Mapfre, SA (MAP) AI Stock Analysis

• Market Cap: €11.98B
• Dividend Yield: 3.56%
• Average Volume (3M): 3.39M
• Price to Earnings (P/E): 10.6
• Beta (1Y): 0.93
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: ES
• Employees: 30,585
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Diversified
• EPS (TTM): 0.10
• Shares Outstanding: 3,079,553,200
• 10 Day Avg. Volume: 3,747,580
• 30 Day Avg. Volume: 3,389,068
• PEG Ratio: 0.74
• Price to Book (P/B): 1.40
• Price to Sales (P/S): 0.50
• P/FCF Ratio: 9.24
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €3.78
• Price Target Upside: -4.30% Downside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.4
• Revenue Forecast (FY): €27.67B

• Rating: 61 Neutral
• Price Target: €4.00 ▲(1.27% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is driven primarily by improving profitability and a healthier leverage profile, supported by a reasonable valuation and attractive dividend yield. These positives are tempered by top-line volatility and inconsistent cash-flow history, while technical indicators currently point to weak momentum with the stock trading below key moving averages.

Positive Factors

Improving profitability

Operating margin and net income have risen meaningfully since 2022, indicating stronger underwriting and/or expense control. Higher and improving margins support durable earnings power, greater capacity to absorb underwriting cycles, and more predictable distributable profits over the medium term.

Stronger leverage profile

A materially lower debt-to-equity ratio and rising equity provide greater financial flexibility and resilience. Manageable leverage supports capital returns, claims-paying ability and investment capacity, reducing refinancing and solvency risk through industry cycles.

Solid recent cash generation

Consistent positive free cash flow in recent years and high FCF-to-net-income conversion indicate the business can convert accounting profits into real liquidity. This supports dividends, reinvestment, and capital buffers needed for underwriting and long-term growth.

Negative Factors

Revenue volatility

A pronounced and recent top-line decline signals instability in premium volume or pricing. Persistent revenue volatility undermines long-term growth visibility, complicates expense and capital planning, and can strain profit sustainability if recurring.

Inconsistent cash conversion

Historic swings in operating cash flow and a low 2025 OCF coverage point to uneven cash conversion across cycles. That inconsistency heightens risk around funding claim spikes, reinsurance costs, and shareholder returns during stressed periods.

Limited visibility on capital efficiency

The lack of a reported 2025 ROE and the insurer's very large asset base make it harder to assess true capital efficiency and investment/underwriting returns. This opacity impairs assessment of sustainable profitability and comparative performance.

Mapfre, SA Business Overview & Revenue Model

Company Description

Mapfre, S.A., engages in the insurance and reinsurance activities worldwide. It offers life, health, accident, savings and investment, retirement, burial, and travel and leisure insurance; and homeowner's, automobile, third-party liability, family, and other insurance. The company also provides vehicle, third-party liability and asset, agriculture and livestock, commercial establishment, and other insurance products. In addition, it offers engineering and building, hull and aviation, transportation of goods, surety and credit, life and retirement, and other insurances and reinsurance products. The company offers its services to individuals, professionals, entrepreneurs, self-employed people, small and medium-sized enterprises, and large corporations. It distributes its products through a network of 4,942 direct and delegates; and 10,412 bancassurance offices, as well as through 77,754 delegates, agents, and brokers. The company was formerly known as Corporacion Mapfre and changed its name to Mapfre, S.A. in December 2006. Mapfre, S.A. was founded in 1933 and is headquartered in Majadahonda, Spain. Mapfre, S.A. operates as a subsidiary of Cartera Mapfre, S.L.

How the Company Makes Money

Mapfre generates revenue primarily through its insurance premiums collected from policyholders across its various insurance products. The company earns money by underwriting insurance policies, where it assesses risks and sets premiums accordingly. Key revenue streams include premiums from life insurance policies, property and casualty insurance, and reinsurance agreements. Additionally, Mapfre benefits from investment income derived from its managed assets, as it invests the premiums collected until claims are paid out. The company also engages in strategic partnerships with financial institutions and agents, enhancing its distribution channels and expanding its customer base, contributing significantly to its overall earnings.

Mapfre, SA Financial Statement Overview

Summary

Profitability has improved since 2022 (operating margin up to ~9.6% in 2025; net income ~€1.13B), and leverage has strengthened (debt-to-equity down to ~0.35). Offsetting this, revenue was volatile with a sharp 2025 decline (-16.6%), and cash-flow history is inconsistent (negative OCF/FCF in 2020–2021 and uneven cash conversion more recently).

Income Statement

Profitability has improved meaningfully since 2022, with operating margin rising from ~5.9% (2022) to ~9.6% (2025) and net income reaching ~€1.13B in 2025 (vs. ~€0.56B in 2022). Revenue has been volatile: strong growth in 2023, flat in 2024, and a sharp decline in 2025 (-16.6%), which is a key risk despite solid gross profitability (gross margin consistently ~76–79%). Overall, earnings power is improving, but top-line instability keeps the score from being higher.

Balance Sheet

Leverage looks manageable for the period shown, with debt-to-equity improving from ~0.60 (2022) to ~0.35 (2025) alongside rising equity (from ~€7.8B to ~€9.4B). Total debt is relatively steady (~€3.0–3.3B recently) while assets are stable (~€55–59B). Returns on equity were healthy in 2024 (~10.9%) and improved versus 2022–2023, supporting balance-sheet quality; however, the absence of 2025 ROE and the inherently large asset base typical of insurers limit visibility into risk and capital efficiency.

Cash Flow

Cash generation is positive in the latest years, with free cash flow of ~€1.42B in 2025 and ~€1.21B in 2024, and free cash flow running at ~81–87% of net income (2023–2025), which is supportive of earnings quality. That said, cash flow has been inconsistent over the cycle: operating cash flow was negative in 2020–2021, and free cash flow declined in 2024 (down ~13%). The 2025 operating cash flow coverage figure is unusually low versus prior years, suggesting potential volatility in cash conversion.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	31.61B	26.36B	25.83B	25.64B	21.67B	20.58B
Gross Profit	31.61B	20.30B	20.26B	20.28B	16.76B	15.97B
EBITDA	0.00	2.52B	2.10B	1.65B	1.27B	1.36B
Net Income	1.10B	1.13B	967.50M	677.20M	563.60M	765.20M
Balance Sheet
Total Assets	55.96B	58.51B	56.71B	54.95B	59.63B	63.85B
Cash, Cash Equivalents and Short-Term Investments	24.99B	25.24B	24.93B	2.09B	28.08B	32.28B
Total Debt	3.11B	3.33B	3.00B	3.05B	4.64B	3.38B
Total Liabilities	45.88B	48.00B	46.72B	45.29B	51.27B	54.19B
Stockholders Equity	8.99B	9.41B	8.89B	8.47B	7.80B	8.46B
Cash Flow
Free Cash Flow	0.00	1.42B	1.21B	1.40B	854.30M	-611.60M
Operating Cash Flow	0.00	1.64B	1.50B	1.62B	1.08B	-485.90M
Investing Cash Flow	0.00	-405.20M	-746.90M	-673.60M	-198.50M	1.31B
Financing Cash Flow	0.00	-934.00M	-1.09B	-1.28B	-724.30M	-369.40M

Mapfre, SA Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3.95
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:MAP, the sentiment is Positive. The current price of 3.95 is above the 20-day moving average (MA) of 3.91, below the 50-day MA of 4.06, and above the 200-day MA of 3.78, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 50.19 is Neutral, neither overbought nor oversold. The STOCH value of 68.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ES:MAP.

Mapfre, SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
MAP	61 Neutral	€11.98B	10.63	12.20%	3.56%	―	―