The company continues to struggle with severe margin compression, evidenced by a net margin of -221.25% and a 2026Q1 operating loss of $41 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 |
|---|
| Revenue | 90M | 80M | 42M | 7M | 154M | 159M | 282M | 281M | 159M | 405M | 289M | 854M | 1.26B | 1.15B | 2.39B | -1.58B | 834M | 2.69B | -856.6M | -283.86M | 2.7B | 2.3B | 2.07B | 1.47B | 618M | 1.14B | 1.06B | 444M | 912M | 766.1M | 630.9M |
| Revenue Growth % | 109.3% | 90.48% | 500% | -95.45% | -3.14% | -43.62% | 0.36% | 76.73% | -60.74% | 40.14% | -66.16% | -32.38% | 10.02% | -51.89% | 250.73% | -289.81% | -68.94% | 413.45% | -201.77% | -110.5% | 17.73% | 11.06% | 40.57% | 137.99% | -45.82% | 7.88% | 138.17% | -51.32% | 19.04% | 21.43% | 36.49% |
| Medical Costs & Claims | 56M | 68M | 188M | 182M | 46M | 356M | 540M | 253M | 83M | 706M | 260M | 173M | 177M | 163M | 100M | -17M | 291M | 946M | 1.32B | 967.22M | 146.9M | 150.85M | 149.29M | 134.91M | 109.36M | 99.08M | 87.27M | 235.15M | 69.28M | 53.57M | 45.33M |
| Medical Cost Ratio % | 62.22% | 85% | 447.62% | 2600% | 29.87% | 223.9% | 191.49% | 90.04% | 52.2% | 174.32% | 89.97% | 20.26% | 14.01% | 14.2% | 4.19% | 1.07% | 34.89% | 35.23% | -153.86% | -340.74% | 5.43% | 6.57% | 7.22% | 9.17% | 17.7% | 8.69% | 8.25% | 52.96% | 7.6% | 6.99% | 7.19% |
| Gross Profit | 34M | 12M | -146M | -175M | 108M | -197M | -258M | 28M | 76M | -301M | 29M | 681M | 1.09B | 985M | 2.29B | -1.57B | 543M | 1.74B | -2.17B | -1.25B | 2.56B | 2.15B | 1.92B | 1.34B | 508.64M | 1.04B | 970.19M | 208.85M | 842.72M | 712.53M | 585.57M |
| Gross Margin % | 37.78% | 15% | -347.62% | -2500% | 70.13% | -123.9% | -91.49% | 9.96% | 47.8% | -74.32% | 10.03% | 79.74% | 85.99% | 85.8% | 95.81% | 98.93% | 65.11% | 64.77% | 253.86% | 440.74% | 94.57% | 93.43% | 92.78% | 90.83% | 82.3% | 91.31% | 91.75% | 47.04% | 92.4% | 93.01% | 92.81% |
| Gross Profit Growth % | - | 108.22% | 16.57% | -262.04% | 154.82% | 23.64% | -1021.43% | -63.16% | 125.25% | -1137.93% | -95.74% | -37.29% | 10.25% | -56.91% | 245.98% | -388.4% | -68.78% | 179.97% | -73.82% | -148.94% | 19.16% | 11.83% | 43.59% | 162.64% | -51.17% | 7.37% | 364.55% | -75.22% | 18.27% | 21.68% | 36.08% |
| Operating Expenses | 194M | 193M | 295M | 309M | 256M | 248M | 320M | 385M | 372M | 360M | 368M | 392M | 445M | 569M | 688M | 673M | 638M | 522M | 1.55B | 1.81B | 1.42B | 1.13B | 747.28M | 173.9M | -279.36M | -864.08M | 287.19M | -154.15M | 360.72M | 19.93M | 19.37M |
| OpEx / Revenue % | 215.56% | 241.25% | 702.38% | 4414.29% | 166.23% | 155.97% | 113.48% | 137.01% | 233.96% | 88.89% | 127.34% | 45.9% | 35.23% | 49.56% | 28.83% | -42.51% | 76.5% | 19.44% | -181.27% | -639.26% | 52.65% | 49.13% | 36.14% | 11.82% | -45.2% | -75.75% | 27.16% | -34.72% | 39.55% | 2.6% | 3.07% |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1M | -15M | -50M | 9.64M | 10.16M | 8.64M | 11.5M | 63.33M | 15.5M | 14.05M | 16.61M | -13.12M | 18.35M | -5.5M | -6.2M | -9.6M |
| Combined Ratio % | 277.78% | 326.25% | 1150% | 7014.29% | 196.1% | 379.87% | 304.96% | 227.05% | 286.16% | 263.21% | 217.3% | 66.16% | 49.25% | 63.76% | 33.03% | -41.44% | 111.39% | 54.67% | -335.14% | -979.99% | 58.08% | 55.7% | 43.36% | 21% | -27.51% | -67.06% | 35.41% | 18.24% | 47.15% | 9.59% | 10.26% |
| Operating Income | -160M | -181M | -441M | -484M | -148M | -445M | -578M | -357M | -296M | -661M | -339M | 289M | 641M | 416M | 1.6B | -2.24B | -95M | 1.22B | -3.73B | -3.07B | 1.13B | 1.02B | 1.17B | 1.16B | 788M | 1.91B | 683M | 363M | 482M | 692.6M | 566.2M |
| Operating Margin % | -177.78% | -226.25% | -1050% | -6914.29% | -96.1% | -279.87% | -204.96% | -127.05% | -186.16% | -163.21% | -117.3% | 33.84% | 50.75% | 36.24% | 66.97% | 141.44% | -11.39% | 45.33% | 435.14% | 1079.99% | 41.92% | 44.3% | 56.64% | 79% | 127.51% | 167.06% | 64.59% | 81.76% | 52.85% | 90.41% | 89.74% |
| Operating Income Growth % | - | 58.96% | 8.88% | -227.03% | 66.74% | 23.01% | -61.9% | -20.61% | 55.22% | -94.99% | -217.3% | -54.91% | 54.09% | -73.97% | 171.37% | -2256.84% | -107.81% | 132.65% | -21.58% | -370.52% | 11.41% | -13.14% | 0.77% | 47.46% | -58.65% | 179.03% | 88.15% | -24.69% | -30.41% | 22.32% | 64.1% |
| EBITDA | 34M | 16M | -232M | -273M | 32M | -264M | -350M | -74M | -3M | -389M | -117M | 527M | 890M | 697M | 1.94B | -2.24B | -110M | 1.17B | -3.72B | -3.06B | 1.14B | 1.03B | 1.23B | 1.18B | 802.05M | 1.92B | 669.88M | 381.35M | 476.5M | 686.4M | 556.6M |
| EBITDA Margin % | 37.78% | 20% | -552.38% | -3900% | 20.78% | -166.04% | -124.11% | -26.33% | -1.89% | -96.05% | -40.48% | 61.71% | 70.47% | 60.71% | 81.18% | 141.5% | -13.19% | 43.46% | 434.01% | 1076.42% | 42.24% | 44.8% | 59.7% | 80.06% | 129.78% | 168.52% | 63.35% | 85.89% | 52.25% | 89.6% | 88.22% |
| Interest Expense | 295M | 197M | 209M | 211M | 180M | 181M | 228M | 283M | 293M | 272M | 222M | 238M | 249M | 281M | 339M | 362M | 384M | 475M | 1.17B | 1.58B | 1.18B | 822.24M | 522M | 400M | 58.45M | 56.45M | 53.76M | 53.94M | 44.6M | 38.6M | 34.7M |
| Non-Operating Income | -194M | -197M | -209M | -211M | -180M | -181M | -228M | -283M | -293M | -272M | -222M | -238M | -249M | -281M | -339M | -362M | -384M | -475M | -1.17B | -1.58B | -1.18B | -822.24M | -522M | -400M | -63.03M | 1.06B | -53.76M | -78.82M | -44.6M | 654M | 531.5M |
| Pretax Income | -160M | -181M | -441M | -484M | -148M | -445M | -578M | -357M | -296M | -661M | -339M | 289M | 641M | 416M | 1.6B | -2.24B | -95M | 1.22B | -3.73B | -3.07B | 1.13B | 1.02B | 1.17B | 1.16B | 788M | 765M | 683M | 363M | 482M | 525.2M | 448.4M |
| Pretax Margin % | -177.78% | -226.25% | -1050% | -6914.29% | -96.1% | -279.87% | -204.96% | -127.05% | -186.16% | -163.21% | -117.3% | 33.84% | 50.75% | 36.24% | 66.97% | 141.44% | -11.39% | 45.33% | 435.14% | 1079.99% | 41.92% | 44.3% | 56.64% | 79% | 127.51% | 67.06% | 64.59% | 81.76% | 52.85% | 68.56% | 71.07% |
| Income Tax | -4M | 0 | 0 | 0 | 1M | 0 | 0 | 2M | 0 | 944M | -1M | 109M | 72M | 166M | 364M | -920M | -148M | 583M | -1.05B | -1.14B | 320.08M | 304.19M | 317.19M | 335.06M | 205.76M | 207.83M | 186.22M | 67.35M | 132.3M | 119.6M | 100.7M |
| Effective Tax Rate % | 2.5% | 0% | 0% | 0% | -0.68% | 0% | 0% | -0.56% | 0% | -142.81% | 0.29% | 37.72% | 11.23% | 39.9% | 22.78% | 41.09% | 155.79% | 47.9% | 28.3% | 37.31% | 28.24% | 29.9% | 27.09% | 28.83% | 26.11% | 27.17% | 27.27% | 18.55% | 27.45% | 22.77% | 22.46% |
| Net Income | -155M | -177M | -444M | -487M | -203M | -445M | -578M | -359M | -296M | -1.6B | -338M | 180M | 569M | 250M | 1.23B | -1.32B | 53M | 634M | -2.67B | -1.92B | 819.29M | 710.99M | 843M | 825M | 585M | 570M | 525M | 315M | 386M | 405.6M | 347.7M |
| Net Margin % | -172.22% | -221.25% | -1057.14% | -6957.14% | -131.82% | -279.87% | -204.96% | -127.76% | -186.16% | -396.3% | -116.96% | 21.08% | 45.05% | 21.78% | 51.72% | 83.32% | 6.35% | 23.61% | 312.01% | 677.07% | 30.31% | 30.96% | 40.77% | 56.09% | 94.66% | 49.97% | 49.65% | 70.95% | 42.32% | 52.94% | 55.11% |
| Net Income Growth % | 63.18% | 60.14% | 8.83% | -139.9% | 54.38% | 23.01% | -61% | -21.28% | 81.56% | -374.85% | -287.78% | -68.37% | 127.6% | -79.74% | 193.56% | -2588.68% | -91.64% | 123.72% | -39.06% | -334.59% | 15.23% | -15.66% | 2.18% | 41.03% | 2.63% | 8.57% | 66.67% | -18.39% | -4.83% | 16.65% | 28.1% |
| EPS (Diluted) | -3.11 | -3.59 | -9.42 | -10.19 | -3.92 | -8.99 | -9.78 | -4.43 | -3.33 | -13.50 | -2.54 | 1.06 | 2.76 | 1.29 | 6.33 | -6.85 | 0.26 | 2.99 | -12.11 | -15.17 | 5.99 | 5.18 | 5.82 | 5.69 | 3.96 | 3.81 | 3.53 | 2.09 | 2.57 | 1.83 | 0.80 |
| EPS Growth % | 64.66% | 61.89% | 7.56% | -159.95% | 56.4% | 8.08% | -120.77% | -33.03% | 75.33% | -431.5% | -339.62% | -61.59% | 113.95% | -79.62% | 192.41% | -2734.62% | -91.3% | 124.69% | 20.17% | -353.26% | 15.64% | -11% | 2.28% | 43.69% | 3.94% | 7.93% | 68.9% | -18.68% | 40.44% | 128.75% | -62.62% |
| EPS (Basic) | - | -3.59 | -9.42 | -10.19 | -3.92 | -8.99 | -9.78 | -4.43 | -3.33 | -13.50 | -2.54 | 1.06 | 2.94 | 1.30 | 6.36 | -6.85 | 0.26 | 2.99 | -12.11 | -15.17 | 6.17 | 5.30 | 5.94 | 5.75 | 3.99 | 3.84 | 3.55 | 2.11 | 2.60 | 1.86 | 0.82 |
| Diluted Shares Outstanding | 49.8M | 49.28M | 47.44M | 48.21M | 49.8M | 49.47M | 59.07M | 81.01M | 89.01M | 118.93M | 133M | 164.87M | 190.9M | 190.31M | 189.9M | 192.51M | 203.02M | 208.16M | 220.79M | 126.67M | 136.69M | 137.22M | 144.85M | 144.99M | 147.73M | 149.61M | 148.73M | 150.72M | 150.19M | 134.12M | 129.82M |
Legacy portfolio credit deterioration
As reported in recent financial statements, MBI continues to struggle with severe margin compression, evidenced by a net margin of -221.25% and a volatile loss ratio that reached 64.3% in 2025Q1, suggesting that the company's core insurance operations remain fundamentally unable to cover their own administrative overhead.
The company's inability to achieve a sustainable combined ratio below 100% highlights the structural challenges of managing a run-off portfolio where fixed costs remain high while the premium base continues to erode. Investors should monitor whether the recurring negative operating income is a result of long-term liability provisioning or simply an unsustainable cost structure that exceeds the diminishing revenue stream.
Based on reported figures, MBI's revenue trajectory appears highly erratic, with a 90.48% headline growth rate that likely masks underlying instability, as the company lacks the new business production necessary to offset the natural decay of its legacy municipal bond insurance contracts over the long term.
The extreme fluctuations in quarterly revenue suggest that the top line is driven more by non-recurring legal settlements and accounting adjustments than by core insurance activity. This lack of predictable premium growth reinforces the view that the company is effectively a liquidating entity rather than a going concern capable of organic expansion.
According to recent SEC filings, the company's loss and loss adjustment expenses have shown significant swings, including a $99 million charge in 2025Q4, which indicates that the adequacy of existing reserves remains a primary source of uncertainty for the firm's remaining capital base and future solvency.
The frequent adjustments to loss reserves suggest that the company is still grappling with the tail risk of its legacy municipal exposures. Analysts should remain cautious, as these lumpy reserve movements may continue to obscure the true economic health of the National subsidiary and its capacity to upstream dividends to the parent.
While management emphasizes de-risking, the persistent negative operating income, as shown in the 2026Q1 data with a $41 million operating loss, suggests that the cost of maintaining the run-off infrastructure may be eroding the very capital that shareholders expect to be returned through future distributions.
The market's valuation of MBI as a potential source of capital returns may be overly optimistic if the legal and administrative costs of the run-off continue to outpace the cash generated by the insured portfolio. Investors should investigate whether the current pace of capital depletion is sustainable or if it threatens the long-term viability of the parent company's balance sheet.
Quick answers to the most common questions about buying MBI stock.
For fiscal year 2025, MBIA Inc. (MBI) reported total revenue of $80.0M. This represents a 87.3% decline compared to $630.9M in 1996.
MBIA Inc. (MBI) reported a net loss of $177.0M for the fiscal year ending 2025.
MBIA Inc. (MBI) reported an operating income of $-181.0M, resulting in an operating profit margin of -226.3%. This margin reflects the operational efficiency of the business before interest and taxes.
MBIA Inc. (MBI) generated $12.0M in gross profit for the year, representing a gross profit margin of 15.0%. This demonstrates the company's core pricing power and production efficiency.