# 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.

## Reported holder observations

- [Thomas Graham Kahn](https://gigainvestors.com/KB): 4,213,920 MBI shares; USD 27,475,000 reported position value; 4.34% of portfolio; add; quarter 2026 Q2.
- [Francis Chou](https://gigainvestors.com/ca): 321,000 MBI shares; USD 2,093,000 reported position value; 0.97% of portfolio; hold; quarter 2026 Q2.

# MBI — MBIA Inc.

Held by 2 investors · USD 29,568,000 total · 2026 Q2 · reported price USD 6.52 (split-adjusted).
Page: https://gigainvestors.com/s/MBI

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Thomas Graham Kahn (https://gigainvestors.com/KB) | USD 27,475,000 | 4.3% | add +104.91% |
| Francis Chou (https://gigainvestors.com/ca) | USD 2,093,000 | 1.0% | hold |

## Total held by quarter

- 2010 Q2: USD 142,470,325 · 2 holders · USD 7.45
- 2010 Q3: USD 192,090,296 · 2 holders · USD 10.00
- 2010 Q4: USD 205,165,089 · 2 holders · USD 11.97
- 2011 Q1: USD 230,118,231 · 2 holders · USD 11.21
- 2011 Q2: USD 180,669,780 · 2 holders · USD 8.80
- 2011 Q3: USD 159,306,636 · 2 holders · USD 7.76
- 2011 Q4: USD 199,207,770 · 2 holders · USD 11.57
- 2012 Q1: USD 250,291,324 · 3 holders · USD 9.80
- 2012 Q2: USD 216,288,040 · 3 holders · USD 10.80
- 2012 Q3: USD 253,145,574 · 3 holders · USD 10.13
- 2012 Q4: USD 206,921,416 · 3 holders · USD 7.87
- 2013 Q1: USD 229,605,082 · 3 holders · USD 10.27
- 2013 Q2: USD 86,343,762 · 4 holders · USD 13.31
- 2013 Q3: USD 41,897,752 · 3 holders · USD 10.23
- 2013 Q4: USD 38,757,262 · 3 holders · USD 11.94
- 2014 Q1: USD 51,091,384 · 3 holders · USD 13.99
- 2014 Q2: USD 40,924,536 · 3 holders · USD 11.04
- 2014 Q3: USD 32,864,999 · 3 holders · USD 9.18
- 2014 Q4: USD 29,535,900 · 3 holders · USD 9.54
- 2015 Q1: USD 28,757,358 · 3 holders · USD 9.30
- 2015 Q2: USD 27,719,040 · 3 holders · USD 6.01
- 2015 Q3: USD 34,484,258 · 3 holders · USD 6.08
- 2015 Q4: USD 35,575,337 · 2 holders · USD 6.48
- 2016 Q1: USD 48,421,228 · 2 holders · USD 8.86
- 2016 Q2: USD 37,127,908 · 2 holders · USD 6.83
- 2016 Q3: USD 42,268,237 · 2 holders · USD 7.79
- 2016 Q4: USD 58,303,883 · 2 holders · USD 10.70
- 2017 Q1: USD 46,644,248 · 2 holders · USD 8.47
- 2017 Q2: USD 52,515,477 · 2 holders · USD 9.47
- 2017 Q3: USD 47,130,432 · 2 holders · USD 8.70
- 2017 Q4: USD 41,510,439 · 2 holders · USD 7.32
- 2018 Q1: USD 52,844,570 · 2 holders · USD 9.26
- 2018 Q2: USD 51,481,507 · 2 holders · USD 9.04
- 2018 Q3: USD 58,898,768 · 2 holders · USD 10.69
- 2018 Q4: USD 48,921,214 · 2 holders · USD 8.92
- 2019 Q1: USD 51,417,835 · 2 holders · USD 9.88
- 2019 Q2: USD 61,141,256 · 2 holders · USD 9.31
- 2019 Q3: USD 57,614,601 · 2 holders · USD 9.23
- 2019 Q4: USD 56,305,641 · 2 holders · USD 9.30
- 2020 Q1: USD 41,159,115 · 2 holders · USD 7.14
- 2020 Q2: USD 40,686,137 · 2 holders · USD 7.25
- 2020 Q3: USD 31,907,543 · 2 holders · USD 6.06
- 2020 Q4: USD 36,369,772 · 2 holders · USD 6.58
- 2021 Q1: USD 51,746,720 · 2 holders · USD 9.62
- 2021 Q2: USD 62,071,449 · 2 holders · USD 11.00
- 2021 Q3: USD 71,540,615 · 2 holders · USD 12.85
- 2021 Q4: USD 88,083,410 · 2 holders · USD 15.79
- 2022 Q1: USD 83,548,848 · 2 holders · USD 15.39
- 2022 Q2: USD 62,193,785 · 2 holders · USD 12.35
- 2022 Q3: USD 46,092,037 · 2 holders · USD 9.20
- 2022 Q4: USD 64,466,035 · 2 holders · USD 12.85
- 2023 Q1: USD 45,689,692 · 2 holders · USD 9.26
- 2023 Q2: USD 43,528,536 · 2 holders · USD 8.64
- 2023 Q3: USD 36,114,270 · 2 holders · USD 7.21
- 2023 Q4: USD 29,557,189 · 1 holder · USD 6.12
- 2024 Q1: USD 34,993,904 · 1 holder · USD 6.76
- 2024 Q2: USD 32,343,034 · 2 holders · USD 5.49
- 2024 Q3: USD 1,145,970 · 1 holder · USD 3.57
- 2024 Q4: USD 2,141,712 · 2 holders · USD 6.46
- 2025 Q1: USD 1,598,580 · 1 holder · USD 4.98
- 2025 Q2: USD 1,393,140 · 1 holder · USD 4.34
- 2025 Q3: USD 10,063,415 · 2 holders · USD 7.45
- 2025 Q4: USD 9,664,453 · 2 holders · USD 7.16
- 2026 Q1: USD 14,050,635 · 2 holders · USD 5.91
- 2026 Q2: USD 29,568,000 · 2 holders · USD 6.52