NMI Holdings, Inc. NMIH R2K

Financial Services · Insurance - Specialty · United States

https://www.nationalmi.com

NMI Holdings, Inc., together with its subsidiaries, provides private mortgage guaranty insurance services in the United States. It provides primary mortgage insurance services; and outsourced loan review services to mortgage loan originators. The company serves national and regional mortgage banks, money center banks, credit unions, community banks, builder-owned mortgage lenders, internet-sourced lenders, and other non-bank lenders. NMI Holdings, Inc. was incorporated in 2011 and is headquartered in Emeryville, California.

Market & Price

Market Cap

$2.73B

Current Price

$35.90

High / Low (52W)

$43.15 / $35.35

Beta

0.59

Valuation

Stock P/E

7.30

Industry PE

12.01

Forward P/E

6.64

PEG Ratio

Book Value

$33.98

Price to Book

1.06

P/S

3.81

EV/EBITDA

5.74

Dividend Yield

Profitability & Returns

ROCE

ROE

15.57%

ROA

8.86%

Profit Margin

53.82%

Op Margin

71.97%

EPS (Latest Qtr)

$1.28

EPS (TTM)

$4.92

Balance Sheet & Liquidity

Debt/Equity

0.16

Quick Ratio

0.51

Current Ratio

1.81

Debt

$425.61M

Total Assets

$3.84B

Current Assets

Working Capital

Ownership

Promoter Holding

1.75%

Chg in Prom Hold

FII / Inst Holding

100.24%

Chg in FII Hold

Financial Snapshot

Enterprise Value

$3.06B

Total Revenue (TTM)

$716.67M

EBITDA

$532.71M

Free Cash Flow

$313.04M

Operating Cash Flow

$434.24M

Shares Outstanding

75.97M

Gross Margin

76.01%

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

10.44%

Profit 5Y

9.91%

Revenue (YoY)

5.90%

Earnings (YoY)

0.00%

PROS

Excellent profit margin of 53.8%.
Compounding revenue at 10.4% over 5 years.
Generates positive free cash flow.

CONS

In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Financial Services).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	NMIH NMI Holdings, Inc. R2K	35.90	7.30	$2.73B	-	-	15.57%	10.44%	9.91%
2	JPM JPMorgan Chase & Co. SPX	299.31	14.33	$802.00B	2.00%	-	16.47%	12.50%	14.83%
3	V Visa Inc. SPX	326.36	28.48	$620.65B	0.82%	38.38%	60.35%	10.92%	10.28%
4	MA Mastercard Incorporated SPX	493.98	28.57	$436.47B	0.70%	61.47%	-	13.82%	14.66%
5	MS Morgan Stanley SPX	208.00	18.84	$328.08B	1.92%	-	16.39%	9.52%	15.20%
6	GS The Goldman Sachs Group, Inc. SPX	1,025.56	18.73	$302.55B	1.76%	-	14.55%	7.16%	15.11%
7	WFC Wells Fargo & Company SPX	77.54	11.98	$237.29B	2.32%	-	12.03%	4.02%	15.98%
8	BLK BlackRock, Inc. SPX	1,046.88	26.32	$162.51B	2.19%	4.89%	11.90%	10.65%	2.36%
9	SCHW The Charles Schwab Corporation SPX	87.35	17.37	$151.91B	1.47%	-	19.08%	4.83%	7.21%

Quarterly Results

Figures in USD.

Metric	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	22.18M	29.48M	35.52M	-	37.05M	42.20M	48.95M	-	59.55M	67.45M	71.76M	-	81.11M	91.18M	101.59M	-	107.65M	107.95M	107.78M	-	115.19M	120.77M	124.04M	-	127.44M	132.22M	130.58M	-	136.78M	142.69M	148.16M	-	156.25M	162.12M	166.09M	173.25M	173.78M	178.68M	180.74M	183.47M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	138.48M	130.72M	130.81M	128.28M	132.05M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7.11M	7.12M	7.12M	7.13M	7.11M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	131.37M	123.60M	123.68M	121.15M	124.94M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	28.81M	27.45M	27.68M	26.93M	25.61M
Net Income	-3.91M	2.01M	6.17M	59.72M	5.49M	6.01M	12.31M	-1.77M	22.36M	25.24M	24.81M	35.52M	32.90M	39.10M	49.76M	50.20M	58.27M	26.85M	38.18M	48.27M	52.89M	57.52M	60.19M	60.52M	67.68M	75.44M	76.84M	72.94M	74.46M	80.28M	83.95M	83.41M	89.05M	92.08M	92.81M	102.56M	96.15M	96.00M	94.22M	99.33M
Diluted EPS	-0.07	0.03	0.10	0.98	0.09	0.10	0.20	-0.03	0.34	0.37	0.36	0.46	0.48	0.56	0.69	0.71	0.74	0.36	0.45	0.56	0.61	0.65	0.69	0.69	0.77	0.86	0.90	0.86	0.88	0.95	1.00	1.01	1.08	1.13	1.15	1.28	1.21	1.22	1.20	1.28

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	284.00K	7.09M	19.22M	53.61M	123.81M	182.74M	275.02M	378.77M	433.28M	-	524.46M	579.00M	650.97M	706.44M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	409.47M	444.92M	500.31M	528.28M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	32.16M	32.21M	36.90M	28.48M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	377.31M	412.70M	463.41M	499.80M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	84.40M	90.59M	103.31M	110.88M
Net Income	-27.49M	-27.49M	-55.18M	-48.91M	-27.79M	64.00M	22.05M	107.93M	171.96M	171.57M	-	292.90M	322.11M	360.11M	388.93M
Diluted EPS	-	-	-	-0.84	-0.47	1.05	0.35	1.60	2.47	2.13	-	3.39	3.84	4.43	4.92

Compounded Sales Growth

5 Years:	10.44%
1 Year:	5.90%

Compounded Profit Growth

5 Years:	9.91%
1 Year:	0.00%

Stock Price Performance

1 Year:	-9.62%
6 Months:	-6.19%
3 Months:	-8.67%
1 Month:	-12.69%

Balance Sheet (Annual)

Figures in USD.

Metric	May 2011	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	-	542.77M	481.22M	463.26M	662.45M	839.90M	894.85M	1.09B	1.36B	2.17B	-	2.52B	2.94B	3.35B	3.84B
Current Assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash & Equivalents	0	0	485.86M	55.93M	103.02M	57.32M	47.75M	19.20M	-	-	-	-	42.25M	95.35M	54.22M	43.94M
Inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Receivables	-	-	-	-	-	-	-	-	-	-	-	-	91.27M	103.97M	115.06M	124.84M
Total Liabilities	-	-	54.02M	18.00M	36.31M	259.72M	364.39M	385.77M	390.54M	434.40M	797.08M	-	902.30M	1.01B	1.13B	1.25B
Current Liabilities	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Long Term Debt	-	-	-	-	0	143.94M	144.35M	143.88M	146.76M	145.76M	393.30M	-	396.05M	397.60M	415.15M	417.03M
Total Debt	-	-	-	-	-	-	-	-	-	-	-	-	396.05M	397.60M	415.15M	417.03M
Total Equity	0	-1.35M	488.75M	463.22M	426.96M	402.73M	475.51M	509.08M	701.50M	930.42M	1.37B	-	1.61B	1.93B	2.22B	2.59B
Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-	-	86.47M	87.33M	87.90M	88.37M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	-	-	-	41.46M	71.94M	67.76M	145.86M	208.15M	252.60M	-	313.39M	342.68M	393.60M	419.30M
Investing Cash Flow	-9.81M	-419.95M	68.08M	-230.16M	-79.79M	-93.07M	-220.65M	-194.35M	-629.55M	-	-289.79M	-200.00M	-339.29M	-316.47M
Financing Cash Flow	510.26M	26.33M	-23.00K	143.00M	-1.72M	-3.24M	80.89M	2.00M	462.80M	-	-55.83M	-90.42M	-96.70M	-113.20M
Capital Expenditure	-2.45M	-6.69M	-8.22M	-6.13M	-11.47M	-8.51M	-8.06M	-9.96M	-12.16M	-	-10.57M	-9.37M	-6.91M	-6.78M
Free Cash Flow	-	-	-	35.33M	60.47M	59.25M	137.80M	198.19M	240.44M	-	302.82M	333.31M	386.70M	412.52M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-	-32.22M	52.26M	-42.38M	-10.37M
Share Buybacks	-	-	-	-	-	-	-	-	0	0	56.58M	91.61M	97.61M	105.10M

Ratios (Annual)

Figures in %.

Metric	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin %	-	-	-	-	-	-	-	-	-	-	-	78.1%	76.8%	76.9%	74.8%
Net Margin %	-	-9,679.9%	-778.4%	-254.4%	-51.8%	51.7%	12.1%	39.2%	45.4%	39.6%	-	55.8%	55.6%	55.3%	55.1%
ROE %	2,037.9%	-5.6%	-11.9%	-11.5%	-6.9%	13.5%	4.3%	15.4%	18.5%	12.5%	-	18.2%	16.7%	16.2%	15.0%
ROCE %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Shareholding Pattern

Insiders

1.75%

Institutions

100.24%

Public Float

102.01%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Blackrock Inc.	16.93%	12.86M	$461.79M
2	Dimensional Fund Advisors LP	5.73%	4.35M	$156.23M
3	Vanguard Capital Management LLC	4.52%	3.43M	$123.15M
4	State Street Corporation	4.35%	3.30M	$118.59M
5	Vanguard Portfolio Management LLC	3.96%	3.01M	$107.94M
6	American Century Companies Inc	3.58%	2.72M	$97.65M
7	Geode Capital Management, LLC	2.65%	2.01M	$72.33M
8	Van Berkom & Associates Inc.	2.62%	1.99M	$71.46M
9	Nomura Asset Management International Inc	2.20%	1.67M	$59.88M
10	Bank of America Corporation	1.72%	1.30M	$46.84M

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NMIH · Financial Services

NMI Holdings, Inc.

About

Key Facts

Sector	Financial Services
Industry	Insurance - Specialty
Headquarters	United States
Employees	225
Website	https://www.nationalmi.com

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NMI Holdings, Inc. NMIH R2K

Market & Price

Valuation

Profitability & Returns

Balance Sheet & Liquidity

Ownership

Financial Snapshot

Growth (CAGR)

PROS

CONS

Price Chart

Technical Trend

Fundamental Growth

Peer comparison

Quarterly Results

Profit & Loss (Annual)

Compounded Sales Growth

Compounded Profit Growth

Stock Price Performance

Balance Sheet (Annual)

Cash Flows (Annual)

Ratios (Annual)

Shareholding Pattern

Top Institutional Holders

Analyst View

Latest News

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