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NMI Holdings Inc

NMIH Financial Insurance Specialty

NMI Holdings Inc’s revenue for fiscal 2025 (year ended December 2025) was $706.4 million, up 8.52% from fiscal 2024.

Revenue
+4.96%
EPS
+0.81%
Free cash flow
+10.7%
Total debt
+0.48%

Quarter to September 2026, against a year earlier

44.13 0.17 +0.39%
Market cap
$3.3B
P/E
8.5×
Fwd P/E
8.0×
Dividend yield
—
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 16.22
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 4 4 — 1 — — 2 1 — —
Insider Ownership 1.90%

Capital & Financial Ratios $m

Size
Market Cap 3,330.00
Revenue ttm 739.65
Net income ttm 392.81
Free cash flow ttm 424.25
Net debt Q 346.20
Valuation
P/E 8.52
Forward P/E 8.03
Price / sales 4.48
Forward P/S Powerpack
Price / FCF 7.81
Price / book 1.23
Financial health
Current ratio Q 0.56
Debt / equity Q 0.15
Interest coverage Q 17.88
Growth
Revenue growth Q +4.96% (above 0%: growing)
Operating income growth Q −2.73% (below 0%: shrinking)
EPS, this year +6.32%
EPS, next year A +3.78%
Revenue, next year A +6.63%
EPS, past 5 yrs +18.23% (at or above 15%: strong)
EPS, next 5 yrs A +4.61%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 50.02%
10-year low 10-year high
P/S against its own 10 years 50.64%
10-year low 10-year high
P/B against its own 10 years 35.46%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 97 54 44 72
Receivables 104 115 125 144
Inventory — — — —
Other — — — —
201 169 169 —
2023 2024 2025 Q'26
Payables 302 320 345 355
ST’ Debt — — — —
Other — — — —
302 320 345 355

Compound Annual Growth %

10y 5y 3y
Sales 29.41% 10.27% 10.52%
Cash Flow 26.03% 10.67% 10.19%
Earnings 0.00% 17.78% 9.91%
Book Value 20.47% 13.61% 17.11%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 1.28 Actual 1.38

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 1.21 1.21 Met by 0.00
Q4 FY25 1.17 1.20 Beat by 0.03
Q1 FY26 1.22 1.28 Beat by 0.06
Q2 FY26 1.28 1.38 Beat by 0.10
Q3 FY26 1.32 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.28 1.38 1.23 — —
’25 1.28 1.21 1.22 1.20 4.92
’24 1.08 1.13 1.15 1.07 4.43
’23 0.88 0.95 1.00 1.01 3.84
’22 0.77 0.86 0.90 0.86 3.39
’21 0.61 0.65 0.69 0.69 2.65
’20 0.74 0.36 0.45 0.56 2.13
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 183 188 188 — —
’25 173 174 179 181 706
’24 156 162 166 167 651
’23 137 143 148 151 579
’22 127 132 131 133 523
’21 115 121 124 125 485
’20 108 108 108 110 433
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 116 143 111 — —
’25 101 128 128 62 419
’24 112 118 128 36 394
’23 90 102 121 30 343
’22 80 94 108 32 313
’21 85 97 99 44 326
’20 48 80 88 38 253
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 115 140 109 — —
’25 99 127 126 60 413
’24 109 116 127 34 387
’23 88 99 117 29 333
’22 78 90 105 29 303
’21 83 93 96 41 313
’20 46 76 83 35 240
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 124 183 275 379 433 485 523 579 651 706 740 +21.3% 753 794 824 +5.2%
Gross margin, % 98.07 97.08 98.02 96.70 86.33 97.46 100.69 96.09 95.15 91.84 88.63 (6.2) pt
EBT 11 53 136 217 218 297 377 413 463 500 503 +52.1%
EBT margin, % 9.25 28.89 49.44 57.20 50.34 61.17 72.09 71.28 71.19 70.75 68.05 +61.5 pt
Net income 64 22 108 172 172 231 293 322 360 389 393 +22.2%
Per share, $
Per share, $ Revenue 2.10 3.06 4.23 5.61 5.55 5.67 6.16 7.03 8.15 9.10 9.85 +17.7%
Earnings 1.11 0.37 1.66 2.54 2.20 2.70 3.45 3.91 4.51 5.01 5.18 +18.2%
Cash flow 1.22 1.13 2.24 3.08 3.24 3.80 3.69 4.16 4.93 5.40 5.75 +18.0%
Capex (0.19) (0.14) (0.12) (0.15) (0.16) (0.14) (0.12) (0.11) (0.09) (0.09) (0.10) (8.5%)
Free cash flow 1.02 0.99 2.12 2.93 3.08 3.66 3.57 4.04 4.84 5.31 5.65 +20.1%
Book value 8.05 8.51 10.79 13.77 17.55 18.29 19.00 23.37 27.77 33.39 36.00 +17.1%
Shares, m 59 60 65 68 78 86 85 82 80 78 76 +3.1%
Valuation, ×
Valuation, × P/E 9.82 47.97 10.75 13.06 10.16 8.09 6.13 7.59 8.15 8.14 8.52 13.0
P/S 5.15 5.81 4.22 5.92 4.08 3.86 3.43 4.22 4.51 4.48 4.48 4.6
P/B 1.34 2.09 1.65 2.41 1.29 1.19 1.11 1.27 1.32 1.22 1.23 1.5
EV/Sales 5.93 6.49 4.66 6.20 4.69 4.51 4.10 4.74 5.06 5.01 — 5.1
EV/FCF 12.15 20.02 9.30 11.84 8.46 6.98 7.09 8.24 8.52 8.58 — 10.1
Cash, $m
Cash, $m Operating cash flow 72 68 146 208 253 326 313 343 394 419 431 +21.6%
Capex (11) (9) (8) (10) (12) (12) (11) (9) (7) (7) (7) (5.7%)
Free cash flow 60 59 138 198 240 313 303 333 387 413 424 +23.8%
Balance, $m
Balance, $m Working capital (120) (151) (142) (108) (77) (157) (162) (102) (151) (176) (155) +4.4%
Net debt 97 125 121 105 266 318 352 301 361 373 346 +16.2%
Shareholders’ equity 476 509 702 930 1,370 1,566 1,614 1,926 2,217 2,592 2,703 +20.7%
Returns, %
Returns, % ROA 8.52 2.54 10.86 14.00 9.72 10.01 11.79 11.81 11.45 10.82 10.16 +2.3 pt
ROIC 1.25 5.21 10.33 13.08 8.33 9.84 12.00 11.58 11.23 10.54 10.32 +9.3 pt
ROE 14.57 4.48 17.83 21.07 14.92 15.75 18.42 18.20 17.38 16.17 15.06 +1.6 pt
People
People Employees 276 299 304 321 262 247 242 238 230 225 — (2.2%)
Revenue/emp, $m 0.45 0.61 0.90 1.18 1.65 1.96 2.16 2.43 2.83 3.14 — +24.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

NMI Holdings Inc vs peers in Insurance Specialty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FNF Fidelity National Financial, Inc. $11.5B 15.2× 9.3× +11.44% (above 0%: growing) +9.80% (above 0%: growing) −1.24% (below 0%: shrinking) 53.15% 9.85% Compare
AXS Axis Capital Holdings Limited $7.7B 8.0× 8.2× +6.91% (above 0%: growing) −24.09% (below 0%: shrinking) +31.71% (above 0%: growing) 24.75% 14.68% Compare
FAF First American Financial Corporation $7.0B 9.5× 9.6× +5.34% (above 0%: growing) −6.52% (below 0%: shrinking) −12.25% (below 0%: shrinking) 100.00% 14.30% Compare
ACT Enact Holdings, Inc. $6.6B 9.9× 9.8× +0.45% (above 0%: growing) +4.50% (above 0%: growing) −4.21% (below 0%: shrinking) 0.00% 0.00% Compare
ESNT Essent Group Ltd. $6.2B 9.5× 8.8× +13.64% (above 0%: growing) +7.18% (above 0%: growing) +3.88% (above 0%: growing) 65.75% 65.75% Compare
MTG MGIC Investment Corporation $6.0B 9.1× 8.7× −1.78% (below 0%: shrinking) +2.41% (above 0%: growing) +0.56% (above 0%: growing) 77.43% 76.97% Compare
RDN Radian Group Inc. $4.9B 9.5× 8.8× +92.58% (above 0%: growing) −17.48% (below 0%: shrinking) +147.96% (above 0%: growing) 50.35% 30.09% Compare
NMIH NMI Holdings Inc $3.3B 8.5× 8.0× +8.12% (above 0%: growing) +13.82% (above 0%: growing) +10.69% (above 0%: growing) 93.00% 76.67%
AGO Assured Guaranty Ltd. $3.2B 9.6× 11.1× −30.60% (below 0%: shrinking) −57.89% (below 0%: shrinking) −48.72% (below 0%: shrinking) 97.95% 42.05% Compare
Median of peers $6.4B 9.5× 9.1× +6.13% −2.05% −0.34% 59.45% 22.39%

All 15 Insurance Specialty stocks →

Pay and ownership Proxy statement filed 26 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 10.21m 14.18m 180.00
2024 8.98m 15.26m 162.00
2023 7.93m 12.24m 131.00
2022 5.47m 5.00m 92.00
2021 4.97m 4.03m 96.00

Ownership

Directors and executive officers, together 2.44%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

NMI Holdings Inc (NMIH) Latest News

6 Nov

Impact 3 · · GuruFocus.com

29 Oct

Impact 3 · · Zacks

23 Oct

Impact 4 · · Zacks

1 Oct

Impact 3 · · Zacks

28 Sep

Impact 3 · · StockStory

25 Sep

Impact 3 · · Zacks

24 Sep

Impact 4 · · Zacks

15 Sep

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3 Aug

Impact 3 · · The Motley Fool transcript

1 Aug

Impact 4 ·

31 Jul

Impact 4 ·
Impact 3 ·
Impact 3 · · MarketBeat transcript
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30 Jul

Impact 4 · · Moby
Impact 3 · · The Motley Fool transcript
Impact 3 ·
Impact 3 ·
Impact 3 ·
Impact 3 ·
Impact 3 ·

23 Jul

Impact 3 ·

8 Jul

Impact 3 ·

30 Jun

Impact 3 ·

7 May

Impact 3 · · Simply Wall St.

3 May

Impact 3 · · StockStory

1 May

Impact 4 · · Zacks
Impact 4 · · Moby
Impact 4 · · GuruFocus.com

30 Apr

Impact 4 · · MarketBeat

NMIH metrics, ten years each

stockrow.com/NMIH · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com