MCYMERCURY GENERAL CORP

Fire, Marine & Casualty Insurance

Revenue: $30M; 17% YoY
Operating margin: —
EBITDA: —
Market cap: $5.7B
Employees: 4,300; $7K revenue each
Net debt / EBITDA: —; −$757M net debt
AI in 10-K: 0.5; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
201% of net income
Cash flow under 80% of net income
Dilutive SBCYes
49% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
6% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$7K · 3rd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 22nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$50K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$20M	$18M	$21M	$25M	$30M	17%
Net income	$248M	−$513M	$96M	$468M	$541M	16%
Operating cash flow	$502M	$353M	$453M	$1.0B	$1.1B	4.8%
Capex	$41M	$36M	$37M	$46M	$58M	27%
Stock-based comp	$141K	$15K	$0	$5M	$15M	215%
Dividends	$140M	$105M	$70M	$70M	$70M	0.0%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 30, 2026	Joseph Vicky Wai Yee	SCHEDULE 13D	35.3%	Passive

Insider trading

Open-market buys, 12 mo: $50K · 1
Open-market sells, 12 mo: $0 · 0
Net: $50K

Pay vs performance

No pay-versus-performance disclosure yet.