Revenue growth has decelerated to 5.9% in 2026Q1, while the company maintains an industry-leading combined ratio of 31.9% despite rising loss activity.
| 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 | 716.41M | 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 % | 7.25% | 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 | 74.1M | 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 % | 10.34% | 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 | 642.3M | 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 % | 89.66% | 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 | 148.93M | 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 % | 20.79% | 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 | 10.85M | 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 % | 31.13% | 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 | 493.38M | 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 % | 68.87% | 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 | 504.23M | 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 % | 70.38% | 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 | 28.48M | 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 | -28.48M | -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 | 493.38M | 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 % | 68.87% | 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 | 107.68M | 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 % | 21.82% | 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 | 385.7M | 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 % | 53.84% | 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 % | 3.23% | 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) | 4.98 | 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 % | 6.05% | 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 | 77.44M | 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 |
Housing market credit cycle
As reported in recent financial statements, NMIH's revenue growth has decelerated to 5.9% in 2026Q1, down from the 14.2% peak observed in 2024Q1, suggesting that the company is increasingly reliant on policy persistency rather than the rapid expansion of new insurance written in a high-rate environment.
The transition from double-digit growth to mid-single digits indicates that the post-pandemic housing boom has largely exhausted its ability to drive new policy volume. Investors should monitor whether the company's Rate GPS platform can maintain pricing power as the broader mortgage market faces sustained affordability constraints.
Based on the provided quarterly data, NMIH maintains a robust combined ratio of 31.9% as of 2026Q1, reflecting a highly efficient underwriting engine that continues to generate significant profit margins despite a slight uptick in loss ratios from the near-zero levels seen in early 2024.
The company's ability to keep the combined ratio well below the 100% threshold suggests that its modern actuarial models are successfully avoiding the legacy credit issues plaguing older peers. This performance implies that NMIH's operational leverage remains intact, though the recent creep in loss ratios warrants close observation for potential credit deterioration.
According to the company's latest balance sheet disclosures, NMIH operates with a debt-to-equity ratio of 0.16%, which appears to provide a significant buffer against potential volatility and suggests a highly disciplined approach to capital management that prioritizes long-term solvency over aggressive financial leverage.
This low leverage profile indicates that the company is well-positioned to navigate potential housing market downturns without the immediate pressure of debt service obligations. Such a conservative stance may imply that management is prioritizing regulatory compliance and capital preservation, which serves as a defensive moat in the current interest rate cycle.
While current profitability appears strong, the shift in loss ratios from 0.3% in 2024Q2 to 11.3% in 2026Q1 suggests that the period of historically benign claim activity may be ending, potentially signaling a return to more normalized, and therefore more volatile, underwriting results for the company.
Investors should consider that the recent increase in claims may not be a temporary anomaly but rather the beginning of a cycle where pandemic-era borrower protections fully expire. If this trend continues, the company's reliance on its current underwriting model will be tested, and the market may need to re-evaluate the sustainability of its current high-margin performance.
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.