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    MGIC Investment (MTG)

    Market Price (7/30/2026): $30.58 | Market Cap: $6.6 BilSector: Financials | Industry: Reinsurance

    MGIC Investment (MTG)

    Market Price (7/30/2026): $30.58
    Market Cap: $6.6 Bil
    Sector: Financials
    Industry: Reinsurance

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

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 2.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.5%, FCF Yield is 11%

    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 -80%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 59%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 59%

    Stock buyback support
    Stock Buyback 3Y Total is 1.8 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.

    Trading close to highs
    Dist 52W High is 0.0%, Dist 3Y High is 0.0%

    Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.2%, Rev Chg QQuarterly Revenue Change % is -3.0%

    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 13%, Dividend Yield is 2.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.5%, FCF Yield is 11%
    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 -80%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 59%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 59%
    3 Stock buyback support
    Stock Buyback 3Y Total is 1.8 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 Trading close to highs
    Dist 52W High is 0.0%, Dist 3Y High is 0.0%
    7 Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.2%, Rev Chg QQuarterly Revenue Change % is -3.0%
    8 Key risks
    MTG key risks include [1] housing market downturns driving higher claim payouts, Show more.

    MTG in ETFs

    Weight = MTG's share of each fund

    VTI0.01%
    ITOT0.01%
    IWB0.01%
    IJH0.17%
    VYM0.02%
    VB0.07%
    AVUV0.57%
    MDYV0.17%
    +20 more covered ETFs

    Valuation & Metrics

    FYE: 12/31MTG [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$1.2 Bil—
    FY 2026 Sales$1.2 Bil—
    FY 2027 Sales$1.2 Bil—
    FY 2026 Sales Growth-0.9%—
    FY 2027 Sales Growth1.2%13.0%
    EARNINGS
    LTM Net Income (GAAP) [3]$718.2 Mil—
    FY 2026 Net Income (Non-GAAP)$689.0 Mil—
    FY 2027 Net Income (Non-GAAP)$738.8 Mil—
    FY 2027 Net Income Growth7.2%19.8%
    FY 2026 EPS (Non-GAAP)$3.05—
    FY 2027 EPS (Non-GAAP)$3.27—
    FY 2027 EPS Growth7.1%—
    VALUATION
    FY 2026 P/S5.51.8
    FY 2027 P/S5.5—
    FY 2026 P/E9.68.4
    FY 2027 P/E8.9—

    [1] MTG 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).
    MTGS&P 500
    REVENUE GROWTHVERY POOR
    Rev LTM ($ Bil)1.2
    Rev Chg Q-3.0%9.1%
    Rev Chg LTM-1.2%7.8%
    Rev Chg 3Y Avg1.2%5.9%
    PROFITABILITYVERY GOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.7
    Net Inc LTM ($ Bil)0.7
    CFO/Rev LTM58.6%21.5%
    Net Inc Mgn59.6%13.0%
    VALUATIONMODERATE
    P/S5.53.4
    P/CFO9.415.7
    P/FCF9.420.4
    P/E9.224.4

    AI Analysis | Feedback

    MetricValueDateSource
    New insurance written$16.5 billion9302025Link
    Insurance in force$300.8 billion9302025Link
    Annual persistency85.0%9302025Link
    Primary delinquency inventory257479302025Link
    Number of mortgages covered1.1 million9302025Link

    Price Chart

    Upcoming
    7/29/2026Earnings ReleaseRev: $295 Mil (A) vs. $297 Mil (E)
    EPS: 0.87 (A) vs. $0.76 (E)
    8/05/2026DividendAmount: $0.17
    Payment On: 8/20/2026
    11/04/2026Earnings ReleaseRev: $299 Mil (E)
    EPS: $0.78 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 7/29/2026

    MGIC Investment (MTG) stock has gained about 15% since 3/31/2026 because of the following key factors:

    1. MGIC Investment reported strong financial results for fiscal Q2 2026, exceeding analyst expectations for earnings. The company's adjusted net operating income per diluted share reached $0.87, surpassing the consensus estimate of $0.76 by 14.2%. This solid performance was further underscored by an annualized return on equity of 14.5% for the quarter and an improved loss ratio of 4.6%.

    2. The company demonstrated a significant commitment to shareholder returns through robust capital management initiatives. In fiscal Q2 2026, MGIC repurchased 6.6 million shares of common stock for $176.6 million. Furthermore, the board of directors authorized an additional $750 million share repurchase program extending through December 31, 2028. The quarterly dividend was also increased from $0.15 to $0.17 per share.

    Show more
    Updated on 7/29/2026

    MGIC Investment (MTG) stock has gained about 15% since 3/31/2026 because of the following key factors:

    1. MGIC Investment reported strong financial results for fiscal Q2 2026, exceeding analyst expectations for earnings. The company's adjusted net operating income per diluted share reached $0.87, surpassing the consensus estimate of $0.76 by 14.2%. This solid performance was further underscored by an annualized return on equity of 14.5% for the quarter and an improved loss ratio of 4.6%.

    2. The company demonstrated a significant commitment to shareholder returns through robust capital management initiatives. In fiscal Q2 2026, MGIC repurchased 6.6 million shares of common stock for $176.6 million. Furthermore, the board of directors authorized an additional $750 million share repurchase program extending through December 31, 2028. The quarterly dividend was also increased from $0.15 to $0.17 per share.

    3. MGIC experienced a healthy increase in new insurance written (NIW) and maintained a strong capital position. The company generated $17.8 billion in new primary insurance written during fiscal Q2 2026. This contributed to a year-to-date NIW of $32.2 billion, an increase from $26.6 billion for the same period in the prior year. MGIC also reported a strong capital position, with $2.7 billion in PMIERs excess assets and $930 million in holding-company liquidity as of June 30, 2026.

    4. Favorable trends in the broader U.S. housing market provided a supportive macroeconomic backdrop. The U.S. real estate market continued to build momentum in fiscal Q2 2026, characterized by stronger home sales and faster transaction timelines. Existing home sales increased to approximately 4.17 million, marking the strongest quarterly performance since the market began stabilizing in 2025. The average days on market declined to 53 days from 57 days in the previous quarter, indicating sustained buyer interest and a more active marketplace.

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    Stock Movement Drivers

    Fundamental Drivers

    The 17.2% change in MTG stock from 3/31/2026 to 7/29/2026 was primarily driven by a 17.1% change in the company's P/E Multiple.
    (LTM values as of)33120267292026Change
    Stock Price ($)26.1030.5817.2%
    Change Contribution By: 
    Total Revenues ($ Mil)1,2141,204-0.8%
    Net Income Margin (%)60.8%59.6%-2.0%
    P/E Multiple7.99.217.1%
    Shares Outstanding (Mil)2222162.8%
    Cumulative Contribution17.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 7/29/2026
    ReturnCorrelation
    MTG17.2% 
    Market (SPY)12.2%-12.6%
    Sector (XLF)14.8%26.0%

    Fundamental Drivers

    The 5.9% change in MTG stock from 12/31/2025 to 7/29/2026 was primarily driven by a 6.1% change in the company's Shares Outstanding (Mil).
    (LTM values as of)123120257292026Change
    Stock Price ($)28.8930.585.9%
    Change Contribution By: 
    Total Revenues ($ Mil)1,2161,204-1.0%
    Net Income Margin (%)62.0%59.6%-3.8%
    P/E Multiple8.89.24.7%
    Shares Outstanding (Mil)2292166.1%
    Cumulative Contribution5.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    12/31/2025 to 7/29/2026
    ReturnCorrelation
    MTG5.9% 
    Market (SPY)7.3%3.5%
    Sector (XLF)4.0%38.1%

    Fundamental Drivers

    The 12.3% change in MTG stock from 6/30/2025 to 7/29/2026 was primarily driven by a 13.0% change in the company's Shares Outstanding (Mil).
    (LTM values as of)63020257292026Change
    Stock Price ($)27.2330.5812.3%
    Change Contribution By: 
    Total Revenues ($ Mil)1,2201,204-1.2%
    Net Income Margin (%)63.5%59.6%-6.1%
    P/E Multiple8.69.27.2%
    Shares Outstanding (Mil)24421613.0%
    Cumulative Contribution12.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2025 to 7/29/2026
    ReturnCorrelation
    MTG12.3% 
    Market (SPY)19.1%7.9%
    Sector (XLF)9.5%41.1%

    Fundamental Drivers

    The 107.2% change in MTG stock from 6/30/2023 to 7/29/2026 was primarily driven by a 81.1% change in the company's P/E Multiple.
    (LTM values as of)63020237292026Change
    Stock Price ($)14.7630.58107.2%
    Change Contribution By: 
    Total Revenues ($ Mil)1,1621,2043.6%
    Net Income Margin (%)72.7%59.6%-18.0%
    P/E Multiple5.19.281.1%
    Shares Outstanding (Mil)29121634.6%
    Cumulative Contribution107.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2023 to 7/29/2026
    ReturnCorrelation
    MTG107.2% 
    Market (SPY)70.4%39.4%
    Sector (XLF)75.7%60.0%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    MTG Return17%-7%52%26%26%6%177%
    Peers Return22%17%17%16%12%5%131%
    S&P 500 Return27%-19%24%23%16%9%98%

    Monthly Win Rates [3]
    MTG Win Rate58%58%75%75%75%43% 
    Peers Win Rate52%48%58%48%52%54% 
    S&P 500 Win Rate75%42%67%75%67%43% 

    Max Drawdowns [4]
    MTG Max Drawdown-19%-30%-13%-13%-12%-15% 
    Peers Max Drawdown-22%-25%-22%-18%-21%-14% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: ESNT, WTM, BHF, AGO, RGA.
    [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 7/29/2026 (YTD)

    How Low Can It Go

    EventMTGS&P 500
    2023 SVB Regional Banking Crisis
      % Loss-11.6%-6.7%
      % Gain to Breakeven13.2%7.1%
      Time to Breakeven20 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-20.6%-24.5%
      % Gain to Breakeven26.0%32.4%
      Time to Breakeven49 days427 days
    2020 COVID-19 Crash
      % Loss-62.6%-33.7%
      % Gain to Breakeven167.2%50.9%
      Time to Breakeven279 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-28.5%-19.2%
      % Gain to Breakeven40.0%23.8%
      Time to Breakeven57 days105 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-48.2%-12.2%
      % Gain to Breakeven92.9%13.9%
      Time to Breakeven373 days62 days
    2014-2016 Oil Price Collapse
      % Loss-32.9%-6.8%
      % Gain to Breakeven48.9%7.3%
      Time to Breakeven267 days15 days

    Compare to ESNT, WTM, BHF, AGO, RGA

    In The Past

    MGIC Investment's stock fell -8.6% during the 2025 US Tariff Shock. Such a loss loss requires a 9.5% 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.

    EventMTGS&P 500
    2022 Inflation Shock & Fed Tightening
      % Loss-20.6%-24.5%
      % Gain to Breakeven26.0%32.4%
      Time to Breakeven49 days427 days
    2020 COVID-19 Crash
      % Loss-62.6%-33.7%
      % Gain to Breakeven167.2%50.9%
      Time to Breakeven279 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-28.5%-19.2%
      % Gain to Breakeven40.0%23.8%
      Time to Breakeven57 days105 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-48.2%-12.2%
      % Gain to Breakeven92.9%13.9%
      Time to Breakeven373 days62 days
    2014-2016 Oil Price Collapse
      % Loss-32.9%-6.8%
      % Gain to Breakeven48.9%7.3%
      Time to Breakeven267 days15 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-60.9%-17.9%
      % Gain to Breakeven155.8%21.8%
      Time to Breakeven99 days123 days
    2010 Eurozone Sovereign Debt Crisis / Flash Crash
      % Loss-39.9%-15.4%
      % Gain to Breakeven66.3%18.2%
      Time to Breakeven191 days125 days
    2008-2009 Global Financial Crisis
      % Loss-96.4%-53.4%
      % Gain to Breakeven2678.6%114.4%
      Time to Breakeven5487 days1085 days

    Compare to ESNT, WTM, BHF, AGO, RGA

    In The Past

    MGIC Investment's stock fell -8.6% during the 2025 US Tariff Shock. Such a loss loss requires a 9.5% 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 MGIC Investment (MTG)

    MGIC Investment Corporation (MTG) is a financial services company primarily focused on providing private mortgage insurance and other mortgage credit risk management solutions. Operating across the United States, Puerto Rico, and Guam, MGIC helps mitigate the financial risks associated with residential mortgage lending for its clients.

    The core offering from MGIC is primary mortgage insurance, which safeguards lenders against potential losses if a borrower defaults on an individual home loan. This insurance covers the unpaid principal, delinquent interest, and various costs related to a default and subsequent foreclosure. Beyond this, the company also offers contract underwriting services and reinsurance, further supporting the mortgage industry's risk management needs.

    MGIC serves a broad spectrum of residential mortgage loan originators. Its clientele includes savings institutions, commercial banks, mortgage brokers, credit unions, and mortgage bankers, among other lenders. By providing essential risk protection, MGIC enables these entities to offer home loans more securely, ultimately facilitating access to homeownership.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    ```html
    • 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.
    ```

    AI Analysis | Feedback

    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

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    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:

    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. 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.

    AI Analysis | Feedback

    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.

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    SOXXiShares Semiconductor ETFEquity-16.3%54.5%
    SOXQInvesco PHLX Semiconductor ETFEquity-15.8%47.6%
    EWYiShares MSCI South Korea ETFEquity-15.4%48.3%
    SMHVanEck Semiconductor ETFEquity-14.1%40.0%
    NASATema Space Innovators ETFEquity-11.7%-18.4%
    MTUMiShares MSCI USA Momentum Factor ETFEquity-9.9%13.2%
    SPMOInvesco S&P 500 Momentum ETFEquity-9.1%14.6%
    ICLNiShares Global Clean Energy ETFEquity-9.0%2.7%
    URAGlobal X Uranium ETFEquity-8.4%-12.2%
    ARKQARK Autonomous Technology & Robotics ETFEquity-8.0%-4.4%

    Top Gainers

    TickerCompanyCategory1M RtnYTD Rtn
    USOUnited States Oil Fund LPCommodity20.8%87.0%
    ETHAiShares Ethereum Trust ETFCryptocurrency16.3%-36.5%
    KWEBKraneShares CSI China Internet ETFEquity14.4%-18.4%
    FXIiShares China Large-Cap ETFEquity13.9%-5.7%
    HGERHarbor Commodity All-Weather Strategy...Commodity11.4%29.9%
    PDBCInvesco Optimum Yield Diversified Com...Commodity10.9%32.6%
    DBCInvesco DB Commodity Index Tracking FundCommodity10.8%31.6%
    XOPState Street SPDR S&P Oil & Gas Explo...Equity10.7%36.8%
    AKREAkre Focus ETFEquity10.5%-10.4%
    XLEState Street Energy Select Sector SPD...Equity9.5%32.0%

    Top Losers

    TickerCompanyCategory1M RtnYTD Rtn
    NASATema Space Innovators ETFEquity-29.6%-18.4%
    EWYiShares MSCI South Korea ETFEquity-27.0%48.3%
    SOXXiShares Semiconductor ETFEquity-24.3%54.5%
    SOXQInvesco PHLX Semiconductor ETFEquity-23.7%47.6%
    SMHVanEck Semiconductor ETFEquity-20.2%40.0%
    MTUMiShares MSCI USA Momentum Factor ETFEquity-15.7%13.2%
    ICLNiShares Global Clean Energy ETFEquity-15.1%2.7%
    ARKQARK Autonomous Technology & Robotics ETFEquity-14.7%-4.4%
    URAGlobal X Uranium ETFEquity-14.6%-12.2%
    SPMOInvesco S&P 500 Momentum ETFEquity-14.0%14.6%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    MTGESNTWTMBHFAGORGAMedian
    NameMGIC Inv.Essent White Mo.Brightho.Assured .Reinsura. 
    Mkt Price30.5868.122,150.3462.9084.33237.1176.22
    Mkt Cap6.66.45.33.63.815.45.8
    Rev LTM1,2041,3002,8265,53194724,8692,063
    Op Inc LTM-------
    FCF LTM705819621-1083625,535663
    FCF 3Y Avg717820495372156,263606
    CFO LTM706827621-1083625,535664
    CFO 3Y Avg718829495372156,268607

    Growth & Margins

    MTGESNTWTMBHFAGORGAMedian
    NameMGIC Inv.Essent White Mo.Brightho.Assured .Reinsura. 
    Rev Chg LTM-1.2%1.5%23.6%-17.3%2.6%18.6%2.1%
    Rev Chg 3Y Avg1.2%9.0%27.8%26.0%17.5%15.4%16.4%
    Rev Chg Q-3.0%5.8%-10.4%-37.1%-20.9%22.4%-6.7%
    QoQ Delta Rev Chg LTM-0.8%1.4%-2.1%-13.5%-6.7%5.0%-1.4%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM58.6%63.6%22.0%-2.0%38.2%22.3%30.2%
    CFO/Rev 3Y Avg60.0%66.2%20.0%-0.8%22.8%28.8%25.8%
    FCF/Rev LTM58.5%63.0%22.0%-2.0%38.2%22.3%30.2%
    FCF/Rev 3Y Avg59.9%65.5%20.0%-0.8%22.8%28.8%25.8%

    Valuation

    MTGESNTWTMBHFAGORGAMedian
    NameMGIC Inv.Essent White Mo.Brightho.Assured .Reinsura. 
    Mkt Cap6.66.45.33.63.815.45.8
    P/S5.54.91.90.74.00.62.9
    P/Op Inc-------
    P/EBIT7.17.54.0-601.06.57.76.8
    P/E9.29.35.0-55.59.112.69.2
    P/CFO9.47.78.5-33.410.52.88.1
    Total Yield12.9%12.7%19.9%-1.8%12.8%9.5%12.7%
    Dividend Yield2.0%1.9%0.0%0.0%1.8%1.6%1.7%
    FCF Yield 3Y Avg11.5%13.5%10.4%1.1%5.5%46.4%10.9%
    D/E0.10.10.20.90.50.40.3
    Net D/E-0.8-0.9-0.1-23.4-0.1-0.8-0.8

    Returns

    MTGESNTWTMBHFAGORGAMedian
    NameMGIC Inv.Essent White Mo.Brightho.Assured .Reinsura. 
    1M Rtn8.3%5.1%2.8%-1.1%5.2%10.4%5.1%
    3M Rtn5.6%7.2%-2.5%1.6%3.7%14.5%4.7%
    6M Rtn17.0%11.0%5.5%-2.3%1.8%21.6%8.3%
    12M Rtn21.8%23.2%19.7%30.3%2.0%24.6%22.5%
    3Y Rtn94.0%45.8%40.1%21.3%48.1%77.2%47.0%
    1M Excs Rtn10.0%6.7%4.5%0.6%6.8%12.0%6.8%
    3M Excs Rtn3.6%4.1%-7.5%-0.6%-1.0%11.0%1.5%
    6M Excs Rtn11.9%5.9%-0.0%-6.8%-2.3%16.8%3.0%
    12M Excs Rtn7.9%9.7%5.7%14.7%-12.1%9.6%8.8%
    3Y Excs Rtn34.7%-14.5%-24.5%-37.1%-12.5%14.4%-13.5%

    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 Date4/29/20262/25/202610/29/20257/30/20254/30/20252/26/202511/4/20247/31/20245/1/20242/21/202410/31/20238/2/2023
    Key Financials Quarterly            
    Total Revenue297299305304306301307305294284297291
    Net Income165169191192185185200204174185183191
    EPS0.760.760.830.810.760.730.770.770.640.670.650.67
    Key Financials TTM            
    Total Revenue TTM1,2041,2141,2161,2191,2201,2081,1901,1801,1651,1551,1631,160
    Net Income TTM718738754763774763763746732713720787
    Growth Rates Quarterly            
    Total Revenue Growth-3.0%-0.9%-0.7%-0.3%4.0%6.2%3.4%5.0%3.7%-2.8%1.3%-0.8%
    Net Income Growth-10.9%-8.3%-4.4%-5.8%6.5%0.1%9.4%6.9%12.6%-3.6%-26.8%-23.4%
    Margins Quarterly            
    Net Income Margin55.6%56.7%62.8%63.3%60.6%61.3%65.2%66.9%59.1%65.0%61.7%65.7%
    Cash & Debt            
    Total Cash5,9386,1606,1356,0976,0926,0816,2536,0726,1046,0871,9725,914
    Total Debt647646646645645645644644644643643664
    Net Debt / (Cash)-5,292-5,514-5,490-5,452-5,447-5,437-5,608-5,428-5,460-5,444-1,329-5,250
    Cash Flows Quarterly            
    FCF from Operations77231215183224182183169191186170145
    Cash Flows TTM            
    FCF from Operations TTM706853804772758725729716691713693645
    Returns to Shareholders Quarterly            
    Dividends353334313433343133323229
    Share Repurchases192189188186225195124156951206774
    Return on Invested Capital (ROIC) Quarterly            
    ROIC------------
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM------------

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Mortgage Insurance1,2141,2081,1551,1731,186
    Total1,2141,2081,1551,1731,186


    Price Behavior

    Price Behavior
    Market Price$30.58 
    Market Cap ($ Bil)6.6 
    First Trading Date08/07/1991 
    Distance from 52W High0.0% 
       50 Days200 Days
    DMA Price$27.22$27.14
    DMA Trendindeterminateup
    Distance from DMA12.3%12.7%
     3M1YR
    Volatility26.0%23.3%
    Downside Capture-80.70-4.09
    Upside Capture-45.1820.00
    Correlation (SPY)-23.1%6.7%
    MTG Betas & Captures as of 6/30/2026

     1M2M3M6M1Y3Y
    Beta-0.28-0.20-0.140.120.180.62
    Up Beta0.070.770.310.440.560.73
    Down Beta0.23-0.05-0.210.03-0.080.64
    Up Capture10%-20%-7%-1%11%30%
    Bmk +ve Days11244067140429
    Stock +ve Days13213669136417
    Down Capture-119%-95%-87%11%19%71%
    Bmk -ve Days10172358112321
    Stock -ve Days8202654111324

    [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
    MTG22.5%23.3%0.81-
    Sector ETF (XLF)8.1%14.8%0.3140.2%
    Equity (SPY)15.6%12.8%0.866.6%
    Gold (GLD)21.6%28.1%0.68-13.6%
    Commodities (DBC)31.5%19.7%1.27-20.4%
    Real Estate (VNQ)15.9%14.0%0.8226.2%
    Bitcoin (BTCUSD)-46.1%42.9%-1.32-8.8%

    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
    MTG20.3%25.1%0.72-
    Sector ETF (XLF)11.0%18.4%0.4666.8%
    Equity (SPY)12.4%17.1%0.5552.8%
    Gold (GLD)17.1%18.4%0.75-3.0%
    Commodities (DBC)9.3%19.5%0.366.3%
    Real Estate (VNQ)2.9%18.9%0.0552.9%
    Bitcoin (BTCUSD)14.7%53.3%0.4622.9%

    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
    MTG18.1%37.0%0.56-
    Sector ETF (XLF)13.5%22.0%0.5665.5%
    Equity (SPY)14.7%17.9%0.7053.6%
    Gold (GLD)11.3%16.1%0.57-2.0%
    Commodities (DBC)7.1%18.0%0.3217.6%
    Real Estate (VNQ)5.1%20.7%0.2153.4%
    Bitcoin (BTCUSD)57.7%66.2%0.9814.0%

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

    Short Interest

    Short Interest: As Of Date7152026
    Short Interest: Shares Quantity9.4 Mil
    Short Interest: % Change Since 6302026-3.3%
    Average Daily Volume1.9 Mil
    Days-to-Cover Short Interest5.0 days
    Basic Shares Quantity216.1 Mil
    Short % of Basic Shares4.4%

    Returns Analyses

    Earnings Returns History

    Updated 7/29/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    4/29/2026-9.1%-8.9%-12.9%
    2/2/2026-5.2%-3.4%-1.8%
    10/29/20254.3%6.5%8.8%
    7/30/20252.1%6.5%9.7%
    4/30/20251.6%5.2%6.7%
    2/3/20251.8%-0.5%-5.1%
    11/4/20241.4%6.5%9.5%
    7/31/2024-1.3%-5.7%1.9%
    ...
    SUMMARY STATS   
    # Positive141314
    # Negative101110
    Median Positive1.7%6.5%7.2%
    Median Negative-3.2%-3.6%-2.3%
    Max Positive4.4%9.7%16.4%
    Max Negative-9.1%-10.7%-12.9%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    4/29/2026-9.1%-8.9%-12.9%
    2/2/2026-5.2%-3.4%-1.8%
    10/29/20254.3%6.5%8.8%
    7/30/20252.1%6.5%9.7%
    4/30/20251.6%5.2%6.7%
    2/3/20251.8%-0.5%-5.1%
    11/4/20241.4%6.5%9.5%
    7/31/2024-1.3%-5.7%1.9%
    5/1/2024-0.2%2.2%2.7%
    1/31/20240.7%-3.9%0.5%
    10/31/20230.5%4.6%5.1%
    8/2/20234.4%7.5%4.7%
    5/3/2023-1.3%1.4%7.6%
    2/1/20230.4%-1.9%-1.6%
    11/2/2022-0.7%-1.1%-0.7%
    8/3/20221.9%3.9%-1.4%
    5/4/2022-2.5%-5.4%0.4%
    2/2/20220.4%4.9%-3.1%
    11/3/2021-4.0%-3.6%-11.0%
    8/4/20213.8%9.6%13.8%
    5/5/2021-5.4%-10.7%-1.4%
    2/23/20210.6%-1.4%-2.9%
    11/4/2020-4.8%7.0%16.4%
    8/4/20202.2%9.7%16.1%
    SUMMARY STATS   
    # Positive141314
    # Negative101110
    Median Positive1.7%6.5%7.2%
    Median Negative-3.2%-3.6%-2.3%
    Max Positive4.4%9.7%16.4%
    Max Negative-9.1%-10.7%-12.9%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    03/31/202604/29/202610-Q
    12/31/202502/25/202610-K
    09/30/202510/29/202510-Q
    06/30/202507/30/202510-Q
    03/31/202504/30/202510-Q
    12/31/202402/26/202510-K
    09/30/202411/04/202410-Q
    06/30/202407/31/202410-Q
    03/31/202405/01/202410-Q
    12/31/202302/21/202410-K
    09/30/202310/31/202310-Q
    06/30/202308/02/202310-Q
    03/31/202305/03/202310-Q
    12/31/202202/22/202310-K
    09/30/202211/02/202210-Q
    06/30/202208/03/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    03/31/202604/29/202610-Q
    12/31/202502/25/202610-K
    09/30/202510/29/202510-Q
    06/30/202507/30/202510-Q
    03/31/202504/30/202510-Q
    12/31/202402/26/202510-K
    09/30/202411/04/202410-Q
    06/30/202407/31/202410-Q
    03/31/202405/01/202410-Q
    12/31/202302/21/202410-K
    09/30/202310/31/202310-Q
    06/30/202308/02/202310-Q
    03/31/202305/03/202310-Q
    12/31/202202/22/202310-K
    09/30/202211/02/202210-Q
    06/30/202208/03/202210-Q
    03/31/202205/04/202210-Q
    12/31/202102/23/202210-K
    09/30/202111/03/202110-Q
    06/30/202108/04/202110-Q
    03/31/202105/05/202110-Q
    12/31/202002/23/202110-K
    09/30/202011/04/202010-Q
    06/30/202008/04/202010-Q
    03/31/202005/07/202010-Q
    12/31/201902/24/202010-K
    09/30/201911/06/201910-Q
    06/30/201908/05/201910-Q

    Recent Forward Guidance

    Updated 7/29/2026

    Latest: Q2 2026 Earnings Reported 7/29/2026

    Forward GuidanceGuidance Change
    MetricLowMidHigh% Chg% DeltaChangePrior
    2027 Reinsurance Coverage 168.00 Mil    
    2028 Share Repurchases 750.00 Mil 0 AffirmedGuidance: 750.00 Mil for 2028

    Prior: Q1 2026 Earnings Reported 4/29/2026

    Forward GuidanceGuidance Change
    MetricLowMidHigh% Chg% DeltaChangePrior
    Q2 2026 Dividends 0.15    
    2028 Share Repurchases 750.00 Mil    

    Q4 2025 Earnings Reported 2/2/2026

    Forward GuidanceGuidance Change
    MetricLowMidHigh% Chg% DeltaChangePrior
    2026 Effective Tax Rate20.0%21.0%22.0%   
    2026 Operating Expenses260.00 Mil265.00 Mil270.00 Mil   
    2026 Capital Expenditures15.00 Mil17.50 Mil20.00 Mil   

    Q3 2025 Earnings Reported 10/29/2025

    Forward GuidanceGuidance Change
    MetricLowMidHigh% Chg% DeltaChangePrior
    2025 Quota Share Cede Rate 0.28    
    2025 Reinsurance Coverage 250.00 Mil    
    2027 Quota Share Reinsurance Transaction 0.4    

    Insider Activity

    Updated 7/2/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Miosi, Salvatore APresident & COODirectSell702202628.2330,000846,90014,988,757Form
    2Colson, Nathaniel HOfficer EVP, CFO & CRODirectSell626202627.1020,000542,0009,247,224Form
    3Miosi, Salvatore APresident & COODirectSell609202625.3830,000761,40014,236,946Form
    4Maggio, Paula CEVP and General CounselDirectSell601202625.5520,937534,9404,333,783Form
    5Mattke, Timothy JChief Executive OfficerDirectSell403202626.49139,2023,687,87929,619,317Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Miosi, Salvatore APresident & COODirectSell702202628.2330,000846,90014,988,757Form
    2Colson, Nathaniel HOfficer EVP, CFO & CRODirectSell626202627.1020,000542,0009,247,224Form
    3Miosi, Salvatore APresident & COODirectSell609202625.3830,000761,40014,236,946Form
    4Maggio, Paula CEVP and General CounselDirectSell601202625.5520,937534,9404,333,783Form
    5Mattke, Timothy JChief Executive OfficerDirectSell403202626.49139,2023,687,87929,619,317Form
    6Miosi, Salvatore APresident & COODirectSell402202626.2510,931286,98215,514,837Form
    7Miosi, Salvatore APresident & COODirectSell303202627.0430,000811,05019,768,083Form
    8Maggio, Paula CEVP and General CounselDirectSell209202627.5120,000550,1603,154,856Form
    9Miosi, Salvatore APresident & COODirectSell203202627.2730,000817,98012,385,454Form
    10Mattke, Timothy JChief Executive OfficerDirectSell114202626.51139,2033,689,85021,804,326Form
    11Miosi, Salvatore APresident & COODirectSell105202629.1330,000873,9602,895,760Form
    12Miosi, Salvatore APresident & COODirectSell1202202528.4030,000852,0303,675,128Form
    13Miosi, Salvatore APresident & COODirectSell1104202527.5230,000825,6004,386,725Form
    14Maggio, Paula CEVP and General CounselDirectSell1103202527.4420,000548,8203,221,427Form
    15Mattke, Timothy JChief Executive OfficerDirectSell1008202527.09139,2033,771,67726,059,546Form
    16Miosi, Salvatore APresident & COODirectSell1002202528.1530,000844,6325,332,482Form
    17Miosi, Salvatore APresident & COODirectSell903202527.6630,000829,8906,069,300Form
    18Mattke, Timothy JChief Executive OfficerDirectSell808202526.54139,2033,693,98829,216,758Form
    19Maggio, Paula CEVP and General CounselDirectSell805202526.5420,000530,8003,646,455Form
    20Miosi, Salvatore APresident & COODirectSell804202526.2230,000786,6006,539,304Form
    21Miosi, Salvatore APresident & COODirectSell702202528.1530,000844,5607,865,707Form

    Investor Activity (13F)

    Updated Jul 30, 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
    Permit Capital, LLC$9.0 Mil3.0%19Hold13F
    Active Manager
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Permit Capital, LLC$9.0 Mil3.0%19Hold13F

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