Is NMI Holdings (NMIH) overvalued or fairly valued?

MarketChacha shows NMI Holdings's valuation in context — a trailing P/E of about 8.8, a forward P/E of about 8.2, a price-to-book of about 1.2 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does NMI Holdings's reported profit turn into cash?

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (1.08×) from reported figures — education, not a rating.

What is NMI Holdings's revenue?

NMI Holdings reported revenue of $706.4M for FY2025, with net profit of $388.9M, per official filings.

What is the share price of NMI Holdings (NMIH)?

NMI Holdings last traded at $44.83 (-1.2% on the day), as of 9/4/2026 — a delayed quote shown for education, not investment advice.

NMI Holdings

NMIH · NYSE · Financials · United States

Snapshot

TickerNMIH

ExchangeNYSE

SectorFinancials

IndustryInsurance - Specialty

CountryUnited States

Employees225

HeadquartersEmeryVille, United States

Websitewww.nationalmi.com

Filings tracked12

About NMI Holdings

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.

Who owns it

Insiders1.7%
Institutions98.3%
Public & other0.0%

486 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.17.53%
Dimensional Fund Advisors LP6.20%
State Street Corporation4.62%
Vanguard Capital Management LLC4.55%
American Century Companies Inc4.05%
Vanguard Portfolio Management LLC3.86%
Geode Capital Management, LLC2.81%
Nomura Asset Management International Inc2.50%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

No major accounting red flags in the fundamentals we have — profit is backed by cash and returns look healthy.

Cash conversion1.08×

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Net margin trend55.6% → 55.1%

Margin has held broadly steady over the period — stable profitability.

Return on equity15.0%

Latest ROE of 15.0% — capital is generating a healthy return.

Growth qualityrev 10% · PAT 10%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $192.3M · EPS 1.31

Est. earnings growth +8.9%

Next fiscal year

Rev $785.5M · EPS 5.48

Est. earnings growth +3.9%

Analyst consensus estimates — not the company's own guidance.

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2025)

$706.4M

Net margin

55.1%

ROE

15.0%

Revenue CAGR (2y)

+10.5%

Profit CAGR (2y)

+9.9%

EPS (FY2025)

4.92

Net profit (FY2025)

$388.9M

Ask MarketChacha about NMIH

Get a cited, plain-English answer — the “why”, not just data. Finance research only, never buy/sell advice.

Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2025	$706.4M	$388.9M	4.92	55.1%	15.0%
FY2024	$651.0M	$360.1M	4.43	55.3%	16.2%
FY2023	$579.0M	$322.1M	3.84	55.6%	16.7%

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q2	$187.9M	$105.8M	1.38	56.3%
2026Q1	$183.5M	$99.3M	1.28	54.1%
2025Q3	$178.7M	$96.0M	1.22	53.7%
2025Q2	$173.8M	$96.2M	1.21	55.3%
2025Q1	$173.2M	$102.6M	1.28	59.2%
2024Q3	$166.1M	$92.8M	1.15	55.9%
2024Q2	$162.1M	$92.1M	1.13	56.8%
2024Q1	$156.3M	$89.0M	1.08	57.0%
2023Q4	—	$83.4M	1.01	—
2023Q3	$148.2M	$84.0M	1.00	56.7%
2023Q2	$142.7M	$80.3M	0.95	56.3%
2023Q1	$136.8M	$74.5M	0.88	54.4%

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

10-Q filing
SEC7/31/2026
8-K — Results of operations, Exhibits
SEC7/30/2026material
8-K — Shareholder vote results
SEC5/15/2026material
10-Q filing
SEC5/1/2026
8-K — Results of operations, Exhibits
SEC4/30/2026material
10-K filing
SEC2/12/2026
8-K — Executive/director change, Reg FD disclosure, Exhibits
SEC2/12/2026material
8-K — Results of operations, Exhibits
SEC2/10/2026material

2025

10-Q filing
SEC11/5/2025
8-K — Results of operations, Exhibits
SEC11/4/2025material
10-Q filing
SEC7/30/2025
8-K — Results of operations, Exhibits
SEC7/29/2025material

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.