olivLaw · European equity research
MAPFRE, S.A. MAP.MC
Spain · BME Madrid · ISIN ES0124244E34 · Vertical: Listed companies from Spain
MAPFRE is an insurance and services group operating across several countries, active in non-life and life insurance and funeral services, with results set out in its 2025 annual report. In January 2026 the company closed a bond issue of 1,000 million euros, and its ROE target for 2025-2026 was set between 11% and 12%.
At the close of 05 Nov 2026, MAPFRE, S.A. (MAP.MC) stock was 4.21 EUR (+0.48% on the day), with dividend yield 427.76%, beta 0.69, 52-week range 3.63–4.57 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 47.8
- neutral
- Bollinger (20, 2)
- 3.99 – 4.52
- in the lower half of the band · %B 0.41 · band width 12.5%
- SMA 50 / 200
- 4.33 / 4.17
- mixed trend
- MACD (12, 26, 9)
- -0.06 / -0.04
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.9% | −0.6% | −1.2 pp | — |
| 3 months | −5.9% | −4.2% | −1.8 pp | — |
| 6 months | +0.6% | +4.3% | −3.7 pp | — |
| Year to date | −1.7% | +7.5% | −9.2 pp | — |
| 1 year | +6.6% | +9.9% | −3.3 pp | +4.9% |
| 3 years | +113.4% | +49.8% | +63.5 pp | +30.5% |
| 5 years | +116.6% | +42.8% | +73.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 677.2 m | 967.5 m | 1.1 bn |
| Net income YoY | unavailable | +42.9% | +17.1% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | 1.4 bn | 1.6 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.9 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 10.5 bn EUR
- Total assets
- 58.5 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 11.0%
- ROA
- 2.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Interest expense | 776.5 m | 727.9 m | 732.2 m | esef· 20 Oct 2026verified |
| Pre-tax income | 1.6 bn | 2.1 bn | 2.5 bn | esef· 20 Oct 2026verified |
| Income tax | 381.1 m | 512.5 m | 727.5 m | esef· 20 Oct 2026verified |
| Net income | 677.2 m | 967.5 m | 1.1 bn | esef· 20 Oct 2026verified |
| Dividend per share | 15.00 | 16.00 | 18.00 | esef· 20 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.1 bn | 1.7 bn | 1.9 bn | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 1.2 bn | 1.2 bn | 1.2 bn | esef· 20 Oct 2026verified |
| Goodwill | 1.4 bn | 1.4 bn | 1.2 bn | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 1.3 bn | 1.2 bn | 1.1 bn | esef· 20 Oct 2026verified |
| Total assets | 54.9 bn | 56.7 bn | 58.5 bn | esef· 20 Oct 2026verified |
| Equity | 9.7 bn | 10.0 bn | 10.5 bn | esef· 20 Oct 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | — | 1.5 bn | 1.6 bn | esef· 20 Oct 2026verified |
| Capex | 67.3 m | 60.1 m | 65.0 m | esef· 20 Oct 2026verified |
| Free cash flow | — | 1.4 bn ≈ | 1.6 bn ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -673.6 m | -746.9 m | -405.2 m | esef· 20 Oct 2026verified |
| Financing cash flow | -1.3 bn | -1.1 bn | -934.0 m | esef· 20 Oct 2026verified |
| Dividends paid | 964.4 m | 1.1 bn | 1.2 bn | esef· 20 Oct 2026verified |
| Share repurchases | 0 | 0 | 40.4 m | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 244.80 – 333.82 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)244.80 – 333.82 (Mid 282.46)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 139.1% | 100 (on a fixed band) | 60% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 75.1% | 64 (on a fixed band) | 40% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partial64/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MAPFRE S.A. (MAP.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 12.4%.
The estimated value range is 244.80–333.82 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 282.46 EUR, the price of 4.21 EUR leaves a potential of 6,612.5% (value / price − 1) and a margin of safety of 98.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 139.1%
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from Spain · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELE.MCEndesa SA | 46.9 bn | 21.4 | 26.4% | 10.5% | +0.5% | +43% / +134% |
| AENA.MCAena S.m.e. SA | 42.6 bn | 19.9 | 24.2% | 34.0% | +8.9% | +21% / +79% |
| AMS.MCAmadeus It Group Sociedad Anonima | 26.2 bn | 19.8 | 26.9% | 20.5% | +6.1% | −6% / −5% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 21.9 bn | 23.0 | 19.9% | 1.9% | +19.7% | +7% / +134% |
| ANA.MCAcciona SA | 11.7 bn | 14.5 | 16.9% | 4.0% | +5.5% | +24% / +66% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.3 | 5.3% | 1.7% | +6.9% | −8% / −14% |
| FDR.MCFluidra S.A. | 3.8 bn | 21.3 | 10.9% | 7.8% | +4.1% | −17% / +4% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.6 | 165.6% | 2.2% | −2.7% | +51% / +380,733% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.4 bn | 21.9 | 10.5% | 2.5% | +15.1% | −3% / +58% |
| ALM.MCAlmirall S.A. | 2.4 bn | 51.1 | 3.1% | 4.2% | +12.4% | −11% / +32% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.3 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +0% / +38% |
| EDR.MCEdreams Odigeo SA | 574.4 m | 11.5 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 506.0 m | 31.4 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 468.5 m | 23.9 | 9.3% | 1.0% | −5.4% | −23% / −18% |
| ATRY.MCAtrys Health, S.A. | 200.4 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 175.6 m | 32.2 | 4.2% | 6.4% | +3.6% | −34% / −6% |
| ADZ.MCAdolfo Dominguez SA | 62.9 m | 38.3 | 9.0% | 1.2% | +1.8% | +39% / +40% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 44.8 m | 9.2 | 152.3% | 10.0% | +2.2% | +19% / unavailable |
| EZE.MCGrupo Ezentis SA | 29.0 m | — | — | -9.3% | +147.2% | −30% / −37% |
| CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA | 17.3 m | 14.4 | 4.1% | 3.4% | +13.4% | unavailable / unavailable |
| AYC.MCAyco Grupo Inmobiliario, S.A. | 16.4 m | — | -33.8% | — | −100.0% | unavailable / unavailable |
| EBRO.MCEbro Foods, S.A. | 3.0 m | 0.0 | 10.0% | 7.7% | −4.0% | −0% / +19% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +13% / +60% |
1- and 3-year price returns: for MAP.MC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
MAPFRE is an insurance and services group operating across several countries, active in non-life and life insurance and funeral services, with results set out in its 2025 annual report. In January 2026 the company closed a bond issue of 1,000 million euros, and its ROE target for 2025-2026 was set between 11% and 12% 1.
SWOT
Strengths
- Broad geographic diversification across Europe, the Americas and Latin America, which reduces dependence on a single market.
- Investment portfolio dominated by high credit quality fixed income securities, which supports balance sheet stability.
- Integrated structure across non-life, life and related services, which can generate multiple income streams.
Weaknesses
- Exposure to exchange rate movements can affect consolidated net equity, as the negative conversion differences in 2025 show.
- Some cash generating units have tighter margins, which could make a reassessment of their value necessary.
- Dependence of life income on the level of managed assets exposes results to market volatility.
Opportunities
- Growing nearshoring in Mexico could support insurance demand in that country.
- The premium growth and ROE improvement targets could be met if non-life margins remain stable.
- Access to capital markets financing, shown by the January 2026 issue, could support growth plans.
Threats
- A global economic slowdown and high public debt could reduce demand for insurance products.
- Geopolitical tensions and more restrictive international trade could affect financial markets and activity in some regions.
- Budget pressure in Europe from military spending could influence the yields of bonds held in the portfolio.
Risks
- Market and interest rate riskhigh
Changes in market prices or interest rates could reduce the value of the investment portfolio and income from life insurance.
- Currency riskmedium
Fluctuations of currencies against the euro could affect assets, liabilities and net equity, mainly through conversion differences.
- Credit riskmedium
Deterioration in the quality of bond issuers or counterparty insolvency could reduce yields and the value of investments.
- Goodwill impairment riskmedium
If assumptions on discount rates or long-term growth change, the recoverable value of some units could fall below their carrying amount.
- Consumer behaviour risklow
Economic uncertainty could reduce demand for insurance products and new policy sales.
Investment thesis
What would need to be true (bull case)
- If the group meets its ROE target for 2025-2026 and keeps premium growth, profitability could support better value creation for shareholders.
- Geographic diversification and presence in markets with growth potential, such as Mexico and Brazil, could offset pressures in Europe.
- Access to bond market financing, shown by the January 2026 issue, could support expansion plans.
What would break the thesis
- If economic slowdown and high public debt reduce demand for insurance, premium growth could fall short of the target.
- Financial market volatility could affect portfolio value and life insurance income linked to assets.
- Currency exposure and negative conversion differences could reduce net equity attributable to shareholders if the euro appreciates.
What to watch
- Pace of premium growth excluding life savingsQ1 2027
- Non-life combined ratio against the 94%-95% range2026
- Impairment test results for Mapfre USA and BB Mapfre Participaçõesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the consolidated annual report for 2025, MAPFRE, S.A. and its subsidiaries carry out non-life insurance, life insurance, asset management and related services, including funeral services in Spain. The group manages its financial investment portfolio mainly through high credit quality fixed income securities 1. The strategy for 2024-2026 aims at profitability, premium growth and a controlled combined ratio in non-life 1.
The group has a geographically diversified structure, with significant subsidiaries in Brazil, the United States, Mexico, the Dominican Republic and Central America, as well as operations in Spain, Portugal, Germany and other European countries 1. Goodwill and portfolio acquisition costs are allocated to cash generating units by business line 1.
Life business is linked to the value of assets under management, so market developments directly influence income from this line 1. The group manages market, credit and currency risks through a prudent investment policy and by matching the currencies of assets and liabilities 1.
Segments
Non-life insurance
Non-life includes major units in the United States (Mapfre USA), Brazil (BB Mapfre Participações), Germany (Verti) and Spain (Bankinter Seguros Generales). Impairment tests show a recoverable value for Mapfre USA of 1,832.2 million euros in 2025, against a carrying amount of 1,448.5 million 1.
Life insurance and savings
Life is concentrated in Mapfre Vida, Bankinter Vida and projects in Mexico and Brazil. The recoverable value of Mapfre Vida was estimated at 2,478.0 million euros in 2025, calculated from the present value of future profits from the in-force portfolio and new business 1.
Funeral and other services
The group also runs funeral services in Spain through Funespaña, as well as holdings in services and entertainment, including Puy Du Fou España, consolidated under the equity method 1.
Market context
The 2025 report describes a moderate global economic slowdown in 2026, with world growth of around 3.0%, and the United States and the Eurozone growing at different rates 1. Insurance markets are sensitive to public debt levels, monetary policy and capital market volatility 1.
Interest rate developments differ between the US and the euro area, and this difference affects financing conditions and consumer behaviour toward insurance products 1. Demand for insurance products could fall if economic uncertainty intensifies 1.
Trends
- Lower interest ratesmixed
The gradual reduction in interest rates during 2024-2025 could reduce the yield on fixed income portfolios, while supporting asset values and lower financing costs 1.
- Higher military spending in Europeheadwind
Rising defence spending in Europe could put pressure on public budgets and sovereign debt, a factor that could affect the bond markets in which the group invests 1.
- Growth in Latin Americatailwind
Brazil and Mexico are expected to grow moderately in 2026, and nearshoring towards North America could support insurance demand in Mexico 1.
- Non-bank financial risks and high debtheadwind
High public debt levels and exposure to non-bank financial institutions could amplify market shocks, which could affect the value of managed assets 1.
Competitive position
The annual report does not provide a detailed analysis of competitors, so competitive positions cannot be fully assessed from the available sources. The source does mention markets where the group operates, such as the United States, Brazil and Spain, where it competes with other insurers 1.
The differentiation the group pursues rests on geographic diversification, its distribution network and the quality of its investment portfolio, factors that could matter for maintaining market share 1.
- Allianz SE
European competitor with similar insurance and asset operations, cited in the context of the European insurance market.
- AXA SA
European insurance group with international presence, relevant for comparison in non-life and life business.
- Assicurazioni Generali
European insurer active in Italy and other European markets, competing in life and non-life segments.
- Progressive CorporationPGR
US motor insurer, a relevant competitor for non-life activity in the United States.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / MAPFRE, S.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.