NMI Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NMI Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	124	183	275	379	433	485	523	579	651	706
Interest expense	14.8	13.5	15	12.1	24.4	31.8	32.2	32.2	36.9	28.5
Interest income	14.5	17	24.3	31.3	33.1	39.4	47.7	68.2	86.4	104
Other non-operating income	-16.7	-17.6	-16.4
Pre-tax income	11.5	52.8	136	217	218	297	377	413	463	500
Income tax	-52.5	30.7	28	44.7	46.5	65.6	84.4	90.6	103	111
Net income	64	22.1	108	172	172	231	293	322	360	389
EPS, basic	1.08	0.37	1.66	2.54	2.20	2.70	3.45	3.91	4.51	5.01
EPS, diluted	1.05	0.35	1.60	2.47	2.13	2.65	3.39	3.84	4.43	4.92
Shares, basic (weighted)	59.1	59.8	65	67.6	78	85.6	84.9	82.4	79.8	77.6
Shares, diluted (weighted)	60.8	62.2	67.7	69.7	79.3	86.9	86	83.9	81.3	79

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	47.7	19.2	25.3	41.1	127	76.6	44.4	96.7	54.3	43.9
Property, plant and equipment	20.4	22.8	24.8	26.1	29.7	32	31.9	30.3	25.7	21.7
Lease right-of-use assets				6.4	4.6	2.6	10.4	9.1	8.2	6.7
Goodwill	3.24	3.24	3.24	3.24	3.24	3.24	3.24	3.24	3.24	3.24
Total assets	840	895	1,092	1,365	2,167	2,451	2,516	2,941	3,350	3,841
Total liabilities	364	386	391	434	797	885	902	1,015	1,133	1,249
Total debt	144	144	147	146	393	395	396
Paid-in capital	577	585	682	707	938	955	973	991	1,005	1,017
Retained earnings	-96.7	-74.2	33.5	205	377	608	901	1,223	1,583	1,972
Treasury stock						0	-56.6	-149	-247	-352
Other comprehensive income	-5.29	-2.86	-14.8	17.3	53.9	1.49	-204	-140	-125	-46.1
Shareholders' equity	476	509	702	930	1,370	1,566	1,614	1,926	2,217	2,592
Total equity	476	509	702	930	1,370	1,566	1,614	1,926	2,217	2,592
Total liabilities and equity	840	895	1,092	1,365	2,167	2,451	2,516	2,941	3,350	3,841
Shares outstanding	59.1	60.5	66.3	68.4	85.2	85.8	83.5	80.9	78.6	76.3

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	64	22.1	108	172	172	231	293	322	360	389
Depreciation and amortization	4.9	6.7	7.8	9.3	9.9	11.2	11.9	11.5	11.9	11.3
Stock-based compensation	6.85	9.48	12.6	13	11.1	16.7	15.4	16.9	19.8	20.2
Deferred income tax	-52.9	30	26.4	45.1	46.5	65.5	84.4	90.6	80.7	71.8
Change in payables	3.3	-2.49	6.06	3.89	18.1	16.9	1.39	10.4	16.5	-2.17
Cash from operations	71.9	67.8	146	208	253	326	313	343	394	419
Capital expenditures	-11.5	-8.51	-8.06	-9.96	-12.2	-12.2	-10.6	-9.37	-6.91	-6.78
Purchases of investments	-144	-219	-356	-291	-1,066	-514	-234	-489	-482	-724
Sales and maturities of investments								0	0	130
Cash from investing	-79.8	-93.1	-221	-194	-630	-374	-290	-200	-339	-316
Debt issued	0	0	149	0	400	0	0	0	420	0
Debt repaid	-1.5	-1.5	-147	-1.5	-148	0	0	0	-405	0
Stock issued	0	0	79.2	0	220	0	0
Share buybacks					0	0	-56.6	-91.6	-97.6	-105
Cash from financing	-1.72	-3.24	80.9	2	463	-1.83	-55.8	-90.4	-96.7	-113
Net change in cash	-9.57	-28.6	6.1	15.8	85.8	-50.3	-32.2	52.3	-42.4	-10.4
Free cash flow	60.5	59.3	138	198	240	313	303	333	387	413
Interest paid	9.67	13.4	12.1	10.7	17.6	29.5	29.5	29.5	14	31.5
Income taxes paid	0.2	1.22	0.87	0.06	0.07	0.46	-0.02	0.02	20	42.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $41.23 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	69.3%	Pre-tax income / revenue.
Net margin	54.1%	Net income / revenue.
FCF margin	60.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	61.4%	Cash from operations / revenue.
Effective tax rate	22.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.9%	Net income / average total assets.
Stock-based pay / revenue	2.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	1.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	8.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	9.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	17.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	11.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	13.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	18.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	6.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	10.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	10.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	6.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	10.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	11.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	16.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	17.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	13.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	14.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	15.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	32.3%	Total liabilities / total assets.
Tangible book value	$2.71B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.18x	Revenue / average total assets.
Fixed asset turnover	35.2x	Revenue / average property, plant and equipment.
FCF conversion	111.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.16	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$9.54	Revenue / diluted weighted shares.
FCF per share	$5.77	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.86	Cash from operations / diluted weighted shares.
Book value per share	$35.89	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$35.89	Tangible book value / shares outstanding.
Cash per share	$0.96	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	26.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.10B	Share price x shares outstanding.
Enterprise value	$3.03B	Market cap + total debt - cash - short-term investments.
P/E	7.84x	Market cap / net income. Only when net income is positive.
P/S	4.24x	Market cap / revenue.
P/B	1.15x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.15x	Market cap / tangible book value, when positive.
P/FCF	7.02x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.91x	Market cap / cash from operations, when positive.
EV/Sales	4.15x	Enterprise value / revenue.
EV/FCF	6.86x	Enterprise value / free cash flow, when both are positive.
FCF yield	14.2%	Free cash flow / market cap.
Earnings yield	12.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	3.7%	(Dividends paid + share buybacks) / market cap.
PEG	0.59x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was NMI Holdings, Inc.'s revenue in fiscal 2025?

NMI Holdings, Inc. reported revenue of $706.4M for fiscal 2025, 8.5% higher than the year before.

Was NMI Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $388.9M, a net margin of 55.1%.

How much free cash flow did NMI Holdings, Inc. generate in fiscal 2025?

Cash from operations of $419.3M minus capital expenditures of $6.8M left free cash flow of $412.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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