NMI Holdings, Inc. NMIH
See the "Glossary of Abbreviations and Acronyms" for descriptions of terms used through this annual report.
We provide mortgage insurance (referred to as mortgage insurance or MI) through our wholly-owned insurance subsidiaries, NMIC and Re One. NMIC and Re One are domiciled in Wisconsin and principally regulated by the Wisconsin OCI. NMIC is our primary insurance subsidiary, and is approved as an MI provider by the GSEs and is licensed to write MI coverage in all 50 states and D.C. Our subsidiary, NMIS, provides outsourced loan review services to mortgage loan originators and our subsidiary, Re One, historically provided reinsurance coverage to NMIC in accordance with certain statutory risk retention requirements. Such requirements have been repealed and the reinsurance coverage provided by Re One to NMIC has been commuted. Re One remains a wholly-owned, licensed insurance subsidiary; however, it does not currently have active insurance exposures.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $706.4M | $651.0M | $579.0M | $523.3M | $485.1M | $433.3M | $378.8M | $275.0M | $182.7M | $123.8M |
| Total operating expenses | $206.6M | $187.6M | $166.3M | $146.0M | $188.3M | $215.2M | $162.1M | $139.1M | $130.0M | $95.6M |
| Interest expense | $28.5M | $36.9M | $32.2M | $32.2M | $31.8M | $24.4M | $12.1M | $15.0M | $13.5M | $14.8M |
| Pre-tax income | $499.8M | $463.4M | $412.7M | $377.3M | $296.7M | $218.1M | $216.7M | $136.0M | $52.8M | $11.5M |
| Income tax | $110.9M | $103.3M | $90.6M | $84.4M | $65.6M | $46.5M | $44.7M | $28.0M | $30.7M | $52.5M |
| Net income | $388.9M | $360.1M | $322.1M | $292.9M | $231.1M | $171.6M | $172.0M | $107.9M | $22.1M | $64.0M |
| EPS, basic | 5.01 | 4.51 | 3.91 | 3.45 | 2.70 | 2.20 | 2.54 | 1.66 | 0.37 | 1.08 |
| EPS, diluted | 4.92 | 4.43 | 3.84 | 3.39 | 2.65 | 2.13 | 2.47 | 1.60 | 0.35 | 1.05 |
| Shares, diluted (wtd. avg.) | $79.0M | $81.3M | $83.9M | $86.0M | $86.9M | $79.3M | $69.7M | $67.7M | $62.2M | $60.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $43.9M | $54.3M | $96.7M | $44.4M | $76.6M | $126.9M | $41.1M | $25.3M | $19.2M | $47.7M |
| Property, plant and equipment | $21.7M | $25.7M | $30.3M | $31.9M | $32.0M | $29.7M | $26.1M | $24.8M | $22.8M | $20.4M |
| Goodwill | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M |
| Total assets | $3.84B | $3.35B | $2.94B | $2.52B | $2.45B | $2.17B | $1.36B | $1.09B | $894.8M | $839.9M |
| Long-term debt | — | — | — | $396.1M | $394.6M | $393.3M | $145.8M | $146.8M | $143.9M | $144.4M |
| Total liabilities | $1.25B | $1.13B | $1.01B | $902.3M | $884.8M | $797.1M | $434.4M | $390.5M | $385.8M | $364.4M |
| Retained earnings | $1.97B | $1.58B | $1.22B | $901.0M | $608.1M | $377.0M | $205.4M | $33.5M | -$74.2M | -$96.7M |
| Total equity | $2.59B | $2.22B | $1.93B | $1.61B | $1.57B | $1.37B | $930.4M | $701.5M | $509.1M | $475.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $419.3M | $393.6M | $342.7M | $313.4M | $325.7M | $252.6M | $208.2M | $145.9M | $67.8M | $71.9M |
| Depreciation and amortisation | $11.3M | $11.9M | $11.5M | $11.9M | $11.2M | $9.9M | $9.3M | $7.8M | $6.7M | $4.9M |
| Stock-based compensation | $20.2M | $19.8M | $16.9M | $15.4M | $16.7M | $11.1M | $13.0M | $12.6M | $9.5M | $6.9M |
| Capital expenditure | $6.8M | $6.9M | $9.4M | $10.6M | $12.2M | $12.2M | $10.0M | $8.1M | $8.5M | $11.5M |
| Investing cash flow | -$316.5M | -$339.3M | -$200.0M | -$289.8M | -$374.2M | -$629.6M | -$194.4M | -$220.7M | -$93.1M | -$79.8M |
| Financing cash flow | -$113.2M | -$96.7M | -$90.4M | -$55.8M | -$1.8M | $462.8M | $2.0M | $80.9M | -$3.2M | -$1.7M |
| Buybacks | $105.1M | $97.6M | $91.6M | $56.6M | $0 | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001547903-26-000011.
Others in SIC 6351
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ORI | OLD REPUBLIC INTERNATIONAL CORP | $10.00B | 11.1x | 11.0% |
| MTG | MGIC INVESTMENT CORP | $6.36B | 9.9x | 0.5% |
| ESNT | Essent Group Ltd. | $6.22B | 10.0x | 1.5% |
| RDN | RADIAN GROUP INC | $4.85B | 8.9x | -0.8% |
| AGO | ASSURED GUARANTY LTD | $3.33B | 7.4x | — |
| MBI | MBIA INC | $243.3M | — | 90.5% |
| OSG | OCTAVE SPECIALTY GROUP INC | $223.9M | — | 55.8% |