NMI Holdings, Inc. NMIH

Financials SIC 6351 - Surety Insurance NAICS Finance and Insurance › Insurance Carriers and Related Activities › Insurance Carriers derived Nasdaq

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 Such requirements have been repealed and the reinsurance coverage provided by Re One to NMIC has been commuted.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.

Last close 42.55 2026-10-23
Market cap $3.20B 2026-06-30 share count
52-week range 34.84 - 46.74

Valuation FY2025 figures against the last close

P/S4.5x
P/E8.6x
P/FCF7.8x
EV/EBITDA—
Dividend yield—
Diluted EPS4.92

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 5.014.513.913.452.702.202.541.660.371.08
EPS, diluted 4.924.433.843.392.652.132.471.600.351.05
Shares, diluted (wtd. avg.) 79.0M81.3M83.9M86.0M86.9M79.3M69.7M67.7M62.2M60.8M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 200M 400M 600M 800M Revenue, FY2016: 123.8M Net income, FY2016: 64M Revenue, FY2017: 182.7M Net income, FY2017: 22.1M Revenue, FY2018: 275M Net income, FY2018: 107.9M Revenue, FY2019: 378.8M Net income, FY2019: 172M Revenue, FY2020: 433.3M Net income, FY2020: 171.6M Revenue, FY2021: 485.1M Net income, FY2021: 231.1M Revenue, FY2022: 523.3M Net income, FY2022: 292.9M Revenue, FY2023: 579M Net income, FY2023: 322.1M Revenue, FY2024: 651M Net income, FY2024: 360.1M Revenue, FY2025: 706.4M Net income, FY2025: 388.9M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $123.8M $182.7M $275.0M $378.8M $433.3M $485.1M $523.3M $579.0M $651.0M $706.4M
Gross profit — — — — — — — — — —
Net income $64.0M $22.1M $107.9M $172.0M $171.6M $231.1M $292.9M $322.1M $360.1M $388.9M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Shareholder vote Item 5.07
  • Results announced Item 2.02
  • Annual report filed Form 10-K

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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