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Insufficient data to determine institutional momentum.
Data as of Q3 2026
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $3.7M buybacks = $3.7M returned on -$67.4M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: -67%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-08-05 · 87d old
How a revenue dollar becomes profit — FY2024
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $56.4M 100.0% | $89.2M 100.0% | $58.1M 100.0% | $98.7M 100.0% | $184.1M 100.0% | $576.1M 100.0% | $2.16B 100.0% | $2.14B 100.0% | $2.05B 100.0% | $2.57B 100.0% |
| Selling, General & Admin | $35.3M 62.6% | $30.8M 34.5% | $30.9M 53.2% | $36.0M 36.5% | $39.1M 21.2% | $47.2M 8.2% | $64.9M 3.0% | $53.0M 2.5% | $50.3M 2.4% | $64.9M 2.5% |
| Total Operating Expenses | $12.2M 21.6% | $12.8M 14.3% | $11.6M 20.0% | $10.3M 10.5% | $9.5M 5.2% | $11.8M 2.0% | $21.2M 1.0% | $19.0M 0.9% | $18.4M 0.9% | $38.3M 1.5% |
| Interest Expense | — | — | $19.3M 33.3% | $19.3M 19.6% | $19.3M 10.5% | $19.3M 3.4% | $19.3M 0.9% | $23.3M 1.1% | $28.2M 1.4% | $29.1M 1.1% |
| Pretax Income | -$199.9M -354.2% | -$38.4M -43.0% | -$60.6M -104.2% | $26.7M 27.0% | $41.7M 22.6% | -$110.3M -19.1% | -$449.9M -20.8% | -$154.4M -7.2% | $79.5M 3.9% | $126.3M 4.9% |
| Income Tax Expense | $1.1M 1.9% | $196K 0.2% | -$557K -1.0% | $15K 0.0% | -$104K -0.1% | -$911K -0.2% | $441K 0.0% | -$6.8M -0.3% | $413K 0.0% | $2.0M 0.1% |
| Net Income | -$201.0M -356.1% | -$38.6M -43.2% | -$60.0M -103.3% | $26.6M 27.0% | $41.8M 22.7% | -$131.9M -22.9% | -$544.6M -25.2% | -$169.9M -7.9% | $49.0M 2.4% | $124.5M 4.8% |
| Per Share | ||||||||||
| EPS (Basic) | -$2.01 | -$0.38 | $0.63 | $1.35 | $0.93 | — | -$6.87 | -$2.32 | $0.20 | $1.36 |
| EPS (Diluted) | -$2.01 | -$0.38 | $0.63 | $1.35 | $0.93 | — | -$6.87 | -$2.32 | $0.19 | $1.31 |
| Weighted Avg Shares (Basic) | 99.9M | 101.4M | 87.1M | 86.1M | 84.3M | 83.1M | 83.1M | 85.7M | 77.5M | 73.5M |
| Weighted Avg Shares (Diluted) | 99.9M | 101.4M | 87.1M | 86.1M | 84.3M | 83.1M | 83.1M | 85.7M | 78.7M | 85.6M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
A reverse discounted cash flow is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
Leverage ratios is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Interest expense isn't separately reported — often netted into “other income (expense), net.” Effective rate ~7.6% on $255.6M of debt. Interest last disclosed in FY2022 (no longer broken out).
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-08-05
Where each multiple sits in its own 12-yr range · 88th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 12-yr history.
Is the profit real, and how strong is the balance sheet?
FY2024 · every deduction from revenue to net income
DuPont — the three levers
ROE -445% against ROIC -67% — -378% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is -136.5% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 2.5 | 3.0 | 8.2 | 21.2 | 36.5 | 53.2 | 34.5 | 62.6 |
| Income Tax | -0.3 | 0.0 | -0.2 | -0.1 | 0.0 | -1.0 | 0.2 | 1.9 |
| Net Income | -7.9 | -25.2 | -22.9 | 22.7 | 27.0 | -103.3 | -43.2 | -356.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on MHNC: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2015 | not reported | not reported | 4.8% |
| FY2016 | not reported | not reported | 2.4% |
| FY2017 | not reported | not reported | -7.9% |
| FY2018 | not reported | not reported | -25.2% |
| FY2019 | not reported | not reported | -22.9% |
| FY2020 | not reported | not reported | 22.7% |
| FY2021 | not reported | not reported | 27.0% |
| FY2022 | not reported | not reported | -103.3% |
| FY2023 | not reported | not reported | -43.2% |
| FY2024 | not reported | not reported | -356.1% |
Return on equity is 378 points BELOW the return on invested capital, which means the equity base is carrying capital the operations are not earning on — usually cash, goodwill, or a recent raise.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: beta.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Leverage is not measurable this way for a insurer.
Balance sheet at 2024-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
No positive free cash flow to discount, so the price cannot be expressed as a growth requirement.
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: free_cash_flow.