NASDAQ : NMIH
NMI Holdings, Inc. — Financial statements
Financials · Insurance - Specialty · United States
Last price 42.67 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.21B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 616.11M | 602.21M | 564.69M | 510.77M | 475.27M | 444.29M |
| Total Interest & Dividend Income | 113.24M | 102.94M | 85.32M | 67.51M | 46.41M | 38.07M |
| Gain (Loss) on Sale of Investments | 432.00K | 432.00K | 23.00K | -33.00K | 481.00K | 729.00K |
| Other Revenue | 1.00M | 859.00K | 944.00K | 756.00K | 1.19M | 1.98M |
| Total Revenue | 730.78M | 706.44M | 650.97M | 579.00M | 523.35M | 485.07M |
| Policy Benefits | 73.53M | 57.65M | 31.54M | 22.62M | -3.59M | 12.30M |
| Policy Acquisition & Underwriting Costs | 99.05M | 97.62M | 96.49M | 91.78M | 100.06M | 136.17M |
| Selling, General & Administrative | 2.10M | 2.10M | 2.10M | 2.00M | 2.00M | 2.30M |
| Other Operating Expenses | 704.00K | 601.00K | 723.00K | 771.00K | 1.09M | 2.51M |
| Total Operating Expenses | 195.58M | 178.16M | 150.66M | 134.09M | 114.99M | 153.29M |
| Operating Income | 535.20M | 528.28M | 500.31M | 444.92M | 408.36M | 331.78M |
| Interest Expense | -28.48M | -28.48M | -36.90M | -32.21M | -32.16M | -31.80M |
| Other Non Operating Income (Expenses) | 1.11M | 566.00K | ||||
| EBT Excluding Unusual Items | 506.72M | 499.80M | 463.41M | 412.70M | 377.31M | 300.55M |
| Other Unusual Items | -3.83M | |||||
| Pretax Income | 506.72M | 499.80M | 463.41M | 412.70M | 377.31M | 296.73M |
| Income Tax Expense | 111.39M | 110.88M | 103.31M | 90.59M | 84.40M | 65.59M |
| Net Income | 395.33M | 388.93M | 360.11M | 322.11M | 292.90M | 231.13M |
| Net Income to Common | 395.33M | 388.93M | 360.11M | 322.11M | 292.90M | 231.13M |
| Shares Outstanding (Basic) | 76.52M | 77.63M | 79.84M | 82.41M | 84.92M | 85.62M |
| Shares Outstanding (Diluted) | 77.76M | 79.04M | 81.27M | 83.85M | 86.00M | 86.89M |
| EPS (Basic) | 5.17 | 5.01 | 4.51 | 3.91 | 3.45 | 2.70 |
| EPS (Diluted) | 5.08 | 4.92 | 4.43 | 3.84 | 3.39 | 2.65 |
| Free Cash Flow | 441.61M | 412.52M | 386.70M | 333.31M | 302.82M | 313.48M |
| Free Cash Flow Per Share | 5.68 | 5.22 | 4.76 | 3.98 | 3.52 | 3.61 |
| Operating Margin | 73.24% | 74.78% | 76.85% | 76.84% | 78.03% | 68.40% |
| Profit Margin | 54.10% | 55.05% | 55.32% | 55.63% | 55.97% | 47.65% |
| Free Cash Flow Margin | 60.43% | 58.39% | 59.40% | 57.57% | 57.86% | 64.63% |
| EBITDA | 545.69M | 539.54M | 512.24M | 456.46M | 420.23M | 343.02M |
| EBITDA Margin | 74.67% | 76.38% | 78.69% | 78.83% | 80.30% | 70.71% |
| D&A For EBITDA | 10.49M | 11.26M | 11.94M | 11.54M | 11.87M | 11.23M |
| EBIT | 535.20M | 528.28M | 500.31M | 444.92M | 408.36M | 331.78M |
| EBIT Margin | 73.24% | 74.78% | 76.85% | 76.84% | 78.03% | 68.40% |
| Effective Tax Rate | 21.98% | 22.18% | 22.29% | 21.95% | 22.37% | 22.11% |
| Revenue as Reported | 730.78M | 706.44M | 650.97M | 579.00M | 523.35M | 485.07M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 3.17B | 3.05B | 2.64B | 2.35B | 1.93B | 2.07B |
| Other Investments | 89.14M | 86.62M | 82.62M | 23.81M | 174.08M | 11.02M |
| Total Investments | 3.26B | 3.14B | 2.72B | 2.37B | 2.10B | 2.09B |
| Cash & Equivalents | 72.12M | 43.94M | 54.22M | 95.35M | 42.25M | 73.48M |
| Reinsurance Recoverable | 40.43M | 38.58M | 32.26M | 27.51M | 21.59M | 20.32M |
| Other Receivables | 117.65M | 113.51M | 105.19M | 96.24M | 83.82M | 72.26M |
| Deferred Policy Acquisition Cost | 64.65M | 64.37M | 64.33M | 62.91M | 58.56M | 59.58M |
| Property, Plant & Equipment | 20.75M | 28.43M | 33.88M | 39.35M | 42.33M | 34.65M |
| Goodwill | 3.24M | 3.24M | 3.24M | 3.24M | 3.24M | |
| Other Intangible Assets | 3.63M | 390.00K | 390.00K | 390.00K | 390.00K | 390.00K |
| Restricted Cash | 90.00K | 1.34M | 2.18M | 3.17M | ||
| Other Current Assets | 400.26M | 400.26M | 322.18M | 235.29M | 154.41M | 89.24M |
| Long-Term Deferred Charges | 1.50M | 1.80M | 2.30M | 800.00K | 1.20M | |
| Other Long-Term Assets | 18.43M | 9.56M | 8.36M | 7.07M | 6.67M | 8.32M |
| Total Assets | 4.00B | 3.84B | 3.35B | 2.94B | 2.52B | 2.45B |
| Accounts Payable | 89.00M | 92.00M | 87.56M | 83.69M | 72.08M | 69.50M |
| Accrued Expenses | 9.60M | 9.60M | 15.60M | 2.50M | 2.50M | 2.50M |
| Unpaid Claims | 214.58M | 196.43M | 152.07M | 123.97M | 99.84M | 103.55M |
| Unearned Premiums | 41.51M | 46.66M | 65.22M | 92.30M | 123.03M | 139.24M |
| Reinsurance Payable | 2.67M | 5.60M | ||||
| Current Portion of Leases | 2.21M | |||||
| Long-Term Debt | 418.02M | 417.03M | 415.15M | 397.60M | 396.05M | 394.62M |
| Long-Term Leases | 8.12M | 6.30M | 10.30M | 11.40M | 12.10M | 2.90M |
| Long-Term Deferred Tax Liabilities | 511.35M | 478.89M | 386.19M | 301.57M | 193.86M | 164.18M |
| Other Long-Term Liabilities | 451.00K | 1.48M | 172.00K | 2.71M | ||
| Total Liabilities | 1.29B | 1.25B | 1.13B | 1.01B | 902.30M | 884.79M |
| Common Stock | 890.00K | 884.00K | 879.00K | 873.00K | 865.00K | 858.00K |
| Additional Paid-In Capital | 1.01B | 1.02B | 1.00B | 990.82M | 972.72M | 955.30M |
| Retained Earnings | 2.18B | 1.97B | 1.58B | 1.22B | 901.04M | 608.14M |
| Treasury Stock | -411.21M | -351.77M | -246.59M | -148.92M | -56.58M | |
| Comprehensive Income & Other | -74.32M | -46.08M | -124.80M | -139.92M | -204.32M | 1.49M |
| Shareholders' Equity | 2.71B | 2.59B | 2.22B | 1.93B | 1.61B | 1.57B |
| Total Liabilities & Equity | 4.00B | 3.84B | 3.35B | 2.94B | 2.52B | 2.45B |
| Filing Date Shares Outstanding | 75.22M | 76.03M | 78.45M | 80.88M | 83.66M | 85.84M |
| Total Common Shares Outstanding | 75.37M | 76.29M | 78.60M | 80.88M | 83.55M | 85.79M |
| Total Debt | 426.15M | 425.54M | 425.45M | 409.00M | 408.15M | 397.52M |
| Net Cash (Debt) | -354.02M | -381.60M | -371.23M | -313.64M | -365.90M | -324.04M |
| Net Cash Per Share | -4.55 | -4.83 | -4.57 | -3.74 | -4.25 | -3.73 |
| Book Value Per Share | 35.89 | 33.98 | 28.21 | 23.81 | 19.31 | 18.25 |
| Tangible Book Value | 2.70B | 2.59B | 2.21B | 1.92B | 1.61B | 1.56B |
| Tangible Book Value Per Share | 35.85 | 33.93 | 28.17 | 23.77 | 19.27 | 18.21 |
| Machinery | 11.20M | 10.49M | 11.41M | 10.73M | 9.65M | |
| Leasehold Improvements | 2.51M | 2.51M | 2.51M | 2.51M | 3.40M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 395.33M | 388.93M | 360.11M | 322.11M | 292.90M | 231.13M |
| Depreciation & Amortization | 10.49M | 11.26M | 11.94M | 11.54M | 11.87M | 11.23M |
| Other Amortization | 2.48M | 2.42M | 2.21M | 1.96M | 1.85M | 1.86M |
| Gain (Loss) on Sale of Investments | -4.18M | -4.52M | -1.10M | 514.00K | 5.24M | 6.00M |
| Stock-Based Compensation | 20.71M | 20.19M | 19.81M | 16.91M | 15.43M | 16.68M |
| Change in Accounts Receivable | -3.13M | -3.46M | -6.35M | -6.78M | -9.32M | -10.58M |
| Reinsurance Recoverable | -7.73M | -6.32M | -4.75M | -5.93M | -1.27M | -2.71M |
| Change in Accounts Payable | 8.63M | -2.17M | 16.45M | 10.39M | 1.39M | 16.91M |
| Change in Unearned Revenue | -12.65M | -18.56M | -27.08M | -30.74M | -16.20M | 20.42M |
| Change in Income Taxes | -78.08M | -78.08M | -86.89M | -80.88M | -65.17M | -42.85M |
| Change in Insurance Reserves / Liabilities | 51.55M | 44.36M | 28.10M | 24.14M | -3.71M | 12.98M |
| Change in Other Net Operating Assets | -4.78M | -6.47M | -5.09M | -6.82M | -3.91M | -2.94M |
| Other Operating Activities | 70.38M | 71.77M | 87.66M | 90.59M | 83.28M | 64.94M |
| Operating Cash Flow | 448.51M | 419.30M | 393.60M | 342.68M | 313.39M | 325.72M |
| Capital Expenditures | -6.91M | -6.78M | -6.91M | -9.37M | -10.57M | -12.24M |
| Investment in Securities | -324.12M | -309.69M | -332.38M | -190.63M | -279.21M | -361.94M |
| Investing Cash Flow | -331.03M | -316.47M | -339.29M | -200.00M | -289.79M | -374.18M |
| Long-Term Debt Issued | 419.70M | |||||
| Total Debt Repaid | -405.08M | |||||
| Net Debt Issued (Repaid) | 14.62M | |||||
| Issuance of Common Stock | 3.95M | 2.88M | 4.29M | 10.55M | 5.96M | 4.70M |
| Repurchases of Common Stock | -133.32M | -116.08M | -107.83M | -100.97M | -61.79M | -5.43M |
| Other Financing Activities | -7.79M | -1.11M | ||||
| Financing Cash Flow | -129.37M | -113.20M | -96.70M | -90.42M | -55.83M | -1.83M |
| Net Cash Flow | -11.89M | -10.37M | -42.38M | 52.26M | -32.22M | -50.29M |
| Free Cash Flow | 441.61M | 412.52M | 386.70M | 333.31M | 302.82M | 313.48M |
| Free Cash Flow Margin | 60.43% | 58.39% | 59.40% | 57.57% | 57.86% | 64.63% |
| Free Cash Flow Per Share | 5.68 | 5.22 | 4.76 | 3.98 | 3.52 | 3.61 |
| Levered Free Cash Flow | 329.76M | 267.06M | 176.54M | 333.21M | -6.65M | 142.31M |
| Unlevered Free Cash Flow | 345.08M | 282.44M | 197.39M | 351.38M | 11.60M | 160.32M |
| Cash Interest Paid | 25.50M | 31.45M | 14.01M | 29.50M | 29.50M | 29.50M |
| Cash Income Tax Paid | 33.72M | 42.36M | 20.03M | 20.00K | -20.00K | -457.00K |
| Change in Working Capital | -46.69M | -70.74M | -87.03M | -100.95M | -97.17M | -6.13M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.21B | 3.14B | 2.91B | 2.41B | 1.75B | 1.87B |
| Enterprise Value | 3.56B | 3.43B | 3.20B | 2.64B | 2.03B | 2.17B |
| PE Ratio | 8.40 | 8.06 | 8.08 | 7.47 | 5.96 | 8.11 |
| PS Ratio | 4.39 | 4.44 | 4.47 | 4.16 | 3.34 | 3.86 |
| PB Ratio | 1.19 | 1.21 | 1.31 | 1.25 | 1.08 | 1.20 |
| P/FCF Ratio | 7.27 | 7.60 | 7.52 | 7.22 | 5.77 | 5.98 |
| P/OCF Ratio | 7.16 | 7.48 | 7.39 | 7.02 | 5.57 | 5.75 |
| EV/Sales Ratio | 4.88 | 4.86 | 4.92 | 4.56 | 3.88 | 4.48 |
| EV/EBITDA Ratio | 6.53 | 6.36 | 6.25 | 5.79 | 4.83 | 6.34 |
| EV/EBIT Ratio | 6.66 | 6.49 | 6.40 | 5.94 | 4.97 | 6.55 |
| EV/FCF Ratio | 8.07 | 8.32 | 8.28 | 7.92 | 6.71 | 6.93 |
| Debt / Equity Ratio | 0.16 | 0.16 | 0.19 | 0.21 | 0.25 | 0.25 |
| Debt / EBITDA Ratio | 0.78 | 0.79 | 0.83 | 0.89 | 0.97 | 1.15 |
| Debt / FCF Ratio | 0.96 | 1.03 | 1.10 | 1.23 | 1.35 | 1.27 |
| Net Debt / Equity Ratio | 0.13 | 0.15 | 0.17 | 0.16 | 0.23 | 0.21 |
| Net Debt / EBITDA Ratio | 0.65 | 0.71 | 0.72 | 0.69 | 0.87 | 0.94 |
| Net Debt / FCF Ratio | 0.80 | 0.93 | 0.96 | 0.94 | 1.21 | 1.03 |
| Quick Ratio | 0.70 | 0.62 | 0.69 | 0.65 | 0.95 | 0.45 |
| Current Ratio | 2.03 | 1.97 | 1.86 | 1.58 | 1.59 | 0.84 |
| Asset Turnover | 0.19 | 0.20 | 0.21 | 0.21 | 0.21 | 0.21 |
| Return on Equity (ROE) | 15.43% | 16.17% | 17.38% | 18.20% | 18.42% | 15.75% |
| Return on Assets (ROA) | 8.82% | 9.18% | 9.94% | 10.19% | 10.28% | 8.98% |
| Return on Invested Capital (ROIC) | 13.49% | 14.52% | 15.62% | 15.94% | 15.91% | 13.85% |
| Earnings Yield | 11.90% | 12.40% | 12.38% | 13.38% | 16.77% | 12.34% |
| FCF Yield | 13.76% | 13.16% | 13.29% | 13.85% | 17.34% | 16.73% |
| Buyback Yield / Dilution | 3.04% | 2.75% | 3.08% | 2.49% | 1.02% | -9.62% |