Nmi Holdings Financials
Nmi Holdings (NMIH) reported $706.4M in revenue for fiscal year 2025, up 8.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cash conversion and minimal reinvestment needs make this a capital-building business more than an asset-hungry one.
Across FY2024-FY2025, operating cash flow consistently ran ahead of net income while capex stayed tiny at$6.8M in FY2025, so reported profit required very little reinvestment to become spendable cash. The year-end cash balance of only$43.9M next to free cash flow of$412.5M suggests cash is being deliberately cycled out through financing uses, not trapped inside the business.
ROE slipped to
Debt-to-equity was 0.5x in FY2025 versus 0.2x in FY2022, so leverage is higher than earlier in the cycle even as retained earnings have started to dilute that effect. With
Financial Health Signals
Scored against insurers for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Nmi Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Nmi Holdings, and counted as zero in the overall score.
Nmi Holdings passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Nmi Holdings generates $1.08 in operating cash flow ($419.3M OCF vs $388.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Nmi Holdings generated $706.4M in revenue in fiscal year 2025. This represents an increase of 8.5% from the prior year.
Nmi Holdings reported $388.9M in net income in fiscal year 2025. This represents an increase of 8.0% from the prior year.
Nmi Holdings earned $4.92 per diluted share (EPS) in fiscal year 2025. This represents an increase of 11.1% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Nmi Holdings generated $412.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 6.7% from the prior year.
Nmi Holdings held $43.9M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Nmi Holdings's net profit margin was 55.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.3 percentage points from the prior year.
Nmi Holdings's ROE was 15.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.2 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Nmi Holdings spent $105.1M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 7.7% from the prior year.
Nmi Holdings invested $6.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 1.8% from the prior year.
Not reported for fiscal year 2025.
NMIH Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $730.8M | $706.4M+8.5% | $651.0M+12.4% | $579.0M+10.6% | $523.3M+7.9% | $485.1M+12.0% | $433.3M+14.4% | $378.8M+37.7% | $275.0M+50.5% | $182.7M+47.6% | $123.8M+131.0% | $53.6M+178.9% | $19.2M+171.2% | $7.1M+2396.1% | $284K | N/A |
| Interest Expense | $28.5M | $28.5M-22.8% | $36.9M+14.5% | $32.2M+0.2% | $32.2M+1.2% | $31.8M+30.4% | $24.4M+101.8% | $12.1M-19.3% | $15.0M+10.7% | $13.5M-8.9% | $14.8M+621.8% | $2.1M | $0 | $0 | N/A | N/A |
| Income Tax | $111.4M | $110.9M+7.3% | $103.3M+14.0% | $90.6M+7.3% | $84.4M+28.7% | $65.6M+40.9% | $46.5M+4.1% | $44.7M+59.4% | $28.0M-8.8% | $30.7M+158.5% | -$52.5M | $0+100.0% | -$2.4M | $0 | $0 | N/A |
| Net Income | $395.3M | $388.9M+8.0% | $360.1M+11.8% | $322.1M+10.0% | $292.9M+26.7% | $231.1M+34.7% | $171.6M-0.2% | $172.0M+59.3% | $107.9M+389.5% | $22.1M-65.5% | $64.0M+330.3% | -$27.8M+43.2% | -$48.9M+11.4% | -$55.2M-100.7% | -$27.5M0.0% | -$27.5M |
| EPS (Diluted) | — | $4.92+11.1% | $4.43+15.4% | $3.84+13.3% | $3.39+27.9% | $2.65+24.4% | $2.13-13.8% | $2.47+54.4% | $1.60+357.1% | $0.35-66.7% | $1.05+323.4% | -$0.47+44.0% | -$0.84 | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NMIH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.8B+14.7% | $3.3B+13.9% | $2.9B+16.9% | $2.5B+2.7% | $2.5B+13.1% | $2.2B+58.8% | $1.4B+25.0% | $1.1B+22.0% | $894.8M+6.5% | $839.9M+26.8% | $662.5M+43.0% | $463.3M-3.7% | $481.2M-11.3% | $542.8M | N/A |
| Cash & Equivalents | $43.9M-19.1% | $54.3M-43.8% | $96.7M+117.6% | $44.4M-42.0% | $76.6M-39.6% | $126.9M+208.9% | $41.1M+62.4% | $25.3M+31.8% | $19.2M-59.8% | $47.7M-16.7% | $57.3M-44.4% | $103.0M+84.2% | $55.9M-88.5% | $485.9M | $0 |
| Goodwill | $3.2M0.0% | $3.2M0.0% | $3.2M0.0% | $3.2M0.0% | $3.2M0.0% | $3.2M0.0% | $3.2M0.0% | $3.2M0.0% | $3.2M0.0% | $3.2M0.0% | $3.2M0.0% | $3.2M0.0% | $3.2M | N/A | N/A |
| Total Liabilities | $1.2B+10.3% | $1.1B+11.6% | $1.0B+12.4% | $902.3M+2.0% | $884.8M+11.0% | $797.1M+83.5% | $434.4M+11.2% | $390.5M+1.2% | $385.8M+5.9% | $364.4M+40.3% | $259.7M+615.3% | $36.3M+101.7% | $18.0M-66.7% | $54.0M | N/A |
| Long-Term Debt | N/A | N/A | N/A | $396.1M+0.4% | $394.6M+0.3% | $393.3M+169.8% | $145.8M-0.7% | $146.8M+2.0% | $143.9M-0.3% | $144.4M+0.3% | $143.9M | $0 | N/A | N/A | N/A |
| Total Equity | $2.6B+16.9% | $2.2B+15.1% | $1.9B+19.4% | $1.6B+3.1% | $1.6B+14.3% | $1.4B+47.2% | $930.4M+32.6% | $701.5M+37.8% | $509.1M+7.1% | $475.5M+18.1% | $402.7M-5.7% | $427.0M-7.8% | $463.2M-5.2% | $488.7M+36330.4% | -$1.3M |
| Retained Earnings | $2.0B+24.6% | $1.6B+29.4% | $1.2B+35.7% | $901.0M+48.2% | $608.1M+61.3% | $377.0M+83.5% | $205.4M+513.5% | $33.5M+145.2% | -$74.2M+23.3% | -$96.7M+39.8% | -$160.7M-20.9% | -$132.9M-58.2% | -$84.0M-191.3% | -$28.8M | N/A |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities.
NMIH Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $448.5M | $419.3M+6.5% | $393.6M+14.9% | $342.7M+9.3% | $313.4M-3.8% | $325.7M+28.9% | $252.6M+21.4% | $208.2M+42.7% | $145.9M+115.3% | $67.8M-5.8% | $71.9M+73.5% | $41.5M+297.8% | -$21.0M+42.3% | -$36.3M-148.8% | -$14.6M | N/A |
| Capital Expenditures | $6.9M | $6.8M-1.8% | $6.9M-26.3% | $9.4M-11.4% | $10.6M-13.6% | $12.2M+0.6% | $12.2M+22.1% | $10.0M+23.5% | $8.1M-5.3% | $8.5M-25.8% | $11.5M+87.0% | $6.1M-25.4% | $8.2M+22.8% | $6.7M+173.5% | $2.4M | N/A |
| Free Cash Flow | $441.6M | $412.5M+6.7% | $386.7M+16.0% | $333.3M+10.1% | $302.8M-3.4% | $313.5M+30.4% | $240.4M+21.3% | $198.2M+43.8% | $137.8M+132.6% | $59.3M-2.0% | $60.5M+71.2% | $35.3M+221.0% | -$29.2M+32.1% | -$43.0M-152.3% | -$17.0M | N/A |
| Investing Cash Flow | -$331.0M | -$316.5M+6.7% | -$339.3M-69.6% | -$200.0M+31.0% | -$289.8M+22.6% | -$374.2M+40.6% | -$629.6M-223.9% | -$194.4M+11.9% | -$220.7M-137.1% | -$93.1M-16.6% | -$79.8M+65.3% | -$230.2M-438.1% | $68.1M+116.2% | -$419.9M-4181.3% | -$9.8M | N/A |
| Financing Cash Flow | -$129.4M | -$113.2M-17.1% | -$96.7M-6.9% | -$90.4M-62.0% | -$55.8M-2950.7% | -$1.8M-100.4% | $462.8M+23040.2% | $2.0M-97.5% | $80.9M+2595.7% | -$3.2M-88.1% | -$1.7M-101.2% | $143.0M+621830.4% | -$23K-100.1% | $26.3M-94.8% | $510.3M | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0 | $0 | N/A | N/A | N/A |
| Share Buybacks | $115.1M | $105.1M+7.7% | $97.6M+6.5% | $91.6M+61.9% | $56.6M | $0 | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NMIH Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 55.0%-0.3pp | 55.3%-0.3pp | 55.6%-0.3pp | 56.0%+8.3pp | 47.6%+8.0pp | 39.6%-5.8pp | 45.4%+6.2pp | 39.2%+27.2pp | 12.1%-39.6pp | 51.7%+103.5pp | -51.8% | -254.4% | -778.5% | -9679.9% | N/A |
| Return on Equity | 15.0%-1.2pp | 16.2%-0.5pp | 16.7%-1.4pp | 18.1%+3.4pp | 14.8%+2.2pp | 12.5%-5.9pp | 18.5%+3.1pp | 15.4%+11.1pp | 4.3%-9.1pp | 13.5%+20.4pp | -6.9%+4.5pp | -11.5%+0.5pp | -11.9%-6.3pp | -5.6% | N/A |
| Return on Assets | 10.1%-0.6pp | 10.8%-0.2pp | 10.9%-0.7pp | 11.6%+2.2pp | 9.4%+1.5pp | 7.9%-4.7pp | 12.6%+2.7pp | 9.9%+7.4pp | 2.5%-5.2pp | 7.6%+11.8pp | -4.2%+6.4pp | -10.6%+0.9pp | -11.5%-6.4pp | -5.1% | N/A |
| Debt-to-Equity | 0.480.0x | 0.510.0x | 0.53+0.3x | 0.250.0x | 0.250.0x | 0.29+0.1x | 0.16-0.1x | 0.21-0.1x | 0.280.0x | 0.30-0.1x | 0.36+0.4x | 0.000.0x | 0.04-0.1x | 0.11 | N/A |
| FCF Margin | 58.4%-1.0pp | 59.4%+1.8pp | 57.6%-0.3pp | 57.9%-6.8pp | 64.6%+9.1pp | 55.5%+3.2pp | 52.3%+2.2pp | 50.1%+17.7pp | 32.4%-16.4pp | 48.8%-17.1pp | 65.9% | -151.8% | -606.6% | -6001.1% | N/A |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin, FCF Margin.
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Where Nmi Holdings Ranks
Frequently Asked Questions
What is Nmi Holdings's annual revenue?
Nmi Holdings (NMIH) reported $706.4M in total revenue for fiscal year 2025. This represents a 8.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Nmi Holdings's revenue growing?
Nmi Holdings (NMIH) revenue grew by 8.5% year-over-year, from $651.0M to $706.4M in fiscal year 2025.
Is Nmi Holdings profitable?
Yes, Nmi Holdings (NMIH) reported a net income of $388.9M in fiscal year 2025, with a net profit margin of 55.0%.
What is Nmi Holdings's net profit margin?
Nmi Holdings (NMIH) had a net profit margin of 55.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Nmi Holdings's return on equity (ROE)?
Nmi Holdings (NMIH) has a return on equity of 15.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Nmi Holdings's free cash flow?
Nmi Holdings (NMIH) generated $412.5M in free cash flow during fiscal year 2025. This represents a 6.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Nmi Holdings's operating cash flow?
Nmi Holdings (NMIH) generated $419.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Nmi Holdings's total assets?
Nmi Holdings (NMIH) had $3.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Nmi Holdings's capital expenditures?
Nmi Holdings (NMIH) invested $6.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Nmi Holdings's debt-to-equity ratio?
Nmi Holdings (NMIH) had a debt-to-equity ratio of 0.48 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Nmi Holdings's return on assets (ROA)?
Nmi Holdings (NMIH) had a return on assets of 10.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Nmi Holdings's Piotroski F-Score?
Nmi Holdings (NMIH) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Nmi Holdings's earnings high quality?
Nmi Holdings (NMIH) has an earnings quality ratio of 1.08x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Nmi Holdings?
Nmi Holdings (NMIH) scores 73 out of 100 on our Financial Health Score, indicating strong standing within its insurers peer group. The score is a 0-100 composite of six dimensions (Loss Ratio, Premium Growth, Capital, Investment Yield, Combined Ratio, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.