NMI Holdings, Inc. (NMIH) Financial Ratios
14 years of historical data (2012–2025) · Financial Services · Insurance - Specialty
EV/EBITDA
↓
6.11
-8% vs avg
5yr avg: 6.63
30Y Low5.5·High43.5
P/FCF
↑
6.92
-1% vs avg
5yr avg: 7.00
30Y Low5.9·High17.8
P/B Ratio
↑
1.14
-8% vs avg
5yr avg: 1.24
30Y Low1.0·High2.5
ROE
↑
16.2%
-6% vs avg
5yr avg: 17.2%
30Y Low-12%·High21%
Debt/EBITDA
↓
0.79
↓-19% vs avg
5yr avg: 0.98
30Y Low0.6·High8.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NMIH Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
NMI Holdings, Inc. trades at 7.6x earnings, roughly in line with its 5-year average of 7.7x, sitting at the 10th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a discount of 44%. On a free-cash-flow basis, the stock trades at 6.9x P/FCF, roughly in line with the 5-year average of 7.0x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.9B | $3.2B | $3.0B | $2.5B | $1.8B | $1.9B | $1.8B | $2.3B | $1.2B | $1.1B | $648M |
| Enterprise Value | $3.2B | $3.6B | $3.3B | $2.8B | $2.2B | $2.2B | $2.1B | $2.4B | $1.3B | $1.2B | $744M |
| P/E Ratio → | 7.62 | 8.29 | 8.30 | 7.73 | 6.17 | 8.25 | 10.63 | 13.43 | 11.16 | 48.57 | 9.86 |
| P/S Ratio | 4.05 | 4.57 | 4.59 | 4.30 | 3.43 | 3.91 | 4.12 | 6.25 | 4.41 | 5.92 | 5.31 |
| P/B Ratio | 1.14 | 1.24 | 1.35 | 1.29 | 1.11 | 1.21 | 1.31 | 2.49 | 1.72 | 2.08 | 1.36 |
| P/FCF | 6.92 | 7.82 | 7.73 | 7.47 | 5.94 | 6.06 | 7.47 | 11.67 | 8.76 | 17.84 | 10.71 |
| P/OCF | 6.81 | 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
NMIH EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
NMI Holdings, Inc.'s enterprise value stands at 6.1x EBITDA, 8% below its 5-year average of 6.6x. The Financial Services sector median is 11.4x, placing the stock at a 46% discount on an enterprise-value basis.
| 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 | 6.11 | 6.81 | 7.04 | 6.58 | 5.53 | 7.21 | 9.07 | 10.71 | 9.25 | 19.88 | 43.50 |
| EV / EBIT | 6.46 | 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 |
NMIH Profitability
Margins and return-on-capital ratios measuring operating efficiency
NMI Holdings, Inc. earns an operating margin of 70.8%, significantly above the Financial Services sector average of 20.3%. ROE of 16.2% indicates solid capital efficiency, compared to the sector median of 9.0%. ROIC of 13.5% represents solid returns on invested capital versus a sector median of 5.5%.
Margins
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% |
Return on Capital
| 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% |
NMIH Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
NMI Holdings, Inc. carries a Debt/EBITDA ratio of 0.8x, which is very conservative (81% below the sector average of 4.3x). Net debt stands at $373M ($417M total debt minus $44M cash). Interest coverage of 18.6x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| 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 | 0.79 | 0.79 | 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 | 0.71 | 0.71 | 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 |
NMIH Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.90x means NMI Holdings, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 38.14x to 1.90x over the past 3 years.
| 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 | — | — | — | — | — | — | — | — | — | — | — |
NMIH Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
NMI Holdings, Inc. returns 3.7% to shareholders annually primarily through share buybacks. The earnings yield of 13.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 13.1% | 12.1% | 12.1% | 12.9% | 16.2% | 12.1% | 9.4% | 7.4% | 9.0% | 2.1% | 10.1% |
| FCF Yield | 14.5% | 12.8% | 12.9% | 13.4% | 16.8% | 16.5% | 13.4% | 8.6% | 11.4% | 5.6% | 9.3% |
| Buyback Yield | 3.7% | 3.3% | 3.3% | 3.7% | 3.1% | 0.0% | 0.0% | 0.8% | 0.0% | 0.8% | 0.0% |
| Total Shareholder Yield | 3.7% | 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 |
Peer Comparison
Compare NMIH with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NMIHYou | $3B | 7.6 | 6.1 | 6.9 | 91.8% | 70.8% | 16.2% | 13.5% | 0.8 |
 MTG | $6B | 8.3 | 6.2 | 6.5 | 94.9% | 76.5% | 14.3% | 12.7% | 0.7 |
 RDN | $5B | 8.4 | 7.2 | 14.0 | 92.3% | 61.2% | 12.4% | 8.9% | 1.4 |
 ESNT | $5B | 8.5 | 7.0 | 6.3 | 88.2% | 65.2% | 12.1% | 10.2% | 0.6 |
 PFSI | $4B | 8.9 | 17.9 | — | 91.4% | 34.6% | 12.3% | 4.4% | 15.3 |
 ACT | $6B | 9.4 | 6.8 | 8.3 | 91.1% | 69.8% | 13.0% | 12.1% | 0.8 |
 FAF | $7B | 11.4 | 7.2 | 9.2 | 95.6% | 11.1% | 11.9% | 10.7% | 1.8 |
 FNF | $13B | 21.2 | 6.6 | 2.0 | 98.2% | 9.9% | 6.9% | 10.1% | 2.1 |
 STC | $2B | 16.5 | 11.5 | 15.3 | 87.7% | 5.7% | 7.5% | 6.2% | 3.9 |
 ITIC | $488M | 13.9 | 9.7 | 19.2 | 98.3% | 16.3% | 13.5% | 13.7% | 0.2 |
 UWMC | $345M | 18.5 | 7.6 | — | 85.6% | 58.0% | 1.5% | 8.9% | 7.7 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 14 years · Updated daily
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NMIH — Frequently Asked Questions
Quick answers to the most common questions about buying NMIH stock.
What is NMI Holdings, Inc.'s P/E ratio?
NMI Holdings, Inc.'s current P/E ratio is 7.6x. The historical average is 13.2x. This places it at the 10th percentile of its historical range.
What is NMI Holdings, Inc.'s EV/EBITDA?
NMI Holdings, Inc.'s current EV/EBITDA is 6.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.6x.
What is NMI Holdings, Inc.'s ROE?
NMI Holdings, Inc.'s return on equity (ROE) is 16.2%. The historical average is 8.8%.
Is NMIH stock overvalued?
Based on historical data, NMI Holdings, Inc. is trading at a P/E of 7.6x. This is at the 10th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are NMI Holdings, Inc.'s profit margins?
NMI Holdings, Inc. has 91.8% gross margin and 70.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does NMI Holdings, Inc. have?
NMI Holdings, Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.