Estados financieros detallados de Maiden Holdings, Ltd. 6.625 NT 2046 (MHLA): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Maiden Holdings, Ltd. 6.625 NT 2046 registró ingresos de $56.4M en el último ejercicio fiscal, con un CAGR de 5 años del -37.2%.
Márgenes de los últimos 12 meses: margen bruto 100.0%, margen operativo 37.4%, margen neto -356.1%.
Al precio actual de $9.46, MHLA presenta beneficios negativos (P/E no significativo) y un ROE del -136.55%. La capitalización bursátil es de $819M.
Cuenta de Resultados (10 años)
| Año | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|
| Ingresos | $2.57B | $2.05B | $2.14B | $2.16B | $576.1M | $184.1M | $98.7M | $58.1M | $89.2M | $56.4M |
| Coste de Ventas | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Bruto | $2.57B | $2.05B | $2.14B | $2.16B | $576.1M | $184.1M | $98.7M | $58.1M | $89.2M | $56.4M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $64.9M | $50.3M | $53.0M | $59.4M | $47.2M | $39.1M | $36.0M | $30.9M | $30.8M | $35.3M |
| Gastos Operativos | $2.42B | $1.94B | $2.27B | $2.60B | $667.1M | $39.1M | $36.0M | $30.9M | $30.8M | $35.3M |
| Beneficio Operativo | $147.6M | $96.6M | -$113.4M | -$429.5M | -$93.7M | $145.0M | $62.7M | $27.2M | $58.4M | $21.1M |
| EBITDA | $5.03B | -$50.0M | $4.18B | $4.22B | $1.06B | $14.3M | $96.7M | $105.0M | $119.6M | -$180.4M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | $19.3M | 0 | 0 | 0 | $19.3M |
| Beneficio Antes de Impuestos | $126.3M | $79.5M | -$154.4M | -$449.9M | -$110.3M | $41.7M | $26.7M | -$60.6M | -$38.4M | -$199.9M |
| Impuestos | $2.0M | $413000 | -$6.8M | $441000 | -$911000 | -$104000 | $15000 | -$557000 | $196000 | $1.1M |
| Beneficio Neto | $100.1M | $46.1M | -$177.0M | -$476.2M | -$109.4M | $41.8M | $26.6M | -$60.0M | -$38.6M | -$201.0M |
| BPA | $1.31 | $0.59 | $-2.07 | $-5.74 | $-1.32 | $0.93 | $1.35 | $0.63 | $-0.38 | $-2.01 |
| BPA Diluido | $1.17 | $0.59 | $-2.07 | $-5.73 | $-1.32 | $0.93 | $1.35 | $0.63 | $-0.38 | $-2.01 |
| Acciones en Circulación (Diluidas) | $85.6M | $78.7M | $85.7M | $83.1M | $83.1M | $84.3M | $86.1M | $87.1M | $101.4M | $99.9M |
Cuenta de Resultados (Trimestral)
| Año | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 |
|---|
| Ingresos | $20.5M | $14.5M | -$7.4M | $14.0M |
| Beneficio Bruto | $20.5M | $14.5M | -$7.4M | $14.0M |
| Beneficio Operativo | $12.6M | $4.5M | -$16.8M | $3.3M |
| EBITDA | $3.1M | -$29.3M | -$143.9M | -$3.8M |
| Beneficio Neto | -$10.0M | -$34.5M | -$158.0M | -$8.6M |
| BPA | $-0.10 | $-0.35 | $0.43 | $-0.09 |
| BPA Diluido | $-0.10 | $-0.35 | $0.43 | $-0.09 |
Balance (10 años)
| Año | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|
| Caja y Equivalentes | $332.5M | $149.5M | $149.4M | $331.0M | $107.3M | $74.0M | $66.1M | $46.6M | $35.4M | $34.7M |
| Inversiones a Corto | -$242.9M | $61.2M | $105.5M | $132.8M | $165.9M | 0 | $65.7M | $386000 | $103.0M | 0 |
| Cuentas por Cobrar | 0 | 0 | $345.0M | 0 | $696.6M | $660.6M | $655.9M | $452.1M | 0 | $20.8M |
| Inventario | -$377.4M | -$455.9M | -$399.5M | -$268.1M | -$744.8M | -$734.6M | -$682.6M | -$483.1M | 0 | 0 |
| Activos Corrientes | $742.1M | $757.4M | $356.2M | $558.9M | $1.61B | $1.50B | $1.36B | $1.06B | $35.4M | $55.5M |
| Inmovilizado Material | 0 | 0 | 0 | 0 | $2.3M | $1.6M | $473000 | $300000 | $228000 | $1.4M |
| Fondo de Comercio | $58.9M | $57.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | $420.5M | $445.1M | $380.2M | $388.4M | $77.4M | $51.9M | $36.7M | $25.0M | $17.6M | $8.1M |
| Activos Totales | $5.64B | $6.25B | $6.64B | $5.29B | $3.57B | $2.95B | $2.32B | $1.85B | $1.52B | $1.32B |
| Cuentas por Pagar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $47.7M | 0 | 0 |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $201000 | 0 |
| Pasivos Corrientes | $2.65B | $3.06B | $2.48B | $3.12B | $30.1M | $51.4M | $1.53B | $1.24B | $24.0M | 0 |
| Deuda a Largo | $360.0M | $351.4M | $254.5M | $254.7M | $254.9M | $255.1M | $255.3M | $255.6M | $254.6M | $254.8M |
| Pasivos Totales | $4.29B | $4.89B | $5.41B | $4.73B | $3.06B | $2.42B | $1.94B | $1.56B | $1.27B | $1.27B |
| Reservas | $316.2M | $285.7M | $35.5M | -$563.9M | -$695.8M | -$615.8M | -$498.3M | -$442.9M | -$486.9M | -$687.9M |
| Patrimonio Neto | $1.35B | $1.36B | $1.23B | $554.3M | $507.7M | $527.8M | $384.3M | $284.6M | $249.2M | $45.2M |
| Deuda Total | $360.0M | $351.4M | $254.5M | $254.7M | $254.9M | $255.1M | $255.3M | $255.9M | $254.6M | $254.8M |
| Deuda Neta | $270.4M | $305.7M | $200.0M | $53.9M | $206.7M | $181.1M | $228.7M | $224.9M | $219.2M | $220.0M |
| Capital Circulante | -$1.91B | -$2.31B | -$2.12B | -$2.56B | $1.58B | $1.45B | -$177.6M | -$180.0M | $11.4M | $55.5M |
Balance (Trimestral)
| Año | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 |
|---|
| Caja y Equivalentes | $24.8M | $127.8M | $34.7M | $44.3M |
| Activos Totales | $1.40B | $1.39B | $1.32B | $1.23B |
| Pasivos Totales | $1.16B | $1.19B | $1.27B | $1.20B |
| Patrimonio Neto | $238.0M | $208.2M | $45.2M | $37.6M |
| Deuda Total | $254.7M | $254.7M | $254.8M | $254.8M |
Flujo de Caja (10 años)
| Año | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|
| Beneficio Neto | $124.4M | $49.0M | -$147.8M | -$450.5M | -$109.4M | $41.8M | $25.6M | -$60.4M | -$38.6M | -$201.0M |
| Amortizaciones | $9.7M | $20.3M | $5.4M | $4.9M | $5.9M | $6.2M | $3.5M | -$2.9M | $2.7M | $233000 |
| Compensación en Acciones | $2.9M | $3.4M | $2.9M | $1.3M | $1.9M | $2.4M | $4.8M | $2.7M | $1.7M | -$5.3M |
| Cambio en Capital Circulante | $354.8M | $420.1M | $561.1M | $722.8M | -$1.01B | -$495.9M | -$360.9M | -$102.5M | $11.6M | $169.8M |
| Flujo de Caja Operativo | $634.3M | $470.1M | $458.6M | $182.3M | -$1.14B | -$541.8M | -$394.4M | -$195.9M | -$59.8M | -$67.4M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 | 0 | 0 | -$421000 | 0 | 0 | 0 |
| Adquisiciones | 0 | 0 | 0 | $255.9M | 0 | 0 | $421000 | $2.7M | 0 | 0 |
| Recompra de Acciones | -$654000 | -$470000 | -$25.7M | -$873000 | -$18000 | -$1000 | -$2.5M | -$1.0M | -$2.9M | -$3.7M |
| Dividendos Pagados | -$62.5M | -$76.9M | -$80.8M | -$67.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $634.3M | $470.1M | $458.6M | $182.3M | -$1.14B | -$541.8M | -$394.9M | -$195.9M | -$59.8M | -$67.4M |
Flujo de Caja (Trimestral)
| Año | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 |
|---|
| Flujo de Caja Operativo | $8.0M | $26.5M | -$110.0M | -$21.1M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $8.0M | $26.5M | -$110.0M | -$21.1M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $364000 | -$1.2M | -$4.8M | -$6.1M |
Crecimiento y Márgenes (10 años)
| Año | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|
| Crecimiento Ingresos (anual) | | -20.3% | +4.2% | +1.2% | -73.4% | -68.0% | -46.4% | -41.1% | +53.5% | -36.8% |
| Crecimiento Beneficio Neto (anual) | | -53.9% | -483.6% | -169.1% | +77.0% | +138.2% | -36.2% | -325.3% | +35.8% | -421.1% |
| Crecimiento BPA (anual) | | -55.0% | -450.8% | -177.3% | +77.0% | +170.5% | +45.2% | -53.3% | -160.3% | -428.9% |
| Cambio en Acciones (anual) | | -8.1% | +8.9% | -3.1% | +0.0% | +1.5% | +2.1% | +1.2% | +16.4% | -1.5% |
| Crecimiento FCF (anual) | | -25.9% | -2.5% | -60.2% | -726.8% | +52.6% | +27.1% | +50.4% | +69.5% | -12.8% |
| Margen Bruto | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Margen Operativo | 5.7% | 4.7% | -5.3% | -19.8% | -16.3% | 78.8% | 63.5% | 46.8% | 65.5% | 37.4% |
| Margen EBITDA | 195.3% | -2.4% | 195.3% | 194.7% | 184.6% | 7.7% | 98.0% | 180.6% | 134.1% | -319.7% |
| Margen Neto | 3.9% | 2.2% | -8.3% | -22.0% | -19.0% | 22.7% | 27.0% | -103.3% | -43.2% | -356.1% |
| Margen FCF | 24.7% | 22.9% | 21.4% | 8.4% | -198.3% | -294.2% | -400.0% | -337.0% | -67.0% | -119.5% |
| Tasa Impositiva Efectiva | 1.6% | 0.5% | 4.4% | -0.1% | 0.8% | -0.2% | 0.1% | 0.9% | -0.5% | -0.5% |
Datos por Acción (10 años)
| Año | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|
| FCF por Acción | $7.41 | $5.97 | $5.35 | $2.19 | $-13.76 | $-6.42 | $-4.59 | $-2.25 | $-0.59 | $-0.68 |
| Dividendo por Acción | $0.73 | $0.98 | $0.94 | $0.81 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $76.5M | $78.7M | $85.7M | $83.0M | $82.8M | $84.3M | $86.1M | $87.1M | $101.4M | $99.9M |
Qué mirar en Seguros
Las aseguradoras ganan de 2 formas: suscribiendo bien (combined ratio) e invirtiendo el float. Buffett construyó Berkshire así.
- Op Margin 5y (proxy Combined Ratio) — Proxy del combined ratio cuando FMP no lo expone. ≥10% medio 5y = disciplina de suscripción (CR <100%)
- Crecimiento Book Value / Acción — Cómo Buffett mide Berkshire. El valor real que acumulan los accionistas
- Debt / Equity — Aseguradoras apalancadas quiebran rápido en catástrofes
- P/B (Price / Book) — Aseguradoras se valoran por múltiplo de libros. Aquí se cruza con el ROE (calidad × valoración)
- Dividend growth streak — Años consecutivos subiendo dividendo por acción — aseguradoras sólidas acumulan décadas
Rentabilidad
| Rentabilidad sobre capital | -136.55% |
| Rentabilidad sobre capital invertido | 1.60% |
| Rentabilidad sobre activos | -15.27% |
| Margen bruto | 100.00% |
| Margen operativo | 37.37% |
| Margen neto | -356.10% |
Salud financiera
| Deuda / Patrimonio | 5.64 |
| Ratio corriente | 0.00 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 0.14 |
Ratios Clave (10 años)
| Año | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|
| P/E | 19.60 | 42.93 | -11.11 | -2.98 | -14.89 | 22.18 | 15.96 | 27.62 | -44.11 | -7.69 |
| P/VC | 1.46 | 1.46 | 1.60 | 2.56 | 3.21 | 3.30 | 4.83 | 5.33 | 6.82 | 34.15 |
| P/V | 0.76 | 0.97 | 0.92 | 0.66 | 2.83 | 9.45 | 18.79 | 26.07 | 19.04 | 27.35 |
| Margen Bruto | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Margen Operativo | 5.7% | 4.7% | -5.3% | -19.8% | -16.3% | 78.8% | 63.5% | 46.8% | 65.5% | 37.4% |
| Margen Neto | 3.9% | 2.2% | -8.3% | -22.0% | -19.0% | 22.7% | 27.0% | -103.3% | -43.2% | -356.1% |