MGIC Investment Corporation (MTG US) · 33+ Years of Financial Ratios

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	-77.05	-40.74	-105.17	- -	- -	- -	- -	42.23	30.41	39.81	28.86	15.75	19.14	21.64	15.27
Return on Assets (%)	-14.26	-3.88	-5.87	-14.5	-0.89	4.64	21.05	5.9	6.27	11.86	11.32	6.57	8.65	12.78	11.18
Return on Capital (%)	- -	- -	- -	- -	- -	46.95	- -	18.95	17.55	28.33	22.6	12.76	15.32	18.43	13.94
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	3.53	4	5.64	7.26	6.66	5.18	5.05	5.77	6.04	5.18	4.02	4.82	5.57	4.63	3.05
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-103.31	-23.64	-32.19	-67.37	-4.44	27.02	46.83	48.44	73.59	75.11	69.85	46.64	67.62	92.94	78.11
Profit Margin (%)	-77.39	-23.92	-32.3	-67.26	-4.8	26.73	112.55	32.24	33.37	59.63	55.5	37.2	53.55	73.79	61.72
Net Income to Common Margin (%)	-77.39	-23.92	-32.3	-67.26	-4.8	26.73	112.55	32.24	33.37	59.63	55.5	37.2	53.55	73.79	61.72
Effective Tax Rate (%)	- -	- -	- -	- -	- -	1.09	- -	33.45	54.65	20.62	20.54	20.24	20.8	20.61	20.98
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.22	18.4	14.84	12.82	17.25
Sustainable Growth Rate (%)	-77.05	-40.74	-105.17	- -	- -	- -	- -	42.23	30.41	39.81	27.07	12.86	16.3	18.87	12.63

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	669	1,037	860	825	1,317	1,296	1,212	1,179	830	832	833	1,243	1,147	663	643
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	669	1,037	860	825	1,317	1,296	1,212	1,179	830	832	833	1,243	1,147	663	643
Total Debt/EBITDA	11.08	17.03	10.14	8.23	19.04	26.53	23.06	19.22	12.89	14.28	17.07	21.5	17.37	12.22	18.26
Net Debt/EBITDA	-8.56	-4.39	-1.6	-2.03	14.23	22.48	19.61	16.68	11.34	11.68	13.75	16.52	13.06	6.18	7.93
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	0.68	0.62	0.82	1.01	0.87	0.7	0.76	1.08	1.13	1.1	0.93	0.97	0.93	1.13	0.95
EBITDA-CapEx/Interest Expense	0.68	0.62	0.82	1.01	0.86	0.63	0.7	0.9	0.85	0.83	0.82	0.91	0.87	1.06	0.9
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	89	99	103	99	80	70	69	57	57	53	53	60	71	48	37
Common Equity/Total Assets	11.22	7.83	2.68	-14.09	-13.11	-9.73	10.74	17.3	23.98	35.55	42.54	40.97	49.45	70.42	75.93
Long-Term Debt/Equity (%)	51.35	62.13	71.85	418.67	176.93	125.03	54.19	46.25	26.33	23.22	19.32	26.46	23.59	14.28	12.68
Long-Term Debt/Capital (%)	38.8	58.67	81.64	2,098.81	226.06	165.36	65.79	54.3	38.13	29.18	23.91	29.21	24.05	13.16	11.47
Long-Term Debt/Total Assets (%)	7.11	11.11	11.92	14.79	23.52	24.62	20.65	20.56	14.78	14.65	13.37	16.9	15.65	10.67	9.84
Total Debt/Equity (%)	51.35	62.13	71.85	418.67	176.93	125.03	54.19	46.25	26.33	23.22	19.32	26.46	23.59	14.28	12.68
Total Debt/Capital (%)	38.8	58.67	81.64	2,098.81	226.06	165.36	65.79	54.3	38.13	29.18	23.91	29.21	24.05	13.16	11.47
Total Debt/Total Assets (%)	7.11	11.11	11.92	14.79	23.52	24.62	20.65	20.56	14.78	14.65	13.37	16.9	15.65	10.67	9.84
Net Debt to Equity	-39.68	-16.01	-11.35	-103.13	132.24	105.95	46.09	40.15	23.16	18.98	15.57	20.33	17.73	7.22	5.51
Net Debt/Capital (%)	-96.07	-57.66	-236.08	20.55	393.79	187.42	62.06	50.78	35.15	25.19	20.2	24.07	19.22	7.12	5.33
EBITDA	60	61	85	100	69	49	53	61	64	58	49	58	66	54	35
EBITDA-CapEx	60	61	85	100	68	44	48	51	48	44	43	55	62	51	33
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	11.22	7.83	2.68	-14.09	-13.11	-9.73	10.74	17.3	23.98	35.55	42.54	40.97	49.45	70.42	75.93
Long-Term Debt/Equity (%)	51.35	62.13	71.85	418.67	176.93	125.03	54.19	46.25	26.33	23.22	19.32	26.46	23.59	14.28	12.68
Long-Term Debt/Capital (%)	38.8	58.67	81.64	2,098.81	226.06	165.36	65.79	54.3	38.13	29.18	23.91	29.21	24.05	13.16	11.47
Long-Term Debt/Total Assets (%)	7.11	11.11	11.92	14.79	23.52	24.62	20.65	20.56	14.78	14.65	13.37	16.9	15.65	10.67	9.84
Total Debt/Equity (%)	51.35	62.13	71.85	418.67	176.93	125.03	54.19	46.25	26.33	23.22	19.32	26.46	23.59	14.28	12.68
Total Debt/Capital (%)	38.8	58.67	81.64	2,098.81	226.06	165.36	65.79	54.3	38.13	29.18	23.91	29.21	24.05	13.16	11.47
Total Debt/Total Assets (%)	7.11	11.11	11.92	14.79	23.52	24.62	20.65	20.56	14.78	14.65	13.37	16.9	15.65	10.67	9.84
CFO/Total Liabilities	4.07	-11.42	-31.3	-29.17	-19.99	-9.58	4.44	7.06	16.5	25.98	31.74	27.58	28.26	41.37	48.62
CFO/CapEx	- -	- -	- -	- -	-1,183.79	-86.1	34.86	21.3	25.31	38.24	108.15	221.17	169.21	199.76	356.66
Altman's Z-Score	0.57	0.58	1.45	1.23	1.41	1.54	1.76	2.04	2.84	2.79	3.39	2.77	3.05	3.67	4.47

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	18.2	17.92	9.25	6.35	6.35	5.35	6.73	10.41	9.95	11.37	14.27	10.4	7.61	8.88	11.21
Days Sales Outstanding	20.05	20.37	39.45	57.44	57.49	68.22	54.24	35.06	36.68	32.11	25.57	35.08	47.94	41.09	32.55
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	708	2,041	716	523	2,827	3,152	3,023	3,502	5,332	3,650	4,897	4,188	4,584	3,797	5,308
- Cash & Cash Equivalents	1,186	1,304	996	1,028	333	198	181	155	100	152	162	288	285	327	364
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	669	1,037	860	825	1,317	1,296	1,212	1,179	830	832	833	1,243	1,147	663	643
Enterprise Value	191	1,773	-5,243	-3,910	-1,055	-362	-610	-167	1,072	-823	-170	-1,518	-1,142	-1,277	-135
Total Capital	1,724	1,768	1,053	39	583	784	1,842	2,171	2,178	2,850	3,483	4,257	4,769	5,038	5,608
Total Debt/Capital (%)	38.8	58.67	81.64	2,098.81	226.06	165.36	65.79	54.3	38.13	29.18	23.91	29.21	24.05	13.16	11.47
Total Debt / EV	3.5	0.58	-0.16	-0.21	-1.25	-3.58	-1.99	-7.06	0.77	-1.01	-4.9	-0.82	-1	-0.52	-4.75
EV/Sales	0.11	1.17	- -	- -	- -	- -	- -	- -	1.01	- -	- -	- -	- -	- -	- -
EV/EBITDA	3.17	29.13	- -	- -	- -	- -	- -	- -	16.65	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	0.48	- -	- -	- -	- -	- -	- -	- -	2.48	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	0.48	- -	- -	- -	- -	- -	- -	- -	2.39	- -	- -	- -	- -	- -	- -
Diluted Market Cap	703	1,796	716	523	2,609	3,850	4,166	4,441	5,681	3,965	5,272	4,444	5,027	4,027	5,594
Diluted Enterprise Value	186	1,529	580	320	3,594	4,948	5,196	5,464	6,411	4,645	5,943	5,400	5,889	4,363	5,873
EV per Share	1.53	8.85	- -	- -	- -	- -	- -	- -	2.89	- -	- -	- -	- -	- -	- -
TTM Sales	1,709	1,521	1,504	1,378	1,039	943	1,041	1,062	1,066	1,124	1,214	1,199	1,186	1,173	1,155
TTM EBITDA	60	61	85	100	69	49	53	61	64	58	49	58	66	54	35
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	397	-776	-1,780	-1,469	-885	-336	327	262	433	587	651	780	753	688	742
TTM Free Cash Flow to Firm	397	-776	-1,780	-1,469	-884	-332	332	273	449	601	657	783	757	691	744

Multiples	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	- -	- -	- -	- -	12.51	2.58	10.29	14.66	5.6	7.38	9.43	7.53	4.57	7.75
Price/Earnings Average	-0.43	-4.2	-2.39	-0.61	-38.13	11.54	2.89	7.62	11.95	6.7	6.95	7.51	7.48	4.89	6.26
Price/Earnings High	-0.85	-6.26	-4.69	-1.08	-52.66	12.55	3.35	10.47	15.69	8.56	7.62	10.96	8.65	5.8	7.73
Price/Earnings Low	-0.08	-2.9	-0.67	-0.18	-15.89	9.89	2.47	5.45	10.06	5.13	5.5	3.79	6.17	4.04	4.92
Price/Book Value	0.67	2.79	3.7	-0.67	-3.85	-6.15	4.8	3.53	3.96	1.81	1.85	1.39	1.27	0.87	1.07
Price/Book Value Average	0.54	2.38	6.02	-0.72	-2.8	-5.67	5.37	2.61	3.22	2.16	1.74	1.11	1.26	0.93	0.86
Price/Book Value High	1.07	3.54	11.78	-1.27	-3.87	-6.17	6.23	3.59	4.23	2.76	1.91	1.62	1.45	1.1	1.07
Price/Book Value Low	0.1	1.64	1.7	-0.22	-1.17	-4.86	4.59	1.87	2.72	1.66	1.38	0.56	1.04	0.77	0.68
Price/Tangible Book Value	0.54	1.22	0.6	2.66	3.8	3.04	1.35	1.37	1.69	1.02	1.14	0.89	0.94	0.82	1.05
Price/Tangible Book Value Average	0.44	1.04	0.97	2.87	2.77	2.8	1.51	1.02	1.38	1.22	1.07	0.71	0.94	0.87	0.85
Price/Tangible Book Value High	0.87	1.55	1.9	5.07	3.82	3.05	1.75	1.4	1.81	1.56	1.17	1.04	1.08	1.04	1.04
Price/Tangible Book Value Low	0.08	0.72	0.27	0.86	1.15	2.4	1.29	0.73	1.16	0.93	0.85	0.36	0.77	0.72	0.67
Price/Sales	0.41	1.18	0.48	0.38	2.51	3.34	2.9	3.32	4.89	3.34	4.1	3.51	4.04	3.37	4.78
Price/Sales Average	0.33	1.01	0.77	0.41	1.83	3.08	3.25	2.46	3.99	3.99	3.86	2.79	4.01	3.61	3.86
Price/Sales High	0.66	1.5	1.51	0.72	2.53	3.35	3.77	3.38	5.23	5.1	4.23	4.08	4.63	4.28	4.77
Price/Sales Low	0.06	0.69	0.22	0.12	0.76	2.64	2.78	1.76	3.36	3.06	3.05	1.41	3.3	2.98	3.04
Price/Cash Flow	2.13	-2.05	-0.38	-0.33	-2.69	-7.78	18.72	15.68	12.82	6.89	8.16	5.74	6.87	6.09	7.75
Price/Cash Flow Average	1.72	-1.75	-0.62	-0.36	-1.96	-7.17	20.97	11.61	10.45	8.24	7.69	4.58	6.82	6.51	6.26
Price/Cash Flow High	3.4	-2.6	-1.21	-0.64	-2.7	-7.8	24.3	15.96	13.72	10.54	8.42	6.68	7.88	7.72	7.72
Price/Cash Flow Low	0.32	-1.21	-0.17	-0.11	-0.82	-6.15	17.92	8.3	8.8	6.31	6.08	2.31	5.63	5.37	4.92
Price/Free Cash Flow	2.13	-2.05	-0.38	-0.33	-2.69	-9.61	25.09	18.87	13.44	7.1	8.57	6.04	7.18	6.16	7.82
Price/Free Cash Flow Average	1.72	-1.75	-0.62	-0.36	-1.96	-8.87	28.1	13.97	10.95	8.49	8.07	4.81	7.13	6.59	6.32
Price/Free Cash Flow High	3.4	-2.6	-1.21	-0.64	-2.71	-9.64	32.56	19.2	14.38	10.85	8.84	7.02	8.24	7.81	7.8
Price/Free Cash Flow Low	0.32	-1.21	-0.17	-0.11	-0.82	-7.6	24.02	9.99	9.23	6.5	6.39	2.43	5.88	5.44	4.97
EV/Sales	0.11	1.17	- -	- -	- -	- -	- -	- -	1.01	- -	- -	- -	- -	- -	- -
EV/Sales Average	0.03	0.97	0.68	0.26	2.93	4.25	4.24	3.4	4.76	4.49	4.35	3.58	4.57	3.75	3.96
EV/Sales High	0.36	1.53	1.42	0.58	3.68	4.52	4.76	4.32	6.04	5.57	4.72	4.86	5.16	4.39	4.82
EV/Sales Low	- -	0.61	0.13	- -	1.77	3.81	3.77	2.71	4.12	3.58	3.56	2.2	3.89	3.14	3.16
EV/EBITDA	3.17	29.13	- -	- -	- -	- -	- -	- -	16.65	- -	- -	- -	- -	- -	- -
EV/EBITDA Average	0.92	24.15	12.12	3.62	43.99	81.99	84.02	58.95	78.8	86.67	108.3	74.24	82.01	80.99	129.68
EV/EBITDA High	10.18	38.12	25.27	7.94	55.32	87.2	94.25	74.77	99.91	107.52	117.34	100.74	92.74	94.89	158.14
EV/EBITDA Low	-6.78	15.3	2.26	-0.33	26.62	73.48	74.67	46.89	68.16	69.12	88.58	45.63	69.93	67.95	103.69
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	5.66	10.18	3.56	2.59	8.37	9.31	8.9	10.28	14.39	10.27	14.1	12.37	14.31	12.94	19.48
High Price	9.04	12.91	11.33	4.94	8.42	9.34	11.55	10.46	15.4	15.7	14.55	14.38	16.42	16.4	19.42
Low Price	0.86	5.98	1.63	0.84	2.54	7.36	8.52	5.44	9.88	9.41	10.51	4.97	11.72	11.42	12.38
Enterprise Value	191	1,773	-5,243	-3,910	-1,055	-362	-610	-167	1,072	-823	-170	-1,518	-1,142	-1,277	-135
Enterprise Value Average	55	1,470	1,028	363	3,044	4,006	4,416	3,616	5,077	5,045	5,283	4,292	5,414	4,394	4,569
Enterprise Value High	614	2,321	2,143	795	3,829	4,261	4,954	4,587	6,437	6,259	5,724	5,824	6,122	5,148	5,571
Enterprise Value Low	-409	931	192	-33	1,843	3,590	3,925	2,877	4,392	4,024	4,321	2,638	4,616	3,686	3,653

Per Share Data Items	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	125	200	201	202	338	339	340	341	371	355	347	339	320	293	272
Diluted Weighted Avg Shares	124	176	201	202	312	414	468	432	395	386	374	359	351	311	287
Basic Weighted Avg Shares	124	176	201	202	312	339	340	343	362	365	353	340	334	306	284
Revenue per Share	13.76	8.62	7.48	6.83	3.33	2.78	3.07	3.1	2.94	3.08	3.44	3.53	3.55	3.83	4.07
EBITDA per Share	0.49	0.35	0.42	0.5	0.22	0.14	0.15	0.18	0.18	0.16	0.14	0.17	0.2	0.18	0.12
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	-10.65	-2.06	-2.42	-4.59	-0.16	0.74	3.45	1	0.98	1.83	1.91	1.31	1.9	2.83	2.51
Basic EPS from Cont Ops	-10.65	-2.06	-2.42	-4.59	-0.16	0.74	3.45	1	0.98	1.83	1.91	1.31	1.9	2.83	2.51
Diluted EPS, GAAP	-10.65	-2.06	-2.42	-4.59	-0.16	0.61	2.5	0.79	0.9	1.74	1.8	1.24	1.81	2.78	2.48
Diluted EPS from Cont Ops	-10.65	-2.06	-2.42	-4.59	-0.16	0.61	2.5	0.79	0.9	1.74	1.8	1.24	1.81	2.78	2.48
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.12	0.24	0.28	0.36	0.43
Cash Flow per Share	2.66	-4.96	-9.37	-7.77	-3.11	-1.2	0.48	0.66	1.12	1.49	1.73	2.15	2.08	2.13	2.51
Free Cash Flow per Basic Share	2.66	-4.96	-9.37	-7.77	-3.12	-1.21	0.46	0.62	1.08	1.45	1.71	2.14	2.07	2.11	2.51
Cash & Equivalents per Share	9.48	6.51	33.9	26.03	15.39	14.21	14.26	14.23	13.74	14.92	16.99	20.53	21.45	19.55	22.34
Book Value per Share	8.43	3.64	0.96	-3.89	-2.17	-1.51	1.86	2.91	3.64	5.68	7.63	8.9	11.31	14.91	18.22
Tangible Book Value per Share	10.41	8.33	5.95	0.97	2.2	3.06	6.58	7.48	8.51	10.08	12.41	13.88	15.18	15.82	18.61

MGIC Investment Corporation

MTG US

21.75