MTG
MGIC INVESTMENT CORP
Next earnings Jul 28, 2026 (after close) · consensus $0.77 EPS, $301M rev
Last earnings +0.5% on 2026-04-29
$28.23
▲ 0.00%$28.23▲ +4.32%
over 1Y
L $24.51H $29.52
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+0.0%
1W+3.2%
1M+13.4%
3M+7.1%
YTD-2.0%
1Y+4.3%
Buy
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 14 analysts
Hold
High-quality mortgage insurer at 8.3x earnings with 14% ROE, fortress capital and a buyback retiring 11% of shares a year — cheap and shareholder-friendly.
Diluted EPS (FY2025) $3.14 · FY2025
The read
Solid fundamentals at a roughly fair price — reasonable risk/reward at today's level.
MGIC is a leading private mortgage insurer with $303.1 billion of primary insurance-in-force (IIF), helping low-down-payment borrowers achieve homeownership. The economics are excellent: FY2025 net income was $738M on $1.21B of revenue — a remarkable 60.8% net margin — with a 14.3% return on equity. Despite a 3.2% dip in net income, diluted EPS rose 8.7% to $3.14 because the company is aggressively retiring stock. The balance sheet is a fortress for an insurer: liabilities/equity is just 0.29x, equity is $5.15B, and cash grew 60.8% to $369M.
Valuation and capital return are the heart of the buy case. At $26.06 the stock trades at only 8.3x earnings — a deeply discounted multiple reflecting market wariness of housing-cycle risk. Yet MGIC is returning capital at an extraordinary clip: $789M of buybacks in FY2025 (up 38.5%) cut the share count 11.4%, plus a $132M dividend. Operating cash flow of $853M (+17.6%) comfortably funds this. Management notes its book reflects 'several years of favorable housing fundamentals' and 'favorable risk characteristics on our recently insured loans,' and MGIC is gaining share within the PMI industry (19.4% vs 18.6%) even as total mortgage originations are forecast higher in 2026.
Is MTG a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBull call spread (wide)~60d expiry
- Long call 28 @ ~1.02 est
- Short call 32 @ ~0.04 est
debit $98max +$302max −$98BE 28.98
High-conviction BUY: a wider spread keeps more of the upside while the short call still cuts cost and decay.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $1.19B | $1.17B | $1.16B | $1.21B | $1.21B |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $635M | $865M | $713M | $763M | $738M |
| Diluted EPS | $1.85 | $2.79 | $2.49 | $2.89 | $3.14 |
| Net margin | 53.6% | 73.8% | 61.7% | 63.2% | 60.8% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF7.0
PEG (trailing)—
Earnings yield12.4%
FCF yield14.3%
Quality & risk
ROIC (est.)—
Free cash flow$852M
Total debt$643M
Net cash-$274M
Piotroski F-Score5/7
Capital returns
Buyback yield13.2%
Dividend yield (est.)2.2%
Shareholder yield15.4%
Shares Δ YoY-11.4%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
Recent filings
all on EDGAR ↗4Period ending 2026-07-012026-07-02open ↗144Filing2026-07-01open ↗4Period ending 2026-06-252026-06-26open ↗144Filing2026-06-25open ↗144Filing2026-06-17open ↗4Period ending 2026-06-082026-06-09open ↗144Filing2026-06-08open ↗4Period ending 2026-05-292026-06-01open ↗144Filing2026-05-29open ↗4Period ending 2026-05-212026-05-22open ↗4Period ending 2026-05-212026-05-22open ↗4Period ending 2026-05-212026-05-22open ↗
Frequently asked
- Is MGIC INVESTMENT CORP (MTG) a buy?
- MTG currently carries a Buy rating with 4/5 conviction, derived from its latest SEC filings. High-quality mortgage insurer at 8.3x earnings with 14% ROE, fortress capital and a buyback retiring 11% of shares a year — cheap and shareholder-friendly.
- What is MTG's fair value?
- A Modified-Graham model based on MTG's SEC fundamentals estimates a fair value of about $28.02. It is an estimate from reported earnings, not a price target.
- Is MTG overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, MTG currently appears fairly valued relative to its SEC-grounded earnings power.
- What is MGIC INVESTMENT CORP's quality score?
- MTG scores 71.8699152542373/100 (grade B) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000876437, latest 10-Q filed 2026-04-29) · EODHD · Proprietary analysis · as of 6/21/2026, 8:56:45 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:56 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.