# Mbia (MBI.US)

Canonical: https://gigainvestors.com/s/MBI

Analysis as of: 2026-10-16T07:30:05.401Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $4.39 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- positive earnings in fewer than 8 of 10 years

- Financial history: 10 years

- Profitable years in the last ten: 0

- Required profitable years: 8

Chart: Net income; fiscal year observations.

- FY2016: -$338M

- FY2017: -$1.6B

- FY2018: -$296M

- FY2019: -$359M

- FY2020: -$578M

- FY2021: -$445M

- FY2022: -$149M

- FY2023: -$484M

- FY2024: -$441M

- FY2025: -$181M

### moat: fail

- Common book per share

- nonpositive common capital

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: -11.6%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: -113.6%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: -10.5%

- FY2017: -113.6%

- FY2018: -26.5%

- FY2019: -12.7%

- FY2020: -425.0%

- FY2021: -30.0%

- FY2022: 0.0%

- FY2023: 0.0%

- FY2024: 0.0%

- FY2025: 0.0%

### economics: fail

- Common book per share

- nonpositive book value in the compounding window

- Book return interval: 10 years

- Starting book value per share: $22.62

- Ending book value per share: -$45.40

### management: fail

- Common book per share

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -11.4%

- Diluted shares, 5-year annual growth: -3.6%

- Share growth excluding flagged crisis recapitalisations: -11.4%

- Five-year share growth excluding flagged crisis recapitalisations: -3.6%

- Flagged crisis recapitalisations: 0

- Book value created per share: -$68.01

- Earnings retained per share after dividends and buybacks: -$89.40

### accounting: fail

- nonpositive common capital

- Financial accounting warning count: 1

- Known restatement years: 0

## Holders

- [Thomas Graham Kahn](https://gigainvestors.com/KB): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Francis Chou](https://gigainvestors.com/ca): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 72% since Dec 2021 · net income USD -181M

Story as of 2026-10-16T09:59:07.946Z; price observation 2026-10-15.

### Net income · FY2025

net income USD -181M; source https://www.sec.gov/Archives/edgar/data/814585/000119312526076834/mbi-20251231.htm; observed 2026-02-26.

- FY2016: -$338M 

- FY2017: -$1.6B 

- FY2018: -$296M 

- FY2019: -$359M 

- FY2020: -$578M 

- FY2021: -$445M 

- FY2022: -$149M 

- FY2023: -$484M 

- FY2024: -$441M 

- FY2025: -$181M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance specialty; annual sales are USD 80 million.

- Source: https://www.sec.gov/Archives/edgar/data/814585/000119312526076834/mbi-20251231.htm#000119312526076834 (filed 2026-02-26); FY2025: revenue 80000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); MBI.US: MBIA Inc., together with its subsidiaries, provides financial guarantee insurance services to public finance markets in the United States. It operates through United States (U.S.) Public Finance Insurance, Corporate, and International and Structured Finance Insurance segments. The company issues financial guarantees for municipal bonds, including tax-exempt and taxable indebtedness of the U.S. political subdivisions, as well as utilities, airports, health care institutions, higher educational facilities, housing authorities, and other similar agencies and obligations issued by private entities. It also insures non-U.S. public finance and global structured finance, including asset-backed obligations; sovereign-related and sub-sovereign bonds, utilities, and privately issued bonds used for the financing for toll roads, bridges, public transportation facilities, and other types of infrastructure projects; and structured finance and asset-backed obligations comprising residential and commercial mortgages, consumer loans, and structured settlements. as well as offers third-party reinsurance agreements. MBIA Inc. was founded in 1973 and is headquartered in Purchase, New York.

### Why customers stay

It lost 11.6% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on tangible equity observations [[2016,-0.10474124573907655],[2017,-1.1358811040339702],[2018,-0.2645218945487042],[2019,-0.1265421219598167],[2020,-4.25],[2021,-0.2998652291105121],[2022,0],[2023,0],[2024,0],[2025,0]]; median -0.11564168384944662. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 3 of 10 years; bought back USD 7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,0],[2017,0],[2018,112000000],[2019,0],[2020,0],[2021,60000000],[2022,0],[2023,409000000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/814585/000119312526076834/mbi-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 7000000 USD.

### Are managers owners

Insiders own 17.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); MBI.US SharesStats.PercentInsiders = 17.938000000000002 percentage points; cache date 2026-10-05.

### What the price says

The price is 2.7 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 4.39 USD; reporting-to-trading FX 1; FY2025 annual sales per share 1.6234332524707995; price multiple 2.704145669875. FY2025 cash earnings/share 0.7711307949236298. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $7.70 per share

- 2016-11: $10.39 per share

- 2016-12: $10.70 per share

- 2017-01: $10.20 per share

- 2017-02: $10.32 per share

- 2017-03: $8.47 per share

- 2017-04: $8.40 per share

- 2017-05: $8.19 per share

- 2017-06: $9.43 per share

- 2017-07: $10.17 per share

- 2017-08: $10.06 per share

- 2017-09: $8.70 per share

- 2017-10: $7.25 per share

- 2017-11: $8.42 per share

- 2017-12: $7.32 per share

- 2018-01: $7.34 per share

- 2018-02: $7.99 per share

- 2018-03: $9.26 per share

- 2018-04: $8.52 per share

- 2018-05: $8.18 per share

- 2018-06: $9.04 per share

- 2018-07: $10.25 per share

- 2018-08: $10.27 per share

- 2018-09: $10.69 per share

- 2018-10: $9.90 per share

- 2018-11: $9.31 per share

- 2018-12: $8.92 per share

- 2019-01: $9.61 per share

- 2019-02: $9.93 per share

- 2019-03: $9.52 per share

- 2019-04: $9.67 per share

- 2019-05: $8.87 per share

- 2019-06: $9.31 per share

- 2019-07: $9.33 per share

- 2019-08: $9.00 per share

- 2019-09: $9.23 per share

- 2019-10: $9.29 per share

- 2019-11: $9.33 per share

- 2019-12: $9.30 per share

- 2020-01: $9.06 per share

- 2020-02: $7.80 per share

- 2020-03: $7.14 per share

- 2020-04: $8.14 per share

- 2020-05: $7.08 per share

- 2020-06: $7.25 per share

- 2020-07: $8.01 per share

- 2020-08: $8.11 per share

- 2020-09: $6.06 per share

- 2020-10: $5.71 per share

- 2020-11: $6.37 per share

- 2020-12: $6.58 per share

- 2021-01: $6.14 per share

- 2021-02: $7.30 per share

- 2021-03: $9.62 per share

- 2021-04: $10.02 per share

- 2021-05: $9.99 per share

- 2021-06: $11.00 per share

- 2021-07: $13.05 per share

- 2021-08: $11.19 per share

- 2021-09: $12.85 per share

- 2021-10: $15.54 per share

- 2021-11: $11.76 per share

- 2021-12: $15.79 per share

- 2022-01: $13.67 per share

- 2022-02: $15.25 per share

- 2022-03: $15.39 per share

- 2022-04: $12.04 per share

- 2022-05: $14.01 per share

- 2022-06: $12.35 per share

- 2022-07: $12.58 per share

- 2022-08: $11.79 per share

- 2022-09: $9.20 per share

- 2022-10: $10.76 per share

- 2022-11: $12.71 per share

- 2022-12: $12.85 per share

- 2023-01: $13.01 per share

- 2023-02: $13.79 per share

- 2023-03: $9.26 per share

- 2023-04: $10.06 per share

- 2023-05: $7.96 per share

- 2023-06: $8.64 per share

- 2023-07: $8.74 per share

- 2023-08: $7.89 per share

- 2023-09: $7.21 per share

- 2023-10: $6.88 per share

- 2023-11: $7.24 per share

- 2023-12: $6.12 per share

- 2024-01: $6.08 per share

- 2024-02: $6.53 per share

- 2024-03: $6.76 per share

- 2024-04: $6.29 per share

- 2024-05: $5.65 per share

- 2024-06: $5.49 per share

- 2024-07: $4.40 per share

- 2024-08: $3.92 per share

- 2024-09: $3.57 per share

- 2024-10: $3.94 per share

- 2024-11: $6.89 per share

- 2024-12: $6.46 per share

- 2025-01: $7.11 per share

- 2025-02: $6.07 per share

- 2025-03: $4.98 per share

- 2025-04: $4.69 per share

- 2025-05: $4.41 per share

- 2025-06: $4.34 per share

- 2025-07: $5.33 per share

- 2025-08: $7.96 per share

- 2025-09: $7.45 per share

- 2025-10: $6.83 per share

- 2025-11: $7.55 per share

- 2025-12: $7.16 per share

- 2026-01: $6.40 per share

- 2026-02: $6.55 per share

- 2026-03: $5.91 per share

- 2026-04: $5.84 per share

- 2026-05: $5.87 per share

- 2026-06: $6.52 per share

- 2026-07: $5.12 per share

- 2026-08: $4.83 per share

- 2026-09: $4.26 per share

- 2026-10: $4.39 per share

## Annual estimated value (USD per share)

- FY2016: low $7.40 per share, central $8.14 per share, high $9.05 per share

- FY2017: low $3.51 per share, central $3.86 per share, high $4.29 per share

- FY2018: low $3.72 per share, central $4.09 per share, high $4.55 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/814585/000119312526076834/mbi-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.