NICO HoldingsMSW:NICO -0.02%77 3-Year ROIIC % is 14.73 as of Dec. 2025, which is 4% below its 10-year median of 15.28. GuruFocus rates MSW:NICO with a GF Score™ of 77/100 and a GF Value™ of MWK1,254.47 (Modestly Overvalued). The stock has 3 warning signs investors should review. Among 335 Insurance companies, NICO Holdings ranks better than 72.54% on this metric.
3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
NICO Holdings's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was 14.73%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for NICO Holdings's 3-Year ROIIC % or its related term are showing as below:
MSW:NICO's 3-Year ROIIC % is ranked better than 72.54% of 335
companies
in the Insurance industry
Industry Median: 5.2
vs MSW:NICO: 14.73
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
NICO Holdings 3-Year ROIIC % Related Terms
NICO Holdings 3-Year ROIIC % Historical Data
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The historical data trend for NICO Holdings's 3-Year ROIIC % 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 3-Year ROIIC % Chart
NICO Holdings Annual Data
Trend
Dec20
Dec21
Dec22
Dec24
Dec25
3-Year ROIIC %
0.00
0.00
0.00
15.82
14.73
NICO Holdings Semi-Annual Data
Dec20
Dec21
Dec22
Dec24
Dec25
3-Year ROIIC %
0.00
0.00
0.00
15.82
14.73
MSW:NICO vs BRK.A, AIG, HIG: 3-Year ROIIC % Comparison
For the Insurance - Diversified subindustry, NICO Holdings's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % 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 3-Year ROIIC % vs Insurance Industry
For the Insurance industry and Financial Services sector, NICO Holdings's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where NICO Holdings's 3-Year ROIIC % 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
NICO Holdings (MSW:NICO) has a 3-Year ROIIC % of 14.73 as of Dec. 2025. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on NICO Holdings and its competitors. This is near median its historical median of 15.28. Over the past decade, NICO Holdings' 3-Year ROIIC % has ranged from 14.73 to 15.82. According to the industry distribution chart, NICO Holdings ranks #92 out of 335 companies in the Insurance industry, placing it in the top 27.5%.
Is NICO Holdings' 3-Year ROIIC % too high?
NICO Holdings' current 3-Year ROIIC % of 14.73 is near median its 10-year median of 15.28. Over the past 10 years, this metric has ranged from a low of 14.73 to a high of 15.82. The Insurance industry median 3-Year ROIIC % is 5.20. NICO Holdings' value of 14.73 is 183.3% above this industry median. Based on the distribution chart, NICO Holdings ranks #92 out of 335 companies in the Insurance industry, which is above the industry midpoint. 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' 3-Year ROIIC % compare to BRK.A and AIG?
According to the Insurance industry distribution chart, NICO Holdings ranks #92 out of 335 companies for 3-Year ROIIC %. This puts NICO Holdings in the upper half of its industry. The industry median 3-Year ROIIC % is 5.20. NICO Holdings' value of 14.73 is 183.3% above this benchmark. Historically, NICO Holdings' own 3-Year ROIIC % has ranged from 14.73 to 15.82 over the past decade. While the company's 10-year median is 15.28 vs. the industry median of 5.20, 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 3-Year ROIIC % for an Insurance company?
The median 3-Year ROIIC % among Insurance companies is 5.20, based on 335 companies in the industry. Companies in the top quartile (top 25%) have a 3-Year ROIIC % significantly above this median, while those in the bottom quartile fall well below. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. NICO Holdings's current 3-Year ROIIC % of 14.73 is 183.3% 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 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on NICO Holdings and its competitors. For the Insurance industry, the median 3-Year ROIIC % is 5.20 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. NICO Holdings's current 3-Year ROIIC % is 14.73, which is near median its own 10-year median of 15.28. 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 MWK1,254.47, compared to a current price of MWK1,583.71 — trading 26.2% above its estimated fair value. The current 3-Year ROIIC % is 14.73, which is near median its 10-year median of 15.28 and 183.3% above the Insurance industry median of 5.20. NICO Holdings' overall GF Score™ is 77/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For NICO Holdings (MSW:NICO), the current 3-Year ROIIC % is 14.73 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 MWK1,583.71 is trading 26.2% above its estimated GF Value™ of MWK1,254.47.
GuruFocus considers NICO Holdings to be Modestly Overvalued.
Key valuation signals for MSW:NICO:
3-Year ROIIC %: 14.73 (near median its 10-year median of 15.28)
GF Value™: MWK1,254.47 vs. price of MWK1,583.71 (26.2% above fair value)
Industry Position: 183.3% above the Insurance median (#92 of 335)
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
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