MGIC Investment Corporation (MTG) Earnings
MGIC Investment Corporation is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $0.75. MTG has beaten EPS estimates in 12 of its last 12 reported quarters (average surprise +9.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.73 | $0.76 | +4.1% | $297M | -2.0% |
| Feb 2, 2026 | $0.73 | $0.75 | +2.7% | $299M | -0.8% |
| Oct 29, 2025 | $0.72 | $0.83 | +15.3% | $305M | -1.2% |
| Jul 30, 2025 | $0.70 | $0.82 | +17.1% | $304M | -1.3% |
| Apr 30, 2025 | $0.66 | $0.75 | +13.6% | $306M | -0.3% |
| Feb 3, 2025 | $0.65 | $0.72 | +10.8% | $301M | -0.7% |
| Jul 31, 2024 | $0.64 | $0.77 | +20.3% | $305M | +1.4% |
| May 1, 2024 | $0.60 | $0.65 | +8.3% | $294M | -2.0% |
| Jan 31, 2024 | $0.57 | $0.67 | +17.5% | $284M | -5.6% |
| Oct 31, 2023 | $0.56 | $0.64 | +14.3% | $297M | +0.1% |
| Aug 2, 2023 | $0.53 | $0.68 | +28.3% | $291M | -2.3% |
| May 3, 2023 | $0.50 | $0.54 | +8.0% | $284M | -2.6% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Tim mentioned a strong start to 2026, with solid financial results, NIW growth driven by higher refinance and purchase activity, stable insurance and force with expected flat performance in 2026, strong credit quality and portfolio performance, robust capital structure with reinsurance program reducing PMIR's required assets, board authorized $750 million share repurchase program and paid $400 million dividend to holding company. - Nathan stated net income was 76 cents per diluted share, favorable loss reserve development due to better cure rates on delinquency notices, count-based delinquency rate trends, enforced premium yield 38 basis points flat sequentially, investment income $62 million, underwriting and other expenses down, share repurchases and dividends paid. - Mentioned housing affordability challenge, support for credit score modernization advances by FHFA.
Guidance
- Expect insurance and force to remain relatively flat in 2026; if mortgage rates decline more than predicted, MI market size may benefit from refinance activity but保额 growth offset by lower persistency. - Expect enforced premium yield to remain relatively flat during the year. - Board authorized an additional $750 million share repurchase program; MGIC paid a $400 million dividend to the holding company earlier this week.
Segment performance
For the first quarter, MGIC generated net income of $165 million, delivering an annualized return on equity of 13%. Book value per share reached $23.63, an increase of 10% year over year. NIW was $14 billion in the first quarter, a 41% increase from the previous year, the largest first quarter NIW since 2022. Insurance and force at the end of the first quarter stood at approximately $303 billion, relatively flat quarter over quarter, up 3% from a year ago. Annual persistency ended the quarter at 84%, down from 85% last quarter.
Risks & headwinds
- Servicer reporting timing may impact delinquency and cure activity. - Uncertain macroeconomic environment, including potential impact of gas and energy prices on borrowers. - Interest rate fluctuations and their effect on refinance activity and business performance.
Analyst Q&A
Q: Terry asked about credit trends, default rate and servicer reporting impact on roll rates and energy prices impact on borrowers.
A: Nathan said servicer reporting timing affected new notices and cures, long-term cure rates still attractive, and macroeconomic headwinds monitored but no direct impact seen yet. -
Q: Boaz asked about capital return, AOCI role and positive development.
A: Tim said AOCI not major consideration in capital return, comfortable with capital return pace; Nathan said positive development from loss severity due to changing vintage mix. -
Q: Mihir asked about delinquency rate stabilization path, refinance share and persistency, new notice severity.
A: Nathan said delinquency rate stabilization dependent on rates and new business, refinance share impact on persistency and premium yield, new notice severity due to changing vintage mix of loans.