NMI Holdings, Inc.
NMIH Nasdaq Surety Insurance Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$706M
8.5%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$389M
8.0%
Free cash flow
Cash from operations minus capital spending.
$413M
6.7%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $5.09 EPS (TTM)
What NMI Holdings, Inc. does
No business description yet.
- Legal name
- NMI Holdings, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 12, 2026
- Accession · CIK
- 0001547903-26-000011
0001547903
Revenue and margins
NMI Holdings, Inc. had $706M of revenue in fiscal 2025, up 8.5% on the year before.
FY16
Revenue $124M
FY17
Revenue $183M
FY18
Revenue $275M
FY19
Revenue $379M
FY20
Revenue $433M
FY21
Revenue $485M
FY22
Revenue $523M
FY23
Revenue $579M
FY24
Revenue $651M
FY25
Revenue $706M
Q3 '23
Revenue $148M
Q4 '23
Revenue $151M
Q1 '24
Revenue $156M
Q2 '24
Revenue $162M
Q3 '24
Revenue $166M
Q4 '24
Revenue $167M
Q1 '25
Revenue $173M
Q2 '25
Revenue $174M
Q3 '25
Revenue $179M
Q4 '25
Revenue $181M
Q1 '26
Revenue $183M
Q2 '26
Revenue $188M
FY16
Gross —
Operating —
Net 51.7%
FCF 48.8%
FY17
Gross —
Operating —
Net 12.1%
FCF 32.4%
FY18
Gross —
Operating —
Net 39.2%
FCF 50.1%
FY19
Gross —
Operating —
Net 45.4%
FCF 52.3%
FY20
Gross —
Operating —
Net 39.6%
FCF 55.5%
FY21
Gross —
Operating —
Net 47.6%
FCF 64.6%
FY22
Gross —
Operating —
Net 56.0%
FCF 57.9%
FY23
Gross —
Operating —
Net 55.6%
FCF 57.6%
FY24
Gross —
Operating —
Net 55.3%
FCF 59.4%
FY25
Gross —
Operating —
Net 55.1%
FCF 58.4%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating —
Net 56.7%
FCF 79.3%
Q4 '23
Gross —
Operating —
Net 55.1%
FCF 18.9%
Q1 '24
Gross —
Operating —
Net 57.0%
FCF 70.0%
Q2 '24
Gross —
Operating —
Net 56.8%
FCF 71.5%
Q3 '24
Gross —
Operating —
Net 55.9%
FCF 76.4%
Q4 '24
Gross —
Operating —
Net 51.8%
FCF 20.7%
Q1 '25
Gross —
Operating —
Net 59.2%
FCF 57.4%
Q2 '25
Gross —
Operating —
Net 55.3%
FCF 72.9%
Q3 '25
Gross —
Operating —
Net 53.7%
FCF 70.7%
Q4 '25
Gross —
Operating —
Net 52.1%
FCF 33.3%
Q1 '26
Gross —
Operating —
Net 54.1%
FCF 62.7%
Q2 '26
Gross —
Operating —
Net 56.3%
FCF 74.6%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 18.7% a year. Loss periods are shown in red.
FY16
Net income $64.0M
FY17
Net income $22.1M
FY18
Net income $108M
FY19
Net income $172M
FY20
Net income $172M
FY21
Net income $231M
FY22
Net income $293M
FY23
Net income $322M
FY24
Net income $360M
FY25
Net income $389M
Q3 '23
Net income $84.0M
Q4 '23
Net income $83.4M
Q1 '24
Net income $89.1M
Q2 '24
Net income $92.1M
Q3 '24
Net income $92.8M
Q4 '24
Net income $86.2M
Q1 '25
Net income $103M
Q2 '25
Net income $96.2M
Q3 '25
Net income $96.0M
Q4 '25
Net income $94.2M
Q1 '26
Net income $99.3M
Q2 '26
Net income $106M
FY16
Diluted EPS $1.05
FY17
Diluted EPS $0.35
FY18
Diluted EPS $1.60
FY19
Diluted EPS $2.47
FY20
Diluted EPS $2.13
FY21
Diluted EPS $2.65
FY22
Diluted EPS $3.39
FY23
Diluted EPS $3.84
FY24
Diluted EPS $4.43
FY25
Diluted EPS $4.92
Q3 '23
Diluted EPS $1.00
Q4 '23
Diluted EPS $1.01
Q1 '24
Diluted EPS $1.08
Q2 '24
Diluted EPS $1.13
Q3 '24
Diluted EPS $1.15
Q4 '24
Diluted EPS $1.07
Q1 '25
Diluted EPS $1.28
Q2 '25
Diluted EPS $1.21
Q3 '25
Diluted EPS $1.22
Q4 '25
Diluted EPS $1.21
Q1 '26
Diluted EPS $1.28
Q2 '26
Diluted EPS $1.38
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity 13.5%
Return on assets 7.6%
FY17
Return on capital —
Return on equity 4.5%
Return on assets 2.5%
FY18
Return on capital —
Return on equity 17.8%
Return on assets 10.9%
FY19
Return on capital —
Return on equity 21.1%
Return on assets 14.0%
FY20
Return on capital —
Return on equity 14.9%
Return on assets 9.7%
FY21
Return on capital —
Return on equity 15.7%
Return on assets 10.0%
FY22
Return on capital —
Return on equity 18.4%
Return on assets 11.8%
FY23
Return on capital —
Return on equity 18.2%
Return on assets 11.8%
FY24
Return on capital —
Return on equity 17.4%
Return on assets 11.4%
FY25
Return on capital —
Return on equity 16.2%
Return on assets 10.8%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $413M in fiscal 2025, 58.4% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $60.5M
FY17
Free cash flow $59.3M
FY18
Free cash flow $138M
FY19
Free cash flow $198M
FY20
Free cash flow $240M
FY21
Free cash flow $313M
FY22
Free cash flow $303M
FY23
Free cash flow $333M
FY24
Free cash flow $387M
FY25
Free cash flow $413M
Q3 '23
Free cash flow $117M
Q4 '23
Free cash flow $28.6M
Q1 '24
Free cash flow $109M
Q2 '24
Free cash flow $116M
Q3 '24
Free cash flow $127M
Q4 '24
Free cash flow $34.4M
Q1 '25
Free cash flow $99.4M
Q2 '25
Free cash flow $127M
Q3 '25
Free cash flow $126M
Q4 '25
Free cash flow $60.1M
Q1 '26
Free cash flow $115M
Q2 '26
Free cash flow $140M
FY16
Cash from operations $71.9M
Capital spending $11.5M
FY17
Cash from operations $67.8M
Capital spending $8.5M
FY18
Cash from operations $146M
Capital spending $8.1M
FY19
Cash from operations $208M
Capital spending $10.0M
FY20
Cash from operations $253M
Capital spending $12.2M
FY21
Cash from operations $326M
Capital spending $12.2M
FY22
Cash from operations $313M
Capital spending $10.6M
FY23
Cash from operations $343M
Capital spending $9.4M
FY24
Cash from operations $394M
Capital spending $6.9M
FY25
Cash from operations $419M
Capital spending $6.8M
Cash from operations
Capital spending
Q3 '23
Cash from operations $121M
Capital spending $3.3M
Q4 '23
Cash from operations $30.1M
Capital spending $1.5M
Q1 '24
Cash from operations $112M
Capital spending $2.2M
Q2 '24
Cash from operations $118M
Capital spending $1.8M
Q3 '24
Cash from operations $128M
Capital spending $1.5M
Q4 '24
Cash from operations $35.8M
Capital spending $1.4M
Q1 '25
Cash from operations $101M
Capital spending $1.7M
Q2 '25
Cash from operations $128M
Capital spending $1.6M
Q3 '25
Cash from operations $128M
Capital spending $1.8M
Q4 '25
Cash from operations $61.7M
Capital spending $1.6M
Q1 '26
Cash from operations $116M
Capital spending $1.1M
Q2 '26
Cash from operations $143M
Capital spending $2.4M
Cash from operations
Capital spending
Dividends, buybacks and share count
NMI Holdings, Inc. returned $105M to shareholders in fiscal 2025, 25% of free cash flow. The diluted share count fell 2.8%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks $0.0M
FY21
Dividends —
Buybacks $0.0M
FY22
Dividends —
Buybacks $56.6M
FY23
Dividends —
Buybacks $91.6M
FY24
Dividends —
Buybacks $97.6M
FY25
Dividends —
Buybacks $105M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $19.3M
Q4 '23
Dividends —
Buybacks $31.6M
Q1 '24
Dividends —
Buybacks $25.2M
Q2 '24
Dividends —
Buybacks $26.8M
Q3 '24
Dividends —
Buybacks $16.9M
Q4 '24
Dividends —
Buybacks $28.7M
Q1 '25
Dividends —
Buybacks $25.9M
Q2 '25
Dividends —
Buybacks $24.0M
Q3 '25
Dividends —
Buybacks $24.6M
Q4 '25
Dividends —
Buybacks $30.6M
Q1 '26
Dividends —
Buybacks $27.7M
Q2 '26
Dividends —
Buybacks $32.3M
Dividends
Buybacks
FY16
Diluted shares 0.06B
FY17
Diluted shares 0.06B
FY18
Diluted shares 0.07B
FY19
Diluted shares 0.07B
FY20
Diluted shares 0.08B
FY21
Diluted shares 0.09B
FY22
Diluted shares 0.09B
FY23
Diluted shares 0.08B
FY24
Diluted shares 0.08B
FY25
Diluted shares 0.08B
Balance sheet
Cash, debt and the ratios that show how comfortably NMI Holdings, Inc. can carry it.
FY16
Cash $47.7M
Debt $144M
FY17
Cash $19.2M
Debt $144M
FY18
Cash $25.3M
Debt $147M
FY19
Cash $41.1M
Debt $146M
FY20
Cash $127M
Debt $393M
FY21
Cash $76.6M
Debt $395M
FY22
Cash $44.4M
Debt $396M
FY23
Cash $96.7M
Debt —
FY24
Cash $54.3M
Debt —
FY25
Cash $43.9M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $76.6M | $44.4M | $96.7M | $54.3M | $43.9M |
| Debt incl. finance leases | $395M | $396M | — | — | — |
| Debt / equity | 0.3x | 0.2x | — | — | — |
| Total assets | $2.5B | $2.5B | $2.9B | $3.3B | $3.8B |
| Total liabilities | $885M | $902M | $1.0B | $1.1B | $1.2B |
| Shareholders' equity | $1.6B | $1.6B | $1.9B | $2.2B | $2.6B |
| Net debt (− = net cash) | $318M | $352M | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | — | — | — |
| Current ratio rose | — | — | — | — | — | — | — | — | — | — |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ |
| F-score | — / 3 | 5 / 7 | 6 / 7 | 6 / 7 | 3 / 7 | 5 / 7 | 7 / 7 | — / 6 | — / 6 | — / 6 |
| Accruals ratio | −0.9% | −5.3% | −3.8% | −2.9% | −4.6% | −4.1% | −0.8% | −0.8% | −1.1% | −0.8% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $124M | $183M | $275M | $379M | $433M | $485M | $523M | $579M | $651M | $706M |
| Interest expense | $14.8M | $13.5M | $15.0M | $12.1M | $24.4M | $31.8M | $32.2M | $32.2M | $36.9M | $28.5M |
| Pretax income | $11.5M | $52.8M | $136M | $217M | $218M | $297M | $377M | $413M | $463M | $500M |
| Income tax | −$52.5M | $30.7M | $28.0M | $44.7M | $46.5M | $65.6M | $84.4M | $90.6M | $103M | $111M |
| Net income | $64.0M | $22.1M | $108M | $172M | $172M | $231M | $293M | $322M | $360M | $389M |
| Net income to common | — | — | — | — | — | — | — | $322M | $360M | $389M |
| Diluted EPS | $1.05 | $0.35 | $1.60 | $2.47 | $2.13 | $2.65 | $3.39 | $3.84 | $4.43 | $4.92 |
| Diluted shares | 0.06B | 0.06B | 0.07B | 0.07B | 0.08B | 0.09B | 0.09B | 0.08B | 0.08B | 0.08B |
| Cash flow | ||||||||||
| Cash from operations | $71.9M | $67.8M | $146M | $208M | $253M | $326M | $313M | $343M | $394M | $419M |
| Capital expenditure | $11.5M | $8.5M | $8.1M | $10.0M | $12.2M | $12.2M | $10.6M | $9.4M | $6.9M | $6.8M |
| Free cash flow | $60.5M | $59.3M | $138M | $198M | $240M | $313M | $303M | $333M | $387M | $413M |
| Depreciation and amortization | $4.9M | $6.7M | $7.8M | $9.3M | $9.9M | $11.2M | $11.9M | $11.5M | $11.9M | $11.3M |
| Stock-based compensation | $6.9M | $9.5M | $12.6M | $13.0M | $11.1M | $16.7M | $15.4M | $16.9M | $19.8M | $20.2M |
| Share buybacks | — | — | — | — | $0.0M | $0.0M | $56.6M | $91.6M | $97.6M | $105M |
| Dividends and buybacks | — | — | — | — | $0.0M | $0.0M | $56.6M | $91.6M | $97.6M | $105M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $47.7M | $19.2M | $25.3M | $41.1M | $127M | $76.6M | $44.4M | $96.7M | $54.3M | $43.9M |
| Total debt | $144M | $144M | $147M | $146M | $393M | $395M | $396M | — | — | — |
| Finance lease liabilities | — | — | — | — | — | $0.0M | — | — | — | — |
| Property and equipment, net | $20.4M | $22.8M | $24.8M | $26.1M | $29.7M | $32.0M | $31.9M | $30.3M | $25.7M | $21.7M |
| Goodwill | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M |
| Total assets | $840M | $895M | $1.1B | $1.4B | $2.2B | $2.5B | $2.5B | $2.9B | $3.3B | $3.8B |
| Total liabilities | $364M | $386M | $391M | $434M | $797M | $885M | $902M | $1.0B | $1.1B | $1.2B |
| Shareholders' equity | $476M | $509M | $702M | $930M | $1.4B | $1.6B | $1.6B | $1.9B | $2.2B | $2.6B |
| Margins | ||||||||||
| Net margin | 51.7% | 12.1% | 39.2% | 45.4% | 39.6% | 47.6% | 56.0% | 55.6% | 55.3% | 55.1% |
| FCF margin | 48.8% | 32.4% | 50.1% | 52.3% | 55.5% | 64.6% | 57.9% | 57.6% | 59.4% | 58.4% |
| Returns | ||||||||||
| Return on equity | 13.5% | 4.5% | 17.8% | 21.1% | 14.9% | 15.7% | 18.4% | 18.2% | 17.4% | 16.2% |
| Return on assets | 7.6% | 2.5% | 10.9% | 14.0% | 9.7% | 10.0% | 11.8% | 11.8% | 11.4% | 10.8% |
| Return on tangible equity | 13.6% | 4.4% | 15.5% | 18.5% | 12.6% | 14.8% | 18.2% | 16.8% | 16.3% | 15.0% |
| Growth | ||||||||||
| Revenue growth | — | 47.6% | 50.5% | 37.7% | 14.4% | 12.0% | 7.9% | 10.6% | 12.4% | 8.5% |
| Net income growth | — | −65.5% | 389.5% | 59.3% | −0.2% | 34.7% | 26.7% | 10.0% | 11.8% | 8.0% |
| EPS growth | — | −66.7% | 357.1% | 54.4% | −13.8% | 24.4% | 27.9% | 13.3% | 15.4% | 11.1% |
| FCF growth | — | −2.0% | 132.6% | 43.8% | 21.3% | 30.4% | −3.4% | 10.1% | 16.0% | 6.7% |
| Share count change | — | 2.2% | 8.8% | 3.1% | 13.7% | 9.6% | −1.0% | −2.5% | −3.1% | −2.8% |
| Financial health | ||||||||||
| Debt / equity | 0.3x | 0.3x | 0.2x | 0.2x | 0.3x | 0.3x | 0.2x | — | — | — |
| Capital allocation | ||||||||||
| Capex / revenue | 9.3% | 4.7% | 2.9% | 2.6% | 2.8% | 2.5% | 2.0% | 1.6% | 1.1% | 1.0% |
| Stock comp / revenue | 5.5% | 5.2% | 4.6% | 3.4% | 2.6% | 3.4% | 2.9% | 2.9% | 3.0% | 2.9% |
| Payouts / FCF | — | — | — | — | 0.0% | 0.0% | 18.7% | 27.5% | 25.2% | 25.5% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 5.0 | 6.0 | 6.0 | 3.0 | 5.0 | 7.0 | — | — | — |
| Accruals ratio | −0.9% | −5.3% | −3.8% | −2.9% | −4.6% | −4.1% | −0.8% | −0.8% | −1.1% | −0.8% |
Source: SEC EDGAR XBRL filings (CIK 0001547903). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.