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Essent vs NMI: revenue, profit, margins and growth compared

Essent brought in $1.3B of revenue in fiscal 2025, NMI $706.4M in fiscal 2025. Revenue changed by +1.5% at Essent and +8.5% at NMI on the year before, so NMI grew faster. Essent kept 54.7% of its revenue as net profit, NMI 55.1%. Free cash flow was $848.7M at Essent and $412.5M at NMI.

Side by side, latest fiscal year

ESNTNMIH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.3B$706.4M
Revenue growth+1.5%+8.5%
Net income$690M$388.9M
Net margin54.7%55.1%
Free cash flow$848.7M$412.5M
Free cash flow margin67.3%58.4%
Earnings per share (diluted)$6.90$4.92
Cash$123M$43.9M
Debtn/an/a
Price to earnings9.28.4
Market value$5.7B$3.1B
Dividend yield1.95%n/a
Rank by revenue in sector#172 of 444 · Finance#218 of 444 · Finance

Over the years

Revenue
ESNT FY2018: $719.4MESNT FY2019: $867.6MESNT FY2020: $955.2MESNT FY2021: $1BESNT FY2022: $1BESNT FY2023: $1.1BESNT FY2024: $1.2BESNT FY2025: $1.3BNMIH FY2018: $275MNMIH FY2019: $378.8MNMIH FY2020: $433.3MNMIH FY2021: $485.1MNMIH FY2022: $523.3MNMIH FY2023: $579MNMIH FY2024: $651MNMIH FY2025: $706.4MFY18FY19FY20FY21FY22FY23FY24FY25
ESNT $1.3BNMIH $706.4M
Net income
ESNT FY2018: $467.4MESNT FY2019: $555.7MESNT FY2020: $413MESNT FY2021: $681.8MESNT FY2022: $831.4MESNT FY2023: $696.4MESNT FY2024: $729.4MESNT FY2025: $690MNMIH FY2018: $107.9MNMIH FY2019: $172MNMIH FY2020: $171.6MNMIH FY2021: $231.1MNMIH FY2022: $292.9MNMIH FY2023: $322.1MNMIH FY2024: $360.1MNMIH FY2025: $388.9MFY18FY19FY20FY21FY22FY23FY24FY25
ESNT $690MNMIH $388.9M
Net margin
ESNT FY2018: 65.0%ESNT FY2019: 64.1%ESNT FY2020: 43.2%ESNT FY2021: 66.3%ESNT FY2022: 83.1%ESNT FY2023: 62.8%ESNT FY2024: 58.7%ESNT FY2025: 54.7%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
ESNT 54.7%NMIH 55.1%
Revenue growth
ESNT FY2019: +20.6%ESNT FY2020: +10.1%ESNT FY2021: +7.7%ESNT FY2022: -2.7%ESNT FY2023: +10.9%ESNT FY2024: +12.0%ESNT FY2025: +1.5%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
ESNT +1.5%NMIH +8.5%
Free cash flow
ESNT FY2018: $621.3MESNT FY2019: $586.4MESNT FY2020: $725.5MESNT FY2021: $706.8MESNT FY2022: $584.8MESNT FY2023: $759MESNT FY2024: $854.8MESNT FY2025: $848.7MNMIH FY2018: $137.8MNMIH FY2019: $198.2MNMIH FY2020: $240.4MNMIH FY2021: $313.5MNMIH FY2022: $302.8MNMIH FY2023: $333.3MNMIH FY2024: $386.7MNMIH FY2025: $412.5MFY18FY19FY20FY21FY22FY23FY24FY25
ESNT $848.7MNMIH $412.5M

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

Questions about Essent and NMI

Which is bigger by revenue, Essent or NMI?

Essent is bigger by revenue: $1.3B in fiscal 2025, against $706.4M for NMI in fiscal 2025.

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

Essent had a net margin of 54.7% in fiscal 2025; NMI had 55.1% in fiscal 2025.

Which grew revenue faster, Essent or NMI?

In their latest fiscal years revenue changed by +1.5% at Essent 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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