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MTG

MGIC Investment Corporation

MTG

MGIC Investment Corporation • NYSE
$28.35 ▼ -0.11% (-0.03)
Market Cap $6.34 B
52w High $29.01
52w Low $21.94
Dividend Yield 0.60%
P/E 9.12
Volume 922.36K
Outstanding Shares 223.74M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $304.505M ▲ $56.686M ▼ $191.095M ▼ 62.756% ▼ $0.83 ▲ $244.867M ▼
Q2-2025 $304.245M ▼ $59.253M ▼ $192.482M ▲ 63.265% ▲ $0.81 ▲ $257.522M ▲
Q1-2025 $306.234M ▲ $60.305M ▲ $185.46M ▲ 60.562% ▼ $0.76 ▲ $246.274M ▼
Q4-2024 $301.444M ▼ $55.563M ▼ $184.7M ▼ 61.272% ▼ $0.73 ▼ $247.64M ▼
Q3-2024 $306.649M $59.872M $199.969M 65.211% $0.77 $266.635M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $271.792M ▼ $6.626B ▲ $1.453B ▲ $5.173B ▲
Q2-2025 $6.097B ▲ $6.542B ▲ $1.387B ▼ $5.155B ▲
Q1-2025 $6.092B ▲ $6.535B ▼ $1.395B ▲ $5.14B ▼
Q4-2024 $6.081B ▼ $6.547B ▼ $1.375B ▼ $5.172B ▼
Q3-2024 $6.253B $6.678B $1.384B $5.294B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $191.095M ▼ $215.399M ▲ $-19.962M ▼ $-222.54M ▼ $-27.103M ▼ $215.12M ▲
Q2-2025 $192.482M ▲ $182.993M ▼ $120.409M ▲ $-217.2M ▲ $86.202M ▲ $182.973M ▼
Q1-2025 $185.46M ▲ $223.654M ▲ $32.375M ▲ $-277.963M ▼ $-21.934M ▲ $223.529M ▲
Q4-2024 $184.7M ▼ $182.378M ▼ $-19.763M ▼ $-227.597M ▼ $-64.982M ▼ $181.864M ▼
Q3-2024 $199.969M $182.879M $-13.83M $-157.248M $11.801M $182.498M

Five-Year Company Overview

Income Statement

Income Statement Over the past five years MGIC’s income statement shows a mature, very profitable business with fairly steady revenue rather than rapid growth. Top line has hovered in a narrow band, reflecting the cyclical nature of mortgage activity more than company‑specific momentum. The more important story is margins: underwriting has been disciplined, claims have been manageable, and profitability has generally trended higher, with recent years producing some of the strongest earnings in the period. There is a small dip from the peak level of operating profit, but net income and per‑share earnings still look solid, helped by both strong underwriting and capital returns. The main risk is that these earnings are tied to the credit cycle and housing market; if mortgage delinquencies rise, this currently high level of profitability can compress quickly.

Balance Sheet

Balance Sheet The balance sheet looks conservative for a financial company. Total assets have stayed broadly stable, while shareholder equity has crept up, pointing to retained earnings building book value over time. Debt has been reduced meaningfully compared with a few years ago and then held steady, which lowers financial risk and interest burden. Cash is a relatively small slice of the balance sheet, but that is normal for an insurer that holds most assets in an investment portfolio to back its policies. Overall, MGIC appears well capitalized with a comfortable equity cushion versus its obligations, which is important in a stress scenario where mortgage defaults spike.

Cash Flow

Cash Flow MGIC’s cash flow profile is a key strength. Operating cash generation has been consistently healthy through different macro conditions, and almost all of it has translated into free cash flow because the business is not capital‑intensive. There is virtually no traditional capital expenditure, which means cash is largely available for claims, investment portfolio needs, and capital returns. This steady free cash flow gives the company flexibility to absorb periods of higher claims while still managing its balance sheet and shareholder distributions. The main watchpoint is that cash flow, like earnings, would be pressured in a severe housing or credit downturn.

Competitive Edge

Competitive Edge MGIC occupies a leading position in private mortgage insurance, supported by a long operating history, a recognized brand, and deep relationships with a wide range of lenders. Its scale and decades of loan performance data give it an advantage in pricing risk and structuring policies. High regulatory capital requirements and the importance of trust and track record in this market make it hard for new entrants to dislodge established players. At the same time, the industry is concentrated and competitive on price, and MGIC must continuously prove its value versus other private insurers and government‑backed alternatives. The company’s strong financial profile and entrenched distribution relationships are central pillars of its moat, but they remain tied to broader housing and policy conditions it cannot control.

Innovation and R&D

Innovation and R&D MGIC is leaning on technology to reinforce its position rather than trying to reinvent its core product. Its deep integrations with loan origination systems, especially the ability to manage its own functionality within major platforms, make it easy and efficient for lenders to work with MGIC and to get real‑time access to its products. Behind the scenes, the company is using advanced analytics and increasingly AI to refine underwriting, detect fraud, and price risk more precisely, using its large historical data set as an edge. It also offers value‑add services like contract underwriting support, educational content, and specialized products that further embed it in lenders’ workflows. Future innovation efforts appear focused on deeper digital integration, smarter data use, and tailored mortgage insurance solutions, rather than heavy physical investment, which fits its asset‑light, information‑driven model.

Summary

Overall, MGIC looks like a mature, high‑margin mortgage insurer with a solid capital base, steady cash generation, and a defensible niche built on history, data, and lender relationships. Earnings and cash flow have been strong and relatively stable in recent years, but they are inherently exposed to swings in housing activity, interest rates, and mortgage credit quality. The balance sheet and risk management practices appear designed to cushion those cycles, while technology investments aim to keep MGIC embedded in lenders’ digital workflows and to sharpen its risk selection. The key tension for observers is between the company’s clear strengths—profitability, capital strength, and competitive moat—and the unavoidable exposure to macro and regulatory shifts in the mortgage market.

NEWS

October 29, 2025 · 4:05 PM UTC

MGIC Investment Corporation Reports Third Quarter 2025 Results

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October 27, 2025 · 4:05 PM UTC

MGIC Announces Enhanced Capabilities within ICE Encompass Partner Connect

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October 23, 2025 · 4:05 PM UTC

MGIC Investment Appoints Klein and O'Leary-Gill to its Board of Directors

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October 23, 2025 · 1:10 PM UTC

MGIC Investment Corporation Announces Quarterly Dividend of $0.15 Per Share

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September 30, 2025 · 4:05 PM UTC

MGIC Investment Corporation Schedules 3rd Quarter 2025 Earnings Call

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