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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $706.44M | $650.97M | $579.00M | $523.35M | $485.07M | $433.28M |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - |
| Total Operating Expenses | $206.64M | $187.56M | $166.30M | $146.04M | $188.35M | $215.18M |
| D&A | $11.30M | $11.90M | $11.50M | $11.90M | $11.20M | $9.90M |
| Operating Income | $499.80M | $463.41M | $412.70M | $377.31M | $296.73M | $218.11M |
| Interest Expense | $28.48M | $36.90M | $32.21M | $32.16M | $31.80M | $24.39M |
| Income Tax | $110.88M | $103.31M | $90.59M | $84.40M | $65.59M | $46.54M |
| Net Income | $388.93M | $360.11M | $322.11M | $292.90M | $231.13M | $171.57M |
| EPS - Basic | $5.01 | $4.51 | $3.91 | $3.45 | $2.70 | $2.20 |
| EPS - Diluted | $4.92 | $4.43 | $3.84 | $3.39 | $2.65 | $2.13 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $43.94M | $54.31M | $96.69M | $44.43M | $76.65M | $126.94M |
| Accounts Receivable | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - |
| Total Assets | $3.84B | $3.35B | $2.94B | $2.52B | $2.45B | $2.17B |
| Current Liabilities | - | - | - | - | - | - |
| Long-term Debt | - | - | - | $396.05M | $394.62M | $393.30M |
| Total Liabilities | $1.25B | $1.13B | $1.01B | $902.30M | $884.79M | $797.08M |
| Stockholders' Equity | $2.59B | $2.22B | $1.93B | $1.61B | $1.57B | $1.37B |
| Retained Earnings | $1.97B | $1.58B | $1.22B | $901.04M | $608.14M | $377.01M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $419.30M | $393.60M | $342.68M | $313.39M | $325.72M | $252.60M |
| Investing Cash Flow | ($316.47M) | ($339.29M) | ($200.00M) | ($289.79M) | ($374.18M) | ($629.55M) |
| Financing Cash Flow | ($113.20M) | ($96.70M) | ($90.42M) | ($55.83M) | ($1.83M) | $462.80M |
| CapEx | $6.78M | $6.91M | $9.37M | $10.57M | $12.24M | $12.16M |
| Free Cash Flow | $412.52M | $386.70M | $333.31M | $302.82M | $313.48M | $240.44M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | 70.7% | 71.2% | 71.3% | 72.1% | 61.2% | 50.3% |
| EBITDA margin | 72.3% | 73.0% | 73.3% | 74.4% | 63.5% | 52.6% |
| Net margin | 55.1% | 55.3% | 55.6% | 56.0% | 47.6% | 39.6% |
| Free cash flow margin | 58.4% | 59.4% | 57.6% | 57.9% | 64.6% | 55.5% |
| FCF / Net income | 1.06 | 1.07 | 1.03 | 1.03 | 1.36 | 1.40 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - |
| Effective tax rate | 22.2% | 22.3% | 22.0% | 22.4% | 22.1% | 21.3% |
| Return on assets | 10.1% | 10.7% | 11.0% | 11.6% | 9.4% | 7.9% |
| Return on equity | 15.0% | 16.2% | 16.7% | 18.2% | 14.8% | 12.5% |
| Return on invested capital | - | - | - | 14.6% | 11.8% | 9.7% |
| Liquidity | ||||||
| Current ratio | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - |
| Leverage | ||||||
| Debt / Equity | - | - | - | 0.25 | 0.25 | 0.29 |
| Debt / Assets | - | - | - | 0.16 | 0.16 | 0.18 |
| Debt / EBITDA | - | - | - | 1.02 | 1.28 | 1.72 |
| Interest coverage | 17.6x | 12.6x | 12.8x | 11.7x | 9.3x | 8.9x |
| Equity multiplier | 1.48 | 1.51 | 1.53 | 1.56 | 1.57 | 1.58 |
| Liabilities / Assets | 0.33 | 0.34 | 0.35 | 0.36 | 0.36 | 0.37 |
| Efficiency | ||||||
| Asset turnover | 0.18 | 0.19 | 0.20 | 0.21 | 0.20 | 0.20 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 8.3x | 8.3x | 7.7x | 6.2x | 8.2x | 10.6x |
| P / B | 1.2x | 1.3x | 1.3x | 1.1x | 1.2x | 1.3x |
| P / S | 4.6x | 4.6x | 4.3x | 3.4x | 3.9x | 4.1x |
| EV / EBITDA | 6.2x | 6.2x | 5.6x | 5.5x | 7.2x | 9.0x |
| Growth | ||||||
| Revenue growth (YoY) | 8.5% | 12.4% | 10.6% | 7.9% | 12.0% | 14.4% |
| Revenue CAGR (3y) | 10.5% | 10.3% | 10.1% | 11.4% | 20.8% | 33.3% |
| Revenue CAGR (5y) | 10.3% | 11.4% | 16.1% | 23.4% | 31.4% | 51.9% |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | 7.9% | 12.3% | 9.4% | 27.2% | 36.0% | 0.7% |
| Net income growth (YoY) | 8.0% | 11.8% | 10.0% | 26.7% | 34.7% | -0.2% |
| EPS growth (YoY) | 11.1% | 15.4% | 13.3% | 27.9% | 24.4% | -13.8% |
| EPS CAGR (3y) | 13.2% | 18.7% | 21.7% | 11.1% | 18.3% | 82.6% |
| EPS CAGR (5y) | 18.2% | 12.4% | 19.1% | 57.5% | 19.7% | - |
| FCF growth (YoY) | 6.7% | 16.0% | 10.1% | -3.4% | 30.4% | 21.3% |
| FCF CAGR (5y) | 11.4% | 14.3% | 19.3% | 36.7% | 39.0% | 46.7% |
| Book value growth (YoY) | 16.9% | 15.1% | 19.4% | 3.1% | 14.3% | 47.2% |
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- -Current ratio improved
- ✓No share dilution
- -Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Surety Insurance
Comparing NMI Holdings against the 5 most active filers in the same SIC group.