Latest Ratios: P/E Ratio -5.3x · EV/EBITDA 60.5x · ROE -136.5%. (2008–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.1B | $1.5B | $1.7B | $1.5B | $1.9B | $1.7B | $1.6B | $1.4B | $2.0B | $2.0B | $2.2B |
| Enterprise Value | $1.3B | $1.5B | $1.9B | $1.7B | $2.0B | $1.9B | $1.8B | $1.3B | $2.1B | $2.2B | $2.2B |
| P/E Ratio → | -5.27 | — | — | 27.62 | 15.96 | 22.18 | — | — | — | 42.93 | 21.95 |
| P/S Ratio | 18.72 | 27.35 | 19.04 | 26.07 | 18.79 | 9.45 | 2.83 | 0.66 | 0.92 | 0.97 | 0.85 |
| P/B Ratio | 23.43 | 34.15 | 6.82 | 5.33 | 4.83 | 3.30 | 3.21 | 2.56 | 1.60 | 1.46 | 1.63 |
| P/FCF | — | — | — | — | — | — | — | 7.79 | 4.30 | 4.24 | 3.47 |
| P/OCF | — | — | — | — | — | — | — | 7.79 | 4.30 | 4.24 | 3.47 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 26.73 | 21.50 | 29.67 | 20.71 | 10.10 | 3.09 | 0.62 | 0.97 | 1.07 | 0.87 |
| EV / EBITDA | 60.54 | 71.55 | 31.35 | 22.55 | 30.90 | 12.29 | — | — | — | 18.78 | — |
| EV / EBIT | 60.54 | — | 16.41 | 31.73 | 21.92 | 8.88 | 1.68 | 0.32 | 0.50 | 0.55 | 0.44 |
| EV / FCF | — | — | — | — | — | — | — | 7.37 | 4.53 | 4.67 | 3.51 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 37.4% | 37.4% | 65.5% | 46.8% | 63.5% | 78.8% | -16.3% | -19.8% | -5.3% | 4.7% | 5.7% |
| Net Profit Margin | -356.1% | -356.1% | -43.2% | -103.3% | 27.0% | 22.7% | -19.0% | -22.0% | -8.3% | 2.2% | 3.9% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -136.5% | -136.5% | -14.5% | -18.0% | 5.8% | 8.1% | -20.6% | -53.3% | -13.6% | 3.4% | 7.7% |
| ROA | -14.2% | -14.2% | -2.3% | -2.9% | 1.0% | 1.3% | -2.5% | -8.0% | -2.7% | 0.8% | 1.9% |
| ROIC | 4.3% | 4.3% | 9.1% | 3.8% | 7.3% | 15.9% | -12.4% | -35.5% | -5.9% | 4.9% | 7.7% |
| ROCE | 1.5% | 1.5% | 5.6% | 3.9% | 3.4% | 4.5% | -3.3% | -13.6% | -3.1% | 3.1% | 3.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 5.64 | 5.64 | 1.02 | 0.90 | 0.66 | 0.48 | 0.50 | 0.46 | 0.21 | 0.26 | 0.27 |
| Debt / EBITDA | 12.08 | 12.08 | 4.16 | 3.34 | 3.86 | 1.69 | — | — | — | 3.01 | — |
| Net Debt / Equity | — | -0.77 | 0.88 | 0.74 | 0.49 | 0.23 | 0.29 | -0.14 | 0.09 | 0.15 | 0.02 |
| Net Debt / EBITDA | -1.65 | -1.65 | 3.58 | 2.74 | 2.86 | 0.79 | — | — | — | 1.73 | — |
| Debt / FCF | — | — | — | — | — | — | — | -0.42 | 0.23 | 0.43 | 0.04 |
| Interest Coverage | 1.09 | 1.09 | — | — | — | 7.50 | — | — | — | — | — |
Net cash position: cash ($35M) exceeds total debt ($255M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | 1.47 | 0.85 | 0.88 | 29.24 | 53.54 | 0.18 | 0.14 | 0.25 | 0.28 |
| Quick Ratio | — | — | 1.47 | 1.24 | 1.33 | 43.54 | 78.28 | 0.26 | 0.31 | 0.40 | 0.42 |
| Cash Ratio | 1.47 | — | 1.47 | 0.04 | 0.09 | 1.44 | 9.08 | 0.15 | 0.10 | 0.07 | 0.03 |
| Asset Turnover | — | 0.04 | 0.06 | 0.03 | 0.04 | 0.06 | 0.16 | 0.41 | 0.32 | 0.33 | 0.46 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | 4.7% | 4.1% | 3.9% | 2.8% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | 166.6% | 62.5% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 3.6% | 6.3% | 4.5% | — | — | — | 2.3% | 4.6% |
| FCF Yield | — | — | — | — | — | — | — | 12.8% | 23.3% | 23.6% | 28.8% |
| Buyback Yield | 0.4% | 0.2% | 0.2% | 0.1% | 0.1% | 0.0% | 0.0% | 0.1% | 1.3% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.4% | 0.2% | 0.2% | 0.1% | 0.1% | 0.0% | 0.0% | 4.8% | 5.4% | 3.9% | 2.9% |
| Shares Outstanding | — | $100M | $101M | $87M | $86M | $84M | $83M | $83M | $86M | $79M | $86M |
Legacy reserve development volatility
As reported in recent financial filings, MHLA's P/B ratio has compressed to 0.38 in 2025Q1, a sharp decline from the 3.25 level observed in 2022Q4, suggesting that the market is increasingly pricing the company as a liquidating entity rather than a viable going concern.
The significant discount to book value appears to reflect deep investor skepticism regarding the adequacy of reserves and the company's ability to generate future underwriting profit. This valuation level suggests that the market may be assigning little to no value to the firm's active reinsurance operations, focusing instead on the potential for further capital erosion from legacy liabilities.
Based on the provided financial data, the company's ROE has deteriorated to -20.9% in 2025Q1, a stark reversal from the 11.8% reported in 2022Q4, indicating that the firm is currently unable to generate sufficient investment income to offset its persistent underwriting losses.
The negative ROE trajectory highlights the failure of the investment portfolio to act as a buffer against the volatility of the reinsurance book. Investors should monitor whether the company can stabilize its underwriting performance, as the current reliance on capital depletion to fund operations appears unsustainable over the long term.
According to the company's reported figures, the D/E ratio has climbed to 6.78 in 2025Q1 from 0.90 in 2022Q4, signaling that the firm's financial leverage is increasing rapidly as the equity base shrinks under the weight of ongoing net losses.
This spike in leverage suggests a deteriorating capital structure that may limit the company's flexibility to pursue new business or manage unexpected claims volatility. The rising debt-to-equity profile warrants further investigation into the firm's ability to meet interest obligations, especially given the recent negative interest coverage ratios.
As indicated by the company's recent financial performance, the P/B ratio is frequently misapplied to MHLA, as it fails to account for the potential for significant adverse reserve development that could render the reported book value an unreliable indicator of true net asset value.
Investors should instead focus on the adequacy of loss reserves and the potential for future capital calls, as the P/B multiple obscures the reality that the company's equity may be overstated. Relying on book value in a distressed run-off scenario may lead to an underestimation of the risks associated with long-tail liability settlements.
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying MHLA stock.
Maiden Holdings, Ltd. 6.625 NT 2046's current P/E ratio is -5.3x. The historical average is 31.1x.
Maiden Holdings, Ltd. 6.625 NT 2046's current EV/EBITDA is 60.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 26.9x.
Maiden Holdings, Ltd. 6.625 NT 2046's return on equity (ROE) is -136.5%. The historical average is -10.8%.
Based on historical data, Maiden Holdings, Ltd. 6.625 NT 2046 is trading at a P/E of -5.3x. Compare with industry peers and growth rates for a complete picture.
Maiden Holdings, Ltd. 6.625 NT 2046 has 100.0% gross margin and 37.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Maiden Holdings, Ltd. 6.625 NT 2046's Debt/EBITDA ratio is 12.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.