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NASDAQ · SURETY INSURANCE · LARGE CAP

NMI Holdings, Inc. NMIH

15 fiscal years on record · USD · FY2025 reported · SEC filings only
$706.4M
▲ 8.5% YoY
$388.9M
▲ 8.0% YoY
$412.5M
▲ 6.7% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

NMI Holdings, Inc. provides mortgage insurance through its wholly-owned insurance subsidiaries, NMIC and Re One. It offers primary mortgage insurance, which provides default protection on individual mortgage loans at specified coverage percentages. Its subsidiary NMIC is approved as an MI provider by the GSEs and is licensed to write MI coverage in all 50 states and D.C. As of December 31, 2025, the company had issued master policies with 2,193 customers, including national and regional mortgage banks, money center banks, credit unions, community banks, builder-owned mortgage lenders, internet-sourced lenders and other non-bank lenders. As of that same date, it had $221.4 billion of primary insurance in force and $59.3 billion of primary risk in force. For the year ended December 31, 2025, it generated new insurance written of $48.9 billion. As of December 31, 2025, it had 225 full-time and part-time employees. NMI Holdings, Inc., a Delaware corporation, was incorporated in May 2011, began start-up operations in 2012, and wrote its first mortgage insurance policy in 2013.

Written from the business description in NMI Holdings, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 12 February 2026. Every sentence was checked against that document before publication.

Growth

USD 706.4M
Revenue, FY2025 · full 15-year series below
Revenue $M Net income $M
FY2025 · Revenue 706.4 · Net income 388.9
250.0M500.0M
201120142017202020232025
Compound annual growth
+10.5%
+10.3%
+29.4%
+9.9%
+17.8%
+13.2%
+18.2%
+22.9%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +10.3% a year over the five years to FY2025 — but profit grew faster: net income at +17.8%, earnings per share at +18.2%.

The share count fell from 0.09B to 0.08B — the buyback concentrates the same profit into fewer slices.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

55 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 70.7% · Net 55.1%
-5000%
201120182025
ROE
FY2025 · ROE 16.2%
10%20%-5%-10%
201120182025
Three returns, three denominators.
Return on capital employedNot available: we don't have total assets or current liabilities for this period.

Each USD of equity produced 16 cents of profit this year.

Cash & shareholders

USD 105.1M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 412.5
150M300M
201120182025
Net buybacks $M Dividends $M
FY2025 · Dividends · · Net buybacks 105.1
50M100M-100M-200M
202020212022202320242025

USD 105.1M in buybacks — 27% of the year's profit went back to shareholders.

Total assetsUSD 3.8B
EquityUSD 2.6B
CashUSD 43.9M
Gross debtUSD 417.0M
Net debtUSD 373.1M

Net debt stands at 14% of equity.

The 15-year record

15 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
NMIH, 15-year financial record
Metric 202520242023202220212020201920182017201620152014201320122011
Revenue $B0.70.70.60.50.50.40.40.30.20.10.10.00.00.0◌
Operating income $B0.50.50.40.40.30.20.20.10.10.0−0.0−0.1−0.1−0.0◌
EBITDA $B0.50.50.40.40.30.20.20.10.10.0−0.0−0.0−0.0−0.0◌
Income tax $B0.10.10.10.10.10.00.00.00.0−0.10.0−0.00.00.0◌
Net income $B0.40.40.30.30.20.20.20.10.00.1−0.0−0.0−0.1−0.0−0.0
Free cash flow $B0.40.40.30.30.30.20.20.10.10.10.0−0.0−0.0−0.0◌
EPS, diluted $4.924.433.843.392.652.132.471.600.351.05−0.47−0.84−0.99−0.73◌
Dividend / sh $◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout % — not applicable: no dividend———————————————
ROE %16.217.418.218.415.714.921.117.84.514.6−6.7−11.0−11.6——
Shares out B0.080.080.080.080.090.090.070.070.060.060.060.06◌◌◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

Provenance

Company facts, as filed

How we verify · 0 failures in 43 reconciliationsAUDITED

Reconciled in 15 of the 15 fiscal years we could check. Five checks were skipped: the balance sheet is not tagged before 2012. Five checks were skipped: EPS is not tagged before 2012.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivitySurety Insurance
Listed onNASDAQ
Incorporated inCalifornia
Fiscal year endsDecember 31
Data on record since2011

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