Detailed financial statements for Maiden Holdings, Ltd. 6.625 NT 2046 (MHLA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Maiden Holdings Ltd. offers personalized reinsurance services and products, specifically excluding high-impact catastrophic events, to insurance companies ranging from small to medium in size. The firm's operations are divided into two main segments: Diversified Reinsurance and AmTrust Reinsurance. The Diversified Reinsurance division oversees a collection of property and casualty reinsurance contracts.
Analysis Summary
Maiden Holdings, Ltd. 6.625 NT 2046 reported revenue of $56.4M in the most recent fiscal year, growing at a 5-year CAGR of -37.2%.
Trailing-twelve-month margins: gross margin 100.0%, operating margin 37.4%, net margin -356.1%.
At the current price of $9.46, MHLA has negative trailing earnings (P/E not meaningful) and an ROE of -136.55%. Market capitalisation stands at $819M.
Balance sheet quality for MHLA: current ratio of 0.0, net debt of $220.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.57B | $2.05B | $2.14B | $2.16B | $576.1M | $184.1M | $98.7M | $58.1M | $89.2M | $56.4M |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | $2.57B | $2.05B | $2.14B | $2.16B | $576.1M | $184.1M | $98.7M | $58.1M | $89.2M | $56.4M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $64.9M | $50.3M | $53.0M | $59.4M | $47.2M | $39.1M | $36.0M | $30.9M | $30.8M | $35.3M |
| Operating Expenses | $2.42B | $1.94B | $2.27B | $2.60B | $667.1M | $39.1M | $36.0M | $30.9M | $30.8M | $35.3M |
| Operating Income | $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 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | $19.3M | 0 | 0 | 0 | $19.3M |
| Pre-tax Income | $126.3M | $79.5M | -$154.4M | -$449.9M | -$110.3M | $41.7M | $26.7M | -$60.6M | -$38.4M | -$199.9M |
| Income Tax | $2.0M | $413000 | -$6.8M | $441000 | -$911000 | -$104000 | $15000 | -$557000 | $196000 | $1.1M |
| Net Income | $100.1M | $46.1M | -$177.0M | -$476.2M | -$109.4M | $41.8M | $26.6M | -$60.0M | -$38.6M | -$201.0M |
| EPS | $1.31 | $0.59 | $-2.07 | $-5.74 | $-1.32 | $0.93 | $1.35 | $0.63 | $-0.38 | $-2.01 |
| EPS (Diluted) | $1.17 | $0.59 | $-2.07 | $-5.73 | $-1.32 | $0.93 | $1.35 | $0.63 | $-0.38 | $-2.01 |
| Shares Outstanding (Diluted) | $85.6M | $78.7M | $85.7M | $83.1M | $83.1M | $84.3M | $86.1M | $87.1M | $101.4M | $99.9M |
Income Statement (Quarterly)
| Year | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 |
|---|---|---|---|---|
| Revenue | $20.5M | $14.5M | -$7.4M | $14.0M |
| Gross Profit | $20.5M | $14.5M | -$7.4M | $14.0M |
| Operating Income | $12.6M | $4.5M | -$16.8M | $3.3M |
| EBITDA | $3.1M | -$29.3M | -$143.9M | -$3.8M |
| Net Income | -$10.0M | -$34.5M | -$158.0M | -$8.6M |
| EPS | $-0.10 | $-0.35 | $0.43 | $-0.09 |
| EPS (Diluted) | $-0.10 | $-0.35 | $0.43 | $-0.09 |
Balance Sheet (10y)
| Year | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $332.5M | $149.5M | $149.4M | $331.0M | $107.3M | $74.0M | $66.1M | $46.6M | $35.4M | $34.7M |
| Short-term Investments | -$242.9M | $61.2M | $105.5M | $132.8M | $165.9M | 0 | $65.7M | $386000 | $103.0M | 0 |
| Receivables | 0 | 0 | $345.0M | 0 | $696.6M | $660.6M | $655.9M | $452.1M | 0 | $20.8M |
| Inventory | -$377.4M | -$455.9M | -$399.5M | -$268.1M | -$744.8M | -$734.6M | -$682.6M | -$483.1M | 0 | 0 |
| Total Current Assets | $742.1M | $757.4M | $356.2M | $558.9M | $1.61B | $1.50B | $1.36B | $1.06B | $35.4M | $55.5M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | $2.3M | $1.6M | $473000 | $300000 | $228000 | $1.4M |
| Goodwill | $58.9M | $57.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $420.5M | $445.1M | $380.2M | $388.4M | $77.4M | $51.9M | $36.7M | $25.0M | $17.6M | $8.1M |
| Total Assets | $5.64B | $6.25B | $6.64B | $5.29B | $3.57B | $2.95B | $2.32B | $1.85B | $1.52B | $1.32B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $47.7M | 0 | 0 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $201000 | 0 |
| Total Current Liabilities | $2.65B | $3.06B | $2.48B | $3.12B | $30.1M | $51.4M | $1.53B | $1.24B | $24.0M | 0 |
| Long-term Debt | $360.0M | $351.4M | $254.5M | $254.7M | $254.9M | $255.1M | $255.3M | $255.6M | $254.6M | $254.8M |
| Total Liabilities | $4.29B | $4.89B | $5.41B | $4.73B | $3.06B | $2.42B | $1.94B | $1.56B | $1.27B | $1.27B |
| Retained Earnings | $316.2M | $285.7M | $35.5M | -$563.9M | -$695.8M | -$615.8M | -$498.3M | -$442.9M | -$486.9M | -$687.9M |
| Total Equity | $1.35B | $1.36B | $1.23B | $554.3M | $507.7M | $527.8M | $384.3M | $284.6M | $249.2M | $45.2M |
| Total Debt | $360.0M | $351.4M | $254.5M | $254.7M | $254.9M | $255.1M | $255.3M | $255.9M | $254.6M | $254.8M |
| Net Debt | $270.4M | $305.7M | $200.0M | $53.9M | $206.7M | $181.1M | $228.7M | $224.9M | $219.2M | $220.0M |
| Working Capital | -$1.91B | -$2.31B | -$2.12B | -$2.56B | $1.58B | $1.45B | -$177.6M | -$180.0M | $11.4M | $55.5M |
Balance Sheet (Quarterly)
| Year | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 |
|---|---|---|---|---|
| Cash & Equivalents | $24.8M | $127.8M | $34.7M | $44.3M |
| Total Assets | $1.40B | $1.39B | $1.32B | $1.23B |
| Total Liabilities | $1.16B | $1.19B | $1.27B | $1.20B |
| Total Equity | $238.0M | $208.2M | $45.2M | $37.6M |
| Total Debt | $254.7M | $254.7M | $254.8M | $254.8M |
Cash Flow (10y)
| Year | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $124.4M | $49.0M | -$147.8M | -$450.5M | -$109.4M | $41.8M | $25.6M | -$60.4M | -$38.6M | -$201.0M |
| Depreciation & Amortization | $9.7M | $20.3M | $5.4M | $4.9M | $5.9M | $6.2M | $3.5M | -$2.9M | $2.7M | $233000 |
| Stock-based Compensation | $2.9M | $3.4M | $2.9M | $1.3M | $1.9M | $2.4M | $4.8M | $2.7M | $1.7M | -$5.3M |
| Change in Working Capital | $354.8M | $420.1M | $561.1M | $722.8M | -$1.01B | -$495.9M | -$360.9M | -$102.5M | $11.6M | $169.8M |
| Operating Cash Flow | $634.3M | $470.1M | $458.6M | $182.3M | -$1.14B | -$541.8M | -$394.4M | -$195.9M | -$59.8M | -$67.4M |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | -$421000 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | $255.9M | 0 | 0 | $421000 | $2.7M | 0 | 0 |
| Stock Repurchased | -$654000 | -$470000 | -$25.7M | -$873000 | -$18000 | -$1000 | -$2.5M | -$1.0M | -$2.9M | -$3.7M |
| Dividends Paid | -$62.5M | -$76.9M | -$80.8M | -$67.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $634.3M | $470.1M | $458.6M | $182.3M | -$1.14B | -$541.8M | -$394.9M | -$195.9M | -$59.8M | -$67.4M |
Cash Flow (Quarterly)
| Year | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 |
|---|---|---|---|---|
| Operating Cash Flow | $8.0M | $26.5M | -$110.0M | -$21.1M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | $8.0M | $26.5M | -$110.0M | -$21.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $364000 | -$1.2M | -$4.8M | -$6.1M |
Growth & Margins (10y)
| Year | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -20.3% | +4.2% | +1.2% | -73.4% | -68.0% | -46.4% | -41.1% | +53.5% | -36.8% | |
| Net Income Growth (YoY) | -53.9% | -483.6% | -169.1% | +77.0% | +138.2% | -36.2% | -325.3% | +35.8% | -421.1% | |
| EPS Growth (YoY) | -55.0% | -450.8% | -177.3% | +77.0% | +170.5% | +45.2% | -53.3% | -160.3% | -428.9% | |
| Shares Change (YoY) | -8.1% | +8.9% | -3.1% | +0.0% | +1.5% | +2.1% | +1.2% | +16.4% | -1.5% | |
| FCF Growth (YoY) | -25.9% | -2.5% | -60.2% | -726.8% | +52.6% | +27.1% | +50.4% | +69.5% | -12.8% | |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 5.7% | 4.7% | -5.3% | -19.8% | -16.3% | 78.8% | 63.5% | 46.8% | 65.5% | 37.4% |
| EBITDA Margin | 195.3% | -2.4% | 195.3% | 194.7% | 184.6% | 7.7% | 98.0% | 180.6% | 134.1% | -319.7% |
| Net Margin | 3.9% | 2.2% | -8.3% | -22.0% | -19.0% | 22.7% | 27.0% | -103.3% | -43.2% | -356.1% |
| FCF Margin | 24.7% | 22.9% | 21.4% | 8.4% | -198.3% | -294.2% | -400.0% | -337.0% | -67.0% | -119.5% |
| Effective Tax Rate | 1.6% | 0.5% | 4.4% | -0.1% | 0.8% | -0.2% | 0.1% | 0.9% | -0.5% | -0.5% |
Per-Share Data (10y)
| Year | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $7.41 | $5.97 | $5.35 | $2.19 | $-13.76 | $-6.42 | $-4.59 | $-2.25 | $-0.59 | $-0.68 |
| Dividends Per Share | $0.73 | $0.98 | $0.94 | $0.81 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $76.5M | $78.7M | $85.7M | $83.0M | $82.8M | $84.3M | $86.1M | $87.1M | $101.4M | $99.9M |
What to look at in Insurance
Insurers earn in 2 ways: underwriting well (combined ratio) and investing the float. Buffett built Berkshire that way.
- Op Margin 5y (Combined Ratio proxy) — Combined ratio proxy when FMP does not expose it. ≥10% 5y average = underwriting discipline (CR <100%)
- Book Value / Share growth — How Buffett measures Berkshire. The real value shareholders accumulate
- Debt / Equity — Leveraged insurers fail fast under catastrophes
- P/B (Price / Book) — Insurers are valued by book multiple. Here it is crossed with ROE (quality × valuation)
- Dividend growth streak — Consecutive years raising dividend per share — solid insurers stack decades
Profitability
| Return on Equity | -136.55% |
| Return on Invested Capital | 1.60% |
| Return on Assets | -15.27% |
| Gross Margin | 100.00% |
| Operating Margin | 37.37% |
| Net Margin | -356.10% |
Financial Health
| Debt / Equity | 5.64 |
| Current Ratio | 0.00 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 0.14 |
Key Ratios (10y)
| Year | 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/B | 1.46 | 1.46 | 1.60 | 2.56 | 3.21 | 3.30 | 4.83 | 5.33 | 6.82 | 34.15 |
| P/S | 0.76 | 0.97 | 0.92 | 0.66 | 2.83 | 9.45 | 18.79 | 26.07 | 19.04 | 27.35 |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 5.7% | 4.7% | -5.3% | -19.8% | -16.3% | 78.8% | 63.5% | 46.8% | 65.5% | 37.4% |
| Net Margin | 3.9% | 2.2% | -8.3% | -22.0% | -19.0% | 22.7% | 27.0% | -103.3% | -43.2% | -356.1% |
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Explore sector: Financial Services · Insurance - Property & Casualty
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