MGIC Investment CorporationMTG
NYSE•Financial Services•Insurance - Specialty
MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services in the United States, the District of Columbia, Puerto Rico, and Guam. The company offers primary 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 on the mortgage or sale of the underlying property. It also provides contract underwriting services, as well as reinsurance services. The company serves originators of residential mortgage loans, including savings institutions, commercial banks, mortgage brokers, credit unions, mortgage bankers, and other lenders. The company was founded in 1957 and is headquartered in Milwaukee, Wisconsin.
MGIC Investment Corporation (MTG) reported trailing twelve months revenue of $1.20B as of March 2026, a 1.2% decline year-over-year. Quarterly revenue reached $297.08M, reflecting a contraction in sales.
MGIC Investment Corporation generated $718.19M in TTM net income, with quarterly EBITDA of $206.83M. The operating margin contracted from 76.6% to 69.6%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (69.6%) and net margin (55.6%) indicates moderate non-operating costs. Net margin has narrowed from 60.6% a year ago, reflecting increased costs or interest expense.
MTG trades at a P/E of 7.9x (below the broader market average) and a P/S of 4.7x. The price-to-book ratio of 1.1x reflects a moderate premium to book value.
The company generated $76.72M in free cash flow over the trailing twelve months, a 65.7% decrease year-over-year, indicating cash generation ability. The balance sheet shows $6.42B in total assets with $646.51M in long-term debt against $5.04B in stockholders equity for a debt-to-equity ratio of 0.1, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~77.7% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~14.6% on average, adequate but below the threshold typically associated with wide moats.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has grown modestly overall (~2.1%) but trajectory is uneven, suggesting a competitive or cyclical business.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 7.3% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.0x on average — earnings are well-supported by cash generation.
D/E ratio is 0.1 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 18.5% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation