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NMI Holdings, Inc., together with its subsidiaries, provides private mortgage guaranty insurance services in the United States. It provides primary mortgage insurance services; and outsourced loan review services to mortgage loan originators. The company serves national and regional mortgage banks, money center banks, credit unions, community banks, builder-owned mortgage lenders, internet-sourced lenders, and other non-bank lenders. NMI Holdings, Inc. was incorporated in 2011 and is headquartered in Emeryville, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $706M | - | $389M | $413M | 15.0% | 8.5% | 8.0% |
| 2024 | $651M | - | $360M | $387M | 16.2% | 12.4% | 11.8% |
| 2023 | $579M | - | $322M | $333M | 16.7% | 10.4% | 10.0% |
| 2022 | $524M | - | $293M | $303M | 18.2% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 524.46 | 579 | 650.97 | 706.44 |
| EBIT | - | 409.47 | 444.92 | 500.31 | 528.28 |
| Pretax Income | - | 377.30 | 412.70 | 463.41 | 499.80 |
| Tax Provision | - | 84.40 | 90.59 | 103.30 | 110.88 |
| Net Income | - | 292.90 | 322.11 | 360.11 | 388.93 |
| Net Income Common Stockholders | - | 292.90 | 322.11 | 360.11 | 388.93 |
| Total Expenses | - | 147.15 | 166.30 | 187.56 | 206.64 |
| Interest Expense | - | 32.16 | 32.21 | 36.90 | 28.48 |
| Interest Income | - | 0.40 | 2.30 | 5 | 3.90 |
| Normalized Income | - | 292.90 | 322.11 | 360.11 | 388.93 |
| Market Cap | 3,130.79 | 3,130.79 | 3,130.79 | 3,130.79 | 3,130.79 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| NMI Holdings, Inc.this co. | NMIH | $3.2B | 8.05↓ discount | 1.21 | 15.0% | - |
| Cohen & Steers, Inc. | CNS | $3.5B | 22.71 | 6.19 | 27.3% | 16.42 |
| BankUnited, Inc. | BKU | $3.5B | 12.54 | 1.10 | 8.8% | - |
| First Hawaiian, Inc. | FHB | $3.3B | 11.75 | 1.17 | 10.0% | - |
| Community Financial System, Inc. | CBU | $3.3B |
| - |
| - |
| - |
| - |
| - |
| 15.56 |
| 1.63 |
| 10.5% |
| - |
| WaFd, Inc. | WAFD | $3.0B | 11.81 | 0.97 | 8.3% | - |
| CorVel Corporation | CRVL | $2.9B | 30.87 | 9.12 | 29.6% | 18.59 |
| First Financial Bancorp. | FFBC | $2.9B | 12.55 | 1.16 | 9.2% | - |
| The Western Union Company | WU | $2.9B | 5.58 | 2.91 | 52.2% | 4.56 |
| Peer Median | - | 12.55 | 1.40 | 10.2% | 16.42 | |