NMIHNasdaqSurety InsuranceFiscal year ends December 31
NMI Holdings, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 31, 2026
$41.01+0.30 (+0.74%)
Close on Oct 19, 2026
- Market cap
- $3.14B
- P/E (TTM)
- 8.1
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Net margin
55.1%+15.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +8.5% | +10.5% | +10.3% | +29.4% | |
| Net income | +8.0% | +9.9% | +17.8% | – | |
| EPS, diluted | +11.1% | +13.2% | +18.2% | – | |
| Free cash flow | +6.7% | +10.9% | +11.4% | +27.9% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 14.6% | 14.9% | 16.2% | |
| Return on assets | 8.5% | 9.7% | 10.8% | |
| Capex to revenue | 9.3% | 2.8% | 1.0% | |
| Diluted shares | 61M | 79M | 79M |
Where the cash went
Fiscal 2021 to 2025, five years combined
NMI generated $1.79B from operations and spent $396.77M on capital expenditure, dividends and share buybacks. 12% of that went back into the business.
Generated
$1.79B
Used
$396.77M
Capital expenditure$45.87M12%Dividends$00%Share buybacks$350.90M88%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin55.1%
×Asset turnover0.20×
×Equity multiplier1.50×
=Return on equity, FY202516.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 55.1% | 0.20× | 1.50× | 16.2% |
| FY2024 | 55.3% | 0.21× | 1.52× | 17.4% |
| FY2023 | 55.6% | 0.21× | 1.54× | 18.2% |
| FY2022 | 56.0% | 0.21× | 1.56× | 18.4% |
| FY2021 | 47.6% | 0.21× | 1.57× | 15.7% |
| FY2020 | 39.6% | 0.25× | 1.54× | 14.9% |
| FY2019 | 45.4% | 0.31× | 1.51× | 21.1% |
| FY2018 | 39.2% | 0.28× | 1.64× | 17.8% |
| FY2017 | 12.1% | 0.21× | 1.76× | 4.5% |
| FY2016 | 51.7% | 0.16× | 1.71× | 14.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$388.93M
- Cash generatingOperating cash flow above zero$419.30M
- Return on assets improvedROA up on the prior year12.2% → 11.6%
- Earnings backed by cashOperating cash flow above net income$419.30M vs $388.93M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise81M → 79M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.22 → 0.21