NMI HOLDINGS INC (NMIH)

What NMI HOLDINGS INC does

NMI Holdings is a mortgage insurance company that provides private mortgage insurance (MI) through its wholly-owned insurance subsidiaries NMIC and Re One, protecting lenders and investors from default-related losses on residential mortgages. The company facilitates secondary market sales of high loan-to-value mortgages to government-sponsored enterprises (Fannie Mae and Freddie Mac) by providing credit enhancement. NMI also operates NMIS, a subsidiary providing outsourced loan review services to mortgage loan originators. As of December 31, 2025, the company had $221.4 billion of primary insurance-in-force and generated $48.9 billion in new insurance written during the year.

Fundamentals

• Price$41.03 as of 2026-07-09 close
• Market cap$3.1B as of 2026-07-10
• 1-year return+2.5% as of 2026-07-09 close
• P/E8.08 as of 2026-07-10
• Net margin+53.8% as of 2026-07-10
• ROE+15.2% as of 2026-07-10
• Debt / equity0.16 as of 2026-07-10
• Revenue growth (YoY)+7.3% as of 2026-07-10
• Revenue CAGR (3y)+10.5% SEC XBRL
• Beta0.55 as of 2026-07-10

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Key risks (from latest filing)

["Changes in GSE charters, policies, or priorities that could decrease mortgage insurance usage or requirements, particularly for first-time homebuyers or high loan-to-value mortgages","Regulatory changes affecting PMIERs (private mortgage insurer eligibility requirements) and state-level certificates of authority that could impact the company's ability to operate","Economic downturns, declining home prices, rising interest rates, or recession that would reduce mortgage originations and increase mortgage default rates"]

See NMIH's biggest risks from its latest 10-Q →

Competitors & peers

• MGIC Investment Corporation (MTG)
• Radian Group (RDN)
• Arch Capital Group (ACGL)
• Assurant (AIZ)
• Federal Housing Administration (FHA)
• USDA Rural Housing Service

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