MGIC Investment Corporation (MTG) Balance Sheet
MTG balance sheet, 2025
December 31, 2025 · U.S. dollars$6.64B assets = $1.49B liabilities + $5.15B equity
Both columns are drawn to the same scale: what MTG owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MTG financial health
Debt / equity0.13
Low leverage · $0.13 of debt for each $1 of equity
Cash / debt953.4%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles0.1%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
MTG balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $5.73B2016 | $6.64B2025 | +1.6%/yr | |
| Total liabilities | $3.19B2016 | $1.49B2025 | −8.1%/yr | |
| Shareholders’ equity | $2.55B2016 | $5.15B2025 | +8.1%/yr | |
| Cash & short-term investments | $155.4M2016 | $6.16B2025 | +50.5%/yr | |
| Total debt | $1.95B2016 | $646.1M2025 | −11.5%/yr | |
| Net cash (debt) | −$1.79B2016 | $5.51B2025 | +$7.3B | |
| Working capital | $2.89B2016 | $5.67B2024 | +$2.8B | |
| Book value per share | $5.902016 | $22.802025 | +16.2%/yr | |
| Debt / equity | 0.762016 | 0.132025 | −0.64 | |
| Shares outstanding | 432.0M2016 | 225.7M2025 | −7.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MTG assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
MTG liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
MTG debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MTG balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $6.16B | $6.08B | $6.09B | $5.74B | $284.7M | $6.95B | $5.90B | $151.9M | $99.9M | $155.4M |
| Cash & equivalents | $369.0M | $229.5M | $363.7M | $327.4M | $284.7M | $288.0M | $161.8M | $151.9M | $99.9M | $155.4M |
| Short-term investments | $5.79B | $5.85B | $5.72B | $5.41B | $6.59B | $6.66B | $5.74B | $5.16B | $4.99B | $4.69B |
| Receivables | $58.2M | $170.1M | $160.5M | $159.5M | $66.9M | $151.8M | $78.7M | $91.4M | $48.5M | $50.5M |
| Inventory | $0 | $0 | −$6.19B | −$1.01B | −$755.0M | −$796.0M | −$702.0M | $5.22B | $5.05B | $4.75B |
| Other current assets | $0 | $5.1M | $6.20B | $1.01B | $755.0M | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $375.5M | $6.26B | $6.25B | $5.90B | $351.6M | $383.0M | $183.5M | $5.37B | $5.14B | $4.89B |
| Property, plant & equipment (net) | $32.5M | $35.7M | $38.8M | $41.4M | $45.6M | $47.1M | $50.1M | $51.7M | $44.9M | $36.1M |
| Goodwill & intangible assets | $8.4M | $11.7M | $14.6M | $19.1M | $6.41B | $6.51B | $5.61B | −$186.6M | −$192.6M | −$289.7M |
| Long-term investments | $5.81B | $5.87B | $5.74B | $5.48B | $6.66B | $6.73B | $5.81B | $5.21B | $46.1M | $44.1M |
| Other non-current assets | $416.6M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $583.9M | $1.05B |
| Total assets | $6.64B | $6.55B | $6.54B | $6.21B | $7.33B | $7.35B | $6.23B | $5.68B | $5.62B | $5.73B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | — | — | $137.5M | $208.2M | $252.8M | $369.6M | $0 |
| Short-term debt | $0 | $0 | $0 | $0 | $999.6M | $315.6M | $0 | $0 | $830.4M | $1.18B |
| Deferred revenue | $93.0M | $120.4M | $157.8M | $195.3M | $241.7M | — | — | — | — | — |
| Total current liabilities | — | $583.0M | $663.2M | $753.3M | $817.3M | $784.8M | $532.2M | $1.26B | $1.63B | $2.01B |
| Long-term debt | $646.1M | $644.7M | $643.2M | $641.7M | $1.15B | $879.4M | $420.9M | $419.7M | $418.6M | $766.9M |
| Other long-term liabilities | $845.8M | $147.2M | $160.0M | $176.1M | $0 | $363.8M | $411.9M | $411.9M | $411.9M | $411.9M |
| Total liabilities | $1.49B | $1.37B | $1.47B | $1.57B | $1.15B | $2.66B | $1.92B | $2.10B | $2.46B | $3.19B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $219.4M | $248.4M | $371.4M | $371.4M | $371.4M | $371.4M | $371.4M | $371.4M | $370.6M | $359.4M |
| Retained earnings (deficit) | $3.25B | $3.40B | $4.59B | $4.00B | $3.25B | $2.64B | $2.28B | $1.65B | $977.2M | $632.6M |
| Treasury stock | — | — | — | −$1.05B | −$675.3M | −$393.3M | −$283.2M | −$175.1M | $0 | −$150.4M |
| Accumulated other comprehensive income | −$134.4M | −$288.2M | −$316.3M | −$481.5M | $119.7M | $216.8M | $72.7M | −$124.2M | −$43.8M | −$75.1M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $5.15B | $5.17B | $5.07B | $4.64B | $6.18B | $4.70B | $4.31B | $3.58B | $3.15B | $2.55B |
| Key figures | ||||||||||
| Total debt | $646.1M | $644.7M | $643.2M | $662.8M | $2.15B | $1.24B | $832.7M | $831.6M | $1.25B | $1.95B |
| Net cash (debt) | $5.51B | $5.44B | $5.44B | $5.07B | −$1.86B | $5.71B | $5.07B | −$679.7M | −$1.15B | −$1.79B |
| Working capital | — | $5.67B | $5.59B | $5.15B | −$465.7M | −$401.8M | −$348.7M | $4.10B | $3.50B | $2.89B |
| Tangible book value | $5.14B | $5.16B | $5.06B | $4.62B | −$228.5M | −$1.81B | −$1.30B | $3.77B | $3.35B | $2.84B |
| Book value per share | $22.80 | $19.59 | $17.66 | $14.92 | $17.59 | $13.08 | $11.52 | $9.28 | $7.99 | $5.90 |
| Shares outstanding | 225.7M | 264.0M | 287.2M | 311.2M | 351.3M | 359.3M | 373.9M | 386.1M | 394.8M | 432.0M |
| Current ratio | — | 10.73 | 9.43 | 7.84 | 0.43 | 0.49 | 0.34 | 4.24 | 3.14 | 2.44 |
| Quick ratio | — | 10.72 | 9.42 | 7.83 | 0.43 | 9.05 | 11.23 | 0.19 | 0.09 | 0.10 |
| Debt / equity | 0.13 | 0.12 | 0.13 | 0.14 | 0.35 | 0.26 | 0.19 | 0.23 | 0.40 | 0.76 |
| Equity / assets | 77.5% | 79.0% | 77.6% | 74.7% | 84.3% | 63.9% | 69.2% | 63.1% | 56.1% | 44.4% |
| 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 | $5.91B | $5.94B | $6.16B | $6.14B | $6.10B | $6.09B | $6.08B | $6.25B | $6.07B | $6.10B | $6.09B | $1.97B |
| Cash & equivalents | $207.3M | $235.1M | $369.0M | $266.9M | $294.9M | $207.0M | $229.5M | $288.6M | $281.8M | $431.3M | $363.7M | $266.5M |
| Short-term investments | $5.70B | $5.70B | $5.79B | $5.87B | $5.80B | $5.89B | $5.85B | $5.96B | $5.79B | $5.67B | $5.72B | $1.71B |
| Receivables | $69.7M | $202.5M | $185.6M | $173.1M | $172.2M | $168.8M | $170.1M | $163.9M | $99.8M | $95.8M | $101.7M | $98.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$6.17B | −$7.04B | −$6.19B | −$2.86B |
| Other current assets | $147.0M | $14.4M | $6.5M | $4.9M | $4.0M | $5.7M | $5.1M | $11.0M | $1.36B | $1.27B | $370.6M | $1.06B |
| Total current assets | $6.13B | $6.16B | $6.35B | $6.31B | $6.27B | $6.27B | $6.26B | $6.43B | $1.36B | $431.3M | $370.6M | $275.1M |
| Property, plant & equipment (net) | $31.6M | $31.9M | $32.5M | $32.7M | $33.2M | $34.5M | $35.7M | $36.2M | $36.7M | $37.6M | $38.8M | $39.4M |
| Goodwill & intangible assets | $7.5M | $8.0M | $8.4M | $9.4M | $10.3M | $11.1M | $11.7M | $12.5M | $13.1M | $13.8M | $14.6M | $15.9M |
| Long-term investments | $5.72B | $5.72B | $5.81B | $5.88B | $5.82B | $5.90B | $5.87B | $5.98B | $5.80B | $5.69B | $5.74B | $5.60B |
| Other non-current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $365.0M | $376.5M | $405.8M |
| Total assets | $6.53B | $6.42B | $6.64B | $6.63B | $6.54B | $6.54B | $6.55B | $6.68B | $6.52B | $6.54B | $6.54B | $6.33B |
| Liabilities | ||||||||||||
| Short-term debt | — | — | $0 | $0 | $0 | $0 | $0 | $0 | — | — | — | $0 |
| Deferred revenue | $84.5M | $92.6M | $93.0M | $98.5M | $105.0M | $112.0M | $120.4M | $129.6M | — | — | — | — |
| Total current liabilities | $162.6M | $591.7M | $567.9M | $550.7M | $557.2M | $577.0M | $583.0M | $590.1M | $455.7M | $493.7M | $472.1M | $503.9M |
| Long-term debt | $646.9M | $646.5M | $646.1M | $645.8M | $645.4M | $645.0M | $644.7M | $644.3M | $643.9M | $643.6M | $643.2M | $642.8M |
| Other long-term liabilities | $785.2M | $141.2M | $277.9M | $256.5M | $184.8M | $173.2M | $147.2M | $149.3M | $763.1M | $789.3M | $317.8M | $0 |
| Total liabilities | $1.51B | $1.38B | $1.49B | $1.45B | $1.39B | $1.40B | $1.37B | $1.38B | $1.41B | $1.43B | $1.47B | $1.48B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $206.6M | $213.2M | $219.4M | $226.2M | $233.1M | $240.2M | $248.4M | $371.4M | $371.4M | $371.4M | $371.4M | $371.4M |
| Retained earnings (deficit) | $3.17B | $3.20B | $3.25B | $3.30B | $3.33B | $3.34B | $3.40B | $5.07B | $4.91B | $4.74B | $4.59B | $4.44B |
| Accumulated other comprehensive income | −$168.8M | −$167.5M | −$134.4M | −$159.2M | −$205.0M | −$236.4M | −$288.2M | −$204.1M | −$333.1M | −$326.1M | −$316.3M | −$496.9M |
| Total shareholders' equity | $5.01B | $5.04B | $5.15B | $5.17B | $5.15B | $5.14B | $5.17B | $5.29B | $5.12B | $5.10B | $5.07B | $4.85B |
| Key figures | ||||||||||||
| Total debt | $646.9M | $646.5M | $646.1M | $645.8M | $645.4M | $645.0M | $644.7M | $644.3M | $643.9M | $643.6M | $643.2M | $642.8M |
| Net cash (debt) | $5.26B | $5.29B | $5.51B | $5.49B | $5.45B | $5.45B | $5.44B | $5.61B | $5.43B | $5.46B | $5.44B | $1.33B |
| Working capital | $5.96B | $5.56B | $5.78B | $5.76B | $5.72B | $5.69B | $5.67B | $5.84B | $904.5M | −$62.3M | −$101.4M | −$228.8M |
| Tangible book value | $5.01B | $5.03B | $5.14B | $5.16B | $5.14B | $5.13B | $5.16B | $5.28B | $5.10B | $5.09B | $5.06B | $4.84B |
| Book value per share | $23.77 | $23.09 | $22.80 | $22.36 | $21.66 | $20.85 | $20.26 | $20.30 | $19.17 | $18.68 | $18.18 | $17.00 |
| Shares outstanding | 210.9M | 218.2M | 225.7M | 231.4M | 238.0M | 246.5M | 255.3M | 260.8M | 266.9M | 273.1M | 278.9M | 285.6M |
| Current ratio | 37.66 | 10.40 | 11.19 | 11.46 | 11.26 | 10.86 | 10.73 | 10.89 | 2.98 | 0.87 | 0.79 | 0.55 |
| Quick ratio | 36.76 | 10.38 | 11.17 | 11.46 | 11.25 | 10.85 | 10.72 | 10.87 | 13.54 | 12.56 | 13.11 | 4.11 |
| Debt / equity | 0.13 | 0.13 | 0.13 | 0.12 | 0.13 | 0.13 | 0.12 | 0.12 | 0.13 | 0.13 | 0.13 | 0.13 |
| Equity / assets | 76.8% | 78.5% | 77.5% | 78.1% | 78.8% | 78.6% | 79.0% | 79.3% | 78.4% | 78.1% | 77.6% | 76.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
MTG financial position
At the end of fiscal 2025 (December 31, 2025), MGIC Investment had total assets of $6.6 billion (up 1.4% from a year earlier), total liabilities of $1.5 billion and shareholders' equity of $5.1 billion. It held $6.2 billion in cash and short-term investments against $646.1 million of debt, a net cash position of $5.5 billion. In the latest quarter (ended June 30, 2026) total assets were $6.5 billion and equity $5.0 billion.
Related: MTG income statement, MTG cash flow statement, MTG key metrics. See the MTG stock overview for the latest quote and news.
MTG balance sheet FAQ
What are MGIC Investment's total assets?
MGIC Investment reported total assets of $6.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $6.5 billion a year earlier.
How much debt does MGIC Investment have?
MGIC Investment had $646.1 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.13.
How much cash does MGIC Investment have?
MGIC Investment held $6.2 billion in cash and short-term investments at the end of fiscal 2025; with $646.1 million of debt that is net cash of $5.5 billion.
What is MGIC Investment's book value?
MGIC Investment's shareholders' equity (book value) was $5.1 billion at the end of fiscal 2025, or $22.80 per share.
How much goodwill does MGIC Investment have?
MGIC Investment carried $8.4 million of goodwill and intangible assets, 0.1% of total assets, at the end of fiscal 2025.