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NMI Holdings, Inc. logo

NMI Holdings, Inc.

NMIH

NASDAQFinancial ServicesInsurance - Specialty

Open in GoAI

Previous close

$45.16

−$0.23 · -0.51%

Aug 21, 4:00 PM ET

NMIH company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Buy

Favorable setup — positive multi-factor alignment

Valuation

87

Deep Value

Momentum

46

Neutral

Sentiment

50

Mixed

Risk resilience

84

Low Risk

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Company profile

Company website

NMI Holdings, Inc. is a company operating within the United States that offers private mortgage guaranty insurance. In addition to its core insurance products, the firm also delivers outsourced loan assessment services, specifically catering to mortgage loan originators. Its diverse client roster includes national and regional mortgage banks, prominent money center banks, credit unions, local community banks, builder-owned lenders, internet-based lending platforms, and other non-bank mortgage providers. The company commenced operations after its incorporation in 2011 and is based in Emeryville, California.

Industry
Insurance - Specialty
Sector
Financial Services
Headquarters
US
CEO
Adam S. Pollitzer
Listed since
Nov 8, 2013
Employees
225

Market position

Day range

Current $45.16

52-week range

Current $45.16

Open
$45.58
Previous close
$45.39
Volume
400.51K
0.74× average
Average volume
542.49K
Average daily volume
Market cap
3.43B USD
Beta
0.54
Market reference 1
50-day average
$42.0903
+7.29% above average
200-day average
$39.4197
+14.56% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
3.54B USD
P/E (TTM)
8.74×
P/B (TTM)
1.27×
P/S (TTM)
4.7×
EV / EBITDA
6.56×
Earnings yield
12.28%
Free cash flow yield
13.03%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
91.71%
Operating margin
69.36%
Net margin
54.12%
Return on equity
15.00%
Return on assets
10.13%
Return on invested capital
11.73%

Financial health

Debt / equity
0.15×
Current ratio
1.9×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends106%85%63%42%Gross margin, FY2021: 96.95%Gross margin, FY2022: 100.48%Gross margin, FY2023: 95.96%Gross margin, FY2024: 95.04%Gross margin, FY2025: 91.83%Operating margin, FY2021: 61.10%Operating margin, FY2022: 71.94%Operating margin, FY2023: 71.28%Operating margin, FY2024: 71.19%Operating margin, FY2025: 70.84%Net margin, FY2021: 47.59%Net margin, FY2022: 55.85%Net margin, FY2023: 55.63%Net margin, FY2024: 55.32%Net margin, FY2025: 55.12%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 96.95%. Gross margin FY2022 100.48%. Gross margin FY2023 95.96%. Gross margin FY2024 95.04%. Gross margin FY2025 91.83%. Operating margin FY2021 61.10%. Operating margin FY2022 71.94%. Operating margin FY2023 71.28%. Operating margin FY2024 71.19%. Operating margin FY2025 70.84%. Net margin FY2021 47.59%. Net margin FY2022 55.85%. Net margin FY2023 55.63%. Net margin FY2024 55.32%. Net margin FY2025 55.12%.

Income trends

Revenue

705.58M USD+8.39%

Operating income

499.8M USD+7.85%

Net income

388.93M USD+8.00%
Income trends across reported periods753.03M USD563.25M USD373.47M USD183.68M USDRevenue, FY2021: 485.64M USDRevenue, FY2022: 524.46M USDRevenue, FY2023: 579M USDRevenue, FY2024: 650.97M USDRevenue, FY2025: 705.58M USDOperating income, FY2021: 296.73M USDOperating income, FY2022: 377.31M USDOperating income, FY2023: 412.7M USDOperating income, FY2024: 463.41M USDOperating income, FY2025: 499.8M USDNet income, FY2021: 231.13M USDNet income, FY2022: 292.9M USDNet income, FY2023: 322.11M USDNet income, FY2024: 360.11M USDNet income, FY2025: 388.93M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 485.64M USD. Revenue FY2022 524.46M USD. Revenue FY2023 579M USD. Revenue FY2024 650.97M USD. Revenue FY2025 705.58M USD. Operating income FY2021 296.73M USD. Operating income FY2022 377.31M USD. Operating income FY2023 412.7M USD. Operating income FY2024 463.41M USD. Operating income FY2025 499.8M USD. Net income FY2021 231.13M USD. Net income FY2022 292.9M USD. Net income FY2023 322.11M USD. Net income FY2024 360.11M USD. Net income FY2025 388.93M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue705.58M USD650.97M USD579M USD524.46M USD485.64M USD
Cost of goods sold57.65M USD32.27M USD23.39M USD−2.5M USD14.81M USD
Gross profit647.93M USD618.7M USD555.61M USD526.96M USD470.82M USD
Operating expenses148.13M USD155.29M USD142.91M USD149.65M USD174.1M USD
Interest income—5M USD2.3M USD400K USD—
Interest expense28.48M USD36.9M USD32.21M USD32.16M USD31.8M USD
Depreciation and amortization11.26M USD11.94M USD11.54M USD11.87M USD11.23M USD
Operating income499.8M USD463.41M USD412.7M USD377.31M USD296.73M USD
Net income388.93M USD360.11M USD322.11M USD292.9M USD231.13M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
82%
9 beats, 1 miss, 1 met estimate
Average EPS surprise
+5.70%
11 comparable reports
Latest EPS result
1.38
Estimate 1.28 · Beat by 7.81%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates1.441.31.151.01Q1 '25MissQ2 '25BeatQ3 '25BeatQ4 '25MetQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 6, 2025: actual 1.07, estimate 1.11, surprise -3.60%, Miss. Q2 2025, reported Apr 29, 2025: actual 1.28, estimate 1.1, surprise +16.36%, Beat. Q3 2025, reported Jul 29, 2025: actual 1.22, estimate 1.16, surprise +5.17%, Beat. Q4 2025, reported Nov 4, 2025: actual 1.21, estimate 1.21, surprise 0.00%, Met estimate. Q1 2026, reported Feb 10, 2026: actual 1.2, estimate 1.17, surprise +2.56%, Beat. Q2 2026, reported Apr 30, 2026: actual 1.28, estimate 1.22, surprise +4.92%, Beat. Q3 2026, reported Jul 30, 2026: actual 1.38, estimate 1.28, surprise +7.81%, Beat. Q4 2026, reported Nov 3, 2026: actual —, estimate 1.3, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates187.92M173.69M159.46M145.23MQ1 '25MissQ2 '25BeatQ3 '25MissQ4 '25MissQ1 '26MissQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 6, 2025: actual 166.5M USD, estimate 168.85M USD, surprise -1.39%, Miss. Q2 2025, reported Apr 29, 2025: actual 173.25M USD, estimate 167.91M USD, surprise +3.18%, Beat. Q3 2025, reported Jul 29, 2025: actual 173.78M USD, estimate 177.01M USD, surprise -1.83%, Miss. Q4 2025, reported Nov 4, 2025: actual 178.68M USD, estimate 180.69M USD, surprise -1.11%, Miss. Q1 2026, reported Feb 10, 2026: actual 152.46M USD, estimate 152.74M USD, surprise -0.18%, Miss. Q2 2026, reported Apr 30, 2026: actual 154.81M USD, estimate 153.99M USD, surprise +0.53%, Beat. Q3 2026, reported Jul 30, 2026: actual 157.5M USD, estimate 156.26M USD, surprise +0.79%, Beat. Q4 2026, reported Nov 3, 2026: actual —, estimate 159.01M USD, surprise —, Comparison unavailable.

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ETFs holding NMIH

Funds reporting this stock among their holdings, ordered by reported position size.

iShares Core S&P Small-Cap ETF logoiShares Core S&P Small-Cap ETFIJR
Market value
210.62M
Weight
0.19%
AUM
111.19B USD
Expense ratio
0.06%
Price / 1D
$147.31+0.64%
Avantis U.S. Small Cap Value ETF logoAvantis U.S. Small Cap Value ETFAVUV
Market value
110.47M
Weight
0.36%
AUM
31.27B USD
Expense ratio
0.25%
Price / 1D
$126.45+0.66%
Vanguard Morningstar Total Stock Market ETF logoVanguard Morningstar Total Stock Market ETFVTI
Market value
107.46M
Weight
0.00%
AUM
2.3T USD
Expense ratio
0.03%
Price / 1D
$378.24+0.44%
iShares Russell 2000 ETF logoiShares Russell 2000 ETFIWM
Market value
90.48M
Weight
0.11%
AUM
81.62B USD
Expense ratio
0.19%
Price / 1D
$299.96+0.77%
Vanguard Extended Market ETF logoVanguard Extended Market ETFVXF
Market value
38.81M
Weight
0.04%
AUM
93.7B USD
Expense ratio
0.05%
Price / 1D
$245.53+0.82%
iShares Russell 2000 Value ETF logoiShares Russell 2000 Value ETFIWN
Market value
32.82M
Weight
0.22%
AUM
14.66B USD
Expense ratio
0.24%
Price / 1D
$224.81+0.45%
State Street SPDR Portfolio S&P 600 Small Cap ETF logoState Street SPDR Portfolio S&P 600 Small Cap ETFSPSM
Market value
32.39M
Weight
0.19%
AUM
17.03B USD
Expense ratio
0.03%
Price / 1D
$57.28+0.61%
iShares S&P Small-Cap 600 Growth ETF logoiShares S&P Small-Cap 600 Growth ETFIJT
Market value
32M
Weight
0.38%
AUM
8.22B USD
Expense ratio
0.18%
Price / 1D
$173.9+0.61%

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