MBI Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About MBI Interactive Breakdown Better Bets vs. MBI Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    MBIA (MBI)

    Market Price (7/31/2026): $5.36 | Market Cap: $266.9 MilSector: Financials | Industry: Life & Health Insurance

    MBIA (MBI)

    Market Price (7/31/2026): $5.36
    Market Cap: $266.9 Mil
    Sector: Financials
    Industry: Life & Health Insurance

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 109%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 53%

    Attractive yield
    FCF Yield is 18%

    Low stock price volatility
    Vol 12M is 50%

    Megatrend and thematic drivers
    Megatrends include Financial Infrastructure & Stability. Themes include Public Finance Risk Management, and Credit Enhancement Solutions.

    Weak multi-year price returns
    2Y Excs Rtn is -16%, 3Y Excs Rtn is -21%

    Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 706%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -63%

    Key risks
    MBI key risks include [1] a significant capital deficit driven by a deeply negative book value and persistent unprofitability, Show more.

    0 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 109%
    1 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 53%
    2 Attractive yield
    FCF Yield is 18%
    3 Low stock price volatility
    Vol 12M is 50%
    4 Megatrend and thematic drivers
    Megatrends include Financial Infrastructure & Stability. Themes include Public Finance Risk Management, and Credit Enhancement Solutions.
    5 Weak multi-year price returns
    2Y Excs Rtn is -16%, 3Y Excs Rtn is -21%
    6 Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 706%
    7 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -63%
    8 Key risks
    MBI key risks include [1] a significant capital deficit driven by a deeply negative book value and persistent unprofitability, Show more.

    MBI in ETFs

    Weight = MBI's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.01%
    IWN0.02%
    VTWO0.01%
    SCHA0.01%
    IWV0.00%
    SCHB0.00%

    Valuation & Metrics

    FYE: 12/31MBI [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$90.0 Mil—
    FY 2026 Sales$21.9 Mil—
    FY 2027 Sales$18.8 Mil—
    FY 2026 Sales Growth-75.7%—
    FY 2027 Sales Growth-14.2%12.9%
    EARNINGS
    LTM Net Income (GAAP) [3]$-157.0 Mil—
    FY 2026 Net Income (Non-GAAP)$-20.5 Mil—
    FY 2027 Net Income (Non-GAAP)$-18.2 Mil—
    FY 2027 Net Income Growth—19.7%
    FY 2026 EPS (Non-GAAP)$-0.42—
    FY 2027 EPS (Non-GAAP)$-0.38—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S12.21.8
    FY 2027 P/S14.2—
    FY 2026 P/E—8.6
    FY 2027 P/E——

    [1] MBI forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 7/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    MBIS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)0.1
    Rev Chg Q71.4%8.9%
    Rev Chg LTM109.3%7.8%
    Rev Chg 3Y Avg54.6%5.9%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.0
    Net Inc LTM ($ Bil)-0.2
    CFO/Rev LTM53.3%21.6%
    Net Inc Mgn-174.4%12.9%
    VALUATIONMODERATE
    P/S3.03.4
    P/CFO5.615.8
    P/FCF5.620.4
    P/E-1.724.4

    AI Analysis | Feedback

    MetricValueDateSource
    National Public Finance Guarantee Corporation - Gross Par Outstanding23.2 billion9302025Link
    National Public Finance Guarantee Corporation - Statutory Capital994 million9302025Link
    National Public Finance Guarantee Corporation - Claims Paying Resources1.5 billion9302025Link
    National Public Finance Guarantee Corporation - Leverage Ratio (Gross Par to Statutory Capital)23:19302025Link
    MBIA Insurance Corporation - Gross Par Outstanding2.1 billion9302025Link
    MBIA Insurance Corporation - Statutory Capital79 million9302025Link
    MBIA Insurance Corporation - Claims Paying Resources326 million9302025Link
    MBIA Inc. - Common Shares Outstanding50.5 million10312025Link
    MBIA Inc. - Remaining Share Repurchase Authorization71 million10312025Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 7/24/2026

    MBIA (MBI) stock has lost about 10% since 3/31/2026 because of the following key factors:

    1. MBIA reported a wider adjusted net loss per share for fiscal Q1 2026 (ending March 31, 2026) than anticipated by analysts, which negatively impacted investor sentiment. The company announced an adjusted net loss of $0.16 per diluted share, missing consensus estimates of a $0.11 to $0.15 loss per share. This occurred despite the reported revenue of $24 million significantly exceeding analyst expectations of $5.80 million to $6 million.

    2. Persistent uncertainties surrounding the Puerto Rico Electric Power Authority (PREPA) litigation and significant holding company debt continue to weigh on MBIA's stock. As of fiscal Q1 2026, the company still faced unresolved PREPA litigation, and had substantial debt obligations, including $953 million in surplus notes with $1.7 billion in unpaid interest, and holding company debt maturing in fiscal years 2027 and 2028. These ongoing financial and legal complexities create a discount in the stock's valuation, despite improvements in National Public Finance Guarantee Corporation's statutory capital.

    Show more
    Updated on 7/24/2026

    MBIA (MBI) stock has lost about 10% since 3/31/2026 because of the following key factors:

    1. MBIA reported a wider adjusted net loss per share for fiscal Q1 2026 (ending March 31, 2026) than anticipated by analysts, which negatively impacted investor sentiment. The company announced an adjusted net loss of $0.16 per diluted share, missing consensus estimates of a $0.11 to $0.15 loss per share. This occurred despite the reported revenue of $24 million significantly exceeding analyst expectations of $5.80 million to $6 million.

    2. Persistent uncertainties surrounding the Puerto Rico Electric Power Authority (PREPA) litigation and significant holding company debt continue to weigh on MBIA's stock. As of fiscal Q1 2026, the company still faced unresolved PREPA litigation, and had substantial debt obligations, including $953 million in surplus notes with $1.7 billion in unpaid interest, and holding company debt maturing in fiscal years 2027 and 2028. These ongoing financial and legal complexities create a discount in the stock's valuation, despite improvements in National Public Finance Guarantee Corporation's statutory capital.

    3. The continued runoff of MBIA's insured portfolio, particularly National's gross par outstanding, highlights the company's ongoing wind-down strategy, which limits long-term growth prospects. National's insured gross par outstanding declined by approximately $900 million from year-end 2025 to $21.5 billion by March 31, 2026. While this indicates progress in its run-off strategy, the shrinking portfolio and the company's overall winding-up process do not present a compelling growth narrative for investors, contributing to a downward pressure on the stock.

    Show less
    Holding a concentrated position? Know your true downside before the momentum shifts.
    Protect Your Wealth →

    Stock Movement Drivers

    Fundamental Drivers

    The -9.1% change in MBI stock from 3/31/2026 to 7/30/2026 was primarily driven by a -18.9% change in the company's P/S Multiple.
    (LTM values as of)33120267302026Change
    Stock Price ($)5.915.37-9.1%
    Change Contribution By: 
    Total Revenues ($ Mil)809012.5%
    P/S Multiple3.73.0-18.9%
    Shares Outstanding (Mil)5050-0.4%
    Cumulative Contribution-9.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 7/30/2026
    ReturnCorrelation
    MBI-9.1% 
    Market (SPY)14.0%-6.8%
    Sector (XLF)15.5%28.6%

    Fundamental Drivers

    The -25.0% change in MBI stock from 12/31/2025 to 7/30/2026 was primarily driven by a -25.5% change in the company's P/S Multiple.
    (LTM values as of)123120257302026Change
    Stock Price ($)7.165.37-25.0%
    Change Contribution By: 
    Total Revenues ($ Mil)89901.1%
    P/S Multiple4.03.0-25.5%
    Shares Outstanding (Mil)5050-0.4%
    Cumulative Contribution-25.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    12/31/2025 to 7/30/2026
    ReturnCorrelation
    MBI-25.0% 
    Market (SPY)9.1%8.1%
    Sector (XLF)4.6%29.9%

    Fundamental Drivers

    The 23.7% change in MBI stock from 6/30/2025 to 7/30/2026 was primarily driven by a 109.3% change in the company's Total Revenues ($ Mil).
    (LTM values as of)63020257302026Change
    Stock Price ($)4.345.3723.7%
    Change Contribution By: 
    Total Revenues ($ Mil)4390109.3%
    P/S Multiple4.93.0-39.1%
    Shares Outstanding (Mil)4850-2.9%
    Cumulative Contribution23.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2025 to 7/30/2026
    ReturnCorrelation
    MBI23.7% 
    Market (SPY)21.1%5.9%
    Sector (XLF)10.1%23.2%

    Fundamental Drivers

    The 42.5% change in MBI stock from 6/30/2023 to 7/30/2026 was primarily driven by a 83.1% change in the company's P/S Multiple.
    (LTM values as of)63020237302026Change
    Stock Price ($)3.775.3742.5%
    Change Contribution By: 
    Total Revenues ($ Mil)11690-22.4%
    P/S Multiple1.63.083.1%
    Shares Outstanding (Mil)50500.3%
    Cumulative Contribution42.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2023 to 7/30/2026
    ReturnCorrelation
    MBI42.5% 
    Market (SPY)73.2%18.4%
    Sector (XLF)76.7%23.8%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    MBI Return140%-19%9%6%11%-25%88%
    Peers Return42%-7%15%7%22%11%120%
    S&P 500 Return27%-19%24%23%16%7%95%

    Monthly Win Rates [3]
    MBI Win Rate67%58%58%33%33%43% 
    Peers Win Rate62%44%50%60%56%54% 
    S&P 500 Win Rate75%42%67%75%67%43% 

    Max Drawdowns [4]
    MBI Max Drawdown-30%-45%-56%-52%-47%-29% 
    Peers Max Drawdown-19%-38%-29%-22%-26%-20% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: AGO, BLK, IVZ, BEN.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 7/30/2026 (YTD)

    How Low Can It Go

    EventMBIS&P 500
    2025 US Tariff Shock
      % Loss-45.9%-18.8%
      % Gain to Breakeven84.7%23.1%
      Time to Breakeven132 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-30.3%-7.8%
      % Gain to Breakeven43.4%8.5%
      Time to Breakeven93 days18 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-29.9%-9.5%
      % Gain to Breakeven42.6%10.5%
      Time to Breakeven46 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-43.7%-6.7%
      % Gain to Breakeven77.6%7.1%
      Time to Breakeven214 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-37.9%-24.5%
      % Gain to Breakeven61.0%32.4%
      Time to Breakeven452 days427 days
    2020 COVID-19 Crash
      % Loss-37.5%-33.7%
      % Gain to Breakeven60.1%50.9%
      Time to Breakeven355 days140 days

    Compare to AGO, BLK, IVZ, BEN

    In The Past

    MBIA's stock fell -45.9% during the 2025 US Tariff Shock. Such a loss loss requires a 84.7% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventMBIS&P 500
    2025 US Tariff Shock
      % Loss-45.9%-18.8%
      % Gain to Breakeven84.7%23.1%
      Time to Breakeven132 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-30.3%-7.8%
      % Gain to Breakeven43.4%8.5%
      Time to Breakeven93 days18 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-29.9%-9.5%
      % Gain to Breakeven42.6%10.5%
      Time to Breakeven46 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-43.7%-6.7%
      % Gain to Breakeven77.6%7.1%
      Time to Breakeven214 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-37.9%-24.5%
      % Gain to Breakeven61.0%32.4%
      Time to Breakeven452 days427 days
    2020 COVID-19 Crash
      % Loss-37.5%-33.7%
      % Gain to Breakeven60.1%50.9%
      Time to Breakeven355 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-27.2%-19.2%
      % Gain to Breakeven37.4%23.8%
      Time to Breakeven917 days105 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-20.9%-12.2%
      % Gain to Breakeven26.4%13.9%
      Time to Breakeven77 days62 days
    2014-2016 Oil Price Collapse
      % Loss-48.1%-6.8%
      % Gain to Breakeven92.8%7.3%
      Time to Breakeven353 days15 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-38.7%-17.9%
      % Gain to Breakeven63.2%21.8%
      Time to Breakeven101 days123 days
    2010 Eurozone Sovereign Debt Crisis / Flash Crash
      % Loss-47.8%-15.4%
      % Gain to Breakeven91.5%18.2%
      Time to Breakeven74 days125 days

    Compare to AGO, BLK, IVZ, BEN

    In The Past

    MBIA's stock fell -45.9% during the 2025 US Tariff Shock. Such a loss loss requires a 84.7% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About MBIA (MBI)

    MBIA Inc. (MBI) is a financial guarantee insurance company primarily serving the public finance markets. Its core business involves issuing insurance policies, known as financial guarantees, on various types of bonds and financial obligations. This service essentially means MBIA provides a guarantee that bondholders will receive their principal and interest payments even if the original issuer defaults, thereby enhancing the credit quality and marketability of the underlying debt for investors.

    The company operates through two main segments. In its U.S. Public Finance Insurance segment, MBIA insures municipal bonds issued by a wide range of U.S. entities. These include state and local governments, their political subdivisions, and territories, as well as institutions such as utilities, airports, healthcare facilities, higher educational institutions, and student loan issuers. By guaranteeing these bonds, MBIA helps these public and quasi-public entities raise capital at more favorable rates.

    Beyond the U.S., MBIA's International and Structured Finance Insurance segment extends its guarantees to non-U.S. public finance and global structured finance obligations. This includes asset-backed securities, sovereign-related and sub-sovereign bonds, and privately issued bonds that finance significant infrastructure projects globally, such as toll roads, bridges, and airports. Additionally, MBIA offers third-party reinsurance services, providing a layer of security for other insurers against potential losses.

    AI Analysis | Feedback

    Here are 1-2 brief analogies to describe MBIA:

    • They're like AIG, but they specialize in insuring municipal bonds and large public infrastructure debt.
    • Think of them as a specialized Chubb, focusing exclusively on guaranteeing payments for government bonds and asset-backed securities.

    AI Analysis | Feedback

    • U.S. Public Finance Insurance: MBIA provides financial guarantee insurance for municipal bonds and various other public obligations within the United States.
    • International and Structured Finance Insurance: The company offers financial guarantee insurance for non-U.S. public finance, global structured finance, and bonds financing infrastructure projects worldwide.
    • Third-Party Reinsurance: MBIA provides reinsurance services to other insurance companies, assuming a portion of their risks.

    AI Analysis | Feedback

    ```html

    MBIA (MBI) sells its financial guarantee insurance services primarily to other companies and governmental entities, not individuals. Its customer base is diverse and encompasses a broad range of issuers in the public finance and structured finance markets. Due to the nature of its business providing guarantees for bonds issued by numerous entities, MBIA does not typically have a few identifiable "major customer companies" that would be listed by name and stock symbol. Instead, its customers fall into the following categories:

    Customer Categories for MBIA (MBI):

    1. U.S. Public Finance Entities: This extensive category includes governmental and quasi-governmental bodies across the United States. Customers here are entities issuing municipal bonds, such as U.S. political subdivisions and territories (e.g., states, cities, counties), as well as utilities, airports, health care institutions, higher educational facilities, student loan issuers, and housing authorities. MBIA guarantees their bond issuances to help them achieve lower borrowing costs.

    2. International Public Finance and Global Structured Finance Issuers: This segment includes sovereign-related and sub-sovereign entities globally, as well as private entities. These customers seek financial guarantees for various obligations, including asset-backed obligations and bonds used for financing large infrastructure projects such as toll roads, bridges, airports, and public transportation facilities in non-U.S. markets.

    3. Other Financial and Insurance Companies: MBIA also provides third-party reinsurance services. In this capacity, other insurance companies become MBIA's customers, purchasing reinsurance to transfer risk and manage their own portfolios.

    ```

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    William C. Fallon, Chief Executive Officer

    William C. Fallon was elected as a Director of MBIA Inc. in May 2017 and appointed as Chief Executive Officer on September 15, 2017. He also serves as President and Chief Executive Officer of National Public Finance Guarantee Corporation. Prior to his CEO appointment, Mr. Fallon served as President, Chief Operating Officer, and Vice President of MBIA Inc. and headed the Global Structured Finance Division. Before joining MBIA in 2005, he was a partner at McKinsey & Company, where he co-led the firm's Corporate Finance and Strategy Practice and specialized in consulting with financial institutions. Earlier in his career, he was a Senior Analyst at General Motors Corp.

    Joseph R. Schachinger, Executive Vice President & Chief Financial Officer

    Joseph R. Schachinger was named Executive Vice President and Chief Financial Officer of MBIA Inc. on April 30, 2024. He was also appointed Chairman and Chief Financial Officer of MBIA Insurance Corp. on the same date. Before these appointments, Mr. Schachinger served as the Company's Controller since May 2017, and prior to that, as Deputy Controller since 2009. Mr. Schachinger joined MBIA in 2000 as a Vice President in the Controller's Group.

    Daniel M. Avitabile, Assistant Vice President; President and Chief Risk Officer of MBIA Corp.

    Daniel M. Avitabile is an Assistant Vice President of MBIA Inc. and President and Chief Risk Officer of MBIA Corp. Before becoming Chief Risk Officer in 2016, he managed MBIA Corp.'s Special Situations Group. Mr. Avitabile joined MBIA in 2000 and has held various positions in insured portfolio management, remediation, corporate strategy, and structured finance new business. His prior experience includes roles at The Chase Manhattan Bank and State Street Bank.

    Adam T. Bergonzi, Assistant Vice President; Chief Risk Officer of National

    Adam T. Bergonzi serves as an Assistant Vice President of MBIA Inc. and Chief Risk Officer of National Public Finance Guarantee Corporation, overseeing its risk and insured portfolio management activities. From 2008 to 2010, Mr. Bergonzi co-founded Municipal and Infrastructure Assurance Corporation (MIAC) and served as its Chief Risk Officer before rejoining MBIA. He previously worked at MBIA Insurance Corp. from 1994 to 2006 in various capacities within insured portfolio management, new business, finance, and corporate strategy. He was also a senior credit officer at XLCA from 2006 to early 2008.

    Christopher H. Young, Assistant Vice President; Chief Financial Officer of National

    Christopher H. Young is an Assistant Vice President of MBIA Inc. and Chief Financial Officer of National Public Finance Guarantee Corporation. Prior to his appointment as National's Chief Financial Officer in March 2009, he worked at MBIA Insurance Corporation from 2001 to 2009 in various structured finance and corporate strategy roles.

    AI Analysis | Feedback

    The key risks to MBIA Inc. (MBI) largely stem from its legacy business and the nature of financial guarantee insurance:

    1. Legacy Exposures and Negative Book Value: MBIA is primarily in a "runoff" mode, managing its existing portfolio of financial guarantee insurance rather than underwriting new policies. This legacy book of business, particularly within the MBIA Insurance Corporation unit, continues to significantly impact the company's financial health, contributing to a deeply negative book value. The MBIA Insurance Corporation has faced challenges in maintaining its minimum policyholders' surplus and has been non-compliant with certain single risk limits, which could restrict its ability to write new financial guarantee business. The company's strategic focus is on maximizing the value from its legacy MBIA Insurance Corporation and its "clean" National Public Finance Guarantee Corporation.
    2. Puerto Rico Electric Power Authority (PREPA) Exposure: The company's exposure to the Puerto Rico Electric Power Authority (PREPA) is identified as a central and unresolved risk. Significant losses and loss adjustment expenses (LAE) for MBIA's National Public Finance Guarantee Corporation in both 2024 and 2025 were primarily tied to its PREPA exposure. While some positive developments occurred in 2025 through the sale of custodial receipts related to PREPA bankruptcy claims, this exposure remains a critical factor affecting MBIA's financial performance.
    3. Credit Losses and Adequacy of Loss Reserve Estimates: As a financial guarantee insurer, MBIA faces the inherent risk of increased credit losses or impairments on the public finance obligations it insures, especially from state, local, and territorial governments experiencing fiscal stress. A related and significant risk is the possibility that its loss reserve estimates may prove inadequate to cover potential future claims, which could materially impact its financial results.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    MBIA Inc. (MBI) operates in the financial guarantee insurance sector, primarily serving public finance markets with municipal bond insurance and global structured finance insurance.

    Addressable Markets for MBIA's Main Products or Services:

    • Global Financial Guarantee Market: This overarching market, encompassing services like those offered by MBIA, was valued at approximately $39.92 billion in 2023. It is projected to grow to nearly $74.87 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 9.4% from 2024 to 2030. Another estimate valued the global financial guarantee market at $39.1 billion in 2024, with a projection to reach $87.9 billion by 2033, growing at a CAGR of 9.42% from 2026 to 2033.
    • U.S. Municipal Bond Insurance Market: The market for municipal bond insurance in the U.S. saw significant activity, with municipal debt backed by insurance climbing by 12.4% in the first half of 2025 compared to the same period in the previous year. The two leading bond insurers collectively guaranteed $22.1 billion in issuance during the first half of 2025. In 2023, municipal bond insurance grew by 10.4%, with the top two municipal bond insurers covering $31.845 billion. The insured share of total municipal issuance in the U.S. reached approximately 7.9% in the first half of 2025. The total outstanding U.S. municipal bond market was about $4.4 trillion as of the third quarter of 2025.

    AI Analysis | Feedback

    ```html

    MBIA Inc. (MBI) is positioned for future revenue generation and growth primarily through the following drivers:

    1. Increased Bond Insurance Penetration in Public Finance: MBIA is strategically positioned to capitalize on an expected increase in bond insurance penetration within the public finance market. This trend is anticipated to bolster the company's market presence, potentially leading to new policy issuance and, consequently, higher premium revenue for its U.S. Public Finance Insurance segment.
    2. Optimized Net Investment Income from Capital Redeployment: As MBIA resolves legacy exposures, such as those related to PREPA, and its existing insurance portfolios run off, freed-up capital can be strategically managed and redeployed into investments. Prudent investment decisions are expected to maximize net investment income, a crucial component of the company's overall revenue.
    3. Revenue from Strategic Asset Sales: The company is actively exploring strategic alternatives, including potential asset sales, to maximize shareholder value. Such sales, if executed with "premium valuations," could directly contribute to revenue and enhance the company's financial performance.
    ```

    AI Analysis | Feedback

    Share Repurchases

    • MBIA Inc.'s Board of Directors approved a new share repurchase program on May 3, 2023, authorizing the company and/or National to purchase up to $100 million of its shares.
    • As of February 19, 2026, there was $71 million of remaining capacity under the company's share repurchase authorization.
    • MBIA Inc. did not repurchase any additional shares during 2025, and there were no purchases of MBIA shares during the fourth quarter of 2025.

    Share Issuance

    • On December 7, 2023, the company's Board of Directors declared an extraordinary cash dividend of $8.00 per share on MBIA's common stock.
    • MBIA Inc. did not pay cash dividends on its common stock during 2025 or 2024.
    • The company plans to continue seeking approval for additional special dividends from National to MBIA Inc. in future years, though the timing and amount are subject to regulatory approval.

    Latest Trefis Analyses

    Title
    0ARTICLES

    Recent Active Movers

    Top Gainers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    HURNHuron Consulting2.850.0%-5.3%
    MKTXMarketAxess5.742.4%-9.3%
    SAFTSafety Insurance1.541.5%35.8%
    EFOREverforth1.140.4%45.3%
    RNGRingCentral4.538.5%85.8%
    CBZCBIZ3.437.3%9.5%
    BHCBausch Health Companies2.235.5%-13.2%
    RJETRepublic Airways1.033.2%18.5%
    VRRMVerra Mobility0.831.8%-77.1%
    PCORProcore Technologies8.130.9%-26.1%

    Top Losers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    CAPRCapricor Therapeutics0.2-78.9%-85.5%
    MPLTMapLight Therapeutics0.6-60.2%-20.1%
    REPLReplimune0.5-48.3%-44.3%
    CCBCoastal Financial0.6-44.1%-65.2%
    BANDBandwidth1.2-33.9%151.3%
    EVHEvolent Health0.4-31.5%-20.5%
    AIAIAIAI0.4-30.7%-66.7%
    SHAZSharonAI0.7-30.5%-47.3%
    CHRWC.H. Robinson Worldwide17.6-28.5%-8.0%
    MXLMaxLinear5.9-26.7%283.9%

    Top Gainers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    TRAXFirst Tracks Biotherapeutics1.7137.5%156.9%
    CRNXCrinetics Pharmaceuticals8.7123.5%79.7%
    UTZUtz Brands1.283.2%38.3%
    HURNHuron Consulting2.881.6%-5.3%
    CBZCBIZ3.472.2%9.5%
    ALITAlight9.663.1%-53.2%
    PBFPBF Energy8.660.6%173.5%
    EFOREverforth1.154.3%45.3%
    MANManpowerGroup2.453.6%78.6%
    PARRPar Pacific4.253.2%144.5%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    CAPRCapricor Therapeutics0.2-82.6%-85.5%
    WLFCWillis Lease Finance0.5-68.3%-46.5%
    AIAIAIAI0.4-63.9%-66.7%
    MPLTMapLight Therapeutics0.6-60.9%-20.1%
    TET1 Energy1.2-55.0%-36.1%
    FACFactorial Energy0.6-52.1%25.9%
    REPLReplimune0.5-51.1%-44.3%
    WOLFWolfspeed0.9-50.7%36.6%
    OPTUOptimum Communications0.3-49.0%-55.2%
    BRUNBoost Run1.0-48.9%-5.3%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    MBIAGOBLKIVZBENMedian
    NameMBIA Assured .BlackRockInvesco Franklin. 
    Mkt Price5.3784.151,098.3729.4233.1733.17
    Mkt Cap0.33.8170.613.317.213.3
    Rev LTM9094725,6386,5929,0306,592
    Op Inc LTM--8,384-6401,2791,279
    FCF LTM483623,6721,747934934
    FCF 3Y Avg-1102153,8211,342912912
    CFO LTM483624,0751,822979979
    CFO 3Y Avg-1102154,1541,4431,0581,058

    Growth & Margins

    MBIAGOBLKIVZBENMedian
    NameMBIA Assured .BlackRockInvesco Franklin. 
    Rev Chg LTM109.3%2.6%22.3%7.7%3.8%7.7%
    Rev Chg 3Y Avg54.6%17.5%14.0%4.2%4.7%14.0%
    Rev Chg Q71.4%-20.9%27.0%14.1%8.7%14.1%
    QoQ Delta Rev Chg LTM12.5%-6.7%5.9%3.4%2.1%3.4%
    Op Inc Chg LTM--9.8%-171.4%14.6%9.8%
    Op Inc Chg 3Y Avg--10.9%-0.1%-5.0%-0.1%
    Op Mgn LTM--32.7%-9.7%14.2%14.2%
    Op Mgn 3Y Avg--35.0%-0.8%14.5%14.5%
    QoQ Delta Op Mgn LTM--0.0%1.2%1.3%1.2%
    CFO/Rev LTM53.3%38.2%15.9%27.6%10.8%27.6%
    CFO/Rev 3Y Avg-478.7%22.8%19.6%23.3%12.4%19.6%
    FCF/Rev LTM53.3%38.2%14.3%26.5%10.3%26.5%
    FCF/Rev 3Y Avg-478.7%22.8%18.0%21.6%10.7%18.0%

    Valuation

    MBIAGOBLKIVZBENMedian
    NameMBIA Assured .BlackRockInvesco Franklin. 
    Mkt Cap0.33.8170.613.317.213.3
    P/S3.04.06.72.01.93.0
    P/Op Inc--20.3-20.713.413.4
    P/EBIT7.96.418.4-40.212.17.9
    P/E-1.79.127.3-54.523.49.1
    P/CFO5.610.441.97.317.510.4
    Total Yield-58.7%12.8%5.7%1.0%8.3%5.7%
    Dividend Yield0.0%1.8%2.0%2.9%4.0%2.0%
    FCF Yield 3Y Avg-49.6%5.5%2.7%15.8%6.9%5.5%
    D/E12.60.50.10.70.90.7
    Net D/E7.1-0.10.00.60.70.6

    Returns

    MBIAGOBLKIVZBENMedian
    NameMBIA Assured .BlackRockInvesco Franklin. 
    1M Rtn-17.6%5.0%14.2%11.5%-0.3%5.0%
    3M Rtn-8.0%3.3%3.7%13.1%11.8%3.7%
    6M Rtn-19.5%-0.3%-1.5%7.8%31.3%-0.3%
    12M Rtn6.1%2.3%0.6%41.8%43.7%6.1%
    3Y Rtn40.8%47.9%59.3%100.7%33.3%47.9%
    1M Excs Rtn-16.8%5.8%15.1%12.3%0.5%5.8%
    3M Excs Rtn-12.6%-0.7%2.0%11.4%9.5%2.0%
    6M Excs Rtn-22.9%-5.0%-7.6%1.9%25.9%-5.0%
    12M Excs Rtn-7.4%-14.9%-16.8%23.5%25.4%-7.4%
    3Y Excs Rtn-21.3%-15.2%-5.1%40.1%-29.7%-15.2%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
    Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
    Filing Date5/7/20262/26/202611/4/20258/6/20255/8/20252/27/202511/7/20248/6/20245/9/20242/28/202411/2/20238/2/2023
    Key Financials Quarterly            
    Total Revenue24281523143729-3713-31828
    Net Income-42-51-8-56-62-51-56-255-86-138-185-75
    EPS-0.80-1.01-0.17-1.12-1.28-1.06-1.18-5.34-1.84-2.93-3.94-1.46
    Key Financials TTM            
    Total Revenue TTM9080891034342-26-4718799108
    Net Income TTM-157-177-177-225-424-448-535-664-484-484-406-255
    Growth Rates Quarterly            
    Total Revenue Growth71.4%-24.3%-48.3%162.2%7.7%219.4%262.5%-232.1%550.0%-150.8%-52.9%-22.2%
    Net Income Growth32.3%0.0%85.7%78.0%27.9%63.0%69.7%-240.0%0.0%-130.0%-444.1%-108.3%
    Margins Quarterly            
    Net Income Margin-175.0%-182.1%-53.3%-243.5%-442.9%-137.8%-193.1%--661.5%--2312.5%-267.9%
    Cash & Debt            
    Total Cash1,4951,5221,5741,4841,4801,5041,5391,6171,6191,6982,0732,314
    Total Debt3,3823,3473,3483,3003,2603,2243,1833,1323,1333,1633,1223,185
    Net Debt / (Cash)1,8871,8251,7741,8161,7801,7201,6441,5151,5141,4651,049871
    Cash Flows Quarterly            
    FCF from Operations-33-10901-433-139-10-30-2-115-42
    Cash Flows TTM            
    FCF from Operations TTM483851-178-189-176-181-157-189-195-751-728
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases1-0-0-07-0-0223724
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-8.7%-12.3%-1.6%-12.3%-13.9%-11.6%-12.4%-66.8%-23.0%-37.7%-70.5%-35.8%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-8.5%-9.9%-9.9%-12.1%-23.4%-25.6%-32.2%-43.8%-32.2%-33.0%-33.4%-23.0%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    United States (U.S.) Public Finance Insurance8399863583
    Corporate69965116769
    International and Structured Finance Insurance7-67-43467
    Eliminations-79-86-87-94 
    Net gains (losses) on extinguishment of debt   -4 
    Total80427150159


    Operating Income by Segment
    $ Mil20152014201320122011
    U.S. Public FinanceInsurance291337251569575
    International and Structured Finance Insurance16    
    Eliminations-46686623
    Corporate-14-55-1002824
    Advisory Services -25-17-53
    Conduit -6   
    Structured Finance and Internationa Insurancel 3843001,296-2,455
    Wind-down Operations  -86-356-409
    Total2896414161,598-2,239


    Net Income by Segment
    $ Mil20252024202320222021
    United States (U.S.) Public Finance Insurance73-138-131-160-179
    Eliminations00-1 -1
    Corporate-60-37-1023317
    International and Structured Finance Insurance-194-266-250-21-282
    Total-181-441-484-148-445


    Assets by Segment
    $ Mil20252024202320222021
    United States (U.S.) Public Finance Insurance1,4751,5491,7422,4913,313
    International and Structured Finance Insurance6688349741,1322,800
    Corporate653707755645873
    Assets held for sale8117380 
    Eliminations-791-933-938-973-2,290
    Total2,0132,1682,6063,3754,696


    Price Behavior

    Price Behavior
    Market Price$5.37 
    Market Cap ($ Bil)0.3 
    First Trading Date07/02/1987 
    Distance from 52W High-33.9% 
       50 Days200 Days
    DMA Price$6.11$6.49
    DMA Trenddownup
    Distance from DMA-12.2%-17.2%
     3M1YR
    Volatility47.9%49.9%
    Downside Capture-59.635.15
    Upside Capture-88.4311.05
    Correlation (SPY)-18.6%5.5%
    MBI Betas & Captures as of 6/30/2026

     1M2M3M6M1Y3Y
    Beta-1.18-0.99-0.200.240.220.86
    Up Beta1.190.350.950.890.560.64
    Down Beta-2.14-1.66-2.350.180.240.94
    Up Capture-85%-50%13%-5%27%83%
    Bmk +ve Days11244067140429
    Stock +ve Days10203260124368
    Down Capture-217%-193%-67%15%-23%97%
    Bmk -ve Days10172358112321
    Stock -ve Days11203063122367

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with MBI
    MBI9.4%49.8%0.34-
    Sector ETF (XLF)9.3%14.8%0.3922.7%
    Equity (SPY)17.8%12.9%1.015.3%
    Gold (GLD)23.3%28.1%0.736.9%
    Commodities (DBC)29.4%19.7%1.19-8.8%
    Real Estate (VNQ)12.7%13.9%0.6222.5%
    Bitcoin (BTCUSD)-46.2%42.9%-1.326.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with MBI
    MBI1.1%65.5%0.25-
    Sector ETF (XLF)11.4%18.4%0.4832.5%
    Equity (SPY)12.7%17.1%0.5727.6%
    Gold (GLD)17.4%18.4%0.76-0.5%
    Commodities (DBC)9.0%19.5%0.356.1%
    Real Estate (VNQ)2.8%18.9%0.0527.3%
    Bitcoin (BTCUSD)14.5%53.3%0.4513.0%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with MBI
    MBI4.7%57.7%0.30-
    Sector ETF (XLF)13.5%22.0%0.5640.2%
    Equity (SPY)14.9%17.9%0.7134.3%
    Gold (GLD)11.6%16.1%0.59-1.3%
    Commodities (DBC)7.2%18.0%0.3210.9%
    Real Estate (VNQ)5.0%20.7%0.2033.0%
    Bitcoin (BTCUSD)57.8%66.2%0.9810.0%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date7152026
    Short Interest: Shares Quantity2.5 Mil
    Short Interest: % Change Since 63020263.9%
    Average Daily Volume0.3 Mil
    Days-to-Cover Short Interest8.5 days
    Basic Shares Quantity49.8 Mil
    Short % of Basic Shares4.9%

    Returns Analyses

    Earnings Returns History

    Updated 6/10/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/7/2026-10.6%-5.6%-7.5%
    2/26/20263.3%6.0%-12.1%
    11/2/2023-8.8%-2.9%2.5%
    8/2/2023-3.4%-2.5%-10.0%
    5/9/2023-17.2%-16.5%-9.3%
    2/28/2023-11.2%-13.5%-35.5%
    11/2/202215.3%17.2%25.0%
    8/3/2022-15.2%0.2%-5.8%
    ...
    SUMMARY STATS   
    # Positive258
    # Negative14118
    Median Positive9.3%6.0%8.1%
    Median Negative-7.4%-6.7%-9.7%
    Max Positive15.3%31.1%25.0%
    Max Negative-19.0%-16.5%-35.5%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/7/2026-10.6%-5.6%-7.5%
    2/26/20263.3%6.0%-12.1%
    11/2/2023-8.8%-2.9%2.5%
    8/2/2023-3.4%-2.5%-10.0%
    5/9/2023-17.2%-16.5%-9.3%
    2/28/2023-11.2%-13.5%-35.5%
    11/2/202215.3%17.2%25.0%
    8/3/2022-15.2%0.2%-5.8%
    5/9/2022-3.6%-1.8%17.6%
    2/28/2022-19.0%-8.9%6.0%
    11/3/2021-3.2%-13.4%-28.0%
    8/5/2021-0.8%1.3%-8.0%
    5/10/2021-11.7%-7.2%4.0%
    3/1/2021-5.9%31.1%24.9%
    11/9/2020-4.1%-6.7%10.3%
    8/5/2020-2.2%-2.1%0.5%
    SUMMARY STATS   
    # Positive258
    # Negative14118
    Median Positive9.3%6.0%8.1%
    Median Negative-7.4%-6.7%-9.7%
    Max Positive15.3%31.1%25.0%
    Max Negative-19.0%-16.5%-35.5%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    03/31/202605/07/202610-Q
    12/31/202502/26/202610-K
    09/30/202511/04/202510-Q
    06/30/202508/06/202510-Q
    03/31/202505/08/202510-Q
    12/31/202402/27/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/09/202410-Q
    12/31/202302/28/202410-K
    09/30/202311/02/202310-Q
    06/30/202308/02/202310-Q
    03/31/202305/09/202310-Q
    12/31/202202/28/202310-K
    09/30/202211/02/202210-Q
    06/30/202208/03/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    03/31/202605/07/202610-Q
    12/31/202502/26/202610-K
    09/30/202511/04/202510-Q
    06/30/202508/06/202510-Q
    03/31/202505/08/202510-Q
    12/31/202402/27/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/09/202410-Q
    12/31/202302/28/202410-K
    09/30/202311/02/202310-Q
    06/30/202308/02/202310-Q
    03/31/202305/09/202310-Q
    12/31/202202/28/202310-K
    09/30/202211/02/202210-Q
    06/30/202208/03/202210-Q
    03/31/202205/09/202210-Q
    12/31/202102/28/202210-K
    09/30/202111/03/202110-Q
    06/30/202108/04/202110-Q
    03/31/202105/10/202110-Q
    12/31/202003/01/202110-K
    09/30/202011/09/202010-Q
    06/30/202008/05/202010-Q
    03/31/202005/11/202010-Q
    12/31/201902/27/202010-K
    09/30/201911/05/201910-Q
    06/30/201908/06/201910-Q

    Insider Activity

    Updated 5/13/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Shasta, Theodore DirectSell82820257.906,38250,418396,153Form
    2Dewbrey, Diane L DirectSell82520257.154,97535,571750,872Form
    3Shasta, Theodore DirectSell82020256.718,36156,102379,303Form
    4Shasta, Theodore DirectSell81420256.1520,000123,000399,067Form
    5Vaughan, Richard C DirectSell81220256.0725,086152,272527,325Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Shasta, Theodore DirectSell82820257.906,38250,418396,153Form
    2Dewbrey, Diane L DirectSell82520257.154,97535,571750,872Form
    3Shasta, Theodore DirectSell82020256.718,36156,102379,303Form
    4Shasta, Theodore DirectSell81420256.1520,000123,000399,067Form
    5Vaughan, Richard C DirectSell81220256.0725,086152,272527,325Form

    Investor Activity (13F)

    Updated Jul 31, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Valueworks LLC$11.4 Mil3.1%35TRIM -6.3%13F
    Kahn Brothers Group Inc$12.2 Mil2.2%48ADD +99.9%13F
    Wolf Hill Capital Management, LP$15.0 Mil2.1%20Hold13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Kahn Brothers Group Inc$12.2 Mil2.2%48ADD +99.9%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Valueworks LLC$11.4 Mil3.1%35TRIM -6.3%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Wolf Hill Capital Management, LP$15.0 Mil2.1%20Hold13F
    Kahn Brothers Group Inc$12.2 Mil2.2%48ADD +99.9%13F
    Valueworks LLC$11.4 Mil3.1%35TRIM -6.3%13F

    Industry Resources

    External Quote Links


    Prefer one of these to Trefis? Tell us why.
    Core Cache Last Updated: 7/30/2026