What is NMI Holdings Inc.'s earnings per share (EPS)?

NMI Holdings Inc. (NMIH) reported diluted earnings per share of $4.92 for fiscal year 2025. This represents a 11.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

NMI Holdings Inc. (NMIH) Financials

NMIH

Trailing 12 months to June 30, 2026

Revenue $730.8M +7.5% YoY

Net Income $395.3M +4.7% YoY

EPS (Diluted) $5.08 +7.9% YoY

Free Cash Flow $441.6M +14.0% YoY

Market Cap $2.9B as of Oct 3, 2026

Price / Sales 4.0x on $730.8M revenue, trailing 12 months to June 30, 2026

Price / Earnings 7.4x on $395.3M net income, trailing 12 months to June 30, 2026

Price / Book 1.1x on $2.7B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 31, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 31, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NMIH SEC filings page.

NMI Holdings Inc. (NMIH) reported $730.8M in revenue over the twelve months to Jun 30, 2026, up 7.5% from the prior twelve months. 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).

Rhea AI NMIH FY2025 2026-10-03

Profit and cash generation have expanded together, while retained earnings build the balance sheet faster than leverage increases.

From FY2021 through FY2025, net income and operating cash flow both increased while remaining relatively close, indicating that reported earnings are converting into cash rather than relying mainly on non-cash accounting gains. In FY2025, free-cash-flow margin was 58.4% versus a net-profit margin of 55.1%, reinforcing the quality of that conversion.

By FY2025, total assets were $3.8B and equity was $2.6B, so expansion has been funded predominantly by accumulated capital rather than a balance sheet dominated by liabilities. Debt-to-equity was about 0.5x in FY2025 after rising from 0.3x in FY2021, indicating leverage increased from its earlier base but has not continued climbing recently.

FY2025 capital expenditures were only $7M against free cash flow of $413M, showing that reported cash generation requires little physical reinvestment. The share count also fell from 85.8M shares in FY2021 to 76.0M shares in FY2025, consistent with allocating part of that cash toward repurchases.

Financial Health Signals

Financial Health Score 74/100

Scored as: Insurers peer group

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 Inc.'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.

Loss Ratio

Loss Ratio measures the claims an insurer paid out against the premiums it earned, so a lower ratio leaves more of every premium dollar with the company. NMI Holdings Inc. scores 96/100 on it among other insurers.

Premium Growth

NMI Holdings Inc. reported revenue of $706.4M in fiscal year 2025, against $651.0M in fiscal year 2024. Premium Growth ranks insurers on the three-year path of the premiums they write rather than on total revenue, and NMI Holdings Inc. scores 61/100 among other insurers.

Capital

NMI Holdings Inc. funded 67.5% of its assets with shareholders' equity at the end of fiscal year 2025, holding $2.6B of equity against $3.8B of assets. Capital ranks insurers on that cushion, and NMI Holdings Inc. scores 94/100 among other insurers.

Investment Yield

Not available for NMI Holdings Inc., and counted as zero in the overall score.

Combined Ratio

Combined Ratio puts claims and running costs together against premiums earned, and a figure under 100% means the underwriting made money before any investment income was counted. NMI Holdings Inc. scores 97/100 on it among other insurers.

Stability

NMI Holdings Inc. reported net income of $388.9M in fiscal year 2025, against $360.1M in fiscal year 2024. Stability ranks insurers on how steady net income has been across five years, and NMI Holdings Inc. scores 93/100 among other insurers.

Piotroski F-Score Partial

4/6

NMI Holdings Inc. 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.

Earnings Quality Cash-Backed

1.08x

For every $1 of reported earnings, NMI Holdings Inc. 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

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Earnings & Revenue

Revenue

$187.9M

YoY+8.1%

QoQ+2.4%

5Y CAGR+9.2%

10Y CAGR+20.3%

NMI Holdings Inc. generated $187.9M in revenue in Q2 2026. This represents an increase of 8.1% from the same quarter a year earlier. Against the prior quarter it is up 2.4%.

Net Income

$105.8M

YoY+10.0%

QoQ+6.5%

5Y CAGR+13.0%

10Y CAGR+48.6%

NMI Holdings Inc. reported $105.8M in net income in Q2 2026. This represents an increase of 10.0% from the same quarter a year earlier. Against the prior quarter it is up 6.5%.

EPS (Diluted)

$1.38

YoY+14.0%

QoQ+7.8%

5Y CAGR+16.3%

10Y CAGR+46.6%

NMI Holdings Inc. earned $1.38 per diluted share (EPS) in Q2 2026. This represents an increase of 14.0% from the same quarter a year earlier. Against the prior quarter it is up 7.8%.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$140.2M

YoY+10.7%

QoQ+22.0%

5Y CAGR+8.5%

10Y CAGR+19.8%

NMI Holdings Inc. generated $140.2M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 10.7% from the same quarter a year earlier. Against the prior quarter it is up 22.0%.

Cash & Debt

$72.1M

YoY-14.2%

QoQ+2.0%

5Y CAGR+1.2%

10Y CAGR+4.4%

NMI Holdings Inc. held $72.1M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

75M

YoY-3.0%

QoQ-1.0%

5Y CAGR-2.6%

10Y CAGR+2.4%

NMI Holdings Inc. had 75M shares outstanding in Q2 2026. This represents a decrease of 3.0% from the same quarter a year earlier. Against the prior quarter it is down 1.0%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Net Margin

56.3%

YoY+1.0pp

QoQ+2.2pp

5Y change+8.7pp

10Y change+49.5pp

NMI Holdings Inc.'s net profit margin was 56.3% in Q2 2026, showing the share of revenue converted to profit. This is up 1.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.2 percentage points.

Return on Equity

3.9%

YoY-0.1pp

QoQ+0.1pp

5Y change0.0pp

10Y change+3.4pp

NMI Holdings Inc.'s ROE was 3.9% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 0.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.1 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

Share Buybacks

$32.3M

YoY+34.7%

QoQ+16.7%

NMI Holdings Inc. spent $32.3M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 34.7% from the same quarter a year earlier. Against the prior quarter it is up 16.7%.

Capital Expenditures

$2.4M

YoY+44.5%

QoQ+116.5%

5Y CAGR-7.9%

10Y CAGR-4.7%

NMI Holdings Inc. invested $2.4M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 44.5% from the same quarter a year earlier. Against the prior quarter it is up 116.5%.

R&D Spending

Not reported for Q2 2026.

NMIH Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NMIH quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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 (Basic)	N/A	$5.01+11.1%	$4.51+15.3%	$3.91+13.3%	$3.45+27.8%	$2.70+22.7%	$2.20-13.4%	$2.54+53.0%	$1.66+348.6%	$0.37-65.7%	$1.08+329.8%	-$0.47+44.0%	-$0.84	N/A	N/A	N/A
EPS (Diluted)	$5.08	$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
Diluted Shares (Avg)	N/A	79M-2.7%	81M-3.1%	84M-2.5%	86M-1.0%	87M+9.6%	79M+13.7%	70M+3.1%	68M+8.8%	62M+2.2%	61M+3.7%	59M+0.7%	58M	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$187.9M+8.1%	$183.5M+5.9%	$180.7M+8.5%	$178.7M+7.6%	$173.8M+7.2%	$173.2M+10.9%	$166.5M+10.0%	$166.1M+12.1%
Interest Expense	$7.1M0.0%	$7.1M0.0%	$7.1M+0.4%	$7.1M+0.7%	$7.1M-51.5%	$7.1M-11.6%	$7.1M-12.0%	$7.1M-12.2%
Income Tax	$31.2M+13.5%	$25.6M-11.1%	$26.9M+9.0%	$27.7M+4.4%	$27.4M+3.3%	$28.8M+12.9%	$24.7M+13.5%	$26.5M+13.6%
Net Income	$105.8M+10.0%	$99.3M-3.1%	$94.2M+9.3%	$96.0M+3.4%	$96.2M+4.4%	$102.6M+15.2%	$86.2M+3.3%	$92.8M+10.5%
EPS (Basic)	$1.40+13.8%	$1.30-0.8%	$1.23+12.8%	$1.24+6.0%	$1.23+7.0%	$1.31+19.1%	$1.09+5.8%	$1.17+14.7%
EPS (Diluted)	$1.38+14.0%	$1.280.0%	$1.20+12.1%	$1.22+6.1%	$1.21+7.1%	$1.28+18.5%	$1.07+5.9%	$1.15+15.0%
Diluted Shares (Avg)	77M-3.4%	77M-3.0%	N/A	79M-2.7%	79M-2.5%	80M-2.7%	N/A	81M-3.1%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA.

NMIH Balance Sheet

NMIH quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0-100.0%	$4.9M	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$4.0B+11.3%	$3.9B+13.1%	$3.8B+14.7%	$3.7B+12.3%	$3.6B+15.8%	$3.5B+15.0%	$3.3B+13.9%	$3.3B+20.2%
Cash & Equivalents	$72.1M-14.2%	$70.7M-4.8%	$43.9M-19.1%	$130.4M-2.2%	$84.0M+34.1%	$74.2M-46.9%	$54.3M-43.8%	$133.3M-24.4%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	N/A	N/A	$3.2M0.0%	N/A	N/A	N/A	$3.2M0.0%	N/A
Total Liabilities	$1.3B+10.4%	$1.3B+12.6%	$1.2B+10.3%	$1.2B+7.8%	$1.2B+10.9%	$1.1B+10.4%	$1.1B+11.6%	$1.1B+15.8%
Total Equity	$2.7B+11.8%	$2.6B+13.4%	$2.6B+16.9%	$2.5B+14.6%	$2.4B+18.3%	$2.3B+17.3%	$2.2B+15.1%	$2.2B+22.6%
Retained Earnings	$2.2B+22.2%	$2.1B+22.9%	$2.0B+24.6%	$1.9B+25.4%	$1.8B+26.9%	$1.7B+28.5%	$1.6B+29.4%	$1.5B+31.4%

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Non-Current Liabilities, Long-Term Debt.

NMIH Cash Flow Statement

NMIH quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Depreciation & Amortization	N/A	$11.3M-5.0%	$11.9M+3.5%	$11.5M-3.4%	$11.9M+6.3%	$11.2M+13.1%	$9.9M+6.5%	$9.3M+19.2%	$7.8M+16.4%	$6.7M+36.7%	$4.9M+53.1%	$3.2M-44.8%	$5.8M-1.7%	$5.9M+196566.7%	$3K	N/A
Stock-Based Compensation	N/A	$20.2M+1.9%	$19.8M+17.1%	$16.9M+9.7%	$15.4M-7.5%	$16.7M+50.0%	$11.1M-14.7%	$13.0M+3.8%	$12.6M+32.4%	$9.5M+38.4%	$6.9M-16.1%	$8.2M-11.0%	$9.2M-11.4%	$10.4M+69.5%	$6.1M	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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$142.6M+11.1%	$116.1M+14.8%	$61.7M+72.4%	$128.0M-0.3%	$128.4M+9.0%	$101.2M-9.3%	$35.8M+18.9%	$128.4M+6.3%
Depreciation & Amortization	$2.5M-12.8%	$2.5M-14.1%	$2.7M-6.6%	$2.8M-4.8%	$2.8M-5.2%	$2.9M-3.6%	$2.9M-1.8%	$3.0M+3.7%
Stock-Based Compensation	N/A	$4.7M+3.9%	N/A	N/A	N/A	$4.5M+9.5%	N/A	N/A
Capital Expenditures	$2.4M+44.5%	$1.1M-35.5%	$1.6M+18.0%	$1.8M+20.0%	$1.6M-10.4%	$1.7M-22.0%	$1.4M-5.2%	$1.5M-55.7%
Free Cash Flow	$140.2M+10.7%	$115.0M+15.6%	$60.1M+74.6%	$126.3M-0.5%	$126.7M+9.3%	$99.4M-9.1%	$34.4M+20.2%	$126.9M+8.1%
Investing Cash Flow	-$108.4M-15.2%	-$47.9M-0.5%	-$117.7M-36.6%	-$57.0M-39.8%	-$94.1M+46.1%	-$47.7M-26.2%	-$86.1M-4.9%	-$40.8M-2711.4%
Financing Cash Flow	-$32.7M-34.1%	-$41.4M-23.4%	-$30.6M-6.6%	-$24.6M-45.2%	-$24.4M-20.5%	-$33.6M-9.1%	-$28.7M-3.2%	-$16.9M+12.0%
Share Buybacks	$32.3M+34.7%	$27.7M+6.7%	$30.6M+6.6%	$24.6M+45.7%	$24.0M-10.7%	$25.9M+2.9%	$28.7M-9.1%	$16.9M-12.4%

Not reported in any period shown, so not listed: Dividends Paid.

NMIH Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NMIH quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Asset Turnover	0.180.0x	0.190.0x	0.200.0x	0.210.0x	0.200.0x	0.20-0.1x	0.280.0x	0.250.0x	0.20+0.1x	0.15+0.1x	0.080.0x	0.040.0x	0.010.0x	0.00	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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Net Margin	56.3%+1.0pp	54.1%-5.1pp	52.1%+0.4pp	53.7%-2.1pp	55.3%-1.5pp	59.2%+2.2pp	51.7%-3.4pp	55.9%-0.8pp
Return on Equity	3.9%-0.1pp	3.8%-0.7pp	3.6%-0.3pp	3.8%-0.4pp	4.0%-0.5pp	4.4%-0.1pp	3.9%-0.4pp	4.2%-0.5pp
Return on Assets	2.6%0.0pp	2.5%-0.4pp	2.5%-0.1pp	2.6%-0.2pp	2.7%-0.3pp	3.0%0.0pp	2.6%-0.3pp	2.8%-0.2pp
Debt-to-Equity	0.480.0x	0.490.0x	0.480.0x	0.480.0x	0.480.0x	0.490.0x	0.510.0x	0.510.0x
Asset Turnover	0.050.0x	0.050.0x	0.050.0x	0.050.0x	0.050.0x	0.050.0x	0.050.0x	0.050.0x
FCF Margin	74.6%+1.7pp	62.7%+5.3pp	33.3%+12.6pp	70.7%-5.8pp	72.9%+1.4pp	57.4%-12.6pp	20.7%+1.7pp	76.4%-2.9pp

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
NMI Holdings Inc. NMIH	FY2025	$706.4M	$388.9M	55.0%	$2.9B	74/100
Radian Group Inc. RDN	FY2025	$1.2B	$582.6M	48.7%	$4.3B	69/100
Assured Guaranty, LTD AGO	FY2025	$1.1B	$503.0M	45.3%	$3.0B	45/100
Enact Holdings, Inc. ACT	FY2025	$1.2B	$674.2M	54.6%	$6.2B	71/100
MGIC Investment Corp. MTG	FY2025	$1.2B	$738.3M	60.8%	$5.5B	70/100
Essent Group LTD ESNT	FY2025	$1.3B	$690.0M	54.7%	$5.4B	55/100

Where NMI Holdings Inc. Ranks

Frequently Asked Questions

What is NMI Holdings Inc.'s annual revenue?

NMI Holdings Inc. (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 Inc.'s revenue growing?

NMI Holdings Inc. (NMIH) revenue grew by 8.5% year-over-year, from $651.0M to $706.4M in fiscal year 2025.

Is NMI Holdings Inc. profitable?

Yes, NMI Holdings Inc. (NMIH) reported a net income of $388.9M in fiscal year 2025, with a net profit margin of 55.0%.

What is NMI Holdings Inc.'s net profit margin?

NMI Holdings Inc. (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 Inc.'s return on equity (ROE)?

NMI Holdings Inc. (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 Inc.'s free cash flow?

NMI Holdings Inc. (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 Inc.'s operating cash flow?

NMI Holdings Inc. (NMIH) generated $419.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are NMI Holdings Inc.'s total assets?

NMI Holdings Inc. (NMIH) had $3.8B in total assets as of fiscal year 2025, including both current and long-term assets.

What are NMI Holdings Inc.'s capital expenditures?

NMI Holdings Inc. (NMIH) invested $6.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does NMI Holdings Inc. buy back shares?

Yes, NMI Holdings Inc. (NMIH) spent $105.1M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does NMI Holdings Inc. have outstanding?

NMI Holdings Inc. (NMIH) had 76M shares outstanding as of fiscal year 2025.

What is NMI Holdings Inc.'s debt-to-equity ratio?

NMI Holdings Inc. (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 Inc.'s return on assets (ROA)?

NMI Holdings Inc. (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 Inc.'s P/E ratio?

NMI Holdings Inc. (NMIH) trades at 7.4x earnings, its market capitalization divided by net income of $395.3M net income, trailing 12 months to June 30, 2026. The market capitalization is $2.9B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is NMI Holdings Inc.'s price-to-sales ratio?

NMI Holdings Inc. (NMIH) trades at 4.0x sales, its market capitalization divided by revenue of $730.8M revenue, trailing 12 months to June 30, 2026. The market capitalization is $2.9B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is NMI Holdings Inc.'s Piotroski F-Score?

NMI Holdings Inc. (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 Inc.'s earnings high quality?

NMI Holdings Inc. (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 Inc.?

NMI Holdings Inc. (NMIH) scores 74 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.