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Friday 6 November 2026
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MGIC Investment Corporation
MTG Financial Insurance Specialty
MGIC Investment Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, roughly unchanged from fiscal 2024.
- Revenue
- −1.78%
- EPS
- +2.41%
- Free cash flow
- +0.56%
- Total debt
- +0.23%
Quarter to September 2026, against a year earlier
28.63
0.72
−2.45%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 1,062 | 1,066 | 1,124 | 1,214 | 1,199 | 1,186 | 1,173 | 1,155 | 1,208 | 1,214 | 1,190 | +1.5% | 1,191 | 1,204 | 1,188 | (0.7%) | |
| Gross margin, % | 63.21 | 79.99 | 80.89 | 75.18 | 54.87 | 77.82 | 101.52 | 82.24 | 83.90 | 80.03 | 76.64 | +16.8 pt | ||||||
| EBT | 515 | 784 | 844 | 848 | 559 | 802 | 1,090 | 902 | 969 | 929 | 871 | +6.8% | ||||||
| EBT margin, % | 48.44 | 73.59 | 75.11 | 69.85 | 46.64 | 67.62 | 92.94 | 78.11 | 80.21 | 76.51 | 73.16 | +28.1 pt | ||||||
| Net income | 343 | 356 | 670 | 674 | 446 | 635 | 865 | 713 | 763 | 738 | 692 | +8.9% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 3.10 | 2.94 | 3.08 | 3.44 | 3.53 | 3.55 | 3.83 | 4.07 | 4.62 | 5.21 | 5.83 | +5.9% | |||||
| Earnings | 1.00 | 0.98 | 1.88 | 1.96 | 1.36 | 1.85 | 2.84 | 2.52 | 2.89 | 3.14 | 3.22 | +13.6% | ||||||
| Cash flow | 0.66 | 1.12 | 1.49 | 1.73 | 2.15 | 2.08 | 2.13 | 2.51 | 2.77 | 3.66 | 3.47 | +21.1% | ||||||
| Capex | (0.03) | (0.04) | (0.04) | (0.02) | (0.01) | (0.01) | (0.01) | 0.00 | 0.00 | 0.00 | (0.01) | (19.4%) | ||||||
| Free cash flow | 0.62 | 1.08 | 1.45 | 1.71 | 2.14 | 2.07 | 2.11 | 2.52 | 2.77 | 3.66 | 3.47 | +21.7% | ||||||
| Book value | 7.43 | 8.71 | 9.80 | 12.21 | 13.82 | 14.54 | 15.18 | 17.88 | 19.77 | 22.09 | 23.75 | +12.9% | ||||||
| Shares, m | 343 | 362 | 365 | 353 | 340 | 334 | 306 | 284 | 262 | 233 | 216 | (4.2%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 10.53 | 15.01 | 5.65 | 7.38 | 9.65 | 7.75 | 4.65 | 7.73 | 8.18 | 9.31 | 9.09 | 8.6 | |||||
| P/S | 3.36 | 4.85 | 3.40 | 4.12 | 3.56 | 4.07 | 3.42 | 4.75 | 5.14 | 5.61 | 5.02 | 4.2 | ||||||
| P/B | 1.40 | 1.64 | 1.07 | 1.16 | 0.91 | 0.99 | 0.86 | 1.08 | 1.20 | 1.32 | 1.23 | 1.2 | ||||||
| EV/Sales | 4.33 | 5.53 | 4.00 | 4.67 | 4.35 | 4.78 | 3.70 | 4.98 | 5.48 | 5.83 | — | 4.8 | ||||||
| EV/FCF | 21.46 | 15.10 | 8.48 | 9.38 | 7.15 | 8.18 | 6.71 | 8.07 | 9.12 | 8.31 | — | 10.2 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 225 | 407 | 545 | 610 | 732 | 696 | 650 | 713 | 725 | 853 | 709 | +16.0% | |||||
| Capex | (11) | (16) | (14) | (6) | (3) | (4) | (3) | 0 | (1) | (1) | (1) | (22.8%) | ||||||
| Free cash flow | 214 | 391 | 530 | 604 | 729 | 692 | 647 | 713 | 724 | 852 | 708 | +16.6% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (1,505) | (1,172) | (838) | (688) | (719) | (661) | (316) | (191) | (239) | (65) | (581) | (29.5%) | |||||
| Net debt | 1,023 | 731 | 677 | 664 | 947 | 842 | 330 | 273 | 410 | 271 | 423 | (13.7%) | ||||||
| Shareholders’ equity | 2,549 | 3,155 | 3,582 | 4,309 | 4,699 | 4,861 | 4,643 | 5,072 | 5,172 | 5,148 | 4,847 | +8.1% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 5.90 | 6.27 | 11.86 | 11.32 | 6.57 | 8.65 | 12.78 | 11.18 | 11.66 | 11.20 | 10.65 | +5.3 pt | |||||
| ROIC | 11.58 | 13.54 | 13.17 | 11.32 | 7.15 | 9.97 | 14.81 | 10.98 | 11.24 | 11.12 | 10.75 | (0.5) pt | ||||||
| ROE | 14.32 | 12.48 | 19.89 | 17.08 | 9.90 | 13.28 | 18.21 | 14.68 | 14.90 | 14.31 | 13.81 | 0.0 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 823 | 819 | 793 | 724 | 724 | 711 | 683 | 627 | 555 | 542 | — | (4.5%) | |||||
| Revenue/emp, $m | 1.29 | 1.30 | 1.42 | 1.68 | 1.66 | 1.67 | 1.72 | 1.84 | 2.18 | 2.24 | — | +6.3% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026
Business profile
MGIC Investment Corporation vs peers in Insurance Specialty (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| FNF Fidelity National Financial, Inc. | $11.5B | 15.2× | 9.3× | +11.44% (above 0%: growing) | +9.80% (above 0%: growing) | −1.24% (below 0%: shrinking) | 53.15% | 9.85% | Compare |
| AXS Axis Capital Holdings Limited | $7.7B | 8.0× | 8.2× | +6.91% (above 0%: growing) | −24.09% (below 0%: shrinking) | +31.71% (above 0%: growing) | 24.75% | 14.68% | Compare |
| FAF First American Financial Corporation | $7.0B | 9.5× | 9.6× | +5.34% (above 0%: growing) | −6.52% (below 0%: shrinking) | −12.25% (below 0%: shrinking) | 100.00% | 14.30% | Compare |
| ACT Enact Holdings, Inc. | $6.6B | 9.9× | 9.8× | +0.45% (above 0%: growing) | +4.50% (above 0%: growing) | −4.21% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| ESNT Essent Group Ltd. | $6.2B | 9.5× | 8.8× | +13.64% (above 0%: growing) | +7.18% (above 0%: growing) | +3.88% (above 0%: growing) | 65.75% | 65.75% | Compare |
| MTG MGIC Investment Corporation | $6.0B | 9.1× | 8.7× | −1.78% (below 0%: shrinking) | +2.41% (above 0%: growing) | +0.56% (above 0%: growing) | 77.43% | 76.97% | |
| RDN Radian Group Inc. | $4.9B | 9.5× | 8.8× | +92.58% (above 0%: growing) | −17.48% (below 0%: shrinking) | +147.96% (above 0%: growing) | 50.35% | 30.09% | Compare |
| NMIH NMI Holdings Inc | $3.3B | 8.5× | 8.0× | +8.12% (above 0%: growing) | +13.82% (above 0%: growing) | +10.69% (above 0%: growing) | 93.00% | 76.67% | Compare |
| AGO Assured Guaranty Ltd. | $3.2B | 9.6× | 11.1× | −30.60% (below 0%: shrinking) | −57.89% (below 0%: shrinking) | −48.72% (below 0%: shrinking) | 97.95% | 42.05% | Compare |
| Median of peers | $6.4B | 9.5× | 9.1× | +7.52% | −1.01% | +1.32% | 59.45% | 22.39% |
From the latest earnings call
- CFO Nathan Colson expects the delinquency rate to rise slowly as MGIC’s insurance book becomes more concentrated in newer loan vintages.
- Colson said MGIC now expects full-year operating expenses slightly below its previous range, while CEO Tim Mattke discussed a potential mortgage insurance cancellation pilot.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
98.57%
Held by the ten largest
58.35%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 28.82m | 13.95% | −691.56k |
| BlackRock | 21.93m | 10.62% | −1.21m |
| Dimensional Fund Advisors | 13.80m | 6.68% | +149.28k |
| AQR Capital Management | 11.23m | 5.44% | +295.06k |
| JPMorgan Chase | 11.08m | 5.36% | −111.94k |
| LSV ASSET MANAGEMENT | 9.75m | 4.72% | −150.97k |
| State Street | 7.59m | 3.67% | −236.50k |
| American Century | 7.20m | 3.49% | +1.28m |
| Allianz Global Investors | 4.61m | 2.23% | +48.84k |
| First Trust | 4.54m | 2.20% | +254.46k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 20 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 8.37m | 16.40m | 261.36 |
| 2024 | 8.83m | 23.27m | 207.61 |
| 2023 | 7.98m | 21.40m | 165.20 |
| 2022 | 6.89m | 7.90m | 108.38 |
| 2021 | 6.39m | 10.18m | 117.20 |
Ownership
Directors and executive officers, together
1.34%
The Vanguard Group, Inc.1
18.10%
BlackRock, Inc.250 Hudson Yards, New York, NY
10.00%
JPMorgan Chase & Co.3383 Madison Avenue, New York, NY
8.40%
Dimensional Fund Advisors LP46300 Bee Cave Road, Building
6.70%
AQR Capital Management, LLC51 Greenwich Plaza, Suite
5.40%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
MGIC Investment Corporation (MTG) Latest News
28 Oct
5 Aug
29 Jul
12 Jul
30 Apr
MTG metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
MGIC Investment Corporation is a holding company that provides private mortgage insurance, mortgage credit risk management solutions and related services through subsidiaries. Its principal insurance subsidiary is Mortgage Guaranty Insurance Corporation, known as MGIC. The corporation was organized in 1984, is headquartered in Milwaukee, Wisconsin, and is led by Chief Executive Officer Timothy Mattke.
Mortgage insurance protects a lender or other insured institution against part of the loss if a homeowner defaults. MGIC generally insures individual first mortgages on owner-occupied homes, including condominiums. It can also insure loans on second homes and investment properties. Coverage typically applies to a percentage of the unpaid loan balance, delinquent interest and certain expenses associated with a default and foreclosure or sale.