NMIH

MKT CAP:$3B

NMI Holdings, Inc.

Market Cap

$3B

Financial Services·Insurance - Specialty·🇺🇸 United States·NASDAQ

Financials·Insurance·🇺🇸·NASDAQ

Stock Price

$41.11+$0.50 (+1.23%)

Apr 24, 2026

Company Details

NMI Holdings, Inc. provides private mortgage guaranty insurance services in the United States. The company offers mortgage insurance services; and outsourced loan review services to mortgage loan originators. It serves national and regional...

CEO

Adam S. Pollitzer

IPO Date

Nov 8, 2013

Website

www.nationalmi.com

Key Metrics TTM

Revenue

$706M

+8.5% YoY

Net Income

$389M

EPS (Diluted)

$4.91

Free Cash Flow

$413M

Revenue / Share

$9.03

Gross Margin

91.8%

Operating Margin

70.8%

Net Margin

55.1%

FCF Margin

58.4%

P/S

4.4x

P/E

8.0x

Earnings Reports

Q1 2026

Apr 30, 2026

PENDING

FY 2025

Feb 12, 2026

$706M+8.4%EPS $4.92

Q4 2025

Feb 12, 2026

$180M+8.4%EPS $1.20

Q3 2025

Nov 4, 2025

$179M+7.6%EPS $1.22

Q2 2025

Jul 29, 2025

$174M+7.2%EPS $1.21

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$128M	$128M	$87M
Q2 22	$133M	$136M	$97M
Q3 22	$131M	$134M	$99M
Q4 22	$133M	$130M	$95M
Q1 23	$137M	$130M	$96M
Q2 23	$143M	$140M	$104M
Q3 23	$148M	$143M	$107M
Q4 23	$151M	$143M	$105M
Q1 24	$156M	$152M	$115M
Q2 24	$162M	$162M	$119M
Q3 24	$166M	$156M	$119M
Q4 24	$167M	$149M	$111M
Q1 25	$173M	$169M	$131M
Q2 25	$174M	$160M	$124M
Q3 25	$179M	$160M	$124M
Q4 25	$180M	$159M	$121M

Valuation

Quarter	P/S	P/E
Q1 22	6.3x	12.7x
Q2 22	6.1x	11.9x
Q3 22	6.1x	11.1x
Q4 22	6.0x	10.7x
Q1 23	5.9x	10.4x
Q2 23	5.8x	10.3x
Q3 23	5.6x	10.0x
Q4 23	5.4x	9.7x
Q1 24	5.2x	9.3x
Q2 24	5.1x	9.0x
Q3 24	4.9x	8.8x
Q4 24	4.8x	8.7x
Q1 25	4.7x	8.4x
Q2 25	4.6x	8.3x
Q3 25	4.5x	8.2x
Q4 25	4.4x	8.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$80M	$78M
Q2 22	$94M	$90M
Q3 22	$108M	$105M
Q4 22	$32M	$29M
Q1 23	$90M	$88M
Q2 23	$102M	$99M
Q3 23	$121M	$117M
Q4 23	$30M	$29M
Q1 24	$112M	$109M
Q2 24	$118M	$116M
Q3 24	$128M	$132M
Q4 24	$36M	$34M
Q1 25	$101M	$99M
Q2 25	$128M	$127M
Q3 25	$128M	$126M
Q4 25	$62M	$60M

Capital Expenditures

Quarter	CapEx
Q1 22	$2M
Q2 22	$3M
Q3 22	$2M
Q4 22	$3M
Q1 23	$2M
Q2 23	$3M
Q3 23	$3M
Q4 23	$1M
Q1 24	$2M
Q2 24	$2M
Q3 24	$4M
Q4 24	$1M
Q1 25	$2M
Q2 25	$2M
Q3 25	$2M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+10.9%	-14.2%
Q2 22	+9.7%	-24.5%
Q3 22	+5.3%	-31.3%
Q4 22	+6.3%	-18.5%
Q1 23	+7.2%	-0.4%
Q2 23	+7.1%	+7.2%
Q3 23	+13.5%	+27.7%
Q4 23	+13.7%	+20.5%
Q1 24	+14.2%	+2.7%
Q2 24	+13.6%	+12.5%
Q3 24	+12.1%	+14.5%
Q4 24	+10.0%	+20.4%
Q1 25	+10.9%	+0.5%
Q2 25	+7.2%	+15.4%
Q3 25	+7.6%	+17.6%
Q4 25	+8.4%	+6.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$4M	3.3%
Q2 22	$4M	2.9%
Q3 22	$4M	3.0%
Q4 22	$3M	2.6%
Q1 23	$3M	2.6%
Q2 23	$4M	2.6%
Q3 23	$4M	2.5%
Q4 23	$6M	4.0%
Q1 24	$4M	2.6%
Q2 24	$4M	2.5%
Q3 24	$4M	2.7%
Q4 24	$7M	4.3%
Q1 25	$5M	2.6%
Q2 25	$5M	2.9%
Q3 25	$5M	2.5%
Q4 25	$6M	3.4%

OpEx Breakdown

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$73M	$0	$73M
Q1 22	$128M	$0	$128M
Q2 22	$70M	$0	$70M
Q3 22	$124M	$0	$124M
Q4 22	$42M	$0	$42M
Q1 23	$81M	$0	$81M
Q2 23	$71M	$0	$71M
Q3 23	$174M	$272M	$446M
Q4 23	$95M	$0	$95M
Q1 24	$139M	$229M	$367M
Q2 24	$61M	$258M	$319M
Q3 24	$133M	$301M	$434M
Q4 24	$54M	$302M	$356M
Q1 25	$74M	$279M	$353M
Q2 25	$84M	$377M	$461M
Q3 25	$130M	$375M	$506M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	87M	+0.2%	+1.0%
Q2 22	87M	-0.8%	-0.3%
Q3 22	85M	-1.3%	-1.6%
Q4 22	85M	-0.8%	-2.6%
Q1 23	85M	+0.0%	-2.8%
Q2 23	84M	-0.8%	-2.8%
Q3 23	84M	-0.6%	-2.1%
Q4 23	83M	-1.2%	-2.5%
Q1 24	82M	-0.7%	-3.2%
Q2 24	81M	-1.0%	-3.4%
Q3 24	81M	-0.3%	-3.1%
Q4 24	81M	-0.5%	-2.5%
Q1 25	80M	-0.9%	-2.7%
Q2 25	79M	-0.8%	-2.5%
Q3 25	79M	-0.5%	-2.7%
Q4 25	78M	-0.8%	-3.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$516.3K	247
Q2 22	$539.4K	247
Q3 22	$528.7K	247
Q4 22	$550.0K	242
Q1 23	$565.2K	242
Q2 23	$589.6K	242
Q3 23	$612.2K	242
Q4 23	$636.1K	238
Q1 24	$656.5K	238
Q2 24	$681.2K	238
Q3 24	$697.9K	238
Q4 24	$723.9K	230
Q1 25	$753.2K	230
Q2 25	$755.6K	230
Q3 25	$776.9K	230
Q4 25	$802.1K	225

Revenue / Employee