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MBI, MBIA Inc.

Insurance — Property & Casualty financial Unprofitable

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Has also provided financial guarantee insurance in the international and structured finance markets through its subsidiary MBIA Corp.

Manages its capital and liquidity in order to ensure that it can service its debt and other financial obligations and pay its operating expenses while maintaining an adequate cushion against potential adverse events.

Latest annual: FY2025 10-K

MBI · MBIA Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$80M

+90.5% YoY · −22% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $525M 5-yr avg $94M

Combined ratio 120%

Next report Est. 11/2–11/9 · the 10-Q for the quarter ended late September · due within 45 days of period end · has filed ~37 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand.
What moves the needle: Underwriting discipline and the float. What decides it: whether the combined ratio stays below 100% so the policies make money on their own, how large the float is against equity, and what that float earns once it is invested. On its own account, the filing leans hardest on concentrated dependence, set against the numbers in what the filing emphasizes, below.
Is it a good business?: It runs an underwriting loss, about a 120% combined ratio, and must earn the difference back on the float. Whether the discipline holds through a soft market, and how the float is invested, are what the 10-K decides.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMJun 2026
											Income statement
$300M	$433M	$162M	$280M	$282M	$189M	$154M	$7M	$42M	$80M	$525M	RevenueRevenue
$300M	$201M	—	—	—	—	—	—	—	—	$201M	Premiums earnedPremiums
($339M)	($661M)	($296M)	($357M)	($578M)	($445M)	($148M)	($484M)	($441M)	($181M)	—	Pretax incomePretax
($338M)	($1.6B)	($296M)	($359M)	($578M)	($445M)	($195M)	$477M	$435M	($177M)	($145M)	Net incomeNet inc.
											Cash flow & returns
($149M)	($652M)	($319M)	($368M)	($390M)	$511M	($418M)	($195M)	($176M)	$38M	$43M	Operating cash flowOp. cash
($150M)	($653M)	($320M)	($368M)	($390M)	$510M	($418M)	($195M)	—	—	—	Owner earningsOwner earn.
-10%	-114%	-26%	-43%	-425%	—	—	—	—	—	—	Return on equityROE
—	—	—	—	—	$0	$0	$409M	$0	$0	$0	Dividends paidDiv. paid
$110M	$330M	$44M	$106M	$200M	$1M	$3M	$38M	$4M	$7M	—	BuybacksBuybacks
$2.4B	$1.2B	$1.2B	$1.3B	$1.7B	($61M)	$623M	$767M	$287M	$25M	—	Investing cash flowInv. cash
($2.5B)	($589M)	($752M)	($1.1B)	($1.3B)	($457M)	($285M)	($542M)	($132M)	($79M)	—	Financing cash flowFin. cash
($2M)	($2M)	($1M)	$0	$1M	$0	($2M)	$0	$0	—	—	Exchange-rate effectFX
($262M)	($41M)	$134M	($197M)	$84M	($7M)	($82M)	$30M	($21M)	($16M)	—	Change in cashΔ cash
											Balance sheet
$11.1B	$9.1B	$8.1B	$7.3B	$5.8B	$4.7B	$3.4B	$2.6B	$2.2B	$2.0B	$2.0B	Total assetsAssets
$7.9B	$7.7B	$7.0B	$6.4B	$5.6B	$5.0B	$4.3B	$4.3B	$4.2B	$4.2B	—	Total liabilitiesTotal liab.
$3.2B	$1.4B	$1.1B	$826M	$136M	($313M)	($882M)	($1.7B)	($2.1B)	($2.2B)	($2.3B)	Shareholders’ equityEquity
											Per share
133M	119M	89.0M	81.0M	59.1M	49.5M	49.8M	48.2M	47.4M	49.3M	50.0M	Shares out (diluted)Shares
$-2.54	$-13.50	$-3.33	$-4.43	$-9.78	$-8.99	$-3.92	$9.89	$9.17	$-3.59	$-2.90	EPS (diluted)EPS
$-1.13	$-5.49	$-3.59	$-4.54	$-6.60	$10.31	$-8.39	$-4.05	—	—	—	Owner earnings / shareOE/sh
—	—	—	—	—	$0.00	$0.00	$8.48	$0.00	$0.00	$0.00	Dividends / shareDiv/sh
$24.26	$11.88	$12.57	$10.20	$2.30	$-6.33	$-17.71	$-34.37	$-44.04	$-45.40	$-46.52	Book value / shareBVPS

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Is it a good business?

Combined ratio —

Not enough data

Industry peers: median 109%

What this means
Premiums or claims weren't found in the filing data.
Return on equity —

Not enough data

Industry peers: median 7%

What this means
Net income or equity missing.

The float

Float —

Not enough data

What this means
The float components weren't cleanly tagged, and a partial figure would mislead — withheld rather than approximated.
Investment income —

Not enough data

What this means
Net investment income wasn't found.

The cost and the reserves

Cost of float —

Not enough data

What this means
Needs the full float arithmetic and a cleanly tagged underwriting total; a partial figure would mislead.
Reserve development —

Not enough data

What this means
Not disclosed in the filings' structured data — the absence is itself worth knowing on a business whose product is a promise.

All figures as filed; the source filing is linked above.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'26$0

'27$95M

'28$112M

'29$0

'30$0

later$961M

Bars scaled to the largest single year; “later” is everything due after 2030, shown apart since it dwarfs the years.

Due in the next 12 months$0the first rung: what must be repaid or rolled over within the year

Within two years$95Mthe near wall, the part most exposed to today’s credit conditions

Biggest single year$112Min 2028the lumpiest maturity, where a refinancing, if needed, is largest

Total scheduled principal$1.2Bevery year plus what lies beyond, as the footnote totals it

Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the total the table states.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Mr. Fallon	$4.0M	$23.1M	$510M
2022	Mr. Fallon	$4.0M	−$3.0M	($418M)
2023	Mr. Fallon	$17.1M	$5.0M	($195M)
2024	Mr. Fallon	$3.9M	$4.1M	—
2025	Mr. Fallon	$4.3M	$3.9M	—

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership11.3%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Insurance reserves as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Insurance — Property & Casualty

The same industry, side by side on the underwriting lens. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	Combined ratiomedian over the record	Loss ratiomedian over the record	Yield on floatmedian over the record	ROTCEmedian over the record
AGOAssured Guaranty	$1.1B	109%	50%4y	11.0%	7%
NMIHNMI Holdings Inc.	$706M	—	—	—	15%
NODKNI Holdings Inc.	$285M	—	69%	8.5%	3%
AIIAmerican Integrity Insurance Group Inc.	$276M	75%2y	45%2y	11.9%2y	27%2y
KWYKingsway Corporation	$135M	—	86%1y	—	—
MBIMBIA Inc.	$80M	—	73%1y	—	—
MHLAMaiden Holdings, Ltd.	$75M	129%	73%4y	5.0%	-15%
KGKestrel Group Ltd.	$34M	—	71%1y	1.3%1y	4%2y
Group median	—	—	71%	—	—

The price

What a price has to assume.

What the price implies

reverse-DCF

A bank / financial isn't read on an owner-earnings DCF; its economics live on the balance sheet (book value, the return earned on it, and the cash the assets throw off).

Weigh MBI against another business →

Cite: Owner Scorecard, "MBIA Inc. (MBI), the owner's record," https://ownerscorecard.com/c/MBI, data as of 2026-08-17.

Manual order: ← MBC its page in the Manual MBIN →

Industry order: ← LMND the Insurance — Property & Casualty chapter MCY →