NMI Holdings, Inc. (NMIH) 10-Year Financial Performance & Capital Metrics

NMIH • • Insurance & Managed Care

Financial ServicesSpecialty InsuranceMortgage InsurancePrivate Mortgage Insurers

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 $651M +12.4%
Combined Ratio 28.81% +0.3%
Net Income $360M +11.8%
Return on Equity 17.38% -4.5%
Medical Cost Ratio 4.96% +22.7%
Operating Margin 71.19% -0.1%
Net Margin 55.32% -0.6%
ROA 11.45% -3.0%
Equity / Assets 66.19% +1.1%
Book Value per Share 27.28 +18.8%
Tangible BV/Share 26.45 +19.3%
Debt/Equity 0.19 -9.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 28.8% combined ratio
✓Strong 5Y profit CAGR of 15.9%
✓Low loss ratio of 5.0%
✓Good 3Y average ROE of 18.0%
✓Share count reduced 3.1% through buybacks
✓Trading at only 1.4x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y40.19%

5Y11.96%

3Y10.26%

TTM8.86%

Profit (Net Income) CAGR

10Y-

5Y15.93%

3Y15.93%

TTM6.58%

EPS CAGR

10Y-

5Y12.39%

3Y18.68%

TTM9.38%

ROCE

10Y Avg10.43%

5Y Avg14.07%

3Y Avg15.04%

Latest14.78%

Peer Comparison

Private Mortgage Insurers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MTGMGIC Investment Corporation	5.86B	26.20	9.07	4.56%	61.96%	14.57%	12.35%	0.12
ESNTEssent Group Ltd.	5.91B	61.13	8.92	12.03%	53.73%	12.25%	14.47%	0.09
ACTEnact Holdings, Inc.	5.58B	38.66	8.85	4.18%	53.87%	12.41%	12.29%	0.15
NMIHNMI Holdings, Inc.	2.89B	37.62	8.49	12.43%	55.02%	15.14%	13.37%	0.19
RDNRadian Group Inc.	4.46B	32.95	8.41	4.04%	45.61%	12.38%		0.51

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	55.51M	121.92M	178.64M	273.63M	370.11M	436.19M	485.64M	524.46M	579M	650.97M
Revenue Growth %	1.5%	1.2%	0.47%	0.53%	0.35%	0.18%	0.11%	0.08%	0.1%	0.12%
Medical Costs & Claims+	650K	2.39M	5.96M	5.72M	14.76M	62.09M	14.81M	-2.5M	23.39M	32.27M
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	54.86M	119.52M	172.68M	267.91M	355.36M	374.1M	470.82M	526.96M	555.61M	618.7M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	1.52%	1.18%	0.44%	0.55%	0.33%	0.05%	0.26%	0.12%	0.05%	0.11%
Operating Expenses+	82.66M	108.07M	119.89M	131.94M	138.71M	156M	174.1M	149.65M	142.91M	155.29M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	4.86M	5.66M	6.66M	7.81M	9.3M	9.93M	11.23M	11.87M	11.54M	11.94M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	-27.79M	11.45M	52.79M	135.96M	216.65M	218.11M	296.73M	377.31M	412.7M	463.41M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.46%	1.41%	3.61%	1.58%	0.59%	0.01%	0.36%	0.27%	0.09%	0.12%
EBITDA+	-22.93M	17.11M	59.45M	143.77M	225.95M	228.04M	307.96M	389.18M	424.24M	475.35M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	2.06M	14.85M	13.53M	14.98M	12.09M	24.39M	31.8M	32.16M	32.21M	36.9M
Non-Operating Income	-2.06M	-14.85M	-13.53M	-14.98M	-12.09M	-24.39M	-31.8M	-32.16M	-32.21M	-36.9M
Pretax Income+	-27.79M	11.45M	52.79M	135.96M	216.65M	218.11M	296.73M	377.31M	412.7M	463.41M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	-52.55M	30.74M	28.03M	44.7M	46.54M	65.59M	84.4M	90.59M	103.31M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	-27.79M	64M	22.05M	107.93M	171.96M	171.57M	231.13M	292.9M	322.11M	360.11M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.43%	3.3%	-0.66%	3.89%	0.59%	-0%	0.35%	0.27%	0.1%	0.12%
EPS (Diluted)+	-0.47	1.08	0.35	1.60	2.47	2.13	2.65	3.39	3.84	4.43
EPS Growth %	0.44%	3.3%	-0.68%	3.57%	0.54%	-0.14%	0.24%	0.28%	0.13%	0.15%
EPS (Basic)	-0.47	1.11	0.37	1.66	2.54	2.20	2.70	3.45	3.91	4.51
Diluted Shares Outstanding	58.68M	60.83M	62.19M	67.65M	69.72M	79.26M	86.89M	86M	83.85M	81.27M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	662.45M	839.9M	894.85M	1.09B	1.36B	2.17B	2.45B	2.52B	2.94B	3.35B
Asset Growth %	0.43%	0.27%	0.07%	0.22%	0.25%	0.59%	0.13%	0.03%	0.17%	0.14%
Total Investment Assets+	0	0	0	0	0	0	0	2.1B	2.37B	2.72B
Long-Term Investments	0	0	0	0	0	0	0	2.1B	2.37B	2.72B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Total Current Assets+	57.32M	47.75M	19.2M	23.88M	38.43M	121.38M	73.48M	42.25M	95.35M	54.22M
Cash & Equivalents	57.32M	47.75M	19.2M	23.88M	38.43M	121.38M	73.48M	42.25M	95.35M	54.22M
Receivables	0	0	0	0	0	0	0	1000K	1000K	1000K
Other Current Assets	0	0	0	0	0	0	0	-91.27M	-103.97M	-115.06M
Goodwill & Intangibles+	21.16M	33.74M	41.56M	50.47M	63.61M	65.86M	63.22M	62.2M	66.54M	67.96M
Goodwill	3.24M	3.24M	3.24M	3.24M	3.24M	3.24M	3.24M	3.24M	3.24M	3.24M
Intangible Assets	17.92M	30.5M	38.31M	47.23M	60.36M	62.62M	59.97M	58.95M	63.3M	64.72M
PP&E (Net)	15.2M	20.4M	22.8M	24.77M	32.5M	34.27M	34.65M	42.33M	39.35M	33.88M
Other Assets	568.77M	738.01M	811.29M	992.92M	1.23B	1.95B	2.28B	269.86M	368.24M	470.37M
Total Liabilities	259.72M	364.39M	385.77M	390.54M	434.4M	797.08M	884.79M	902.3M	1.01B	1.13B
Total Debt+	143.94M	144.35M	143.88M	146.76M	145.76M	393.3M	394.62M	396.05M	397.6M	415.15M
Net Debt	86.62M	96.61M	124.69M	122.88M	107.34M	271.92M	321.14M	353.8M	302.24M	360.93M
Long-Term Debt	143.94M	144.35M	143.88M	146.76M	145.76M	393.3M	394.62M	396.05M	397.6M	415.15M
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities+	0	0	0	0	0	0	2.5M	2.5M	2.5M	15.6M
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Liabilities	115.78M	220.03M	241.89M	243.79M	288.63M	403.77M	487.67M	503.75M	614.41M	701.79M
Total Equity+	402.73M	475.51M	509.08M	701.5M	930.42M	1.37B	1.57B	1.61B	1.93B	2.22B
Equity Growth %	-0.06%	0.18%	0.07%	0.38%	0.33%	0.47%	0.14%	0.03%	0.19%	0.15%
Shareholders Equity	402.73M	475.51M	509.08M	701.5M	930.42M	1.37B	1.57B	1.61B	1.93B	2.22B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-160.72M	-96.72M	-74.16M	33.49M	205.44M	377.01M	608.14M	901.04M	1.22B	1.58B
Common Stock	588K	591K	605K	663K	684K	852K	858K	865K	873K	879K
Accumulated OCI	-7.47M	-5.29M	-2.86M	-14.83M	17.29M	53.86M	1.49M	-204.32M	-139.92M	-124.8M
Return on Equity (ROE)	-0.07%	0.15%	0.04%	0.18%	0.21%	0.15%	0.16%	0.18%	0.18%	0.17%
Return on Assets (ROA)	-0.05%	0.09%	0.03%	0.11%	0.14%	0.1%	0.1%	0.12%	0.12%	0.11%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.36x	0.30x	0.28x	0.21x	0.16x	0.29x	0.25x	0.25x	0.21x	0.19x
Book Value per Share	6.86	7.82	8.19	10.37	13.34	17.28	18.02	18.76	22.97	27.28
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	41.46M	71.94M	67.76M	145.86M	208.15M	252.6M	325.72M	313.39M	342.68M	393.6M
Operating CF Growth %	2.97%	0.74%	-0.06%	1.15%	0.43%	0.21%	0.29%	-0.04%	0.09%	0.15%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	-27.79M	65.84M	22.05M	107.93M	171.96M	171.57M	231.13M	292.9M	322.11M	360.11M
Depreciation & Amortization	4.86M	5.66M	6.66M	7.81M	10.31M	9.93M	11.23M	11.87M	11.54M	10.86M
Stock-Based Compensation	8.17M	6.85M	9.48M	12.56M	13.03M	11.12M	16.68M	15.43M	16.91M	19.81M
Deferred Taxes	0	-54.75M	31.1M	25.93M	0	46.51M	65.51M	84.39M	90.59M	80.7M
Other Non-Cash Items	-2.48M	5.77M	6.97M	6.25M	36.58M	3.87M	7.3M	5.97M	2.48M	9.16M
Working Capital Changes	58.71M	42.57M	-8.51M	-14.61M	-23.73M	9.61M	-6.13M	-97.17M	-100.95M	-87.03M
Cash from Investing+	-230.16M	-79.79M	-93.07M	-220.65M	-194.35M	-629.55M	-374.18M	-289.79M	-200M	-339.29M
Capital Expenditures	-6.13M	-11.47M	-8.51M	-8.06M	-9.96M	-12.16M	-12.24M	-10.57M	-9.37M	-6.91M
Acquisitions	159.63M	11.47M	8.51M	8.06M	0	12.16M	12.24M	0	0	0
Purchase of Investments	-364.93M	-313.63M	-350.27M	-614.25M	0	-1.11B	-525.04M	-547.51M	-654.79M	-651.69M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K	1000K
Other Investing	-159.63M	-11.47M	-8.51M	-8.06M	-184.4M	-12.16M	-12.24M	0	0	0
Cash from Financing+	143M	-1.72M	-3.24M	80.89M	2M	462.8M	-1.83M	-55.83M	-90.42M	-96.7M
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	-8.58M	0	-18.25M	0	0	-56.58M	-91.61M	-97.61M
Stock Issued	415K	532K	7.1M	79.17M	0	228.56M	4.7M	0	0	0
Debt Issuance (Net)	1000K	-1000K	-1000K	1000K	-1000K	1000K	0	0	0	1000K
Other Financing	-5.54M	-755K	-1.74M	88.73M	21.75M	-18M	-6.53M	747K	1.19M	-13.71M
Net Change in Cash+	-45.7M	-9.57M	-28.55M	6.1M	15.79M	85.85M	-50.29M	-32.22M	52.26M	-42.38M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	103.02M	57.32M	47.75M	19.2M	25.29M	41.09M	126.94M	76.65M	44.43M	96.69M
Cash at End	57.32M	47.75M	19.2M	25.29M	41.09M	126.94M	76.65M	44.43M	96.69M	54.31M
Free Cash Flow+	35.33M	60.47M	59.25M	137.8M	198.19M	240.44M	313.48M	302.82M	333.31M	386.7M
FCF Growth %	2.21%	0.71%	-0.02%	1.33%	0.44%	0.21%	0.3%	-0.03%	0.1%	0.16%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	0.6	0.99	0.95	2.04	2.84	3.03	3.61	3.52	3.97	4.76

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	150.07%	90.61%	70.45%	50.31%	41.46%	50%	38.9%	28.06%	28.72%	28.81%
Medical Cost Ratio	1.17%	1.96%	3.33%	2.09%	3.99%	14.23%	3.05%	-0.48%	4.04%	4.96%
Return on Equity (ROE)	-6.7%	14.57%	4.48%	17.83%	21.07%	14.92%	15.75%	18.42%	18.2%	17.38%
Return on Assets (ROA)	-4.94%	8.52%	2.54%	10.86%	14%	9.72%	10.01%	11.79%	11.81%	11.45%
Equity / Assets	60.79%	56.62%	56.89%	64.24%	68.17%	63.21%	63.89%	64.14%	65.5%	66.19%
Book Value / Share	6.86	7.82	8.19	10.37	13.34	17.28	18.02	18.76	22.97	27.28
Debt / Equity	0.36x	0.30x	0.28x	0.21x	0.16x	0.29x	0.25x	0.25x	0.21x	0.19x
Revenue Growth	149.97%	119.62%	46.53%	53.17%	35.26%	17.85%	11.34%	7.99%	10.4%	12.43%

Frequently Asked Questions

Valuation & Price

NMI Holdings, Inc. (NMIH) has a price-to-earnings (P/E) ratio of 8.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

NMI Holdings, Inc. (NMIH) grew revenue by 12.4% over the past year. This is steady growth.

Yes, NMI Holdings, Inc. (NMIH) is profitable, generating $380.9M in net income for fiscal year 2024 (55.3% net margin).

Dividend & Returns

NMI Holdings, Inc. (NMIH) has a return on equity (ROE) of 17.4%. This is reasonable for most industries.

Industry Metrics

NMI Holdings, Inc. (NMIH) has a combined ratio of 28.8%. A ratio below 100% indicates underwriting profitability.

US Stock Screener

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NMI Holdings, Inc. (NMIH) 10-Year Financial Performance & Capital Metrics

NMIH • • Insurance & Managed Care

Financial ServicesSpecialty InsuranceMortgage InsurancePrivate Mortgage Insurers

Revenue $651M +12.4%
Combined Ratio 28.81% +0.3%
Net Income $360M +11.8%
Return on Equity 17.38% -4.5%
Medical Cost Ratio 4.96% +22.7%
Operating Margin 71.19% -0.1%
Net Margin 55.32% -0.6%
ROA 11.45% -3.0%
Equity / Assets 66.19% +1.1%
Book Value per Share 27.28 +18.8%
Tangible BV/Share 26.45 +19.3%
Debt/Equity 0.19 -9.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 28.8% combined ratio
✓Strong 5Y profit CAGR of 15.9%
✓Low loss ratio of 5.0%
✓Good 3Y average ROE of 18.0%
✓Share count reduced 3.1% through buybacks
✓Trading at only 1.4x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y40.19%

5Y11.96%

3Y10.26%

TTM8.86%

Profit (Net Income) CAGR

10Y-

5Y15.93%

3Y15.93%

TTM6.58%

EPS CAGR

10Y-

5Y12.39%

3Y18.68%

TTM9.38%

ROCE

10Y Avg10.43%

5Y Avg14.07%

3Y Avg15.04%

Latest14.78%

Peer Comparison

Private Mortgage Insurers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MTGMGIC Investment Corporation	5.86B	26.20	9.07	4.56%	61.96%	14.57%	12.35%	0.12
ESNTEssent Group Ltd.	5.91B	61.13	8.92	12.03%	53.73%	12.25%	14.47%	0.09
ACTEnact Holdings, Inc.	5.58B	38.66	8.85	4.18%	53.87%	12.41%	12.29%	0.15
NMIHNMI Holdings, Inc.	2.89B	37.62	8.49	12.43%	55.02%	15.14%	13.37%	0.19
RDNRadian Group Inc.	4.46B	32.95	8.41	4.04%	45.61%	12.38%		0.51

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	55.51M	121.92M	178.64M	273.63M	370.11M	436.19M	485.64M	524.46M	579M	650.97M
Revenue Growth %	1.5%	1.2%	0.47%	0.53%	0.35%	0.18%	0.11%	0.08%	0.1%	0.12%
Medical Costs & Claims+	650K	2.39M	5.96M	5.72M	14.76M	62.09M	14.81M	-2.5M	23.39M	32.27M
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	54.86M	119.52M	172.68M	267.91M	355.36M	374.1M	470.82M	526.96M	555.61M	618.7M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	1.52%	1.18%	0.44%	0.55%	0.33%	0.05%	0.26%	0.12%	0.05%	0.11%
Operating Expenses+	82.66M	108.07M	119.89M	131.94M	138.71M	156M	174.1M	149.65M	142.91M	155.29M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	4.86M	5.66M	6.66M	7.81M	9.3M	9.93M	11.23M	11.87M	11.54M	11.94M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	-27.79M	11.45M	52.79M	135.96M	216.65M	218.11M	296.73M	377.31M	412.7M	463.41M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.46%	1.41%	3.61%	1.58%	0.59%	0.01%	0.36%	0.27%	0.09%	0.12%
EBITDA+	-22.93M	17.11M	59.45M	143.77M	225.95M	228.04M	307.96M	389.18M	424.24M	475.35M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	2.06M	14.85M	13.53M	14.98M	12.09M	24.39M	31.8M	32.16M	32.21M	36.9M
Non-Operating Income	-2.06M	-14.85M	-13.53M	-14.98M	-12.09M	-24.39M	-31.8M	-32.16M	-32.21M	-36.9M
Pretax Income+	-27.79M	11.45M	52.79M	135.96M	216.65M	218.11M	296.73M	377.31M	412.7M	463.41M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	-52.55M	30.74M	28.03M	44.7M	46.54M	65.59M	84.4M	90.59M	103.31M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	-27.79M	64M	22.05M	107.93M	171.96M	171.57M	231.13M	292.9M	322.11M	360.11M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.43%	3.3%	-0.66%	3.89%	0.59%	-0%	0.35%	0.27%	0.1%	0.12%
EPS (Diluted)+	-0.47	1.08	0.35	1.60	2.47	2.13	2.65	3.39	3.84	4.43
EPS Growth %	0.44%	3.3%	-0.68%	3.57%	0.54%	-0.14%	0.24%	0.28%	0.13%	0.15%
EPS (Basic)	-0.47	1.11	0.37	1.66	2.54	2.20	2.70	3.45	3.91	4.51
Diluted Shares Outstanding	58.68M	60.83M	62.19M	67.65M	69.72M	79.26M	86.89M	86M	83.85M	81.27M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	662.45M	839.9M	894.85M	1.09B	1.36B	2.17B	2.45B	2.52B	2.94B	3.35B
Asset Growth %	0.43%	0.27%	0.07%	0.22%	0.25%	0.59%	0.13%	0.03%	0.17%	0.14%
Total Investment Assets+	0	0	0	0	0	0	0	2.1B	2.37B	2.72B
Long-Term Investments	0	0	0	0	0	0	0	2.1B	2.37B	2.72B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Total Current Assets+	57.32M	47.75M	19.2M	23.88M	38.43M	121.38M	73.48M	42.25M	95.35M	54.22M
Cash & Equivalents	57.32M	47.75M	19.2M	23.88M	38.43M	121.38M	73.48M	42.25M	95.35M	54.22M
Receivables	0	0	0	0	0	0	0	1000K	1000K	1000K
Other Current Assets	0	0	0	0	0	0	0	-91.27M	-103.97M	-115.06M
Goodwill & Intangibles+	21.16M	33.74M	41.56M	50.47M	63.61M	65.86M	63.22M	62.2M	66.54M	67.96M
Goodwill	3.24M	3.24M	3.24M	3.24M	3.24M	3.24M	3.24M	3.24M	3.24M	3.24M
Intangible Assets	17.92M	30.5M	38.31M	47.23M	60.36M	62.62M	59.97M	58.95M	63.3M	64.72M
PP&E (Net)	15.2M	20.4M	22.8M	24.77M	32.5M	34.27M	34.65M	42.33M	39.35M	33.88M
Other Assets	568.77M	738.01M	811.29M	992.92M	1.23B	1.95B	2.28B	269.86M	368.24M	470.37M
Total Liabilities	259.72M	364.39M	385.77M	390.54M	434.4M	797.08M	884.79M	902.3M	1.01B	1.13B
Total Debt+	143.94M	144.35M	143.88M	146.76M	145.76M	393.3M	394.62M	396.05M	397.6M	415.15M
Net Debt	86.62M	96.61M	124.69M	122.88M	107.34M	271.92M	321.14M	353.8M	302.24M	360.93M
Long-Term Debt	143.94M	144.35M	143.88M	146.76M	145.76M	393.3M	394.62M	396.05M	397.6M	415.15M
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities+	0	0	0	0	0	0	2.5M	2.5M	2.5M	15.6M
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Liabilities	115.78M	220.03M	241.89M	243.79M	288.63M	403.77M	487.67M	503.75M	614.41M	701.79M
Total Equity+	402.73M	475.51M	509.08M	701.5M	930.42M	1.37B	1.57B	1.61B	1.93B	2.22B
Equity Growth %	-0.06%	0.18%	0.07%	0.38%	0.33%	0.47%	0.14%	0.03%	0.19%	0.15%
Shareholders Equity	402.73M	475.51M	509.08M	701.5M	930.42M	1.37B	1.57B	1.61B	1.93B	2.22B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-160.72M	-96.72M	-74.16M	33.49M	205.44M	377.01M	608.14M	901.04M	1.22B	1.58B
Common Stock	588K	591K	605K	663K	684K	852K	858K	865K	873K	879K
Accumulated OCI	-7.47M	-5.29M	-2.86M	-14.83M	17.29M	53.86M	1.49M	-204.32M	-139.92M	-124.8M
Return on Equity (ROE)	-0.07%	0.15%	0.04%	0.18%	0.21%	0.15%	0.16%	0.18%	0.18%	0.17%
Return on Assets (ROA)	-0.05%	0.09%	0.03%	0.11%	0.14%	0.1%	0.1%	0.12%	0.12%	0.11%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.36x	0.30x	0.28x	0.21x	0.16x	0.29x	0.25x	0.25x	0.21x	0.19x
Book Value per Share	6.86	7.82	8.19	10.37	13.34	17.28	18.02	18.76	22.97	27.28
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	41.46M	71.94M	67.76M	145.86M	208.15M	252.6M	325.72M	313.39M	342.68M	393.6M
Operating CF Growth %	2.97%	0.74%	-0.06%	1.15%	0.43%	0.21%	0.29%	-0.04%	0.09%	0.15%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	-27.79M	65.84M	22.05M	107.93M	171.96M	171.57M	231.13M	292.9M	322.11M	360.11M
Depreciation & Amortization	4.86M	5.66M	6.66M	7.81M	10.31M	9.93M	11.23M	11.87M	11.54M	10.86M
Stock-Based Compensation	8.17M	6.85M	9.48M	12.56M	13.03M	11.12M	16.68M	15.43M	16.91M	19.81M
Deferred Taxes	0	-54.75M	31.1M	25.93M	0	46.51M	65.51M	84.39M	90.59M	80.7M
Other Non-Cash Items	-2.48M	5.77M	6.97M	6.25M	36.58M	3.87M	7.3M	5.97M	2.48M	9.16M
Working Capital Changes	58.71M	42.57M	-8.51M	-14.61M	-23.73M	9.61M	-6.13M	-97.17M	-100.95M	-87.03M
Cash from Investing+	-230.16M	-79.79M	-93.07M	-220.65M	-194.35M	-629.55M	-374.18M	-289.79M	-200M	-339.29M
Capital Expenditures	-6.13M	-11.47M	-8.51M	-8.06M	-9.96M	-12.16M	-12.24M	-10.57M	-9.37M	-6.91M
Acquisitions	159.63M	11.47M	8.51M	8.06M	0	12.16M	12.24M	0	0	0
Purchase of Investments	-364.93M	-313.63M	-350.27M	-614.25M	0	-1.11B	-525.04M	-547.51M	-654.79M	-651.69M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K	1000K
Other Investing	-159.63M	-11.47M	-8.51M	-8.06M	-184.4M	-12.16M	-12.24M	0	0	0
Cash from Financing+	143M	-1.72M	-3.24M	80.89M	2M	462.8M	-1.83M	-55.83M	-90.42M	-96.7M
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	-8.58M	0	-18.25M	0	0	-56.58M	-91.61M	-97.61M
Stock Issued	415K	532K	7.1M	79.17M	0	228.56M	4.7M	0	0	0
Debt Issuance (Net)	1000K	-1000K	-1000K	1000K	-1000K	1000K	0	0	0	1000K
Other Financing	-5.54M	-755K	-1.74M	88.73M	21.75M	-18M	-6.53M	747K	1.19M	-13.71M
Net Change in Cash+	-45.7M	-9.57M	-28.55M	6.1M	15.79M	85.85M	-50.29M	-32.22M	52.26M	-42.38M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	103.02M	57.32M	47.75M	19.2M	25.29M	41.09M	126.94M	76.65M	44.43M	96.69M
Cash at End	57.32M	47.75M	19.2M	25.29M	41.09M	126.94M	76.65M	44.43M	96.69M	54.31M
Free Cash Flow+	35.33M	60.47M	59.25M	137.8M	198.19M	240.44M	313.48M	302.82M	333.31M	386.7M
FCF Growth %	2.21%	0.71%	-0.02%	1.33%	0.44%	0.21%	0.3%	-0.03%	0.1%	0.16%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	0.6	0.99	0.95	2.04	2.84	3.03	3.61	3.52	3.97	4.76

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	150.07%	90.61%	70.45%	50.31%	41.46%	50%	38.9%	28.06%	28.72%	28.81%
Medical Cost Ratio	1.17%	1.96%	3.33%	2.09%	3.99%	14.23%	3.05%	-0.48%	4.04%	4.96%
Return on Equity (ROE)	-6.7%	14.57%	4.48%	17.83%	21.07%	14.92%	15.75%	18.42%	18.2%	17.38%
Return on Assets (ROA)	-4.94%	8.52%	2.54%	10.86%	14%	9.72%	10.01%	11.79%	11.81%	11.45%
Equity / Assets	60.79%	56.62%	56.89%	64.24%	68.17%	63.21%	63.89%	64.14%	65.5%	66.19%
Book Value / Share	6.86	7.82	8.19	10.37	13.34	17.28	18.02	18.76	22.97	27.28
Debt / Equity	0.36x	0.30x	0.28x	0.21x	0.16x	0.29x	0.25x	0.25x	0.21x	0.19x
Revenue Growth	149.97%	119.62%	46.53%	53.17%	35.26%	17.85%	11.34%	7.99%	10.4%	12.43%

Frequently Asked Questions

Valuation & Price

NMI Holdings, Inc. (NMIH) has a price-to-earnings (P/E) ratio of 8.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

NMI Holdings, Inc. (NMIH) grew revenue by 12.4% over the past year. This is steady growth.

Yes, NMI Holdings, Inc. (NMIH) is profitable, generating $380.9M in net income for fiscal year 2024 (55.3% net margin).

Dividend & Returns

NMI Holdings, Inc. (NMIH) has a return on equity (ROE) of 17.4%. This is reasonable for most industries.

Industry Metrics

NMI Holdings, Inc. (NMIH) has a combined ratio of 28.8%. A ratio below 100% indicates underwriting profitability.