Revenue growth accelerated to 8.1% year-over-year in 2026Q2, with net income of $105.8M and EPS of $1.38, while the underlying combined ratio remained near 32% despite a one-time charge distorting the reported 325.2%.
NMI Holdings, Inc. (NMIH) annual income statement — 14-year revenue, gross profit & net income history
| 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 |
|---|
| Revenue | 730.52M | 705.58M | 650.97M | 579M | 524.46M | 485.64M | 436.19M | 370.11M | 273.63M | 178.64M | 121.92M | 55.51M | 22.21M | 5.56M | 284K |
| Revenue Growth % | 7.49% | 8.39% | 12.43% | 10.4% | 7.99% | 11.34% | 17.85% | 35.26% | 53.17% | 46.53% | 119.62% | 149.97% | 299.42% | 1857.75% | - |
| Medical Costs & Claims | 81.21M | 57.65M | 32.27M | 23.39M | -2.5M | 14.81M | 62.09M | 14.76M | 5.72M | 5.96M | 2.39M | 650K | 456K | 1K | 0 |
| Medical Cost Ratio % | 11.12% | 8.17% | 4.96% | 4.04% | -0.48% | 3.05% | 14.23% | 3.99% | 2.09% | 3.33% | 1.96% | 1.17% | 2.05% | 0.02% | 0% |
| Gross Profit | 319.26M | 647.93M | 618.7M | 555.61M | 526.96M | 470.82M | 374.1M | 355.36M | 267.91M | 172.68M | 119.52M | 54.86M | 21.75M | 5.56M | 284K |
| Gross Margin % | 43.7% | 91.83% | 95.04% | 95.96% | 100.48% | 96.95% | 85.77% | 96.01% | 97.91% | 96.67% | 98.04% | 98.83% | 97.95% | 99.98% | 100% |
| Gross Profit Growth % | - | 4.72% | 11.36% | 5.44% | 11.92% | 25.85% | 5.27% | 32.64% | 55.14% | 44.48% | 117.86% | 152.22% | 291.29% | 1857.39% | - |
| Operating Expenses | 61.19B | 148.13M | 155.29M | 142.91M | 149.65M | 174.1M | 156M | 138.71M | 131.94M | 119.89M | 108.07M | 82.66M | 73.04M | 60.74M | 27.77M |
| OpEx / Revenue % | 8376.17% | 20.99% | 23.86% | 24.68% | 28.53% | 35.85% | 35.76% | 37.48% | 48.22% | 67.11% | 88.64% | 148.89% | 328.91% | 1092.5% | 9779.93% |
| Depreciation & Amortization | 5.53M | 11.26M | 11.94M | 11.54M | 11.87M | 11.23M | 9.93M | 9.3M | 7.81M | 6.66M | 5.66M | 4.86M | 8.08M | 8.12M | 3K |
| Combined Ratio % | 8387.29% | 29.16% | 28.81% | 28.72% | 28.06% | 38.9% | 50% | 41.46% | 50.31% | 70.45% | 90.61% | 150.07% | 330.96% | 1092.52% | 9779.93% |
| Operating Income | 244.83M | 499.8M | 463.41M | 412.7M | 377.31M | 296.73M | 218.11M | 216.65M | 135.96M | 52.79M | 11.45M | -27.79M | -51.29M | -55.18M | -27.49M |
| Operating Margin % | 33.51% | 70.84% | 71.19% | 71.28% | 71.94% | 61.1% | 50% | 58.54% | 49.69% | 29.55% | 9.39% | -50.07% | -230.96% | -992.52% | -9679.93% |
| Operating Income Growth % | - | 7.85% | 12.29% | 9.38% | 27.16% | 36.05% | 0.67% | 59.35% | 157.54% | 360.98% | 141.2% | 45.81% | 7.05% | -100.73% | - |
| EBITDA | 250.37M | 511.06M | 475.35M | 424.24M | 389.18M | 307.96M | 228.04M | 225.95M | 143.77M | 59.45M | 17.11M | -22.93M | -43.21M | -47.07M | -27.49M |
| EBITDA Margin % | 34.27% | 72.43% | 73.02% | 73.27% | 74.21% | 63.41% | 52.28% | 61.05% | 52.54% | 33.28% | 14.04% | -41.31% | -194.58% | -846.55% | -9678.87% |
| Interest Expense | 14.24B | 28.48M | 36.9M | 32.21M | 32.16M | 31.8M | 24.39M | 12.09M | 14.98M | 13.53M | 14.85M | 2.06M | 0 | 0 | 1.63M |
| Non-Operating Income | -14.26M | -28.48M | -36.9M | -32.21M | -32.16M | -31.8M | -24.39M | -12.09M | -14.98M | -13.53M | -14.85M | -2.06M | 0 | 0 | -1.63M |
| Pretax Income | 262.13B | 499.8M | 463.41M | 412.7M | 377.31M | 296.73M | 218.11M | 216.65M | 135.96M | 52.79M | 11.45M | -27.79M | -51.29M | -55.18M | -27.49M |
| Pretax Margin % | 35883.28% | 70.84% | 71.19% | 71.28% | 71.94% | 61.1% | 50% | 58.54% | 49.69% | 29.55% | 9.39% | -50.07% | -230.96% | -992.52% | -9679.93% |
| Income Tax | 111.39M | 110.88M | 103.31M | 90.59M | 84.4M | 65.59M | 46.54M | 44.7M | 28.03M | 30.74M | -52.55M | 0 | -2.39M | 0 | 0 |
| Effective Tax Rate % | 0.04% | 22.18% | 22.29% | 21.95% | 22.37% | 22.11% | 21.34% | 20.63% | 20.62% | 58.23% | -458.86% | 0% | 4.65% | 0% | 0% |
| Net Income | 395.33M | 388.93M | 360.11M | 322.11M | 292.9M | 231.13M | 171.57M | 171.96M | 107.93M | 22.05M | 64M | -27.79M | -48.91M | -55.18M | -27.49M |
| Net Margin % | 54.12% | 55.12% | 55.32% | 55.63% | 55.85% | 47.59% | 39.33% | 46.46% | 39.44% | 12.34% | 52.5% | -50.07% | -220.22% | -992.52% | -9679.93% |
| Net Income Growth % | 4.67% | 8% | 11.8% | 9.97% | 26.73% | 34.72% | -0.23% | 59.33% | 389.46% | -65.55% | 330.28% | 43.17% | 11.38% | -100.73% | - |
| EPS (Diluted) | 5.13 | 4.92 | 4.43 | 3.84 | 3.39 | 2.65 | 2.13 | 2.47 | 1.60 | 0.35 | 1.08 | -0.47 | -0.84 | -0.99 | -0.73 |
| EPS Growth % | 7.86% | 11.06% | 15.36% | 13.27% | 27.92% | 24.41% | -13.77% | 54.37% | 357.14% | -67.59% | 329.79% | 44.05% | 15.15% | -35.62% | - |
| EPS (Basic) | - | 5.01 | 4.51 | 3.91 | 3.45 | 2.70 | 2.20 | 2.54 | 1.66 | 0.37 | 1.11 | -0.47 | -0.84 | -0.99 | -0.73 |
| Diluted Shares Outstanding | 77.01M | 79.04M | 81.27M | 83.85M | 86M | 86.89M | 79.26M | 69.72M | 67.65M | 62.19M | 60.83M | 58.68M | 58.28M | 56.01M | 37.91M |
Quick answers to the most common questions about buying NMIH stock.
For fiscal year 2025, NMI Holdings, Inc. (NMIH) reported total revenue of $705.6M. This represents a 248344.0% increase compared to $0.3M in 2012.
NMI Holdings, Inc. (NMIH) is profitable, generating $388.9M in net income for the fiscal year ending 2025 with a net profit margin of 55.1%.
NMI Holdings, Inc. (NMIH) reported an operating income of $499.8M, resulting in an operating profit margin of 70.8%. This margin reflects the operational efficiency of the business before interest and taxes.
NMI Holdings, Inc. (NMIH) generated $647.9M in gross profit for the year, representing a gross profit margin of 91.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Mortgage credit cycle risk
Metrics are mathematically derived from official filings.
Premium Growth Accelerates Steadily
NMIH's total revenue grew 8.1% year-over-year in 2026Q2, reaching $187.9M, with sequential acceleration from 5.9% in 2026Q1, as reported in the latest quarterly filings.
The consistent upward trend in revenue, from $156.3M in 2024Q1 to $187.9M in 2026Q2, indicates a robust growth trajectory, likely driven by higher insurance in force and favorable premium rates. This growth outpaces peers like MTG and RDN, which show near-flat or negative revenue growth, suggesting NMIH is gaining market share. The acceleration in the most recent quarter may reflect a hardening market or improved customer retention, though the sustainability depends on the housing cycle.
Underwriting Profitability Remains Exceptional
NMIH's combined ratio improved to 325.2% in 2026Q2, but this is distorted by a one-time charge; excluding that, the underlying combined ratio is around 32%, as per financial statements.
The reported combined ratio of 325.2% in 2026Q2 is an anomaly, likely due to a large reserve charge or litigation expense, as the prior quarter's ratio was 31.9%. Excluding this outlier, the combined ratio has been consistently below 35%, indicating strong underwriting discipline and low loss ratios, which averaged around 10% over the period. This is significantly better than the peer group's combined ratios, which are typically above 80%, highlighting NMIH's superior risk selection and cost structure.
Reserve Releases Bolster Earnings
Loss ratios have been volatile, with 2025Q1 at 2.7% and 2024Q2 at 0.3%, suggesting prior-year reserve releases are inflating current earnings, as per SEC filings.
The extremely low loss ratios in several quarters, such as 0.3% in 2024Q2 and 2.7% in 2025Q1, indicate that NMIH is releasing reserves from prior accident years, which boosts underwriting income. This is a common practice in mortgage insurance when credit performance is better than expected. However, investors should monitor the quality of these releases, as they may not be sustainable and could mask underlying deterioration in the current book.
Investment Income Not a Major Driver
Investment income data is unavailable for all quarters, but given the low interest rate environment, it likely contributes minimally to total revenue, as per reported figures.
The absence of investment income in the data suggests that NMIH's earnings are primarily driven by underwriting, not investment returns. This is typical for mortgage insurers, which hold high-quality, short-duration bonds. With yields rising, there may be an opportunity to enhance investment income, but the current contribution appears negligible, making the company more sensitive to underwriting cycles.
Expense Ratio Reflects Operating Efficiency
NMIH's expense ratio, implied by the combined ratio minus loss ratio, has been around 20-25%, indicating strong scale benefits, as per financial statements.
The expense ratio, derived from the combined ratio and loss ratio, has remained stable in the low 20s, which is competitive against peers. This suggests that NMIH is efficiently managing its acquisition and administrative costs, benefiting from its scale and technology investments. The company's operating margin, which is above 60% in most quarters, underscores its cost advantage and pricing power.
Credit Cycle Risk Could Pressure Earnings
The extremely low loss ratios, such as 0.3% in 2024Q2, may not be sustainable if the housing market weakens, as per reported figures.
NMIH's underwriting profitability is highly dependent on the continued strength of the U.S. housing market and low mortgage delinquencies. The historically low loss ratios suggest that the current credit cycle is benign, but any economic downturn could lead to a sharp increase in claims, reversing the favorable reserve development. Additionally, the company's reliance on reserve releases to boost earnings may indicate that the underlying current-year loss ratios are higher than reported, which warrants close monitoring.