# MGIC Investment Corporation (MTG)

> Source: Nexqual · https://nexqual.com/MTG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, MGIC Investment Corporation (MTG), nexqual.com/MTG" · informational, not investment advice.

**Price:** USD 27.74 (+1.57% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 27.31 · day 27.29–28.45 · 52w 24.69–31.89 · market cap $5.69B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.20B, net income $708M (59.2% margin), free cash flow $706M (SEC filings).
- Valuation: P/E 8.0x (avg 8.4x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 11 Form 4 filings, $14.3M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.14 on a 1–5 scale) (7 analysts), mean target USD 30.83 (range 28–35).
- Total return with dividends: 1Y +3.4% vs S&P 500 +14.9%; 5Y +89.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.82, revenue estimate $299M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.19B | $1.17B | $1.16B | $1.21B | $1.21B | $1.20B |
| Net income | $635M | $865M | $713M | $763M | $738M | $708M |
| EPS (diluted) | $1.85 | $2.79 | $2.49 | $2.89 | $3.14 | — |
| Free cash flow | $692M | $647M | $711M | $724M | $852M | $706M |
| Net margin | 53.6% | 73.8% | 61.7% | 63.2% | 60.8% | 59.2% |
| Revenue growth | -1.1% | -1.1% | -1.5% | +4.6% | +0.5% | — |
| Cash + short-term investments | $285M | $394M | — | — | $369M | — |
| Total debt | $1.15B | $663M | $643M | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 8.0x · P/S 4.8x · P/FCF 8.1x · P/B 1.1x · FCF yield 12.42% · Earnings yield 12.44% · Dividend yield (paid, TTM) 2.37% · Buyback yield (TTM) 13.25%
P/E at fiscal year-ends: Dec 2025 9.3x, Dec 2024 8.2x, Dec 2023 7.8x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
11 of 11 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Miosi Salvatore A | President & COO | 30,000 | $782K | 6.4% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-01 | Mattke Timothy J. | Chief Executive Officer | 137,114 | $3.6M | 14% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-24 | Colson Nathaniel H | Officer EVP, CFO & CRO | 20,000 | $590K | 5.9% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-09-01 | Miosi Salvatore A | President & COO | 30,000 | $922K | 6% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-07 | Maggio Paula C | EVP and General Counsel | 20,000 | $606K | 7.1% | Yes (adopted February 27, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-05 | Mattke Timothy J. | Chief Executive Officer | 137,113 | $4.2M | 12.3% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-03 | Miosi Salvatore A | President & COO | 30,000 | $891K | 5.7% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-01 | Miosi Salvatore A | President & COO | 30,000 | $847K | 5.3% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-25 | Colson Nathaniel H | Officer EVP, CFO & CRO | 20,000 | $542K | 5.5% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-06-08 | Miosi Salvatore A | President & COO | 30,000 | $761K | 5.1% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-29 | Maggio Paula C | EVP and General Counsel | 20,937 | $535K | 7% | Yes (adopted February 27, 2026) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.14 on a 1–5 scale), 7 analysts; mean target USD 30.83 (low 28, high 35).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-05 | Barclays | Target raised | Equal-Weight | $28 → $29 |
| 2026-07-31 | RBC Capital | Target raised | Sector Perform | $28 → $32 |
| 2026-07-31 | Keefe, Bruyette & Woods | Target raised | Market Perform | $29 → $30 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +3.4% | +89.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +3.4% | +13.6% |
| Volatility (annualized) | 25.4% | 23.4% |
| Max drawdown | -17.9% (Sep 2026→Sep 2026) | -27.8% (Jan 2022→Jun 2022) |

## Peers (Insurance - Specialty)
ESNT (Essent Group Ltd.) USD 65.7 +2.62% · ACT (Enact Holdings, Inc.) USD 46.92 +2.78% · FAF (First American Corporation (New) USD 65.07 -2.09% · RDN (Radian Group Inc.) USD 34.7 +2.12% · AXS (Axis Capital Holdings Limited) USD 104.3 +3.71% · NMIH (NMI Holdings Inc) USD 41.49 +1.77%

## More
Full page: https://nexqual.com/MTG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.82 | $0.77 | +6.6% | $298.7M | 6 |
| Next quarter (ends 2026-12-31) | $0.82 | $0.78 | +5.3% | $299.6M | 6 |
| Current fiscal year (ends 2026-12-31) | $3.27 | $3.07 | +6.5% | $1.19B | 6 |
| Next fiscal year (ends 2027-12-31) | $3.45 | $3.30 | +4.4% | $1.20B | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±10.8%; last 8 reports averaged ±2.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 42.1% | ±10.8% |
| 2026-12-18 | 56 | 29.9% | ±12.2% |
| 2027-03-19 | 147 | 24.9% | ±14.8% |
| 2027-06-17 | 237 | 23.9% | ±17.1% |