Revenue remains highly erratic, evidenced by a dramatic swing to a negative $145.4M in 2025Q4, while gross margins have fluctuated wildly between negative 98.9% and positive 71.1% over the last ten quarters.
| Sales/Revenue | -62.07M | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | -84.19M | -59.68M | 61.02M | 45.17M | 28.99M | 26.05M |
| Gross Margin % | 135.64% | 480.48% | 31.19% | 21.04% | 57.51% | 118.07% |
| Gross Profit Growth % | - | -197.8% | 35.09% | 55.81% | 11.28% | - |
| Operating Expenses | 35.53M | 29.38M | 31.11M | 32.42M | 21.05M | -7.21M |
| OpEx % of Revenue | - | -236.56% | 15.9% | 15.1% | 41.75% | -32.67% |
| Selling, General & Admin | 20.84M | 20.94M | 24.96M | 27.73M | 20.3M | 6.16M |
| SG&A % of Revenue | - | -168.59% | 12.76% | 12.91% | 40.28% | 27.91% |
| Research & Development | 0 | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - |
| Operating Income | -119.72M | -89.06M | 29.91M | 12.75M | 7.94M | 33.26M |
| Operating Margin % | 192.89% | 717.04% | 15.29% | 5.94% | 15.76% | 150.73% |
| Operating Income Growth % | - | -397.76% | 134.54% | 60.54% | -76.12% | - |
| EBITDA | -120.01M | -74.08M | 33.89M | 13.72M | 8.5M | 34.05M |
| EBITDA Margin % | 193.36% | 596.45% | 17.32% | 6.39% | 16.87% | 154.32% |
| EBITDA Growth % | -3994% | -318.61% | 146.91% | 61.41% | -75.03% | - |
| D&A (Non-Cash Add-back) | -293K | 14.98M | 3.98M | 972K | 559K | 792K |
| EBIT | -58.66M | -49.11M | 14.07M | -9.82M | 52.31M | 33.74M |
| Net Interest Income | 23.68M | 55.45M | -7.93M | -5.98M | -3.56M | -2.86M |
| Interest Income | 32.67M | 64.8M | 0 | 0 | 0 | 0 |
| Interest Expense | 8.99M | 9.35M | 7.93M | 5.98M | 3.56M | 2.86M |
| Other Income/Expense | 0 | - | - | - | - | - |
| Pretax Income | -50.75M | -58.46M | 6.14M | -15.79M | 48.75M | 30.87M |
| Pretax Margin % | 81.76% | 470.66% | 3.14% | -7.36% | 96.7% | 139.92% |
| Income Tax | 2.75M | 2.39M | 550K | 663K | 430K | 2.14M |
| Effective Tax Rate % | -5.41% | -4.08% | 8.96% | -4.2% | 0.88% | 6.94% |
| Net Income | -53.49M | -60.85M | 5.59M | -16.46M | 48.32M | 28.73M |
| Net Margin % | 86.19% | 489.87% | 2.86% | -7.66% | 95.85% | 130.2% |
| Net Income Growth % | -853.04% | -1188.69% | 133.96% | -134.06% | 68.19% | - |
| Net Income (Continuing) | -53.49M | -60.85M | 5.59M | -16.46M | 48.32M | 28.73M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.54 | -7.08 | 0.20 | -0.69 | 2.15 | 1.54 |
| EPS Growth % | -1294.12% | -3640% | 128.99% | -132.09% | 39.61% | - |
| EPS (Basic) | - | -7.08 | 0.22 | -0.69 | 2.18 | 1.55 |
| Diluted Shares Outstanding | 11.8M | 8.6M | 28.18M | 23.94M | 22.49M | 18.66M |
| Basic Shares Outstanding | 11.8M | 8.6M | 25.81M | 23.94M | 22.19M | 18.58M |
| Dividend Payout Ratio | - | - | 26.95% | - | 2.83% | 4.25% |
Insurance liability actuarial volatility
As reported in financial statements, MLCI's revenue trajectory remains highly erratic, evidenced by a dramatic swing to a negative $145.4M in 2025Q4, which suggests that the firm's top-line figures are heavily distorted by mark-to-market investment portfolio fluctuations rather than consistent fee-earning growth from its asset management operations.
The extreme variance in quarterly revenue indicates that the company's reported top line is not a reliable proxy for operational health. Investors should look past these headline figures to isolate fee-related earnings, as the current volatility likely masks the underlying stability of the permanent capital management business.
Based on MLCI's reported figures, gross margins have exhibited extreme instability, ranging from negative 98.9% to positive 71.1% over the last ten quarters, which reflects the accounting impact of netting investment losses against revenue rather than reflecting true operational efficiency in the asset management segment.
These margin swings are symptomatic of an insurance-linked business model where investment portfolio performance is consolidated into the income statement. This makes traditional margin analysis largely ineffective, as the figures are driven by market-sensitive asset valuations rather than the cost-to-serve for the management platform.
According to recent SEC filings, MLCI's net income has frequently decoupled from operating performance, with significant quarterly losses such as the $30.7M deficit in 2025Q4, suggesting that non-operating items and investment-related impairments are the primary drivers of the company's bottom-line results rather than core management fees.
The frequent divergence between operating income and net income warrants further investigation into the specific nature of these non-operating charges. It appears that the firm's earnings quality is highly susceptible to the actuarial and investment risks inherent in its captive insurance subsidiary, Ability Insurance.
As noted in financial disclosures, the company's reliance on insurance float to fund private credit strategies creates a unique risk profile, where a potential deterioration in LTC loss ratios could necessitate capital infusions that would severely constrain the firm's ability to generate sustainable shareholder returns.
Short-sellers would likely focus on the potential for asset-liability mismatch, where the long-term nature of insurance liabilities may not perfectly align with the liquidity profile of the private credit assets. This structural dependency suggests that the firm's profitability is essentially a leveraged bet on the spread between credit yields and actuarial costs.
Quick answers to the most common questions about buying MLCI stock.
Mount Logan Capital Inc. Common Stock (MLCI) reported a net loss of $60.8M for the fiscal year ending 2025.
Mount Logan Capital Inc. Common Stock (MLCI) reported an operating income of $-89.1M, resulting in an operating profit margin of 717.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Mount Logan Capital Inc. Common Stock (MLCI) generated $-59.7M in gross profit for the year, representing a gross profit margin of 480.5%. This demonstrates the company's core pricing power and production efficiency.