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.
Quarterly Income Statements for NMI
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 |
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 |
Annual Cash Flow Statements for NMI
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 |
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 |
Quarterly Cash Flow Statements for NMI
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 |
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 |
Annual Balance Sheets for NMI
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 |
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 |
Quarterly Balance Sheets for NMI
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 |
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 |
Annual Metrics And Ratios for NMI
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 |
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% |
Quarterly Metrics And Ratios for NMI
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 |
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% |
Key Financial Trends
NMI Holdings, Inc. (NASDAQ:NMIH) has demonstrated steady financial performance over the last several quarters, with notable trends in revenue, profitability, and cash flows, based on the most recent quarterly financial statements through Q1 2025 as well as the prior quarters going back to mid-2022.
Key positive trends and highlights:
- Consistent growth in net income: The company reported Q1 2025 net income of $102.6 million, up from $89.1 million in Q1 2024 and steadily increasing each quarter.
- Rising earnings per share (EPS): Diluted EPS increased from $0.88 in Q1 2023 to $1.28 in Q1 2025, reflecting improved profitability and effective share management.
- Strong non-interest income: Premiums earned and net realized & unrealized capital gains increased steadily, contributing to total non-interest income of $173.2 million in Q1 2025, up from $136.8 million in Q1 2023.
- Robust operating cash flows: Net cash from continuing operating activities rose to $101.2 million in Q1 2025 from $89.8 million in Q1 2023, indicating solid cash generation from core operations.
- Increasing shareholders' equity: Total common equity grew from approximately $1.71 billion in Q1 2023 to $2.32 billion in Q1 2025, strengthening the company’s capital base.
Neutral observations that investors should monitor:
- No reported interest income on loans: NMIH shows no reported total interest income or loans and leases net of allowance, consistent with its business model focused on insurance underwriting rather than traditional lending.
- Stable long-term debt levels: Long-term debt has remained relatively steady around $400 million over the periods, suggesting manageable leverage but worth monitoring for changes.
- Fluctuating investment activity: Purchases and sales of investment securities vary quarterly, impacting cash flows from investing activities; net investing cash flow was -$47.7 million in Q1 2025.
- Share repurchases ongoing: The company has consistently repurchased common equity each quarter, reducing share count but increasing treasury stock, which impacts share count and returns per share.
Potential concerns and negative factors:
- Increasing operating expenses: Total non-interest expenses rose to $41.9 million in Q1 2025, up from $33.6 million in Q1 2024, driven mainly by higher other operating expenses, potentially affecting margins if unchecked.
- Rising property & liability insurance claims: Claim expenses climbed to $4.48 million in Q1 2025 from $3.69 million in Q1 2024, which could indicate increasing insurance risks or losses.
- Higher cash interest paid: Cash interest paid increased to $18.7 million in Q1 2025 from $14 million in Q4 2024, which could pressure cash flows if interest rates rise further or debt increases.
Summary: NMI Holdings has demonstrated steady revenue growth and improving profitability over the recent four-year window with solid cash flow generation and strengthening equity capital. The company’s focus on earning premiums and capital gains supports its income profile despite lack of traditional interest income. Operating expenses and insurance claim costs have increased somewhat, which are key areas to watch in future quarters to ensure they do not erode the strong earnings momentum. Overall, the financial trends suggest a company in a healthy position with manageable financial risks, but investors should monitor claims and expense trends closely.
10/23/25 06:43 PM ETAI Generated. May Contain Errors.