NMI Holdings, Inc. NMIH

FinancialsInsuranceUnited States of America

Last close 42.67 USD on Nov 1, 2026, +4.6% year to date

Quant rating

Quant rating A Rank 75 of 799 in Financials

Growth B 266 of 799
Valuation A 47 of 799
Quality A 116 of 799
Revisions B 250 of 799
Momentum B 319 of 799

Wall Street consensus Buy (2.12)Average target 45.38 USD +6.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.2B
Enterprise value: 3.6B
52-week range: 34.84 – 46.34
3-year range: 27.21 – 46.34
Dividend yield: –
Beta (5 years): 0.55
Shares outstanding: 75.2M
Next earnings: Nov 5, 2026

About the company

NMI Holdings, Inc. provides mortgage insurance (MI), through its wholly owned insurance subsidiaries, National Mortgage Insurance Corporation (NMIC) and National Mortgage Reinsurance Inc. One (Re One). NMIC is its primary insurance subsidiary and is licensed to write MI coverage in all 50 states and District of Columbia (D.C.). Its subsidiary, NMI Services, Inc. (NMIS), provides outsourced loan review services to mortgage loan originators. Primary MI provides default protection on individual mortgage loans at specified coverage percentages. All its primary insurance is written on first-lien mortgage loans, with nearly all secured by owner-occupied single-family homes (defined as one-to-four family homes and condominiums). It offers outsourced loan review services to mortgage originators through NMIS. It also offers post-close underwriting reviews, which the Company refers to as independent validations, for both non-delegated and delegated loans.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	603	566	512	476	446	–
Revenue growth	6.6%	10.6%	7.4%	6.8%	11.4%	8.5%
EPS (basic, normalized)	4.92	4.52	3.84	3.39	2.73	–
EPS growth	8.8%	17.7%	13.3%	24.2%	–	–
Gross margin	–	–	–	–	–	–
Net margin	55.1%	55.3%	55.6%	56.0%	47.6%	53.9%
ROE	16.2%	17.7%	18.2%	18.3%	16.1%	17.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	418
Net debt (mil)	–
Total equity (mil)	2,705
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	603	+6.6%	5.9x	33.98	+21.1%	1.3x	4.92	+8.8%	8.7x
2026	633	+5.0%	5.6x	38.60	+13.6%	1.1x	5.28	+7.2%	8.1x
2027	657	+3.8%	5.4x	44.69	+15.8%	1.0x	5.48	+3.9%	7.8x
2028	674	+2.6%	5.3x	50.50	+13.0%	0.8x	5.66	+3.3%	7.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	633	0.0%	+0.3%	+0.4%	5.28	+0.1%	+1.8%	+2.9%
2027	657	0.0%	+0.6%	+0.1%	5.48	−0.5%	+1.2%	+0.8%
2028	674	0.0%	+0.2%	−0.7%	5.66	−1.5%	+0.5%	−0.6%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	137	141	143	144	149	149	151	152	155	158
Sales mean (mil)	137	142	147	150	152	148	151	160	154	156
Surprise	−0.1%	−0.5%	−2.2%	−4.5%	−1.5%	+0.8%	+0.5%	−4.6%	+0.3%	+0.8%
EPS reported	1.08	1.20	1.15	1.07	1.28	1.22	1.21	1.20	1.28	1.38
EPS mean	0.99	1.05	1.14	1.12	1.10	1.20	1.21	1.19	1.23	1.28
Surprise	+9.5%	+14.5%	+1.3%	−4.9%	+16.4%	+1.3%	+0.4%	+0.8%	+3.8%	+7.8%

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
NMIH NMI Holdings, Inc.	3.2B	16.2%	55.1%	1.19x	8.1x	7.8x	1.1x	1.0x
AJG Arthur J. Gallagher & Co.	70.8B	12.8%	10.7%	2.94x	21.1x	18.6x	2.7x	2.5x
HIG The Hartford Insurance Group, Inc.	35.5B	21.7%	13.5%	1.89x	9.8x	9.7x	1.8x	1.6x
ACGL Arch Capital Group Ltd.	34.7B	16.4%	22.7%	1.51x	10.6x	10.7x	1.5x	1.4x
BRO Brown & Brown Inc	23.1B	14.1%	17.7%	1.81x	15.7x	14.6x	1.8x	1.7x
FNF Fidelity National Financial Inc	10.9B	17.8%	4.2%	1.46x	8.2x	7.5x	1.2x	1.1x
Mean		16.5%	20.6%	1.80x	12.3x	11.5x	1.7x	1.5x
Median		16.3%	15.6%	1.66x	10.2x	10.2x	1.7x	1.5x

Technical analysis

1M+4.1%
3M−2.9%
1Y+18.7%
3Y+59.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, NMI Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	603	566	512	476	446	400
Other revenue	103	85.3	67.5	46.9	38.8	32.8
Total revenue	706	651	579	523	485	433
Losses, benefits and adjustments	178	150	133	114	155	191
Amortization of policy acquisition costs	–	–	–	–	–	–
Selling, general & administrative expenses	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Other operating expenses	0.6	0.7	0.8	1.1	2.5	2.8
Operating income	528	500	445	408	328	240
Net interest income (expense)	−28.5	−36.9	−32.2	−31.1	−31.2	−21.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	500	463	413	377	297	218
Provision for taxes	111	103	90.6	84.4	65.6	46.5
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	389	360	322	293	231	172
Extraordinary items	–	–	–	–	–	–
Net income	389	360	322	293	231	172
Basic weighted average shares (mil)	77.6	79.8	82.4	84.9	85.6	78.0
Diluted weighted average shares (mil)	79.0	81.3	83.9	86.0	86.9	79.3
Basic EPS, normalized	4.92	4.52	3.84	3.39	2.73	–

Balance sheet in millions of USD, fiscal years

Balance sheet, NMI Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	28.4	33.9	39.4	42.3	34.6	34.3
Goodwill	3.2	3.2	3.2	3.2	3.2	–
Intangibles	0.4	0.4	0.4	0.4	0.4	3.6
Insurance receivables	86.3	82.8	76.5	69.7	60.4	49.8
Long-term investments	3,137	2,724	2,371	2,099	2,086	1,804
Note receivable	–	–	–	–	–	–
Other long-term assets	0	0.1	1.3	2.2	3.2	–
Deferred policy acquisition costs	64.4	64.3	62.9	58.6	59.6	62.2
Other assets	477	387	290	198	130	85.5
Total assets	3,841	3,350	2,941	2,516	2,451	2,167
Liabilities
Accounts payable	102	103	86.2	74.6	72.0	61.7
Payable/accrued	–	–	–	–	–	–
Accrued expenses	8.5	10.3	11.4	12.1	2.9	5.3
Policy liabilities	243	217	218	226	248	218
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	417	415	398	396	395	393
Minority interest	–	–	–	–	–	–
Other liabilities	479	387	302	194	167	119
Total liabilities	1,249	1,133	1,015	902	885	797
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.9	0.9	0.9	0.9	0.9	0.9
Additional paid-in capital	1,017	1,005	991	973	955	938
Retained earnings (accumulated deficit)	1,972	1,583	1,223	901	608	377
Treasury stock	−352	−247	−149	−56.6	–	–
Other equity	−46.1	−125	−140	−204	1.5	53.9
Total equity	2,592	2,217	1,926	1,614	1,566	1,370
Total liabilities & shareholders' equity	3,841	3,350	2,941	2,516	2,451	2,167

Cash flow statement in millions of USD, fiscal years

Cash flow statement, NMI Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	389	360	322	293	231	172
Depreciation, depletion & amortization	11.3	11.9	11.5	11.9	11.2	9.9
Deferred taxes	71.8	80.7	90.6	84.4	65.5	46.5
Non-cash items	13.6	25.3	13.7	19.6	22.7	12.9
Changes in working capital	−66.3	−84.4	−95.3	−95.4	−4.8	11.7
Cash from operations	419	394	343	313	326	253
Investing activities
Capital expenditures	−6.8	−6.9	−9.4	−10.6	−12.2	−12.2
Other investing cash flows	−310	−332	−191	−279	−362	−617
Cash from investing	−316	−339	−200	−290	−374	−630
Financing activities
Financing cash flow items	−11.0	−18.0	−9.4	−5.2	−6.5	−18.0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−102	−78.7	−81.1	−50.6	4.7	481
Cash from financing	−113	−96.7	−90.4	−55.8	−1.8	463
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−10.4	−42.4	52.3	−32.2	−50.3	85.8
Free cash flow	413	387	333	303	313	240

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

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Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.