NMI Holdings Inc: stock overview

NMIHNASDAQFinancial services · Surety Insurance

Price

$38.65

November 13, 2026Market cap $2.9B

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  • The full history: 14 fiscal years, from 2012
  • The estimated fair value, with its range and its certainty
  • The full analysis, 18 a month
  • More questions to the chat on its filings
  • Excel with every year
  • An email when it reports, changes its dividend or an officer buys

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In short

NMI had revenue of $740M over the last 12 months and net income of $393M, a net margin of 53.1%. Revenue grew by 10.3% a year on average over the last 5 years. At $38.65 the shares trade at a P/E of 7.5, against a median of 8.3 over the last 5 fiscal years. It has net debt of $346M. It pays no dividend.

From its SEC filings (latest fiscal year to December 31, 2025) and the price of November 13, 2026.

Its SEC filings
Market cap
$2.9B
76.03M shares
P/E
7.5
Today7.5
Median8.3
Revenue, 12 months
$740M
+10.3% a year over 5 years
Net margin
53.1%
2025: 55.1%, above 99% of its industry

Worth knowing

What a holder would want to hear from the company's SEC filings of the last three years. Each with its filing, without comment.

3 fiscal years in figures

Each fiscal year's figures as the company filed them, and the share price at its end.

2023–2025 fiscal years

+10.5% a year over 2 years

  • 202510-K
    Revenue$706M
  • 202410-K
    Revenue$651M
  • 202310-K
    Revenue$579M

Fiscal years in figures

NMIH's revenue, profit, cash flow and dividend with each year-end price, from 2012 to 2022, 11 more fiscal years

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Key figures

The company's current figures in five groups. Each term is explained behind its ⓘ.

Valuation

Market cap 3-year median: $2.9B
$2.9B
Enterprise value 
$3.3B
P/E 3-year median: 8.3
7.5
EV / EBIT 
6.5
EV / Revenue 
4.4
P/B 3-year median: 1.2
1.1
FCF yield 3-year median: 13.4%
14.4%
Earnings yield 3-year median: 12.1%
13.4%

Profitability

Net margin 3-year median: 55.3%
53.1%
ROIC 
14.9%
ROIC, 5-year average 
15.1%
ROE 
14.9%

Growth

Revenue, yearly change 
+8.5%
EPS, yearly change 
+11.1%
FCF, yearly change 
+6.7%
Revenue, average a year 
+10.3%
EPS, average a year 
+18.2%

The yearly change compares FY2025 with FY2024.

Balance sheet

Cash 
$72M
Total debt 
$419M
Net debt 
$346M
Net debt / EBITDA 
0.7x
Interest cover 
17.7x
Current ratio 
–

Balance sheet of September 30, 2026.

Returns to shareholders

Dividend yield 
0.00%
Buybacks 
3.58%
Total returned 
3.58%
Shares, yearly change 
-3.1%
Valuation against its own pastEach fiscal year's P/E, P/FCF and P/B beside today's, and the DCF calculator for the company.Valuation

Against its industry

Where its margins and returns stood in fiscal 2025 among the SEC filers of its industry (SIC code 63).

Net margin

55.1%

Above 99% of the 109 companies in its industry, and 98% of all.

ROE

15.0%

Above 68% of the 108 companies in its industry, and 76% of all.

ROA

10.1%

Above 97% of the 110 companies in its industry, and 87% of all.

Revenue growth

8.5%

Above 53% of the 110 companies in its industry, and 58% of all.

From the yearly figures every company files with the SEC, for those with revenue of at least $25 million. The industry is the first two digits of the SIC code.

The company at the SEC

How it is registered and when its fiscal year ends.

Name at the SEC
NMI Holdings, Inc.
CIK
1547903
Exchange
NASDAQ
Industry (SIC)
6351 · Surety Insurance
Fiscal year ends
December 31
Latest annual report
December 31, 2025
Reporting currency
USD
Shares
76.03M

Other companies: Financial services

The largest companies of the same sector, each with its own page.

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The full analysis

What do NMI's filings show?

These are NMI's figures. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.

  • A fair value range built from the filings
  • Earnings quality, debt and red flags
  • Insider and institutional moves
  • The case for and the case against

Questions about NMIH

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What is NMIH's market cap?

NMI Holdings Inc's market cap is $2.9B, at a price of $38.65 on November 13, 2026 and 76.03M shares.

What is NMIH's P/E?

NMIH's P/E is 7.5, on earnings per share of $5.09 over the last 12 months. The median over the last 5 fiscal years was 8.3.

How much revenue does NMIH have?

NMI had revenue of $740M over the last 12 months. Over the last 5 years it changed by +10.3% a year on average.

Does NMIH pay a dividend?

No. NMI paid no regular dividend over the last 12 months.

Where do the figures come from?

From NMI Holdings Inc's SEC filings (10-K and 10-Q) and the share price. They hold no analyst estimates and no score, and they are not a recommendation.

Related pages

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

US stocksThe market today, the sectors, the largest companies and the week's results.The market's sectorsThe 11 sectors side by side: returns, share of the market, median P/E and dividend.Compare stocksTwo companies side by side: price over up to ten years, with and without dividends, and every figure.US dividend stocksEach dividend's yield next to whether the company's cash covers it and whether it was ever cut.

The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.