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Apr 30, 2026·SEC
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NMI Holdings, Inc.(NMIH)Earnings, Financials & Key Ratios
NMIH•NASDAQ•Insurance & Managed Care
7.6× P/E·Price updated Jun 19, 2026
AboutNMI Holdings, Inc. provides private mortgage guaranty insurance services in the United States. The company offers mortgage insurance services; and outsourced loan review services to mortgage loan originators. It serves national and regional mortgage banks, money center banks, credit unions, community banks, builder-owned mortgage lenders, internet-sourced lenders, and other non-bank lenders. NMI Holdings, Inc. was incorporated in 2011 and is headquartered in Emeryville, California.Show more
- Revenue$706M+8.4%
- Combined Ratio29.16%+1.2%
- Net Income$389M+8.0%
- Return on Equity16.17%-7.0%
- Medical Cost Ratio8.17%+64.8%
- Operating Margin70.84%-0.5%
- Net Margin55.12%-0.4%
- ROA10.82%-5.5%
- Equity / Assets67.48%+1.9%
NMIH Key Insights
NMI Holdings, Inc. (NMIH) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Profitable underwriting: 29.2% combined ratio
- ✓Strong 5Y profit CAGR of 17.8%
- ✓Low loss ratio of 8.2%
- ✓Good 3Y average ROE of 17.3%
- ✓Share count reduced 2.8% through buybacks
- ✓Trading at only 1.1x book value
✗Weaknesses
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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NMIH Price & Volume
NMI Holdings, Inc. (NMIH) stock price & volume — 10-year historical chart
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NMIH Growth Metrics
NMI Holdings, Inc. (NMIH) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years28.95%
5 Years10.1%
3 Years10.39%
TTM8.48%
Profit CAGR
10 Years-
5 Years17.78%
3 Years9.91%
TTM8%
EPS CAGR
10 Years-
5 Years18.23%
3 Years13.22%
TTM10.84%
Return on Capital
10 Years12.85%
5 Years15.44%
3 Years14.98%
Last Year15.03%
NMIH Recent Earnings
NMI Holdings, Inc. (NMIH) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 10/12 qtrs (83%)●Beat Revenue 8/12 qtrs (67%)
Q2 2026Latest
Apr 30, 2026Metric
Actual
Est
EPS
$1.28+4.9%
$1.22
Rev
$155M+0.5%
$154M
Q1 2026
Feb 10, 2026Metric
Actual
Est
EPS
$1.20+2.6%
$1.17
Rev
$152M-0.2%
$153M
Q4 2025
Nov 4, 2025Metric
Actual
Est
EPS
$1.21+0.0%
$1.21
Rev
$179M-1.1%
$181M
Q3 2025
Jul 29, 2025Metric
Actual
Est
EPS
$1.22+5.2%
$1.16
Rev
$174M-1.8%
$177M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 30, 2026 | $1.28vs $1.22+4.9% | $155Mvs $154M+0.5% |
| Q1 2026 | Feb 10, 2026 | $1.20vs $1.17+2.6% | $152Mvs $153M-0.2% |
| Q4 2025 | Nov 4, 2025 | $1.21vs $1.21+0.0% | $179Mvs $181M-1.1% |
| Q3 2025 | Jul 29, 2025 | $1.22vs $1.16+5.2% | $174Mvs $177M-1.8% |
Based on last 12 quarters of dataView full earnings history →
NMIH Peer Comparison
NMI Holdings, Inc. (NMIH) competitors in Mortgage and Title Insurance — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 MTG | 5.51B | 26.06 | 8.30 | 0.49% | 59.63% | 14% | 0.13 | |
 RDN | 4.73B | 34.70 | 8.38 | -3.36% | 40.28% | 12.01% | 0.24 | |
 ESNT | 5.39B | 58.45 | 8.47 | -0.49% | 53.34% | 12.01% | 0.09 | |
 PFSI | 4.3B | 82.38 | 8.86 | 173.81% | 14.31% | 12.02% | 5.35 | |
 ACT | 5.98B | 42.39 | 9.38 | 2.37% | 54.55% | 12.74% | 0.14 | |
 FAF | 7.02B | 68.63 | 11.44 | 21.64% | 11.19% | 12.54% | 0.35 | |
 FNF | 12.6B | 46.82 | 21.19 | 8.61% | 5.15% | 8.5% | 0.53 | |
 STC | 2.03B | 66.46 | 16.45 | 17.32% | 3.96% | 7.72% | 0.54 |
Compare NMIH vs Peers
NMI Holdings, Inc. (NMIH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
NMIH Income Statement
NMI Holdings, Inc. (NMIH) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | 178.64M | 273.63M | 370.11M | 436.19M | 485.64M | 524.46M | 579M | 650.97M | 705.58M |
Revenue Growth % | 46.53% | 53.17% | 35.26% | 17.85% | 11.34% | 7.99% | 10.4% | 12.43% | 8.39% |
Medical Costs & Claims | 5.96M | 5.72M | 14.76M | 62.09M | 14.81M | -2.5M | 23.39M | 32.27M | 57.65M |
Medical Cost Ratio % | 3.33% | 2.09% | 3.99% | 14.23% | 3.05% | -0.48% | 4.04% | 4.96% | 8.17% |
Gross Profit | 172.68M▲ 0% | 267.91M▲ 55.1% | 355.36M▲ 32.6% | 374.1M▲ 5.3% | 470.82M▲ 25.9% | 526.96M▲ 11.9% | 555.61M▲ 5.4% | 618.7M▲ 11.4% | 647.93M▲ 4.7% |
Gross Margin % | 96.67% | 97.91% | 96.01% | 85.77% | 96.95% | 100.48% | 95.96% | 95.04% | 91.83% |
Gross Profit Growth % | 44.48% | 55.14% | 32.64% | 5.27% | 25.85% | 11.92% | 5.44% | 11.36% | 4.72% |
Operating Expenses | 119.89M | 131.94M | 138.71M | 156M | 174.1M | 149.65M | 142.91M | 155.29M | 148.13M |
OpEx / Revenue % | 67.11% | 48.22% | 37.48% | 35.76% | 35.85% | 28.53% | 24.68% | 23.86% | 20.99% |
Depreciation & Amortization | 6.66M | 7.81M | 9.3M | 9.93M | 11.23M | 11.87M | 11.54M | 11.94M | 0 |
Combined Ratio % | 70.45% | 50.31% | 41.46% | 50% | 38.9% | 28.06% | 28.72% | 28.81% | 29.16% |
Operating Income | 52.79M▲ 0% | 135.96M▲ 157.5% | 216.65M▲ 59.3% | 218.11M▲ 0.7% | 296.73M▲ 36.0% | 377.31M▲ 27.2% | 412.7M▲ 9.4% | 463.41M▲ 12.3% | 499.8M▲ 7.9% |
Operating Margin % | 29.55% | 49.69% | 58.54% | 50% | 61.1% | 71.94% | 71.28% | 71.19% | 70.84% |
Operating Income Growth % | 360.98% | 157.54% | 59.35% | 0.67% | 36.05% | 27.16% | 9.38% | 12.29% | 7.85% |
EBITDA | 59.45M | 143.77M | 225.95M | 228.04M | 307.96M | 389.18M | 424.24M | 475.35M | 528.28M |
EBITDA Margin % | 33.28% | 52.54% | 61.05% | 52.28% | 63.41% | 74.21% | 73.27% | 73.02% | 74.87% |
Interest Expense | 13.53M | 14.98M | 12.09M | 24.39M | 31.8M | 32.16M | 32.21M | 36.9M | 28.48M |
Non-Operating Income | -13.53M | -14.98M | -12.09M | -24.39M | -31.8M | -32.16M | -32.21M | -36.9M | -28.48M |
Pretax Income | 52.79M▲ 0% | 135.96M▲ 157.5% | 216.65M▲ 59.3% | 218.11M▲ 0.7% | 296.73M▲ 36.0% | 377.31M▲ 27.2% | 412.7M▲ 9.4% | 463.41M▲ 12.3% | 499.8M▲ 7.9% |
Pretax Margin % | 29.55% | 49.69% | 58.54% | 50% | 61.1% | 71.94% | 71.28% | 71.19% | 70.84% |
Income Tax | 30.74M | 28.03M | 44.7M | 46.54M | 65.59M | 84.4M | 90.59M | 103.31M | 110.88M |
Effective Tax Rate % | 58.23% | 20.62% | 20.63% | 21.34% | 22.11% | 22.37% | 21.95% | 22.29% | 22.18% |
Net Income | 22.05M▲ 0% | 107.93M▲ 389.5% | 171.96M▲ 59.3% | 171.57M▼ 0.2% | 231.13M▲ 34.7% | 292.9M▲ 26.7% | 322.11M▲ 10.0% | 360.11M▲ 11.8% | 388.93M▲ 8.0% |
Net Margin % | 12.34% | 39.44% | 46.46% | 39.33% | 47.59% | 55.85% | 55.63% | 55.32% | 55.12% |
Net Income Growth % | -65.55% | 389.46% | 59.33% | -0.23% | 34.72% | 26.73% | 9.97% | 11.8% | 8% |
EPS (Diluted) | 0.35▲ 0% | 1.60▲ 357.1% | 2.47▲ 54.4% | 2.13▼ 13.8% | 2.65▲ 24.4% | 3.39▲ 27.9% | 3.84▲ 13.3% | 4.43▲ 15.4% | 4.92▲ 11.1% |
EPS Growth % | -67.59% | 357.14% | 54.37% | -13.77% | 24.41% | 27.92% | 13.27% | 15.36% | 11.06% |
EPS (Basic) | 0.37 | 1.66 | 2.54 | 2.20 | 2.70 | 3.45 | 3.91 | 4.51 | 5.01 |
Diluted Shares Outstanding | 62.19M | 67.65M | 69.72M | 79.26M | 86.89M | 86M | 83.85M | 81.27M | 79.04M |
NMIH Balance Sheet
NMI Holdings, Inc. (NMIH) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Total Assets | 894.85M | 1.09B | 1.36B | 2.17B | 2.45B | 2.52B | 2.94B | 3.35B | 3.84B |
Asset Growth % | 6.54% | 22.04% | 24.98% | 58.75% | 13.1% | 2.67% | 16.87% | 13.93% | 14.66% |
Total Investment Assets | 0 | 0 | 0 | 0 | 2.09B | 2.1B | 2.37B | 2.72B | 3.14B |
Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 2.1B | 2.37B | 2.72B | 2.73B |
Short-Term Investments | 0 | 0 | 0 | 0 | 2.09B | 0 | 0 | 0 | 404.43M |
Total Current Assets | 19.2M | 23.88M | 38.43M | 121.38M | 2.34B | 42.25M | 95.35M | 54.22M | 1B |
Cash & Equivalents | 19.2M | 23.88M | 38.43M | 121.38M | 73.48M | 42.25M | 95.35M | 54.22M | 43.94M |
Receivables | 0 | 0 | 0 | 0 | 92.58M | 91.27M | 103.97M | 115.06M | 152.09M |
Other Current Assets | 0 | 0 | 0 | 0 | 3.17M | -91.27M | -103.97M | -115.06M | 0 |
Goodwill & Intangibles | 41.56M | 50.47M | 63.61M | 65.86M | 63.22M | 62.2M | 66.54M | 67.96M | 68.01M |
Goodwill | 3.24M | 3.24M | 3.24M | 3.24M | 3.24M | 3.24M | 3.24M | 3.24M | 3.24M |
Intangible Assets | 38.31M | 47.23M | 60.36M | 62.62M | 59.97M | 58.95M | 63.3M | 64.72M | 64.76M |
PP&E (Net) | 22.8M | 24.77M | 32.5M | 34.27M | 32.05M | 42.33M | 39.35M | 33.88M | 21.73M |
Other Assets | 811.29M | 992.92M | 1.23B | 1.95B | 10.92M | 269.86M | 368.24M | 470.37M | 18.06M |
Total Liabilities | 385.77M | 390.54M | 434.4M | 797.08M | 884.79M | 902.3M | 1.01B | 1.13B | 1.25B |
Total Debt | 143.88M | 146.76M | 145.76M | 393.3M | 394.62M | 396.05M | 397.6M | 415.15M | 417.03M |
Net Debt | 124.69M | 122.88M | 107.34M | 271.92M | 321.14M | 353.8M | 302.24M | 360.93M | 373.09M |
Long-Term Debt | 143.88M | 146.76M | 145.76M | 393.3M | 394.62M | 396.05M | 397.6M | 415.15M | 417.03M |
Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Current Liabilities | 0 | 0 | 0 | 0 | 414.93M | 2.5M | 2.5M | 15.6M | 525.55M |
Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Deferred Revenue | 0 | 0 | 0 | 0 | 139.24M | 123.03M | 92.3M | 65.22M | 46.66M |
Other Current Liabilities | 0 | 0 | 0 | 0 | 275.69M | -123.03M | -92.3M | -65.22M | 478.89M |
Deferred Taxes | 0 | 0 | 0 | 0 | 1000K | 0 | 0 | 0 | 1000K |
Other Liabilities | 241.89M | 243.79M | 288.63M | 403.77M | -88.93M | 503.75M | 614.41M | 701.79M | -172.36M |
Total Equity | 509.08M▲ 0% | 701.5M▲ 37.8% | 930.42M▲ 32.6% | 1.37B▲ 47.2% | 1.57B▲ 14.3% | 1.61B▲ 3.1% | 1.93B▲ 19.4% | 2.22B▲ 15.1% | 2.59B▲ 16.9% |
Equity Growth % | 7.06% | 37.8% | 32.63% | 47.2% | 14.33% | 3.06% | 19.35% | 15.13% | 16.89% |
Shareholders Equity | 509.08M | 701.5M | 930.42M | 1.37B | 1.57B | 1.61B | 1.93B | 2.22B | 2.59B |
Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Retained Earnings | -74.16M | 33.49M | 205.44M | 377.01M | 608.14M | 901.04M | 1.22B | 1.58B | 1.97B |
Common Stock | 605K | 663K | 684K | 852K | 858K | 865K | 873K | 879K | 884K |
Accumulated OCI | -2.86M | -14.83M | 17.29M | 53.86M | 1.49M | -204.32M | -139.92M | -124.8M | -46.08M |
Return on Equity (ROE) | 4.48% | 17.83% | 21.07% | 14.92% | 15.75% | 18.42% | 18.2% | 17.38% | 16.17% |
Return on Assets (ROA) | 2.54% | 10.86% | 14% | 9.72% | 10.01% | 11.79% | 11.81% | 11.45% | 10.82% |
Equity / Assets | 56.89% | 64.24% | 68.17% | 63.21% | 63.89% | 64.14% | 65.5% | 66.19% | 67.48% |
Debt / Equity | 0.28x | 0.21x | 0.16x | 0.29x | 0.25x | 0.25x | 0.21x | 0.19x | 0.16x |
Book Value per Share | 8.19 | 10.37 | 13.34 | 17.28 | 18.02 | 18.76 | 22.97 | 27.28 | 32.79 |
Tangible BV per Share | 7.52 | 9.62 | 12.43 | 16.45 | 17.29 | 18.04 | 22.18 | 26.45 | 31.93 |
NMIH Cash Flow Statement
NMI Holdings, Inc. (NMIH) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 67.76M | 145.86M | 208.15M | 252.6M | 325.72M | 313.39M | 342.68M | 393.6M | 419.3M |
Operating CF Growth % | -5.81% | 115.25% | 42.7% | 21.35% | 28.95% | -3.78% | 9.35% | 14.86% | 6.53% |
Operating CF / Revenue % | 37.93% | 53.31% | 56.24% | 57.91% | 67.07% | 59.76% | 59.19% | 60.46% | 59.43% |
Net Income | 22.05M | 107.93M | 171.96M | 171.57M | 231.13M | 292.9M | 322.11M | 360.11M | 388.93M |
Depreciation & Amortization | 6.66M | 7.81M | 10.31M | 9.93M | 11.23M | 11.87M | 11.54M | 10.86M | 7.17M |
Stock-Based Compensation | 9.48M | 12.56M | 13.03M | 11.12M | 16.68M | 15.43M | 16.91M | 19.81M | 20.19M |
Deferred Taxes | 31.1M | 25.93M | 0 | 46.51M | 65.51M | 84.39M | 90.59M | 80.7M | 71.77M |
Other Non-Cash Items | 6.97M | 6.25M | 36.58M | 3.87M | 7.3M | 5.97M | 2.48M | 9.16M | 1.98M |
Working Capital Changes | -8.51M | -14.61M | -23.73M | 9.61M | -6.13M | -97.17M | -100.95M | -87.03M | -70.74M |
Cash from Investing | -93.07M | -220.65M | -194.35M | -629.55M | -374.18M | -289.79M | -200M | -339.29M | -316.47M |
Capital Expenditures | -8.51M | -8.06M | -9.96M | -12.16M | -12.24M | -10.57M | -9.37M | -6.91M | -6.78M |
Acquisitions | 8.51M | 8.06M | 0 | 12.16M | 12.24M | 0 | 0 | 0 | 0 |
Purchase of Investments | -350.27M | -614.25M | 0 | -1.11B | -525.04M | -547.51M | -654.79M | -651.69M | -899.04M |
Sale/Maturity of Investments | 265.71M | 401.66M | 0 | 490.76M | 163.1M | 268.3M | 464.16M | 319.31M | 589.36M |
Other Investing | -8.51M | -8.06M | -184.4M | -12.16M | -12.24M | 0 | 0 | 0 | 0 |
Cash from Financing | -3.24M | 80.89M | 2M | 462.8M | -1.83M | -55.83M | -90.42M | -96.7M | -113.2M |
Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Share Repurchases | -8.58M | 0 | -18.25M | 0 | 0 | -56.58M | -91.61M | -97.61M | -105.1M |
Stock Issued | 7.1M | 79.17M | 0 | 228.56M | 4.7M | 5.96M | 10.55M | 4.29M | 2.88M |
Debt Issuance (Net) | -1000K | 1000K | -1000K | 1000K | 0 | 0 | 0 | 1000K | 0 |
Other Financing | -1.74M | 88.73M | 21.75M | -18M | -6.53M | -5.21M | -9.36M | -10.22M | -10.98M |
Net Change in Cash | -28.55M▲ 0% | 6.1M▲ 121.4% | 15.79M▲ 159.0% | 85.85M▲ 443.5% | -50.29M▼ 158.6% | -32.22M▲ 35.9% | 52.26M▲ 262.2% | -42.38M▼ 181.1% | -10.37M▲ 75.5% |
Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash at Beginning | 47.75M | 19.2M | 25.29M | 41.09M | 126.94M | 76.65M | 44.43M | 96.69M | 54.31M |
Cash at End | 19.2M | 25.29M | 41.09M | 126.94M | 76.65M | 44.43M | 96.69M | 54.31M | 43.94M |
Free Cash Flow | 59.25M▲ 0% | 137.8M▲ 132.6% | 198.19M▲ 43.8% | 240.44M▲ 21.3% | 313.48M▲ 30.4% | 302.82M▼ 3.4% | 333.31M▲ 10.1% | 386.7M▲ 16.0% | 412.52M▲ 6.7% |
FCF Growth % | -2.02% | 132.56% | 43.83% | 21.32% | 30.38% | -3.4% | 10.07% | 16.02% | 6.68% |
FCF Margin % | 33.17% | 50.36% | 53.55% | 55.12% | 64.55% | 57.74% | 57.57% | 59.4% | 58.47% |
FCF per Share | 0.95 | 2.04 | 2.84 | 3.03 | 3.61 | 3.52 | 3.97 | 4.76 | 5.22 |
NMIH Key Ratios
NMI Holdings, Inc. (NMIH) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
Combined Ratio | 90.61% | 70.45% | 50.31% | 41.46% | 50% | 38.9% | 28.06% | 28.72% | 28.81% | 29.16% |
Medical Cost Ratio | 1.96% | 3.33% | 2.09% | 3.99% | 14.23% | 3.05% | -0.48% | 4.04% | 4.96% | 8.17% |
Return on Equity (ROE) | 14.57% | 4.48% | 17.83% | 21.07% | 14.92% | 15.75% | 18.42% | 18.2% | 17.38% | 16.17% |
Return on Assets (ROA) | 8.52% | 2.54% | 10.86% | 14% | 9.72% | 10.01% | 11.79% | 11.81% | 11.45% | 10.82% |
Equity / Assets | 56.62% | 56.89% | 64.24% | 68.17% | 63.21% | 63.89% | 64.14% | 65.5% | 66.19% | 67.48% |
Book Value / Share | 7.82 | 8.19 | 10.37 | 13.34 | 17.28 | 18.02 | 18.76 | 22.97 | 27.28 | 32.79 |
Debt / Equity | 0.30x | 0.28x | 0.21x | 0.16x | 0.29x | 0.25x | 0.25x | 0.21x | 0.19x | 0.16x |
Revenue Growth | 119.62% | 46.53% | 53.17% | 35.26% | 17.85% | 11.34% | 7.99% | 10.4% | 12.43% | 8.39% |
Related:NMIH Dividend History·NMIH Revenue History·NMIH Price History·NMIH P/E History·NMIH Financial Ratios·NMIH Institutional Holders
NMIH SEC Filings & Documents
NMI Holdings, Inc. (NMIH) SEC filings — annual & quarterly reports (10-K, 10-Q)
NMIH Frequently Asked Questions
NMI Holdings, Inc. (NMIH) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
NMI Holdings, Inc. (NMIH) grew revenue by 8.4% over the past year. This is steady growth.
Yes, NMI Holdings, Inc. (NMIH) is profitable, generating $388.9M in net income for fiscal year 2025 (55.1% net margin).
Dividend & Returns
NMI Holdings, Inc. (NMIH) has a return on equity (ROE) of 16.2%. This is reasonable for most industries.
Industry Metrics
NMI Holdings, Inc. (NMIH) has a combined ratio of 29.2%. A ratio below 100% indicates underwriting profitability.