The company faces a structural decline in its revenue base, underscored by a recent quarterly net loss of $8.6M and a lack of consistent top-line growth.
| Revenue | 61.54M | 56.44M | 58.13M | 98.72M | 0 | 1.64T | 1.25T | 983.15B | 419.77B |
| Revenue Growth % | 2.96% | -2.92% | -41.11% | - | -100% | 31.44% | 26.94% | 134.21% | - |
| Medical Costs & Claims | 0 | 0 | 0 | 0 | 0 | 5.03B | 5.81B | 38.73B | 1.25B |
| Medical Cost Ratio % | 0% | 0% | 0% | 0% | - | 0.31% | 0.47% | 3.94% | 0.3% |
| Gross Profit | 5.11M | 56.44M | 58.13M | 98.72M | 0 | 1.64T | 1.24T | 944.42B | 418.51B |
| Gross Margin % | 8.3% | 100% | 100% | 100% | - | 99.69% | 99.53% | 96.06% | 99.7% |
| Gross Profit Growth % | - | -2.92% | -41.11% | - | -100% | 31.65% | 31.53% | 125.66% | - |
| Operating Expenses | 123.14M | 35.35M | 118.53M | 36.02M | 8.48M | 53.89B | 42.18B | 0 | 14.97B |
| OpEx / Revenue % | 200.1% | 62.63% | 203.89% | 36.49% | - | 3.29% | 3.38% | 0% | 3.57% |
| Depreciation & Amortization | 11.6K | 0 | 228.49K | 19.33M | 8.69M | 0 | 0 | 0 | 0 |
| Combined Ratio % | 200.1% | 62.63% | 203.89% | 36.49% | - | 3.59% | 3.85% | 3.94% | 3.87% |
| Operating Income | 71.82M | 21.09M | 75.32M | 26.66M | 8.48M | 1.58T | 1.2T | 62.4B | 403.54B |
| Operating Margin % | 116.7% | 37.37% | 129.57% | 27.01% | - | 96.41% | 96.15% | 6.35% | 96.13% |
| Operating Income Growth % | - | -72% | 182.52% | 214.28% | -100% | 31.79% | 1823.11% | -84.54% | - |
| EBITDA | 71.83M | 21.09M | 75.55M | 45.99M | 17.17M | 1.58T | 1.2T | 62.4B | 403.54B |
| EBITDA Margin % | 116.72% | 37.37% | 129.96% | 46.58% | - | 96.41% | 96.15% | 6.35% | 96.13% |
| Interest Expense | 28.95M | 19.27M | 19.33M | 19.33M | 0 | 34.16B | 36.47B | 34.43B | 0 |
| Non-Operating Income | 0 | 201.74M | 0 | 0 | 0 | 1.52T | 1.09T | 0 | 0 |
| Pretax Income | -151.23M | -199.91M | 55.99M | 26.66M | 0 | 30.45B | 71.19B | 62.4B | 18.79B |
| Pretax Margin % | -245.73% | -354.23% | 96.31% | 27.01% | - | 1.86% | 5.7% | 6.35% | 4.48% |
| Income Tax | 1.08M | 1.05M | 557K | 15K | 0 | 1.93B | 1.33B | 1.34B | 0 |
| Effective Tax Rate % | -0.71% | -0.53% | 0.99% | 0.06% | - | 6.33% | 1.87% | 2.15% | 0% |
| Net Income | -152.31M | -200.97M | 55.43M | 26.64M | 0 | 28.52B | 69.87B | 61.06B | 18.79B |
| Net Margin % | -247.48% | -356.1% | 95.36% | 26.99% | - | 1.74% | 5.6% | 6.21% | 4.48% |
| Net Income Growth % | -363.15% | -462.55% | 108.04% | - | -100% | -59.17% | 14.43% | 224.88% | - |
| EPS (Diluted) | -1.54 | -2.01 | 0.64 | 0.31 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EPS Growth % | -18.46% | -414.06% | 106.45% | - | - | - | - | - | - |
| EPS (Basic) | - | -2.01 | 0.64 | 0.31 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 99.12M | 99.9M | 87.16M | 86.55M | 84.94M | 72.9T | 71.37T | 70.06T | 59.34T |
Legacy reserve volatility
As evidenced by the reported financial data, MHNC is experiencing a clear contraction in its revenue base, with recent quarterly figures showing significant volatility and a lack of consistent top-line growth as the entity pivots away from active underwriting toward a legacy run-off management business model.
The erratic revenue performance suggests that the company is no longer competing for new market share, but rather managing the tail-end of expiring reinsurance treaties. Investors should monitor the rate of premium decay, as the lack of new business inflows places the entire burden of solvency on the existing investment portfolio and reserve adequacy.
Based on reported figures, MHNC maintains a disconnect between its positive operating income and deeply negative net income, with the most recent quarter recording a net loss of $8.6M, highlighting the severe impact of non-operating costs on the company's overall financial health and long-term viability.
The divergence between operating and net margins suggests that significant interest expenses or impairments of deferred tax assets are eroding the gains from the investment segment. This pattern indicates that the entity's core operational efficiency is insufficient to cover the structural costs associated with its legacy liabilities.
According to historical financial statements, the absence of clear loss ratio data complicates the assessment of reserve quality, yet the persistent net losses suggest that prior-year reserve strengthening may be necessary to address the long-tail casualty risks inherent in the company's legacy reinsurance book of business.
The lack of transparency regarding loss development makes it difficult to determine if current earnings are being artificially inflated or suppressed by actuarial adjustments. Analysts should remain cautious, as any further adverse development in these legacy lines could necessitate additional capital infusions to maintain regulatory compliance.
As reported in recent filings, the company's reliance on a limited cash position of $34.7M to service legacy obligations creates a precarious liquidity profile, suggesting that any unexpected acceleration in claim payments could rapidly exhaust available resources and threaten the entity's ability to meet its long-term commitments.
The market may be overestimating the value of the company's remaining infrastructure while underestimating the potential for social inflation to drive up litigation costs. This mismatch warrants further investigation into the duration of the remaining liabilities versus the liquidity of the underlying asset portfolio.
Quick answers to the most common questions about buying MHNC stock.
For fiscal year 2024, Maiden Holdings North America, Ltd. (MHNC) reported total revenue of $56.4M. This represents a 100.0% decline compared to $419.77B in 2008.
Maiden Holdings North America, Ltd. (MHNC) reported a net loss of $201.0M for the fiscal year ending 2024.
Maiden Holdings North America, Ltd. (MHNC) reported an operating income of $21.1M, resulting in an operating profit margin of 37.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Maiden Holdings North America, Ltd. (MHNC) generated $56.4M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.