Tearsheet

MGIC Investment (MTG)

Market Price (4/16/2026): $27.215 | Market Cap: $6.0 Bil
Sector: Financials | Industry: Reinsurance

MGIC Investment (MTG)

Market Price (4/16/2026): $27.215
Market Cap: $6.0 Bil
Sector: Financials
Industry: Reinsurance

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

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 2.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 10%, FCF Yield is 14%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -91%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 70%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 70%

Stock buyback support
Stock Buyback 3Y Total is 1.7 Bil

Low stock price volatility
Vol 12M is 23%

Megatrend and thematic drivers
Megatrends include Future of Housing & Real Estate. Themes include Affordable Homeownership, and Real Estate Risk Management.

Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -0.9%

Key risks
MTG key risks include [1] housing market downturns driving higher claim payouts, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 2.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 10%, FCF Yield is 14%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -91%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 70%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 70%
3	Stock buyback support Stock Buyback 3Y Total is 1.7 Bil
4	Low stock price volatility Vol 12M is 23%
5	Megatrend and thematic drivers Megatrends include Future of Housing & Real Estate. Themes include Affordable Homeownership, and Real Estate Risk Management.
6	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -0.9%
7	Key risks MTG key risks include [1] housing market downturns driving higher claim payouts, Show more.

Valuation, Metrics & Events

	4/16/26	2025	2024	2023	2022
Share Price CYE	$27.21	$29.22	$23.71	$19.29	$13.00
Market Cap CYE ($ Bil)	6.0	6.5	6.0	5.3	3.8
Total Debt ($ Bil)	0.6	0.6	0.6	0.6	0.7
Total Cash ($ Bil)	6.2	6.2	6.1	6.1	5.7
Enterprise Value ($ Bil)	0.5	7.1	6.6	5.9	4.5
Valuation Ratios
P/S TTM	5.0	5.4	5.0	4.6	3.3
P/EBIT TTM	6.3	6.7	6.0	5.7	3.4
P/E TTM	8.2	8.8	7.8	7.5	4.4
P/FCF TTM	7.1	7.6	8.3	7.5	6.0
Sector Ratios
P/S TTM (Sector)	3.2	3.1	3.1	2.7	2.7
P/EBIT TTM (Sector)	6.7	6.7	8.0	7.2	6.7
P/E TTM (Sector)	11.6	11.0	11.4	9.8	9.2
P/FCF TTM (Sector)	8.7	8.6	8.9	7.7	6.4

	4/16/26	2025	2024
Share Price CYE	$27.21	$29.22	$23.71
Market Cap CYE ($ Bil)	6.0	6.5	6.0
Total Debt ($ Bil)	0.6	0.6	0.6
Total Cash ($ Bil)	6.2	6.2	6.1
Enterprise Value ($ Bil)	0.5	7.1	6.6
Valuation Ratios
P/S TTM	5.0	5.4	5.0
P/EBIT TTM	6.3	6.7	6.0
P/E TTM	8.2	8.8	7.8
P/FCF TTM	7.1	7.6	8.3
Sector Ratios
P/S TTM (Sector)	3.2	3.1	3.1
P/EBIT TTM (Sector)	6.7	6.7	8.0
P/E TTM (Sector)	11.6	11.0	11.4
P/FCF TTM (Sector)	8.7	8.6	8.9

	MTG	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	1.2
Rev Chg Q	-0.9%	7.5%
Rev Chg LTM	0.5%	6.8%
Rev Chg 3Y Avg	1.2%	5.7%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	0.9
Net Inc LTM ($ Bil)	0.7
CFO/Rev LTM	70.3%	20.6%
Net Inc Mgn	60.8%	12.8%
VALUATION	LOW
P/S	5.0	3.3
P/CFO	7.1	15.5
P/FCF	7.1	20.1
P/E	8.2	24.3

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Metric	Value	Date	Source
New insurance written	$16.5 billion	9302025	Link
Insurance in force	$300.8 billion	9302025	Link
Annual persistency	85.0%	9302025	Link
Primary delinquency inventory	25747	9302025	Link
Number of mortgages covered	1.1 million	9302025	Link

Upcoming
4/29/2026	Earnings Release	Rev: $303 Mil (E) EPS: $0.73 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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MGIC Investment (MTG) stock has lost about 5% since 12/31/2025 because of the following key factors:

1. Broader Financial Market Downturn: MGIC Investment's stock movement was influenced by a general decline in the financial sector during the first quarter of 2026, with the Morningstar US Financial Services Index falling by over 8%.

2. Persistent High Mortgage Rates and Housing Market Affordability Pressures: Elevated mortgage rates continue to be a significant headwind for the mortgage insurance industry, contributing to a flat outlook for MGIC's insurance in force and a modest premium yield of 38 basis points in Q1 2026. This macroeconomic factor, coupled with rising housing prices, has dampened housing demand and moderated mortgage originations.

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Stock Movement Drivers

Fundamental Drivers

The -6.3% change in MTG stock from 12/31/2025 to 4/15/2026 was primarily driven by a -7.3% change in the company's P/E Multiple.

(LTM values as of)	12312025	4152026	Change
Stock Price ($)	29.06	27.22	-6.3%
Change Contribution By:
Total Revenues ($ Mil)	1,216	1,214	-0.2%
Net Income Margin (%)	62.0%	60.8%	-1.8%
P/E Multiple	8.8	8.2	-7.3%
Shares Outstanding (Mil)	229	222	3.2%
Cumulative Contribution			-6.3%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/15/2026

	Return	Correlation
MTG	-6.3%
Market (SPY)	-5.4%	15.8%
Sector (XLF)	-4.7%	49.2%

Fundamental Drivers

The -3.0% change in MTG stock from 9/30/2025 to 4/15/2026 was primarily driven by a -5.8% change in the company's P/E Multiple.

(LTM values as of)	9302025	4152026	Change
Stock Price ($)	28.06	27.22	-3.0%
Change Contribution By:
Total Revenues ($ Mil)	1,219	1,214	-0.4%
Net Income Margin (%)	62.6%	60.8%	-2.8%
P/E Multiple	8.7	8.2	-5.8%
Shares Outstanding (Mil)	236	222	6.3%
Cumulative Contribution			-3.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/15/2026

	Return	Correlation
MTG	-3.0%
Market (SPY)	-2.9%	13.2%
Sector (XLF)	-2.8%	49.2%

Fundamental Drivers

The 12.2% change in MTG stock from 3/31/2025 to 4/15/2026 was primarily driven by a 13.6% change in the company's Shares Outstanding (Mil).

(LTM values as of)	3312025	4152026	Change
Stock Price ($)	24.25	27.22	12.2%
Change Contribution By:
Total Revenues ($ Mil)	1,208	1,214	0.5%
Net Income Margin (%)	63.2%	60.8%	-3.7%
P/E Multiple	8.0	8.2	2.1%
Shares Outstanding (Mil)	253	222	13.6%
Cumulative Contribution			12.2%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/15/2026

	Return	Correlation
MTG	12.2%
Market (SPY)	16.3%	49.2%
Sector (XLF)	5.8%	63.7%

Fundamental Drivers

The 117.3% change in MTG stock from 3/31/2023 to 4/15/2026 was primarily driven by a 91.2% change in the company's P/E Multiple.

(LTM values as of)	3312023	4152026	Change
Stock Price ($)	12.53	27.22	117.3%
Change Contribution By:
Total Revenues ($ Mil)	1,173	1,214	3.5%
Net Income Margin (%)	73.8%	60.8%	-17.5%
P/E Multiple	4.3	8.2	91.2%
Shares Outstanding (Mil)	296	222	33.2%
Cumulative Contribution			117.3%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/15/2026

	Return	Correlation
MTG	117.3%
Market (SPY)	63.3%	45.5%
Sector (XLF)	69.4%	64.2%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
MTG Return	17%	-7%	52%	26%	26%	-6%	145%
Peers Return	9%	13%	25%	23%	7%	6%	115%
S&P 500 Return	27%	-19%	24%	23%	16%	2%	85%
Monthly Win Rates [3]
MTG Win Rate	58%	58%	75%	75%	75%	25%
Peers Win Rate	57%	50%	63%	55%	55%	55%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
MTG Max Drawdown	-7%	-20%	-4%	-2%	-5%	-12%
Peers Max Drawdown	-11%	-16%	-4%	-1%	-13%	-7%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: RGA, RNR, GLRE, EG, MTG.
[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 4/15/2026 (YTD)

How Low Can It Go

Unique Key	Event	MTG	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-30.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	44.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	398 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-65.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	192.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	385 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-40.5%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	68.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	1,019 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-98.8%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	8050.0%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1,480 days

Compare to RGA, RNR, GLRE, EG, MTG

In The Past

MGIC Investment's stock fell -30.9% during the 2022 Inflation Shock from a high on 1/12/2022. A -30.9% loss requires a 44.7% gain to breakeven.

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About MGIC Investment (MTG)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, Puerto Rico, and Guam. The company offers primary mortgage 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. It also provides contract underwriting services, as well as reinsurance. The company serves originators of residential mortgage loans, including savings institutions, commercial banks, mortgage brokers, credit unions, mortgage bankers, and other lenders. MGIC Investment Corporation was founded in 1957 and is headquartered in Milwaukee, Wisconsin.

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Here are 1-3 brief analogies to describe MGIC Investment (MTG):

They're like Allstate for mortgage lenders, providing insurance to protect lenders specifically against homeowners defaulting on their loans.
They're like the Fannie Mae of mortgage insurance, specializing in providing the risk coverage that helps make loans acceptable to lenders and the secondary market.

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Private Mortgage Insurance: Provides mortgage default protection on individual loans, covering unpaid principal, delinquent interest, and various foreclosure-related expenses.
Contract Underwriting Services: Offers specialized services for evaluating and approving mortgage loan applications on behalf of lenders.
Reinsurance: Provides insurance to other insurance companies, allowing them to transfer a portion of their assumed risks.

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MGIC Investment (MTG) sells primarily to other companies, specifically financial institutions and government sponsored entities involved in originating residential mortgage loans.

Due to the nature of the private mortgage insurance business, MGIC Investment serves a broad base of lenders rather than having a few publicly identified "major customers" by name. Specific customer names are not typically disclosed. However, its customer base consists of the following categories of organizations:

Savings institutions
Commercial banks
Mortgage brokers
Credit unions
Mortgage bankers
Other lenders
Government sponsored entities

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Timothy J. Mattke Chief Executive Officer

Timothy J. Mattke is the chief executive officer of MGIC Investment Corporation, having joined the company in 2006. Prior to his appointment as CEO, he served as executive vice president and chief financial officer from 2014 to 2019, and as controller from 2009 to 2014. Before joining MGIC, Mr. Mattke was an audit manager with PricewaterhouseCoopers LLP. He holds a bachelor's in business administration and an MA in accountancy from the University of Wisconsin–Madison and is a CPA.

Nathan Colson Executive Vice President, Chief Financial Officer and Chief Risk Officer

Nathan Colson is an executive vice president, the chief financial officer, and the chief risk officer of MGIC Investment Corporation. He joined the company in 2014. Before becoming CFO, he served as vice president of finance from January 2019 through July 2019 and as assistant treasurer from 2016 to 2019. Mr. Colson also held positions within MGIC's Risk Management department. Prior to joining MGIC, he was a senior audit manager with PricewaterhouseCoopers LLP. He holds a BS in accounting from Marquette University and an MBA from the University of Chicago and is a CPA.

Sal Miosi President and Chief Operating Officer

Sal Miosi is the president and chief operating officer of MGIC Investment Corporation. He has been with the company since 1988. Before his current role, he served as executive vice president of business strategies and operations from 2017 to 2019, and as senior vice president of business strategies and operations from 2015 to 2017. Mr. Miosi also held positions as vice president of marketing from 2004 to 2015, and various leadership roles in technology, sales, and marketing. He earned a BBA from the University of Wisconsin–Milwaukee and an MBA from Marquette University.

Paula Maggio Executive Vice President, General Counsel and Secretary

Paula Maggio serves as an executive vice president, the general counsel, and secretary of MGIC Investment Corporation, having joined in 2018. Prior to MGIC, Ms. Maggio held the same role for two years at Retail Properties of America, Inc., and spent 15 years in various leadership positions at Strategic Hotels & Resorts, Inc. Earlier in her career, she was in private practice with the law firm Altheimer & Gray. Ms. Maggio holds a BA and JD from the University of Illinois at Urbana–Champaign.

Danny Garcia-Velez Senior Vice President of Sales and Business Development

Danny Garcia-Velez is MGIC's senior vice president of sales and business development. He joined the company in 2017 as a senior marketing program manager. Before being appointed SVP in 2023, he served as vice president of business development. Prior to his time at MGIC, Mr. Garcia-Velez was the vice president of programs and counseling for the Homeownership Preservation Foundation (HPF). He holds a BS in urban planning from Metropolitan State University.

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The key risks to MGIC Investment's business are primarily tied to the cyclical nature of the housing market and regulatory shifts.

Key Risks to MGIC Investment (MTG)

Economic and Housing Market Volatility: MGIC's business is highly dependent on the health of the U.S. housing market and broader economic conditions. Economic downturns, fluctuations in interest rates, and declines in home prices can directly reduce the demand for private mortgage insurance and lead to increased loan delinquencies and claims. For example, elevated or rapidly rising mortgage rates compress purchase and refinance volumes, thereby reducing the demand for new mortgage insurance. An increase in overall mortgage delinquencies directly expands the pool of loans at risk of default and claims.
Regulatory and Legislative Changes: The company faces significant risks from changes in government regulations and legislation, particularly those concerning government-sponsored entities (GSEs) like Fannie Mae and Freddie Mac, as well as updates to Private Mortgage Insurer Eligibility Requirements (PMIERs). Such changes could potentially decrease revenues, increase losses, or necessitate higher capital and reserve requirements, impacting MGIC's financial performance.
Intense Competition: The private mortgage insurance industry is highly competitive, with MGIC contending with both other private insurers and government agencies. This competitive environment can lead to pricing pressures, which may adversely affect MGIC's profitability and market share.

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The addressable market for MGIC Investment's primary product, private mortgage insurance, is substantial within the regions it serves, predominantly the United States, Puerto Rico, and Guam.

The global private mortgage insurance market was approximately $6.24 billion in 2024 and is projected to reach $9.71 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.5%. Another projection estimates the global market size to grow from approximately $6.1 billion in 2023 to an estimated $12.4 billion by 2032, with a CAGR of 7.9%. North America holds the largest share of the private mortgage insurance market as of 2024, with the United States being a primary driver of this market's growth.

In terms of the volume of mortgages covered, the private mortgage insurance industry in the United States insured nearly $1.6 trillion in outstanding mortgages with active private mortgage insurance coverage by the end of 2023 and 2024. Furthermore, in 2024, the U.S. private mortgage insurance industry supported approximately $300 billion in mortgage originations. While specific market revenue figures for Puerto Rico and Guam are not separately identified in the available data, these regions are part of MGIC Investment's operational scope, contributing to the broader market for private mortgage insurance.

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For MGIC Investment (MTG), a provider of private mortgage insurance, expected drivers of future revenue growth over the next 2-3 years are primarily tied to the dynamics of the housing and mortgage markets, as well as the company's strategic management of its insurance portfolio and reinsurance programs.

Here are 3-5 expected drivers of future revenue growth:

Overall Mortgage Origination Volume and Market Size: MGIC's revenue growth is heavily dependent on the total volume of new residential mortgage loans originated, as this directly translates into opportunities for new private mortgage insurance policies. While consensus forecasts suggest the mortgage insurance market in 2026 will be similar in size to 2025 with elevated mortgage rates, any growth in the overall market would positively impact MGIC's new business opportunities.
Growth in New Insurance Written (NIW) and Maintenance of Insurance in Force (IIF): Sustained writing of new mortgage insurance business is crucial for revenue growth. MGIC reported an 8% increase in new business written for the full year 2025, contributing to a 3% year-over-year growth in direct primary insurance in force to over $303 billion. Although insurance in force is expected to remain relatively flat in 2026, continued strong new insurance written is necessary to offset policies that run off and to drive long-term portfolio expansion.
Impact of Mortgage Rates on Refinance Activity and Persistency: Future changes in mortgage rates are a significant driver. A decrease in mortgage rates more substantial than currently predicted could stimulate increased refinance volumes, which would benefit the overall mortgage insurance market. However, this increased refinance activity could also be partially offset by lower persistency, meaning existing policies are paid off or terminated sooner.
Effective Management of the In-Force Portfolio and Premium Yield: The revenue generated from the existing insurance in force is a substantial component of MGIC's total revenue. Maintaining a stable in-force premium yield, which was near 38 basis points in 2025 and expected to remain so in 2026, is essential. Efficient management of this portfolio ensures consistent premium income.
Strategic Reinsurance Program Structure and Cost Management: The structure and ongoing costs of MGIC's reinsurance program directly influence net premiums earned. Renegotiations of quota share treaties, which reduced ongoing costs by approximately 40% starting in 2026, can enhance net premiums written and earned. The amount of premiums ceded under these transactions, and the associated profit commissions, directly impact the company's reported revenue.

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Share Repurchases

In 2025, MGIC Investment Corporation returned approximately $915 million in capital to shareholders, which included significant share repurchases.
The company repurchased 9.5 million shares for $262.3 million in 2025, with 6.8 million in Q4 2025 and an additional 2.7 million in January 2026.
In April 2025, MGIC's board of directors authorized a new share repurchase program, allowing the company to buy back up to $750 million of its common stock through December 31, 2027.

Share Issuance

No significant share issuances (e.g., public offerings) by MGIC Investment Corporation were identified during the last 3-5 years, with activity primarily focused on share repurchases and dividends.

Capital Expenditures

MGIC Investment Corporation has been focusing on technology and innovation spending to maintain and enhance its competitive position.
The company's investment in its Information Security Program and risk management frameworks demonstrates its commitment to leveraging technological advancements for operational efficiencies and enhanced customer experiences.

Interactive Breakdown

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Better Bets vs. MGIC Investment (MTG)

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Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Would You Still Hold MGIC Investment Stock If It Fell 30%?	10/17/2025
2	Why MGIC Investment Stock Moved: MTG Stock Has Gained 145% Since 2022 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)	08/08/2025
3	MGIC Investment (MTG) Valuation Ratios Comparison	08/08/2025
4	MTG Dip Buy Analysis	07/10/2025
5	MGIC Investment Total Shareholder Return (TSR): 27.4% in 2024 and 23.0% 3-yr compounded annual returns (above peer average)	03/07/2025
6	Time To Buy MGIC Investment Stock?	02/28/2025
7	MGIC Investment (MTG) Operating Cash Flow Comparison	02/17/2025
8	MGIC Investment (MTG) Net Income Comparison	02/16/2025
9	MGIC Investment vs. S&P500 Correlation	10/03/2024
10	MGIC Investment Price Volatility	09/24/2024
11	ARTICLES
12	Small Cap Stocks Trading At 52-Week High	12/19/2025

	Title
0	DASHBOARDS
1	Would You Still Hold MGIC Investment Stock If It Fell 30%?
2	Why MGIC Investment Stock Moved: MTG Stock Has Gained 145% Since 2022 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
3	MGIC Investment (MTG) Valuation Ratios Comparison
4	MTG Dip Buy Analysis
5	MGIC Investment Total Shareholder Return (TSR): 27.4% in 2024 and 23.0% 3-yr compounded annual returns (above peer average)
6	Time To Buy MGIC Investment Stock?
7	MGIC Investment (MTG) Operating Cash Flow Comparison
8	MGIC Investment (MTG) Net Income Comparison
9	MGIC Investment vs. S&P500 Correlation
10	MGIC Investment Price Volatility
11	ARTICLES
12	Small Cap Stocks Trading At 52-Week High

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RRX	Regal Rexnord	12.8	-7.6%	38.1%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AVNS	Avanos Medical	1.1	77.6%	120.1%
RVMD	Revolution Medicines	29.7	57.7%	91.5%
OGN	Organon	2.4	57.2%	28.8%
EOSE	Eos Energy Enterprises	2.2	54.2%	-38.2%
CRDO	Credo Technology	30.7	52.8%	17.0%
CAR	Avis Budget	13.9	51.4%	208.4%
IONQ	IonQ	15.0	49.2%	-3.6%
BE	Bloom Energy	56.4	45.7%	146.1%
LWLG	Lightwave Logic	1.6	44.1%	273.1%
QBTS	D-Wave Quantum	7.4	42.8%	-20.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
REPL	Replimune	0.2	-61.3%	-76.5%
FSLY	Fastly	3.5	-28.6%	129.7%
AKAM	Akamai Technologies	13.0	-22.1%	3.6%
ALLO	Allogene Therapeutics	0.5	-19.6%	58.4%
SMPL	Simply Good Foods	1.2	-18.7%	-41.6%
PATK	Patrick Industries	3.2	-18.0%	-8.1%
VG	Venture Global	29.8	-15.7%	78.8%
WINA	Winmark	1.4	-13.8%	-6.1%
PII	Polaris	2.7	-13.5%	-23.4%
SEDG	SolarEdge Technologies	2.3	-13.1%	31.1%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CAR	Avis Budget	13.9	303.9%	208.4%
SATL	Satellogic	0.9	137.0%	270.1%
APLS	Apellis Pharmaceuticals	5.2	116.5%	62.6%
YSS	York Space Systems	5.0	100.2%	18.1%
AEHR	Aehr Test Systems	2.2	95.4%	262.7%
KOD	Kodiak Sciences	2.2	80.1%	50.1%
AVNS	Avanos Medical	1.1	78.9%	120.1%
KODK	Eastman Kodak	1.2	77.0%	51.3%
CBIO	Crescent Biopharma	0.6	72.3%	68.2%
CODI	Compass Diversified	0.8	71.6%	116.3%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
REPL	Replimune	0.2	-69.0%	-76.5%
VRDN	Viridian Therapeutics	1.4	-48.3%	-52.2%
MAZE	Maze Therapeutics	1.2	-47.6%	-35.2%
BUR	Burford Capital	1.0	-41.2%	-47.0%
WVE	WAVE Life Sciences	1.4	-38.8%	-55.4%
ADMA	ADMA Biologics	2.5	-32.8%	-41.6%
CTMX	CytomX Therapeutics	0.8	-32.4%	7.0%
TE	T1 Energy	0.9	-30.8%	-20.1%
ENPH	Enphase Energy	4.2	-29.9%	0.4%
FRMI	Fermi	3.5	-27.9%	-27.1%

Peer Comparisons

Peers to compare with:

Financials

	MTG	RGA	RNR	GLRE	EG	Median
Name	MGIC Inv.	Reinsura.	Renaissa.	Greenlig.	Everest
Mkt Price	27.22	207.75	310.76	18.07	345.61	207.75
Mkt Cap	6.1	13.6	13.7	0.6	14.2	13.6
Rev LTM	1,214	23,682	12,777	682	17,217	12,777
Op Inc LTM	-	-	-	-	-	-
FCF LTM	852	4,091	3,693	210	3,068	3,068
FCF 3Y Avg	762	5,828	3,257	110	4,193	3,257
CFO LTM	853	4,091	3,693	210	3,068	3,068
CFO 3Y Avg	764	5,835	3,257	110	4,193	3,257

Growth & Margins

	MTG	RGA	RNR	GLRE	EG	Median
Name	MGIC Inv.	Reinsura.	Renaissa.	Greenlig.	Everest
Rev Chg LTM	0.5%	7.4%	9.7%	6.0%	0.8%	6.0%
Rev Chg 3Y Avg	1.2%	14.4%	39.3%	13.4%	13.1%	13.4%
Rev Chg Q	-0.9%	27.2%	29.6%	19.8%	-6.3%	19.8%
QoQ Delta Rev Chg LTM	-0.2%	6.3%	5.6%	4.1%	-1.7%	4.1%
Op Mgn LTM	-	-	-	-	-	-
Op Mgn 3Y Avg	-	-	-	-	-	-
QoQ Delta Op Mgn LTM	-	-	-	-	-	-
CFO/Rev LTM	70.3%	17.3%	28.9%	30.8%	17.8%	28.9%
CFO/Rev 3Y Avg	64.0%	27.3%	28.6%	16.5%	26.1%	27.3%
FCF/Rev LTM	70.2%	17.3%	28.9%	30.8%	17.8%	28.9%
FCF/Rev 3Y Avg	63.9%	27.2%	28.6%	16.5%	26.1%	27.2%

Valuation

	MTG	RGA	RNR	GLRE	EG	Median
Name	MGIC Inv.	Reinsura.	Renaissa.	Greenlig.	Everest
Mkt Cap	6.1	13.6	13.7	0.6	14.2	13.6
P/S	5.0	0.6	1.1	0.9	0.8	0.9
P/EBIT	6.3	7.2	3.3	7.3	7.0	7.0
P/E	8.2	11.5	5.1	8.1	8.9	8.2
P/CFO	7.1	3.3	3.7	2.9	4.6	3.7
Total Yield	14.4%	10.4%	20.2%	12.3%	13.6%	13.6%
Dividend Yield	2.2%	1.8%	0.5%	0.0%	2.4%	1.8%
FCF Yield 3Y Avg	12.9%	45.0%	27.4%	22.8%	28.1%	27.4%
D/E	0.1	0.4	0.2	0.0	0.3	0.2
Net D/E	-0.9	-0.9	-0.9	-0.2	-1.1	-0.9

Returns

	MTG	RGA	RNR	GLRE	EG	Median
Name	MGIC Inv.	Reinsura.	Renaissa.	Greenlig.	Everest
1M Rtn	4.3%	2.7%	5.7%	8.9%	7.8%	5.7%
3M Rtn	4.8%	5.4%	13.5%	34.5%	6.7%	6.7%
6M Rtn	0.6%	9.0%	19.9%	43.5%	0.4%	9.0%
12M Rtn	14.5%	16.0%	31.2%	36.4%	1.2%	16.0%
3Y Rtn	106.1%	60.1%	57.5%	82.2%	2.5%	60.1%
1M Excs Rtn	-0.6%	-2.2%	0.9%	4.1%	3.0%	0.9%
3M Excs Rtn	5.7%	4.6%	14.4%	33.5%	7.9%	7.9%
6M Excs Rtn	-3.5%	2.3%	13.4%	38.0%	-5.8%	2.3%
12M Excs Rtn	-14.8%	-12.2%	0.4%	7.0%	-29.6%	-12.2%
3Y Excs Rtn	49.0%	-8.1%	-17.4%	18.7%	-70.0%	-8.1%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/25/2026	2/25/2026	2/26/2025	2/21/2024	2/22/2023	2/23/2022	2/23/2021
Key Financials
Total Revenue	1,214	1,214	1,208	1,155	1,173	1,186	1,199
Net Income	738	738	763	713	865	635	446
EPS	3.16	3.17	2.92	2.51	2.83	1.90	1.31
Growth Rates
Total Revenue Growth	0.5%	0.5%	4.6%	-1.5%	-1.1%	-1.1%	-1.2%
Net Income Growth	-3.2%	-3.2%	7.0%	-17.6%	36.3%	42.3%	-33.8%
Margins
Net Income Margin	60.8%	60.8%	63.2%	61.7%	73.8%	53.6%	37.2%
Cash & Debt
Total Cash	6,160	6,160	6,081	6,087	5,737	6,872	6,950
Total Debt	646	646	645	643	663	1,147	1,243
Net Debt / (Cash)	-5,514	-5,514	-5,437	-5,444	-5,074	-5,726	-5,706
Cash Flows
Net Cash from Operations	853	853	725	713	650	696	732
Free Cash from Operations	852	852	724	711	647	692	729
Returns to Shareholders
Dividends	132	132	130	123	111	94	82
Share Repurchases	789	789	569	337	386	291	120

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	2/25/2026	10/29/2025	7/30/2025	4/30/2025	2/26/2025	11/4/2024	7/31/2024	5/1/2024	2/21/2024	10/31/2023	8/2/2023	5/3/2023
Key Financials Quarterly
Total Revenue	299	305	304	306	301	307	305	294	284	297	291	284
Net Income	169	191	192	185	185	200	204	174	185	183	191	155
EPS	0.76	0.83	0.81	0.76	0.73	0.77	0.77	0.64	0.67	0.65	0.67	0.53
Key Financials TTM
Total Revenue TTM	1,214	1,216	1,219	1,220	1,208	1,190	1,180	1,165	1,155	1,163	1,160	1,162
Net Income TTM	738	754	763	774	763	763	746	732	713	720	787	845
Growth Rates Quarterly
Total Revenue Growth	-0.9%	-0.7%	-0.3%	4.0%	6.2%	3.4%	5.0%	3.7%	-2.8%	1.3%	-0.8%	-3.6%
Net Income Growth	-8.3%	-4.4%	-5.8%	6.5%	0.1%	9.4%	6.9%	12.6%	-3.6%	-26.8%	-23.4%	-11.7%
Margins Quarterly
Net Income Margin	56.7%	62.8%	63.3%	60.6%	61.3%	65.2%	66.9%	59.1%	65.0%	61.7%	65.7%	54.4%
Cash & Debt
Total Cash	6,160	6,135	6,097	6,092	6,081	6,253	6,072	6,104	6,087	1,972	5,914	5,922
Total Debt	646	646	645	645	645	644	644	644	643	643	664	663
Net Debt / (Cash)	-5,514	-5,490	-5,452	-5,447	-5,437	-5,608	-5,428	-5,460	-5,444	-1,329	-5,250	-5,259
Cash Flows Quarterly
FCF from Operations	231	215	183	224	182	183	169	191	186	170	145	212
Cash Flows TTM
FCF from Operations TTM	853	804	772	758	725	729	716	691	713	693	645	634
Returns to Shareholders Quarterly
Dividends	33	34	31	34	33	34	31	33	32	32	29	30
Share Repurchases	189	188	186	225	195	124	156	95	120	67	74	76
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Mortgage Insurance	1,208	1,155	1,173	1,186	1,199
Total	1,208	1,155	1,173	1,186	1,199

Price Behavior

Price Behavior

Market Price	$27.22
Market Cap ($ Bil)	6.1
First Trading Date	08/07/1991
Distance from 52W High	-8.3%
	50 Days	200 Days
DMA Price	$26.53	$27.15
DMA Trend	indeterminate	down
Distance from DMA	2.6%	0.3%
	3M	1YR
Volatility	23.2%	22.9%
Downside Capture	0.06	0.22
Upside Capture	53.67	48.99
Correlation (SPY)	20.6%	30.5%

MTG Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.45	0.41	0.38	0.25	0.66	0.70
Up Beta	-1.05	0.24	1.10	0.80	0.75	0.80
Down Beta	-0.10	0.08	0.02	0.03	0.62	0.67
Up Capture	107%	59%	13%	12%	46%	46%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	13	25	34	64	136	417
Down Capture	61%	54%	68%	36%	68%	79%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	9	17	28	59	112	324

[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 MTG
MTG	16.2%	22.8%	0.59	-
Sector ETF (XLF)	13.0%	15.3%	0.60	54.6%
Equity (SPY)	22.0%	12.9%	1.36	31.4%
Gold (GLD)	49.0%	27.5%	1.44	-15.3%
Commodities (DBC)	25.0%	16.1%	1.38	-16.5%
Real Estate (VNQ)	17.3%	13.7%	0.92	37.5%
Bitcoin (BTCUSD)	-10.4%	42.6%	-0.14	-4.9%

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 MTG
MTG	16.7%	25.4%	0.60	-
Sector ETF (XLF)	10.2%	18.7%	0.43	68.7%
Equity (SPY)	10.9%	17.0%	0.50	55.8%
Gold (GLD)	21.9%	17.8%	1.01	-0.8%
Commodities (DBC)	11.5%	18.8%	0.50	10.2%
Real Estate (VNQ)	4.0%	18.8%	0.12	53.7%
Bitcoin (BTCUSD)	5.1%	56.5%	0.31	20.7%

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 MTG
MTG	15.9%	37.6%	0.51	-
Sector ETF (XLF)	13.2%	22.2%	0.55	66.0%
Equity (SPY)	13.8%	17.9%	0.67	54.7%
Gold (GLD)	14.3%	15.9%	0.75	-3.2%
Commodities (DBC)	8.7%	17.6%	0.41	19.5%
Real Estate (VNQ)	5.4%	20.7%	0.22	52.6%
Bitcoin (BTCUSD)	67.8%	66.9%	1.07	13.2%

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

Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	8.8 Mil
Short Interest: % Change Since 3152026	9.9%
Average Daily Volume	1.8 Mil
Days-to-Cover Short Interest	4.8 days
Basic Shares Quantity	222.3 Mil
Short % of Basic Shares	3.9%

Returns Analyses

	Title
0	Would You Still Hold MGIC Investment Stock If It Fell 30%?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/2/2026	-5.2%	-3.4%	-1.8%
10/29/2025	4.3%	6.5%	8.8%
7/30/2025	2.1%	6.5%	9.7%
4/30/2025	1.6%	5.2%	6.7%
2/3/2025	1.8%	-0.5%	-5.1%
11/4/2024	1.4%	6.5%	9.5%
7/31/2024	-1.3%	-5.7%	1.9%
5/1/2024	-0.2%	2.2%	2.7%
...
SUMMARY STATS
# Positive	14	13	14
# Negative	9	10	9
Median Positive	1.7%	6.5%	7.2%
Median Negative	-2.5%	-3.5%	-1.8%
Max Positive	4.4%	9.7%	16.4%
Max Negative	-5.4%	-10.7%	-11.0%

	Forward Returns
2/2/2026	-5.2%	-3.4%	-1.8%
10/29/2025	4.3%	6.5%	8.8%
7/30/2025	2.1%	6.5%	9.7%
4/30/2025	1.6%	5.2%	6.7%
2/3/2025	1.8%	-0.5%	-5.1%
11/4/2024	1.4%	6.5%	9.5%
7/31/2024	-1.3%	-5.7%	1.9%
5/1/2024	-0.2%	2.2%	2.7%
1/31/2024	0.7%	-3.9%	0.5%
10/31/2023	0.5%	4.6%	5.1%
8/2/2023	4.4%	7.5%	4.7%
5/3/2023	-1.3%	1.4%	7.6%
2/1/2023	0.4%	-1.9%	-1.6%
11/2/2022	-0.7%	-1.1%	-0.7%
8/3/2022	1.9%	3.9%	-1.4%
5/4/2022	-2.5%	-5.4%	0.4%
2/2/2022	0.4%	4.9%	-3.1%
11/3/2021	-4.0%	-3.6%	-11.0%
8/4/2021	3.8%	9.6%	13.8%
5/5/2021	-5.4%	-10.7%	-1.4%
2/23/2021	0.6%	-1.4%	-2.9%
11/4/2020	-4.8%	7.0%	16.4%
8/4/2020	2.2%	9.7%	16.1%
SUMMARY STATS
# Positive	14	13	14
# Negative	9	10	9
Median Positive	1.7%	6.5%	7.2%
Median Negative	-2.5%	-3.5%	-1.8%
Max Positive	4.4%	9.7%	16.4%
Max Negative	-5.4%	-10.7%	-11.0%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/25/2026	10-K
09/30/2025	10/29/2025	10-Q
06/30/2025	07/30/2025	10-Q
03/31/2025	04/30/2025	10-Q
12/31/2024	02/26/2025	10-K
09/30/2024	11/04/2024	10-Q
06/30/2024	07/31/2024	10-Q
03/31/2024	05/01/2024	10-Q
12/31/2023	02/21/2024	10-K
09/30/2023	10/31/2023	10-Q
06/30/2023	08/02/2023	10-Q
03/31/2023	05/03/2023	10-Q
12/31/2022	02/22/2023	10-K
09/30/2022	11/02/2022	10-Q
06/30/2022	08/03/2022	10-Q
03/31/2022	05/04/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/2/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Effective Tax Rate	20.0%	21.0%	22.0%
2026 Operating Expenses	260.00 Mil	265.00 Mil	270.00 Mil
2026 Capital Expenditures	15.00 Mil	17.50 Mil	20.00 Mil

Prior: Q3 2025 Earnings Reported 10/29/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2025 Quota Share Cede Rate		0.28		-6.7%	-2.0%	Lowered	Actual: 0.3 for 2025
2025 Reinsurance Coverage		250.00 Mil
2027 Quota Share Reinsurance Transaction		0.4

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Miosi, Salvatore A	President & COO	Direct	Sell	1052026	29.13	30,000	873,960	2,895,760	Form
2	Miosi, Salvatore A	President & COO	Direct	Sell	12022025	28.40	30,000	852,030	3,675,128	Form
3	Miosi, Salvatore A	President & COO	Direct	Sell	11042025	27.52	30,000	825,600	4,386,725	Form
4	Maggio, Paula C	EVP and General Counsel	Direct	Sell	11032025	27.44	20,000	548,820	3,221,427	Form
5	Mattke, Timothy J	Chief Executive Officer	Direct	Sell	10082025	27.09	139,203	3,771,677	26,059,546	Form

MTG Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing MTG?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What MTG Makes & Who Pays

TTM figures based on

MTG Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Financials Resources

Federal Reserve Economic Data

Reinsurance Resources

Reinsurance News

Insurance Business America

A.M. Best

National Underwriter

Insurance News

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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MGIC Investment (MTG)

Market Price (4/16/2026): $27.215 | Market Cap: $6.0 BilSector: Financials | Industry: Reinsurance

MGIC Investment (MTG)

Market Price (4/16/2026): $27.215Market Cap: $6.0 BilSector: FinancialsIndustry: Reinsurance

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

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About MGIC Investment (MTG)

Key Risks to MGIC Investment (MTG)

Share Repurchases

Share Issuance

Capital Expenditures

Interactive Breakdown

Better Bets vs. MGIC Investment (MTG)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Recent Forward Guidance [BETA]

Insider Activity

MTG Trade Sentinel

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CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Position Sizing

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Market Price (4/16/2026): $27.215 | Market Cap: $6.0 Bil
Sector: Financials | Industry: Reinsurance

Market Price (4/16/2026): $27.215
Market Cap: $6.0 Bil
Sector: Financials
Industry: Reinsurance