A soft magnetic alloy having a good combination of formability and magnetic properties is disclosed. The alloy has the formula Fe100-a-b-c-d-e-fSiaMbLcM′dM″eRf wherein M is Cr and/or Mo; L is Co and/or Ni; M′ is one or more of Al, Mn, Cu, Ge, Ga; M″ is one or more of Ti, V, Hf, Nb, W; and R is one or more of B, Zr, Mg, P, Ce. The elements Si, M, L, M′, M″, and R have the following ranges in weight percent: Si 4-7 M0.1-7  L0.1-10 M′up to 7 M″up to 7 Rup to 1 The balance of the alloy is iron and usual impurities. A thin-gauge article made from the alloy and a method of making the thin-gauge article are also disclosed.