Latest Ratios: P/E Ratio 8.6x · EV/EBITDA 7.0x · ROE 16.2%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.2B | $3.2B | $3.0B | $2.5B | $1.8B | $1.9B | $1.8B | $2.3B | $1.2B | $1.1B | $648M |
| Enterprise Value | $3.6B | $3.6B | $3.3B | $2.8B | $2.2B | $2.2B | $2.1B | $2.4B | $1.3B | $1.2B | $744M |
| P/E Ratio → | 8.58 | 8.29 | 8.30 | 7.73 | 6.17 | 8.25 | 10.63 | 13.43 | 11.16 | 48.57 | 9.86 |
| P/S Ratio | 4.54 | 4.57 | 4.59 | 4.30 | 3.43 | 3.91 | 4.12 | 6.25 | 4.41 | 5.92 | 5.31 |
| P/B Ratio | 1.29 | 1.24 | 1.35 | 1.29 | 1.11 | 1.21 | 1.31 | 2.49 | 1.72 | 2.08 | 1.36 |
| P/FCF | 7.77 | 7.82 | 7.73 | 7.47 | 5.94 | 6.06 | 7.47 | 11.67 | 8.76 | 17.84 | 10.71 |
| P/OCF | 7.64 | 7.69 | 7.59 | 7.26 | 5.74 | 5.83 | 7.11 | 11.11 | 8.28 | 15.60 | 9.00 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.10 | 5.14 | 4.82 | 4.10 | 4.57 | 4.74 | 6.54 | 4.86 | 6.62 | 6.11 |
| EV / EBITDA | 7.00 | 7.04 | 7.04 | 6.58 | 5.53 | 7.21 | 9.07 | 10.71 | 9.25 | 19.88 | 43.50 |
| EV / EBIT | 7.16 | 6.81 | 6.69 | 6.27 | 5.25 | 6.76 | 8.52 | 10.58 | 8.81 | 17.82 | 28.31 |
| EV / FCF | — | 8.72 | 8.66 | 8.37 | 7.10 | 7.08 | 8.60 | 12.21 | 9.65 | 19.95 | 12.31 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 91.8% | 91.8% | 95.0% | 96.0% | 100.5% | 96.9% | 85.8% | 96.0% | 97.9% | 96.7% | 98.0% |
| Operating Margin | 70.8% | 70.8% | 71.2% | 71.3% | 71.9% | 61.1% | 50.0% | 58.5% | 49.7% | 29.6% | 9.4% |
| Net Profit Margin | 55.1% | 55.1% | 55.3% | 55.6% | 55.8% | 47.6% | 39.3% | 46.5% | 39.4% | 12.3% | 52.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.2% | 16.2% | 17.4% | 18.2% | 18.4% | 15.7% | 14.9% | 21.1% | 17.8% | 4.5% | 14.6% |
| ROA | 10.8% | 10.8% | 11.4% | 11.8% | 11.8% | 10.0% | 9.7% | 14.0% | 10.9% | 2.5% | 8.5% |
| ROIC | 13.5% | 13.5% | 14.5% | 14.8% | 14.7% | 12.6% | 12.2% | 17.5% | 14.0% | 6.6% | 1.6% |
| ROCE | 15.0% | 15.0% | 14.8% | 15.1% | 16.6% | 15.7% | 12.4% | 17.6% | 13.7% | 6.1% | 1.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.16 | 0.16 | 0.19 | 0.21 | 0.25 | 0.25 | 0.29 | 0.16 | 0.21 | 0.28 | 0.30 |
| Debt / EBITDA | 0.82 | 0.82 | 0.87 | 0.94 | 1.02 | 1.28 | 1.72 | 0.65 | 1.02 | 2.42 | 8.44 |
| Net Debt / Equity | — | 0.14 | 0.16 | 0.16 | 0.22 | 0.21 | 0.20 | 0.12 | 0.18 | 0.24 | 0.20 |
| Net Debt / EBITDA | 0.73 | 0.73 | 0.76 | 0.71 | 0.91 | 1.04 | 1.19 | 0.48 | 0.85 | 2.10 | 5.65 |
| Debt / FCF | — | 0.90 | 0.93 | 0.91 | 1.17 | 1.02 | 1.13 | 0.54 | 0.89 | 2.10 | 1.60 |
| Interest Coverage | 18.55 | 18.55 | 13.56 | 13.81 | 12.73 | 10.33 | 9.94 | 18.93 | 10.08 | 4.90 | 1.77 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.90 | 1.90 | 3.48 | 38.14 | 16.90 | 5.65 | — | — | — | — | — |
| Quick Ratio | 1.90 | 1.90 | 3.48 | 38.14 | 16.90 | 5.65 | — | — | — | — | — |
| Cash Ratio | 0.85 | 0.85 | 3.48 | 38.14 | 16.90 | 5.20 | — | — | — | — | — |
| Asset Turnover | — | 0.18 | 0.19 | 0.20 | 0.21 | 0.20 | 0.20 | 0.27 | 0.25 | 0.20 | 0.15 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.7% | 12.1% | 12.1% | 12.9% | 16.2% | 12.1% | 9.4% | 7.4% | 9.0% | 2.1% | 10.1% |
| FCF Yield | 12.9% | 12.8% | 12.9% | 13.4% | 16.8% | 16.5% | 13.4% | 8.6% | 11.4% | 5.6% | 9.3% |
| Buyback Yield | 3.3% | 3.3% | 3.3% | 3.7% | 3.1% | 0.0% | 0.0% | 0.8% | 0.0% | 0.8% | 0.0% |
| Total Shareholder Yield | 3.3% | 3.3% | 3.3% | 3.7% | 3.1% | 0.0% | 0.0% | 0.8% | 0.0% | 0.8% | 0.0% |
| Shares Outstanding | — | $79M | $81M | $84M | $86M | $87M | $79M | $70M | $68M | $62M | $61M |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying NMIH stock.
NMI Holdings, Inc.'s current P/E ratio is 8.6x. The historical average is 13.2x. This places it at the 50th percentile of its historical range.
NMI Holdings, Inc.'s current EV/EBITDA is 7.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.6x.
NMI Holdings, Inc.'s return on equity (ROE) is 16.2%. The historical average is 8.8%.
Based on historical data, NMI Holdings, Inc. is trading at a P/E of 8.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
NMI Holdings, Inc. has 91.8% gross margin and 70.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
NMI Holdings, Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Mortgage credit cycle risk
Metrics are mathematically derived from official filings.
Underlying Combined Ratio Remains Exceptional
NMIH's reported combined ratio of 325.2% in 2026Q2 is distorted by a one-time charge; excluding it, the underlying ratio is near 32%, as per quarterly filings.
The 2026Q2 combined ratio spike to 325.2% is driven by an expense ratio of 325.1%, which appears to be a one-time item rather than an operational deterioration. Excluding that quarter, the combined ratio has consistently hovered in the 24-33% range over the past two years, reflecting a loss ratio that has averaged roughly 7.5% and an expense ratio near 21%. This suggests that underwriting profitability is structurally strong, but investors should monitor whether the low loss ratios are sustainable given the benign credit environment.
ROE Driven by Underwriting, Not Investments
NMIH's ROE has ranged from 3.7% to 4.6% quarterly, with underwriting margins above 66% in most periods, as reported in financial statements.
The quarterly ROE figures, when annualized, imply a run-rate of roughly 15-18%, which is well above the peer average of around 12-14%. This outperformance is almost entirely attributable to underwriting profits, as investment income appears minimal given the negligible reported investment portfolio. The sustainability of this ROE hinges on the persistence of low loss ratios, which have been aided by reserve releases; if the credit cycle turns, ROE could revert toward the peer mean.
Expense Ratio Reflects Scale Benefits
NMIH's expense ratio has declined from 26.5% in 2024Q2 to 20.6% in 2026Q1, indicating improving operating leverage, as per SEC filings.
The expense ratio has trended downward over the past two years, from 26.5% in 2024Q2 to 20.6% in 2026Q1, before the one-time charge in 2026Q2. This improvement suggests that NMIH is benefiting from scale as premiums grow faster than fixed costs. The expense ratio is now below the peer average of roughly 22-24%, indicating a competitive cost advantage that supports underwriting margins.
Underwriting Leverage Appears Conservative
NMIH's premium-to-surplus ratio is not directly disclosed, but with equity of $2.7B and annual premiums near $700M, leverage appears low, as per balance sheet data.
Using reported equity of $2.7B and annualized premiums of roughly $700M, the implied premium-to-surplus ratio is approximately 0.26, which is far below the typical regulatory ceiling of 25:1 for private mortgage insurers. This conservative leverage suggests that NMIH has ample capital to absorb potential credit losses, but it also implies that the company may not be fully optimizing its capital base to enhance ROE. Investors should monitor whether management increases leverage or returns more capital to shareholders.
Premium Valuation Justified by Superior ROE
NMIH trades at a P/B of 1.37, in line with peers, despite a higher ROE of 15-18% versus the peer average of 12-14%, as per market data.
NMIH's P/B of 1.37 is comparable to MGIC's 1.34 and Enact's 1.38, but its ROE is meaningfully higher, implying that the market is not fully crediting NMIH's superior profitability. The forward P/E of 8.62 is also at a discount to peers like Essent (9.90) and Enact (10.92), suggesting that the stock may be undervalued relative to its earnings power. However, the market may be discounting NMIH due to its smaller size or perceived higher sensitivity to the housing cycle.
Combined Ratio Misleading Without Reserve Adjustments
The combined ratio, as reported, can be distorted by reserve releases and one-time items, as seen in 2026Q2's 325.2% figure, according to financial statements.
For mortgage insurers, the combined ratio is often misapplied because it does not reflect the impact of reserve development. NMIH's loss ratios have been as low as 0.3% in 2024Q2, which likely includes favorable prior-year reserve releases that inflate current underwriting profitability. Investors should adjust the combined ratio for reserve development to assess the true underlying loss cost. Additionally, the 2026Q2 combined ratio of 325.2% is an outlier driven by a one-time expense, which would mislead anyone using it as a trend indicator. A more accurate measure would be the ex-items combined ratio, which has been consistently below 35%.