MGIC Investment Corporation (MTG) 10-Year Financial Performance & Capital Metrics

MTG • • Insurance & Managed Care

Financial ServicesSpecialty InsuranceMortgage InsurancePrivate Mortgage Insurers

AboutMGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, Puerto Rico, and Guam. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure. It also provides contract underwriting services, as well as reinsurance. The company serves originators of residential mortgage loans, including savings institutions, commercial banks, mortgage brokers, credit unions, mortgage bankers, and other lenders. MGIC Investment Corporation was founded in 1957 and is headquartered in Milwaukee, Wisconsin.Show more

Revenue $1.21B +4.6%
Combined Ratio 19.79% -9.6%
Net Income $763M +7.0%
Return on Equity 14.9% +1.5%
Medical Cost Ratio -0.49% +43.7%
Operating Margin 80.21% +2.7%
Net Margin 63.18% +2.4%
ROA 11.66% +4.3%
Equity / Assets 79% +1.8%
Book Value per Share 19.59 +10.9%
Tangible BV/Share 19.59 +10.9%
Debt/Equity 0.12 -1.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 19.8% combined ratio
✓Low loss ratio of -0.5%
✓Good 3Y average ROE of 15.9%
✓Share count reduced 8.1% through buybacks
✓Trading at only 1.3x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y2.51%

5Y-0.1%

3Y0.62%

TTM2.2%

Profit (Net Income) CAGR

10Y11.72%

5Y2.52%

3Y6.31%

TTM-1.19%

EPS CAGR

10Y16.27%

5Y9.33%

3Y16.03%

TTM9.15%

ROCE

10Y Avg15.01%

5Y Avg12.84%

3Y Avg15.02%

Latest14.81%

Peer Comparison

Private Mortgage Insurers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MTGMGIC Investment Corporation	5.86B	26.20	9.07	4.56%	61.96%	14.57%	12.35%	0.12
ESNTEssent Group Ltd.	5.91B	61.13	8.92	12.03%	53.73%	12.25%	14.47%	0.09
ACTEnact Holdings, Inc.	5.58B	38.66	8.85	4.18%	53.87%	12.41%	12.29%	0.15
NMIHNMI Holdings, Inc.	2.89B	37.62	8.49	12.43%	55.02%	15.14%	13.37%	0.19
RDNRadian Group Inc.	4.46B	32.95	8.41	4.04%	45.61%	12.38%		0.51

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.04B	1.06B	1.07B	1.12B	1.21B	1.2B	1.19B	1.17B	1.16B	1.21B
Revenue Growth %	0.1%	0.02%	0%	0.05%	0.08%	-0.01%	-0.01%	-0.01%	-0.02%	0.05%
Medical Costs & Claims+	328.58M	249.8M	64.82M	48.49M	130.58M	377.15M	77.18M	-242.2M	-10.04M	-5.9M
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	712.7M	812.68M	1B	1.08B	1.08B	821.99M	1.11B	1.41B	1.17B	1.21B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.54%	0.14%	0.23%	0.07%	0.01%	-0.24%	0.35%	0.28%	-0.18%	0.04%
Operating Expenses+	225.02M	297.97M	216.74M	231.2M	235.42M	262.73M	306.72M	324.95M	262.91M	244.93M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	52.56M	61.34M	64.43M	58.22M	48.78M	57.81M	66.01M	54.25M	35.23M	18.44M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	487.69M	514.71M	784.5M	844.15M	847.98M	559.26M	801.78M	1.09B	902.23M	968.71M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.91%	0.06%	0.52%	0.08%	0%	-0.34%	0.43%	0.36%	-0.17%	0.07%
EBITDA+	540.25M	576.06M	848.93M	902.37M	896.76M	617.08M	867.79M	1.14B	937.46M	987.14M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	68.93M	56.67M	57.03M	52.99M	52.66M	59.59M	71.36M	48.05M	36.91M	35.6M
Non-Operating Income	-68.93M	-56.67M	-57.03M	-52.99M	-52.66M	-59.59M	-71.36M	-48.05M	-36.91M	-35.6M
Pretax Income+	487.69M	514.71M	784.5M	844.15M	847.98M	559.26M	801.78M	1.09B	902.23M	968.71M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	-684.31M	172.2M	428.74M	174.05M	174.21M	113.17M	166.79M	224.69M	189.28M	205.72M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	1.17B	342.52M	355.76M	670.1M	673.76M	446.09M	634.98M	865.35M	712.95M	762.99M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	3.65%	-0.71%	0.04%	0.88%	0.01%	-0.34%	0.42%	0.36%	-0.18%	0.07%
EPS (Diluted)+	2.60	0.86	0.95	1.74	1.85	1.29	1.85	2.79	2.49	2.89
EPS Growth %	3.06%	-0.67%	0.1%	0.83%	0.06%	-0.3%	0.43%	0.51%	-0.11%	0.16%
EPS (Basic)	3.45	1.00	0.98	1.78	1.91	1.31	1.90	2.83	2.52	2.92
Diluted Shares Outstanding	468.06M	431.99M	394.77M	386.08M	373.92M	359.29M	351.31M	311.23M	287.15M	264M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	5.88B	5.73B	5.62B	5.68B	6.23B	7.35B	7.33B	6.21B	6.54B	6.55B
Asset Growth %	0.12%	-0.02%	-0.02%	0.01%	0.1%	0.18%	-0%	-0.15%	0.05%	0%
Total Investment Assets+	4.66B	4.69B	4.99B	5.16B	5.76B	6.68B	6.61B	5.42B	5.74B	5.87B
Long-Term Investments	4.66B	4.69B	4.99B	5.16B	5.76B	6.68B	6.6B	5.42B	5.74B	5.87B
Short-Term Investments	0	0	0	0	5.74B	6.66B	6.59B	5.41B	5.72B	5.85B
Total Current Assets+	4.89B	4.89B	5.14B	5.37B	0	0	0	0	0	0
Cash & Equivalents	181.12M	155.41M	99.85M	151.89M	161.85M	287.95M	284.69M	327.38M	363.67M	229.49M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	269.81M	685.64M	741.65M	741.05M	-5.98B	-7.1B	-7.03B	-5.84B	-6.19B	-6.19B
Goodwill & Intangibles+	-762.08M	-289.7M	-192.57M	-186.56M	0	0	0	0	0	0
Goodwill	-777.32M	-307.46M	-211.41M	-204.45M	0	0	0	0	0	0
Intangible Assets	15.24M	17.76M	18.84M	17.89M	0	0	0	0	0	0
PP&E (Net)	30.09M	36.09M	44.94M	51.73M	50.12M	47.14M	45.61M	41.42M	38.76M	35.68M
Other Assets	-3.7B	-3.89B	-4.55B	-4.9B	-5.81B	-6.73B	-6.65B	-5.47B	-5.78B	-5.9B
Total Liabilities	3.64B	3.19B	2.46B	2.1B	1.92B	2.66B	2.46B	1.57B	1.47B	1.37B
Total Debt+	1.22B	1.18B	830.43M	831.59M	832.74M	1.24B	1.15B	662.81M	643.2M	644.67M
Net Debt	1.04B	1.02B	730.58M	679.69M	670.89M	955.24M	862.02M	335.43M	279.53M	415.18M
Long-Term Debt	1.21B	1.18B	830.43M	831.59M	832.74M	1.24B	1.15B	662.81M	643.2M	644.67M
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities+	2.42B	2.01B	1.63B	1.26B	0	0	0	0	0	0
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	0	1000K	1000K	1000K	0	0	0	0	0	0
Other Liabilities	2.42B	0	0	0	-832.74M	-1.24B	-1.15B	-662.81M	-643.2M	-644.67M
Total Equity+	2.24B	2.55B	3.15B	3.58B	4.31B	4.7B	4.86B	4.64B	5.07B	5.17B
Equity Growth %	1.16%	0.14%	0.24%	0.14%	0.2%	0.09%	0.03%	-0.04%	0.09%	0.02%
Shareholders Equity	2.24B	2.55B	3.15B	3.58B	4.31B	4.7B	4.86B	4.64B	5.07B	5.17B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Retained Earnings	290.05M	632.56M	977.16M	1.65B	2.28B	2.64B	3.25B	4B	4.59B	3.4B
Common Stock	340.1M	359.4M	370.57M	371.35M	371.35M	371.35M	371.35M	371.35M	371.35M	248.45M
Accumulated OCI	-60.88M	-75.1M	-43.78M	-124.21M	72.71M	216.82M	119.7M	-481.51M	-316.28M	-288.16M
Return on Equity (ROE)	0.72%	0.14%	0.12%	0.2%	0.17%	0.1%	0.13%	0.18%	0.15%	0.15%
Return on Assets (ROA)	0.21%	0.06%	0.06%	0.12%	0.11%	0.07%	0.09%	0.13%	0.11%	0.12%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.55x	0.46x	0.26x	0.23x	0.19x	0.26x	0.24x	0.14x	0.13x	0.12x
Book Value per Share	4.78	5.90	7.99	9.28	11.52	13.08	13.84	14.92	17.66	19.59
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	152.04M	219.66M	406.66M	544.52M	609.53M	732.31M	696.32M	650.01M	712.96M	725.03M
Operating CF Growth %	1.37%	0.44%	0.85%	0.34%	0.12%	0.2%	-0.05%	-0.07%	0.1%	0.02%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	1.17B	342.52M	355.76M	670.1M	673.76M	446.09M	634.98M	865.35M	712.95M	762.99M
Depreciation & Amortization	52.56M	61.34M	64.43M	58.22M	48.78M	57.81M	66.01M	54.25M	35.23M	18.44M
Stock-Based Compensation	11.9M	11.4M	14.9M	20.9M	0	13.8M	17.11M	24.77M	31.61M	31.32M
Deferred Taxes	-692.81M	162.36M	355.04M	186.57M	11.1M	27.48M	5.19M	-4.37M	1.06M	2.43M
Other Non-Cash Items	-27.85M	81.6M	6.64M	9.48M	-5.31M	14.16M	31.05M	47.66M	14.14M	9.85M
Working Capital Changes	-349.74M	-428.08M	-368.39M	-371.72M	-118.81M	172.97M	-58.03M	-337.65M	-82.03M	-100M
Cash from Investing+	-96.96M	-93.39M	-303.64M	-317.78M	-422.11M	-772.51M	-160.75M	410.49M	-179.19M	-142M
Capital Expenditures	-4.63M	-10.55M	-16.07M	-14.24M	-5.64M	-3.31M	-4.12M	-3.25M	-2M	-1.17M
Acquisitions	0	88.1M	287.57M	-785.48M	0	0	0	-688.48M	0	0
Purchase of Investments	-2.46B	-1.36B	-1.29B	-1.46B	-1.39B	-2.64B	-1.53B	-674.41M	-1.47B	-1.56B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	17.21M	-88.1M	-287.57M	785.48M	0	0	0	688.48M	0	1.37B
Cash from Financing+	-71.84M	-151.98M	-158.57M	-171.55M	-173.41M	167.82M	-527.29M	-1.03B	-496.04M	-719.04M
Dividends Paid	0	0	0	0	-41.91M	-82.06M	-94.22M	-110.95M	-122.97M	-130.5M
Share Repurchases	-7.24M	-147.13M	-6.82M	-163.42M	-125.77M	-120M	-290.82M	-385.57M	-337.18M	-569.48M
Stock Issued	0	0	0	0	0	0	0	0	0	0
Debt Issuance (Net)	-1000K	1000K	-1000K	0	0	1000K	-1000K	-1000K	-1000K	0
Other Financing	1.26M	-54.36M	0	-8.13M	-5.73M	-54.24M	-43.64M	-49.61M	-7.26M	-19.07M
Net Change in Cash+	-16.76M	-25.71M	-55.56M	55.19M	14.02M	127.62M	8.28M	27.95M	37.73M	-136.02M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	197.88M	181.12M	155.41M	99.85M	155.04M	169.06M	296.68M	304.96M	332.91M	370.64M
Cash at End	181.12M	155.41M	99.85M	155.04M	169.06M	296.68M	304.96M	332.91M	370.64M	234.63M
Free Cash Flow+	147.41M	209.11M	390.59M	530.28M	603.9M	729M	692.2M	646.76M	710.96M	723.86M
FCF Growth %	1.36%	0.42%	0.87%	0.36%	0.14%	0.21%	-0.05%	-0.07%	0.1%	0.02%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	0.31	0.48	0.99	1.37	1.62	2.03	1.97	2.08	2.48	2.74

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	53.17%	51.56%	26.41%	24.89%	30.15%	53.36%	32.38%	7.06%	21.89%	19.79%
Medical Cost Ratio	31.56%	23.51%	6.08%	4.31%	10.76%	31.45%	6.51%	-20.65%	-0.87%	-0.49%
Return on Equity (ROE)	71.62%	14.32%	12.48%	19.89%	17.08%	9.9%	13.28%	18.21%	14.68%	14.9%
Return on Assets (ROA)	21.03%	5.9%	6.27%	11.86%	11.32%	6.57%	8.65%	12.78%	11.18%	11.66%
Equity / Assets	38.03%	44.45%	56.14%	63.09%	69.17%	63.89%	66.37%	74.72%	77.57%	79%
Book Value / Share	4.78	5.9	7.99	9.28	11.52	13.08	13.84	14.92	17.66	19.59
Debt / Equity	0.55x	0.46x	0.26x	0.23x	0.19x	0.26x	0.24x	0.14x	0.13x	0.12x
Revenue Growth	10.47%	2.04%	0.34%	5.42%	8.02%	-1.22%	-1.12%	-1.09%	-1.51%	4.56%

Frequently Asked Questions

Valuation & Price

MGIC Investment Corporation (MTG) has a price-to-earnings (P/E) ratio of 9.1x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

MGIC Investment Corporation (MTG) grew revenue by 4.6% over the past year. Growth has been modest.

Yes, MGIC Investment Corporation (MTG) is profitable, generating $753.7M in net income for fiscal year 2024 (63.2% net margin).

Dividend & Returns

Yes, MGIC Investment Corporation (MTG) pays a dividend with a yield of 1.89%. This makes it attractive for income-focused investors.

MGIC Investment Corporation (MTG) has a return on equity (ROE) of 14.9%. This is reasonable for most industries.

Industry Metrics

MGIC Investment Corporation (MTG) has a combined ratio of 19.8%. A ratio below 100% indicates underwriting profitability.

US Stock Screener

...