NMI Holdings (NMIH) Stock Fundamentals, Analysis & Risk Signals

Health score, competitive moat, risk signals, and key metrics at a glance.

NasdaqGM•Financial Services•Insurance - Specialty

GoodMetricSide Score: 61/100

ProfitabilityProfit25/30

GrowthGrowth15/25

Balance SheetBalance21/25

Cash QualityCash0/20

Price & Volume

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. The company serves national and regional mortgage banks, money center banks, credit unions, community banks, builder-owned mortgage lenders, internet-sourced lenders, and other non-bank lenders. NMI Holdings, Inc. was incorporated in 2011 and is headquartered in Emeryville, California.

Moat Signals

Competitive analysis based on 28 quarters of fundamental data

Pricing Power

Moderate Moat

Operating margins are positive at ~75.1% on average, but show some variability — pricing power may be sensitive to market conditions.

Competitive Advantage

Moderate Moat

ROE averages 15.8% but has fluctuated — the competitive advantage may be cyclical or emerging.

Risk Signals

Data-driven red flags and warnings across 28 quarters

Some Concerns

Margin Pressure

Watch

Operating margins declined 5.7% — watch for continued compression, which may signal competitive or cost pressure.

Earnings Quality

Red Flag

FCF consistently trails net income (avg 0.0x) — earnings may be inflated by non-cash items or aggressive accounting.

Leverage Risk

Healthy

D/E ratio is 0.2 — conservative capital structure with low financial risk.

Revenue Decline

Healthy

Revenue is stable or growing over recent quarters — demand appears durable.

Cash Burn

Healthy

Free cash flow is consistently positive — the business self-funds without external capital reliance.

Share Dilution

Healthy

Shares decreased 4.9% — net buybacks are reducing shares outstanding and boosting per-share value.

Metrics at a Glance

as of March 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $716.67M
Q. Revenue: $183.47M
TTM EBITDA: $532.71M
TTM Op. Income: N/A
Q. Op. Income: $132.05M
TTM Net Income: $385.70M
Q. Net Income: $99.33M
EPS: N/A
Shares Out.: $76.18M

$716.67M in TTM revenue grew 7.3% YoY, reaching $183.47M last quarter. TTM EBITDA of $532.71M and TTM operating income of N/A shows growth is flowing through. Net income of $385.70M TTM confirms the company is converting revenue into profit. Revenue is growing at a healthy pace — a signal to hold.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 73.3%
Op. Margin: 72.0%
Net Margin: 54.1%

Op. margin of 72.0% is down 8.0% YoY — costs are rising relative to revenue. Net margin at 54.1%.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 7.4x
P/S Ratio: 4.0x
P/B Ratio: 1.1x

At 7.4x P/E, the stock trades below market averages — potentially undervalued. P/S of 4.0x and P/B of 1.1x provide additional context. Below-market P/E with growing revenue suggests a potential buying opportunity — the stock may be undervalued relative to its fundamentals.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $3.91B
Cash: $70.68M
Long-Term Debt: $417.52M
Book Value: $2.63B
D/E Ratio: 0.2
Debt/EBITDA: 3.1

With $3.91B in assets and $417.52M in long-term debt, the D/E of 0.2and book value of $2.63B — shows a conservative capital structure — the company has a strong financial cushion to weather downturns.