COMP <GO>

MBI vs JRVR // FORWARD P/E MULTIPLE

MBIA Inc. (NYSE) VS. James River Group Holdings Inc. (NASDAQ) • 15-METRIC TALLY: MBI 4 — JRVR 3

■ METRIC PARITY

LAST: $4.45 (-0.22%) • MKT CAP: $227.0M

forward-pe

—

LAST: $3.92 (+1.82%) • MKT CAP: $181.3M

forward-pe

3.5x

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (MBI VS. JRVR) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	MBI	JRVR	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	—	8.80%	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	16.74%	-13.01%	+29.75	MBI	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	-60.00%	6.90%	-66.90	JRVR	/net-margins <GO>
Revenue Growth (YoY)	90.50%	-2.80%	+93.30	MBI	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	1.10%	-1.10	JRVR	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	4/9	2/9	+2.00	MBI	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	47.2	57.0	-9.80	JRVR	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple ACTIVE	—	3.5x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$227.0M	$181.3M	$45.7M	MBI	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	MBI REV	JRVR REV	MBI GROSS %	JRVR GROSS %	MBI FCF	JRVR FCF
FY 2025	$80.0M	$687.6M	—	—	$38.0M	-$23.6M
FY 2024	$42.0M	$707.6M	—	—	-$176.0M	-$252.0M
FY 2023	$7.0M	$812.0M	—	—	-$195.0M	$88.0M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

MBI // BETA —

JRVR // BETA —