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Assured Guaranty vs NMI: revenue, profit, margins and growth compared

Assured Guaranty brought in $1.1B of revenue in fiscal 2025, NMI $706.4M in fiscal 2025. Revenue changed by +27.3% at Assured Guaranty and +8.5% at NMI on the year before, so Assured Guaranty grew faster. Assured Guaranty kept 45.3% of its revenue as net profit, NMI 55.1%.

Side by side, latest fiscal year

AGONMIH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.1B$706.4M
Revenue growth+27.3%+8.5%
Net income$503M$388.9M
Net margin45.3%55.1%
Free cash flown/a$412.5M
Free cash flow marginn/a58.4%
Earnings per share (diluted)$10.26$4.92
Cash$419M$43.9M
Debt$1.7Bn/a
Price to earnings6.88.4
Market value$3.1B$3.1B
Dividend yield1.96%n/a
Rank by revenue in sector#184 of 444 · Finance#218 of 444 · Finance

Over the years

Revenue
AGO FY2018: $1BAGO FY2019: $963MAGO FY2020: $1.1BAGO FY2021: $848MAGO FY2022: $723MAGO FY2023: $1.4BAGO FY2024: $872MAGO FY2025: $1.1BNMIH FY2018: $275MNMIH FY2019: $378.8MNMIH FY2020: $433.3MNMIH FY2021: $485.1MNMIH FY2022: $523.3MNMIH FY2023: $579MNMIH FY2024: $651MNMIH FY2025: $706.4MFY18FY19FY20FY21FY22FY23FY24FY25
AGO $1.1BNMIH $706.4M
Net income
AGO FY2018: $521MAGO FY2019: $402MAGO FY2020: $362MAGO FY2021: $389MAGO FY2022: $124MAGO FY2023: $739MAGO FY2024: $376MAGO FY2025: $503MNMIH FY2018: $107.9MNMIH FY2019: $172MNMIH FY2020: $171.6MNMIH FY2021: $231.1MNMIH FY2022: $292.9MNMIH FY2023: $322.1MNMIH FY2024: $360.1MNMIH FY2025: $388.9MFY18FY19FY20FY21FY22FY23FY24FY25
AGO $503MNMIH $388.9M
Net margin
AGO FY2018: 52.0%AGO FY2019: 41.7%AGO FY2020: 32.5%AGO FY2021: 45.9%AGO FY2022: 17.2%AGO FY2023: 53.8%AGO FY2024: 43.1%AGO FY2025: 45.3%NMIH FY2018: 39.2%NMIH FY2019: 45.4%NMIH FY2020: 39.6%NMIH FY2021: 47.6%NMIH FY2022: 56.0%NMIH FY2023: 55.6%NMIH FY2024: 55.3%NMIH FY2025: 55.1%FY18FY19FY20FY21FY22FY23FY24FY25
AGO 45.3%NMIH 55.1%
Revenue growth
AGO FY2019: -3.8%AGO FY2020: +15.8%AGO FY2021: -23.9%AGO FY2022: -14.7%AGO FY2023: +89.9%AGO FY2024: -36.5%AGO FY2025: +27.3%NMIH FY2019: +37.7%NMIH FY2020: +14.4%NMIH FY2021: +12.0%NMIH FY2022: +7.9%NMIH FY2023: +10.6%NMIH FY2024: +12.4%NMIH FY2025: +8.5%FY19FY20FY21FY22FY23FY24FY25
AGO +27.3%NMIH +8.5%
Free cash flow
NMIH FY2018: $137.8MNMIH FY2019: $198.2MNMIH FY2020: $240.4MNMIH FY2021: $313.5MNMIH FY2022: $302.8MNMIH FY2023: $333.3MNMIH FY2024: $386.7MNMIH FY2025: $412.5MFY18FY19FY20FY21FY22FY23FY24FY25
AGONMIH $412.5M

Fiscal years as each company reports them; the two may end in different months.

Questions about Assured Guaranty and NMI

Which is bigger by revenue, Assured Guaranty or NMI?

Assured Guaranty is bigger by revenue: $1.1B in fiscal 2025, against $706.4M for NMI in fiscal 2025.

Which keeps more of its revenue as profit, Assured Guaranty or NMI?

Assured Guaranty had a net margin of 45.3% in fiscal 2025; NMI had 55.1% in fiscal 2025.

Which grew revenue faster, Assured Guaranty or NMI?

In their latest fiscal years revenue changed by +27.3% at Assured Guaranty and +8.5% at NMI.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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