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Financials · NMIH

NMI Holdings Inc. (NMIH) financials

For the twelve months ended Sep 30, 2026, NMI Holdings Inc. reported $739.65M of revenue and $392.81M of net income.

Revenue, TTM
$739.65M
Revenue growth, YoY
+6.9%
Net income, TTM
$392.81M
Net income growth, YoY
+3.1%
Net margin
53.1%
Free cash flow, TTM
$424.25M
EPS, diluted, TTM
$5.10
EPS growth, YoY
+6.7%
Cash
$72.33M
P/E
7.35
P/S
3.90
Market cap
$2.89B
Annual revenue$706.44M
FY2016FY2025
Annual net income$388.93M
FY2016FY2025
Annual free cash flow$412.52M
FY2016FY2025

NMIH revenue and earnings growth

NMIH revenueQ3 2026$187.55M

Quarter YoY
+5.0%
QoQ
-0.2%
FY YoY
+8.5%
5Y CAGR
+10.3%
10Y CAGR
+29.4%

NMIH revenue was $187.55M in fiscal Q3 2026 (ended Sep 30, 2026), up 5.0% from a year earlier and down 0.2% from the prior quarter. For the full fiscal 2025 it was $706.44M, up 8.5% from fiscal 2024. Compound annual growth was +10.3% over 5 years and +29.4% over 10 years. It rose in each of the last 10 fiscal years. Fiscal 2025 is the highest of the 14 fiscal years on file.

NMIH net incomeQ3 2026$93.47M

Quarter YoY
-2.6%
QoQ
-11.6%
FY YoY
+8.0%
5Y CAGR
+17.8%

NMIH net income was $93.47M in fiscal Q3 2026 (ended Sep 30, 2026), down 2.6% from a year earlier and down 11.6% from the prior quarter. For the full fiscal 2025 it was $388.93M, up 8.0% from fiscal 2024. Compound annual growth was +17.8% over 5 years. It rose in 7 of the last 9 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

NMIH EPSQ3 2026$1.23

Quarter YoY
+0.8%
QoQ
-10.9%
FY YoY
+11.1%
5Y CAGR
+18.2%

NMIH diluted EPS was $1.23 in fiscal Q3 2026 (ended Sep 30, 2026), up 0.8% from a year earlier and down 10.9% from the prior quarter. For the full fiscal 2025 it was $4.92, up 11.1% from fiscal 2024. Compound annual growth was +18.2% over 5 years.

NMIH free cash flowQ3 2026$108.92M

Quarter YoY
-13.7%
QoQ
-22.3%
FY YoY
+6.7%
5Y CAGR
+11.4%
10Y CAGR
+27.9%

NMIH free cash flow was $108.92M in fiscal Q3 2026 (ended Sep 30, 2026), down 13.7% from a year earlier and down 22.3% from the prior quarter. For the full fiscal 2025 it was $412.52M, up 6.7% from fiscal 2024. Compound annual growth was +11.4% over 5 years and +27.9% over 10 years. It rose in 8 of the last 10 fiscal years. Fiscal 2025 is the highest of the 14 fiscal years on file.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$706.44M$650.97M$579.00M$523.35M$485.07M$433.28M$378.77M$275.02M$182.74M$123.81M
Interest expense$28.48M$36.90M$32.21M$32.16M$31.80M$24.39M$12.09M$14.98M$13.53M$14.85M
Pre-tax income$499.80M$463.41M$412.70M$377.31M$296.73M$218.11M$216.65M$135.96M$52.79M$11.45M
Income tax$110.88M$103.31M$90.59M$84.40M$65.59M$46.54M$44.70M$28.03M$30.74M-$52.55M
Net income$388.93M$360.11M$322.11M$292.90M$231.13M$171.57M$171.96M$107.93M$22.05M$64.00M
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
Diluted shares79.0M81.3M83.9M86.0M86.9M79.3M69.7M67.7M62.2M60.8M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$43.94M$54.31M$96.69M$44.43M$76.65M$126.94M$41.09M$25.29M$19.20M$47.75M
Goodwill$3.24M$3.24M$3.24M$3.24M$3.24M$3.24M$3.24M$3.24M$3.24M$3.24M
Total assets$3.84B$3.35B$2.94B$2.52B$2.45B$2.17B$1.36B$1.09B$894.85M$839.90M
Total debt---$396.05M$394.62M$393.30M$145.76M$146.76M$143.88M$144.35M
Total liabilities$1.25B$1.13B$1.01B$902.30M$884.79M$797.08M$434.40M$390.54M$385.77M$364.39M
Shareholders' equity$2.59B$2.22B$1.93B$1.61B$1.57B$1.37B$930.42M$701.50M$509.08M$475.51M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$419.30M$393.60M$342.68M$313.39M$325.72M$252.60M$208.15M$145.86M$67.76M$71.94M
Capital expenditures$6.78M$6.91M$9.37M$10.57M$12.24M$12.16M$9.96M$8.06M$8.51M$11.47M
Free cash flow$412.52M$386.70M$333.31M$302.82M$313.48M$240.44M$198.19M$137.80M$59.25M$60.47M
Investing cash flow-$316.47M-$339.29M-$200.00M-$289.79M-$374.18M-$629.55M-$194.35M-$220.65M-$93.07M-$79.79M
Financing cash flow-$113.20M-$96.70M-$90.42M-$55.83M-$1.83M$462.80M$2.00M$80.89M-$3.24M-$1.72M
Share repurchases$105.10M$97.61M$91.61M$56.58M$0$0----
Stock-based compensation$20.19M$19.81M$16.91M$15.43M$16.68M$11.12M$13.03M$12.56M$9.48M$6.85M
Depreciation and amortization$11.30M$11.90M$11.50M$11.90M$11.20M$9.90M$9.30M$7.80M$6.70M$4.90M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY8.5%12.4%10.6%7.9%12.0%14.4%37.7%50.5%47.6%131.0%
Net income growth, YoY8.0%11.8%10.0%26.7%34.7%-0.2%59.3%389.5%-65.5%-
EPS growth, YoY11.1%15.4%13.3%27.9%24.4%-13.8%54.4%357.1%-66.7%-
Net margin55.1%55.3%55.6%56.0%47.6%39.6%45.4%39.2%12.1%51.7%
Free cash flow margin58.4%59.4%57.6%57.9%64.6%55.5%52.3%50.1%32.4%48.8%
Return on equity15.0%16.2%16.7%18.2%14.8%12.5%18.5%15.4%4.3%13.5%
Return on assets10.1%10.7%11.0%11.6%9.4%7.9%12.6%9.9%2.5%7.6%
Debt to equity---0.250.250.290.160.210.280.30

Source: XBRL data NMI Holdings Inc. files with the SEC, latest filing dated Nov 6, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

NMIH peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
NMIH$739.65M+6.9%$392.81M53.1%$2.89B
CB$61.85B+5.7%$11.23B18.2%$141.03B
PGR$91.73B+7.7%$11.62B12.7%$134.27B
TRV$48.92B+1.1%$8.33B17.0%$82.14B
ALL$70.23B+5.1%$11.61B16.5%$64.61B
AIG$27.73B+1.2%$3.29B11.9%$42.68B
HIG$29.87B+9.2%$4.61B15.4%$36.85B
ACGL$18.78B-3.9%$4.38B23.3%$35.53B
CINF$13.28B+9.9%$2.66B20.1%$29.15B

NMIH FAQ

8 questions
  • What is NMIH revenue?
    NMI Holdings Inc. (NMIH) reported $739.65M of revenue for the twelve months ended Sep 30, 2026. That is up 6.9% from the year before. Revenue for fiscal 2025 was $706.44M.
  • Is NMIH profitable?
    Yes. NMI Holdings Inc. earned $392.81M in net income for the twelve months ended Sep 30, 2026, a net margin of 53.1%.
  • How much cash and debt does NMIH have?
    NMI Holdings Inc. reported $72.33M in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is NMIH revenue growing?
    NMI Holdings Inc.'s revenue changed +8.5% in fiscal 2025, to $706.44M. Its compound annual growth rate was +10.3% over 5 years and +29.4% over 10 years.
  • What is NMIH free cash flow?
    NMI Holdings Inc. generated $424.25M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $431.41M less capital expenditures.
  • What is NMIH earnings per share?
    Diluted earnings per share were $5.10 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did NMIH last report financial results?
    The latest statements here come from NMI Holdings Inc.'s 10-Q filed on Nov 6, 2026, covering the period ended Sep 30, 2026.
  • Where does this NMIH financial data come from?
    Quantisnow builds these statements from the structured XBRL data NMI Holdings Inc. files with the SEC. It is provided for information only and is not investment advice.