MBI MBIA Inc. Common Stock
NYSE · Insurance · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 6, 2026MBI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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| Ex-date | Split | Type |
|---|---|---|
| April 23, 2001 | 3-for-2 | Forward |
| Oct. 30, 1997 | 2-for-1 | Forward |
About MBIA Inc. Common Stock Company overview from Wikipedia
MBIA Inc. is an American financial services company. It was founded in 1973 as the Municipal Bond Insurance Association. It is headquartered in Purchase, New York, and as of January 1, 2015 had approximately 180 employees.
Functions of the company
MBIA is a monoline insurer primarily of municipal bonds and on asset-backed securities and mortgage-backed securities. Financial insurance or Financial Guarantees are a form of credit enhancement. It also provides a fixed-income asset management service with about US$40 billion under management.
History
A consortium of insurance companies (Aetna, Fireman's Fund, Travelers, Cigna, and Continental) formed the Municipal Bond Insurance Association in 1973 to diversify their holdings in municipal bonds. The company went public in 1987.
In 2002, Bill Ackman, a hedge fund manager, began research which concentrated on challenging MBIA's AAA rating, despite an ongoing probe of his trading by New York State and federal authorities. He was charged copying fees for copying 725,000 pages of statements regarding the financial services company, in his law firm's compliance with a subpoena. Ackman has called for a division between MBIA's bond insurers' structured finance business and their municipal bond insurance side, despite statements from the insurance companies that this would not be a viable option.
He argued that the billions of dollars of credit default swap (CDS) protection MBIA had sold against various mortgage backed CDOs was going to be a problem. He also argued that it was not proper for MBIA, which was legally restricted from trading in CDS, to instead do it through a second corporation, LaCrosse Financial Products, which MBIA described as an "orphaned subsidiary". Ackman bought CDS against MBIA corporate debt as a way to bet that it would crash. When MBIA did, in fact, crash as the 2008 financial crisis climaxed, he sold the swaps for a large profit. Ackman reportedly attempted to warn regulators, rating agencies and investors about the bond insurers' high risk business models. The story of Ackman's battle with MBIA was turned into a book called Confidence Game (Wiley, 2010) by Bloomberg News reporter Christine Richard. He reported covering his short position on MBIA on January 16, 2009 according to the 13D filed with the SEC.
In January 2017, MBIA UK was acquired by Assured Guaranty Ltd together with its subsidiary Assured Guaranty Corp.
Credit rating history
April 4, 2008. Fitch Ratings cut MBIA's Insurance Corp rating to AA from AAA with a negative outlook. Fitch issued the new, lower rating even though MBIA had asked the ratings company, the month before, to stop assessing its credit worthiness.
June 4, 2008. Moody's Investors Service announced that it would review MBIA's rating for possible downgrade for the second time in the year. Four months before this announcement, in February 2008, Moody's had affirmed the AAA rating after MBIA raised $2.6 bn in capital and announced that would stop insuring structured finance securities for six months.
June 6, 2008. Despite having affirmed MBIA's AAA rating in February 2008, Standard and Poor's decided to downgrade MBIA's Insurance Financial Strength (IFS) rating from AAA to AA.
June 19, 2008. Moody's downgraded MBIA's credit rating 5 notches to A2.
November 7, 2008. Moody's further downgraded the IFS rating to "Baa1" from "A2".
June 25, 2009. Moody's downgraded MBIA from "Ba3" to "Ba1" which is a speculative grade.
March 5, 2010. Moody's referred to MBIA's IFS rating as "B3".
November 19, 2012. Moody's downgraded MBIA Inc. from "B3" to "Caa1".
May 21, 2013. Moody's upgraded MBIA Inc. from "Caa1" to "B3".
May 21, 2014. Moody's upgraded MBIA Inc. from "Ba3" to "Ba1".
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | MBI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -1.5 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | MBI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Pretax Margin (TTM) | -156.4% | · | 3.1% | Weak | |
| Net Profit Margin (TTM) | -151.1% | · | 2.2% | Weak | |
| ROA (TTM) | -6.9% | · | 0.96% | Weak | |
| ROE (TTM) | 6.3% | · | 8.2% | In line |
Financial Health Debt, liquidity, solvency — balance sheet strength
Not enough fundamentals data to compute this ratio group yet.
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | MBI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 90.5% | · | · | · | |
| Revenue CAGR 3Y | -19.6% | · | · | · | |
| Revenue CAGR 5Y | -22.3% | · | · | · | |
| Net Income YoY | -8.8% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | MBI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.0 | · | 0.3 | Weak | |
| Revenue / Employee | ≈$1.4M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Dec 26, 2023 | $8.00 | USD | ≈119.9% |
| Dec 19, 2007 | $0.34 | USD | ≈5.0% |
| Sep 19, 2007 | $0.34 | USD | ≈2.1% |
| Jun 20, 2007 | $0.34 | USD | ≈2.1% |
| Mar 21, 2007 | $0.34 | USD | ≈1.9% |
| Dec 20, 2006 | $0.31 | USD | ≈1.7% |
| Sep 20, 2006 | $0.31 | USD | ≈2.0% |
| Jun 21, 2006 | $0.31 | USD | ≈2.0% |
| Mar 22, 2006 | $0.31 | USD | ≈1.9% |
| Dec 21, 2005 | $0.28 | USD | ≈1.8% |
| Sep 21, 2005 | $0.28 | USD | ≈1.9% |
| Jun 22, 2005 | $0.28 | USD | ≈1.8% |
| Mar 23, 2005 | $0.28 | USD | ≈1.7% |
| Dec 21, 2004 | $0.24 | USD | ≈1.5% |
| Sep 22, 2004 | $0.24 | USD | ≈1.6% |
| Jun 23, 2004 | $0.24 | USD | ≈1.5% |
| Mar 24, 2004 | $0.24 | USD | ≈1.4% |
| Dec 17, 2003 | $0.20 | USD | ≈1.4% |
| Sep 23, 2003 | $0.20 | USD | ≈1.3% |
| Jun 23, 2003 | $0.20 | USD | ≈1.5% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 6, 2026 | $-0.14 | $-0.20 | 30.7% |
| March 31, 2026 | May 11, 2026 | $-0.84 | $-0.16 | -436.4% |
| Dec. 31, 2025 | $-0.24 | $-0.12 | -106.5% | |
| Sept. 30, 2025 | $1.03 | $-0.11 | 1070.8% | |
| June 30, 2025 | $-0.17 | $-0.15 | -14.8% | |
| March 31, 2025 | $-0.16 | $-0.13 | -21.9% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $80M | $42M | $7M | $154M | $189M | $282M | $280M | $162M | $433M | $294M | $853M | $1.27B | |
| SG&A Expense | · | · | · | · | · | $97M | $103M | $91M | $129M | $177M | $190M | $239M | |
| Interest Expense | $196M | $208M | $210M | $179M | $163M | $178M | $201M | $206M | $197M | $197M | $199M | $210M | |
| Pretax Income | $-181M | $-441M | $-484M | $-148M | $-445M | $-578M | $-357M | $-296M | $-661M | $-339M | $289M | $641M | |
| Income Tax | $0 | $0 | $0 | $1M | $0 | $0 | $2M | $0 | $944M | $-1M | $109M | $72M | |
| Net Income | $-177M | $435M | $477M | $-195M | $-445M | $-578M | $-359M | $-296M | $-1.60B | $-338M | $180M | $569M | |
| EPS (Basic) | $-3.58 | $-9.43 | $-10.18 | $-3.92 | $-8.99 | $-9.78 | $-4.43 | $-3.33 | $-13.50 | $-2.54 | $1.06 | $2.94 | |
| EPS (Diluted) | $-3.58 | $-9.43 | $-10.18 | $-3.92 | $-8.99 | $-9.78 | $-4.43 | $-3.33 | $-13.50 | $-2.54 | $1.06 | $2.76 | |
| Shares (Basic) | 49,278,281 | 47,436,079 | 48,207,574 | 49,803,739 | 49,472,281 | 59,071,843 | 81,014,285 | 89,013,711 | 118,930,282 | 133,001,088 | 163,936,318 | 188,171,503 | |
| Shares (Diluted) | 49,278,281 | 47,436,079 | 48,207,574 | 49,803,739 | 49,472,281 | 59,071,843 | 81,014,285 | 89,013,711 | 118,930,282 | 133,001,088 | 164,869,788 | 190,898,627 |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | · | · | · | · | $160M | $167M | $83M | $280M | $146M | $187M | $522M | $782M | |
| Total Assets | $2.01B | $2.17B | $2.61B | $3.38B | $4.70B | $5.75B | $7.28B | $8.11B | $9.10B | $11.14B | $14.84B | $16.26B | |
| Capital Leases | $2M | · | $15M | $17M | · | · | $21M | · | · | · | · | · | |
| Total Liabilities | $4.24B | $4.24B | $4.25B | $4.25B | $5.00B | $5.60B | $6.45B | $6.97B | $7.67B | $7.90B | $11.10B | $12.33B | |
| Total Debt | · | · | · | · | · | · | $2.23B | · | · | $1.99B | $1.91B | $1.81B | |
| Common Stock | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $284M | $284M | $284M | $282M | $281M | |
| Paid-in Capital | $2.45B | $2.49B | $2.52B | $2.92B | $2.93B | $2.96B | $3.00B | $3.02B | $3.17B | $3.16B | $3.14B | $3.13B | |
| Retained Earnings | $-1.77B | $-1.59B | $-1.14B | $-653M | $-458M | $-13M | $607M | $966M | $1.09B | $2.70B | $3.04B | $2.86B | |
| Treasury Stock | $3.11B | $3.15B | $3.17B | $3.15B | $3.17B | $3.21B | $3.06B | $3.00B | $3.12B | $2.79B | $2.67B | $2.36B | |
| AOCI | $-95M | $-128M | $-139M | $-283M | $100M | $115M | $-2M | $-156M | $-19M | $-128M | $-61M | $21M | |
| Stockholders' Equity | $-2.24B | $-2.09B | $-1.66B | $-882M | $-313M | $136M | $826M | $1.12B | $1.41B | $3.23B | $3.73B | $3.93B | |
| Liabilities + Equity | $2.01B | $2.17B | $2.61B | $3.38B | $4.70B | $5.75B | $7.28B | $8.11B | $9.10B | $11.14B | $14.84B | $16.28B |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | |
| Deferred Tax | · | · | · | $0 | $0 | $12M | $13M | $0 | $940M | $-5M | $107M | $50M | |
| Operating Cash Flow | $38M | $-176M | $-195M | $-418M | $511M | $-390M | $-368M | $-319M | $-652M | $-149M | $-54M | $-333M | |
| CapEx | · | · | $0 | $0 | $1M | $0 | $0 | $1M | $1M | $1M | $3M | $13M | |
| Investing Cash Flow | $25M | $287M | $767M | $623M | $-61M | $1.74B | $1.27B | $1.21B | $1.20B | $2.42B | · | · | |
| Net Debt Issued | · | · | · | · | · | · | · | · | $0 | $0 | $-11M | $0 | |
| Stock Repurchased | $7M | $4M | $38M | $3M | $1M | $200M | $106M | $44M | $330M | $110M | $304M | $32M | |
| Net Stock Activity | $-7M | $-4M | $-38M | $-3M | $-1M | $-200M | $-106M | · | $-330M | $-108M | $-303M | $-32M | |
| Dividends Paid | $0 | $0 | $409M | $0 | $0 | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-79M | $-132M | $-542M | $-285M | $-457M | $-1.26B | $-1.10B | $-752M | $-589M | $-2.54B | · | · | |
| Net Change in Cash | $-16M | $-21M | $30M | $-82M | $-7M | $84M | · | $134M | $-41M | $-262M | $-260M | $-421M | |
| Taxes Paid | · | $0 | $0 | $1M | $0 | $-13M | $-11M | $1M | $4M | $5M | $9M | $17M | |
| Free Cash Flow | · | · | $-195M | $-418M | $510M | $-390M | $-368M | · | $-631M | $-143M | $-58M | $-346M | |
| Levered FCF | · | · | $-405M | $-598M | $347M | $-568M | · | · | $-1.11B | $-339M | $-182M | $-532M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | -221.2% | -1064.3% | -7014.3% | -126.6% | -235.4% | -205.0% | -128.2% | · | -370.7% | -115.0% | 21.1% | 44.8% | |
| Pretax Margin | -226.3% | -1050.0% | -6914.3% | -96.1% | -235.4% | -205.0% | -127.5% | · | -152.7% | -115.3% | 33.9% | 50.5% | |
| ROA | -8.5% | -20.3% | -16.4% | -4.8% | -8.5% | -8.9% | -4.7% | · | · | -2.9% | 1.2% | 3.5% | |
| ROE | 8.2% | 23.9% | 38.7% | 32.6% | 502.8% | -120.2% | -36.9% | · | · | -9.7% | 4.7% | 15.8% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | · | · | · | · | · | · | 2.7 | · | · | 0.6 | 0.5 | 0.5 | |
| LT Debt / Equity | · | · | · | · | · | · | 2.7 | · | · | 0.6 | 0.5 | 0.5 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | · | · | 0.0 | 0.1 | 0.1 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Share | $1.62 | $0.89 | $0.15 | $3.09 | $3.82 | $4.77 | $3.46 | · | $3.64 | $2.21 | $5.17 | $6.65 | |
| Cash Flow / Share | $0.77 | $-3.71 | $-4.04 | $-8.39 | $10.33 | $-6.60 | $-4.54 | · | $-5.30 | $-1.07 | $-0.33 | $-1.74 | |
| Dividend / Share | · | · | $8.00 | · | · | · | · | · | · | · | · | · | |
| EPS (TTM) | $-3.58 | $-9.43 | $-10.18 | $-3.92 | $-8.99 | $-9.78 | $-4.43 | $-3.33 | $-13.50 | $-2.54 | $1.06 | $2.76 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 90.5% | 500.0% | -95.5% | -18.5% | -33.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -19.6% | -39.4% | -70.8% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | -22.3% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | · | -8.8% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $80M | $42M | $7M | $154M | $189M | $282M | $280M | $162M | $433M | $294M | $853M | $1.27B | |
| Net Income TTM | $-177M | $435M | $477M | $-195M | $-445M | $-578M | $-359M | $-296M | $-1.60B | $-338M | $180M | $569M | |
| P/E | -2.0 | -0.7 | -0.6 | -3.3 | -1.8 | -0.7 | -2.1 | -2.7 | -0.5 | -4.2 | 6.1 | 3.5 | |
| Earnings Yield | -50.0% | -146.0% | -166.3% | -30.5% | -56.9% | -148.6% | -47.6% | -37.3% | -184.4% | -23.7% | 16.4% | 28.9% | |
| Payout Ratio | 0.00% | 0.00% | -83.3% | · | · | · | · | · | · | · | · | · | |
| Annual Payout | $0 | $0 | $409M | $0 | $0 | · | · | · | · | · | · | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27M | $24M | $28M | $15M | $23M | $14M | $37M | $29M | $-37M | $13M | $8M | $28M | $2M | $17M | $40M | $40M | |
| Interest Expense | $48M | $47M | $48M | $50M | $48M | $50M | $50M | $53M | $53M | $52M | $53M | $53M | $51M | $46M | $43M | $41M | |
| Pretax Income | $-43M | $-41M | $-56M | $-7M | $-56M | $-62M | $-50M | $-51M | $-253M | $-87M | $-185M | $-78M | $-83M | $-35M | $-36M | $-73M | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-43M | $-40M | $-51M | $-8M | $-56M | $-62M | $831M | $-56M | $-254M | $-86M | $-185M | $-74M | $-93M | $-34M | $-36M | $-73M | |
| EPS (Basic) | $-0.91 | $-0.80 | $-1.01 | $-0.17 | $-1.12 | $-1.28 | $-1.07 | $-1.18 | $-5.34 | $-1.84 | $-3.94 | $-1.46 | $-1.86 | $-0.67 | $-0.72 | $-1.48 | |
| EPS (Diluted) | $-0.91 | $-0.80 | $-1.01 | $-0.17 | $-1.12 | $-1.28 | $-1.07 | $-1.18 | $-5.34 | $-1.84 | $-3.94 | $-1.46 | $-1.86 | $-0.67 | $-0.72 | $-1.48 | |
| Shares (Basic) | 50,197,412 | 49,796,216 | · | 49,597,200 | 49,543,258 | 48,354,307 | · | 47,671,114 | 47,501,248 | 46,820,922 | 47,009,765 | 49,040,489 | 49,945,917 | 49,878,191 | 49,826,695 | 49,631,448 | |
| Shares (Diluted) | 50,197,412 | 49,796,216 | · | 49,597,200 | 49,543,258 | 48,354,307 | · | 47,671,114 | 47,501,248 | 46,820,922 | 47,009,765 | 49,040,489 | 49,945,917 | 49,878,191 | 49,826,695 | 49,631,448 |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $151M | |
| Total Assets | $1.98B | $1.98B | $2.01B | $2.06B | $2.13B | $2.13B | $2.17B | $2.23B | $2.30B | $2.49B | $2.99B | $3.26B | $3.32B | $4.01B | $4.07B | $4.44B | |
| Capital Leases | · | · | $2M | $2M | $7M | $6M | · | $7M | $7M | $15M | $16M | $16M | $16M | $17M | · | · | |
| Total Liabilities | $4.30B | $4.26B | $4.24B | $4.23B | $4.30B | $4.25B | $4.24B | $4.22B | $4.29B | $4.21B | $4.22B | $4.25B | $4.22B | $4.86B | $4.80B | $5.00B | |
| Common Stock | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $283M | |
| Paid-in Capital | $2.42B | $2.42B | $2.45B | $2.45B | $2.45B | $2.46B | $2.49B | $2.48B | $2.48B | $2.49B | $2.92B | $2.92B | $2.92B | $2.92B | $2.92B | $2.92B | |
| Retained Earnings | $-1.85B | $-1.81B | $-1.77B | $-1.72B | $-1.71B | $-1.65B | $-1.59B | $-1.54B | $-1.48B | $-1.23B | $-1.01B | $-820M | $-746M | $-601M | $-567M | $-531M | |
| Treasury Stock | $3.07B | $3.08B | $3.11B | $3.11B | $3.11B | $3.12B | $3.15B | $3.14B | $3.14B | $3.14B | $3.17B | $3.17B | $3.14B | $3.15B | $3.15B | $3.15B | |
| AOCI | $-100M | $-103M | $-95M | $-89M | $-96M | $-99M | $-128M | $-88M | $-137M | $-131M | $-263M | $-213M | $-221M | $-314M | $-231M | $-82M | |
| Stockholders' Equity | $-2.33B | $-2.28B | $-2.24B | $-2.18B | $-2.18B | $-2.13B | $-2.09B | $-2.00B | $-1.99B | $-1.73B | $-1.24B | $-1.00B | $-912M | $-863M | $-748M | $-565M | |
| Liabilities + Equity | $1.98B | $1.98B | $2.01B | $2.06B | $2.13B | $2.13B | $2.17B | $2.23B | $2.30B | $2.49B | $2.99B | $3.26B | $3.32B | $4.01B | $4.07B | $4.44B |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-4M | $-33M | $-10M | $90M | $1M | $-43M | $3M | $-139M | $-10M | $-30M | $-115M | $-42M | $-36M | $-92M | $-41M | $273M | |
| Investing Cash Flow | $50M | $37M | $59M | $-172M | $106M | $32M | $5M | $29M | $120M | $133M | $-7M | $243M | $71M | $67M | $242M | $-254M | |
| Stock Repurchased | $0 | $1M | $0 | $0 | $0 | $7M | $0 | $0 | $2M | $2M | $7M | $24M | $4M | $1M | $0 | $2M | |
| Net Stock Activity | · | $-1M | · | · | · | $-7M | · | · | · | $-2M | · | · | $-4M | · | · | $-2M | |
| Financing Cash Flow | $-1M | $-3M | $-47M | $-16M | $-3M | $-13M | $5M | $-14M | $-50M | $-73M | $-29M | $-68M | $-20M | $-57M | $-143M | $-29M | |
| Net Change in Cash | $45M | $1M | $2M | $-98M | $104M | $-24M | $13M | $-124M | $60M | $30M | $-151M | $133M | $15M | $-83M | $56M | $-9M |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | -159.3% | -166.7% | · | -53.3% | -243.5% | -442.9% | · | · | 686.5% | -661.5% | -2312.5% | -264.3% | -4650.0% | -200.0% | -90.0% | -182.5% | |
| Pretax Margin | -159.3% | -170.8% | · | -46.7% | -243.5% | -442.9% | · | · | 683.8% | -669.2% | -2312.5% | -278.6% | -4150.0% | -205.9% | -90.0% | -182.5% | |
| ROA | -2.1% | -1.9% | · | -0.37% | -2.5% | -2.7% | · | · | -9.1% | -3.0% | -5.3% | -2.0% | -2.4% | -0.77% | -0.77% | -1.5% | |
| ROE | 1.9% | 1.8% | · | 0.38% | 2.7% | 3.2% | · | · | 17.0% | 6.5% | 17.6% | 8.5% | 12.6% | 6.6% | 9.2% | 24.1% |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | -0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Share | $0.54 | $0.48 | · | $0.30 | $0.46 | $0.29 | · | $0.61 | $-0.78 | $0.28 | $0.17 | $0.57 | $0.04 | $0.34 | $0.80 | $0.81 | |
| Cash Flow / Share | · | $-0.66 | · | · | · | $-0.89 | · | · | · | $-0.64 | · | · | $-0.72 | · | · | $5.50 | |
| EPS (TTM) | $-2.89 | $-3.10 | · | $-3.64 | $-4.65 | $-8.87 | · | $-11.28 | $-14.04 | $-10.16 | $-8.31 | $-5.04 | $-4.30 | $-5.98 | $-7.80 | $-8.31 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $94M | $90M | · | $89M | $103M | $43M | · | $-26M | $-47M | $18M | $95M | $104M | $116M | $124M | $179M | $157M | |
| Net Income TTM | $-142M | $-155M | · | $705M | $657M | $459M | · | $433M | $304M | $484M | $-404M | $-253M | $-215M | $-298M | $-387M | $-412M | |
| P/E | -2.3 | -1.9 | · | -2.0 | -0.9 | -0.6 | · | -0.3 | -0.4 | -0.7 | -0.9 | -1.7 | -2.2 | -1.5 | -1.6 | -1.9 | |
| Earnings Yield | -44.3% | -52.4% | · | -48.9% | -107.1% | -178.1% | · | -316.0% | -255.7% | -150.3% | -115.3% | -58.3% | -46.4% | -65.0% | -63.2% | -54.0% | |
| Annual Payout | $995.0K | $995.0K | · | $995.0K | $995.0K | $995.0K | · | $995.0K | $995.0K | $995.0K | $995.0K | $995.0K | $995.0K | $995.0K | $995.0K | $995.0K |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Revenue | $80M | · | · | $42M | · |
| Net Income | $-177M | · | · | $435M | · |
| Diluted EPS | $-3.58 | · | · | $-9.43 | · |
Not enough fundamentals data to build this statement yet.
Not enough fundamentals data to build this statement yet.
Institutional owners (13F) 143 filers · $204.3M total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 18 (-18 vs prior Q) | 19 (+4 vs prior Q) | 55 (+12 vs prior Q) | 34 (-4 vs prior Q) | +2.2M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| KAHN BROTHERS GROUP INC | $27,474,758 | 4,213,920 | 13.45% | Shares |
| BlackRock, Inc. | $23,948,944 | 3,673,151 | 11.72% | Shares |
| VANGUARD GROUP INC | $18,195,235 | 2,541,234 | 8.91% | Shares |
| Wolf Hill Capital Management, LP | $13,809,451 | 2,118,014 | 6.76% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $12,982,852 | 1,991,235 | 6.36% | Shares |
| VALUEWORKS LLC | $12,826,327 | 1,967,228 | 6.28% | Shares |
| Hosking Partners LLP | $10,101,208 | 1,549,265 | 4.95% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $7,449,558 | 1,142,258 | 3.65% | Shares |
| STATE STREET CORP | $7,126,093 | 1,092,959 | 3.49% | Shares |
| Cerity Partners LLC | $7,090,012 | 1,087,425 | 3.47% | Shares |
| TCW GROUP INC | $6,945,495 | 1,065,260 | 3.40% | Shares |
| Russell Investments Group, Ltd. | $2,993,232 | 459,085 | 1.47% | Shares |
| NORTHERN TRUST CORP | $2,895,414 | 444,082 | 1.42% | Shares |
| UBS Group AG | $2,609,474 | 400,226 | 1.28% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $2,452,491 | 376,149 | 1.20% | Shares |
| Chou Associates Management Inc. | $2,092,920 | 321,000 | 1.02% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,029,011 | 311,198 | 0.99% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $2,027,016 | 310,892 | 0.99% | Shares |
| WHITEBOX ADVISORS LLC | $1,985,086 | 304,461 | 0.97% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,973,545 | 302,691 | 0.97% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,946,220 | 298,500 | 0.95% | Call option |
| TUDOR INVESTMENT CORP ET AL | $1,945,627 | 298,409 | 0.95% | Shares |
| GOLDMAN SACHS GROUP INC | $1,884,333 | 289,008 | 0.92% | Shares |
| TORONTO DOMINION BANK | $1,630,652 | 250,100 | 0.80% | Put option |
| MORGAN STANLEY | $1,624,054 | 249,088 | 0.80% | Shares |
| TORONTO DOMINION BANK | $1,485,941 | 227,905 | 0.73% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,335,296 | 204,800 | 0.65% | Put option |
| Walleye Trading LLC | $1,068,628 | 163,900 | 0.52% | Call option |
| WELLS FARGO & COMPANY/MN | $1,026,123 | 157,381 | 0.50% | Shares |
| Alta Fundamental Advisers LLC | $969,276 | 148,662 | 0.47% | Shares |
| Bank of New York Mellon Corp | $967,705 | 148,421 | 0.47% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $919,209 | 140,983 | 0.45% | Shares |
| Nuveen, LLC | $876,516 | 134,435 | 0.43% | Shares |
| GROUP ONE TRADING LLC | $841,367 | 129,044 | 0.41% | Shares |
| Quantinno Capital Management LP | $833,543 | 127,844 | 0.41% | Shares |
| BLUEFIN CAPITAL MANAGEMENT, LLC | $749,839 | 115,006 | 0.37% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $736,845 | 113,013 | 0.36% | Shares |
| Squarepoint Ops LLC | $664,114 | 101,858 | 0.33% | Shares |
| Freestone Capital Holdings, LLC | $650,455 | 99,763 | 0.32% | Shares |
| JANE STREET GROUP, LLC | $632,010 | 96,934 | 0.31% | Shares |
| IMC-Chicago, LLC | $577,092 | 88,511 | 0.28% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $532,684 | 81,700 | 0.26% | Shares |
| LANARK FINANCIAL, INC. | $503,324 | 77,197 | 0.25% | Shares |
| BANK OF AMERICA CORP /DE/ | $499,993 | 76,686 | 0.24% | Shares |
| JANE STREET GROUP, LLC | $460,964 | 70,700 | 0.23% | Put option |
| ALLIANCEBERNSTEIN L.P. | $457,670 | 77,440 | 0.22% | Shares |
| HighTower Advisors, LLC | $452,468 | 69,397 | 0.22% | Shares |
| Invesco Ltd. | $440,308 | 67,532 | 0.22% | Shares |
| Trexquant Investment LP | $433,306 | 66,458 | 0.21% | Shares |
| WOLVERINE TRADING, LLC | $393,355 | 52,100 | 0.19% | Call option |
Activists & 5%+ owners 4 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Warburg Pincus Private Equity X, L.P., Warburg Pincus X, L.P., Warburg Pincus X GP L.P., WPP GP LLC, Warburg Pincus Partners, L.P., Warburg Pincus Partners GP LLC, Warburg Pincus & Co., Warburg Pincus LLC, Charles R. Kaye, Joseph P. Landy ×7 filings | Aug. 14, 2015 | · | Initial filing | · | SEC |
| MBIA Inc. | Sept. 14, 2011 | · | Initial filing | · | SEC |
| Warburg Pincus Private Equity X, L.P. S.S. OR, Warburg Pincus X, L.P. S.S. OR, Warburg Pincus X LLC S.S. OR, Warburg Pincus Partners, LLC S.S. OR, Warburg Pincus & Co. S.S. OR, Warburg Pincus LLC S.S. OR, Charles R. Kaye S.S. OR, Joseph P. Landy S.S. OR ×4 filings | Dec. 11, 2009 | · | Initial filing | · | SEC |
| MBIA Inc. S.S. OR | May 8, 2008 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 51 insiders · 25 officers · 25 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| William C Fallon | CEO & President | March 4, 2026 F | 2,826,660 | 0 | 0 | $0 |
| Gary C Dunton | Chairman, President & CEO | Feb. 11, 2008 F | 418,987 | 0 | 0 | $0 |
| Joseph R. Schachinger | EVP, CFO and Treasurer | March 4, 2026 F | 248,057 | 0 | 0 | $0 |
| Anthony Mckiernan | EVP & Chief Financial Officer | March 5, 2024 F | 1,324,338 | 0 | 0 | $0 |
| Edward C Chaplin | President, CFO & CAO | March 3, 2016 A | 685,139 | 0 | 0 | $0 |
| Nicholas Ferreri | Vice President & CFO | Feb. 27, 2006 A | 22,425 | 0 | 0 | $0 |
| Adam T. Bergonzi | Assistant Vice President | March 4, 2026 F | 943,262 | 0 | 0 | $0 |
| Christopher H. Young | Assistant Vice President | March 4, 2026 F | 651,544 | 0 | 0 | $0 |
| Daniel M. Avitabile | Assistant Vice President | March 4, 2026 F | 650,527 | 0 | 0 | $0 |
| Jonathan C. Harris | General Counsel and Secretary | March 6, 2023 F | 654,564 | 0 | 0 | $0 |
| Douglas C Hamilton | Controller | March 6, 2017 A | 137,200 | 0 | 0 | $0 |
| Ram D Wertheim | Chief Legal Off & Secy | Feb. 28, 2017 D | 336,580 | 0 | 0 | $0 |
| Clifford D Corso | Executive Vice President | May 23, 2011 S | 13,958 | 0 | 0 | $0 |
| Mitchell I Sonkin | Executive Vice President | Feb. 9, 2010 D | 42,689 | 0 | 0 | $0 |
| Christopher E Weeks | Vice President | April 18, 2008 P | 41,052 | 0 | 0 | $0 |
| Thomas G Mcloughlin | Vice President | March 28, 2008 A | 38,658 | 0 | 0 | $0 |
| Ruth M Whaley | Vice President | March 28, 2008 A | 64,403 | 0 | 0 | $0 |
| Kevin D Silva | Vice President | March 28, 2008 A | 62,431 | 0 | 0 | $0 |
| Neil G Budnick | Vice President | Feb. 26, 2007 M | 224,468 | 0 | 0 | $0 |
| Willard I Hill JR | VP & Chief Compliance Officer | Feb. 15, 2007 A | 9,072 | 0 | 0 | $0 |
| Andrea E Randolph | Vice President | Feb. 15, 2007 A | 23,009 | 0 | 0 | $0 |
| Mark S Zucker | Vice President | Feb. 12, 2007 F | 38,874 | 0 | 0 | $0 |
| John S Pizzarelli | Vice President | Jan. 12, 2005 F | 30,390 | 0 | 0 | $0 |
| Richard L Weill | Vice President | April 1, 2004 | · | 0 | 0 | $0 |
| John B Caouette | Vice President | Feb. 10, 2004 A | 128,183 | 0 | 0 | $0 |
| Janice L. Innis-Thompson | Director | May 12, 2026 A | 83,325 | 0 | 0 | $0 |
| Theodore Shasta | Director | May 12, 2026 A | 66,327 | 0 | 0 | $0 |
| Richard C Vaughan | Director | May 12, 2026 A | 103,055 | 0 | 0 | $0 |
| Diane L Dewbrey | Director | May 12, 2026 A | 121,198 | 0 | 0 | $0 |
| Steven J Gilbert | Director | May 12, 2026 A | 125,423 | 0 | 0 | $0 |
| Charles R Rinehart | Director | May 12, 2022 A | 146,400 | 0 | 0 | $0 |
| Francis Y Chin | Director | July 1, 2019 A | 40,263 | 0 | 0 | $0 |
| Joseph W Brown | Director | Dec. 19, 2017 P | 2,399,634 | 0 | 0 | $0 |
| Lois A. Scott | Director | May 15, 2017 A | 39,008 | 0 | 0 | $0 |
| Keith D. Curry | Director | May 15, 2017 A | 54,244 | 0 | 0 | $0 |
| Maryann Bruce | Director | May 15, 2017 A | 69,595 | 0 | 0 | $0 |
| David A Coulter | Director | April 1, 2016 A | 230,717 | 0 | 0 | $0 |
| Sean Carney | Director | Jan. 4, 2016 A | 50,317 | 0 | 0 | $0 |
| KEARNEY DANIEL P | Director | May 6, 2015 M | 109,794 | 0 | 0 | $0 |
| Kewsong Lee | Director | Oct. 1, 2013 A | 137,242 | 0 | 0 | $0 |
| Claire L Gaudiani | Director | May 1, 2012 M | 59,660 | 0 | 0 | $0 |
| Laurence H Meyer | Director | May 4, 2011 M | 97,853 | 0 | 0 | $0 |
| John A Rolls | Director | June 18, 2009 M | 95,715 | 0 | 0 | $0 |
| Jeffery W Yabuki | Director | Nov. 3, 2008 M | 12,217 | 0 | 0 | $0 |
| David M Moffett | Director | May 15, 2008 A | 9,125 | 0 | 0 | $0 |
| David C Clapp | Director | May 1, 2008 M | 37,758 | 0 | 0 | $0 |
| Debra J Perry | Director | March 12, 2008 M | 12,701 | 0 | 0 | $0 |
| Richard H Walker | Director | Jan. 30, 2008 M | 2,609 | 0 | 0 | $0 |
| James A Lebenthal | Director | Dec. 23, 2004 A | 5,538 | 0 | 0 | $0 |
| Warburg Pincus Private Equity X, L.P. | 10% owner | Aug. 5, 2013 A | 73,452,685 | 0 | 0 | $0 |
| Freda S Johnson | · | Dec. 23, 2004 A | 6,183 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 12 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| IWC · iShares Trust | 0.05% | 157,258 SH | Sept. 11, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.02% | 40,439 SH | Aug. 19, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 267,527 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 22,177 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.01% | 1,213,280 SH | Sept. 11, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.01% | 41,815 SH | Oct. 2, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 15,451 SH | Sept. 3, 2026 | Daily |
| ITOT · iShares Trust | 0.00% | 69,118 SH | Sept. 11, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 510,216 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,431,336 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 3,232 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | · | 458,947 SH | Sept. 11, 2026 | Daily |
MBI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
2 analysts · 2026-09-30Mean target $7.00 +59.1%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MBI | · | -2.0 | 90.5% | -221.2% | 8.2% | · |
| AMSF | $722M | 15.6 | 2.7% | 14.9% | 18.2% | · |
| GBLI | · | 16.2 | 2.0% | 5.6% | 3.6% | · |
| NODK | $273M | -26.6 | -12.3% | -3.6% | -4.3% | 24.5% |
| KWY | · | · | · | · | · | · |
| KINS | $242M | 5.8 | 38.5% | 19.0% | 37.5% | · |
| OSG | $350M | -1.3 | 6.5% | -103.1% | -34.2% | · |
| JRVR | · | 8.1 | -2.8% | · | · | · |
| PGR | · | 11.8 | 16.3% | 12.9% | 40.5% | · |
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