Maiden Holdings, Ltd. (MHNC) intrinsic value & 10-year financials
Maiden Holdings, Ltd. (MHNC) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 34.6% a year to $56.4M, with an average return on invested capital of -13.7%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $10.55
- Market cap
- $1.1B
- Revenue (FY2024)
- $56.4M
- Revenue growth (10-yr CAGR)
- -34.6%
- ROIC (10-yr avg)
- -13.7%
- Free cash flow (FY2024)
- —
MHNC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2024 | $56.4M | -$201.0M | -$2.01 | — | — | -54.1% |
| FY2023 | $89.2M | -$38.6M | -$0.38 | — | — | -7.9% |
| FY2022 | $58.1M | -$60.0M | $0.63 | — | — | -10.7% |
| FY2021 | $98.7M | $26.6M | $1.35 | — | — | 4.0% |
| FY2020 | $184.1M | $41.8M | $0.93 | — | — | 5.9% |
| FY2019 | $576.1M | -$131.9M | — | — | — | -19.9% |
| FY2018 | $2.2B | -$544.6M | -$6.87 | — | — | -53.7% |
| FY2017 | $2.9B | -$169.9M | -$2.32 | — | — | -11.0% |
| FY2016 | $2.7B | $49.0M | $0.19 | — | — | 3.0% |
| FY2015 | $2.6B | $124.5M | $1.31 | — | — | 7.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Maiden Holdings, Ltd. is facing top-line stagnation, with revenue contracting over the decade.
Maiden Holdings, Ltd. has historically struggled to out-earn its cost of capital, averaging just -13.7% ROIC.
Maiden Holdings, Ltd. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Maiden Holdings, Ltd. is modeled at -34.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-32.97 per share.