Operational liquidity remains highly volatile, highlighted by a $110.0 million cash outflow in 2024Q4 and an OCF/NI ratio of 2.44 in 2025Q1.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Cash from Operations | -65.19M | -67.45M | -59.78M | -195.93M | -394.43M | -541.77M | -1.14B | 182.29M | 458.57M | 470.13M | 634.3M | 651.64M | 366.25M | 319.09M | 181.35M | 151.58M | 41.98M | 589.39M |
| Operating CF Growth % | -1184.19% | -12.83% | 69.49% | 50.33% | 27.2% | 52.58% | -726.81% | -60.25% | -2.46% | -25.88% | -2.66% | 77.92% | 14.78% | 75.95% | 19.64% | 261.06% | -92.88% | - |
| Operating CF / Revenue % | -156.79% | -119.51% | -66.99% | -337.04% | -399.54% | -294.25% | -198.32% | 8.42% | 21.44% | 22.91% | 24.65% | 27.37% | 17.36% | 16.8% | 11.05% | 12.15% | 4.27% | 140.41% |
| Net Income | -211.06M | -200.97M | -38.57M | -60.35M | 25.62M | 41.76M | -109.36M | -450.53M | -147.82M | 48.97M | 124.42M | 101.39M | 102.73M | 50.15M | 28.53M | 69.86M | 61.06M | 18.79M |
| Depreciation & Amortization | 843K | 0 | 2.75M | -2.85M | 3.45M | 6.24M | 5.91M | 4.9M | 5.45M | 20.3M | 9.72M | 36.98M | 19.08M | 6.26M | 8.6M | 7.21M | 7.36M | 1.31M |
| Stock-Based Compensation | -11.69M | -5.26M | 1.73M | 2.74M | 4.77M | 2.44M | 1.91M | 1.28M | 2.94M | 3.41M | 2.94M | 3.33M | 2.21M | 1.35M | 22.24B | -3.59B | -5.47B | -1.7B |
| Deferred Taxes | 0 | 0 | -7.21M | 112K | -11.68M | -14.93M | -13.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 187.67M | -30.99M | -30.06M | -33.03M | -55.7M | -81.43M | -19.08M | -85.1M | 50.7M | 21.39M | 519.59M | 179.79M | 87.56M | 262.68M | 121.99M | 78.1M | -20.96M | 570.98M |
| Working Capital Changes | -30.94M | 169.77M | 11.6M | -102.55M | -360.9M | -495.87M | -1.01B | 722.82M | 561.14M | 420.08M | 354.85M | 330.14M | 154.67M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 74.83M | 77.74M | 58.51M | 188.79M | 464.06M | 596.04M | 913.18M | 32.9M | -359.86M | -439.2M | -750.68M | -471.88M | -583.99M | -637.55M | 13.25M | -125.19M | -173.43M | -716.93M |
| Capital Expenditures | 0 | 0 | 0 | 0 | -421K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 2.73M | 421K | 0 | 0 | 255.92M | 0 | 0 | 0 | 0 | 0 | 0 | 635M | -4.89M | -13.61M | -108.64M |
| Purchase of Investments | -42.35M | -37.77M | -247.84M | -191.87M | -367.29M | -532.07M | -2.02B | -1.02B | -838.89M | -1.37B | -1.46B | 0 | 0 | 0 | -637.31M | -1.03B | -891.47M | -479.24M |
| Sale/Maturity of Investments | 0 | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K |
| Other Investing | 13.94M | 14.57M | 306.35M | -88K | 396K | -608K | -2.87M | 102.79M | -51.82M | 138.24M | 7.43M | -471.88M | -583.99M | -637.55K | -374.67M | -710.61M | 531.44M | -458.19M |
| Cash from Financing | -1.92M | -3.73M | -3.02M | -10.98M | -138.9M | -30.13M | -18K | -68.03M | -60.42M | -76.78M | 99.75M | -208.39M | 274.46M | 208.84M | -20.92M | -37.24M | 105.89M | 223.71M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -67.19M | -80.79M | -76.88M | -62.54M | -56.42M | -34.44M | -33.27M | -20.92B | -18.39B | -12.65B | -8.93B |
| Share Repurchases | -1.92M | -3.73M | -2.92M | -1.01M | -2.48M | -1K | -18K | -873K | -25.65M | -470K | -654K | -66K | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | 0 | -95K | 0 | 0 | 0 | 0 | 0 | -1000K | -1000K | 0 | -1000K | 1000K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -2.59M | 0 | 0 | -9.97M | -136.42M | -30.13M | 0 | 31K | 146.02M | 1.79M | 162.95M | 592K | 161.45M | 242.11M | 20.9B | 18.36B | 118.54B | 9.16B |
| Net Change in Cash | 7.41M | 5.41M | -3.95M | -19.46M | -69.74M | 28.55M | -223.71M | 181.61M | -160K | 59.89M | 224.38M | -31.71M | 58.29M | -106.54M | -25.14M | -11.24M | -24.5M | 96.17M |
| Exchange Rate Effect | 168K | -1000K | 335K | -1000K | -470K | 1000K | -382K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -392K | 1000K | 0 |
| Cash at Beginning | 34.73M | 42.68M | 46.62M | 66.09M | 135.83M | 107.28M | 330.99M | 149.38M | 149.53M | 89.64M | 108.12M | 139.83M | 81.54M | 188.08M | 0 | 107.4M | 131.9M | 35.73M |
| Cash at End | 43.9M | 48.08M | 42.68M | 46.62M | 66.09M | 135.83M | 107.28M | 330.99M | 149.38M | 149.53M | 332.5M | 108.12M | 139.83M | 81.54M | -25.14M | 96.15M | 107.4M | 131.9M |
| Free Cash Flow | -96.62M | -67.45M | -59.78M | -195.93M | -394.85M | -541.77M | -1.14B | 182.29M | 458.57M | 470.13M | 634.3M | 651.64M | 366.25M | 319.09M | 181.35M | 151.58M | 41.98M | 589.39M |
| FCF Growth % | -207.9% | -12.83% | 69.49% | 50.38% | 27.12% | 52.58% | -726.81% | -60.25% | -2.46% | -25.88% | -2.66% | 77.92% | 14.78% | 75.95% | 19.64% | 261.06% | -92.88% | - |
| FCF Margin % | -232.38% | -119.51% | -66.99% | -337.04% | -399.97% | -294.25% | -198.32% | 8.42% | 21.44% | 22.91% | 24.65% | 27.37% | 17.36% | 16.8% | 11.05% | 12.15% | 4.27% | 140.41% |
| FCF per Share | -0.97 | -0.68 | -0.59 | -2.25 | -4.59 | -6.42 | -13.76 | 2.19 | 5.35 | 5.97 | 7.41 | 8.79 | 4.79 | 4.36 | 2.49 | 2.12 | 0.6 | 9.93 |
Legacy reserve development volatility
As evidenced by the quarterly cash flow data, Maiden Holdings has struggled with consistent negative operating cash flow, including a significant outflow of $110.0 million in 2024Q4, which underscores the company's inability to generate positive float from its shrinking portfolio of active reinsurance contracts.
The recurring negative operating cash flow suggests that the company is currently consuming its capital base to satisfy legacy obligations rather than generating surplus float. This trend indicates that the underwriting business is not self-sustaining and remains heavily reliant on the liquidation of investment assets to meet ongoing claim requirements.
According to the provided financial tables, the company has frequently shifted between purchasing and selling investment assets, with a notable $100.0 million inflow from asset sales in 2024Q4, suggesting a reactive approach to managing liquidity needs amidst ongoing operational cash burn.
The erratic nature of investment portfolio activity implies that management is forced to liquidate holdings to cover operating deficits. Investors should monitor whether these asset sales are opportunistic or represent a forced reduction in the investment base that will further diminish future investment income potential.
Based on the reported figures, the OCF/NI ratio has exhibited extreme volatility, reaching 2.44 in 2025Q1 and 5.58 in 2024Q1, which indicates that statutory net income is a poor proxy for the company's actual cash generation capabilities during this period of restructuring.
The significant disconnect between net income and operating cash flow suggests that non-cash accruals and reserve adjustments are heavily distorting the bottom line. This volatility warrants further investigation into the underlying cash impact of reserve development, as the reported earnings appear to be decoupled from the actual cash outflows required to settle claims.
As reported in financial statements, the company continued to execute share buybacks totaling $673.0 thousand in 2024Q2 despite facing significant operating cash outflows, a practice that appears difficult to justify given the company's negative net margins and the ongoing contraction of its underwriting book.
The decision to prioritize buybacks while operating cash flow remains negative suggests a potential misalignment between capital allocation and the company's immediate liquidity needs. This strategy may be viewed as an attempt to support the share price, but it risks further eroding the capital base necessary to support long-tail legacy liabilities.
Quick answers to the most common questions about buying MHLA stock.
Maiden Holdings, Ltd. 6.625 NT 2046 (MHLA) generated $-67.4M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Maiden Holdings, Ltd. 6.625 NT 2046 (MHLA) reported negative free cash flow of $67.4M in 2024, indicating capital requirements exceeded cash from operations.
Maiden Holdings, Ltd. 6.625 NT 2046 (MHLA) spent $0.0M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, Maiden Holdings, Ltd. 6.625 NT 2046 (MHLA) spent $3.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.