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

Health score, price, valuation, risk signals, and key metrics at a glance.

NMI Holdings

NasdaqGM•Financial Services•Insurance - Specialty

$43.00-0.52(-0.01%)Pre-market

Market Cap

$3.25B

P/E

8.2x

P/S

4.5x

P/B

1.2x

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.

How this company scores

ExcellentMetricSide Score: 85/100

Strongest: Profitability (23/25); weakest: Growth (17/25).

Profitability23/25

Growth17/25

Balance Sheet & Red Flags22/25

Cash & Earnings Quality23/25

Strengths

Strong marginsLow leverageInterest easily coveredCash-backed earnings

No red flags in the last 8 quarters.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 8.2x5y range 5.4x – 9.2x

Currently near its 20-quarter median.

P/S · 4.5x5y range 2.8x – 5.2x

Currently near its 20-quarter median.

P/B · 1.2x5y range 0.9x – 1.5x

Price & Volume

Market Cap $3.25B

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $730.78M
Q. Revenue: $187.89M
TTM EBITDA: $522.89M
TTM Op. Income: $506.72M
Q. Op. Income: $136.95M
TTM Net Income: $395.33M
Q. Net Income: $105.79M
EPS: $1.4
Shares Out.: $75.78M

$730.78M in TTM revenue grew 7.5% YoY, reaching $187.89M last quarter. TTM EBITDA of $522.89M and TTM operating income of $506.72M show growth is flowing through to the bottom line. TTM net income of $395.33M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 74.2%
Op. Margin: 72.9%
Net Margin: 56.3%

Op. margin of 72.9% is up 1.8% YoY — cost efficiency is improving. Net margin at 56.3% Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

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

P/E Ratio: 8.2x
P/S Ratio: 4.5x
P/B Ratio: 1.2x

At 8.2x P/E, the stock trades below typical market levels. P/S of 4.5x and P/B of 1.2x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is down 6% — a weakening trend.

Assets & Liabilities

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

Total Assets: $4.00B
Cash: $72.12M
Long-Term Debt: $418.02M
Book Value: $2.71B
D/E Ratio: 0.2
Debt/EBITDA: 3.0

With $4.00B in assets and $418.02M in long-term debt, D/E is 0.2and book value is $2.71B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 7 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $142.63M
TTM Free Cash Flow: $441.61M
FCF Margin: 60.4%
FCF / Net Income: 1.1

TTM FCF of $441.61M on $142.63M in operating cash flow. The FCF / Net Income ratio of 1.1x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 3 consecutive quarters — an improving trend.