NICO HoldingsMSW:NICO -0.67%57 ROE % is 56.00% as of Dec. 2025, which is 23% above its 10-year median of 45.52. GuruFocus rates MSW:NICO with a GF Score™ of 57/100 and a GF Value™ of MWK728.26 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 504 Insurance companies, NICO Holdings ranks better than 97.42% on this metric.
ROE % is calculated as Net Income divided by its average Total Stockholders Equity over a certain period of time. NICO Holdings's annualized net income for the quarter that ended in Dec. 2025 was MWK167,833 Mil. NICO Holdings's average Total Stockholders Equity over the quarter that ended in Dec. 2025 was MWK299,704 Mil. Therefore, NICO Holdings's annualized ROE % for the quarter that ended in Dec. 2025 was 56.00%.
The historical rank and industry rank for NICO Holdings's ROE % or its related term are showing as below:
MSW:NICO'
s ROE % Range Over the Past 10 Years
Min: 20.18 Med: 45.52 Max: 109.97
Current: 56
During the past 5 years, NICO Holdings's highest ROE % was 109.97%. The lowest was 20.18%. And the median was 45.52%.
MSW:NICO's ROE % is ranked better than 97.42% of 504
companies
in the Insurance industry
Industry Median: 11.675
vs MSW:NICO: 56.00
NICO Holdings (MSW:NICO) ROE % Explanation
ROE % measures the rate of return on the ownership interest (shareholder's equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' equity (also known as net assets or assets minus liabilities). ROE % shows how well a company uses investment funds to generate earnings growth. ROE %s between 15% and 20% are considered desirable.
The factors that affect a company's ROE % can be illustrated with the three-step DuPont Analysis:
Note:
The net income data used here is one times the annual (Dec. 2025) net income data. The Revenue data used here is one times the annual (Dec. 2025) revenue data. The same rule applies to Pre-Tax Income and Operating Income.
* In the five-step DuPont Analysis, Operating Income is only available for non-financial companies. Thus, for Insurance companies, we use EBIT as a substitution of Operating Income. For Banks, both Operating Income and EBIT is unavailable. Thus we combined Interest Burden and Operating Margin % into Pretax Margin %, and the DuPont Analysis is divided into four components instead.
* 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.
Be Aware
Net Income is used.
Because a company can increase its ROE % by having more financial leverage, it is important to watch the equity multiplier when investing in high ROE % companies. Like ROA %, ROE % is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their ROE %s can be extremely high.
NICO Holdings ROE % Related Terms
NICO Holdings ROE % Historical Data
* Premium members only.
The historical data trend for NICO Holdings's ROE % 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 ROE % Chart
NICO Holdings Annual Data
Trend
Dec20
Dec21
Dec22
Dec24
Dec25
ROE %
0.00
20.18
35.04
109.97
56.00
NICO Holdings Semi-Annual Data
Dec20
Dec21
Dec22
Dec24
Dec25
ROE %
0.00
20.18
35.04
109.97
56.00
MSW:NICO vs BRK.A, AIG, HIG: ROE % Comparison
For the Insurance - Diversified subindustry, NICO Holdings's ROE %, along with its competitors' market caps and ROE % 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 ROE % vs Insurance Industry
For the Insurance industry and Financial Services sector, NICO Holdings's ROE % distribution charts can be found below:
* The bar in red indicates where NICO Holdings's ROE % 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 ROE %, the net income of the last fiscal year and the average total shareholder equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is one times the annual (Dec. 2025) net income data.
ROE % is displayed in the 30-year financial page.
NICO Holdings (MSW:NICO) has a ROE % of 56.00% as of Dec. 2025. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on NICO Holdings and its competitors. This is 23% above median its historical median of 45.52. Over the past decade, NICO Holdings' ROE % has ranged from 20.18 to 109.97. According to the industry distribution chart, NICO Holdings ranks #13 out of 504 companies in the Insurance industry, placing it in the top 2.6%.
Is NICO Holdings' ROE % too high?
NICO Holdings' current ROE % of 56.00% is 23% above median its 10-year median of 45.52. Over the past 10 years, this metric has ranged from a low of 20.18 to a high of 109.97. The Insurance industry median ROE % is 11.68. NICO Holdings' value of 56.00% is 379.7% above this industry median. Based on the distribution chart, NICO Holdings ranks #13 out of 504 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 57/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does NICO Holdings' ROE % compare to BRK.A and AIG?
According to the Insurance industry distribution chart, NICO Holdings ranks #13 out of 504 companies for ROE %. This places NICO Holdings in the top 3% of its industry — outperforming the majority of peers. The industry median ROE % is 11.68. NICO Holdings' value of 56.00% is 379.7% above this benchmark. Historically, NICO Holdings' own ROE % has ranged from 20.18 to 109.97 over the past decade. While the company's 10-year median is 45.52 vs. the industry median of 11.68, NICO Holdings has consistently been above 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 ROE % for an Insurance company?
The median ROE % among Insurance companies is 11.68, based on 504 companies in the industry. Companies in the top quartile (top 25%) have a ROE % significantly above this median, while those in the bottom quartile fall well below. However, ROE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. NICO Holdings's current ROE % of 56.00% is 379.7% above 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 ROE % mean?
A high ROE % can signal that a stock is expensive relative to its fundamentals. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on NICO Holdings and its competitors. For the Insurance industry, the median ROE % is 11.68 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. NICO Holdings's current ROE % is 56.00%, which is 23% above median its own 10-year median of 45.52. 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 Significantly Overvalued. The stock's GF Value™ is MWK728.26, compared to a current price of MWK1,600.16 — trading 119.7% above its estimated fair value. The current ROE % is 56.00%, which is 23% above median its 10-year median of 45.52 and 379.7% above the Insurance industry median of 11.68. NICO Holdings' overall GF Score™ is 57/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROE % calculated?
ROE % is calculated from a company's financial statements. For NICO Holdings (MSW:NICO), the current ROE % is 56.00% 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 MWK1,600.16 is trading 119.7% above its estimated GF Value™ of MWK728.26.
GuruFocus considers NICO Holdings to be Significantly Overvalued.
Key valuation signals for MSW:NICO:
ROE %: 56.00% (23% above median its 10-year median of 45.52)
GF Value™: MWK728.26 vs. price of MWK1,600.16 (119.7% above fair value)
Industry Position: 379.7% above the Insurance median (#13 of 504)
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.
57GF Score
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