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MCY

Mercury General Corporation

MCY

Mercury General Corporation • NYSE
$93.12 ▼ -0.26% (-0.24)
Market Cap $5.16 B
52w High $95.00
52w Low $44.19
Dividend Yield 1.27%
P/E 11.74
Volume 73.89K
Outstanding Shares 55.39M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.585B ▲ $115.699M ▲ $280.403M ▲ 17.692% ▲ $5.06 ▲ $376.273M ▲
Q2-2025 $1.478B ▲ $103.22M ▲ $166.472M ▲ 11.264% ▲ $3.01 ▲ $231.645M ▲
Q1-2025 $1.394B ▲ $86.642M ▼ $-108.327M ▼ -7.772% ▼ $-1.96 ▼ $-117.863M ▼
Q4-2024 $1.366B ▼ $89.042M ▼ $101.067M ▼ 7.398% ▼ $1.83 ▼ $150.623M ▼
Q3-2024 $1.53B $94.578M $230.856M 15.085% $4.17 $313.887M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.253B ▼ $9.373B ▲ $7.14B ▲ $2.232B ▲
Q2-2025 $1.404B ▼ $9.083B ▲ $7.114B ▼ $1.969B ▲
Q1-2025 $1.493B ▲ $9.028B ▲ $7.207B ▲ $1.821B ▼
Q4-2024 $1.004B ▲ $8.311B ▲ $6.364B ▲ $1.947B ▲
Q3-2024 $904.979M $8.153B $6.291B $1.862B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $280.402M ▲ $496.439M ▲ $-348.54M ▲ $-17.576M ▲ $130.323M ▲ $479.536M ▲
Q2-2025 $166.472M ▲ $371.605M ▲ $-515.988M ▼ $-18.155M ▲ $-162.538M ▼ $357.235M ▲
Q1-2025 $-108.327M ▼ $-68.729M ▼ $651.602M ▲ $-18.34M ▼ $564.533M ▲ $-81.872M ▼
Q4-2024 $101.067M ▼ $248.318M ▼ $-127.382M ▲ $-16.954M ▲ $103.982M ▲ $235.994M ▼
Q3-2024 $230.856M $318.129M $-293.621M $-17.566M $6.942M $306.172M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, with a clear step-up in the last two. Profitability, however, has been quite cyclical: the company swung from healthy profits to a meaningful loss in 2022, then recovered quickly in 2023 and reached very strong profit levels in 2024. That pattern suggests a business sensitive to claims cycles and pricing, but also capable of resetting rates and underwriting standards when needed. Overall, the latest year shows a strong earnings recovery and improved margins versus the recent past, but with a history that reminds you results can be volatile.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid and gradually stronger. Total assets have grown at a steady pace, with cash balances trending upward and now sitting comfortably above prior years. Debt levels have been fairly stable and modest relative to the size of the company, while shareholders’ equity dipped during the loss year and has since rebuilt. The picture is of an insurer with a conservative funding profile, improving capital position, and no obvious signs of over-leverage, though not a “fortress” balance sheet either.

Cash Flow

Cash Flow Cash generation has been a consistent bright spot. Operating cash flow has remained positive throughout the period, even during the loss year, and has improved meaningfully in the latest two years. The company spends relatively little on capital investments, so most operating cash converts into free cash flow, which has also grown steadily. This combination — resilient cash flow and modest reinvestment needs — gives Mercury financial flexibility to absorb downturns and fund technology and product initiatives without stretching its balance sheet.

Competitive Edge

Competitive Edge Mercury operates in a highly competitive property and casualty market, with a heavy focus on California. Its key strengths are disciplined underwriting, long-standing knowledge of its core markets, and a very large network of independent agents supported by proprietary tools. These create stickiness with both agents and customers. At the same time, concentration in California exposes the company to regulatory constraints and catastrophe risk, and it faces intense pricing and product competition from much larger national carriers and newer digital-focused players. The competitive edge hinges on continuing to pair local expertise and agent relationships with better data and technology.

Innovation and R&D

Innovation and R&D The company is not an extreme “insurtech” disruptor, but it is clearly investing in meaningful, practical innovation. Internally, tools like the AgentCenter platform and the use of advanced analytics aim to make underwriting faster and more accurate for agents. Externally, offerings such as the MercuryGO telematics app, virtual claims handling, cyber and home-systems coverages, and ride-hailing endorsements show an effort to adapt products to modern risks and customer expectations. Recent leadership hires in technology and data signal a push to embed analytics and automation more deeply. The main watchpoint is execution: turning these initiatives into sustained underwriting gains and better customer retention over time.

Summary

Mercury General looks like a traditional regional-focused insurer that has come through a tough period and re-emerged with stronger profitability and cash flow. The income statement shows a clear turnaround from a loss year to robust earnings, supported by disciplined pricing and cost control. The balance sheet is sound, with stable debt and rebuilding capital, while cash generation is consistently healthy and improving. Competitively, the company leans on underwriting discipline, agent relationships, and deep California expertise, but it also carries the risk of concentration in a challenging, catastrophe-exposed and tightly regulated market. Its technology and data initiatives appear thoughtful and grounded in the core business rather than experimental. Overall, Mercury is evolving from a purely traditional carrier into a more digitally enabled insurer, with recent financial results suggesting that this transition is starting to support better performance, even though the business remains exposed to insurance cycle swings and California-specific risks.

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