Saturday 17 October 2026 Export NMIH’s income statement to Excel — free account

NMI Holdings Inc

NMI Holdings Inc’s revenue for fiscal 2025 (year ended December 2025) was $706.4 million, up 8.52% from fiscal 2024. In the quarter to June 2026, revenue grew 8.12%, EPS grew 13.8%, free cash flow grew 10.7% and total debt was flat, each against the same quarter a year earlier. Revenue growth for ten consecutive years, operating cash flow growth for three.

40.71 0.61 +1.52%

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Market cap: $3.0B
P/E: 7.9×
Fwd P/E: 7.1×
Dividend yield: —
F-score: 5/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 16.96

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	1	—	—	4	4	—	1	—	—	2	1	—

Insider Ownership 2.81%

Capital & Financial Ratios $m

Market Cap 3,020.00

Revenue 730.78

Net Income 395.33

Free Cash Flow 441.61

Net Debt 345.90

Current Ratio 0.56

Debt/Equity 0.15

P/E ratio 7.87

Fwd P/E 7.07

P/S ratio 4.22

P/B ratio 1.14

Past 5Y EPS Growth 18.23%

This Y EPS Growth 6.86%

Next Y EPS Growth 4.41%

Next Y revenue growth 6.80%

Next 5Y EPS Growth 4.69%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 34.95%

10-year low 10-year high

P/S against its own 10 years 34.21%

10-year low 10-year high

P/B against its own 10 years 22.63%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	Powerpack
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2018	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	97	54	44	72
Receivables	104	115	125	127
Inventory	—	—	—	—
Other	—	—	—	—
	201	169	169	199

	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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	183	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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.28	1.38	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	4.19	9.90	13.35	17.38	8.06	19.43	15.33	19.21	28.67	31.90	Analyst estimates 2026–2028 Powerpack
	High	10.95	18.05	24.50	35.79	35.66	26.82	27.25	30.39	42.49	43.20
People
People	Employees	276	299	304	321	262	247	242	238	230	225
	Revenue/emp, $m	0.45	0.61	0.90	1.18	1.65	1.96	2.16	2.43	2.83	3.14
Income, $m
Income, $m	Revenue	124	183	275	379	433	485	523	579	651	706
	Gross margin, %	98.07	97.08	98.02	96.70	86.33	97.46	100.69	96.09	95.15	91.84
	EBT	11	53	136	217	218	297	377	413	463	500
	EBT margin, %	9.25	28.89	49.44	57.20	50.34	61.17	72.09	71.28	71.19	70.75
	Net income	64	22	108	172	172	231	293	322	360	389
	Depreciation	9	10	13	12	18	20	19	14	13	10
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
	Earnings	1.11	0.37	1.66	2.54	2.20	2.70	3.45	3.91	4.51	5.01
	Cash flow	1.22	1.13	2.24	3.08	3.24	3.80	3.69	4.16	4.93	5.40
	Capex	(0.19)	(0.14)	(0.12)	(0.15)	(0.16)	(0.14)	(0.12)	(0.11)	(0.09)	(0.09)
	Free cash flow	1.02	0.99	2.12	2.93	3.08	3.66	3.57	4.04	4.84	5.31
	Book value	8.05	8.51	10.79	13.77	17.55	18.29	19.00	23.37	27.77	33.39
	Shares, m	59	60	65	68	78	86	85	82	80	78
Valuation, ×
Valuation, ×	P/E	9.82	47.97	10.75	13.06	10.16	8.09	6.13	7.59	8.15	8.14
	P/S	5.15	5.81	4.22	5.92	4.08	3.86	3.43	4.22	4.51	4.48
	P/B	1.34	2.09	1.65	2.41	1.29	1.19	1.11	1.27	1.32	1.22
	EV/Sales	5.93	6.49	4.66	6.20	4.69	4.51	4.10	4.74	5.06	5.01
	EV/FCF	12.15	20.02	9.30	11.84	8.46	6.98	7.09	8.24	8.52	8.58
Cash, $m
Cash, $m	Operating cash flow	72	68	146	208	253	326	313	343	394	419
	Capex	(11)	(9)	(8)	(10)	(12)	(12)	(11)	(9)	(7)	(7)
	Free cash flow	60	59	138	198	240	313	303	333	387	413
Balance, $m
Balance, $m	Working capital	(120)	(151)	(142)	(108)	(77)	(157)	(162)	(102)	(151)	(176)
	Total debt	144	144	147	146	393	395	396	398	415	417
	Net debt	97	125	121	105	266	318	352	301	361	373
	Shareholders’ equity	476	509	702	930	1,370	1,566	1,614	1,926	2,217	2,592
Returns, %
Returns, %	ROA	8.52	2.54	10.86	14.00	9.72	10.01	11.79	11.81	11.45	10.82
	ROIC	1.25	5.21	10.33	13.08	8.33	9.84	12.00	11.58	11.23	10.54
	ROE	14.57	4.48	17.83	21.07	14.92	15.75	18.42	18.20	17.38	16.17

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
AXS Axis Capital Holdings Limited	$7.2B	7.0×	7.4×	+7.35% (above 0%: growing)	+24.00% (above 0%: growing)	+137.05% (above 0%: growing)	28.72%	19.18%	Compare
FAF First American Financial Corporation	$6.5B	9.0×	9.9×	+14.99% (above 0%: growing)	+51.06% (above 0%: growing)	+2.71% (above 0%: growing)	100.00%	16.60%	Compare
ACT Enact Holdings, Inc.	$6.3B	9.7×	8.8×	+4.07% (above 0%: growing)	+11.61% (above 0%: growing)	−0.84% (below 0%: shrinking)	73.93%	73.26%	Compare
ESNT Essent Group Ltd.	$5.7B	8.9×	8.0×	+13.64% (above 0%: growing)	+7.18% (above 0%: growing)	+3.88% (above 0%: growing)	65.75%	65.75%	Compare
MTG MGIC Investment Corporation	$5.7B	8.7×	8.3×	−2.91% (below 0%: shrinking)	+6.17% (above 0%: growing)	+0.83% (above 0%: growing)	81.29%	80.85%	Compare
RDN Radian Group Inc.	$4.5B	8.7×	7.8×	+92.58% (above 0%: growing)	−17.48% (below 0%: shrinking)	+147.96% (above 0%: growing)	50.35%	30.09%	Compare
AGO Assured Guaranty Ltd.	$3.1B	9.5×	11.8×	−30.60% (below 0%: shrinking)	−57.89% (below 0%: shrinking)	−48.72% (below 0%: shrinking)	97.95%	42.05%	Compare
NMIH NMI Holdings Inc	$3.0B	7.9×	7.1×	+8.12% (above 0%: growing)	+13.82% (above 0%: growing)	+10.69% (above 0%: growing)	93.00%	76.67%
EIG Employers Holdings Inc	$906.1M	73.2×	18.2×	−10.60% (below 0%: shrinking)	+29.03% (above 0%: growing)	−1,111.11% (below 0%: shrinking)	16.35%	16.35%	Compare
Median of peers	$5.7B	9.0×	8.6×	+5.71%	+9.40%	+1.77%	69.84%	36.07%

All 17 Insurance Specialty stocks →

NMI Holdings Inc (NMIH) key facts

Strength: NMI Holdings Inc’s revenue for fiscal 2025 (year ended December 2025) was $706.4 million, up 8.52% from fiscal 2024.
Strength: Net income was $388.9 million, or $5.01 per share (basic), a net margin of 55.1%.
NMI Holdings Inc (NMIH) is an Insurance Specialty company in the Financial sector, listed on Nasdaq.
As of October 16, 2026, NMIH traded at $40.71, a market capitalization of $3.0 billion.
At that price the stock trades at 7.9× trailing-twelve-month earnings and 4.2× sales; its P/E is higher than 35% of its own readings over the past ten years.
Return on equity was 16.2% and debt-to-equity 0.15.
Its Piotroski F-score is 5 out of 9 for fiscal 2025.