NMI Holdings, Inc. (NMIH) Financial Statements
Industry: Surety Insurance
In fiscal 2025, NMI reported revenue of $706.4M, up 8.5% from $651.0M the year before. Net income was $388.9M (a 55.1% net margin), or $4.92 per diluted share. Gross margin was 70.7% and operating margin was 70.7%. Operating activities generated $419.3M of cash, leaving $412.5M of free cash flow. At fiscal year end, NMI held $3.84B in total assets against $1.25B in total liabilities.
Open the full interactive NMI financials → Quarterly statements, key ratios, valuation history and price charts.
NMI Key Stats
| Share Price | $39.56 |
|---|---|
| Market Cap | $3.03B |
| P/E Ratio | 8.0 |
| Revenue YoY Growth | +8.5% |
| 52-Week Range | $35.35 – $45.71 |
| Shares Outstanding | 75.8 million (basic, 2026 Q2) |
NMI Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $433.3M | $485.1M | $523.3M | $579.0M | $651.0M | $706.4M |
| Cost of Goods Sold | $215.2M | $188.3M | $146.0M | $166.3M | $187.6M | $206.6M |
| Gross Profit | $218.1M | $296.7M | $377.3M | $412.7M | $463.4M | $499.8M |
| Operating Income | $218.1M | $296.7M | $377.3M | $412.7M | $463.4M | $499.8M |
| Pre-Tax Income | $218.1M | $296.7M | $377.3M | $412.7M | $463.4M | $499.8M |
| Income Tax | $46.5M | $65.6M | $84.4M | $90.6M | $103.3M | $110.9M |
| Net Income | $171.6M | $231.1M | $292.9M | $322.1M | $360.1M | $388.9M |
| Diluted EPS | $2.13 | $2.65 | $3.39 | $3.84 | $4.43 | $4.92 |
NMI Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $178.7M | $180.7M | $183.5M | $187.9M |
| Net Income | $96.0M | $94.2M | $99.3M | $105.8M |
| Diluted EPS | $1.22 | $1.19 | $1.28 | $1.38 |
NMI Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Total Assets | $2.17B | $2.45B | $2.52B | $2.94B | $3.35B | $3.84B |
| Total Long-Term Debt | $393.3M | $394.6M | $396.1M | $397.6M | $415.1M | $417.0M |
| Total Liabilities | $797.1M | $884.8M | $902.3M | $1.01B | $1.13B | $1.25B |
| Shareholders' Equity | $1.37B | $1.57B | $1.61B | $1.93B | $2.22B | $2.59B |
NMI Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $252.6M | $325.7M | $313.4M | $342.7M | $393.6M | $419.3M |
| Cash From Investing | -$629.6M | -$374.2M | -$289.8M | -$200.0M | -$339.3M | -$316.5M |
| Cash From Financing | $462.8M | -$1.8M | -$55.8M | -$90.4M | -$96.7M | -$113.2M |
| Free Cash Flow | $240.4M | $313.5M | $302.8M | $333.3M | $386.7M | $412.5M |
Figures from NMI's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full NMI financials page for every line item.
NMI Company Profile
| Ticker | NMIH |
|---|---|
| Exchange | Nasdaq |
| Industry | Surety Insurance |
| Headquarters | Emeryville, California |
| Incorporated in | California |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001547903 |
Frequently Asked Questions
What was NMI's revenue in fiscal 2025?
NMI (NMIH) reported revenue of $706.4M for fiscal 2025.
What is NMI's annual revenue history?
NMI's annual revenue by fiscal year: 2020: $433.3M; 2021: $485.1M; 2022: $523.3M; 2023: $579.0M; 2024: $651.0M; 2025: $706.4M.
What was NMI's net income in fiscal 2025?
NMI reported net income of $388.9M for fiscal 2025.
What was NMI's earnings per share (EPS) in fiscal 2025?
NMI's diluted EPS was $4.92 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did NMI generate in fiscal 2025?
NMI generated $412.5M of free cash flow in fiscal 2025.
What was NMI's revenue last quarter?
In its most recent reported quarter (2026 Q2), NMI reported revenue of $187.9M.
How much debt does NMI have?
NMI reported $417.0M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of NMI are outstanding?
NMI reported a weighted average of 75.8 million basic shares outstanding in 2026 Q2.
What is NMI's market cap?
Based on its latest closing price, NMI (NMIH) has a market capitalization of about $3.03B.
When does NMI's fiscal year end?
NMI's fiscal year end, as registered with the SEC, is December 31.
Where is NMI headquartered?
NMI lists its business address in Emeryville, California in its SEC filings.