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NMI Holdings Inc (NMIH) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

FINANCIAL SERVICES · INSURANCE - SPECIALTY · DATA UPDATED 2026-08-28

NMI Holdings Inc (NMIH) operates in the INSURANCE - SPECIALTY industry and is headquartered in EmeryVille, United States with about 225 employees. Its market capitalization is roughly $3 billion. In the fiscal year ended 2025-12-31, NMIH reported $706M in revenue and $389M in net income.

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.

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NMIH Revenue & Earnings History — Annual Income Statement

Income statementTTM → 2026-06-302025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-31
Total Revenue$731M$706M$651M$579M$524M$486M$436M$370M$274M$179M$122M$56M$22M$6M$0M—
Gross Profit$670M$648M$619M$556M$527M$471M$374M$355M$268M$173M$120M$55M$22M$6M$0M—
Gross Margin %91.7%91.8%95.0%96.0%100.5%97.0%85.8%96.0%97.9%96.7%98.0%98.8%98.0%100.0%100.0%—
Operating Income (EBIT)$507M$500M$463M$413M$377M$297M$218M$217M$136M$53M$11M($28M)($51M)($55M)($27M)($1M)
Operating Margin %69.4%70.8%71.2%71.3%71.9%61.1%50.0%58.5%49.7%29.5%9.4%-50.1%-231.0%-992.5%-9679.9%—
Net Income$395M$389M$360M$322M$293M$231M$172M$172M$108M$22M$64M($28M)($49M)($55M)($27M)($1M)
Net Margin %54.1%55.1%55.3%55.6%55.9%47.6%39.3%46.5%39.4%12.3%52.5%-50.1%-220.2%-992.5%-9679.9%—
EBITDA$548M$540M$512M$456M$421M$340M$252M$238M$159M$73M$32M($21M)($43M)($47M)($26M)($1M)
Earnings Per Share (EPS)$5.09$4.92$4.43$3.84$3.41$2.66$2.16$2.47$1.60$0.35$1.05$-0.47$-0.84$-0.99$-0.73$-0.02
Shares Outstanding (M)77M79M81M84M86M87M79M70M68M62M61M59M58M56M38M56M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NMIH Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement2026-06-302026-03-312025-12-312025-09-302025-06-302025-03-312024-12-312024-09-30
Total Revenue$188M$183M$180M$179M$174M$173M$167M$166M
Gross Profit$188M$163M$159M$160M$160M$169M$149M$156M
Gross Margin %100.0%88.7%88.3%89.5%92.2%97.4%89.5%93.7%
Operating Income (EBIT)$137M$125M$121M$124M$124M$131M$111M$119M
Operating Margin %72.9%68.1%67.1%69.2%71.1%75.8%66.6%71.8%
Net Income$106M$99M$94M$96M$96M$103M$86M$93M
Net Margin %56.3%54.1%52.2%53.7%55.3%59.2%51.7%55.9%
EBITDA$149M$135M$131M$134M$134M$141M$121M$129M
Earnings Per Share (EPS)$1.38$1.28$1.20$1.22$1.21$1.28$1.07$1.15
Shares Outstanding (M)77M77M78M79M79M80M81M81M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NMIH Free Cash Flow History

Cash flowTTM → 2026-06-302025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-31
Cash from Operations (CFO)$449M$419M$394M$343M$313M$326M$253M$208M$146M$68M$72M$41M($21M)($36M)($15M)
Capital Expenditures (CapEx)$7M$7M$7M$9M$11M$12M$12M$10M$8M$9M$11M$6M$8M$7M$2M
Free Cash Flow (FCF)$442M$413M$387M$333M$303M$313M$240M$198M$138M$59M$60M$35M($29M)($43M)($17M)
FCF Margin %60.5%58.5%59.4%57.6%57.7%64.5%55.1%53.5%50.4%33.2%49.6%63.6%-131.6%-773.4%-6001.0%
Dividends Paid——————$9M$18M—$0M$0M$0M$0M$0M—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NMIH Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow2026-06-302026-03-312025-12-312025-09-302025-06-302025-03-312024-12-312024-09-30
Cash from Operations (CFO)$143M$116M$62M$128M$128M$101M$36M$128M
Capital Expenditures (CapEx)$2M$1M$2M$2M$2M$2M$1M$4M
Free Cash Flow (FCF)$140M$115M$60M$126M$127M$99M$34M$124M
FCF Margin %74.6%62.7%33.3%70.7%72.9%57.4%20.7%74.9%

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NMIH Balance Sheet History

Balance sheet2026-06-302025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-31
Total Assets$4.0B$3.8B$3.4B$3.0B$2.5B$2.5B$2.2B$1.4B$1.1B$895M$842M$662M$463M$481M$543M$0M
Cash & Cash Equivalents$72M$44M$54M$97M$42M$73M$121M$38M$24M$19M$48M$57M$103M$56M$486M$0M
Total Liabilities$1.3B$1.2B$1.1B$1.0B$902M$559M$506M$202M$391M$386M$364M$260M$36M$18M$38M$2M
Total Debt (Short + Long-Term)$418M$419M$418M$398M$396M$397M$405M$164M$148M$288M$289M$288M$0M$0M$0M$0M
Total Shareholders' Equity$2.7B$2.6B$2.2B$1.9B$1.6B$1.9B$1.7B$1.2B$702M$509M$477M$403M$427M$463M$489M($1M)

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive NMIH viewer.

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