NMI (NMIH) Financials

$37.26 -0.26 (-0.69%)

Closing price 10/2/2025 04:00 PM Eastern

Extended Trading

$37.26 0.00 (0.00%)

As of 10/2/2025 04:46 PM Eastern

Annual Income Statements for NMI

This table shows NMI's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-28	64	22	108	172	172	231	293	322	360
Consolidated Net Income / (Loss)	-28	64	22	108	172	172	231	293	322	360
Net Income / (Loss) Continuing Operations	-28	64	22	108	172	172	231	293	322	360
Total Pre-Tax Income	-28	11	53	136	217	218	297	377	413	463
Total Revenue	53	107	165	259	358	409	453	523	579	651
Net Interest Income / (Expense)	-2.06	-15	-14	-15	-12	-24	-32	0.00	0.00	0.00
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	2.06	15	14	15	12	24	32	0.00	0.00	0.00
Total Non-Interest Income	56	122	179	274	370	433	485	523	579	651
Other Service Charges	0.03	0.28	0.52	0.23	2.86	3.28	1.98	1.19	0.76	0.94
Net Realized & Unrealized Capital Gains on Investments	9.98	11	12	22	22	33	39	47	67	85
Premiums Earned	46	110	166	251	345	397	444	475	511	565
Total Non-Interest Expense	81	96	112	123	141	191	157	146	166	188
Property & Liability Insurance Claims	0.65	2.39	5.34	5.45	13	59	12	-3.59	23	32
Other Operating Expenses	81	93	107	117	129	134	145	151	144	156
Other Special Charges	-	-	-	-	-	-2.91	-0.57	-1.11	0.00	0.00
Income Tax Expense	0.00	-53	31	28	45	47	66	84	91	103
Basic Earnings per Share	($0.47)	$1.08	$0.37	$1.66	$2.54	$2.20	$2.70	$3.45	$3.91	$4.51
Weighted Average Basic Shares Outstanding	58.68M	59.07M	59.82M	65.02M	67.57M	78.02M	85.62M	84.92M	82.41M	79.84M
Diluted Earnings per Share	($0.47)	$1.05	$0.35	$1.60	$2.47	$2.13	$2.65	$3.39	$3.84	$4.43
Weighted Average Diluted Shares Outstanding	58.68M	60.83M	62.19M	67.65M	69.72M	79.26M	86.89M	86.00M	83.85M	81.27M
Weighted Average Basic & Diluted Shares Outstanding	58.68M	57.70M	59.60M	65M	68.44M	85.30M	85.84M	83.66M	80.88M	78.45M

This table shows NMI's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	77	73	74	80	84	83	89	92	93	86	103
Consolidated Net Income / (Loss)	77	73	74	80	84	83	89	92	93	86	103
Net Income / (Loss) Continuing Operations	77	73	74	80	84	83	89	92	93	86	103
Total Pre-Tax Income	99	95	96	104	107	105	115	119	119	111	131
Total Revenue	123	157	129	143	148	159	148	162	166	175	173
Net Interest Income / (Expense)	-8.04	24	-8.04	0.00	0.00	8.04	-8.04	0.00	0.00	8.04	0.00
Total Interest Income	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Expense	8.04	-24	8.04	0.00	0.00	-8.04	8.04	0.00	0.00	-8.04	0.00
Total Non-Interest Income	131	133	137	143	148	151	156	162	166	167	173
Other Service Charges	0.30	0.18	0.16	0.18	0.22	0.19	0.16	0.27	0.29	0.23	0.17
Net Realized & Unrealized Capital Gains on Investments	12	13	15	17	18	18	19	21	22	23	24
Premiums Earned	118	120	122	126	130	133	137	141	143	144	149
Total Non-Interest Expense	24	62	33	39	41	54	34	43	47	64	42
Property & Liability Insurance Claims	-3.39	3.45	6.70	2.87	4.81	8.23	3.69	0.28	10	17	4.48
Other Operating Expenses	27	59	26	36	36	46	30	43	36	46	37
Income Tax Expense	22	22	22	24	23	22	26	27	27	25	29
Basic Earnings per Share	$0.91	$0.87	$0.89	$0.97	$1.02	$1.03	$1.10	$1.15	$1.17	$1.09	$1.31
Weighted Average Basic Shares Outstanding	84.44M	84.92M	83.60M	82.96M	82.10M	82.41M	80.73M	80.12M	79.55M	79.84M	78.41M
Diluted Earnings per Share	$0.90	$0.86	$0.88	$0.95	$1.00	$1.01	$1.08	$1.13	$1.15	$1.07	$1.28
Weighted Average Diluted Shares Outstanding	85.49M	86.00M	84.84M	84.19M	83.67M	83.85M	82.10M	81.30M	81.05M	81.27M	79.86M
Weighted Average Basic & Diluted Shares Outstanding	83.58M	83.66M	83.28M	82.28M	81.08M	80.88M	80.28M	79.67M	79.13M	78.45M	78.12M

This table details how cash moves in and out of NMI's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-46	-9.57	-29	6.10	16	86	-50	-32	52	-42
Net Cash From Operating Activities	41	72	68	146	208	253	326	313	343	394
Net Cash From Continuing Operating Activities	41	72	68	146	208	253	326	313	343	394
Net Income / (Loss) Continuing Operations	-28	64	22	108	172	172	231	293	322	360
Consolidated Net Income / (Loss)	-28	64	22	108	172	172	231	293	322	360
Depreciation Expense	4.86	5.66	6.66	7.81	9.30	9.93	11	12	12	12
Amortization Expense	0.25	3.17	3.07	4.91	2.26	7.70	8.59	7.57	2.44	1.14
Non-Cash Adjustments to Reconcile Net Income	5.44	-43	44	14	67	54	81	98	108	107
Changes in Operating Assets and Liabilities, net	59	43	-8.51	11	-42	9.61	-6.13	-97	-101	-87
Net Cash From Investing Activities	-230	-80	-93	-221	-194	-630	-374	-290	-200	-339
Net Cash From Continuing Investing Activities	-230	-80	-93	-221	-194	-630	-374	-290	-200	-339
Purchase of Property, Leasehold Improvements and Equipment	-6.14	-11	-8.51	-8.06	-9.96	-12	-12	-11	-9.37	-6.91
Purchase of Investment Securities	-365	-314	-350	-614	-521	-1,108	-525	-548	-655	-652
Sale and/or Maturity of Investments	141	245	266	402	336	491	163	268	464	319
Net Cash From Financing Activities	143	-1.72	-3.24	81	2.00	463	-1.83	-56	-90	-97
Net Cash From Continuing Financing Activities	143	-1.72	-3.24	81	2.00	463	-1.83	-56	-90	-97
Issuance of Debt	149	0.00	0.00	149	0.00	400	-	0.00	0.00	420
Issuance of Common Equity	0.42	0.53	7.10	92	22	229	4.20	5.44	11	4.29
Repayment of Debt	-4.81	-1.50	-1.95	-151	-1.50	-157	-1.11	0.00	0.00	-413
Repurchase of Common Equity	-	-	-	-	-	0.00	0.00	-57	-92	-98
Other Financing Activities, Net	-1.11	-0.76	-8.40	-9.40	-18	-8.96	-4.92	-4.70	-9.36	-10
Cash Interest Paid	0.01	9.67	13	12	11	18	30	30	30	14
Cash Income Taxes Paid	0.00	0.20	1.22	0.87	0.06	0.07	0.46	-0.02	0.02	20

This table details how cash moves in and out of NMI's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	53	-81	39	-9.79	103	-80	43	-77	71	-79	20
Net Cash From Operating Activities	108	32	90	102	121	30	112	118	128	36	101
Net Cash From Continuing Operating Activities	108	32	90	102	121	30	112	118	128	36	101
Net Income / (Loss) Continuing Operations	77	73	74	80	84	83	89	92	93	86	103
Consolidated Net Income / (Loss)	77	73	74	80	84	83	89	92	93	86	103
Depreciation Expense	2.93	2.89	2.80	2.84	2.87	3.03	3.00	2.99	2.98	2.97	2.89
Amortization Expense	2.00	1.33	1.45	1.60	-1.64	1.04	0.95	0.89	-0.44	-0.27	-0.18
Non-Cash Adjustments to Reconcile Net Income	25	26	24	27	26	31	28	37	19	24	29
Changes in Operating Assets and Liabilities, net	1.25	-72	-13	-9.39	9.90	-88	-9.34	-15	14	-77	-33
Net Cash From Investing Activities	-34	-108	-34	-86	1.56	-82	-38	-175	-41	-86	-48
Net Cash From Continuing Investing Activities	-34	-108	-34	-86	1.56	-82	-38	-175	-41	-86	-48
Purchase of Property, Leasehold Improvements and Equipment	-2.45	-2.82	-1.52	-3.03	-3.35	-1.47	-2.19	-1.84	-1.48	-1.40	-1.71
Purchase of Investment Securities	-156	-161	-241	-137	-128	-150	-96	-242	-160	-153	-141
Sale and/or Maturity of Investments	125	56	208	54	133	69	60	70	121	69	96
Net Cash From Financing Activities	-20	-5.50	-17	-26	-19	-28	-31	-20	-17	-29	-34
Net Cash From Continuing Financing Activities	-20	-5.50	-17	-26	-19	-28	-31	-20	-17	-29	-34
Issuance of Common Equity	0.88	0.05	2.66	0.05	0.16	7.68	4.22	0.06	0.00	0.01	2.78
Repurchase of Common Equity	-21	-5.38	-15	-26	-19	-32	-25	-27	-17	-29	-26
Other Financing Activities, Net	-0.06	-0.17	-5.26	-0.03	-0.15	-3.91	-9.80	-0.38	-0.01	-0.03	-10
Cash Interest Paid	-	15	-	-	-	15	-	-	-14	14	19

This table presents NMI's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	662	840	895	1,092	1,365	2,167	2,451	2,516	2,941	3,350
Cash and Due from Banks	57	48	19	25	41	127	-	44	97	54
Trading Account Securities	559	629	716	911	1,141	1,804	2,086	2,099	2,371	2,724
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accrued Investment Income	2.87	3.42	4.21	5.69	6.83	9.86	12	14	20	22
Premises and Equipment, Net	15	20	23	25	26	30	32	32	30	26
Unearned Premiums Asset	5.14	52	65	66	67	56	60	70	76	83
Deferred Acquisition Cost	18	30	38	47	60	62	60	59	63	64
Intangible Assets	3.63	3.63	3.63	3.63	3.63	3.63	3.63	3.63	3.63	3.63
Other Assets	1.52	54	26	7.95	20	74	120	194	280	373
Total Liabilities & Shareholders' Equity	662	840	895	1,092	1,365	2,167	2,451	2,516	2,941	3,350
Total Liabilities	260	364	386	391	434	797	885	902	1,015	1,133
Other Short-Term Payables	23	25	23	31	40	62	-	75	86	103
Long-Term Debt	144	144	144	147	146	393	395	396	398	415
Claims and Claim Expense	0.68	3.00	8.76	13	24	91	104	100	124	152
Unearned Premiums Liability	91	153	163	159	137	119	139	123	92	65
Other Long-Term Liabilities	1.60	39	47	41	88	133	247	209	314	397
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	403	476	509	702	930	1,370	1,566	1,614	1,926	2,217
Total Preferred & Common Equity	403	476	509	702	930	1,370	1,566	1,614	1,926	2,217
Total Common Equity	402	476	509	702	930	1,370	1,566	1,614	1,926	2,217
Common Stock	570	578	586	683	708	939	956	974	992	1,006
Retained Earnings	-161	-97	-74	33	205	377	608	901	1,223	1,583
Treasury Stock	-	-	-	-	-	-	0.00	-57	-149	-247
Accumulated Other Comprehensive Income / (Loss)	-7.47	-5.29	-2.86	-15	17	54	1.49	-204	-140	-125

This table presents NMI's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	2,404	2,634	2,690	2,762	3,006	3,102	3,320	3,456
Cash and Due from Banks	126	83	73	176	140	63	133	74
Trading Account Securities	1,974	2,172	2,234	2,198	2,394	2,521	2,708	2,809
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accrued Investment Income	13	16	17	18	20	21	22	24
Premises and Equipment, Net	32	32	32	32	30	29	27	25
Unearned Premiums Asset	69	70	72	73	75	76	78	84
Deferred Acquisition Cost	59	60	61	62	63	63	64	64
Intangible Assets	3.63	3.63	3.63	3.63	3.63	3.63	3.63	3.63
Other Assets	127	198	196	199	281	325	284	372
Total Liabilities & Shareholders' Equity	2,404	2,634	2,690	2,762	3,006	3,102	3,320	3,456
Total Liabilities	878	927	941	971	1,028	1,056	1,125	1,135
Other Short-Term Payables	74	70	73	89	82	78	111	79
Long-Term Debt	396	396	397	397	398	414	415	416
Claims and Claim Expense	95	108	110	116	127	125	136	152
Unearned Premiums Liability	131	114	105	98	86	78	72	59
Other Long-Term Liabilities	183	238	256	271	335	360	392	429
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,526	1,707	1,749	1,791	1,978	2,046	2,195	2,322
Total Preferred & Common Equity	1,526	1,707	1,749	1,791	1,978	2,046	2,195	2,322
Total Common Equity	1,526	1,707	1,749	1,791	1,978	2,046	2,195	2,322
Common Stock	970	974	978	982	990	994	998	1,002
Retained Earnings	828	976	1,056	1,140	1,312	1,404	1,497	1,686
Treasury Stock	-51	-71	-98	-117	-174	-201	-218	-273
Accumulated Other Comprehensive Income / (Loss)	-221	-172	-187	-214	-150	-151	-82	-94

This table displays calculated financial ratios and metrics derived from NMI's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	140.71%	100.29%	54.21%	56.65%	38.42%	14.21%	10.85%	15.46%	10.64%	12.43%
EBITDA Growth	47.51%	189.44%	208.24%	137.79%	53.49%	3.30%	34.28%	25.33%	7.55%	11.67%
EBIT Growth	45.81%	141.20%	360.99%	157.54%	59.35%	0.67%	36.05%	27.16%	9.38%	12.29%
NOPAT Growth	45.81%	428.97%	-65.55%	389.46%	59.33%	-0.23%	34.72%	26.73%	9.97%	11.80%
Net Income Growth	43.17%	330.28%	-65.55%	389.46%	59.33%	-0.23%	34.72%	26.73%	9.97%	11.80%
EPS Growth	44.05%	323.40%	-66.67%	357.14%	54.38%	-13.77%	24.41%	27.92%	13.27%	15.36%
Operating Cash Flow Growth	297.75%	73.51%	-5.81%	115.25%	42.70%	21.35%	28.95%	-3.78%	9.35%	14.86%
Free Cash Flow Firm Growth	-39,346.22%	93.40%	-20.19%	-690.90%	35.94%	-820.39%	106.53%	624.52%	-96.60%	516.81%
Invested Capital Growth	28.04%	13.39%	5.34%	29.91%	26.87%	63.81%	11.20%	2.52%	15.61%	13.30%
Revenue Q/Q Growth	27.87%	13.40%	11.17%	12.65%	6.18%	0.03%	4.50%	8.27%	6.31%	7.84%
EBITDA Q/Q Growth	24.22%	126.50%	19.93%	23.42%	8.65%	0.07%	5.75%	4.10%	2.46%	0.92%
EBIT Q/Q Growth	20.71%	1,296.59%	23.37%	26.15%	8.81%	-0.53%	5.91%	4.61%	2.59%	1.24%
NOPAT Q/Q Growth	17.78%	21,462.15%	-73.60%	52.78%	9.33%	-1.11%	5.60%	4.43%	3.36%	0.77%
Net Income Q/Q Growth	15.76%	11,908.30%	-73.60%	52.78%	9.33%	-1.11%	5.60%	4.43%	3.36%	0.77%
EPS Q/Q Growth	16.07%	5,350.00%	-74.64%	55.34%	9.29%	-6.99%	4.74%	4.95%	4.07%	1.37%
Operating Cash Flow Q/Q Growth	180.97%	-7.17%	10.17%	16.38%	11.86%	-10.92%	2.11%	-3.85%	-0.49%	1.47%
Free Cash Flow Firm Q/Q Growth	-5,591.56%	94.48%	-463.03%	-6.72%	-2.30%	-1.49%	277.29%	-9.62%	-81.59%	179.43%
Invested Capital Q/Q Growth	33.92%	7.90%	-0.31%	5.05%	5.56%	3.67%	2.61%	4.59%	6.19%	0.87%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	-42.43%	18.95%	37.87%	57.48%	63.74%	57.65%	69.84%	75.81%	73.69%	73.20%
EBIT Margin	-51.99%	10.70%	31.97%	52.57%	60.51%	53.34%	65.46%	72.09%	71.28%	71.19%
Profit (Net Income) Margin	-51.99%	59.78%	13.35%	41.73%	48.03%	41.96%	50.99%	55.97%	55.63%	55.32%
Tax Burden Percent	100.00%	558.86%	41.77%	79.38%	79.37%	78.66%	77.89%	77.63%	78.05%	77.71%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	-458.86%	58.23%	20.62%	20.63%	21.34%	22.11%	22.37%	21.95%	22.29%
Return on Invested Capital (ROIC)	-4.00%	10.97%	3.46%	14.38%	17.87%	12.09%	12.42%	14.76%	14.87%	14.53%
ROIC Less NNEP Spread (ROIC-NNEP)	-15.58%	10.97%	3.46%	14.38%	17.87%	12.09%	12.42%	14.76%	14.87%	14.53%
Return on Net Nonoperating Assets (RNNOA)	-2.70%	3.60%	1.01%	3.45%	3.20%	2.83%	3.33%	3.67%	3.33%	2.85%
Return on Equity (ROE)	-6.70%	14.57%	4.48%	17.83%	21.07%	14.92%	15.75%	18.42%	18.20%	17.38%
Cash Return on Invested Capital (CROIC)	-28.59%	-1.58%	-1.74%	-11.64%	-5.82%	-36.29%	1.81%	12.27%	0.38%	2.06%
Operating Return on Assets (OROA)	-4.94%	1.52%	6.09%	13.69%	17.64%	12.35%	12.85%	15.19%	15.13%	14.73%
Return on Assets (ROA)	-4.94%	8.52%	2.54%	10.86%	14.00%	9.72%	10.01%	11.79%	11.81%	11.45%
Return on Common Equity (ROCE)	-6.69%	14.57%	4.48%	17.83%	21.07%	14.92%	15.75%	18.42%	18.20%	17.38%
Return on Equity Simple (ROE_SIMPLE)	-6.90%	13.46%	4.33%	15.39%	18.48%	12.53%	14.76%	18.15%	16.72%	16.24%
Net Operating Profit after Tax (NOPAT)	-19	64	22	108	172	172	231	293	322	360
NOPAT Margin	-36.39%	59.78%	13.35%	41.73%	48.03%	41.96%	50.99%	55.97%	55.63%	55.32%
Net Nonoperating Expense Percent (NNEP)	11.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	151.99%	89.30%	68.03%	47.43%	39.49%	46.66%	34.54%	27.91%	28.72%	28.81%
Earnings before Interest and Taxes (EBIT)	-28	11	53	136	217	218	297	377	413	463
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-23	20	63	149	228	236	317	397	427	476
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.31
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.31
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.47
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	8.08
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	12.38%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.24
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.02
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.86
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.06
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.08
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	8.31
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	63.95
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.36	0.30	0.28	0.21	0.16	0.29	0.25	0.25	0.21	0.19
Long-Term Debt to Equity	0.36	0.30	0.28	0.21	0.16	0.29	0.25	0.25	0.21	0.19
Financial Leverage	0.17	0.33	0.29	0.24	0.18	0.23	0.27	0.25	0.22	0.20
Leverage Ratio	1.36	1.71	1.76	1.64	1.51	1.54	1.57	1.56	1.54	1.52
Compound Leverage Factor	1.36	1.71	1.76	1.64	1.51	1.54	1.57	1.56	1.54	1.52
Debt to Total Capital	26.33%	23.29%	22.04%	17.30%	13.54%	22.31%	20.13%	19.71%	17.11%	15.77%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	26.33%	23.29%	22.04%	17.30%	13.54%	22.31%	20.13%	19.71%	17.11%	15.77%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	73.56%	76.71%	77.96%	82.70%	86.46%	77.69%	79.87%	80.29%	82.89%	84.23%
Debt to EBITDA	-6.35	7.12	2.30	0.99	0.64	1.67	1.25	1.00	0.93	0.87
Net Debt to EBITDA	-3.82	4.76	1.99	0.82	0.46	1.13	1.00	0.89	0.71	0.76
Long-Term Debt to EBITDA	-6.35	7.12	2.30	0.99	0.64	1.67	1.25	1.00	0.93	0.87
Debt to NOPAT	-7.40	2.26	6.53	1.36	0.85	2.29	1.71	1.35	1.23	1.15
Net Debt to NOPAT	-4.45	1.51	5.65	1.13	0.61	1.55	1.38	1.20	0.93	1.00
Long-Term Debt to NOPAT	-7.40	2.26	6.53	1.36	0.85	2.29	1.71	1.35	1.23	1.15
Noncontrolling Interest Sharing Ratio	0.14%	0.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-139	-9.19	-11	-87	-56	-515	34	244	8.29	51
Operating Cash Flow to CapEx	675.84%	627.18%	796.28%	1,809.69%	2,090.70%	2,077.46%	2,661.54%	2,964.38%	3,656.46%	5,700.28%
Free Cash Flow to Firm to Interest Expense	-67.66	-0.62	-0.82	-5.83	-4.63	-21.12	1.06	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	20.16	4.85	5.01	9.74	17.22	10.36	10.24	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	17.17	4.07	4.38	9.20	16.40	9.86	9.86	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.10	0.14	0.19	0.26	0.29	0.23	0.20	0.21	0.21	0.21
Fixed Asset Turnover	3.96	6.01	7.64	10.88	14.08	14.67	14.69	16.36	18.62	23.28
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	547	620	653	848	1,076	1,763	1,960	2,010	2,324	2,633
Invested Capital Turnover	0.11	0.18	0.26	0.34	0.37	0.29	0.24	0.26	0.27	0.26
Increase / (Decrease) in Invested Capital	120	73	33	195	228	687	198	49	314	309
Enterprise Value (EV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3,270
Market Capitalization	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2,909
Book Value per Share	$6.85	$8.04	$8.48	$10.58	$13.69	$16.15	$18.26	$19.31	$23.75	$28.02
Tangible Book Value per Share	$6.78	$7.98	$8.42	$10.53	$13.63	$16.11	$18.22	$19.26	$23.71	$27.98
Total Capital	547	620	653	848	1,076	1,763	1,960	2,010	2,324	2,633
Total Debt	144	144	144	147	146	393	395	396	398	415
Total Long-Term Debt	144	144	144	147	146	393	395	396	398	415
Net Debt	87	97	125	121	105	266	318	352	301	361
Capital Expenditures (CapEx)	6.14	11	8.51	8.06	9.96	12	12	11	9.37	6.91
Net Nonoperating Expense (NNE)	8.34	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	144	144	144	147	146	393	395	396	398	415
Total Depreciation and Amortization (D&A)	5.11	8.83	9.74	13	12	18	20	19	14	13
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.47)	$1.11	$0.37	$1.66	$2.54	$2.20	$2.70	$0.00	$3.91	$4.51
Adjusted Weighted Average Basic Shares Outstanding	58.83M	59.07M	59.82M	65.02M	67.57M	78.02M	85.62M	0.00	82.41M	79.84M
Adjusted Diluted Earnings per Share	($0.47)	$1.08	$0.35	$1.60	$2.47	$2.13	$2.65	$0.00	$3.84	$4.43
Adjusted Weighted Average Diluted Shares Outstanding	58.83M	60.83M	62.19M	67.65M	69.72M	79.26M	86.89M	0.00	83.85M	81.27M
Adjusted Basic & Diluted Earnings per Share	($0.47)	$0.00	$0.00	$0.00	$2.54	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	58.68M	59.15M	60.61M	66.43M	68.44M	85.30M	85.84M	0.00	80.88M	78.45M
Normalized Net Operating Profit after Tax (NOPAT)	-19	8.02	37	108	172	169	231	292	322	360
Normalized NOPAT Margin	-36.39%	7.49%	22.38%	41.73%	48.03%	41.40%	50.89%	55.80%	55.63%	55.32%
Pre Tax Income Margin	-51.99%	10.70%	31.97%	52.57%	60.51%	53.34%	65.46%	72.09%	71.28%	71.19%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-13.51	0.77	3.90	9.08	17.93	8.94	9.33	0.00	0.00	0.00
NOPAT to Interest Expense	-9.46	4.31	1.63	7.21	14.23	7.04	7.27	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-16.49	0.00	3.27	8.54	17.10	8.45	8.95	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-12.44	3.54	1.00	6.67	13.41	6.54	6.88	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	19.32%	28.44%	27.11%

This table displays calculated financial ratios and metrics derived from NMI's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.54%	34.10%	7.82%	14.91%	20.91%	1.39%	15.13%	13.62%	12.10%	9.49%	10.88%
EBITDA Growth	25.41%	18.75%	9.15%	6.13%	4.85%	10.34%	18.02%	12.94%	12.29%	3.96%	13.14%
EBIT Growth	27.29%	21.26%	10.87%	7.06%	8.84%	10.97%	19.13%	14.03%	11.21%	5.41%	14.67%
NOPAT Growth	27.65%	20.51%	10.01%	6.42%	9.26%	14.36%	19.60%	14.69%	10.55%	3.30%	15.17%
Net Income Growth	27.65%	20.51%	10.01%	6.42%	9.26%	14.36%	19.60%	14.69%	10.55%	3.30%	15.17%
EPS Growth	30.43%	22.86%	14.29%	10.47%	11.11%	17.44%	22.73%	18.95%	15.00%	5.94%	18.52%
Operating Cash Flow Growth	9.04%	-28.30%	11.86%	8.96%	12.12%	-5.27%	24.20%	15.59%	6.29%	18.94%	-9.34%
Free Cash Flow Firm Growth	143.93%	117.21%	-11.61%	-1,733.05%	-377.60%	-1,077.51%	-86.68%	-53.05%	-80.07%	3.30%	-40.20%
Invested Capital Growth	0.58%	2.52%	8.97%	11.73%	13.87%	15.61%	12.99%	14.64%	19.27%	13.30%	15.18%
Revenue Q/Q Growth	-1.31%	28.31%	2.93%	10.83%	3.84%	7.60%	9.57%	9.38%	2.45%	5.09%	-0.74%
EBITDA Q/Q Growth	1.26%	-4.36%	1.43%	8.04%	0.04%	0.65%	8.48%	3.39%	-0.54%	-6.81%	18.06%
EBIT Q/Q Growth	1.44%	-3.86%	1.47%	8.19%	3.12%	-1.97%	8.92%	3.56%	0.58%	-7.08%	18.49%
NOPAT Q/Q Growth	1.85%	-5.07%	2.08%	7.82%	4.57%	-0.65%	6.76%	3.40%	0.79%	-7.16%	19.02%
Net Income Q/Q Growth	1.85%	-5.07%	2.08%	7.82%	4.57%	-0.65%	6.76%	3.40%	0.79%	-7.16%	19.02%
EPS Q/Q Growth	4.65%	-4.44%	2.33%	7.95%	5.26%	1.00%	6.93%	4.63%	1.77%	-6.96%	19.63%
Operating Cash Flow Q/Q Growth	15.23%	-70.50%	182.58%	13.44%	18.57%	-75.07%	270.47%	5.57%	9.03%	-72.11%	182.38%
Free Cash Flow Firm Q/Q Growth	640.71%	-64.18%	-518.60%	-47.02%	-25.91%	-26.14%	20.06%	-20.53%	-48.15%	32.26%	-15.90%
Invested Capital Q/Q Growth	0.06%	4.59%	4.65%	2.03%	1.98%	6.19%	2.27%	3.51%	6.10%	0.87%	3.97%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	84.48%	62.97%	78.00%	76.03%	73.26%	68.53%	79.96%	75.58%	73.38%	65.07%	77.39%
EBIT Margin	80.45%	60.28%	74.70%	72.92%	72.42%	65.98%	77.30%	73.18%	71.84%	63.52%	75.83%
Profit (Net Income) Margin	62.70%	46.39%	57.84%	56.27%	56.67%	52.32%	60.08%	56.80%	55.88%	49.37%	59.20%
Tax Burden Percent	77.94%	76.96%	77.42%	77.16%	78.24%	79.30%	77.73%	77.61%	77.78%	77.72%	78.07%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	22.06%	23.04%	22.58%	22.84%	21.76%	20.70%	22.27%	22.39%	22.22%	22.28%	21.93%
Return on Invested Capital (ROIC)	15.82%	12.23%	14.36%	14.36%	15.02%	13.98%	15.19%	14.45%	14.06%	12.97%	15.47%
ROIC Less NNEP Spread (ROIC-NNEP)	15.82%	12.23%	14.36%	14.36%	15.02%	13.98%	15.19%	14.45%	14.06%	12.97%	15.47%
Return on Net Nonoperating Assets (RNNOA)	4.11%	3.04%	3.50%	3.48%	3.59%	3.14%	3.27%	3.09%	2.86%	2.54%	2.93%
Return on Equity (ROE)	19.93%	15.27%	17.86%	17.84%	18.61%	17.12%	18.47%	17.53%	16.92%	15.51%	18.39%
Cash Return on Invested Capital (CROIC)	14.06%	12.27%	6.28%	3.89%	2.19%	0.38%	2.83%	1.49%	-2.68%	2.06%	0.50%
Operating Return on Assets (OROA)	16.20%	12.70%	14.79%	14.90%	15.27%	14.00%	15.52%	14.80%	14.26%	13.15%	15.68%
Return on Assets (ROA)	12.62%	9.78%	11.45%	11.49%	11.95%	11.10%	12.07%	11.49%	11.09%	10.22%	12.24%
Return on Common Equity (ROCE)	19.93%	15.27%	17.86%	17.84%	18.61%	17.12%	18.47%	17.53%	16.92%	15.51%	18.39%
Return on Equity Simple (ROE_SIMPLE)	18.38%	0.00%	17.56%	17.41%	17.40%	0.00%	17.02%	17.04%	16.28%	0.00%	16.09%
Net Operating Profit after Tax (NOPAT)	77	73	74	80	84	83	89	92	93	86	103
NOPAT Margin	62.70%	46.39%	57.84%	56.27%	56.67%	52.32%	60.08%	56.80%	55.88%	49.37%	59.20%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.55%	39.72%	25.30%	27.08%	27.58%	34.02%	22.70%	26.82%	28.16%	36.48%	24.17%
Earnings before Interest and Taxes (EBIT)	99	95	96	104	107	105	115	119	119	111	131
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	104	99	100	108	109	109	119	123	122	114	134
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.34	1.50	1.31	1.22
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.34	1.50	1.31	1.22
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.67	5.44	4.47	4.23
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.84	9.18	8.08	7.57
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	12.75%	10.89%	12.38%	13.21%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.25	1.37	1.24	1.16
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.27	5.90	5.02	4.75
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.72	7.55	6.86	6.44
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.92	7.78	7.06	6.60
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	8.85	9.97	9.08	8.48
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	8.11	9.19	8.31	8.27
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	89.65	0.00	63.95	247.24
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.26	0.25	0.23	0.23	0.22	0.21	0.20	0.20	0.19	0.19	0.18
Long-Term Debt to Equity	0.26	0.25	0.23	0.23	0.22	0.21	0.20	0.20	0.19	0.19	0.18
Financial Leverage	0.26	0.25	0.24	0.24	0.24	0.22	0.22	0.21	0.20	0.20	0.19
Leverage Ratio	1.58	1.56	1.56	1.55	1.56	1.54	1.53	1.53	1.53	1.52	1.50
Compound Leverage Factor	1.58	1.56	1.56	1.55	1.56	1.54	1.53	1.53	1.53	1.52	1.50
Debt to Total Capital	20.59%	19.71%	18.85%	18.49%	18.15%	17.11%	16.75%	16.84%	15.89%	15.77%	15.18%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	20.59%	19.71%	18.85%	18.49%	18.15%	17.11%	16.75%	16.84%	15.89%	15.77%	15.18%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	79.41%	80.29%	81.15%	81.51%	81.85%	82.89%	83.25%	83.16%	84.11%	84.23%	84.82%
Debt to EBITDA	1.04	1.00	0.98	0.96	0.95	0.93	0.89	0.90	0.88	0.87	0.84
Net Debt to EBITDA	0.71	0.89	0.77	0.79	0.53	0.71	0.58	0.77	0.60	0.76	0.69
Long-Term Debt to EBITDA	1.04	1.00	0.98	0.96	0.95	0.93	0.89	0.90	0.88	0.87	0.84
Debt to NOPAT	1.41	1.35	1.32	1.30	1.27	1.23	1.18	1.19	1.16	1.15	1.11
Net Debt to NOPAT	0.96	1.20	1.05	1.06	0.71	0.93	0.77	1.01	0.79	1.00	0.91
Long-Term Debt to NOPAT	1.41	1.35	1.32	1.30	1.27	1.23	1.18	1.19	1.16	1.15	1.11
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	66	24	-99	-145	-183	-230	-184	-222	-329	-223	-258
Operating Cash Flow to CapEx	4,407.73%	1,129.34%	5,921.89%	3,359.87%	3,607.82%	2,044.60%	5,104.03%	6,401.58%	8,665.32%	2,564.14%	5,929.13%
Free Cash Flow to Firm to Interest Expense	8.19	0.00	-12.27	0.00	0.00	0.00	-22.91	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	13.41	0.00	11.17	0.00	0.00	0.00	13.88	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	13.11	0.00	10.99	0.00	0.00	0.00	13.61	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	0.21	0.20	0.20	0.21	0.21	0.20	0.20	0.20	0.21	0.21
Fixed Asset Turnover	15.05	16.36	15.59	16.14	16.98	18.62	18.23	19.17	20.38	23.28	24.17
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,922	2,010	2,103	2,146	2,188	2,324	2,376	2,460	2,610	2,633	2,737
Invested Capital Turnover	0.25	0.26	0.25	0.26	0.27	0.27	0.25	0.25	0.25	0.26	0.26
Increase / (Decrease) in Invested Capital	11	49	173	225	267	314	273	314	422	309	361
Enterprise Value (EV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3,084	3,563	3,270	3,170
Market Capitalization	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2,733	3,282	2,909	2,828
Book Value per Share	$18.01	$19.31	$20.40	$21.00	$21.77	$23.75	$24.51	$25.48	$27.55	$28.02	$29.59
Tangible Book Value per Share	$17.97	$19.26	$20.36	$20.96	$21.72	$23.71	$24.46	$25.44	$27.51	$27.98	$29.55
Total Capital	1,922	2,010	2,103	2,146	2,188	2,324	2,376	2,460	2,610	2,633	2,737
Total Debt	396	396	396	397	397	398	398	414	415	415	416
Total Long-Term Debt	396	396	396	397	397	398	398	414	415	415	416
Net Debt	270	352	313	323	221	301	258	352	281	361	341
Capital Expenditures (CapEx)	2.45	2.82	1.52	3.03	3.35	1.47	2.19	1.84	1.48	1.40	1.71
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	396	396	396	397	397	398	398	414	415	415	416
Total Depreciation and Amortization (D&A)	4.93	4.22	4.24	4.44	1.24	4.06	3.94	3.88	2.54	2.70	2.71
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.91	$0.87	$0.89	$0.97	$1.02	$1.03	$1.10	$1.15	$1.17	$1.09	$1.31
Adjusted Weighted Average Basic Shares Outstanding	84.44M	84.92M	83.60M	82.96M	82.10M	82.41M	80.73M	80.12M	79.55M	79.84M	78.41M
Adjusted Diluted Earnings per Share	$0.90	$0.86	$0.88	$0.95	$1.00	$1.01	$1.08	$1.13	$1.15	$1.07	$1.28
Adjusted Weighted Average Diluted Shares Outstanding	85.49M	86.00M	84.84M	84.19M	83.67M	83.85M	82.10M	81.30M	81.05M	81.27M	79.86M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	83.58M	83.66M	83.28M	82.28M	81.08M	80.88M	80.28M	79.67M	79.13M	78.45M	78.12M
Normalized Net Operating Profit after Tax (NOPAT)	77	73	74	80	84	83	89	92	93	86	103
Normalized NOPAT Margin	62.70%	46.39%	57.84%	56.27%	56.67%	52.32%	60.08%	56.80%	55.88%	49.37%	59.20%
Pre Tax Income Margin	80.45%	60.28%	74.70%	72.92%	72.42%	65.98%	77.30%	73.18%	71.84%	63.52%	75.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	12.27	0.00	11.96	0.00	0.00	0.00	14.25	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	9.56	0.00	9.26	0.00	0.00	0.00	11.08	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	11.96	0.00	11.77	0.00	0.00	0.00	13.98	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	9.26	0.00	9.07	0.00	0.00	0.00	10.80	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	18.25%	19.32%	22.15%	22.00%	20.99%	28.44%	30.30%	29.52%	28.12%	27.11%	26.32%

Financials Breakdown Chart

Key Financial Trends

NMI Holdings, Inc. (NASDAQ: NMIH) has demonstrated solid financial performance from Q3 2022 through Q1 2025, reflected in its income statements, cash flow, and balance sheets. Here are the key trends and notable details to consider for retail investors looking at the last several years of quarterly financial data:

Consistent Net Income Growth: NMIH’s net income from continuing operations has shown steady growth over the analyzed period. For example, net income rose from $74.5 million in Q1 2023 to $102.6 million in Q1 2025. This indicates improving profitability.
Increasing Total Revenue: Total revenues have steadily increased from around $128.7 million in Q1 2023 to $173.2 million in Q1 2025, driven primarily by growth in premiums earned and capital gains on investments.
Premiums Earned Growth: Premiums earned, a core revenue driver, increased from approximately $121.8 million in Q1 2023 to nearly $149.4 million in Q1 2025, showing growth in the company’s insurance business.
Strong Operating Cash Flow: Net cash from operating activities rose over time, with $101.2 million generated in Q1 2025 compared to $89.8 million in Q1 2023, reflecting healthy cash generation from core operations.
Increasing Equity Base: Total common equity increased from around $1.71 billion in Q1 2023 to $2.32 billion in Q1 2025, indicating a strengthening balance sheet and retained earnings growth.
Flat Net Interest Income: NMIH reported minimal or zero net interest income/expense across recent quarters, suggesting limited exposure or low impact from interest-related operations, which may be due to their business model focusing more on insurance and investment income.
Investment Activities: There is consistent purchasing and selling of investment securities, with significant net cash outflows from investing activities each quarter. This reflects active investment portfolio management but also capital deployment that could be cyclical or strategic.
Share Repurchases and Issuances: The company regularly repurchases common equity (e.g., $25.9 million in Q1 2025) while occasionally issuing shares. This balance of capital return and equity issuance reflects an active approach to capital management.
Increasing Other Operating Expenses: Other operating expenses showed a rising trend, from about $25.9 million in Q1 2023 to $37.4 million in Q1 2025, which could pressure margins if not managed efficiently.
Fluctuating Property & Liability Insurance Claims: Claims expense is somewhat volatile, jumping from $670,100 in Q2 2024 to $17.3 million in Q4 2024 and dropping again to $4.5 million in Q1 2025, indicating potential risk or variability in insurance underwriting results.

Overall, NMI Holdings has displayed revenue growth, improving net income, and strong operational cash flow, supported by a solid equity base. Investors should keep an eye on rising operating expenses and variability in insurance claims, which may impact future profitability. Also, the company's active investment purchasing and share repurchase programs reflect ongoing strategic capital allocation decisions.

10/03/25 07:33 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About NMI's Financials

When does NMI's fiscal year end?

According to the most recent income statement we have on file, NMI's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has NMI's net income changed over the last 9 years?

NMI's net income appears to be on an upward trend, with a most recent value of $360.11 million in 2024, falling from -$27.79 million in 2015. The previous period was $322.11 million in 2023. See NMI's forecast for analyst expectations on what’s next for the company.

How has NMI's revenue changed over the last 9 years?

Over the last 9 years, NMI's total revenue changed from $53.46 million in 2015 to $650.97 million in 2024, a change of 1,117.8%.

How much debt does NMI have?

NMI's total liabilities were at $1.13 billion at the end of 2024, a 11.6% increase from 2023, and a 336.1% increase since 2015.

How much cash does NMI have?

In the past 9 years, NMI's cash and equivalents has ranged from $0.00 in 2021 to $126.94 million in 2020, and is currently $54.31 million as of their latest financial filing in 2024.

How has NMI's book value per share changed over the last 9 years?

Over the last 9 years, NMI's book value per share changed from 6.85 in 2015 to 28.02 in 2024, a change of 309.3%.

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This page (NASDAQ:NMIH) was last updated on 10/3/2025 by MarketBeat.com Staff

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NMI (NMIH) Financials

Financials Breakdown Chart

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NMI (NMIH) Financials

Annual Income Statements for NMI

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Quarterly Cash Flow Statements for NMI

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Quarterly Balance Sheets for NMI

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Quarterly Metrics And Ratios for NMI

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Key Financial Trends

Frequently Asked Questions About NMI's Financials

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