NMI (NASDAQ:NMIH) Posts Earnings Results, Beats Estimates By $0.06 EPS

Key Points

• NMI beat expectations with Q1 EPS $1.28 (vs. $1.22 est.) and $183.5 million revenue, reporting record quarterly results including $99.4 million adjusted net income, a 15.2% adjusted ROE, $12.3 billion of NIW and $222.3 billion of primary insurance in force, and repurchased $27.7 million of stock while retaining roughly $198 million of buyback capacity.
• Credit-normalization risks intensified as defaults rose to 8,044 (a 1.17% default rate) and Q1 claims expense jumped to $20.7 million (vs. $4.5M a year ago); EPS was flat year‑over‑year and the stock traded down to $38.71 on heavy volume.

NMI (NASDAQ:NMIH - Get Free Report) posted its quarterly earnings data on Thursday. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.22 by $0.06, FiscalAI reports. The company had revenue of $183.48 million for the quarter, compared to the consensus estimate of $153.99 million. NMI had a net margin of 55.05% and a return on equity of 15.78%. The firm's revenue was up 5.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.28 earnings per share.

Here are the key takeaways from NMI's conference call:

• National MI reported a strong quarter with record Q1 results — total revenue of $183.5 million, adjusted net income of $99.4 million (EPS $1.28) and a 15.2% adjusted ROE, generating $12.3 billion of NIW and finishing with a record $222.3 billion of primary insurance in force.
• The company continued shareholder returns, repurchasing $27.7 million of stock (716,000 shares) in Q1 and retaining approximately $198 million of buyback capacity.
• Credit normalization trends continued — defaults increased to 8,044 (1.17% default rate) and Q1 claims expense rose to $20.7 million (vs. $4.5M in Q1 2025), with higher loss severity and modestly higher average reserves per default driven by larger loan sizes and later vintages.
• Management stated a cautious but constructive outlook, emphasizing disciplined pricing, risk selection and reinsurance decisions (noting profit commissions have trended lower) while highlighting continued confidence in long‑term growth opportunities.

NMI Price Performance

NASDAQ:NMIH traded down $2.41 during trading hours on Thursday, hitting $38.71. 1,191,767 shares of the stock traded hands, compared to its average volume of 375,331. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 0.16. NMI has a 1 year low of $34.84 and a 1 year high of $43.20. The company has a market cap of $2.95 billion, a price-to-earnings ratio of 7.88, a price-to-earnings-growth ratio of 1.18 and a beta of 0.64. The stock has a 50 day moving average price of $38.65 and a 200 day moving average price of $38.58.

Insider Buying and Selling at NMI

In other NMI news, EVP Norman Peter Fitzgerald sold 22,500 shares of NMI stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $39.94, for a total transaction of $898,650.00. Following the transaction, the executive vice president owned 32,445 shares of the company's stock, valued at $1,295,853.30. The trade was a 40.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Bradley M. Shuster sold 55,000 shares of NMI stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $39.63, for a total transaction of $2,179,650.00. Following the transaction, the chairman directly owned 415,411 shares in the company, valued at $16,462,737.93. This represents a 11.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 189,412 shares of company stock valued at $7,357,746 over the last 90 days. 2.44% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On NMI

Several institutional investors and hedge funds have recently modified their holdings of NMIH. Royal Bank of Canada raised its position in shares of NMI by 20.4% during the first quarter. Royal Bank of Canada now owns 117,065 shares of the financial services provider's stock valued at $4,221,000 after buying an additional 19,857 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of NMI by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,684 shares of the financial services provider's stock valued at $1,683,000 after buying an additional 2,030 shares during the last quarter. NewEdge Advisors LLC bought a new stake in shares of NMI during the first quarter valued at approximately $256,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of NMI during the first quarter valued at approximately $203,000. Finally, Jane Street Group LLC raised its position in shares of NMI by 1,312.9% during the first quarter. Jane Street Group LLC now owns 224,152 shares of the financial services provider's stock valued at $8,081,000 after buying an additional 208,287 shares during the last quarter. Institutional investors own 94.12% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on NMIH shares. UBS Group set a $43.00 price objective on shares of NMI in a report on Monday, January 12th. Barclays dropped their price objective on shares of NMI from $44.00 to $43.00 and set an "equal weight" rating on the stock in a report on Monday, April 6th. Keefe, Bruyette & Woods raised their price objective on shares of NMI from $48.00 to $50.00 and gave the stock an "outperform" rating in a report on Friday, April 10th. Weiss Ratings reissued a "buy (b)" rating on shares of NMI in a report on Thursday, January 22nd. Finally, JPMorgan Chase & Co. dropped their price objective on shares of NMI from $44.00 to $43.00 and set an "overweight" rating on the stock in a report on Thursday, April 9th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $43.20.

Key NMI News

Here are the key news stories impacting NMI this week:

• Positive Sentiment: Reported Q1 EPS of $1.28, beating the Zacks consensus of $1.22, which signals near-term profit strength. NMI Holdings (NMIH) Tops Q1 Earnings and Revenue Estimates
• Positive Sentiment: Revenue of ~$183.5M topped estimates and rose ~5.9% year-over-year, supporting the view of stable top-line momentum. NMI Holdings, Inc. Reports First Quarter 2026 Financial Results
• Neutral Sentiment: Management commentary and detail are available in the earnings call transcript; investors will look for guidance, loss mitigation, or book-runoff commentary that could move shares. NMI Holdings, Inc. (NMIH) Q1 2026 Earnings Call Transcript
• Neutral Sentiment: Analyst previews and metric breakdowns are being published (Zacks, Yahoo, SFGate) — these provide context for valuation and growth expectations but contain no major surprises. Here's What Key Metrics Tell Us About NMI Holdings (NMIH) Q1 Earnings
• Negative Sentiment: EPS was essentially flat year-over-year ($1.28 vs. $1.28), which may raise concerns that the company isn’t delivering meaningful earnings growth despite the beat. NMI Holdings, Inc. Reports First Quarter 2026 Financial Results
• Negative Sentiment: Some outlets characterized sales as in-line with estimates, which can temper enthusiasm and contribute to a sell-the-news reaction despite beats. NMI Holdings NASDAQ: NMIH posts Q1 CY2026 sales in line with estimates

About NMI

NMI Holdings, Inc NASDAQ: NMIH is a publicly traded mortgage insurance company that provides private mortgage insurance to lenders across the United States and Canada. Through its principal subsidiary, National Mortgage Insurance Corporation, NMI underwrites and issues policies that protect originators and investors against losses arising from borrower default on residential mortgage loans. By mitigating credit risk on higher‐loan‐to‐value mortgages, the company supports homebuyers' access to financing and contributes to overall market liquidity.

Beyond its core mortgage insurance products, NMI offers credit risk‐sharing and reinsurance solutions designed to help clients optimize capital utilization and manage portfolio exposure.

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