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NMIH

NMI Holdings, Inc.

NMIH

NMI Holdings, Inc. • NASDAQ
$38.15 ▲ 0.08% (+0.03)
Market Cap $2.93 B
52w High $43.20
52w Low $31.90
Dividend Yield 0%
P/E 7.96
Volume 244.47K
Outstanding Shares 76.87M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $178.679M ▲ $36.28M ▼ $95.999M ▼ 53.727% ▼ $1.24 ▲ $133.645M ▲
Q2-2025 $173.779M ▲ $36.623M ▼ $96.151M ▼ 55.329% ▼ $1.23 ▼ $133.554M ▼
Q1-2025 $173.246M ▲ $37.281M ▼ $102.559M ▲ 59.198% ▲ $1.31 ▲ $141.365M ▲
Q4-2024 $166.504M ▲ $38.194M ▲ $86.167M ▼ 51.751% ▼ $1.09 ▼ $120.941M ▼
Q3-2024 $166.092M $36.236M $92.81M 55.879% $1.17 $129.383M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $505.83M ▲ $3.727B ▲ $1.212B ▲ $2.515B ▲
Q2-2025 $461.07M ▲ $3.591B ▲ $1.171B ▲ $2.42B ▲
Q1-2025 $352.818M ▲ $3.456B ▲ $1.135B ▲ $2.322B ▲
Q4-2024 $54.218M ▼ $3.35B ▲ $1.133B ▲ $2.217B ▲
Q3-2024 $433.915M $3.32B $1.125B $2.195B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $95.999M ▼ $128.049M ▼ $-57.024M ▲ $-24.599M ▼ $46.426M ▲ $126.27M ▼
Q2-2025 $96.151M ▼ $128.356M ▲ $-94.129M ▼ $-24.423M ▲ $9.804M ▼ $126.708M ▲
Q1-2025 $102.559M ▲ $101.151M ▲ $-47.657M ▲ $-33.593M ▼ $19.901M ▲ $99.445M ▲
Q4-2024 $86.167M ▼ $35.821M ▼ $-86.13M ▼ $-28.702M ▼ $-79.011M ▼ $34.424M ▼
Q3-2024 $92.81M $128.42M $-40.79M $-16.94M $70.69M $132.446M

Five-Year Company Overview

Income Statement

Income Statement Over the past five years, NMI Holdings has shown a steady climb in revenue and profit, with earnings rising faster than sales. This points to both growth in the mortgage insurance business and better efficiency. Profit margins look strong for a specialty insurer, and the company has managed to turn more of each dollar of revenue into bottom‑line earnings over time. The trend suggests disciplined underwriting and cost control, though results remain sensitive to the housing cycle, interest rates, and future credit losses if the economy weakens.

Balance Sheet

Balance Sheet The balance sheet has expanded steadily, with total assets and shareholders’ equity both growing at a healthy pace. Debt levels appear manageable and have not grown aggressively, which supports a conservative capital structure for an insurer. Cash on hand is modest, but that’s typical for an insurance model where funds are largely invested in securities rather than held as idle cash. Overall, the company looks reasonably well-capitalized, though its exposure to mortgage risk means capital strength will be tested in a severe housing or credit downturn.

Cash Flow

Cash Flow Cash generation has been consistent and closely tracks reported profits, which is a positive sign for earnings quality. Operating cash flow has grown over time, and free cash flow is almost the same as operating cash flow because capital spending needs are quite low. This lean investment requirement gives the company flexibility to return capital, add to reserves, or pursue growth initiatives. However, as with any insurer, unexpected loss spikes could pressure future cash flows in a stressed environment.

Competitive Edge

Competitive Edge NMI Holdings operates in a niche but competitive corner of the insurance world, private mortgage insurance. It competes with larger, more established players, yet has carved out a solid position through strong technology, fast decisioning, and lender‑friendly tools. Its risk‑based pricing and focus on higher‑quality borrowers support attractive economics and potentially lower loss volatility. Still, the business is tied to mortgage origination volumes and housing affordability, so its competitive gains can be constrained in periods of weak housing activity or aggressive pricing by bigger rivals.

Innovation and R&D

Innovation and R&D The company leans heavily on technology rather than traditional brick‑and‑mortar advantages. Its Rate GPS® risk‑based pricing engine and AXIS platform for ordering and managing insurance are central to its edge, giving lenders speed, precision, and integration into their existing systems. The AI partnership with TRUE points to deeper automation in underwriting and document handling. While this is not “R&D” in the classic industrial sense, it reflects a clear, ongoing investment in digital capabilities and data science as core drivers of efficiency and differentiation.

Summary

NMI Holdings presents the picture of a growing, increasingly efficient mortgage insurer, with rising earnings, a strengthening equity base, and solid cash generation. Its main strengths are disciplined underwriting, technology-driven operations, and strong tools for lender partners. Key risks center on its dependence on the housing and mortgage markets, sensitivity to economic cycles and credit losses, and competition from larger peers. Overall, it looks like a focused, tech-forward specialty insurer that has used innovation and prudent growth to build a stronger position over the past several years, but whose fortunes remain closely tied to broader housing and credit conditions.

NEWS

November 4, 2025 · 4:01 PM UTC

NMI Holdings, Inc. Reports Third Quarter 2025 Financial Results

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October 13, 2025 · 4:16 PM UTC

NMI Holdings, Inc. to Announce Third Quarter 2025 Financial Results on November 4, 2025

Read more