MBIA Inc. (MBI) Balance Sheet

NYSE: MBIAssets, liabilities, debt and equity over 10 years.

MBI balance sheet, 2025

December 31, 2025 · U.S. dollars

$2.01B assets = $4.24B liabilities + −$2.23B equity

Liabilities exceed assets: shareholders’ equity is negative (−$2.23B).

Both columns are drawn to the same scale: what MBI owns equals what it owes plus shareholders’ equity. Hover a block for its value.

MBI financial health

Cash / debt45.5%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles1.2%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

MBI balance sheet trends, 2016–2025

MBIA Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$11.14B2016	$2.01B2025	−17.3%/yr
Total liabilities	$7.90B2016	$4.24B2025	−6.7%/yr
Shareholders’ equity	$3.23B2016	−$2.24B2025	—
Cash & short-term investments	$5.43B2016	$1.52B2025	−13.2%/yr
Total debt	$5.12B2016	$3.35B2025	−4.6%/yr
Net cash (debt)	$311.0M2016	−$1.82B2025	−$2.1B
Working capital	$42.0M2016	$1.06B2025	+$1.0B
Book value per share	$24.262016	−$45.402025	—
Debt / equity	1.592016	2.752021	+1.16
Shares outstanding	133.0M2016	49.3M2025	−10.4%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

MBI assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

MBI liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

MBI debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

MBI balance sheet

MBIA Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$1.52B	$1.50B	$107.0M	$2.23B	$2.69B	$2.71B	$3.33B	$4.09B	$4.45B	$5.43B
Cash & equivalents	$71.0M	$87.0M	$107.0M	$66.0M	$160.0M	$167.0M	$83.0M	$280.0M	$146.0M	$187.0M
Short-term investments	$1.45B	$1.42B	$1.59B	$2.17B	$2.53B	$2.54B	$3.24B	$3.81B	$4.30B	$5.25B
Receivables	$164.0M	$318.0M	$329.0M	$297.0M	$1.47B	$1.89B	$1.94B	$1.86B	$880.0M	$913.0M
Inventory	$0	$0	−$2.03B	−$716.0M	−$2.01B	−$2.34B	−$2.45B	−$2.41B	−$6.29B	−$7.33B
Other current assets	$0	$0	$2.03B	$716.0M	$2.01B	$2.34B	$2.45B	$2.41B	$1.61B	$1.72B
Total current assets	$1.69B	$1.14B	$436.0M	$2.53B	$4.17B	$4.60B	$5.27B	$5.95B	$649.0M	$738.0M
Property, plant & equipment (net)	$0	$1.0M	$15.0M	$17.0M	$18.0M	$20.0M	$21.0M	$4.87B	$5.32B	−$118.0M
Goodwill & intangible assets	$24.0M	$27.0M	$1.08B	$35.0M	$42.0M	$50.0M	$60.0M	$74.0M	$95.0M	$118.0M
Long-term investments	$1.67B	$1.65B	$1.95B	$2.72B	$2.85B	$2.86B	$4.49B	$5.13B	$5.57B	$6.54B
Other non-current assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3.86B
Total assets	$2.01B	$2.17B	$2.61B	$3.38B	$4.70B	$5.75B	$7.28B	$8.08B	$9.10B	$11.14B
Liabilities
Accounts payable	—	—	$5.0M	$5.0M	$60.0M	$1.89B	$36.0M	$35.0M	$37.0M	$38.0M
Short-term debt	$0	$45.0M	$100.0M	$0	$590.0M	$312.0M	$680.0M	$722.0M	$193.0M	$213.0M
Deferred revenue	$172.0M	$199.0M	−$100.0M	$266.0M	—	—	—	—	—	—
Total current liabilities	$626.0M	$199.0M	$465.0M	$434.0M	$3.0M	$12.0M	$60.0M	$138.0M	$237.0M	$696.0M
Long-term debt	$3.52B	$3.43B	$3.38B	$3.34B	$3.49B	$3.07B	$3.94B	$4.19B	$2.12B	$2.05B
Other long-term liabilities	$96.0M	$816.0M	$236.0M	$915.0M	$0	$0	$505.0M	$2.75B	$0	$65.0M
Total liabilities	$4.24B	$4.24B	$4.25B	$4.25B	$3.21B	$5.60B	$4.45B	$6.94B	$7.67B	$7.90B
Shareholders' equity
Common stock & paid-in capital	$283.0M	$283.0M	$283.0M	$283.0M	$283.0M	$283.0M	$283.0M	$284.0M	$3.44B	$3.41B
Retained earnings (deficit)	−$1.77B	−$1.59B	−$1.14B	−$653.0M	−$458.0M	−$13.0M	$607.0M	$966.0M	$1.09B	$2.70B
Treasury stock	—	—	—	—	−$3.17B	−$3.21B	−$3.06B	−$3.00B	−$3.12B	−$2.79B
Accumulated other comprehensive income	−$95.0M	−$128.0M	−$139.0M	−$283.0M	$100.0M	$115.0M	−$2.0M	−$156.0M	−$19.0M	−$128.0M
Minority interest	$7.0M	$13.0M	$10.0M	$6.0M	$13.0M	$13.0M	$13.0M	$13.0M	$12.0M	$12.0M
Total shareholders' equity	−$2.24B	−$2.09B	−$1.66B	−$876.0M	$1.48B	$136.0M	$2.84B	$1.13B	$1.41B	$3.23B
Key figures
Total debt	$3.35B	$3.22B	$3.16B	$3.34B	$4.08B	$3.56B	$4.62B	$4.91B	$4.55B	$5.12B
Net cash (debt)	−$1.82B	−$1.72B	−$3.06B	−$1.10B	−$1.39B	−$856.0M	−$1.30B	−$828.0M	−$104.0M	$311.0M
Working capital	$1.06B	$943.0M	−$29.0M	$2.09B	$4.16B	$4.59B	$5.21B	$5.81B	$412.0M	$42.0M
Tangible book value	−$2.26B	−$2.12B	−$2.73B	−$911.0M	$1.44B	$86.0M	$2.78B	$1.06B	$1.32B	$3.11B
Book value per share	−$45.40	−$44.04	−$34.37	−$17.59	$30.00	$2.30	$35.02	$12.72	$11.88	$24.26
Shares outstanding	49.3M	47.4M	48.2M	49.8M	49.5M	59.1M	81.0M	89.0M	118.9M	133.0M
Current ratio	2.69	5.74	0.94	5.82	1,388.33	383.25	87.82	43.09	2.74	1.06
Quick ratio	2.69	9.16	0.94	5.82	1,388.33	383.25	87.82	43.09	22.48	9.12
Debt / equity	—	—	—	—	2.75	26.19	1.63	4.34	3.22	1.59
Equity / assets	−111.1%	−96.4%	−63.6%	−26.0%	31.6%	2.4%	38.9%	14.0%	15.5%	29.0%

MBIA Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$1.16B	$1.50B	$1.52B	$1.57B	$1.48B	$1.48B	$1.50B	$1.54B	$1.62B	$1.17B	$107.0M	$2.07B
Cash & equivalents	$115.0M	$72.0M	$71.0M	$69.0M	$167.0M	$63.0M	$87.0M	$74.0M	$197.0M	$137.0M	$107.0M	$74.0M
Short-term investments	$1.04B	$1.42B	$1.45B	$1.50B	$1.32B	$1.42B	$1.42B	$1.47B	$1.42B	$442.0M	$1.59B	$2.00B
Receivables	$167.0M	$167.0M	$164.0M	$164.0M	$314.0M	$324.0M	$318.0M	$340.0M	$283.0M	$145.0M	$329.0M	$328.0M
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	−$338.0M	−$1.32B	−$2.03B	−$1.47B
Other current assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$903.0M	$2.58B	$846.0M
Total current assets	$1.27B	$1.66B	$1.69B	$1.74B	$1.80B	$1.80B	$1.14B	$1.21B	$931.0M	$903.0M	$984.0M	$1.78B
Property, plant & equipment (net)	$0	$0	$0	$0	$0	$0	$1.0M	$2.0M	$2.0M	$15.0M	$15.0M	$16.0M
Goodwill & intangible assets	$22.0M	$23.0M	$24.0M	$24.0M	$25.0M	$26.0M	$27.0M	$28.0M	$29.0M	$30.0M	$1.08B	$32.0M
Long-term investments	$1.61B	$1.65B	$1.67B	$1.73B	$1.55B	$1.64B	$1.65B	$1.69B	$1.63B	$1.82B	$1.95B	$2.37B
Other non-current assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total assets	$1.98B	$1.98B	$2.01B	$2.06B	$2.13B	$2.13B	$2.17B	$2.23B	$2.30B	$2.46B	$2.74B	$2.99B
Liabilities
Accounts payable	—	—	—	—	—	—	—	—	—	$1.0M	$5.0M	$1.0M
Short-term debt	—	—	$0	$0	$0	$0	$45.0M	$0	—	$224.0M	$100.0M	$438.0M
Deferred revenue	$160.0M	$166.0M	$172.0M	$178.0M	$186.0M	$192.0M	$199.0M	$208.0M	$216.0M	$224.0M	−$100.0M	$240.0M
Total current liabilities	$160.0M	$603.0M	$626.0M	$632.0M	$722.0M	$719.0M	$199.0M	$208.0M	$541.0M	$447.0M	$465.0M	$240.0M
Long-term debt	$3.39B	$3.38B	$3.52B	$3.52B	$3.50B	$3.46B	$3.43B	$3.38B	$3.13B	$3.13B	$3.16B	$3.35B
Other long-term liabilities	$747.0M	$272.0M	$96.0M	$74.0M	$74.0M	$63.0M	$816.0M	$625.0M	$1.16B	$607.0M	$1.09B	$631.0M
Total liabilities	$4.30B	$4.26B	$4.24B	$4.23B	$4.30B	$4.25B	$4.24B	$4.22B	$4.29B	$4.19B	$4.38B	$4.22B
Shareholders' equity
Common stock & paid-in capital	$283.0M	$283.0M	$283.0M	$283.0M	$283.0M	$283.0M	$283.0M	$283.0M	$283.0M	$283.0M	$283.0M	$283.0M
Retained earnings (deficit)	−$1.85B	−$1.81B	−$1.77B	−$1.72B	−$1.71B	−$1.65B	−$1.59B	−$1.54B	−$1.48B	−$1.23B	−$1.14B	−$1.01B
Accumulated other comprehensive income	−$100.0M	−$103.0M	−$95.0M	−$89.0M	−$96.0M	−$99.0M	−$128.0M	−$88.0M	−$137.0M	−$131.0M	−$139.0M	−$263.0M
Minority interest	$8.0M	$5.0M	$7.0M	$13.0M	$13.0M	—	—	—	—	—	—	—
Total shareholders' equity	−$2.33B	−$2.28B	−$2.24B	−$2.18B	−$2.18B	−$2.13B	−$2.09B	−$2.00B	−$1.99B	−$1.73B	−$1.66B	−$1.24B
Key figures
Total debt	$2.92B	$3.38B	$3.35B	$3.35B	$3.30B	$3.26B	$3.22B	$3.18B	$3.13B	$3.32B	$3.32B	$3.79B
Net cash (debt)	−$1.76B	−$1.89B	−$1.82B	−$1.77B	−$1.82B	−$1.78B	−$1.72B	−$1.64B	−$1.51B	−$2.15B	−$3.21B	−$1.71B
Working capital	$1.11B	$1.06B	$1.06B	$1.11B	$1.08B	$1.08B	$943.0M	$999.0M	$390.0M	$456.0M	$519.0M	$1.54B
Tangible book value	−$2.35B	−$2.31B	−$2.26B	−$2.20B	−$2.20B	−$2.15B	−$2.12B	−$2.03B	−$2.02B	−$1.76B	−$2.73B	−$1.27B
Book value per share	−$46.34	−$45.85	−$45.40	−$43.95	−$43.96	−$43.97	−$43.75	−$41.98	−$41.98	−$37.01	−$32.58	−$26.36
Shares outstanding	50.2M	49.8M	49.3M	49.6M	49.5M	48.4M	47.7M	47.7M	47.5M	46.8M	50.9M	47.0M
Current ratio	7.95	2.76	2.69	2.75	2.49	2.51	5.74	5.80	1.72	2.02	2.12	7.40
Quick ratio	8.26	2.76	2.69	2.75	2.49	2.51	9.16	9.03	3.51	2.94	0.94	10.00
Equity / assets	−117.5%	−115.4%	−111.1%	−105.8%	−102.1%	−99.7%	−96.4%	−89.7%	−86.5%	−70.3%	−60.5%	−41.4%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.

MBI financial position

At the end of fiscal 2025 (December 31, 2025), MBIA had total assets of $2.0 billion (down 7.1% from a year earlier), total liabilities of $4.2 billion and shareholders' equity of -$2.2 billion. It held $1.5 billion in cash and short-term investments against $3.3 billion of debt, net debt of $1.8 billion. Its current ratio was 2.69. In the latest quarter (ended June 30, 2026) total assets were $2.0 billion and equity -$2.3 billion.

Related: MBI income statement, MBI cash flow statement, MBI key metrics. See the MBI stock overview for the latest quote and news.

MBI balance sheet FAQ

What are MBIA's total assets?

MBIA reported total assets of $2.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.2 billion a year earlier.

How much debt does MBIA have?

MBIA had $3.3 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was —.

How much cash does MBIA have?

MBIA held $1.5 billion in cash and short-term investments at the end of fiscal 2025; with $3.3 billion of debt that is net debt of $1.8 billion.

What is MBIA's book value?

MBIA's shareholders' equity (book value) was -$2.2 billion at the end of fiscal 2025, or −$45.40 per share.

What is MBIA's current ratio?

MBIA had current assets of $1.7 billion and current liabilities of $626.0 million, a current ratio of 2.69 (it can cover its short-term obligations).

How much goodwill does MBIA have?

MBIA carried $24.0 million of goodwill and intangible assets, 1.2% of total assets, at the end of fiscal 2025.