Mgic Investment Corp is a US-listed company in the commercial & residential mortgage finance industry. Its financial year ends in December.
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~$49
Valuation models combined (4)
Base case. Range ~$36–$62. Weighted average of 4 models (forward price-to-earnings vs peers, residual income, justified price-to-book, dividend discount (two-stage)), the forward price-to-earnings vs peers counting double.
Undervalued
The price is below our entire value range; our base value is 70% above it.
Price used: $28.94, November 2, 2026
Mgic Investment Corp valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $1.20bn, down 1.9% on a year earlier, slower than -1.2% a quarter earlier. That puts it 871 of 931 for growth among all the companies we cover. The diluted share count is down 11.5% on a year earlier, which lifts each remaining share. Our valuation models combined value is $49.90 a share, against a share price of $27.98.
Source: 10-Q filed July 29, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Mgic Investment Corp's trailing-twelve-month revenue fell 1.9% year on year, with a free-cash-flow margin of 59.1%. Where it stands out: net margin of 59.2% ranks 1 of 14 commercial & residential mortgage finance companies we cover. Where it lags: revenue growth of -1.9% ranks 12 of 14 commercial & residential mortgage finance companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to -1.9% (-0.6pp vs the prior quarter), the 5th consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value Mgic Investment Corp as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 8.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.75 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$36 ~$28–$59 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$56 ~$39–$84 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$56 ~$47–$69 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$1.2 ~$19–$100 | Left out: out of range vs price (0.04x) |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | ~$62 ~$50–$79 | Included |
| Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$49 ~$36–$62 | 4 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Mgic Investment Corp with asset managers, brokers and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Strong moat
How hard Mgic Investment's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 10.9% of total assets over 10 years.
Net margin has been a median 58.0%; its worst year was 35.0%.
The diluted share count fell 38.8% over five years; stock-based pay has been a median 2.3% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (97 before it).
Next results: November 4, 2026, after the close. Analysts expect revenue of $299m and EPS of $0.82 (range $0.79 to $0.87) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $3.27 | +4% | $1.2bn | −2% |
| Next | $3.45 | +6% | $1.2bn | +1% |
Next year's EPS estimate has moved +4.4% in 90 days, across 6 analysts.
The consensus EPS forecast for the current fiscal year is +6.5% on 90 days ago. In the last 30 days, 1 analyst raised Mgic Investment Corp's forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $3.07 | $3.30 |
| 60 days ago | $3.25 | $3.43 |
| 30 days ago | $3.25 | $3.43 |
| 7 days ago | $3.27 | $3.48 |
| Now | $3.27 | $3.45 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.76 | $0.87 | +14.2% |
| Mar 2026 | $0.74 | $0.76 | +2.4% |
| Dec 2025 | $0.74 | $0.75 | +0.7% |
| Sept 2025 | $0.74 | $0.83 | +12.2% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months +7.9%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $1.2bn | $1.2bn | −1.9% |
| Net margin | 62.6% | 59.2% | −5.4% |
| P/E multiple | 8.8x | 9.0x | +2.9% |
| Share count | 250m | 221m | +13.0% |
Biggest factor: share count.
Last 3 years +74.4%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $1.2bn | $1.2bn | +3.1% |
| Net margin | 67.8% | 59.2% | −12.7% |
| P/E multiple | 6.3x | 9.0x | +44.0% |
| Share count | 298m | 221m | +34.6% |
Biggest factor: p/e multiple.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| MTG | +17% | −8% | +52% | +26% | +26% | +1% |
| Industry peers (median) | +5% | −13% | +11% | +6% | +6% | +2% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| MTG | 58% | 58% | 75% | 75% | 75% | 55% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| MTG | −19% | −30% | −13% | −13% | −12% | −18% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 68% from January 22, 2018 to April 3, 2020. Getting back needed a 214% gain, reached on April 27, 2021, 389 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| July 29, 2026 | −0.4% | +0.1% | +0.6% | +2.2% |
| April 29, 2026 | −8.6% | +1.0% | −8.4% | −12.5% |
| February 2, 2026 | −3.0% | −0.4% | −1.1% | +0.5% |
| October 29, 2025 | +2.7% | −1.1% | +4.9% | +6.5% |
| July 30, 2025 | +0.9% | −0.5% | +5.3% | +8.4% |
| April 30, 2025 | +2.6% | +0.7% | +6.2% | +7.7% |
| February 3, 2025 | +0.2% | 0.0% | −2.1% | −6.6% |
| November 4, 2024 | +1.2% | +1.0% | +6.3% | +9.4% |
| July 31, 2024 | −1.0% | +0.2% | −5.5% | +2.2% |
| May 1, 2024 | +1.1% | +0.6% | +3.5% | +4.1% |
| January 31, 2024 | −1.2% | −0.3% | −5.7% | −1.4% |
| October 31, 2023 | +1.4% | +1.7% | +5.5% | +6.1% |
How Mgic Investment Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.
Not offered: fundamentals grade B (needs B+ or better).
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.
For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.
Not offered: the shares trade below our fair value: a collar caps upside the model expects.
For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $1.2B |
| FY23 Q4 | $1.2B |
| FY24 Q1 | $1.2B |
| FY24 Q2 | $1.2B |
| FY24 Q3 | $1.2B |
| FY24 Q4 | $1.2B |
| FY25 Q1 | $1.2B |
| FY25 Q2 | $1.2B |
| FY25 Q3 | $1.2B |
| FY25 Q4 | $1.2B |
| FY26 Q1 | $1.2B |
| FY26 Q2 | $1.2B |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -1.0% |
| FY23 Q4 | -1.5% |
| FY24 Q1 | 0.3% |
| FY24 Q2 | 1.8% |
| FY24 Q3 | 2.3% |
| FY24 Q4 | 4.6% |
| FY25 Q1 | 4.6% |
| FY25 Q2 | 3.3% |
| FY25 Q3 | 2.2% |
| FY25 Q4 | 0.5% |
| FY26 Q1 | -1.2% |
| FY26 Q2 | -1.9% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 59.4% |
| FY23 Q4 | 61.5% |
| FY24 Q1 | 59.2% |
| FY24 Q2 | 60.5% |
| FY24 Q3 | 61.1% |
| FY24 Q4 | 59.9% |
| FY25 Q1 | 62.1% |
| FY25 Q2 | 63.3% |
| FY25 Q3 | 66.1% |
| FY25 Q4 | 70.2% |
| FY26 Q1 | 58.5% |
| FY26 Q2 | 59.1% |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||||||
| Revenue | 1,709 | 1,521 | 1,504 | 1,378 | 1,039 | 943 | 1,041 | 1,062 | 1,066 | 1,124 | 1,214 | 1,199 | 1,186 | 1,173 | 1,155 | 1,208 | 1,214 | 1,196 |
| Net income | −1,322 | −364 | −486 | −927 | −50 | 252 | 1,172 | 343 | 356 | 670 | 674 | 446 | 635 | 865 | 713 | 763 | 738 | 708 |
| Diluted EPS | −$10.65 | −$2.06 | −$2.42 | −$4.59 | −$0.16 | $0.64 | $2.60 | $0.86 | $0.95 | $1.78 | $1.85 | $1.29 | $1.85 | $2.79 | $2.49 | $2.89 | $3.14 | $3.20 |
| Growth (year on year) | ||||||||||||||||||
| Revenue | −0.8% | −11.0% | −1.1% | −8.4% | −24.6% | −9.3% | +10.5% | +2.0% | +0.3% | +5.4% | +8.0% | −1.2% | −1.1% | −1.1% | −1.5% | +4.6% | +0.5% | −1.9% |
| Net income | — | — | — | — | — | — | +365.2% | −70.8% | +3.9% | +88.4% | +0.5% | −33.8% | +42.3% | +36.3% | −17.6% | +7.0% | −3.2% | −7.2% |
| Diluted EPS | — | — | — | — | — | — | +306.3% | −66.9% | +10.5% | +87.4% | +3.9% | −30.3% | +43.4% | +50.8% | −10.8% | +16.1% | +8.7% | +4.9% |
| Margins | ||||||||||||||||||
| Net margin | −77.4% | −23.9% | −32.3% | −67.3% | −4.8% | 26.7% | 112.6% | 32.2% | 33.4% | 59.6% | 55.5% | 37.2% | 53.6% | 73.8% | 61.7% | 63.2% | 60.8% | 59.2% |
| Free-cash-flow margin | — | — | — | — | −93.5% | −43.5% | 15.1% | 20.2% | 36.6% | 47.2% | 49.7% | 60.8% | 58.4% | 55.1% | 61.5% | 59.9% | 70.2% | 59.1% |
| Cash flow | ||||||||||||||||||
| Cash from operations | 330 | −875 | −1,884 | −1,569 | −972 | −405 | 161 | 225 | 407 | 545 | 610 | 732 | 696 | 650 | 713 | 725 | 853 | 708 |
| Capital spending | — | — | — | — | 1 | 5 | 5 | 11 | 16 | 14 | 6 | 3 | 4 | 3 | 2 | 1 | 1 | 2 |
| Free cash flow | — | — | — | — | −972 | −410 | 157 | 214 | 391 | 530 | 604 | 729 | 692 | 647 | 711 | 724 | 852 | 706 |
| Stock-based pay | — | 14 | 12 | 9 | 7 | 9 | 12 | 11 | 15 | 21 | 19 | 14 | 17 | 25 | 32 | 31 | 24 | 24 |
| Free cash flow after stock pay | — | — | — | — | −979 | −419 | 145 | 203 | 376 | 509 | 585 | 715 | 675 | 622 | 679 | 693 | 827 | 683 |
| Balance sheet | ||||||||||||||||||
| Cash | 1,186 | 1,304 | 996 | 1,028 | 333 | 198 | 181 | 155 | 100 | 152 | 162 | 288 | 285 | 327 | 364 | 229 | 369 | 207 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 1,296 | 1,223 | 1,190 | 837 | 832 | 833 | 1,243 | 1,147 | 663 | 643 | — | 0 | 0 |
| Net debt (negative = net cash) | −1,186 | −1,304 | −996 | −1,028 | −333 | 1,099 | 1,042 | 1,034 | 737 | 680 | 671 | 955 | 862 | 335 | 280 | −229 | −369 | −207 |
| Diluted shares | 124m | 176m | 201m | 202m | 312m | 414m | 468m | 432m | 395m | 386m | 374m | 359m | 351m | 311m | 287m | 264m | 235m | 221m |
| Returned to shareholders | ||||||||||||||||||
| Dividends | 0 | 0 | — | — | — | — | — | — | 0 | 0 | 42 | 82 | 94 | 111 | 123 | 131 | 132 | 135 |
| Buybacks | — | — | — | — | — | 0 | 0 | 147 | 0 | 163 | 126 | 120 | 291 | 386 | 337 | 569 | 789 | 754 |
| Total returned | 0 | 0 | — | — | — | 0 | 0 | 147 | 0 | 163 | 168 | 202 | 385 | 497 | 460 | 700 | 921 | 889 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 307 | 301 | 306 | 304 | 305 | 299 | 297 | 295 |
| Net income | 200 | 185 | 185 | 192 | 191 | 169 | 165 | 182 |
| Diluted EPS | $0.77 | $0.72 | $0.75 | $0.81 | $0.83 | $0.75 | $0.76 | $0.86 |
| Growth (year on year) | ||||||||
| Revenue | +3.4% | +6.2% | +4.0% | −0.3% | −0.7% | −0.9% | −3.0% | −2.9% |
| Net income | +9.4% | +0.1% | +6.5% | −5.8% | −4.4% | −8.3% | −10.9% | −5.4% |
| Diluted EPS | +20.3% | +9.1% | +17.2% | +5.2% | +7.8% | +4.2% | +1.3% | +6.2% |
| Margins | ||||||||
| Net margin | 65.2% | 61.3% | 60.6% | 63.3% | 62.8% | 56.7% | 55.6% | 61.7% |
| Free-cash-flow margin | 59.5% | 60.3% | 73.0% | 60.1% | 70.6% | 77.1% | 25.8% | 62.5% |
| Cash flow | ||||||||
| Cash from operations | 183 | 182 | 224 | 183 | 215 | 231 | 77 | 185 |
| Capital spending | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 0 |
| Free cash flow | 182 | 182 | 224 | 183 | 215 | 230 | 77 | 184 |
| Stock-based pay | 7 | 6 | 8 | 5 | 6 | 6 | 6 | 6 |
| Free cash flow after stock pay | 176 | 175 | 215 | 178 | 209 | 224 | 70 | 179 |
| Last 12 months unless stated | MTG | ONIT | ACT | LDI | WD | RDN | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $1.2bn | $1.1bn | $1.3bn | $1.3bn | $1.3bn | $1.6bn | $1.2bn |
| Revenue growth, last 12 months | −1.9% | 16.3% | 2.5% | 11.4% | 8.0% | 37.1% | 11.0% |
| Revenue growth, 3-year average | 1.0% | 3.5% | 4.1% | 10.8% | 5.0% | 10.8% | 10.8% |
| Revenue growth, latest quarter | −2.9% | 14.7% | 4.1% | 19.4% | −3.9% | 92.6% | 11.7% |
| Operating margin | — | 3.6% | — | — | 20.1% | 47.5% | 3.6% |
| Operating margin, 3-year average | — | 32.0% | — | — | 27.5% | −12.9% | 27.5% |
| Net margin | 59.2% | 12.3% | 54.5% | −5.5% | 3.0% | 32.6% | 15.0% |
| Cash from operations / revenue | 59.2% | −183.6% | 57.5% | −20.0% | −9.3% | 84.7% | 20.0% |
| Free-cash-flow margin | 59.1% | −183.9% | — | −22.5% | −10.2% | 84.5% | 10.1% |
| Free-cash-flow margin, 3-year average | 61.0% | −84.0% | — | −41.4% | 12.3% | 1.3% | 1.3% |
| Stock pay / revenue | 2.0% | 0.7% | 1.6% | 1.6% | 2.8% | — | 1.9% |
| Change in share count | −11.5% | 4.9% | −6.3% | 47.7% | 0.3% | −6.8% | −0.1% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -1.9% | 11.4% | 12 of 14 |
| Change in growth rate Growth | -0.6pp | +0.2pp | 9 of 14 |
| Net margin Profitability | 59.2% | 17.7% | 1 of 14 |
| Stock pay as % of revenue Cash generation | 2.0% | 1.9% | 7 of 11 |
| Change in share count Balance sheet | -11.5% | 0.1% | 1 of 10 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $618M | 21.9M | 10.7% | ▼ 5.2% |
| Vanguard Portfolio Management LLC | $492M | 17.4M | 8.5% | ▼ 2.9% |
| Dimensional Fund Advisors LP | $389M | 13.8M | 6.8% | ▲ 1.1% |
| AQR Capital Management LLC | $317M | 11.3M | 5.5% | ▲ 2.5% |
| Jpmorgan Chase & Co | $313M | 11.1M | 5.4% | ▼ 1.0% |
| LSV Asset Management | $275M | 9.7M | 4.8% | ▼ 1.5% |
| Vanguard Capital Management LLC | $269M | 9.5M | 4.7% | ▼ 1.4% |
| State Street Corp | $214M | 7.6M | 3.7% | ▼ 3.0% |
| American Century Companies Inc | $203M | 7.2M | 3.5% | ▲ 21.6% |
| First Trust Advisors LP | $128M | 4.5M | 2.2% | ▲ 6.0% |
| Geode Capital Management, LLC | $124M | 4.4M | 2.1% | ▼ 2.8% |
| Allianz Asset Management Gmbh | $122M | 4.6M | 2.1% | ▲ 1.1% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Mgic Investment Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Mattke Timothy J. Chief Executive Officer | October 1, 2026 | Sell pre-set plan | 137,114 | $26.23 | $3.6M |
| Miosi Salvatore A President & COO | October 1, 2026 | Sell pre-set plan | 30,000 | $26.06 | $781,800 |
| Colson Nathaniel H Officer EVP, CFO & CRO | September 24, 2026 | Sell pre-set plan | 20,000 | $29.48 | $589,600 |
| Miosi Salvatore A President & COO | September 1, 2026 | Sell pre-set plan | 30,000 | $30.73 | $921,900 |
| Maggio Paula C EVP and General Counsel | August 7, 2026 | Sell pre-set plan | 20,000 | $30.30 | $606,000 |
| Mattke Timothy J. Chief Executive Officer | August 5, 2026 | Sell pre-set plan | 137,113 | $30.52 | $4.2M |
| Miosi Salvatore A President & COO | August 3, 2026 | Sell pre-set plan | 30,000 | $29.70 | $891,000 |
| Miosi Salvatore A President & COO | July 1, 2026 | Sell pre-set plan | 30,000 | $28.23 | $846,900 |
| Colson Nathaniel H Officer EVP, CFO & CRO | June 25, 2026 | Sell pre-set plan | 20,000 | $27.10 | $542,000 |
| Miosi Salvatore A President & COO | June 8, 2026 | Sell pre-set plan | 30,000 | $25.38 | $761,400 |
| Maggio Paula C EVP and General Counsel | May 29, 2026 | Sell pre-set plan | 20,937 | $25.55 | $534,940 |
| Mattke Timothy J. Chief Executive Officer | April 2, 2026 | Sell pre-set plan | 139,202 | $26.49 | $3.7M |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
No trades in Mgic Investment Corp disclosed in the last 12 months; 2 earlier trades on record.
Next expected around October 28, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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