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Mgic Investment

MTG on NYSE. Mgic Investment sells private mortgage insurance to lenders in the United States. Market value $5.6bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Nothing big in our quick check. See what could go wrong below.

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
five annual reports to December 2025
14.7%five-year median

Yearly profit per dollar of owners' money: 15 cents. Above 10 is good.

Price to book
quarterly report to June 2026
1.1×

What you pay for each dollar of net assets: $1.12.

Earnings yield
past 12 months to June 2026
12.6%

Profit per $100 you pay: $12.61.

Quality score: 74 of 100. Price score: 97 of 100. Our list needs 70 on quality and 60 on price.

$27.36 a share, 11% above its 1-year low

Over the past year the price has ranged from $24.69 to $31.89.

Dividend: 2.4% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
$1.2bn$1.2bn$1.2bn$1.2bn$1.2bn
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.30bn0.28bn0.25bn0.22bn0.21bn

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsSlow, 0.2% a year
  • Buying back its own sharesYes, 31% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $295 million last quarter, down 3% on a year ago.
  • Profit: $182 million, down 5% on a year ago.
  • 11% fewer shares than a year ago. Each share owns a bit more of the company.
  • Sales did not grow on a year ago in any of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$307m
December 2024$301m
March 2025$306m
June 2025$304m
September 2025$305m
December 2025$299m
March 2026$297m
June 2026$295m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$200m
December 2024$185m
March 2025$185m
June 2025$192m
September 2025$191m
December 2025$169m
March 2026$165m
June 2026$182m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
25 February 2026
Next quarterly (estimated, 10-Q)
28 October 2026

Who owns it

5 long-term investors we follow own it, unchanged from 5 last quarter. 508 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 4 sold $30m, $30m of it under preset trading plans.

  • Miosi Salvatore A
    President & COO
    Sold
    under a preset trading plan
    Date
    1 October 2026
    Shares
    30,000
    Price
    $26.06
    Value
    $781,800
  • Mattke Timothy J.
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    1 October 2026
    Shares
    137,114
    Price
    $26.23
    Value
    $4m
  • Colson Nathaniel H
    Officer EVP, CFO & CRO
    Sold
    under a preset trading plan
    Date
    24 September 2026
    Shares
    20,000
    Price
    $29.48
    Value
    $589,600
  • Miosi Salvatore A
    President & COO
    Sold
    under a preset trading plan
    Date
    1 September 2026
    Shares
    30,000
    Price
    $30.73
    Value
    $921,900
  • Maggio Paula C
    EVP and General Counsel
    Sold
    under a preset trading plan
    Date
    7 August 2026
    Shares
    20,000
    Price
    $30.30
    Value
    $606,000
  • Mattke Timothy J.
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    5 August 2026
    Shares
    137,113
    Price
    $30.52
    Value
    $4m
  • Miosi Salvatore A
    President & COO
    Sold
    under a preset trading plan
    Date
    3 August 2026
    Shares
    30,000
    Price
    $29.70
    Value
    $891,000
  • Miosi Salvatore A
    President & COO
    Sold
    under a preset trading plan
    Date
    1 July 2026
    Shares
    30,000
    Price
    $28.23
    Value
    $846,900
  • Colson Nathaniel H
    Officer EVP, CFO & CRO
    Sold
    under a preset trading plan
    Date
    25 June 2026
    Shares
    20,000
    Price
    $27.10
    Value
    $542,000
  • Miosi Salvatore A
    President & COO
    Sold
    under a preset trading plan
    Date
    8 June 2026
    Shares
    30,000
    Price
    $25.38
    Value
    $761,400

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 3 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • Sales have barely grown: 0.2% a year.

Whether the price already reflects the risks is what the deep dive is for.

What changed in the risks this year

Companies must list what could hurt them each year. These are the parts that changed since last year’s report.

  • Our investment portfolio is subject to credit and interest rate risk, may suffer reduced or low returns, and/or material realized or unrealized losses.

    Could happen
    Our investment portfolio may include: residential mortgage-backed securities; collateralized loan obligations; asset-backed securities; and commercial mortgage-backed securities, all of which could be adversely impacted by declines in real estate valuations. Some of our fixed income investments, such as mortgage-backed and other asset-backed securities, also carry prepayment risk as a result of interest rate fluctuations.
    Read more

  • Competition or changes in our relationships with our customers could reduce our revenues, reduce our premium yields and / or increase our losses.

    Could happen
    Recently reported increases in the credit quality of borrowers, and the relative financial results of the existing mortgage insurance companies, may encourage new entrants into the private mortgage insurance industry, which could further increase competition in our business. Based on public disclosures, a potential new market entrant intends to begin writing mortgage insurance in 2026. Changes in the competitive landscape, including as a result of this or other new market entrants, may adversely impact our results.
    Read more

Read it in the annual report

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.