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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. In the quarter to June 2026, revenue fell 2.91%, EPS grew 6.17%, free cash flow was flat and total debt was flat, each against the same quarter a year earlier. Dividend growth for five consecutive years, operating cash flow growth for three.

27.85 0.24 +0.87%
Market cap
$5.7B
P/E
8.7×
Fwd P/E
8.3×
Dividend yield
2.23%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 26.65
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 1 1 2 2 1 2 1 2 1 3 2 2
Insider Ownership 3.66%

Capital & Financial Ratios $m

Market Cap 5,660.00
Revenue 1,195.62
Net Income 707.85
Free Cash Flow 706.48
Net Debt 431.78
Current Ratio 0.64
Debt/Equity 0.13
P/E ratio 8.70
Fwd P/E 8.28
P/S ratio 4.89
P/B ratio 1.17
Past 5Y EPS Growth 19.47% (at or above 15%: strong)
This Y EPS Growth 3.60%
Next Y EPS Growth 5.63%
Next Y revenue growth (1.87%) (below 0%: weak)
Next 5Y EPS Growth 3.47%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 63.14%
10-year low 10-year high
P/S against its own 10 years 78.11%
10-year low 10-year high
P/B against its own 10 years 55.92%
10-year low 10-year high

Dividends

Payout Ratio 0.19
Annual Dividend Rate 0.62
Annual Dividend Yield 2.23%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 0.69
0.15
0.15
0.17
2025 0.56
0.13
0.13
0.15
0.15
2024 0.49
0.12
0.12
0.13
0.13
2023 0.43
0.10
0.10
0.12
0.12
2022 0.36
0.08
0.08
0.10
0.10
2021 0.28
0.06
0.06
0.08
0.08
2020 0.24
0.06
0.06
0.06
0.06
2019 0.12
0.06
0.06
2018 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 371 235 376 215
Receivables 102 109 128 151
Inventory — — — —
Other — — — —
472 344 503 366
2023 2024 2025 Q'26
Payables 663 583 568 577
ST’ Debt — — — —
Other — — — —
663 583 568 577

Compound Annual Growth %

10y 5y 3y
Sales 1.54% 0.24% 1.15%
Cash Flow 18.11% 3.09% 9.47%
Earnings (4.52%) 10.60% (5.15%)
Book Value 8.70% 1.84% 3.50%

Revenue $m

Mar Jun Sep Dec Year
’26 297 295 — — —
’25 306 304 305 299 1,214
’24 294 305 307 301 1,208
’23 284 291 297 284 1,155
’22 295 293 293 292 1,173
’21 298 298 296 294 1,186
’20 307 294 296 302 1,199
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 77 185 — — —
’25 224 183 215 231 853
’24 191 169 183 182 725
’23 212 145 170 186 713
’22 228 134 122 166 650
’21 198 151 163 184 696
’20 184 236 89 223 732
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 77 184 — — —
’25 224 183 215 230 852
’24 191 169 182 182 724
’23 212 144 169 188 713
’22 227 132 122 165 647
’21 198 150 162 182 692
’20 184 235 87 222 729
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 0.76 0.86 — — —
’25 0.75 0.81 0.83 0.75 3.14
’24 0.64 0.77 0.77 0.72 2.89
’23 0.53 0.66 0.64 0.66 2.49
’22 0.54 0.80 0.81 0.64 2.79
’21 0.43 0.44 0.46 0.52 1.85
’20 0.42 0.04 0.38 0.44 1.29
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 5.36 9.68 9.41 10.20 4.34 11.56 11.38 12.16 18.68 21.94

Analyst estimates 2026–2028

Powerpack
High 10.59 15.64 16.21 14.97 15.24 16.67 16.85 19.64 26.56 29.97
People
People Employees 823 819 793 724 724 711 683 627 555 542
Revenue/emp, $m 1.29 1.30 1.42 1.68 1.66 1.67 1.72 1.84 2.18 2.24
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
Gross margin, % 63.21 79.99 80.89 75.18 54.87 77.82 101.52 82.24 83.90 80.03
EBT 515 784 844 848 559 802 1,090 902 969 929
EBT margin, % 48.44 73.59 75.11 69.85 46.64 67.62 92.94 78.11 80.21 76.51
Net income 343 356 670 674 446 635 865 713 763 738
Depreciation 61 64 58 49 58 66 54 35 18 7
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
Earnings 1.00 0.98 1.88 1.96 1.36 1.85 2.84 2.52 2.89 3.14
Cash flow 0.66 1.12 1.49 1.73 2.15 2.08 2.13 2.51 2.77 3.66
Capex (0.03) (0.04) (0.04) (0.02) (0.01) (0.01) (0.01) 0.00 0.00 0.00
Free cash flow 0.62 1.08 1.45 1.71 2.14 2.07 2.11 2.52 2.77 3.66
Book value 7.43 8.71 9.80 12.21 13.82 14.54 15.18 17.88 19.77 22.09
Shares, m 343 362 365 353 340 334 306 284 262 233
Valuation, ×
Valuation, × P/E 10.53 15.01 5.65 7.38 9.65 7.75 4.65 7.73 8.18 9.31
P/S 3.36 4.85 3.40 4.12 3.56 4.07 3.42 4.75 5.14 5.61
P/B 1.40 1.64 1.07 1.16 0.91 0.99 0.86 1.08 1.20 1.32
EV/Sales 4.33 5.53 4.00 4.67 4.35 4.78 3.70 4.98 5.48 5.83
EV/FCF 21.46 15.10 8.48 9.38 7.15 8.18 6.71 8.07 9.12 8.31
Cash, $m
Cash, $m Operating cash flow 225 407 545 610 732 696 650 713 725 853
Capex (11) (16) (14) (6) (3) (4) (3) 0 (1) (1)
Free cash flow 214 391 530 604 729 692 647 713 724 852
Balance, $m
Balance, $m Working capital (1,505) (1,172) (838) (688) (719) (661) (316) (191) (239) (65)
Total debt 1,179 830 832 833 1,243 1,147 663 643 645 646
Net debt 1,023 731 677 664 947 842 330 273 410 271
Shareholders’ equity 2,549 3,155 3,582 4,309 4,699 4,861 4,643 5,072 5,172 5,148
Returns, %
Returns, % ROA 5.90 6.27 11.86 11.32 6.57 8.65 12.78 11.18 11.66 11.20
ROIC 11.58 13.54 13.17 11.32 7.15 9.97 14.81 10.98 11.24 11.12
ROE 14.32 12.48 19.89 17.08 9.90 13.28 18.21 14.68 14.90 14.31
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
RYAN Ryan Specialty Holdings Inc. $10.2B 52.9× 37.4× +7.19% (above 0%: growing) −19.51% (below 0%: shrinking) −17.82% (below 0%: shrinking) 100.00% 19.67% Compare
AXS Axis Capital Holdings Limited $7.2B 7.0× 7.4× +7.35% (above 0%: growing) +24.00% (above 0%: growing) +137.05% (above 0%: growing) 28.72% 19.18% Compare
FAF First American Financial Corporation $6.5B 9.0× 9.9× +14.99% (above 0%: growing) +51.06% (above 0%: growing) +2.71% (above 0%: growing) 100.00% 16.60% Compare
ACT Enact Holdings, Inc. $6.3B 9.7× 8.8× +4.07% (above 0%: growing) +11.61% (above 0%: growing) −0.84% (below 0%: shrinking) 73.93% 73.26% Compare
ESNT Essent Group Ltd. $5.7B 8.9× 8.0× +13.64% (above 0%: growing) +7.18% (above 0%: growing) +3.88% (above 0%: growing) 65.75% 65.75% Compare
MTG MGIC Investment Corporation $5.7B 8.7× 8.3× −2.91% (below 0%: shrinking) +6.17% (above 0%: growing) +0.83% (above 0%: growing) 81.29% 80.85%
RDN Radian Group Inc. $4.5B 8.7× 7.8× +92.58% (above 0%: growing) −17.48% (below 0%: shrinking) +147.96% (above 0%: growing) 50.35% 30.09% Compare
AGO Assured Guaranty Ltd. $3.1B 9.5× 11.8× −30.60% (below 0%: shrinking) −57.89% (below 0%: shrinking) −48.72% (below 0%: shrinking) 97.95% 42.05% Compare
NMIH NMI Holdings Inc $3.0B 7.9× 7.1× +8.12% (above 0%: growing) +13.82% (above 0%: growing) +10.69% (above 0%: growing) 93.00% 76.67% Compare
Median of peers $6.0B 9.0× 8.4× +7.74% +9.40% +3.30% 83.47% 36.07%

All 17 Insurance Specialty stocks →

MGIC Investment Corporation (MTG) key facts

  • MGIC Investment Corporation (MTG) is an Insurance Specialty company in the Financial sector, listed on the New York Stock Exchange.
  • MGIC Investment Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, roughly unchanged from fiscal 2024.
  • As of October 16, 2026, MTG traded at $27.85, a market capitalization of $5.7 billion.
  • MGIC Investment Corporation pays an annual dividend of $0.62 per share, a yield of 2.23%, with a payout ratio of 19.4%.
  • Return on equity was 14.3% and debt-to-equity 0.13.
  • Its Piotroski F-score is 6 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

MGIC Investment Corporation (MTG) Latest News

7 Mar

Impact 5 ·
stockrow.com/MTG · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com