NMI Holdings Inc: financial statements
Price
$38.65
November 13, 2026Market cap $2.9B
What Ploutos Investor adds for NMI
Part of Ploutos Investor, €9.99 a month
- 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
Sign in with a free account to see the last 5 fiscal years.
Financial statements
Each fiscal year's income statement, balance sheet and cash flow as the company filed them, and the latest quarters.
Click a line to see it on the chart.
Revenue
+10.5% a year over 2 years
Financial statements
NMIH's revenue, profits and cash flows from 2012 to 2022, 11 more fiscal years
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Amounts are in dollars as the company filed them in its annual reports (10-K or 20-F). Those reporting in another currency are converted at each fiscal year-end rate. Shares and earnings per share are adjusted for splits.
In some years the company reports no operating income, so we show pre-tax income.
Debt and obligations
What the company owes beyond the loans on its balance sheet, and when it pays, from the notes to its annual report: debt maturities, leases, pension plans, goodwill by segment, and how it gets to the tax it pays.
Leases
Dec 31, 2025Operating leases
$8.5M
Finance leases
–
The liability is the present value of the rent still to pay, at December 31, 2025. It is not counted in the ladder's debt. The filing
Goodwill by segment
Dec 31, 2025Total goodwill
$3.2M
The company does not state its goodwill by segment, at December 31, 2025. The filing
From the statutory to the effective tax rate, 2025
Dec 31, 2025Statutory rate
21.0%
Effective rate
22.2%
The company paid 22.2% in tax on its profit, 1.2 points above the US federal rate (21.0%). Below, the reasons it gives.
Statutory rate
21.0%
Non-deductible expenses
+0.6 pts
Difference the filing does not itemize
+0.6 pts
Effective rate
22.2%
One point is 1% of profit before tax. The lines are as the company states them in the notes to its annual report. The filing
Earnings quality
How the reported earnings were made, read from the filings. A description, not a score: our tests found no link between these measures and later share returns.
Taxes: deferred and paid
The deferred part was 64.7% of the tax charge in the year to Dec 31, 2025. The rows show the last 3 years.
Cash taxes paid were 108.3% of the current tax charge in the year to Dec 31, 2025.
- Deferred share, year to Dec 31, 2025$72M of $111M
- 64.7%
- Deferred share, year to Dec 31, 2024$81M of $103M
- 78.1%
- Deferred share, year to Dec 31, 2023$91M of $91M
- 100.0%
- $42M paid, $39M current
- 108.3%
When profit in the accounts runs ahead of taxable profit, the deferred part grows. It also moves for reasons unrelated to how earnings are booked: tax-law changes, the use of past losses, and the US rule since 2022 that spreads research costs over five years. Where the notes report it, the tax-rate bridge under Debt and obligations shows how the rate gets from the statutory one to the effective one.
For an insurer only the tax part applies: receivables, inventory and an operating margin do not describe its business.
A reading is called out when it is above the 90th percentile of the same reading across the S&P 500, or, for a fall, below the 10th, as measured on 9 November 2026. Each part uses only the company's own filings.
The full analysis
What do NMI's filings show?
These are NMI's figures from its filings. 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
How much revenue did NMIH have in 2025?
NMI had revenue of $706M and net income of $389M in fiscal 2025, a net margin of 55.1%.
How much debt does NMIH have?
On December 31, 2025 NMI had total assets of $3.8B, debt of – and shareholders' equity of $2.6B.
How much free cash flow does NMIH have?
In fiscal 2025 NMI had cash from operations of $419M and spent $6.8M on capital expenditure, leaving $413M of free cash flow.
Where are the figures from?
From NMI Holdings Inc's annual and quarterly reports to the SEC, read from the structured data (XBRL) it files itself.
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.
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.