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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. 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%
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% (at or above 15%: strong)
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.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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
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.

Source: company filings (standardised) and stockrow calculations.

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stockrow.com/NMIH · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com