Shareholder equity has deteriorated to a negative $2.3 billion as of 2026Q1, reflecting a structural insolvency risk where total liabilities of $4.3 billion significantly exceed total assets of $2.0 billion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 1.98B | 2.01B | 2.17B | 2.61B | 3.38B | 4.7B | 5.75B | 7.28B | 8.08B | 9.1B | 11.14B | 14.86B | 16.28B | 16.95B | 21.72B | 26.87B | 32.28B | 25.68B | 29.63B | 47.42B | 39.76B | 34.56B | 33.03B | 30.27B | 18.85B | 16.2B | 13.89B | 12.26B | 11.8B | 9.81B | 8.56B |
| Asset Growth % | -29.33% | -7.15% | -16.81% | -22.79% | -28.13% | -18.34% | -21.05% | -9.81% | -11.2% | -18.34% | -25.03% | -8.78% | -3.95% | -21.96% | -19.16% | -16.75% | 25.67% | -13.31% | -37.51% | 19.24% | 15.05% | 4.64% | 9.12% | 60.55% | 16.37% | 16.59% | 13.29% | 3.96% | 20.24% | 14.58% | 17.81% |
| Total Investment Assets | 4M | 1.71B | 1.68B | 362M | 4.89B | 5.38B | 5.35B | 7.67B | 5.67B | 7.67B | 8.02B | 11.38B | 11.41B | 11.91B | 13.57B | 8.69B | 25.27B | 17.47B | 22.06B | 35.05B | 30.72B | 25.43B | 22.35B | 18.72B | 8.99B | 7.85B | 7.55B | 6.47B | 6.94B | 5.6B | 4.57B |
| Long-Term Investments | 1.03B | 258M | 1.65B | 362M | 2.72B | 2.85B | 2.81B | 4.42B | 5.08B | 5.57B | 6.54B | 9.66B | 9.58B | 9.92B | 10.59B | 8.04B | 20.73B | 15.79B | 19.57B | 35.05B | 30.72B | 25.43B | 22.35B | 18.72B | 8.99B | 7.85B | 7.24B | 6.2B | 6.4B | 5.13B | 4.35B |
| Short-Term Investments | 1.42B | 1.45B | 1.42B | 0 | 2.17B | 2.53B | 2.54B | 3.24B | 3.81B | 4.3B | 5.25B | 5.87B | 6.2B | 6.33B | 5.78B | 1.57B | 6.26B | 3.04B | 5.19B | 5.46B | 2.96B | 1.68B | 2.67B | 1.33B | 899.91M | 429.17M | 496.19M | 420.06M | 518.17M | 261.83M | 205.19M |
| Total Current Assets | 1.66B | 1.69B | 0 | 436M | 2.53B | 4.17B | 4.6B | 5.27B | 5.95B | 649M | 738M | 827M | 851M | 868M | 935M | 6.65B | 9.39T | 10.65T | 13.5T | 29.85B | 28.02B | 23.98B | 10.57B | 17.57B | 12.46M | 15.97B | 13.66B | 12.03B | 11.59B | 9.63B | 8.41B |
| Cash & Equivalents | 72M | 71M | 87M | 107M | 66M | 160M | 167M | 83M | 280M | 146M | 187M | 522M | 782M | 1.26B | 990M | 633M | 1.13B | 803.24M | 2.28B | 263.73M | 269.28M | 233.05M | 366.24M | 182.42M | 83.22M | 115.04M | 93.96M | 93.56M | 20.76M | 23.18M | 7.36M |
| Receivables | 809M | 164M | 318M | 329M | 297M | 1.47B | 1.89B | 1.94B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.6B | 2.04B | 326.08M | 253.89M | 124.53M | 133.75M | 100.94M | 81.46M | 135.59M | 192.95M | 45.19M | 55.74M | 49.5M | 13.44M | 980K |
| Other Current Assets | 0 | 0 | -1.82B | 2.03B | 716M | 2.01B | 0 | 2.45B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.87B | 6.58B | 8.22B | 6.65B | 3.88B | 2.4B | 3.19B | 0 | 0 | 15.24B | 13.02B | 11.46B | 11.01B | 9.33B | 8.19B |
| Goodwill & Intangibles | 96M | 24M | 0 | 31M | 35M | 42M | 50M | 60M | 74M | 95M | 118M | 168M | 217M | 260M | 302M | 0 | 31.37M | 31.37M | 153.88M | 79.41M | 79.41M | 79.41M | 79.41M | 90.04M | 90.04M | 97.77M | 104.32M | 110.02M | 120.68M | 120.33M | 105.14M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31.37M | 31.37M | 76.94M | 79.41M | 79.41M | 79.41M | 79.41M | 90.04M | 90.04M | 97.77M | 104.32M | 110.02M | 120.68M | 120.33M | 105.14M |
| Intangible Assets | 23M | 24M | 0 | 31M | 35M | 42M | 50M | 60M | 74M | 95M | 118M | 168M | 217M | 260M | 302M | 0 | 0 | 0 | 76.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 15M | 17M | 18M | 20M | 21M | 4.87B | 5.32B | -118M | -168M | -217M | 8M | 69M | 69M | 71.39M | 76.83M | 105.36M | 104.04M | 105.95M | 109.28M | 114.69M | 123.07M | 128.44M | 129M | 133.51M | 128.73M | 81.46M | 60.24M | 50.92M |
| Other Assets | 37M | 45M | -1.65B | 1.23B | -240M | -160M | -212M | -203M | -5.08B | -5.57B | -6.54B | -9.66B | -9.58B | -10.19B | -10.96B | -8.01B | 89.87B | 110.39B | 240.01B | -34.94B | -30.64B | -25.35B | -22.54B | -18.7B | -9.21B | -7.85B | -7.24B | -6.2B | -6.4B | -5.13B | -4.35B |
| Total Liabilities | 4.26B | 4.24B | 4.24B | 4.25B | 4.25B | 5B | 5.6B | 6.45B | 6.94B | 7.67B | 7.9B | 11.11B | 12.33B | 13.65B | 18.53B | 25.15B | 29.43B | 23.08B | 28.61B | 43.76B | 32.56B | 27.97B | 26.45B | 24.01B | 13.36B | 11.42B | 9.67B | 8.75B | 8B | 6.76B | 6.08B |
| Total Debt | 3.38B | 3.35B | 3.22B | 3.16B | 3.1B | 3.21B | 3.56B | 4.45B | 4.71B | 4.55B | 5.12B | 7.97B | 7.82B | 8.24B | 10.38B | 12.55B | 14.6B | 8.13B | 8.74B | 16.28B | 14.41B | 10.95B | 11.53B | 9.92B | 8.26B | 1.76B | 1.91B | 1.79B | 1.59B | 1.67B | 1.37B |
| Net Debt | 3.31B | 3.28B | 3.14B | 3.06B | 3.04B | 3.05B | 3.4B | 4.36B | 4.43B | 4.41B | 4.93B | 7.45B | 7.03B | 6.99B | 9.39B | 11.92B | 13.48B | 7.33B | 6.46B | 16.01B | 14.14B | 10.72B | 11.17B | 9.74B | 8.18B | 1.64B | 1.81B | 1.69B | 1.57B | 1.65B | 1.36B |
| Long-Term Debt | 3.38B | 3.35B | 3.22B | 3.16B | 3.1B | 3.21B | 312M | 427M | 4.71B | 5.17B | 576M | 7.97B | 7.82B | 9.12B | 10.45B | 12.55B | 14.54B | 8.12B | 10.53B | 15.41B | 13.62B | 10.03B | 1.33B | 1.02B | 7.7B | 805.06M | 795.1M | 689.2M | 689M | 473.88M | 374.01M |
| Short-Term Debt | 0 | 0 | 0 | 100M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 65M | 18.11M | 0 | 863.7M | 786.89M | 918.74M | 2.66B | 57.34M | 563.97M | 0 | 144.24M | 1.1B | 897.72M | 20M | 29.1M |
| Total Current Liabilities | 603M | 626M | 0 | 465M | 434M | 3M | 12M | 60M | 138M | 237M | 696M | 548M | 0 | 0 | 0 | 3.56B | 4.25T | 5.51T | 3.67T | 3.29B | 3.18B | 3.24B | 2.75B | 3.15B | 622.4M | 10.61B | 8.88B | 8.06B | 7.32B | 6.29B | 5.71B |
| Accounts Payable | 0 | 0 | 0 | 5M | 297M | 1.47B | 1.89B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 64M | 71M | 239.15M | 8.67M | 41.36M | 319.64M | 0 | 94.61M | 47.06M | 58.44M | 130.1M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 166M | 172M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8M | 9.99M | 11.06M | 3.47B | 3.14B | 3.13B | 3.19B | 0 | 3.08B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 437M | 454M | 0 | 360M | 429M | -57M | -1.04B | 24M | -35M | -37M | -544M | -38M | 0 | -5.29B | 0 | 3.44B | -138M | -284.11M | -3.48B | -733.41M | -1.07B | -943.37M | -2.75B | -47.06M | -640.05M | -152.52M | -152.14M | -1.2B | -993.32M | -64.01M | -81.13M |
| Deferred Taxes | 0 | 0 | 0 | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Liabilities | 272M | 270M | -3.22B | 457M | 1.15B | -3.21B | 1.19B | 0 | 2.26B | -3.3B | 1.54B | 3.14B | 4.52B | 4.54B | 8.08B | 9.03B | -14.54B | -8.12B | -10.53B | 26.08B | 15.27B | 14.1B | -26.78M | 19.84B | -6.67B | -300.36M | -1.08B | -758.54M | -386.86M | -760.28M | -206.5M |
| Total Equity | -2.28B | -2.23B | -2.08B | -1.65B | -876M | -300M | 149M | 839M | 1.13B | 1.43B | 3.24B | 3.74B | 3.95B | 3.3B | 3.19B | 1.72B | 2.85B | 2.61B | 1.02B | 3.66B | 7.2B | 6.59B | 6.58B | 6.26B | 5.49B | 4.78B | 4.22B | 3.51B | 3.79B | 3.05B | 2.48B |
| Equity Growth % | -33.3% | -7.42% | -26.05% | -88.01% | -192% | -301.34% | -82.24% | -25.88% | -20.56% | -56% | -13.42% | -5.29% | 19.73% | 3.29% | 85.37% | -39.47% | 9.18% | 155.07% | -72.04% | -49.25% | 9.29% | 0.19% | 5.11% | 13.94% | 14.86% | 13.24% | 20.22% | -7.36% | 24.41% | 22.93% | 10.98% |
| Shareholders Equity | -2.28B | -2.24B | -2.09B | -1.66B | -882M | -313M | 136M | 826M | 1.12B | 1.41B | 3.23B | 3.73B | 3.93B | 3.28B | 3.17B | 1.7B | 2.83B | 2.61B | 994.42M | 3.66B | 7.2B | 6.59B | 6.58B | 6.26B | 5.49B | 4.78B | 4.22B | 3.51B | 3.79B | 3.05B | 2.48B |
| Minority Interest | 5M | 7M | 13M | 10M | 6M | 13M | 13M | 13M | 13M | 12M | 12M | 12M | 21M | 21M | 21M | 23M | 14.16M | 0 | 27.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -1.81B | -1.77B | -1.59B | -1.14B | -653M | -458M | -13M | 607M | 966M | 1.09B | 2.7B | 3.04B | 2.86B | 2.29B | 2.04B | 805M | 2.12B | 2.39B | 1.63B | 4.3B | 6.4B | 5.75B | 5.22B | 4.59B | 3.9B | 3.42B | 2.93B | 2.49B | 2.25B | 1.83B | 1.52B |
| Common Stock | 283M | 283M | 283M | 283M | 283M | 283M | 283M | 283M | 284M | 284M | 284M | 282M | 281M | 278M | 277M | 275M | 274.72M | 274.83M | 273.2M | 160.25M | 158.33M | 156.6M | 155.61M | 153.55M | 152.56M | 151.95M | 100.77M | 100.07M | 99.57M | 89.46M | 43.29M |
| Accumulated OCI | -103M | -95M | -128M | -139M | -283M | 100M | 115M | -2M | -156M | -19M | -128M | -61M | 21M | -86M | 56M | -176M | -405.48M | -940.87M | -1.78B | -491M | 321.29M | 399.38M | 611.17M | 632.62M | 541.25M | 145.32M | 85.71M | -224.51M | 288.92M | 231.53M | 115.38M |
| Return on Equity (ROE) | 7.01% | - | - | - | - | - | -117% | -36.43% | -23.15% | -68.83% | -9.68% | 4.68% | 15.7% | 7.7% | 50.19% | -57.73% | 1.94% | 34.94% | -114.27% | -35.39% | 11.88% | 10.8% | 13.13% | 14.04% | 11.39% | 12.66% | 13.57% | 8.62% | 11.29% | 14.67% | 14.75% |
| Return on Assets (ROA) | -7.57% | -8.47% | -18.6% | -16.28% | -5.03% | -8.52% | -8.87% | -4.67% | -3.45% | -15.87% | -2.6% | 1.16% | 3.42% | 1.29% | 5.08% | -4.46% | 0.18% | 2.29% | -6.94% | -4.41% | 2.2% | 2.1% | 2.66% | 3.36% | 3.34% | 3.79% | 4.01% | 2.62% | 3.57% | 4.42% | 4.39% |
| Equity / Assets | -115.11% | -110.78% | -95.76% | -63.2% | -25.96% | -6.39% | 2.59% | 11.52% | 14.02% | 15.67% | 29.08% | 25.18% | 24.26% | 19.46% | 14.7% | 6.41% | 8.82% | 10.15% | 3.45% | 7.71% | 18.12% | 19.07% | 19.92% | 20.68% | 29.14% | 29.52% | 30.4% | 28.65% | 32.15% | 31.07% | 28.96% |
| Debt / Equity | -1.48x | - | - | - | - | - | 23.91x | 5.30x | 4.17x | 3.19x | 1.58x | 2.13x | 1.98x | 2.50x | 3.25x | 7.29x | 5.13x | 3.12x | 8.55x | 4.45x | 2.00x | 1.66x | 1.75x | 1.58x | 1.50x | 0.37x | 0.45x | 0.51x | 0.42x | 0.55x | 0.55x |
| Book Value per Share | -45.75 | -45.25 | -43.76 | -34.16 | -17.59 | -6.06 | 2.52 | 10.36 | 12.72 | 11.98 | 24.35 | 22.69 | 20.69 | 17.33 | 16.82 | 8.95 | 14.02 | 12.52 | 4.63 | 28.86 | 52.70 | 48.04 | 45.42 | 43.17 | 37.19 | 31.97 | 28.40 | 23.31 | 25.25 | 22.73 | 19.10 |
| Tangible BV per Share | -46.21 | -45.74 | -43.76 | -34.81 | -18.29 | -6.91 | 1.68 | 9.62 | 11.89 | 11.18 | 23.47 | 21.67 | 19.55 | 15.97 | 15.23 | 8.95 | 13.87 | 12.37 | 3.93 | 28.23 | 52.12 | 47.46 | 44.87 | 42.55 | 36.58 | 31.31 | 27.70 | 22.58 | 24.45 | 21.83 | 18.29 |
Negative equity insolvency risk
As reported in financial statements, MBI's equity position has deteriorated to a negative $2.3 billion as of 2026Q1, reflecting a sustained trajectory of capital depletion that underscores the company's transition from an active insurer to a distressed run-off entity with limited prospects for organic capital regeneration.
The consistent negative equity balance suggests that the company's liabilities, primarily driven by legacy insurance contracts, significantly exceed its asset base. This structural imbalance warrants concern regarding the long-term viability of the parent company's balance sheet without significant external capital injections or favorable legal settlements.
Based on recent SEC filings, the company's loss reserve fluctuations, including a $99 million charge in 2025Q4, indicate that the adequacy of existing provisions remains highly sensitive to credit events within the legacy municipal bond portfolio, creating persistent uncertainty regarding the ultimate cost of settling these long-tail liabilities.
The volatility in loss and loss adjustment expenses suggests that the company's actuarial assumptions are subject to significant revision as underlying municipal credits face macro-economic pressures. Investors should monitor whether these reserve adjustments continue to outpace the company's ability to generate offsetting investment income.
According to the 2026Q1 balance sheet data, the company maintains a negative equity position of $2.3 billion, which severely constrains its statutory capital adequacy and limits the ability of the National subsidiary to upstream dividends to the parent for share repurchases or debt service obligations.
The lack of positive statutory capital suggests that the company is effectively operating in a state of technical insolvency, where the primary focus is on managing the run-off of existing liabilities rather than capital growth. This environment makes any future capital distributions highly dependent on the timing and magnitude of legal recoveries rather than operational earnings.
As indicated by the 2026Q1 data, the company's total liabilities of $4.3 billion continue to dwarf its total assets of $2.0 billion, highlighting a structural risk where any further deterioration in the credit quality of the insured municipal book could necessitate additional, unplanned capital infusions.
The reliance on a shrinking asset base to cover long-dated municipal insurance contracts creates a precarious situation where the company is vulnerable to localized fiscal crises. The persistent negative operating margins suggest that the cost of maintaining this run-off infrastructure may be eroding the remaining value available to stakeholders.
Quick answers to the most common questions about buying MBI stock.
As of 2025, MBIA Inc. (MBI) had total assets of $2.01B including $1.69B in current assets.
MBIA Inc. (MBI) carries total debt of $3.35B, offset by $1.52B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
MBIA Inc. (MBI) has total shareholders' equity (book value) of $-2237.0M ($-45.25 book value per share). Book value represents the net worth of the company belonging to common stock holders.
MBIA Inc. (MBI) reported a current ratio of 2.69x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.