Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
NICO HoldingsMSW:NICO -0.07%77 Debt-to-EBITDA is 0.20 as of Dec. 2025, which is 44% below its 10-year median of 0.36. GuruFocus rates MSW:NICO with a GF Score™ of 77/100 and a GF Value™ of MWK1,261.96 (Modestly Overvalued). The stock has 2 warning signs investors should review. Among 320 Insurance companies, NICO Holdings ranks better than 81.56% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for NICO Holdings's Debt-to-EBITDA or its related term are showing as below:
MSW:NICO'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: 0.2 Med: 0.36 Max: 0.42
Current: 0.2
During the past 5 years, the highest Debt-to-EBITDA Ratio of NICO Holdings was 0.42. The lowest was 0.20. And the median was 0.36.
MSW:NICO's Debt-to-EBITDA is ranked better than 81.56% of 320
companies
in the Insurance industry
Industry Median: 1.19
vs MSW:NICO: 0.20
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
NICO Holdings Debt-to-EBITDA Related Terms
NICO Holdings Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for NICO Holdings's Debt-to-EBITDA can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NICO Holdings Debt-to-EBITDA Chart
NICO Holdings Annual Data
Trend
Dec20
Dec21
Dec22
Dec24
Dec25
Debt-to-EBITDA
0.00
0.42
0.31
0.41
0.20
NICO Holdings Semi-Annual Data
Dec20
Dec21
Dec22
Dec24
Dec25
Debt-to-EBITDA
0.00
0.42
0.31
0.41
0.20
MSW:NICO vs BRK.A, AIG, HIG: Debt-to-EBITDA Comparison
For the Insurance - Diversified subindustry, NICO Holdings's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
NICO Holdings Debt-to-EBITDA vs Insurance Industry
For the Insurance industry and Financial Services sector, NICO Holdings's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where NICO Holdings's Debt-to-EBITDA falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is one times the quarterly (Dec. 2025) EBITDA data.
NICO Holdings (MSW:NICO) has a Debt-to-EBITDA of 0.20 as of Dec. 2025. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on NICO Holdings. This is 44% below median its historical median of 0.36. Over the past decade, NICO Holdings' Debt-to-EBITDA has ranged from 0.20 to 0.42. According to the industry distribution chart, NICO Holdings ranks #59 out of 320 companies in the Insurance industry, placing it in the top 18.4%.
Is NICO Holdings' Debt-to-EBITDA too high?
NICO Holdings' current Debt-to-EBITDA of 0.20 is 44% below median its 10-year median of 0.36. Over the past 10 years, this metric has ranged from a low of 0.20 to a high of 0.42. The Insurance industry median Debt-to-EBITDA is 1.19. NICO Holdings' value of 0.20 is 83.2% below this industry median. Based on the distribution chart, NICO Holdings ranks #59 out of 320 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, NICO Holdings has a GF Score™ of 77/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does NICO Holdings' Debt-to-EBITDA compare to BRK.A and AIG?
According to the Insurance industry distribution chart, NICO Holdings ranks #59 out of 320 companies for Debt-to-EBITDA. This places NICO Holdings in the top 18% of its industry — outperforming the majority of peers. The industry median Debt-to-EBITDA is 1.19. NICO Holdings' value of 0.20 is 83.2% below this benchmark. Historically, NICO Holdings' own Debt-to-EBITDA has ranged from 0.20 to 0.42 over the past decade. While the company's 10-year median is 0.36 vs. the industry median of 1.19, NICO Holdings has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for an Insurance company?
The median Debt-to-EBITDA among Insurance companies is 1.19, based on 320 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. NICO Holdings's current Debt-to-EBITDA of 0.20 is 83.2% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on NICO Holdings. For the Insurance industry, the median Debt-to-EBITDA is 1.19 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. NICO Holdings's current Debt-to-EBITDA is 0.20, which is 44% below median its own 10-year median of 0.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NICO Holdings stock overvalued right now?
Based on GuruFocus' analysis, NICO Holdings (MSW:NICO) is currently considered Modestly Overvalued. The stock's GF Value™ is MWK1,261.96, compared to a current price of MWK1,494.93 — trading 18.5% above its estimated fair value. The current Debt-to-EBITDA is 0.20, which is 44% below median its 10-year median of 0.36 and 83.2% below the Insurance industry median of 1.19. NICO Holdings' overall GF Score™ is 77/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For NICO Holdings (MSW:NICO), the current Debt-to-EBITDA is 0.20 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is NICO Holdings (MSW:NICO) Overvalued in 2026?
Based on GuruFocus' analysis, NICO Holdings stock appears to be overvalued.
The current stock price of MWK1,494.93 is trading 18.5% above its estimated GF Value™ of MWK1,261.96.
GuruFocus considers NICO Holdings to be Modestly Overvalued.
Key valuation signals for MSW:NICO:
Debt-to-EBITDA: 0.20 (44% below median its 10-year median of 0.36)
GF Value™: MWK1,261.96 vs. price of MWK1,494.93 (18.5% above fair value)
Industry Position: 83.2% below the Insurance median (#59 of 320)
No single metric tells the full story. See the MSW:NICO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
NICO Holdings PLC is a Malawi-based financial service company that operates in diversified business. Its segments include Life Insurance and Pension, General Insurance business, Banking business, Investment Holding, Asset Management, and Information Technology. Its general insurance segment offers personal and commercial insurance covering motor vehicle, building, road construction, liability, engineering, professional indemnity, marine hull & cargo, fire, and personal accidents throughout Malawi, Zambia, Tanzania, and Uganda. In contrast, life insurance and pension products including Endowment Assurance are offered in Malawi and Mozambique. The majority of the revenue is earned from the Insurance sector. while its Asset Management and Banking segments only operate in Malawi.
77GF Score
Get the complete analysis for MSW:NICO
Debt-to-EBITDA is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
MSW:NICO has been successfully added to your 
