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Stocks · Financials · Surety Insurance

NMI Holdings, Inc.

NMIH Clue Score65
United States Fiscal year ends December CIK 0001547903
$40.01 -1.48% Close, 9 Oct 2026
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Price $40.01 +66.92% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2016Revenue123.8Net income64.0EPS, diluted1.05Fiscal year 2017Revenue182.7 +47.6%Net income22.1 −65.5%EPS, diluted0.35 −66.7%Fiscal year 2018Revenue275.0 +50.5%Net income107.9 +389.5%EPS, diluted1.60 +357.1%Fiscal year 2019Revenue378.8 +37.7%Net income172.0 +59.3%EPS, diluted2.47 +54.4%Fiscal year 2020Revenue433.3 +14.4%Net income171.6 −0.2%EPS, diluted2.13 −13.8%Fiscal year 2021Revenue485.1 +12.0%Net income231.1 +34.7%EPS, diluted2.65 +24.4%Fiscal year 2022Revenue523.3 +7.9%Net income292.9 +26.7%EPS, diluted3.39 +27.9%Fiscal year 2023Revenue579.0 +10.6%Net income322.1 +10.0%EPS, diluted3.84 +13.3%Fiscal year 2024Revenue651.0 +12.4%Net income360.1 +11.8%EPS, diluted4.43 +15.4%Fiscal year 2025Revenue706.4 +8.5%Net income388.9 +8.0%EPS, diluted4.92 +11.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 123.8 182.7 275.0 378.8 433.3 485.1 523.3 579.0 651.0 706.4
Growth +47.6% +50.5% +37.7% +14.4% +12.0% +7.9% +10.6% +12.4% +8.5%
Net income 64.0 22.1 107.9 172.0 171.6 231.1 292.9 322.1 360.1 388.9
Growth −65.5% +389.5% +59.3% −0.2% +34.7% +26.7% +10.0% +11.8% +8.0%
EPS, diluted 1.05 0.35 1.60 2.47 2.13 2.65 3.39 3.84 4.43 4.92
Growth −66.7% +357.1% +54.4% −13.8% +24.4% +27.9% +13.3% +15.4% +11.1%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Net margin
Fiscal year 2016Net margin51.7%Free cash flow margin48.8%Fiscal year 2017Net margin12.1%Free cash flow margin32.4%Fiscal year 2018Net margin39.2%Free cash flow margin50.1%Fiscal year 2019Net margin45.4%Free cash flow margin52.3%Fiscal year 2020Net margin39.6%Free cash flow margin55.5%Fiscal year 2021Net margin47.6%Free cash flow margin64.6%Fiscal year 2022Net margin56.0%Free cash flow margin57.9%Fiscal year 2023Net margin55.6%Free cash flow margin57.6%Fiscal year 2024Net margin55.3%Free cash flow margin59.4%Fiscal year 2025Net margin55.1%Free cash flow margin58.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net margin 51.7% 12.1% 39.2% 45.4% 39.6% 47.6% 56.0% 55.6% 55.3% 55.1%
Free cash flow margin 48.8% 32.4% 50.1% 52.3% 55.5% 64.6% 57.9% 57.6% 59.4% 58.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow71.9Capital expenditure−11.5Free cash flow60.5Fiscal year 2017Operating cash flow67.8Capital expenditure−8.5Free cash flow59.3 −2.0%Fiscal year 2018Operating cash flow145.9Capital expenditure−8.1Free cash flow137.8 +132.6%Fiscal year 2019Operating cash flow208.2Capital expenditure−10.0Free cash flow198.2 +43.8%Fiscal year 2020Operating cash flow252.6Capital expenditure−12.2Free cash flow240.4 +21.3%Buybacks0.0Fiscal year 2021Operating cash flow325.7Capital expenditure−12.2Free cash flow313.5 +30.4%Buybacks0.0Fiscal year 2022Operating cash flow313.4Capital expenditure−10.6Free cash flow302.8 −3.4%Buybacks−56.6Fiscal year 2023Operating cash flow342.7Capital expenditure−9.4Free cash flow333.3 +10.1%Buybacks−91.6Fiscal year 2024Operating cash flow393.6Capital expenditure−6.9Free cash flow386.7 +16.0%Buybacks−97.6Fiscal year 2025Operating cash flow419.3Capital expenditure−6.8Free cash flow412.5 +6.7%Buybacks−105.1
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 71.9 67.8 145.9 208.2 252.6 325.7 313.4 342.7 393.6 419.3
Capital expenditure −11.5 −8.5 −8.1 −10.0 −12.2 −12.2 −10.6 −9.4 −6.9 −6.8
Free cash flow 60.5 59.3 137.8 198.2 240.4 313.5 302.8 333.3 386.7 412.5
Growth −2.0% +132.6% +43.8% +21.3% +30.4% −3.4% +10.1% +16.0% +6.7%
Buybacks n/a n/a n/a n/a 0.0 0.0 −56.6 −91.6 −97.6 −105.1

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash47.7Total debt144.4Net cash (debt)−96.6Shareholders’ equity475.5Debt to equity0.30Fiscal year 2017Cash19.2Total debt143.9Net cash (debt)−124.7Shareholders’ equity509.1Debt to equity0.28Fiscal year 2018Cash25.3Total debt146.8Net cash (debt)−121.5Shareholders’ equity701.5Debt to equity0.21Fiscal year 2019Cash41.1Total debt145.8Net cash (debt)−104.7Shareholders’ equity930.4Debt to equity0.16Fiscal year 2020Cash126.9Total debt393.3Net cash (debt)−266.4Shareholders’ equity1,369.6Debt to equity0.29Fiscal year 2021Cash76.6Total debt394.6Net cash (debt)−318.0Shareholders’ equity1,565.8Debt to equity0.25Fiscal year 2022Cash44.4Total debt396.1Net cash (debt)−351.6Shareholders’ equity1,613.7Debt to equity0.25Fiscal year 2023Cash96.7Shareholders’ equity1,926.0Fiscal year 2024Cash54.3Shareholders’ equity2,217.4Fiscal year 2025Cash43.9Shareholders’ equity2,592.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 47.7 19.2 25.3 41.1 126.9 76.6 44.4 96.7 54.3 43.9
Total debt 144.4 143.9 146.8 145.8 393.3 394.6 396.1 n/a n/a n/a
Net cash (debt) −96.6 −124.7 −121.5 −104.7 −266.4 −318.0 −351.6 n/a n/a n/a
Shareholders’ equity 475.5 509.1 701.5 930.4 1,369.6 1,565.8 1,613.7 1,926.0 2,217.4 2,592.0
Debt to equity 0.30 0.28 0.21 0.16 0.29 0.25 0.25 n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
9.2% 28.9% 49.4% 57.2% 50.3% 61.2% 72.1% 71.3% 71.2% 70.7%
51.7% 12.1% 39.2% 45.4% 39.6% 47.6% 56.0% 55.6% 55.3% 55.1%
48.8% 32.4% 50.1% 52.3% 55.5% 64.6% 57.9% 57.6% 59.4% 58.4%
Spending
9.3% 4.7% 2.9% 2.6% 2.8% 2.5% 2.0% 1.6% 1.1% 1.0%
−458.9% 58.2% 20.6% 20.6% 21.3% 22.1% 22.4% 22.0% 22.3% 22.2%
Returns
13.5% 4.3% 15.4% 18.5% 12.5% 14.8% 18.2% 16.7% 16.2% 15.0%
7.6% 2.5% 9.9% 12.6% 7.9% 9.4% 11.6% 11.0% 10.7% 10.1%
Balance and payout
0.30 0.28 0.21 0.16 0.29 0.25 0.25 n/a n/a n/a
43.4% 43.1% 35.8% 31.8% 36.8% 36.1% 35.9% 34.5% 33.8% 32.5%
n/a n/a n/a n/a 0.0% 0.0% 18.7% 27.5% 25.2% 25.5%