Operating cash flow remains resilient, peaking at $128.4 million in 2025Q2, while the firm continues to prioritize shareholder returns through buybacks as high as $31.6 million per quarter.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 434.24M | 419.3M | 393.6M | 342.68M | 313.39M | 325.72M | 252.6M | 208.15M | 145.86M | 67.76M | 71.94M | 41.46M | -21M | -36.31M | -14.6M |
| Operating CF Growth % | 95.82% | 6.53% | 14.86% | 9.35% | -3.78% | 28.95% | 21.35% | 42.7% | 115.25% | -5.81% | 73.51% | 297.41% | 42.16% | -148.77% | - |
| Operating CF / Revenue % | 60.61% | 59.43% | 60.46% | 59.19% | 59.76% | 67.07% | 57.91% | 56.24% | 53.31% | 37.93% | 59.01% | 74.69% | -94.58% | -653.08% | -5139.53% |
| Net Income | 385.7M | 388.93M | 360.11M | 322.11M | 292.9M | 231.13M | 171.57M | 171.96M | 107.93M | 22.05M | 65.84M | -27.79M | -48.91M | -55.18M | -27.49M |
| Depreciation & Amortization | 10.85M | 7.17M | 10.86M | 11.54M | 11.87M | 11.23M | 9.93M | 10.31M | 7.81M | 6.66M | 5.66M | 4.86M | 8.08M | 8.12M | 2.92K |
| Stock-Based Compensation | 20.36M | 20.19M | 19.81M | 16.91M | 15.43M | 16.68M | 11.12M | 13.03M | 12.56M | 9.48M | 6.85M | 8.17M | 9.18M | 10.37M | 6.12M |
| Deferred Taxes | 66.09M | 71.77M | 80.7M | 90.59M | 84.39M | 65.51M | 46.51M | 0 | 25.93M | 31.1M | -54.75M | 0 | -2.39M | 0 | 922.2K |
| Other Non-Cash Items | -1.84M | 1.98M | 9.16M | 2.48M | 5.97M | 7.3M | 3.87M | 36.58M | 6.25M | 6.97M | 5.77M | -2.48M | -3.18M | 1.34M | 1.62M |
| Working Capital Changes | -46.92M | -70.74M | -87.03M | -100.95M | -97.17M | -6.13M | 9.61M | -23.73M | -14.61M | -8.51M | 42.57M | 58.71M | 16.21M | -953K | 4.24M |
| Cash from Investing | -316.72M | -316.47M | -339.29M | -200M | -289.79M | -374.18M | -629.55M | -194.35M | -220.65M | -93.07M | -79.79M | -230.16M | 68.08M | -419.95M | -9.81M |
| Capital Expenditures | -6.17M | -6.78M | -6.91M | -9.37M | -10.57M | -12.24M | -12.16M | -9.96M | -8.06M | -8.51M | -11.47M | -6.13M | -8.22M | -6.69M | -2.45M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 12.24M | 12.16M | 0 | 8.06M | 8.51M | 11.47M | 159.63M | 103.22M | 240.71M | -2.5M |
| Purchase of Investments | -1.06B | -899.04M | -651.69M | -654.79M | -547.51M | -525.04M | -1.11B | 0 | -614.25M | -350.27M | -313.63M | -364.93M | -60.46M | -560.38M | -4.86M |
| Sale/Maturity of Investments | 746.7M | 589.36M | 319.31M | 464.16M | 268.3M | 163.1M | 490.76M | 0 | 401.66M | 265.71M | 245.31M | 140.9M | 136.76M | 147.13M | 0 |
| Other Investing | 0 | 0 | 0 | 0 | 0 | -12.24M | -12.16M | -184.4M | -8.06M | -8.51M | -11.47M | -159.63M | -103.22M | -240.71M | -7.36M |
| Cash from Financing | -121.05M | -113.2M | -96.7M | -90.42M | -55.83M | -1.83M | 462.8M | 2M | 80.89M | -3.24M | -1.72M | 143M | 14K | 26.33M | 510.26M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -106.83M | -105.1M | -97.61M | -91.61M | -56.58M | 0 | 0 | -18.25M | 0 | -8.58M | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 3.98M | 2.88M | 4.29M | 10.55M | 5.96M | 4.7M | 228.56M | 0 | 79.17M | 7.1M | 532K | 415K | 1.1M | 27.91M | 510.46M |
| Debt Issuance (Net) | 0 | 0 | 1000K | 0 | 0 | 0 | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 0 | 0 | -205K |
| Other Financing | -18.1M | -10.98M | -10.22M | -9.36M | -5.21M | -6.53M | -18M | 21.75M | 88.73M | -1.74M | -755K | -5.54M | -1.08M | -1.58M | -347.66K |
| Net Change in Cash | -3.53M | -10.37M | -42.38M | 52.26M | -32.22M | -50.29M | 85.85M | 15.79M | 6.1M | -28.55M | -9.57M | -45.7M | 47.09M | -429.93M | 485.86M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 43.94M | 54.31M | 96.69M | 44.43M | 76.65M | 126.94M | 41.09M | 25.29M | 19.2M | 47.75M | 57.32M | 103.02M | 55.93M | 485.86M | 0 |
| Cash at End | 70.68M | 43.94M | 54.31M | 96.69M | 44.43M | 76.65M | 126.94M | 41.09M | 25.29M | 19.2M | 47.75M | 57.32M | 103.02M | 55.93M | 485.86M |
| Free Cash Flow | 428.06M | 412.52M | 386.7M | 333.31M | 302.82M | 313.48M | 240.44M | 198.19M | 137.8M | 59.25M | 60.47M | 35.33M | -29.22M | -43M | -17.04M |
| FCF Growth % | 11.98% | 6.68% | 16.02% | 10.07% | -3.4% | 30.38% | 21.32% | 43.83% | 132.56% | -2.02% | 71.18% | 220.89% | 32.04% | -152.32% | - |
| FCF Margin % | 59.75% | 58.47% | 59.4% | 57.57% | 57.74% | 64.55% | 55.12% | 53.55% | 50.36% | 33.17% | 49.6% | 63.64% | -131.59% | -773.44% | -6000.97% |
| FCF per Share | 5.53 | 5.22 | 4.76 | 3.97 | 3.52 | 3.61 | 3.03 | 2.84 | 2.04 | 0.95 | 0.99 | 0.6 | -0.5 | -0.77 | -0.45 |
Housing market credit cycle
According to the quarterly cash flow data, NMIH consistently generated positive operating cash flow, peaking at $128.4 million in 2025Q2, which underscores the company's ability to maintain a strong float despite the inherent volatility of the mortgage insurance business model and shifting macroeconomic conditions.
The consistent positive spread between premium inflows and claim outflows suggests that NMIH's underwriting engine remains highly effective at capturing value. Investors should monitor the OCF/NI ratio, which has shown significant quarterly variance, indicating that while cash generation is robust, it remains sensitive to the timing of loss reserve adjustments.
Based on the reported financial statements, NMIH actively manages its investment portfolio with quarterly purchase volumes reaching as high as $351.5 million in 2025Q4, reflecting a strategy that prioritizes reinvestment of float into interest-bearing assets to bolster long-term investment income generation.
The frequent turnover in the investment portfolio suggests that management is actively positioning the balance sheet to capture yield in a fluctuating interest rate environment. This high level of activity warrants further investigation into the duration and credit quality of the underlying assets, as these factors will dictate the sustainability of investment income if market conditions tighten.
As reported in the company's historical data, claims payments have trended upward from a low of $0.47 million in 2024Q2 to $20.7 million in 2026Q1, signaling a potential normalization of loss activity that could impact the company's future cash flow conversion efficiency.
The recent increase in claims payments appears to align with the broader industry trend of normalizing credit performance following a period of historically low delinquency. While these levels remain manageable relative to premium income, the upward trajectory suggests that the company's cash flow may face increased pressure if the housing credit cycle continues to deteriorate.
Based on the provided figures, NMIH has consistently utilized share repurchases, with quarterly outflows ranging from $16.9 million to $31.6 million, demonstrating a clear commitment to returning capital to shareholders rather than relying on dividend distributions to manage excess liquidity.
The reliance on buybacks as the primary mechanism for capital return suggests management's confidence in the company's intrinsic value relative to its market price. However, investors should monitor whether this capital allocation strategy remains sustainable if the company's cash flow generation experiences a sustained contraction due to higher claim activity.
Quick answers to the most common questions about buying NMIH stock.
NMI Holdings, Inc. (NMIH) generated $419.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NMI Holdings, Inc. (NMIH) generated $412.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
NMI Holdings, Inc. (NMIH) spent $6.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, NMI Holdings, Inc. (NMIH) spent $105.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.