A Business at a Glance
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BIMINI CAPITAL MANAGEMENT, INC.
BMNM
$24M
Mkt Cap
$2.38
+1.71%
BIMINI CAPITAL MANAGEMENT, INC. (BMNM) has a 5-year average return on invested capital (ROIC) of 11.5%. This indicates solid capital allocation.
BIMINI CAPITAL MANAGEMENT, INC. (BMNM) has a market capitalization of $24M. It is classified as a small-cap stock.
BIMINI CAPITAL MANAGEMENT, INC. (BMNM) does not currently pay a regular dividend.
BIMINI CAPITAL MANAGEMENT, INC. (BMNM) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
BIMINI CAPITAL MANAGEMENT, INC. (BMNM) reported annual revenue of $24 million in its most recent fiscal year, based on SEC EDGAR filings.
BIMINI CAPITAL MANAGEMENT, INC. (BMNM) has a net profit margin of 24.5%. This is a strong margin indicating high profitability.
BIMINI CAPITAL MANAGEMENT, INC. (BMNM) generated $3 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
PART I ITEM 1. BUSINESS Bimini Capital Management, Inc., a Maryland corporation (“Bimini Capital” and, collectively with its subsidiaries, the “Company,” “we”, “us” or “our”) is a specialty finance company that operates in two business segments: (i) investing in mortgage-backed securities (“MBS”) and Orchid Island Capital, Inc. (“Orchid”) common stock in our own portfolio, (ii) and serving as the external manager of Orchid which also invests in MBS. In both cases, the principal and interest payments of these MBS are guaranteed by Fannie Mae, Freddie Mac or the Government National Mortgage Association (“Ginnie Mae” and, collectively with Fannie Mae and Freddie Mac, “GSEs”) and are backed primarily by single-family residential mortgage loans. We refer to these types of MBS as “Agency MBS.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 24M | 24M | 19M | 18M | 16M | 14M |
| Net Income | 5.8M | 5.8M | -1.3M | -4.0M | -20M | 275K |
| EPS | $0.58 | $0.58 | $-0.13 | $-0.40 | $-1.90 | $0.02 |
| Free Cash Flow | 2.9M | 2.9M | 3.2M | 1.7M | 5.4M | 5.5M |
| ROIC | 53.5% | 40.3% | 18.4% | 10.1% | -13.5% | 2.0% |
| Gross Margin | 64.6% | 64.6% | 62.1% | 61.3% | 59.1% | 58.8% |
| Debt/Equity | 2.17 | 2.17 | 4.01 | 3.37 | 2.26 | 0.83 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 11M | 11M | 9.4M | 5.6M | -5.8M | 1.0M |
| Operating Margin | 47.7% | 47.7% | 48.1% | 31.0% | -36.1% | 7.3% |
| ROE | 46.0% | 59.7% | -17.5% | -39.3% | -87.9% | 0.8% |
| Shares Outstanding | 10M | 10M | 10M | 10M | 10M | 14M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 30M | N/A | 12M | 16M | 18M | 16M | 12M | 14M | 16M | 18M | 19M | 24M | 24M |
| Gross Margin | 90.1% | N/A | 71.7% | 75.5% | 77.0% | 74.2% | 65.0% | 58.8% | 59.1% | 61.3% | 62.1% | 64.6% | 64.6% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 7.2M | 9.7M | 5.7M | 6.4M | 6.4M | 6.4M | 6.7M | 8.3M | 9.8M | 10M | 11M | 13M | 13M |
| EBIT | 9.1M | -2.8M | 5.3M | 16M | 6.6M | 13M | 3.2M | 1.0M | -5.8M | 5.6M | 9.4M | 11M | 11M |
| Op. Margin | 30.3% | N/A | 43.7% | 99.1% | 37.1% | 80.6% | 26.2% | 7.3% | -36.1% | 31.0% | 48.1% | 47.7% | 47.7% |
| Net Income | 7.7M | 59M | 3.4M | -16M | -27M | 13M | -5.5M | 275K | -20M | -4.0M | -1.3M | 5.8M | 5.8M |
| Net Margin | 25.7% | N/A | 28.1% | -103.0% | -150.8% | 81.9% | -44.6% | 2.0% | -122.7% | -22.2% | -6.7% | 24.5% | 24.5% |
| Non-Recurring | -13K | 0 | 0 | 0 | 0 | 673K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 131.2% | 152.4% | 6.1% | 16.3% | 13.0% | 23.6% | 5.9% | 2.0% | -13.5% | 10.1% | 18.4% | 40.3% | 53.5% |
| ROE | 141.5% | 152.4% | 4.8% | -25.8% | -63.3% | 38.6% | -14.7% | 0.8% | -87.9% | -39.3% | -17.5% | 59.7% | 46.0% |
| ROA | 2.8% | 36.6% | 1.7% | -6.5% | -9.8% | 4.9% | -2.7% | 0.2% | -19.0% | -3.8% | -0.9% | 4.1% | 4.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 9.9M | 596K | 3.7M | 6.3M | 6.4M | 4K | 1.3M | 5.5M | 5.5M | 1.7M | 3.2M | 2.9M | 2.9M |
| Free Cash Flow | 9.8M | 596K | 3.7M | 6.3M | 6.4M | 4K | 1.3M | 5.5M | 5.4M | 1.7M | 3.2M | 2.9M | 2.9M |
| Owner Earnings | 9.5M | 396K | 3.4M | 6.2M | 6.3M | -69K | 1.2M | 5.5M | 5.4M | 1.6M | 3.1M | 2.8M | 2.8M |
| CapEx | 37K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46K | 0 | 0 | 0 | 0 |
| Maint. CapEx | 103K | 92K | 86K | 77K | 77K | 73K | 70K | 69K | 73K | 76K | 76K | 76K | 76K |
| Growth CapEx | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | N/A | N/A | N/A | 0 |
| D&A | 103K | 92K | 86K | 77K | 77K | 73K | 70K | 69K | 73K | 76K | 76K | 76K | 76K |
| CapEx/OCF | 0.4% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.8% | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 165K | 2.3M | 0 | 1.8M | 1.1M | 13K | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | 0.7% | 16.0% | N/A | 7.3% | 10.4% | 0.1% | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 302K | 107K | 221K | 28K | 6K | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 3K | 21K | 22K | 23K | 22K | 26K | 22K | 22K |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | 22M | 19M | 16M | 19M | 22M | 24M | 22M | 15M | 15M |
| Cash & Equiv. | 4.7M | 6.7M | 4.4M | 6.1M | 4.9M | 8.1M | 7.6M | 8.4M | 6.0M | 3.7M | 5.7M | 13M | 13M |
| Long-Term Debt | N/A | N/A | N/A | N/A | 0 | 1.2M | 1.2M | 27M | 27M | 27M | 27M | 27M | 27M |
| Debt/Equity | 14.96 | 1.58 | 2.09 | 4.11 | 0.93 | 0.69 | 0.80 | 0.83 | 2.26 | 3.37 | 4.01 | 2.17 | 2.17 |
| Interest Coverage | 2.8 | -6.6 | 7.1 | 1.2 | 0.5 | 1.3 | 0.3 | 0.9 | -2.7 | 1.0 | 1.2 | 1.7 | 1.7 |
| Equity | 9.2M | 69M | 72M | 56M | 29M | 40M | 34M | 33M | 12M | 8.1M | 6.8M | 13M | 13M |
| Total Assets | 147M | 177M | 223M | 285M | 259M | 279M | 129M | 122M | 86M | 126M | 155M | 130M | 130M |
| Total Liabilities | 138M | 109M | 151M | 229M | 230M | 240M | 94M | 89M | 74M | 117M | 148M | 117M | 117M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -325M | -266M | -263M | -279M | -306M | -293M | -298M | -298M | -318M | -322M | -323M | -317M | -317M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 0.63 | 4.77 | 0.27 | -1.30 | -2.10 | 1.09 | -0.47 | 0.02 | -1.90 | -0.40 | -0.13 | 0.58 | 0.58 |
| Owner EPS | 0.77 | 0.03 | 0.27 | 0.49 | 0.49 | -0.01 | 0.11 | 0.40 | 0.52 | 0.16 | 0.31 | 0.28 | 0.28 |
| Book Value | 0.75 | 5.52 | 5.75 | 4.39 | 2.27 | 3.28 | 2.95 | 2.40 | 1.16 | 0.82 | 0.68 | 1.26 | 1.26 |
| Cash Flow/Share | 0.80 | 0.05 | 0.29 | 0.50 | 0.50 | 0.00 | 0.11 | 0.40 | 0.52 | 0.17 | 0.32 | 0.29 | 0.59 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 12.3M | 12.4M | 12.5M | 12.7M | 12.8M | 12.2M | 11.7M | 13.8M | 10.4M | 10.0M | 10.0M | 10.0M | 10.0M |
| Valuation | |||||||||||||
| P/E Ratio | 2.8 | 0.2 | 9.9 | N/A | N/A | 1.1 | N/A | 87.2 | N/A | N/A | N/A | N/A | 4.1 |
| P/FCF | 2.2 | 14.8 | 8.9 | 5.3 | 4.0 | N/A | 9.4 | 5.9 | 1.9 | 5.6 | 3.4 | N/A | 8.3 |
| EV/EBIT | 4.8 | N/A | 3.8 | 3.4 | N/A | N/A | N/A | 279.1 | 5.2 | 2.6 | 2.4 | N/A | 3.4 |
| Price/Book | 2.4 | 0.1 | 0.5 | 0.6 | 0.8 | 0.4 | 0.3 | 0.7 | 0.8 | 1.2 | 1.6 | N/A | 1.9 |
| Price/Sales | 0.4 | N/A | 1.7 | N/A | N/A | 2.8 | 1.4 | 1.7 | 1.2 | 0.7 | 0.7 | N/A | 1.0 |
| FCF Yield | 45.1% | 6.6% | 11.0% | 18.8% | 27.4% | 0.0% | 11.7% | 23.0% | 53.6% | 17.8% | 29.7% | N/A | 12.1% |
| Market Cap | 22M | 9.0M | 34M | 34M | 23M | 14M | 11M | 24M | 10M | 9.5M | 11M | 0 | 24M |
| Avg. Price | 0.96 | 1.65 | 1.62 | 2.75 | 2.28 | 1.67 | 0.93 | 1.66 | 1.61 | 0.92 | 0.88 | 0.00 | 2.38 |
| Year-End Price | 1.72 | 0.71 | 2.63 | 2.65 | 2.00 | 1.22 | 1.05 | 2.39 | 1.01 | 0.95 | 1.07 | 0.00 | 2.38 |
BIMINI CAPITAL MANAGEMENT, INC. passes 3 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 7.5x vs a median of 5.4x. The company's 5-year average ROIC is 11.5% with a gross margin of 61.2%. At current prices, the estimated annualized return to fair value is +14.2%.
BIMINI CAPITAL MANAGEMENT, INC. (BMNM) has a debt-to-equity ratio of 2.17. This indicates higher leverage, which may increase financial risk.
BIMINI CAPITAL MANAGEMENT, INC. (BMNM) reported earnings per share (EPS) of $0.58 in its most recent fiscal year.
BIMINI CAPITAL MANAGEMENT, INC. (BMNM) has a return on equity (ROE) of 59.7%. This indicates the company generates strong returns for shareholders.
BIMINI CAPITAL MANAGEMENT, INC. (BMNM) has a 5-year average gross margin of 61.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for BIMINI CAPITAL MANAGEMENT, INC. (BMNM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BIMINI CAPITAL MANAGEMENT, INC. (BMNM) has a book value per share of $1.26, based on its most recent annual SEC filing.
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