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NMI (NMIH) Financials

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$36.82 -0.22 (-0.59%)
Closing price 04:00 PM Eastern
Extended Trading
$36.82 0.00 (0.00%)
As of 04:10 PM Eastern
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Annual Income Statements for NMI

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

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
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

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
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

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
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

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
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

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
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

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
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%

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
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 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.

Frequently Asked Questions About NMI's Financials

When does NMI's financial year end?

According to the most recent income statement we have on file, NMI's fiscal year ends in December. Their fiscal 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 where experts think NMI is headed by visiting NMI's forecast page.

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 10/23/2025 by MarketBeat.com Staff
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