A Business at a Glance
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NMI Holdings, Inc.
NMIH
$3.4B
Mkt Cap
$42.75
+2.81%
NMI Holdings, Inc. (NMIH) has a current P/E ratio of 8.7, compared to its historical median P/E of 9.3. The stock is currently considered Fair based on its historical valuation range.
NMI Holdings, Inc. (NMIH) has a 5-year average return on invested capital (ROIC) of 14.8%. This indicates solid capital allocation.
NMI Holdings, Inc. (NMIH) has a market capitalization of $3.3B. It is classified as a mid-cap stock.
NMI Holdings, Inc. (NMIH) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 3.28%.
Based on historical P/E analysis, NMI Holdings, Inc. (NMIH) appears fair. The current P/E of 8.7 is 6% below its historical median of 9.3. The estimated fair value CAGR (P/E method) is 15.9%.
NMI Holdings, Inc. (NMIH) operates in the Surety Insurance industry, within the Financials sector.
NMI Holdings, Inc. (NMIH) reported annual revenue of $706 million in its most recent fiscal year, based on SEC EDGAR filings.
See the “Glossary of Abbreviations and Acronyms” for descriptions of terms used through this annual report. We provide mortgage insurance (referred to as mortgage insurance or MI) through our wholly-owned insurance subsidiaries, NMIC and Re One. NMIC and Re One are domiciled in Wisconsin and principally regulated by the Wisconsin OCI. NMIC is our primary insurance subsidiary, and is approved as an MI provider by the GSEs and is licensed to write MI coverage in all 50 states and D.C. Our subsidiary, NMIS, provides outsourced loan review services to mortgage loan originators and our subsidiary, Re One, historically provided reinsurance coverage to NMIC in accordance with certain statutory risk retention requirements. Such requirements have been repealed and the reinsurance coverage provided by Re One to NMIC has been commuted. Re One remains a wholly-owned, licensed insurance subsidiary; however, it does not currently have active insurance exposures.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 717M | 706M | 651M | 579M | 523M | 485M |
| Net Income | 386M | 389M | 360M | 322M | 293M | 231M |
| EPS | $5.02 | $4.92 | $4.43 | $3.84 | $3.39 | $2.65 |
| Free Cash Flow | 428M | 413M | 387M | 333M | 303M | 313M |
| ROIC | 0.0% | 14.9% | 15.8% | 16.4% | 14.8% | 12.4% |
| Gross Margin | - | 76.4% | 78.7% | 78.8% | 99.3% | 70.0% |
| Debt/Equity | 0.16 | 0.16 | 0.19 | 0.21 | 0.25 | 0.25 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 0 | 500M | 463M | 413M | 377M | 297M |
| Operating Margin | 0.0% | 70.7% | 71.2% | 71.3% | 72.1% | 61.2% |
| ROE | 14.7% | 16.2% | 17.4% | 18.2% | 18.4% | 15.7% |
| Shares Outstanding | 76M | 79M | 81M | 84M | 86M | 87M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | N/A | 54M | 124M | 183M | 275M | 379M | 433M | 485M | 523M | 579M | 651M | 706M | 717M |
| Gross Margin | N/A | 98.8% | 25.2% | 40.0% | 57.7% | 62.8% | 58.3% | 70.0% | 99.3% | 78.8% | 78.7% | 76.4% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | -51M | -28M | 11M | 53M | 136M | 217M | 218M | 297M | 377M | 413M | 463M | 500M | 0 |
| Op. Margin | N/A | -51.8% | 9.2% | 28.9% | 49.4% | 57.2% | 50.3% | 61.2% | 72.1% | 71.3% | 71.2% | 70.7% | 0.0% |
| Net Income | -49M | -28M | 64M | 22M | 108M | 172M | 172M | 231M | 293M | 322M | 360M | 389M | 386M |
| Net Margin | N/A | -51.8% | 51.7% | 12.1% | 39.2% | 45.4% | 39.6% | 47.6% | 56.0% | 55.6% | 55.3% | 55.1% | 53.8% |
| Non-Recurring | 0 | 89K | 0 | 0 | 0 | 0 | 0 | 3.8M | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -11.0% | -5.7% | 11.0% | 3.5% | 14.4% | 17.9% | 12.1% | 12.4% | 14.8% | 16.4% | 15.8% | 14.9% | 0.0% |
| ROE | -11.0% | -6.7% | 14.6% | 4.5% | 17.8% | 21.1% | 14.9% | 15.7% | 18.4% | 18.2% | 17.4% | 16.2% | 14.7% |
| ROA | -10.4% | -4.9% | 8.5% | 2.5% | 10.9% | 14.0% | 9.7% | 10.0% | 11.8% | 11.8% | 11.4% | 10.8% | 9.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -21M | 41M | 72M | 68M | 146M | 208M | 253M | 326M | 313M | 343M | 394M | 419M | 434M |
| Free Cash Flow | -29M | 35M | 60M | 59M | 138M | 198M | 240M | 313M | 303M | 333M | 387M | 413M | 428M |
| Owner Earnings | -36M | 30M | 60M | 52M | 126M | 186M | 232M | 298M | 286M | 314M | 362M | 388M | 403M |
| CapEx | 8.2M | 6.1M | 11M | 8.5M | 8.1M | 10.0M | 12M | 12M | 11M | 9.4M | 6.9M | 6.8M | 6.2M |
| Maint. CapEx | 5.8M | 3.2M | 4.9M | 6.7M | 7.8M | 9.3M | 9.9M | 11M | 12M | 12M | 12M | 11M | 11M |
| Growth CapEx | 2.4M | 2.9M | 6.6M | 1.8M | 260K | 656K | 2.3M | 1.0M | 0 | 0 | 0 | 0 | 0 |
| D&A | 5.8M | 3.2M | 4.9M | 6.7M | 7.8M | 9.3M | 9.9M | 11M | 12M | 12M | 12M | 11M | 11M |
| CapEx/OCF | N/A | 14.8% | 15.9% | 12.6% | 5.5% | 4.8% | 4.8% | 3.8% | 3.4% | 2.7% | 1.8% | 1.6% | 1.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 57M | 92M | 98M | 105M | 107M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.2% | 3.6% | 3.3% | 3.2% | 3.3% |
| Stock-Based Comp | 9.2M | 8.2M | 6.9M | 9.5M | 13M | 13M | 11M | 17M | 15M | 17M | 20M | 20M | 20M |
| Debt Repayment | 0 | 375K | 1.5M | 1.5M | 147M | 1.5M | 148M | 0 | 0 | 0 | 405M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -440M | -473M | -532M | -591M | -790M | -1.0B | -1.5B | -1.8B | -1.7B | -2.1B | -2.4B | -2.8B | 285M |
| Cash & Equiv. | 103M | 57M | 48M | 19M | 25M | 41M | 127M | 77M | 44M | 97M | 54M | 44M | 132M |
| Long-Term Debt | 0 | 144M | 144M | 144M | 147M | 146M | 393M | 395M | 396M | 0 | 420M | 0 | N/A |
| Debt/Equity | 0.00 | 0.36 | 0.30 | 0.28 | 0.21 | 0.16 | 0.29 | 0.25 | 0.25 | 0.21 | 0.19 | 0.16 | 0.16 |
| Interest Coverage | N/A | -13.5 | 0.8 | 3.9 | 9.1 | 17.9 | 8.9 | 9.3 | 11.7 | 12.8 | 12.6 | 17.6 | 17.6 |
| Equity | 427M | 403M | 476M | 509M | 702M | 930M | 1.4B | 1.6B | 1.6B | 1.9B | 2.2B | 2.6B | 2.6B |
| Total Assets | 463M | 662M | 840M | 895M | 1.1B | 1.4B | 2.2B | 2.5B | 2.5B | 2.9B | 3.3B | 3.8B | 3.9B |
| Total Liabilities | 36M | 260M | 364M | 386M | 391M | 434M | 797M | 885M | 902M | 1.0B | 1.1B | 1.2B | 1.3B |
| Intangibles | 390K | 390K | 390K | 390K | 390K | 390K | 390K | 390K | 390K | 390K | 390K | 390K | 0 |
| Retained Earnings | -133M | -161M | -97M | -74M | 33M | 205M | 377M | 608M | 901M | 1.2B | 1.6B | 2.0B | 2.1B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | -0.84 | -0.47 | 1.05 | 0.35 | 1.60 | 2.47 | 2.13 | 2.65 | 3.39 | 3.84 | 4.43 | 4.92 | 5.02 |
| Owner EPS | -0.62 | 0.51 | 0.99 | 0.82 | 1.86 | 2.67 | 2.88 | 3.41 | 3.31 | 3.75 | 4.45 | 4.91 | 5.29 |
| Book Value | 7.33 | 6.81 | 7.80 | 8.08 | 10.40 | 13.36 | 17.00 | 17.95 | 18.68 | 22.96 | 27.28 | 32.79 | 34.57 |
| Cash Flow/Share | -0.36 | 0.70 | 1.18 | 1.08 | 2.16 | 2.99 | 3.14 | 3.73 | 3.63 | 4.09 | 4.84 | 5.30 | 5.21 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 58.2M | 59.1M | 61.0M | 63.0M | 67.5M | 69.6M | 80.5M | 87.2M | 86.4M | 83.9M | 81.3M | 79.0M | 76.1M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | 10.1 | 49.4 | 11.0 | 13.6 | 10.7 | 8.2 | 6.1 | 7.8 | 8.3 | 8.4 | 8.5 |
| P/FCF | N/A | 11.5 | 10.7 | 18.4 | 8.6 | 11.8 | 7.6 | 6.0 | 5.9 | 7.5 | 7.7 | 7.9 | 7.6 |
| EV/EBIT | 29.8 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 1.2 | 1.0 | 1.4 | 2.1 | 1.7 | 2.5 | 1.3 | 1.2 | 1.1 | 1.3 | 1.3 | 1.3 | 1.2 |
| Price/Sales | N/A | 8.7 | 3.3 | 4.2 | 4.6 | 5.0 | 3.7 | 4.1 | 3.4 | 3.7 | 4.4 | 4.2 | 4.5 |
| FCF Yield | -5.5% | 8.7% | 9.4% | 5.4% | 11.6% | 8.5% | 13.1% | 16.6% | 17.0% | 13.3% | 13.0% | 12.6% | 13.1% |
| Market Cap | 529M | 406M | 646M | 1.1B | 1.2B | 2.3B | 1.8B | 1.9B | 1.8B | 2.5B | 3.0B | 3.3B | 3.3B |
| Avg. Price | 10.38 | 7.84 | 6.66 | 12.32 | 18.77 | 27.24 | 19.99 | 22.84 | 20.59 | 25.55 | 34.98 | 37.69 | 42.75 |
| Year-End Price | 9.08 | 6.87 | 10.60 | 17.30 | 17.59 | 33.57 | 22.76 | 21.68 | 20.59 | 29.95 | 36.72 | 41.41 | 42.75 |
NMI Holdings, Inc. passes 7 of 9 quality checks, indicating strong fundamentals.
NMI Holdings, Inc. trades at 8.7x trailing earnings, compared to its 15-year median P/E of 9.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 7.9x vs a median of 7.8x. The company's 5-year average ROIC is 14.8% with a gross margin of 80.6%. Total shareholder yield (buybacks) is 3.3%. At current prices, the estimated annualized return to fair value is +12.1%.
NMI Holdings, Inc. (NMIH) has a net profit margin of 55.1%. This is a strong margin indicating high profitability.
NMI Holdings, Inc. (NMIH) generated $413 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
NMI Holdings, Inc. (NMIH) has a debt-to-equity ratio of 0.16. This indicates a conservatively financed balance sheet.
NMI Holdings, Inc. (NMIH) reported earnings per share (EPS) of $4.92 in its most recent fiscal year.
NMI Holdings, Inc. (NMIH) has a return on equity (ROE) of 16.2%. This indicates the company generates strong returns for shareholders.
NMI Holdings, Inc. (NMIH) has a 5-year average gross margin of 80.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 14 years of financial data for NMI Holdings, Inc. (NMIH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NMI Holdings, Inc. (NMIH) has a book value per share of $32.79, based on its most recent annual SEC filing.
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