MHNC

MKT CAP:$1B

Maiden Holdings North America, Ltd.

Market Cap

$1B

Financial Services·Insurance - Life·🇺🇸 United States·NYSE

Financials·Insurance - Life·🇺🇸·NYSE

Stock Price

$12.80-$3.00 (-18.99%)

Apr 23, 2026

Company Details

Part of Maiden Holdings Ltd., Maiden Holdings North America Ltd. provides reinsurance services. The private company is located in the US.

CEO

None

IPO Date

Nov 27, 2013

Website

\u2014

Key Metrics TTM

Revenue

$85M

+16.7% YoY

Net Income

-$21M

EPS (Diluted)

-$0.21

Free Cash Flow

-$410M

Revenue / Share

$0.86

Gross Margin

100.0%

Operating Margin

-13.6%

Net Margin

-24.3%

FCF Margin

-480.8%

P/S

15.3x

P/E

—

Earnings Reports

Q1 2025

May 12, 2025

$14M-51.4%EPS -$0.09

FY 2024

Mar 10, 2025

$56MEPS -$2.01

Q2 2024

Aug 8, 2024

$20M-10.1%EPS -$0.10

Q1 2024

May 9, 2024

$29M+48.3%EPS $0.01

Q3 2023

Nov 8, 2023

$22MEPS -$0.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 19	-$516M	-$516M	$88M
Q1 20	$59M	$59M	$21M
Q2 20	$45M	$45M	$9M
Q3 20	$40M	$40M	$2M
Q4 20	$0	$0	$2M
Q1 21	$30M	$30M	$9M
Q2 21	$22M	$22M	$5M
Q3 21	$22M	$22M	-$2M
Q1 22	$10M	$10M	$8M
Q2 22	$21M	$21M	$31M
Q1 23	$19M	$19M	-$8M
Q2 23	$23M	$23M	-$3M
Q3 23	$22M	$22M	-$4M
Q1 24	$29M	$29M	$1M
Q2 24	$20M	$20M	-$10M
Q1 25	$14M	$14M	$0

Valuation

Quarter	P/S	P/E
Q4 19	—	—
Q1 20	—	22.7x
Q2 20	—	15.9x
Q3 20	—	9.2x
Q4 20	9.1x	40.6x
Q1 21	11.4x	63.3x
Q2 21	14.2x	66.8x
Q3 21	17.7x	86.8x
Q1 22	15.6x	78.5x
Q2 22	17.6x	39.5x
Q1 23	18.2x	95.5x
Q2 23	17.9x	99.9x
Q3 23	15.4x	164.2x
Q1 24	14.1x	—
Q2 24	13.9x	—
Q1 25	15.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 08	$589.4B	$589.4B
Q1 09	$15M	$15M
Q4 09	$42.0B	$42.0B
Q1 10	-$2.8B	-$2.8B
Q2 10	$0	$0
Q4 10	$154.4B	$154.4B
Q1 11	$0	$0
Q3 11	$0	$0
Q4 11	$184.2B	$184.2B
Q1 12	$71.2B	$71.2B
Q4 20	-$356M	-$356M
Q2 21	-$186M	-$186M
Q3 21	-$300M	-$300M
Q1 22	-$76M	-$76M
Q2 22	-$13M	-$13M
Q1 25	-$21M	-$21M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 19	-192.8%	-177.0%
Q1 20	-71.1%	-83.9%
Q2 20	-76.4%	-81.0%
Q3 20	-66.7%	-78.7%
Q4 20	+100.0%	+99.7%
Q1 21	-49.3%	-46.1%
Q2 21	-50.9%	-52.4%
Q3 21	-46.3%	-36.8%
Q1 22	—	+232.0%
Q2 22	-31.0%	-151.4%
Q1 23	-11.3%	+59.9%
Q2 23	+4.9%	+7.1%
Q3 23	+116.5%	+969.0%
Q1 24	+39.7%	+358.6%
Q2 24	+5.1%	+11.1%
Q1 25	-38.3%	-45.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 08	-$1.7B	—
Q1 09	-$927.0K	—
Q4 09	-$5.5B	—
Q1 10	-$1.3B	—
Q2 10	$0	—
Q4 10	-$2.3B	—
Q1 11	$0	—
Q3 11	$0	—
Q4 11	$23.6B	—
Q1 12	$1.4B	—
Q4 20	$0	—
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q1 25	-$6M	-43.2%

OpEx Breakdown

Quarter	G&A
Q4 19	$37M
Q1 20	$9M
Q2 20	$9M
Q3 20	$8M
Q1 21	$14M
Q2 21	$9M
Q3 21	$7M
Q1 22	$11M
Q2 22	$7M
Q1 23	$10M
Q2 23	$7M
Q3 23	$7M
Q1 24	$8M
Q2 24	$8M
Q1 25	$11M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 21	$42M	$0	$42M
Q3 21	$29M	$0	$29M
Q4 21	$889M	$889M	$1.8B
Q1 22	$37M	$93M	$130M
Q2 22	$38M	$77M	$115M
Q3 22	$24M	$80M	$105M
Q4 22	$634M	$80M	$714M
Q1 23	$24M	$0	$24M
Q2 23	$27M	$0	$27M
Q3 23	$30M	$0	$30M
Q4 23	$43M	$0	$43M
Q1 24	$30M	$0	$30M
Q2 24	$37M	$0	$37M
Q3 24	$128M	$0	$128M
Q4 24	$35M	$0	$35M
Q1 25	$44M	$0	$44M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 19	83M	+0.1%	+0.1%
Q1 20	83M	+0.1%	+0.4%
Q2 20	85M	+1.5%	+1.8%
Q3 20	85M	+0.2%	+2.0%
Q4 20	85M	+0.6%	+2.5%
Q1 21	85M	-0.1%	+2.3%
Q2 21	86M	+1.3%	+2.0%
Q3 21	87M	+0.4%	+2.1%
Q1 22	87M	0.0%	+1.5%
Q2 22	87M	+0.6%	+2.3%
Q1 23	102M	+16.6%	+17.8%
Q2 23	102M	+0.2%	+17.6%
Q3 23	101M	-0.3%	+17.2%
Q1 24	100M	-1.0%	+15.3%
Q2 24	100M	-0.3%	-1.4%
Q1 25	99M	-1.0%	-2.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 19	-$10M	53
Q1 20	$1M	53
Q2 20	$844.2K	53
Q3 20	$762.7K	53
Q4 20	$0	52
Q1 21	$576.4K	52
Q2 21	$422.7K	52
Q3 21	$417.5K	52
Q1 22	$193.3K	52
Q2 22	$397.9K	52
Q1 23	$397.8K	49
Q2 23	$464.9K	49
Q3 23	$444.0K	49
Q1 24	$642.3K	45
Q2 24	$455.3K	45
Q1 25	$334.5K	42

Revenue / Employee