MGIC Investment Corporation (MTG) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Insurance - Specialty
EV/EBITDA
↑
6.22
+0% vs avg
5yr avg: 6.19
30Y Low3.8·High16.3
P/FCF
↑
6.52
↓-14% vs avg
5yr avg: 7.55
30Y Low0.3·High28.0
P/B Ratio
↑
1.15
+5% vs avg
5yr avg: 1.10
30Y Low0.2·High5.3
ROE
↑
14.3%
-5% vs avg
5yr avg: 15.1%
30Y Low-133%·High72%
Debt/EBITDA
↓
0.69
↓-12% vs avg
5yr avg: 0.79
30Y Low0.0·High4.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MTG Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
MGIC Investment Corporation trades at 8.4x earnings, 11% above its 5-year average of 7.5x, sitting at the 35th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.3x, the stock trades at a discount of 37%. On a free-cash-flow basis, the stock trades at 6.5x P/FCF, 14% below the 5-year average of 7.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.5B | $6.6B | $6.3B | $5.5B | $4.0B | $5.1B | $4.5B | $5.3B | $4.0B | $5.6B | $4.4B |
| Enterprise Value | $5.8B | $6.9B | $6.7B | $5.8B | $4.4B | $5.9B | $5.5B | $6.0B | $4.7B | $6.3B | $5.4B |
| P/E Ratio → | 8.36 | 9.31 | 8.20 | 7.75 | 4.66 | 7.79 | 9.73 | 7.66 | 6.01 | 14.85 | 11.85 |
| P/S Ratio | 4.57 | 5.43 | 5.18 | 4.80 | 3.45 | 4.27 | 3.76 | 4.36 | 3.59 | 5.23 | 4.14 |
| P/B Ratio | 1.15 | 1.28 | 1.21 | 1.09 | 0.87 | 1.04 | 0.96 | 1.23 | 1.13 | 1.77 | 1.73 |
| P/FCF | 6.52 | 7.74 | 8.65 | 7.79 | 6.26 | 7.32 | 6.19 | 8.77 | 7.62 | 14.26 | 21.05 |
| P/OCF | 6.51 | 7.73 | 8.63 | 7.77 | 6.22 | 7.28 | 6.16 | 8.69 | 7.42 | 13.70 | 20.04 |
P/E links to full P/E history page with 30-year chart
MTG EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
MGIC Investment Corporation's enterprise value stands at 6.2x EBITDA, roughly in line with its 5-year average of 6.2x. The Financial Services sector median is 11.4x, placing the stock at a 46% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.66 | 5.53 | 5.04 | 3.74 | 5.00 | 4.56 | 4.92 | 4.20 | 5.91 | 5.11 |
| EV / EBITDA | 6.22 | 7.34 | 6.76 | 6.21 | 3.83 | 6.83 | 8.86 | 6.66 | 5.23 | 7.42 | 9.42 |
| EV / EBIT | 6.27 | 7.12 | 6.65 | 6.20 | 3.85 | 6.79 | 8.83 | 6.63 | 5.26 | 7.49 | 9.50 |
| EV / FCF | — | 8.06 | 9.22 | 8.18 | 6.77 | 8.56 | 7.50 | 9.88 | 8.90 | 16.13 | 25.94 |
MTG Profitability
Margins and return-on-capital ratios measuring operating efficiency
MGIC Investment Corporation earns an operating margin of 76.5%, significantly above the Financial Services sector average of 21.4%. Operating margins have compressed from 78.1% to 76.5% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 14.3% is modest. ROIC of 12.7% represents solid returns on invested capital versus a sector median of 5.7%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 94.9% | 94.9% | 100.5% | 100.9% | 120.7% | 93.5% | 68.5% | 89.2% | 95.7% | 93.9% | 76.5% |
| Operating Margin | 76.5% | 76.5% | 80.2% | 78.1% | 92.9% | 67.6% | 46.6% | 69.9% | 75.1% | 73.6% | 48.4% |
| Net Profit Margin | 60.8% | 60.8% | 63.2% | 61.7% | 73.8% | 53.6% | 37.2% | 55.5% | 59.6% | 33.4% | 32.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.3% | 14.3% | 14.9% | 14.7% | 18.2% | 13.3% | 9.9% | 17.1% | 19.9% | 12.5% | 14.3% |
| ROA | 11.2% | 11.2% | 11.7% | 11.2% | 12.8% | 8.7% | 6.6% | 11.3% | 11.9% | 6.3% | 5.9% |
| ROIC | 12.7% | 12.7% | 13.3% | 13.1% | 15.3% | 10.6% | 7.9% | 13.8% | 15.5% | 15.8% | 11.3% |
| ROCE | 14.1% | 14.1% | 16.4% | 15.9% | 18.7% | 12.9% | 8.2% | 14.2% | 20.1% | 20.3% | 14.3% |
MTG Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
MGIC Investment Corporation carries a Debt/EBITDA ratio of 0.7x, which is very conservative (83% below the sector average of 4.1x). Net debt stands at $271M ($646M total debt minus $376M cash). Interest coverage of 27.9x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.13 | 0.13 | 0.12 | 0.13 | 0.14 | 0.24 | 0.26 | 0.19 | 0.23 | 0.26 | 0.46 |
| Debt / EBITDA | 0.69 | 0.69 | 0.65 | 0.69 | 0.58 | 1.32 | 2.01 | 0.93 | 0.92 | 0.98 | 2.05 |
| Net Debt / Equity | — | 0.05 | 0.08 | 0.06 | 0.07 | 0.18 | 0.20 | 0.16 | 0.19 | 0.23 | 0.40 |
| Net Debt / EBITDA | 0.29 | 0.29 | 0.42 | 0.30 | 0.29 | 0.99 | 1.55 | 0.75 | 0.75 | 0.86 | 1.78 |
| Debt / FCF | — | 0.32 | 0.57 | 0.39 | 0.52 | 1.25 | 1.31 | 1.11 | 1.28 | 1.87 | 4.89 |
| Interest Coverage | 27.94 | 27.94 | 28.21 | 25.45 | 23.68 | 12.24 | 10.38 | 17.10 | 16.93 | 14.75 | 10.08 |
MTG Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio has improved from 9.43x to 10.73x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | 10.73 | 9.43 | 7.84 | 6.31 | — | — | 4.24 | 3.14 | 2.44 |
| Quick Ratio | — | — | 10.73 | 9.43 | 7.84 | 6.31 | — | — | 0.12 | 0.05 | 0.07 |
| Cash Ratio | — | — | 10.43 | 9.18 | 7.62 | 6.11 | — | — | 0.12 | 0.06 | 0.08 |
| Asset Turnover | — | 0.18 | 0.18 | 0.18 | 0.19 | 0.16 | 0.16 | 0.19 | 0.20 | 0.19 | 0.19 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
MTG Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
MGIC Investment Corporation returns 16.4% to shareholders annually — split between a 2.2% dividend yield and 14.2% buyback yield. The payout ratio of 17.9% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 12.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.2% | 2.0% | 2.1% | 2.2% | 2.7% | 1.9% | 1.8% | 0.8% | — | — | — |
| Payout Ratio | 17.9% | 17.9% | 17.1% | 17.2% | 12.8% | 14.8% | 18.4% | 6.2% | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 12.0% | 10.7% | 12.2% | 12.9% | 21.5% | 12.8% | 10.3% | 13.1% | 16.6% | 6.7% | 8.4% |
| FCF Yield | 15.3% | 12.9% | 11.6% | 12.8% | 16.0% | 13.7% | 16.2% | 11.4% | 13.1% | 7.0% | 4.8% |
| Buyback Yield | 14.2% | 12.0% | 9.1% | 6.1% | 9.5% | 5.7% | 2.7% | 2.4% | 4.0% | 0.1% | 3.3% |
| Total Shareholder Yield | 16.4% | 14.0% | 11.2% | 8.3% | 12.3% | 7.6% | 4.5% | 3.2% | 4.0% | 0.1% | 3.3% |
| Shares Outstanding | — | $226M | $264M | $287M | $311M | $351M | $359M | $374M | $386M | $395M | $432M |
Peer Comparison
Compare MTG with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MTGYou | $6B | 8.4 | 6.2 | 6.5 | 94.9% | 76.5% | 14.3% | 12.7% | 0.7 |
 RDN | $5B | 9.1 | 8.4 | — | 95.1% | 59.8% | 13.4% | 9.0% | 2.8 |
 ESNT | $6B | 8.8 | 7.2 | 6.9 | 93.6% | 67.5% | 13.6% | 11.3% | 0.6 |
 NMIH | $3B | 7.7 | 6.1 | 7.0 | 91.8% | 70.8% | 16.2% | 13.5% | 0.8 |
 ACT | $6B | 9.4 | 6.8 | 8.2 | 91.1% | 69.8% | 13.0% | 12.1% | 0.8 |
 PFSI | $5B | 9.4 | 18.1 | — | 91.4% | 34.6% | 12.3% | 4.4% | 15.3 |
 RNR | $13B | 5.3 | 3.4 | 3.5 | 40.7% | 31.5% | 14.6% | 16.0% | 0.6 |
 AGO | $4B | 11.9 | 9.3 | 81.4 | 100.7% | 60.0% | 6.6% | 5.1% | 2.9 |
 MBI | $298M | -1.7 | — | 7.8 | 15.0% | -226.3% | — | -16.9% | — |
 AXS | $7B | 8.0 | 6.2 | — | 49.9% | 18.7% | 16.2% | 14.8% | 1.2 |
 AFG | $11B | 13.1 | 9.5 | 7.8 | 46.3% | 13.1% | 18.1% | 16.3% | 1.6 |
| Financial Services Median | — | 13.3 | 11.4 | 10.6 | 62.9% | 21.4% | 9.5% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonMTG — Frequently Asked Questions
Quick answers to the most common questions about buying MTG stock.
What is MGIC Investment Corporation's P/E ratio?
MGIC Investment Corporation's current P/E ratio is 8.4x. The historical average is 10.7x. This places it at the 35th percentile of its historical range.
What is MGIC Investment Corporation's EV/EBITDA?
MGIC Investment Corporation's current EV/EBITDA is 6.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.4x.
What is MGIC Investment Corporation's ROE?
MGIC Investment Corporation's return on equity (ROE) is 14.3%. The historical average is 4.2%.
Is MTG stock overvalued?
Based on historical data, MGIC Investment Corporation is trading at a P/E of 8.4x. This is at the 35th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is MGIC Investment Corporation's dividend yield?
MGIC Investment Corporation's current dividend yield is 2.24% with a payout ratio of 17.9%.
What are MGIC Investment Corporation's profit margins?
MGIC Investment Corporation has 94.9% gross margin and 76.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does MGIC Investment Corporation have?
MGIC Investment Corporation's Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.