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NMI (NMIH) Financials

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$37.67 -1.20 (-3.09%)
As of 01:43 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 2025
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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -28 64 22 108 172 172 231 293 322 360 389
Consolidated Net Income / (Loss)		 -28 64 22 108 172 172 231 293 322 360 389
Net Income / (Loss) Continuing Operations		 -28 64 22 108 172 172 231 293 322 360 389
Total Pre-Tax Income 		-28 11 53 136 217 218 297 377 413 463 500
Total Revenue		 53 107 165 259 358 409 453 523 579 651 706
Net Interest Income / (Expense)		 -2.06 -15 -14 -15 -12 -24 -32 0.00 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 0.00
Total Interest Expense		 2.06 15 14 15 12 24 32 0.00 0.00 0.00 0.00
Total Non-Interest Income		 56 122 179 274 370 433 485 523 579 651 706
Other Service Charges		 0.03 0.28 0.52 0.23 2.86 3.28 1.98 1.19 0.76 0.94 0.86
Net Realized & Unrealized Capital Gains on Investments		 9.98 11 12 22 22 33 39 47 67 85 103
Premiums Earned		 46 110 166 251 345 397 444 475 511 565 602
Total Non-Interest Expense		 81 96 112 123 141 191 157 146 166 188 207
Property & Liability Insurance Claims		 0.65 2.39 5.34 5.45 13 59 12 -3.59 23 32 58
Other Operating Expenses		 81 93 107 117 129 134 145 151 144 156 149
Income Tax Expense		 0.00 -53 31 28 45 47 66 84 91 103 111
Basic Earnings per Share		 ($0.47) $1.08 $0.37 $1.66 $2.54 $2.20 $2.70 $3.45 $3.91 $4.51 $5.01
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 77.63M
Diluted Earnings per Share		 ($0.47) $1.05 $0.35 $1.60 $2.47 $2.13 $2.65 $3.39 $3.84 $4.43 $4.92
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 79.04M
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 76.03M

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 84 83 89 92 93 86 103 96 96 94 99
Consolidated Net Income / (Loss)		 84 83 89 92 93 86 103 96 96 94 99
Net Income / (Loss) Continuing Operations		 84 83 89 92 93 86 103 96 96 94 99
Total Pre-Tax Income 		107 105 115 119 119 111 131 124 124 121 125
Total Revenue		 148 159 156 162 166 175 173 174 179 181 183
Net Interest Income / (Expense)		 0.00 8.04 0.00 0.00 0.00 8.04 0.00 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
Total Interest Expense		 0.00 -8.04 0.00 0.00 0.00 -8.04 0.00 0.00 0.00 - 0.00
Total Non-Interest Income		 148 151 156 162 166 167 173 174 179 181 183
Other Service Charges		 0.22 0.19 0.16 0.27 0.29 0.23 0.17 0.16 0.26 0.26 0.21
Net Realized & Unrealized Capital Gains on Investments		 18 18 19 21 22 23 24 25 27 28 28
Premiums Earned		 130 133 137 141 143 144 149 149 151 152 155
Total Non-Interest Expense		 41 54 42 43 47 64 42 50 55 60 59
Property & Liability Insurance Claims		 4.81 8.23 3.69 0.28 10 17 4.48 13 19 21 21
Other Operating Expenses		 36 46 38 43 36 46 37 37 36 38 38
Income Tax Expense		 23 22 26 27 27 25 29 27 28 27 26
Basic Earnings per Share		 $1.02 $1.03 $1.10 $1.15 $1.17 $1.09 $1.31 $1.23 $1.24 $1.23 $1.30
Weighted Average Basic Shares Outstanding		 82.10M 82.41M 80.73M 80.12M 79.55M 79.84M 78.41M 77.99M 77.41M 77.63M 76.18M
Diluted Earnings per Share		 $1.00 $1.01 $1.08 $1.13 $1.15 $1.07 $1.28 $1.21 $1.22 $1.21 $1.28
Weighted Average Diluted Shares Outstanding		 83.67M 83.85M 82.10M 81.30M 81.05M 81.27M 79.86M 79.26M 78.83M 79.04M 77.44M
Weighted Average Basic & Diluted Shares Outstanding		 81.08M 80.88M 80.28M 79.67M 79.13M 78.45M 78.12M 77.57M 76.87M 76.03M 75.97M

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 2025
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 12/31/2025
Net Change in Cash & Equivalents		 -46 -9.57 -29 6.10 16 86 -50 -32 52 -42 -10
Net Cash From Operating Activities		 41 72 68 146 208 253 326 313 343 394 419
Net Cash From Continuing Operating Activities		 41 72 68 146 208 253 326 313 343 394 419
Net Income / (Loss) Continuing Operations		 -28 64 22 108 172 172 231 293 322 360 389
Consolidated Net Income / (Loss)		 -28 64 22 108 172 172 231 293 322 360 389
Depreciation Expense		 4.86 5.66 6.66 7.81 9.30 9.93 11 12 12 12 11
Amortization Expense		 0.25 3.17 3.07 4.91 2.26 7.70 8.59 7.57 2.44 1.14 -1.67
Non-Cash Adjustments to Reconcile Net Income		 5.44 -43 44 14 67 54 81 98 108 107 92
Changes in Operating Assets and Liabilities, net		 59 43 -8.51 11 -42 9.61 -6.13 -97 -101 -87 -71
Net Cash From Investing Activities		 -230 -80 -93 -221 -194 -630 -374 -290 -200 -339 -316
Net Cash From Continuing Investing Activities		 -230 -80 -93 -221 -194 -630 -374 -290 -200 -339 -316
Purchase of Property, Leasehold Improvements and Equipment		 -6.14 -11 -8.51 -8.06 -9.96 -12 -12 -11 -9.37 -6.91 -6.78
Purchase of Investment Securities		 -365 -314 -350 -614 -521 -1,108 -525 -548 -655 -652 -899
Sale and/or Maturity of Investments		 141 245 266 402 336 491 163 268 464 319 589
Net Cash From Financing Activities		 143 -1.72 -3.24 81 2.00 463 -1.83 -56 -90 -97 -113
Net Cash From Continuing Financing Activities		 143 -1.72 -3.24 81 2.00 463 -1.83 -56 -90 -97 -113
Issuance of Debt		 149 0.00 0.00 149 0.00 400 - 0.00 0.00 420 0.00
Issuance of Common Equity		 0.42 0.53 7.10 92 22 229 4.20 5.44 11 4.29 2.88
Repayment of Debt		 -4.81 -1.50 -1.95 -151 -1.50 -157 -1.11 0.00 0.00 -413 0.00
Repurchase of Common Equity		 - - - - - 0.00 0.00 -57 -92 -98 -105
Other Financing Activities, Net		 -1.11 -0.76 -8.40 -9.40 -18 -8.96 -4.92 -4.70 -9.36 -10 -11
Cash Interest Paid		 0.01 9.67 13 12 11 18 30 30 30 14 31
Cash Income Taxes Paid		 0.00 0.20 1.22 0.87 0.06 0.07 0.46 -0.02 0.02 20 42

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 103 -80 43 -77 71 -79 20 9.80 46 -87 27
Net Cash From Operating Activities		 121 30 112 118 128 36 101 128 128 62 116
Net Cash From Continuing Operating Activities		 121 30 112 118 128 36 101 128 128 62 116
Net Income / (Loss) Continuing Operations		 84 83 89 92 93 86 103 96 96 94 99
Consolidated Net Income / (Loss)		 84 83 89 92 93 86 103 96 96 94 99
Depreciation Expense		 2.87 3.03 3.00 2.99 2.98 2.97 2.89 2.84 2.84 2.70 2.48
Amortization Expense		 -1.64 1.04 0.95 0.89 -0.44 -0.27 -0.18 -0.26 -0.79 -0.44 -0.08
Non-Cash Adjustments to Reconcile Net Income		 26 31 28 37 19 24 29 22 21 19 24
Changes in Operating Assets and Liabilities, net		 9.90 -88 -9.34 -15 14 -77 -33 7.46 9.03 -54 -9.32
Net Cash From Investing Activities		 1.56 -82 -38 -175 -41 -86 -48 -94 -57 -118 -48
Net Cash From Continuing Investing Activities		 1.56 -82 -38 -175 -41 -86 -48 -94 -57 -118 -48
Purchase of Property, Leasehold Improvements and Equipment		 -3.35 -1.47 -2.19 -1.84 -1.48 -1.40 -1.71 -1.65 -1.78 -1.65 -1.10
Purchase of Investment Securities		 -128 -150 -96 -242 -160 -153 -141 -204 -203 -352 -300
Sale and/or Maturity of Investments		 133 69 60 70 121 69 96 111 147 236 253
Net Cash From Financing Activities		 -19 -28 -31 -20 -17 -29 -34 -24 -25 -31 -41
Net Cash From Continuing Financing Activities		 -19 -28 -31 -20 -17 -29 -34 -24 -25 -31 -41
Issuance of Common Equity		 0.16 7.68 4.22 0.06 0.00 0.01 2.78 0.05 0.05 - 3.88
Repurchase of Common Equity		 -19 -32 -25 -27 -17 -29 -26 -24 -25 -31 -28
Other Financing Activities, Net		 -0.15 -3.91 -9.80 -0.38 -0.01 -0.03 -10 -0.49 -0.06 - -18
Cash Interest Paid		 - 15 0.00 - -14 14 19 - 13 - 13
Cash Income Taxes Paid		 0.02 -0.00 - - 9.37 11 0.00 - 9.40 10 0.03

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 2025
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 12/31/2025
Total Assets		 662 840 895 1,092 1,365 2,167 2,451 2,516 2,941 3,350 3,841
Cash and Due from Banks		 57 48 19 25 41 127 - 44 97 54 44
Trading Account Securities		 559 629 716 911 1,141 1,804 2,086 2,099 2,371 2,724 3,137
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 0.00
Accrued Investment Income		 2.87 3.42 4.21 5.69 6.83 9.86 12 14 20 22 27
Premises and Equipment, Net		 15 20 23 25 26 30 32 32 30 26 22
Unearned Premiums Asset		 5.14 52 65 66 67 56 60 70 76 83 86
Deferred Acquisition Cost		 18 30 38 47 60 62 60 59 63 64 64
Intangible Assets		 3.63 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 74 120 194 280 373 457
Total Liabilities & Shareholders' Equity		 662 840 895 1,092 1,365 2,167 2,451 2,516 2,941 3,350 3,841
Total Liabilities		 260 364 386 391 434 797 885 902 1,015 1,133 1,249
Other Short-Term Payables		 23 25 23 31 40 62 - 75 86 103 102
Long-Term Debt		 144 144 144 147 146 393 395 396 398 415 417
Claims and Claim Expense		 0.68 3.00 8.76 13 24 91 104 100 124 152 196
Unearned Premiums Liability		 91 153 163 159 137 119 139 123 92 65 47
Other Long-Term Liabilities		 1.60 39 47 41 88 133 247 209 314 397 487
Commitments & Contingencies		 0.00 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 2,592
Total Preferred & Common Equity		 403 476 509 702 930 1,370 1,566 1,614 1,926 2,217 2,592
Total Common Equity		 402 476 509 702 930 1,370 1,566 1,614 1,926 2,217 2,592
Common Stock		 570 578 586 683 708 939 956 974 992 1,006 1,018
Retained Earnings		 -161 -97 -74 33 205 377 608 901 1,223 1,583 1,972
Treasury Stock		 - - - - - - 0.00 -57 -149 -247 -352
Accumulated Other Comprehensive Income / (Loss)		 -7.47 -5.29 -2.86 -15 17 54 1.49 -204 -140 -125 -46

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 Q2 2025 Q3 2025 Q1 2026
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 6/30/2025 9/30/2025 3/31/2026
Total Assets		 2,404 2,634 2,690 2,762 3,006 3,102 3,320 3,456 3,591 3,727 3,910
Cash and Due from Banks		 126 83 73 176 140 63 133 74 84 130 71
Trading Account Securities		 1,974 2,172 2,234 2,198 2,394 2,521 2,708 2,809 2,929 3,016 3,174
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 0.00
Accrued Investment Income		 13 16 17 18 20 21 22 24 24 26 30
Premises and Equipment, Net		 32 32 32 32 30 29 27 25 24 23 21
Unearned Premiums Asset		 69 70 72 73 75 76 78 84 84 86 87
Deferred Acquisition Cost		 59 60 61 62 63 63 64 64 64 64 64
Intangible Assets		 3.63 3.63 3.63 3.63 3.63 3.63 3.63 3.63 3.63 3.63 3.63
Other Assets		 127 198 196 199 281 325 284 372 378 379 459
Total Liabilities & Shareholders' Equity		 2,404 2,634 2,690 2,762 3,006 3,102 3,320 3,456 3,591 3,727 3,910
Total Liabilities		 878 927 941 971 1,028 1,056 1,125 1,135 1,171 1,212 1,277
Other Short-Term Payables		 74 70 73 89 82 78 111 79 87 93 105
Long-Term Debt		 396 396 397 397 398 414 415 416 416 417 418
Claims and Claim Expense		 95 108 110 116 127 125 136 152 163 180 211
Unearned Premiums Liability		 131 114 105 98 86 78 72 59 54 50 44
Other Long-Term Liabilities		 183 238 256 271 335 360 392 429 451 472 500
Commitments & Contingencies		 0.00 0.00 0.00 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 2,420 2,515 2,632
Total Preferred & Common Equity		 1,526 1,707 1,749 1,791 1,978 2,046 2,195 2,322 2,420 2,515 2,632
Total Common Equity		 1,526 1,707 1,749 1,791 1,978 2,046 2,195 2,322 2,420 2,515 2,632
Common Stock		 970 974 978 982 990 994 998 1,002 1,007 1,011 1,009
Retained Earnings		 828 976 1,056 1,140 1,312 1,404 1,497 1,686 1,782 1,878 2,072
Treasury Stock		 -51 -71 -98 -117 -174 -201 -218 -273 -296 -321 -379
Accumulated Other Comprehensive Income / (Loss)		 -221 -172 -187 -214 -150 -151 -82 -94 -73 -54 -68

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 2025
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 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 76,867,928.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 76,867,928.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 5.06
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
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 $5.01
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 77.63M
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 $4.92
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 79.04M
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 $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 76.03M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for NMI

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 76,867,928.00 76,032,627.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 76,867,928.00 76,032,627.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 1.23 1.31
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 20.91% 1.39% 15.13% 13.62% 12.10% 9.49% 10.88% 7.19% 7.58% - 5.90%
EBITDA Growth		 4.85% 10.34% 18.02% 12.94% 12.29% 3.96% 13.14% 2.98% 3.16% - -5.03%
EBIT Growth		 8.84% 10.97% 19.13% 14.03% 11.21% 5.41% 14.67% 4.18% 3.65% - -4.89%
NOPAT Growth		 9.26% 14.36% 19.60% 14.69% 10.55% 3.30% 15.17% 4.42% 3.44% - -3.15%
Net Income Growth		 9.26% 14.36% 19.60% 14.69% 10.55% 3.30% 15.17% 4.42% 3.44% - -3.15%
EPS Growth		 11.11% 17.44% 22.73% 18.95% 15.00% 5.94% 18.52% 7.08% 6.09% - 0.00%
Operating Cash Flow Growth		 12.12% -5.27% 24.20% 15.59% 6.29% 18.94% -9.34% 8.97% -0.29% - 14.77%
Free Cash Flow Firm Growth		 -377.60% -1,077.51% -86.68% -53.05% -80.07% 3.30% -40.20% -26.19% 31.43% - 17.34%
Invested Capital Growth		 13.87% 15.61% 12.99% 14.64% 19.27% 13.30% 15.18% 15.30% 12.32% - 11.43%
Revenue Q/Q Growth		 3.84% 7.60% 9.57% 9.38% 2.45% 5.09% -0.74% 0.31% 2.82% - 1.52%
EBITDA Q/Q Growth		 0.04% 0.65% 8.48% 3.39% -0.54% -6.81% 18.06% -5.90% -0.36% - 3.19%
EBIT Q/Q Growth		 3.12% -1.97% 8.92% 3.56% 0.58% -7.08% 18.49% -5.91% 0.07% - 3.13%
NOPAT Q/Q Growth		 4.57% -0.65% 6.76% 3.40% 0.79% -7.16% 19.02% -6.25% -0.16% - 5.43%
Net Income Q/Q Growth		 4.57% -0.65% 6.76% 3.40% 0.79% -7.16% 19.02% -6.25% -0.16% - 5.43%
EPS Q/Q Growth		 5.26% 1.00% 6.93% 4.63% 1.77% -6.96% 19.63% -5.47% 0.83% - 5.79%
Operating Cash Flow Q/Q Growth		 18.57% -75.07% 270.47% 5.57% 9.03% -72.11% 182.38% 26.90% -0.24% - 88.02%
Free Cash Flow Firm Q/Q Growth		 -25.91% -26.14% 20.06% -20.53% -48.15% 32.26% -15.90% -8.49% 19.50% - 24.37%
Invested Capital Q/Q Growth		 1.98% 6.19% 2.27% 3.51% 6.10% 0.87% 3.97% 3.62% 3.36% - 1.36%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 73.26% 68.53% 79.96% 75.58% 73.38% 65.07% 77.39% 72.61% 70.36% - 69.40%
EBIT Margin		 72.42% 65.98% 77.30% 73.18% 71.84% 63.52% 75.83% 71.13% 69.22% - 68.10%
Profit (Net Income) Margin		 56.67% 52.32% 60.08% 56.80% 55.88% 49.37% 59.20% 55.33% 53.73% - 54.14%
Tax Burden Percent		 78.24% 79.30% 77.73% 77.61% 77.78% 77.72% 78.07% 77.79% 77.62% - 79.50%
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		 21.76% 20.70% 22.27% 22.39% 22.22% 22.28% 21.93% 22.21% 22.38% - 20.50%
Return on Invested Capital (ROIC)		 15.02% 13.98% 15.19% 14.45% 14.06% 12.97% 15.47% 14.20% 13.42% - 13.41%
ROIC Less NNEP Spread (ROIC-NNEP)		 15.02% 13.98% 15.19% 14.45% 14.06% 12.97% 15.47% 14.20% 13.42% - 13.41%
Return on Net Nonoperating Assets (RNNOA)		 3.59% 3.14% 3.27% 3.09% 2.86% 2.54% 2.93% 2.64% 2.37% - 2.26%
Return on Equity (ROE)		 18.61% 17.12% 18.47% 17.53% 16.92% 15.51% 18.39% 16.84% 15.79% - 15.66%
Cash Return on Invested Capital (CROIC)		 2.19% 0.38% 2.83% 1.49% -2.68% 2.06% 0.50% 0.05% 2.14% - 2.52%
Operating Return on Assets (OROA)		 15.27% 14.00% 15.52% 14.80% 14.26% 13.15% 15.68% 14.44% 13.60% - 13.25%
Return on Assets (ROA)		 11.95% 11.10% 12.07% 11.49% 11.09% 10.22% 12.24% 11.24% 10.55% - 10.53%
Return on Common Equity (ROCE)		 18.61% 17.12% 18.47% 17.53% 16.92% 15.51% 18.39% 16.84% 15.79% - 15.66%
Return on Equity Simple (ROE_SIMPLE)		 17.40% 0.00% 17.02% 17.04% 16.28% 0.00% 16.09% 15.61% 15.15% - 14.65%
Net Operating Profit after Tax (NOPAT)		 84 83 89 92 93 86 103 96 96 - 99
NOPAT Margin		 56.67% 52.32% 60.08% 56.80% 55.88% 49.37% 59.20% 55.33% 53.73% - 54.14%
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%
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		 27.58% 34.02% 22.70% 26.82% 28.16% 36.48% 24.17% 28.87% 30.78% - 31.90%
Earnings before Interest and Taxes (EBIT)		 107 105 115 119 119 111 131 124 124 - 125
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 109 109 119 123 122 114 134 126 126 - 127
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 1.34 1.50 1.31 1.22 1.36 1.18 - 1.08
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 1.34 1.50 1.31 1.22 1.36 1.18 - 1.08
Price to Revenue (P/Rev)		 0.00 0.00 0.00 4.67 5.44 4.47 4.23 4.85 4.30 - 3.98
Price to Earnings (P/E)		 0.00 0.00 0.00 7.84 9.18 8.08 7.57 8.73 7.81 - 7.39
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% 12.75% 10.89% 12.38% 13.21% 11.46% 12.81% - 13.52%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 1.25 1.37 1.24 1.16 1.28 1.11 - 1.05
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 5.27 5.90 5.02 4.75 5.34 4.71 - 4.46
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 6.72 7.55 6.86 6.44 7.32 6.53 - 6.36
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 6.92 7.78 7.06 6.60 7.48 6.66 - 6.48
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 8.85 9.97 9.08 8.48 9.61 8.56 - 8.29
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 8.11 9.19 8.31 8.27 9.21 8.29 - 7.37
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 89.65 0.00 63.95 247.24 2,655.98 54.95 - 43.87
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.22 0.21 0.20 0.20 0.19 0.19 0.18 0.17 0.17 - 0.16
Long-Term Debt to Equity		 0.22 0.21 0.20 0.20 0.19 0.19 0.18 0.17 0.17 - 0.16
Financial Leverage		 0.24 0.22 0.22 0.21 0.20 0.20 0.19 0.19 0.18 - 0.17
Leverage Ratio		 1.56 1.54 1.53 1.53 1.53 1.52 1.50 1.50 1.50 - 1.49
Compound Leverage Factor		 1.56 1.54 1.53 1.53 1.53 1.52 1.50 1.50 1.50 - 1.49
Debt to Total Capital		 18.15% 17.11% 16.75% 16.84% 15.89% 15.77% 15.18% 14.67% 14.21% - 13.69%
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		 18.15% 17.11% 16.75% 16.84% 15.89% 15.77% 15.18% 14.67% 14.21% - 13.69%
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		 81.85% 82.89% 83.25% 83.16% 84.11% 84.23% 84.82% 85.33% 85.79% - 86.31%
Debt to EBITDA		 0.95 0.93 0.89 0.90 0.88 0.87 0.84 0.84 0.83 - 0.83
Net Debt to EBITDA		 0.53 0.71 0.58 0.77 0.60 0.76 0.69 0.67 0.57 - 0.69
Long-Term Debt to EBITDA		 0.95 0.93 0.89 0.90 0.88 0.87 0.84 0.84 0.83 - 0.83
Debt to NOPAT		 1.27 1.23 1.18 1.19 1.16 1.15 1.11 1.10 1.09 - 1.08
Net Debt to NOPAT		 0.71 0.93 0.77 1.01 0.79 1.00 0.91 0.88 0.75 - 0.90
Long-Term Debt to NOPAT		 1.27 1.23 1.18 1.19 1.16 1.15 1.11 1.10 1.09 - 1.08
Noncontrolling Interest Sharing Ratio		 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)		 -183 -230 -184 -222 -329 -223 -258 -280 -226 - -213
Operating Cash Flow to CapEx		 3,607.82% 2,044.60% 5,104.03% 6,401.58% 8,665.32% 2,564.14% 5,929.13% 7,788.59% 7,197.81% - 10,553.73%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 -22.91 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 13.88 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 13.61 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.21 0.21 0.20 0.20 0.20 0.21 0.21 0.20 0.20 - 0.19
Fixed Asset Turnover		 16.98 18.62 18.23 19.17 20.38 23.28 24.17 25.82 27.68 - 31.26
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,188 2,324 2,376 2,460 2,610 2,633 2,737 2,836 2,931 - 3,050
Invested Capital Turnover		 0.27 0.27 0.25 0.25 0.25 0.26 0.26 0.26 0.25 - 0.25
Increase / (Decrease) in Invested Capital		 267 314 273 314 422 309 361 376 322 - 313
Enterprise Value (EV)		 0.00 0.00 0.00 3,084 3,563 3,270 3,170 3,628 3,260 - 3,199
Market Capitalization		 0.00 0.00 0.00 2,733 3,282 2,909 2,828 3,296 2,974 - 2,852
Book Value per Share		 $21.77 $23.75 $24.51 $25.48 $27.55 $28.02 $29.59 $30.98 $32.42 - $34.62
Tangible Book Value per Share		 $21.72 $23.71 $24.46 $25.44 $27.51 $27.98 $29.55 $30.93 $32.37 - $34.57
Total Capital		 2,188 2,324 2,376 2,460 2,610 2,633 2,737 2,836 2,931 - 3,050
Total Debt		 397 398 398 414 415 415 416 416 417 - 418
Total Long-Term Debt		 397 398 398 414 415 415 416 416 417 - 418
Net Debt		 221 301 258 352 281 361 341 332 286 - 347
Capital Expenditures (CapEx)		 3.35 1.47 2.19 1.84 1.48 1.40 1.71 1.65 1.78 - 1.10
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Nonoperating Obligations (NNO)		 397 398 398 414 415 415 416 416 417 - 418
Total Depreciation and Amortization (D&A)		 1.24 4.06 3.94 3.88 2.54 2.70 2.71 2.57 2.04 - 2.40
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.02 $1.03 $1.10 $1.15 $1.17 $1.09 $1.31 $1.23 $1.24 $1.23 $1.30
Adjusted Weighted Average Basic Shares Outstanding		 82.10M 82.41M 80.73M 80.12M 79.55M 79.84M 78.41M 77.99M 77.41M 77.63M 76.18M
Adjusted Diluted Earnings per Share		 $1.00 $1.01 $1.08 $1.13 $1.15 $1.07 $1.28 $1.21 $1.22 $1.21 $1.28
Adjusted Weighted Average Diluted Shares Outstanding		 83.67M 83.85M 82.10M 81.30M 81.05M 81.27M 79.86M 79.26M 78.83M 79.04M 77.44M
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		 81.08M 80.88M 80.28M 79.67M 79.13M 78.45M 78.12M 77.57M 76.87M 76.03M 75.97M
Normalized Net Operating Profit after Tax (NOPAT)		 84 83 89 92 93 86 103 96 96 - 99
Normalized NOPAT Margin		 56.67% 52.32% 60.08% 56.80% 55.88% 49.37% 59.20% 55.33% 53.73% - 54.14%
Pre Tax Income Margin		 72.42% 65.98% 77.30% 73.18% 71.84% 63.52% 75.83% 71.13% 69.22% - 68.10%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 14.25 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 11.08 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 13.98 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 10.80 0.00 0.00 0.00 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%
Augmented Payout Ratio		 20.99% 28.44% 30.30% 29.52% 28.12% 27.11% 26.32% 25.28% 27.09% - 27.70%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, investor-focused trend snapshot of NMI Holdings, Inc. (NMIH) using the last four years of quarterly income statements, cash flow statements, and balance sheets provided. The analysis highlights notable progress and potential areas to watch as the company cycles through 2021–2025 data and especially the 2025 quarters.

  • Strong 2025 revenue growth and expansion in the main business line. Total revenue rose from 159.4M in Q4 2024 to 180.7M in Q4 2025, with ongoing quarterly gains across 2025 (Q1 2025 173.2M, Q2 2025 173.8M, Q3 2025 178.7M, Q4 2025 180.7M).
  • Robust quarterly net income and earnings power in 2025. Net income continuing operations stayed solid around the 90–102M range through 2025, including Q1 2025 at 102.6M and Q3/Q4 2025 near 96–94M.
  • EPS remains attractive and fairly stable in 2025. Basic and diluted EPS hovered around 1.20–1.31 range in 2025 across quarters, signaling steady profitability per share despite share count dynamics (e.g., Q1 2025 Basic EPS about 1.31, Q4 2025 about 1.23).
  • Balance sheet shows asset growth and a growing equity base in 2025. Total assets increased from roughly 3.46B (Q1 2025) to 3.73B (Q3 2025), while total equity rose from about 2.32B (Q1 2025) to 2.515B (Q3 2025).
  • Operating cash flow was consistently positive across 2025 quarters. Net cash from continuing operating activities was strong in 2025 (e.g., 101.2M in Q1, 128.0–128.3M in Q2/Q3), underscoring cash-generating efficiency even as other cash flows fluctuate.
  • Investing activity reflects portfolio build, with sizable cash outlays. Net cash from continuing investing activities was negative in 2025 (e.g., Q1 -141.5M, Q2 -203.6M, Q3 -57.0M, Q4 -351.5M purchases), typical of insurance operation investment activity and portfolio growth.
  • Premiums earned and non-interest income remain steady drivers. Premiums earned consistently sit around 149–152M per quarter in 2025, with net realized capital gains on investments contributing mid- to high-20M quarterly gains in some periods, indicating a stable non-interest income mix.
  • Long-term debt remains manageable and relatively flat. Long-term debt hovered around 416M–417M across 2025 quarters, indicating a stable debt load in line with the growth in assets and equity.
  • Quarterly net change in cash can be negative in some periods. The Q4 2025 net change in cash and equivalents was negative (around -86.5M), reflecting combined effects of investing and financing activities on cash balance in that quarter.
  • Financing activities show occasional net negative cash flow due to share activity. Net cash from financing activities was negative in several 2025 quarters (e.g., Q4 2025 and nearby periods), reflecting share repurchases and other financing moves that offset operating cash gains.
05/11/26 01:44 PM ETAI Generated. May Contain Errors.

NMI Financials - Frequently Asked Questions

According to the most recent income statement we have on file, NMI's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

NMI's net income appears to be on an upward trend, with a most recent value of $388.93 million in 2025, falling from -$27.79 million in 2015. The previous period was $360.11 million in 2024. See NMI's forecast for analyst expectations on what's next for the company.

Over the last 10 years, NMI's total revenue changed from $53.46 million in 2015 to $706.44 million in 2025, a change of 1,221.5%.

NMI's total liabilities were at $1.25 billion at the end of 2025, a 10.3% increase from 2024, and a 380.9% increase since 2015.

In the past 10 years, NMI's cash and equivalents has ranged from $0.00 in 2021 to $126.94 million in 2020, and is currently $43.94 million as of their latest financial filing in 2025.


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Financial statements for NASDAQ:NMIH last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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