NMIH · Nmi Holdings, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $183.47M | - | $178.68M | $173.78M | $173.25M | - | $166.09M | $162.12M | $156.25M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - | - | - | - | - |
| Total Operating Expenses | $58.53M | - | $55.00M | $50.18M | $41.88M | - | $46.77M | $43.48M | $41.69M | - |
| D&A | - | - | - | - | - | - | - | - | - | - |
| Operating Income | $124.94M | - | $123.68M | $123.60M | $131.37M | - | $119.33M | $118.64M | $114.57M | - |
| Interest Expense | $7.11M | - | $7.12M | $7.12M | $8.04M | - | $8.06M | $14.68M | $8.04M | - |
| Income Tax | $25.61M | - | $27.68M | $27.45M | $28.81M | - | $26.52M | $26.57M | $25.52M | - |
| Net Income | $99.33M | - | $96.00M | $96.15M | $102.56M | - | $92.81M | $92.08M | $89.05M | - |
| EPS - Basic | $1.30 | - | $1.24 | $1.23 | $1.31 | - | $1.17 | $1.15 | $1.10 | - |
| EPS - Diluted | $1.28 | - | $1.22 | $1.21 | $1.28 | - | $1.15 | $1.13 | $1.08 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $70.68M | $43.94M | $130.44M | $84.01M | $74.21M | $54.31M | $133.32M | $62.63M | $139.73M | $96.69M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $3.91B | $3.84B | $3.73B | $3.59B | $3.46B | $3.35B | $3.32B | $3.10B | $3.01B | $2.94B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $1.28B | $1.25B | $1.21B | $1.17B | $1.13B | $1.13B | $1.12B | $1.06B | $1.03B | $1.01B |
| Stockholders' Equity | $2.63B | $2.59B | $2.51B | $2.42B | $2.32B | $2.22B | $2.20B | $2.05B | $1.98B | $1.93B |
| Retained Earnings | $2.07B | $1.97B | $1.88B | $1.78B | $1.69B | $1.58B | $1.50B | $1.40B | $1.31B | $1.22B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $116.09M | - | - | - | $101.15M | - | - | - | $111.57M | - |
| Investing Cash Flow | ($47.91M) | - | - | - | ($47.66M) | - | - | - | ($37.75M) | - |
| Financing Cash Flow | ($41.44M) | - | - | - | ($33.59M) | - | - | - | ($30.79M) | - |
| CapEx | $1.10M | - | - | - | $1.71M | - | - | - | $2.19M | - |
| Free Cash Flow | $114.99M | - | - | - | $99.44M | - | - | - | $109.39M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 68.1% | - | 69.2% | 71.1% | 75.8% | - | 71.8% | 73.2% | 73.3% | - |
| EBITDA margin | - | - | - | - | - | - | - | - | - | - |
| Net margin | 54.1% | - | 53.7% | 55.3% | 59.2% | - | 55.9% | 56.8% | 57.0% | - |
| Free cash flow margin | 62.7% | - | - | - | 57.4% | - | - | - | 70.0% | - |
| FCF / Net income | 1.16 | - | - | - | 0.97 | - | - | - | 1.23 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | 20.5% | - | 22.4% | 22.2% | 21.9% | - | 22.2% | 22.4% | 22.3% | - |
| Return on assets | 2.5% | - | 2.6% | 2.7% | 3.0% | - | 2.8% | 3.0% | 3.0% | - |
| Return on equity | 3.8% | - | 3.8% | 4.0% | 4.4% | - | 4.2% | 4.5% | 4.5% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 17.6x | - | 17.4x | 17.4x | 16.3x | - | 14.8x | 8.1x | 14.2x | - |
| Equity multiplier | 1.49 | 1.48 | 1.48 | 1.48 | 1.49 | 1.51 | 1.51 | 1.52 | 1.52 | 1.53 |
| Liabilities / Assets | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.34 | 0.34 | 0.34 | 0.34 | 0.35 |
| Efficiency | ||||||||||
| Asset turnover | 0.05 | - | 0.05 | 0.05 | 0.05 | - | 0.05 | 0.05 | 0.05 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 29.3x | - | 31.4x | 34.9x | 28.2x | - | 35.8x | 30.1x | 29.9x | - |
| P / B | 1.1x | - | 1.2x | 1.4x | 1.2x | - | 1.5x | 1.4x | 1.3x | - |
| P / S | 15.8x | - | 16.9x | 19.2x | 16.6x | - | 20.1x | 17.1x | 17.0x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 5.9% | - | 7.6% | 7.2% | 10.9% | - | 12.1% | 13.6% | 14.2% | - |
| Revenue CAGR (3y) | 10.3% | - | 11.0% | 9.5% | 10.8% | - | 10.2% | 10.3% | 10.7% | - |
| Revenue CAGR (5y) | 9.8% | - | 10.6% | 10.0% | 10.0% | - | 10.3% | 12.2% | 14.0% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -4.9% | - | 3.7% | 4.2% | 14.7% | - | 11.2% | 14.0% | 19.1% | - |
| Net income growth (YoY) | -3.1% | - | 3.4% | 4.4% | 15.2% | - | 10.5% | 14.7% | 19.6% | - |
| EPS growth (YoY) | 0.0% | - | 6.1% | 7.1% | 18.5% | - | 15.0% | 18.9% | 22.7% | - |
| EPS CAGR (3y) | 13.3% | - | 10.7% | 12.1% | 18.5% | - | 18.6% | 20.2% | 21.0% | - |
| EPS CAGR (5y) | 16.0% | - | 22.1% | 27.4% | 11.6% | - | 10.8% | 15.1% | 17.6% | - |
| FCF growth (YoY) | 15.6% | - | - | - | -9.1% | - | - | - | 23.9% | - |
| FCF CAGR (5y) | 6.7% | - | - | - | 16.5% | - | - | - | 32.8% | - |
| Book value growth (YoY) | 13.4% | 16.9% | 14.6% | 18.3% | 17.3% | 15.1% | 22.6% | 17.0% | 15.9% | 19.4% |
Peer comparison
Same SIC group: Surety Insurance
Comparing NMI Holdings against the 5 most active filers in the same SIC group.