Bimini Capital Management, Inc. (BMNM): fair value, margin of safety and Wheel Score

Is BMNM undervalued?

Bimini Capital Management, Inc. (BMNM) closed at 3.00 on 16 Oct 2026. The GLS average fair value - the simple average of the 8 valuation models that produced a positive number - is 198.76, which puts the price 98% below it. 8 of the 8 models value the shares above the current price. A gap this wide is rare in our universe of ~7,400 US stocks and is exactly what the Value part of the Wheel Score rewards; it is also where the question "why is it this cheap?" matters most.

The 8 models disagree widely: Graham Number gives 4.75 while DCF gives 1,482.98. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.

The nightly engine files BMNM under Value: positive earnings at a P/E of 18 or less.

Nine valuation models for BMNM

Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.

Quality and financial health

On financial health BMNM scores 8/9 (Piotroski): most of the nine tests - positive earnings and cash flow, falling debt, rising margins and turnover - are passed, which is the kind of balance sheet a wheel trader is happy to be assigned. The GLS Moat score is low at 4.2 out of 10, which says the ten-year record of revenue, earnings, margins and returns on capital has been inconsistent - growth and shocks rather than steady compounding.

Returns on capital are thin or negative - ROIC 4.6%, ROE 46.0%, ROA 4.5% - with debt at 8.93 times equity and a free-cash-flow yield of 23.4%. Debt of 8.93 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.

Bimini Capital Management, Inc. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Investment Advisory Fees 100% (quarter Q2 FY2026).

Institutional ownership scores 5/10, insider activity 10/10 and Congressional trading 5/10 on the GLS smart-money scales.

Wheel Score 39: No options

BMNM has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business; the Wheel Score is capped at 39 and shown as "No options" (39 here). The valuation and quality numbers still apply to owning the shares outright.

Volume runs at 0k shares a day on a market cap of $30M, with a beta of 0.15 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 6 of 20.

The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.

Upcoming events

No upcoming earnings date is recorded for BMNM in the nightly calendar.

Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.

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