Liquidity remains under pressure as the firm cannibalizes its asset base, highlighted by $84 million in investment sales during 2026Q1 to offset ongoing operational cash outflows of $33 million.
| 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 |
|---|
| Cash from Operations | 48M | 38M | -176M | -195M | -418M | 511M | -390M | -368M | -319M | -630M | -142M | -55M | -333M | 1.83B | -1.03B | -2.98B | -1.26B | -2.19B | -156.03B | 1.02B | 663.51M | 781.14M | 902.48M | 978.69M | 873.21M | 721.59M | 640.34M | 443.25M | 682.04M | 482.14M | 446.41M |
| Operating CF Growth % | -135.33% | 121.59% | 9.74% | 53.35% | -181.8% | 231.03% | -5.98% | -15.36% | 49.37% | -343.66% | -158.18% | 83.48% | -118.21% | 278.09% | 65.49% | -136.82% | 42.68% | 98.6% | -15366.33% | 54.04% | -15.06% | -13.44% | -7.79% | 12.08% | 21.01% | 12.69% | 44.47% | -35.01% | 41.46% | 8% | 27.15% |
| Operating CF / Revenue % | 53.33% | 47.5% | -419.05% | -2785.71% | -271.43% | 321.38% | -138.3% | -130.96% | -200.63% | -155.56% | -49.13% | -6.44% | -26.37% | 159.32% | -43.04% | 188% | -150.68% | -81.65% | 18215.44% | -360.06% | 24.54% | 34.02% | 43.65% | 66.54% | 141.3% | 63.26% | 60.56% | 99.83% | 74.79% | 62.93% | 70.76% |
| Net Income | -155M | -177M | -441M | -484M | -149M | -445M | -578M | -359M | -296M | -1.6B | -338M | 180M | 569M | 250M | 1.23B | -1.32B | 52.53M | 634.06M | -2.67B | -1.92B | 813.18M | 712.08M | 812.73M | 813.59M | 579.09M | 570.09M | 528.64M | 320.53M | 432.73M | 374.18M | 322.16M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | -12M | 0 | -12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1M | 7.59M | 9.19M | 9.64M | 10.16M | -9.43M | 12.32M | 13.9M | 11.48M | 14.05M | 16.61M | 18.26M | 18.35M | 17.23M | 11.84M | 9.4M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 12M | 0 | 12M | 6M | 10M | 16M | 20M | 18M | 13M | 14M | 13M | 2.26M | 6.43M | -30.62M | 14.95M | 20.38M | 19.42M | 16.7M | 26.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -3M | 12M | 13M | -35M | 940M | -5M | 107M | 50M | 157M | 365M | -935M | -221.21M | 1.09B | -532.63M | -1.2B | -29.59M | 55.31M | 99.16M | 38.14M | -4.35M | -13.79M | 49.58M | -40.51M | 19.94M | 13.38M | 9.31M |
| Other Non-Cash Items | 8M | 13M | 64M | 173M | 25M | 9M | -61M | -30M | 207M | -36M | 275M | -157M | -820M | -1.87B | -1.64B | 290M | -405.03M | -1.65B | -153.12B | 3.34B | 53.43M | 161.63M | -272.11M | 12.4M | 167.55M | 151.26M | 78.38M | -62.48M | -156.14M | -30.77M | 5.03M |
| Working Capital Changes | 201M | 202M | 201M | 116M | -294M | 950M | 237M | 8M | -195M | 71M | -74M | -185M | -132M | 3.29B | -989M | -1.02B | -692.8M | -2.29B | 310.91M | 776.28M | -184.47M | -179.61M | 232.09M | 76.66M | 102.5M | 5.84M | -3.13M | 232.7M | 390.99M | 133.9M | 121.54M |
| Cash from Investing | 30M | 25M | 287M | 767M | 623M | -61M | 1.74B | 1.27B | 1.21B | 1.2B | 2.42B | 817M | 812M | -6M | 4.2B | 4.29B | 5.01B | 4.98B | 18.09T | -6.31B | -4.81B | -2.19B | -2.33B | -3.87B | -1.92B | -2.18B | -1.09B | -1.35B | -1.05B | -654.69M | -1.11B |
| Capital Expenditures | 0 | 0 | 0 | 2M | 0 | -1M | 0 | 74M | -1M | -1M | -1M | -3M | -13M | -3M | -7M | -5M | -4.71M | -5.86M | -10.99M | -8.22M | -10.91M | -9.36M | -8.74M | -11.09M | -15.4M | -5.55M | -16.36M | -58.7M | -22.9M | -13.7M | -9.2M |
| Acquisitions | 0 | 0 | 0 | 0 | 2M | 1M | 0 | 70M | -7M | 18M | 1M | 7M | 239M | -26M | -51M | 5M | 862.89M | 0 | 18.09T | 12.4M | 10.96M | 11.01M | 10.99M | 12.11M | 15.61M | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -367M | -375M | -325M | -667M | -1.17B | -1.53B | -1.33B | -2.29B | -2.45B | -2.07B | -2.86B | -2.54B | -2.13B | -4.33B | -4.46B | -7.74B | -10.11B | -10.69B | -15.31B | -32.93B | -23.51B | -17.32B | -26.81B | -27.85B | -19.97B | -26.7B | -12.95B | -9.54B | -5.08B | -3.55B | -3.4B |
| Sale/Maturity of Investments | 391M | 396M | 593M | 1.44B | 1.77B | 1.4B | 3.05B | 3.67B | 2.66B | 3.15B | 5.15B | 2.56B | 2.08B | 4.01B | 9.01B | 12.27B | 13.35B | 15.67B | 33.42B | 26.9B | 18.71B | 15.14B | 24.48B | 23.99B | 18.07B | 24.53B | 11.87B | 8.23B | 4.07B | 2.93B | 2.3B |
| Other Investing | 6M | 4M | 19M | -4M | 18M | 76M | 16M | -255M | 1.01B | 109M | 133M | 786M | 636M | 343M | -297M | -231M | 909.91M | 37K | -18.1B | -288.32M | -8.78M | -9.7M | -8.74M | -9.96M | -15.4M | 499K | 8.3M | 11.2M | -8.11M | -15.49M | -45K |
| Cash from Financing | -69M | -79M | -132M | -542M | -285M | -457M | -1.26B | -1.1B | -752M | -611M | -2.54B | -1.01B | -892M | -1.57B | -2.81B | -1.82B | -3.43B | -4.26B | -15.92T | 5.28B | 4.2B | 1.28B | 1.55B | 2.99B | 1.01B | 1.48B | 450.05M | 981.4M | 359.78M | 188.38M | 646.63M |
| Dividends Paid | 0 | 0 | 0 | -409M | 0 | -60M | 0 | 0 | -112M | 0 | 0 | 0 | 0 | 0 | -60M | -46M | -1M | -9.82M | -42.64M | -172.75M | -162.85M | -147.25M | -132.07M | -111M | -97.15M | -87.11M | -80.71M | -79.76M | -85.67M | -66.84M | -60.5M |
| Share Repurchases | -1M | -7M | -4M | -38M | -3M | -1M | -200M | -106M | -44M | -330M | -108M | -303M | -32M | 0 | 0 | -50M | -31M | -16M | -303.02M | -738.8M | -61.35M | -369.71M | -375.03M | -82.4M | -208.94M | -8.98M | -77.95M | -24.7M | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.64M | 1.63B | 0 | 42.01M | 0 | 61.04M | 0 | 0 | 24.27M | 23.68M | 14.62M | 30.7M | 142.1M | 83.1M |
| Debt Issuance (Net) | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K |
| Other Financing | -15M | 0 | -9M | 0 | -46M | 60M | -36M | -18M | -25M | -26M | -78M | -91M | -162M | -254M | -938M | -569M | 479K | -24.83M | -542.58M | 4.32B | -42.52M | -110.3M | 1.9B | 3.14B | 1.08B | 1.27B | 462.11M | 1.02B | 434.8M | 132.08M | 614.6M |
| Net Change in Cash | 9M | -16M | -21M | 30M | -82M | -7M | 84M | -197M | 134M | -41M | -335M | -260M | -476M | 268M | 357M | -497M | 326.49M | -1.48B | 2.02B | -5.54M | 47.57M | -133.19M | 138.69M | 99.2M | -31.82M | 21.08M | 403K | 72.8M | -5.54M | 15.82M | -15.9M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | -2M | 0 | 1M | 0 | -1M | -2M | -2M | -8M | -8M | 11M | 0 | 0 | 0 | 0 | -2.01T | 0 | -6.51M | -1.68M | 14.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 71M | 87M | 108M | 78M | 160M | 167M | 83M | 280M | 146M | 187M | 522M | 782M | 1.26B | 990M | 633M | 1.13B | 803.24M | 2.28B | 263.73M | 269.28M | 221.71M | 366.24M | 227.54M | 83.22M | 115.04M | 93.96M | 93.56M | 20.76M | 26.3M | 7.36M | 23.26M |
| Cash at End | 72M | 71M | 87M | 108M | 78M | 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 |
| Free Cash Flow | 48M | 38M | -176M | -195M | -418M | 510M | -390M | -294M | -320M | -631M | -143M | -58M | -346M | 1.83B | -1.03B | -2.98B | -1.26B | -2.2B | -156.04B | 1.01B | 652.6M | 771.79M | 893.74M | 967.6M | 857.8M | 716.04M | 623.98M | 384.55M | 659.14M | 468.44M | 437.21M |
| FCF Growth % | 125.4% | 121.59% | 9.74% | 53.35% | -181.96% | 230.77% | -32.65% | 8.13% | 49.29% | -341.26% | -146.55% | 83.24% | -118.95% | 276.6% | 65.31% | -136.33% | 42.61% | 98.59% | -15491.13% | 55.36% | -15.44% | -13.64% | -7.63% | 12.8% | 19.8% | 14.75% | 62.26% | -41.66% | 40.71% | 7.14% | 26.3% |
| FCF Margin % | 53.33% | 47.5% | -419.05% | -2785.71% | -271.43% | 320.75% | -138.3% | -104.63% | -201.26% | -155.8% | -49.48% | -6.79% | -27.4% | 159.06% | -43.34% | 188.31% | -151.24% | -81.86% | 18216.72% | -357.17% | 24.14% | 33.61% | 43.23% | 65.79% | 138.8% | 62.77% | 59.01% | 86.61% | 72.27% | 61.15% | 69.3% |
| FCF per Share | 0.96 | 0.77 | -3.71 | -4.05 | -8.39 | 10.31 | -6.6 | -3.63 | -3.59 | -5.31 | -1.08 | -0.35 | -1.81 | 9.59 | -5.45 | -15.49 | -6.21 | -10.56 | -706.77 | 8 | 4.77 | 5.62 | 6.17 | 6.67 | 5.81 | 4.79 | 4.2 | 2.55 | 4.39 | 3.49 | 3.37 |
Legacy portfolio credit deterioration
As reported in financial statements, MBI's underwriting cash flow remains consistently pressured, with the company recording a $33 million outflow in 2026Q1, highlighting the ongoing difficulty of maintaining a run-off insurance book that consumes more liquidity through administrative and loss-related expenses than it generates from remaining premium inflows.
The inability to generate positive operating cash flow suggests that the company's core insurance operations are currently a net drain on liquidity. This trend appears to be exacerbated by the high fixed-cost structure inherent in managing a legacy municipal bond portfolio, which does not scale down in proportion to the declining premium base.
Based on recent SEC filings, MBI has relied heavily on the systematic liquidation of its investment portfolio to fund operations, evidenced by net sales of $84 million in 2026Q1 alone, which indicates that the company is effectively cannibalizing its asset base to sustain its current run-off infrastructure.
The consistent pattern of selling securities to cover operating shortfalls suggests that the investment portfolio is being utilized as a bridge to liquidity rather than a source of sustainable income. Investors should monitor whether this pace of asset depletion will eventually compromise the statutory capital levels required to support the remaining insured liabilities.
According to historical data, claims and loss payments have exhibited significant volatility, including a notable $99 million outflow in 2025Q4, which underscores the unpredictable nature of the company's remaining credit exposures and the potential for sudden, lumpy cash requirements that disrupt the firm's broader capital management strategy.
The erratic nature of these payments suggests that the company remains exposed to tail risks within its municipal bond book, particularly in stressed territories. This volatility complicates cash flow forecasting and may necessitate higher-than-expected liquidity buffers, further limiting the potential for meaningful capital returns to shareholders.
As indicated by the 2025Q3 data, where the company reported a $90 million operating cash inflow despite a net loss of $8 million, there is a significant disconnect between accounting earnings and cash reality, likely driven by non-cash reserve adjustments and the timing of legal settlement receipts.
This divergence warrants caution, as it suggests that headline net income figures may not accurately reflect the company's actual cash-generating capacity. The reliance on non-recurring items to bridge the gap between statutory earnings and cash flow may mask the underlying erosion of the firm's economic value over time.
Quick answers to the most common questions about buying MBI stock.
MBIA Inc. (MBI) generated $38.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
MBIA Inc. (MBI) generated $38.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
MBIA Inc. (MBI) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, MBIA Inc. (MBI) spent $7.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.