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Insurance - Specialty · Financial Services · Fiscal year ends Dec 31
Mgic Investment reported revenue of $1.2B in the fiscal year ended Dec 2025, up 0.5% from the year before. Operating income was $964M, an operating margin of 79.4%, and net income was $738M. Operating cash flow of $853M less capital expenditure of $1M left free cash flow of $852M.
Ranks among the 10 insurance - specialty companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,186 | 1,173 | 1,155 | 1,208 | 1,214 |
| Operating incomederived: pre-tax income + interest | 873 | 1,138 | 939 | 1,004 | 964 |
| Interest expense | 71.4 | 48.1 | 36.9 | 35.6 | 35.6 |
| Pre-tax income | 802 | 1,090 | 902 | 969 | 929 |
| Income tax | 167 | 225 | 189 | 206 | 190 |
| Net income | 635 | 865 | 713 | 763 | 738 |
| Diluted EPS | 1.85 | 2.79 | 2.49 | 2.89 | 3.14 |
| Diluted shares | 351 | 311 | 287 | 264 | 235 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 285 | 327 | 364 | 229 | 369 |
| Net PP&E | 45.6 | 41.4 | 38.8 | 35.7 | 32.5 |
| Total assets | 7,325 | 6,214 | 6,538 | 6,547 | 6,639 |
| Long-term debt | 1,147 | 663 | 643 | – | – |
| Total liabilities | 2,464 | 1,571 | 1,466 | 1,375 | 1,492 |
| Shareholders' equity | 4,861 | 4,643 | 5,072 | 5,172 | 5,148 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 696 | 650 | 713 | 725 | 853 |
| Capital expenditure | 4.1 | 3.3 | 2.0 | 1.2 | 1.0 |
| Free cash flow | 692 | 647 | 711 | 724 | 852 |
| Depreciation & amortisation | 66.0 | 54.3 | 35.2 | 18.4 | 6.9 |
| Stock-based compensation | 17.1 | 24.8 | 31.6 | 31.3 | 24.4 |
| Share buybacks | 291 | 386 | 337 | 569 | 789 |
| Dividends paid | 94.2 | 111 | 123 | 131 | 132 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −1.1% | −1.5% | 4.6% | 0.5% |
| Operating income growth (YoY) | – | 30.3% | −17.5% | 6.9% | −4.0% |
| EPS growth (YoY) | – | 50.8% | −10.8% | 16.1% | 8.7% |
| Operating margin | 73.6% | 97.0% | 81.3% | 83.2% | 79.4% |
| Net margin | 53.6% | 73.8% | 61.7% | 63.2% | 60.8% |
| Return on equityBlank when equity is negative | 13.1% | 18.6% | 14.1% | 14.8% | 14.3% |
| Free cash flow margin | 58.4% | 55.1% | 61.5% | 59.9% | 70.2% |
| Cash conversion (CFO ÷ net income) | 1.10x | 0.75x | 1.00x | 0.95x | 1.16x |
| Interest cover | 12.2x | 23.7x | 25.4x | 28.2x | 27.1x |
| Debt ÷ equity | 0.24x | 0.14x | 0.13x | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 862 | 335 | 280 | – | – |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.