NMI Holdings, Inc.
- Open
- 41.21
- Day high
- 41.35
- Day low
- 40.65
- Prev close
- 41.09
- Volume
- 336K
- Mkt cap
- $3.1B
- P/E (TTM)
- 8.1
- EPS (TTM)
- $5.00
- P/B
- 0.0
- P/S
- 4.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$59K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
NMI Holdings, Inc. (NMIH) is a Financial Services company listed on NASDAQ. The stock is down 4% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4).
NMI Holdings, Inc. (NMIH) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NMIH earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $1.22 | $1.28 | +4.9% | $155M | +0.5% |
| Jul 29, 2025 | $1.16 | $1.22 | +5.2% | $174M | -1.8% |
| Feb 6, 2025 | $1.11 | $1.07 | -3.6% | $167M | -1.4% |
| Apr 30, 2024 | $0.99 | $1.08 | +9.1% | $156M | +14.3% |
| Feb 14, 2024 | $0.96 | $1.01 | +5.2% | $151M | +12.2% |
| Nov 1, 2023 | $0.92 | $1.00 | +8.7% | $148M | +13.2% |
| Aug 1, 2023 | $0.86 | $0.95 | +10.5% | $143M | +12.9% |
| May 2, 2023 | $0.82 | $0.88 | +7.3% | $137M | +7.9% |
| Feb 14, 2023 | $0.84 | $0.86 | +2.4% | $133M | +9.0% |
| Nov 1, 2022 | $0.81 | $0.90 | +11.1% | $131M | +5.3% |
| Aug 2, 2022 | $0.76 | $0.86 | +13.2% | $133M | +11.2% |
| May 4, 2022 | $0.74 | $0.77 | +4.1% | $128M | +9.3% |
NMIH insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 20, 2026 | Montgomery Michael Currydirector | Sell | 1,554 | $37.90 |
| May 18, 2026 | Huskins Priya Cheriandirector | Grant | 4,512 | — |
| May 18, 2026 | Montgomery Michael Currydirector | Grant | 4,512 | — |
| May 18, 2026 | McCreary Lynn S.director | Grant | 4,512 | — |
| May 18, 2026 | Erickson John Cdirector | Grant | 4,512 | — |
| May 18, 2026 | Agrawal Renudirector | Grant | 4,512 | — |
| May 18, 2026 | SCHEID STEVENdirector | Grant | 4,512 | — |
| May 18, 2026 | EMBLER MICHAEL Jdirector | Grant | 4,512 | — |
| May 11, 2026 | Swithenbank Auroraofficer: EVP, Chief Financial Officer | Tax | 2,922 | — |
| May 4, 2026 | Swithenbank Auroraofficer: EVP, Chief Financial Officer | Tax | 9,135 | — |
| Mar 25, 2026 | SHUSTER BRADLEY Mdirector, officer: Executive Chairman | Option | 55,156 | $11.10 |
| Mar 25, 2026 | SHUSTER BRADLEY Mdirector, officer: Executive Chairman | Tax | 36,203 | — |
| Mar 25, 2026 | SHUSTER BRADLEY Mdirector, officer: Executive Chairman | Sell | 18,953 | $37.35 |
| Mar 19, 2026 | SHUSTER BRADLEY Mdirector, officer: Executive Chairman | Option | 55,158 | $11.10 |
| Mar 19, 2026 | SHUSTER BRADLEY Mdirector, officer: Executive Chairman | Tax | 36,162 | — |
Source: NMIH SEC Form 4 filings, latest May 20, 2026. For informational purposes only — not investment advice.
See the full NMIH insider & 13F page →NMI Holdings, Inc. company profile
Overview
NMI Holdings, Inc. (NASDAQ:NMIH) is a specialty insurance company that provides private mortgage insurance services in the United States. Founded in 2011 and going public in 2013, the company has grown to become one of the major players in the private mortgage insurance industry. Headquartered in Emeryville, California, NMI serves over 1,600 active lenders including national and regional mortgage banks, credit unions, community banks, and non-bank lenders. The company has helped facilitate homeownership for over 1.8 million borrowers since its inception, with a current portfolio of over $210 billion in primary insurance in force.
Business
NMI Holdings operates in the private mortgage insurance (PMI) industry, which serves a critical function in the U.S. housing finance system. When homebuyers make a down payment of less than 20% of a home's purchase price, mortgage lenders typically require private mortgage insurance to protect against potential losses if the borrower defaults on their loan. This insurance enables lenders to offer mortgages to borrowers with smaller down payments, thereby expanding access to homeownership. The company's core business consists of two main segments. The primary segment is mortgage insurance services, which generates the vast majority of revenue through monthly premium payments from borrowers. These premiums are typically calculated as a percentage of the outstanding loan balance and continue until the borrower reaches 20% equity in their home or refinances. The second, much smaller segment provides outsourced loan review services to mortgage originators, helping them assess credit risk and comply with regulatory requirements. NMI's mortgage insurance products protect lenders against losses when borrowers default and the subsequent foreclosure sale proceeds are insufficient to cover the outstanding loan balance. The company writes new insurance policies on mortgages originated by its lender customers, building a portfolio of insured loans that generates recurring premium income over time. In 2024, the company wrote $46 billion in new insurance volume and maintained $210.2 billion in total insurance in force, representing approximately 7% year-over-year growth.
Revenue model
NMI generates revenue primarily through monthly mortgage insurance premiums collected from borrowers over the life of their insured mortgages. These premiums are typically expressed in basis points of the outstanding loan balance, with NMI's current portfolio generating a core yield of approximately 34 basis points annually. The company's paying customers are ultimately the homebuyers who pay the monthly premiums, though NMI contracts directly with mortgage lenders who service these relationships. The business model benefits from several favorable characteristics. Premium income is highly recurring and predictable, as borrowers typically maintain coverage for 7-10 years until they reach sufficient equity to cancel the insurance. The company's 2024 persistency rate of over 80% demonstrates the sticky nature of this revenue stream. Additionally, NMI employs sophisticated reinsurance strategies to transfer a portion of its risk to third parties while retaining profit-sharing arrangements, which helps optimize capital efficiency and reduce volatility. Several factors influence NMI's profit margins. Interest rate environments significantly impact persistency - when rates rise, borrowers are less likely to refinance, extending the premium-paying period and increasing lifetime policy value. Home price appreciation affects both new business volume and claim severity, as rising prices help borrowers build equity faster while also increasing the absolute dollar amount of potential claims. Credit performance directly impacts claims costs, with NMI's current default rate of 87 basis points representing industry-leading performance. The company's disciplined underwriting approach and comprehensive reinsurance program help maintain stable margins across different economic cycles. Competitive pricing dynamics in the mortgage insurance industry can pressure premium rates, though the oligopolistic market structure with only six major players provides some pricing stability.
Competitive moat
NMI operates in a structurally attractive industry with significant barriers to entry that create a moderate but durable competitive moat. The private mortgage insurance industry is highly regulated, requiring substantial capital reserves and regulatory approval to operate. New entrants must obtain licenses in each state, build relationships with mortgage lenders, and maintain significant financial strength ratings from credit agencies. These regulatory hurdles have limited the industry to just six major players, creating an oligopolistic market structure. The company's competitive advantages include its advanced technology platform and data analytics capabilities, which enable sophisticated risk pricing through tools like its Rate GPS system. NMI has invested heavily in customer service and operational efficiency, helping it activate over 100 new lenders annually and maintain strong relationships with existing customers. The company's comprehensive reinsurance program provides additional competitive flexibility by optimizing capital efficiency and enabling more aggressive pricing in certain market segments. However, NMI's moat faces several challenges. The mortgage insurance industry is inherently cyclical and sensitive to housing market conditions, interest rates, and broader economic trends. Government-sponsored enterprises (Fannie Mae and Freddie Mac) could potentially change their requirements for private mortgage insurance, and there's always regulatory risk around the role of private versus government-backed insurance. Additionally, alternative products like lender-paid mortgage insurance or piggyback loans can compete for market share. The industry's oligopolistic nature, while providing some pricing stability, also means that competitive dynamics among the six major players can be intense, particularly during periods of market growth or contraction.
Risks & safety
NMI demonstrates a strong margin of safety with robust financial metrics and conservative capital management. • Solvency and Liquidity: The company maintains excellent financial health with $74.2 million in cash and short-term investments, no meaningful debt burden (debt-to-equity ratio of 0.0), and strong cash generation of $101.1 million from operations in Q1 2025. Free cash flow of $99.4 million provides substantial flexibility. • Valuation Metrics: Trading at attractive valuations with a P/E ratio of 6.89, P/B ratio of 1.22, and EV/EBITDA of 4.97. These metrics suggest the stock is reasonably valued relative to earnings and book value. • Profitability and Returns: Strong return on equity of 18.1% and consistent profitability with $102.6 million in net income for Q1 2025. The company has demonstrated consistent earnings growth and margin expansion. • Capital Allocation: Disciplined approach to capital return with $250 million share repurchase authorization and consistent quarterly buybacks of approximately $25 million. Book value per share has grown to $29.65. • Regulatory Capital: As a regulated insurance company, NMI maintains substantial reserves and regulatory capital requirements, providing additional safety buffers for policyholders and shareholders.
Recent development
Over the past few years, NMI has executed several strategic initiatives to strengthen its market position and operational efficiency. The company has significantly expanded its lender network, activating 118 new lenders in 2024 alone and growing its active customer base to over 1,600 accounts. This expansion has been supported by continued investment in technology and customer service capabilities. A major strategic focus has been optimizing the reinsurance program to improve capital efficiency and risk management. NMI has completed multiple new reinsurance transactions, including comprehensive quota share treaties that provide forward-flow coverage on new business while maintaining profit-sharing arrangements. These treaties typically include profit commissions of up to 62%, allowing NMI to benefit from strong credit performance while transferring risk to reinsurance partners. The company has also enhanced its technology infrastructure, including extending its long-term engagement with Tata Consultancy Services through 2032 to support continued innovation in underwriting and customer service platforms. NMI's Rate GPS pricing system has been refined to incorporate more sophisticated risk assessment and pricing strategies, helping maintain competitive positioning while preserving underwriting discipline. Capital allocation strategy has evolved to include more aggressive shareholder returns, with the company initiating regular share repurchase programs. Since 2022, NMI has repurchased over $150 million in common stock while maintaining strong capital ratios. The company achieved investment-grade status and successfully refinanced its debt at more favorable terms, reflecting improved financial strength and market recognition.
NMIH company profile · for informational purposes only — not investment advice.
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