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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 |
| Operating Revenue | - | 524.46 | 579 | 650.97 | 706.44 |
| Total Expenses | - | 147.15 | 166.30 | 187.56 | 206.64 |
| EBIT | - | 409.47 | 444.92 | 500.31 | 528.28 |
| Interest Income | - | 0.40 | 2.30 | 5 | 3.90 |
| Interest Expense | - | 32.16 | 32.21 | 36.90 | 28.48 |
| Net Interest Income | - | -32.16 | -32.21 | -36.90 | -28.48 |
| Other Income Expense | - | 1.19 | 0.76 | 0.94 | 0.86 |
| Interest Expense Non Operating | - | 32.16 | 32.21 | 36.90 | 28.48 |
| Net Non Operating Interest Income Expense | - | -32.16 | -32.21 | -36.90 | -28.48 |
| Pretax Income | - | 377.30 | 412.70 | 463.41 | 499.80 |
| Tax Provision | - | 84.40 | 90.59 | 103.30 | 110.88 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 292.90 | 322.11 | 360.11 | 388.93 |
| Net Income From Continuing And Discontinued Operation | - | 292.90 | 322.11 | 360.11 | 388.93 |
| Net Income From Continuing Operation Net Minority Interest | - | 292.90 | 322.11 | 360.11 | 388.93 |
| Net Income | - | 292.90 | 322.11 | 360.11 | 388.93 |
| Net Income Common Stockholders | - | 292.90 | 322.11 | 360.11 | 388.93 |
| Net Income Including Noncontrolling Interests | - | 292.90 | 322.11 | 360.11 | 388.93 |
| Normalized Income | - | 292.90 | 322.11 | 360.11 | 388.93 |
| Diluted NI Availto Com Stockholders | - | 291.79 | 322.11 | 360.11 | 388.93 |
| Basic Average Shares | - | 84.92 | 82.41 | 79.84 | 77.63 |
| Diluted Average Shares | - | 86 | 83.85 | 81.27 | 79.04 |
| Reconciled Depreciation | - | 11.87 | 11.54 | 11.94 | 11.26 |
| Average Dilution Earnings | -0.57 | -1.11 | 0 | 0 | - |
| Loss Adjustment Expense | - | -3.59 | 22.62 | 31.54 | 57.65 |
| Net Policyholder Benefits And Claims | - | -3.59 | 22.62 | 31.54 | 57.65 |
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 | $2.7B | 7.05↓ discount | 1.06 | 15.0% | - |
| Provident Financial Services, Inc. | PFS | $2.9B | 10.00 | 1.03 | 10.3% | - |
| WisdomTree, Inc. | WT | $2.9B | 26.77 | 7.01 | 26.2% | 19.33 |
| Palomar Holdings, Inc. | PLMR | $2.7B | 13.89 | 2.90 | 20.9% | - |
| FB Financial Corporation | FBK | $2.7B |
| - |
| - |
| - |
| - |
| - |
| 22.32 |
| 1.40 |
| 6.3% |
| - |
| Acadian Asset Management Inc. | AAMI | $2.7B | 33.77 | 44.58 | 132.0% | 15.77 |
| Artisan Partners Asset Management Inc. | APAM | $2.7B | 9.16 | 6.06 | 66.2% | 5.35 |
| WaFd, Inc. | WAFD | $2.6B | 11.63 | 0.96 | 8.3% | - |
| Trustmark Corporation | TRMK | $2.6B | 11.51 | 1.22 | 10.6% | - |
| Peer Median | - | 12.76 | 2.15 | 15.7% | 15.77 | |