%	+15.9%	+8.0%	+9.4%	+13.7%	+11.3%	−1.6%	+1.5%	+14.0%

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
MTG MGIC Investment Corporation	5.9B	14.3%	60.8%	1.19x	8.9x	8.5x	1.1x	1.0x
MRSH Marsh & McLennan Companies, Inc.	97.7B	33.4%	15.4%	6.65x	19.6x	17.9x	6.5x	5.6x
HIG The Hartford Insurance Group, Inc.	36.2B	21.7%	13.5%	1.93x	10.0x	9.9x	1.8x	1.6x
ACGL Arch Capital Group Ltd.	35.7B	16.4%	22.7%	1.55x	10.8x	11.0x	1.6x	1.4x
FNF Fidelity National Financial Inc	11.3B	17.8%	4.2%	1.52x	8.6x	7.9x	1.2x	1.1x
AXS AXIS Capital Holdings Limited	7.6B	16.5%	14.9%	1.22x	8.7x	8.0x	1.3x	1.1x
Mean		20.0%	21.9%	2.34x	11.1x	10.5x	2.3x	2.0x
Median		17.1%	15.2%	1.53x	9.5x	9.2x	1.4x	1.3x

Technical analysis

1M+7.4%
3M−3.1%
1Y+7.9%
3Y+79.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, MGIC Investment Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	967	973	955	1,013	1,023	1,031
Other revenue	247	235	201	160	163	168
Total revenue	1,214	1,208	1,155	1,173	1,186	1,199
Losses, benefits and adjustments	242	194	205	−17.9	263	541
Amortization of policy acquisition costs	7.1	9.0	10.8	12.4	12.6	12.4
Selling, general & administrative expenses	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Other operating expenses	0	0	0	40.2	36.9	26.7
Operating income	964	1,004	939	1,138	873	619
Net interest income (expense)	−35.6	−35.6	−36.9	−48.1	−71.4	−59.6
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	929	969	902	1,090	802	559
Provision for taxes	190	206	189	225	167	113
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	738	763	713	865	635	446
Extraordinary items	–	–	–	–	–	–
Net income	738	763	713	865	635	446
Basic weighted average shares (mil)	233	262	284	306	334	340
Diluted weighted average shares (mil)	235	264	287	311	351	359
Basic EPS, normalized	3.14	2.91	2.53	2.91	1.93	–

Balance sheet in millions of USD, fiscal years

Balance sheet, MGIC Investment Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	32.5	35.7	38.8	41.4	45.6	47.1
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Insurance receivables	58.2	57.5	58.5	58.0	56.5	56.0
Long-term investments	5,808	5,868	5,739	5,425	6,607	6,683
Note receivable	–	–	–	–	–	–
Other long-term assets	25.0	75.0	86.8	130	20.3	8.7
Deferred policy acquisition costs	8.4	11.7	14.6	19.1	21.7	21.6
Other assets	339	270	237	213	289	250
Total assets	6,639	6,547	6,538	6,214	7,325	7,355
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Policy liabilities	568	583	663	753	1,125	1,168
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	646	645	643	663	1,147	1,243
Minority interest	–	–	–	–	–	–
Other liabilities	278	147	160	155	192	245
Total liabilities	1,492	1,375	1,466	1,571	2,464	2,656
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	219	248	371	371	371	371
Additional paid-in capital	1,812	1,808	1,808	1,799	1,795	1,862
Retained earnings (accumulated deficit)	3,250	3,404	4,593	4,004	3,251	2,642
Treasury stock	–	0	−1,384	−1,050	−675	−393
Other equity	−134	−288	−316	−482	120	217
Total equity	5,148	5,172	5,072	4,643	4,861	4,699
Total liabilities & shareholders' equity	6,639	6,547	6,538	6,214	7,325	7,355

Cash flow statement in millions of USD, fiscal years

Cash flow statement, MGIC Investment Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	738	763	713	865	635	446
Depreciation, depletion & amortization	6.9	18.4	35.2	54.3	66.0	57.8
Deferred taxes	19.2	2.4	1.1	−4.4	5.2	27.5
Non-cash items	27.7	34.2	36.1	67.6	36.8	23.7
Changes in working capital	60.5	−93.1	−72.4	−333	−46.7	177
Cash from operations	853	725	713	650	696	732
Investing activities
Capital expenditures	−1.0	−1.2	−2.0	−3.3	−4.1	−3.3
Other investing cash flows	229	−141	−177	414	−157	−769
Cash from investing	228	−142	−179	410	−161	−773
Financing activities
Financing cash flow items	−19.1	−19.1	−7.3	−49.6	−43.6	−36.2
Cash dividends paid	−132	−130	−123	−111	−94.2	−82.1
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−789	−569	−366	−872	−389	286
Cash from financing	−940	−719	−496	−1,033	−527	168
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	141	−136	37.7	28.0	8.3	128
Free cash flow	852	724	711	647	692	729

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 2, 2026 after market close.