NMI Holdings, Inc.
NMIH · Price history
Price at last available close
$42.11
+$1.38 (+3.39%) 1M
2026-10-28
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Company & revenue
About NMI Holdings, Inc.
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
NMI Holdings, Inc. is a company operating within the United States that offers private mortgage guaranty insurance. In addition to its core insurance products, the firm also delivers outsourced loan assessment services, specifically catering to mortgage loan originators. Its diverse client roster includes national and regional mortgage banks, prominent money center banks, credit unions, local community banks, builder-owned lenders, internet-based lending platforms, and other non-bank mortgage providers.
How they make money
NMI Holdings, Inc. provides private mortgage insurance (MI) to mortgage lenders and other financial institutions. The company generates revenue primarily through premiums paid by borrowers or lenders for insurance coverage on residential mortgage loans, which protects against losses in the event of borrower default.
Products & services
The company provides private mortgage insurance, which facilitates low down payment mortgage loans by protecting lenders against losses from borrower defaults. It also offers outsourced loan review services through its subsidiary, NMI Services, Inc.
Brands & revenue mix
No separate brand or brand-level revenue disclosure was confirmed in the reviewed sources. This does not mean the company has no brands.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer types
Customer concentration
No individual customer accounted for greater than 10% of consolidated revenues in 2025.
Suppliers, materials & equipment
- Reinsurance providers — The company enters into reinsurance agreements with various third-party reinsurers to manage risk and capital requirements.Source
Competitors
- Essent Group Ltd. — A provider of private mortgage insurance and reinsurance.Source
- MGIC Investment Corporation — A provider of private mortgage insurance.Source
- Radian Group Inc. — A provider of private mortgage insurance and related services.Source
- Arch Capital Group Ltd. — A provider of private mortgage insurance.Source
- Enact Holdings, Inc. — A provider of private mortgage insurance.Source
Sources
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
81
Strong
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
84
Strong
Financial Strength
77
Business Quality / Moat
100
Management
100
Growth Quality
44
Risk / Durability
96
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
76
Fair
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
75/100
Building Historical Record
Model Score 75/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is strong across its combined quality, valuation and risk inputs. Review Company Quality separately to assess the business without its share price.
At today’s price, the WSS valuation framework currently reads as relatively attractive.
The model outlook is currently positive.
- •Strong overall Wall Street Score
- •Balance-sheet / debt profile scores strongly
- •Asset quality scores strongly
- •Valuation scores attractively
- •Recent buyback activity is present
- •Revenue fundamentals are weak
Company-specific research
Questions worth answering for NMIH
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •Can NMIH maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
- •Is NMIH's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
- •Is NMIH's debt load manageable relative to cash generation, interest costs and upcoming maturities?
- •Is NMIH's valuation discount tied to a temporary concern or to a longer-term business risk?
Essential Investment Snapshot
Wall Street Score
81
Opportunity Score
76
Market Cap
$3.17B
P/E Ratio
7.7
EPS
$5.17
52-Week High
$46.74
52-Week Low
$34.84
Beta
0.56
Intrinsic Value
$151.42
Analyst Target
$49.50
Shares Outstanding
79.0M
Total Revenue
$730.5M
Total Debt
$418.0M
Dividend
No current dividend
Liquidation Value / Share
$34.23
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Neutral / mixed momentum
Low movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for NMIH
Detected from reported data — verify before acting.Historical repurchase activity
Reported cash flows or share-count measures indicate past repurchase activity. This does not verify an active buyback authorization or future purchases.
Community Sentiment
0 active · 0 total callsNo personal call yet on NMIH.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Strong capital position and financial discipline.
- +High-quality insured portfolio.
- +Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Insurance - Specialty industry.
- −Dependence on the GSEs (Fannie Mae and Freddie Mac) as primary beneficiaries.
- −Sensitivity to changes in the U.S. housing market and economic conditions.
- −Regulatory and legislative changes affecting mortgage insurance.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
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Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
3 historical score records availablePrevious Score
82
Oct 1, 2026
Change
-1.3
points
Current Score
81
Oct 8, 2026
Category Changes
NMIH decreased 1.3 points because Capital declined by 4 points.
Negative Contributors
- − Capital declined by 4 points
Projected Score
Projected Score
82
Projected Change
+0.9 points
Preliminary comparable-period financial changes suggest improvement of approximately 0.9 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Review model assumptionsThis model estimate is more than three times the share price.
For insurers, earnings can vary sharply with claims and investment gains. Review normalized earnings and book value before relying on this growth-based estimate.
Stored EPS: $5.17 · Growth assumption: 10.4% · Earnings multiplier: 29.3×.
Current Price
$42.11
Model Intrinsic Value
$151.42
Difference
−$109.31
-72.2% vs IV
Margin of Safety
72.2%
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $730.5M | $705.6M | $651.0M | $579.0M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $60.5M | $57.6M | $32.3M | $23.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $670.0M | $647.9M | $618.7M | $555.6M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $163.2M | $148.1M | $155.3M | $142.9M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| EBITDA | $545.7M | $539.5M | $512.2M | $456.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Income | $506.7M | $499.8M | $463.4M | $412.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $28.5M | $28.5M | $36.9M | $32.2M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | $506.7M | $499.8M | $463.4M | $412.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | $111.4M | $110.9M | $103.3M | $90.6M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Net Income | $395.3M | $388.9M | $360.1M | $322.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $5.17 | $5.01 | $4.51 | $3.91 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 75.78M | 77.63M | 79.84M | 82.41M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 76.58M | 79.04M | 81.27M | 83.85M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$187.9M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
$1.38
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
+0.5%
Cash Change
-14.2%
Margin Change
+1.0 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Margins expanded
What Weakened
- Cash position declined
- Debt increased
Potential Score Impact
Positive indicators included revenue growth, EPS growth, net income margin. Pressure indicators included cash levels, debt levels. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 8.1%. EPS increased 14.0%. Cash declined 14.2%. Total debt increased 0.5%. Net income margin improved by 1.0 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
7
Smart Money
7
Number of Gurus
1
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
3 historical recordsHistorical Score Chart
3 of 3 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
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Rumor Mill · NMIH
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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