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

Mbia brought in $80M of revenue in fiscal 2025, NMI $706.4M in fiscal 2025. Revenue changed by +90.5% at Mbia and +8.5% at NMI on the year before, so Mbia grew faster. Mbia kept -221.3% of its revenue as net profit, NMI 55.1%.

Side by side, latest fiscal year

MBINMIH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$80M$706.4M
Revenue growth+90.5%+8.5%
Net income-$177M$388.9M
Net margin-221.3%55.1%
Free cash flown/a$412.5M
Free cash flow marginn/a58.4%
Earnings per share (diluted)-$3.58$4.92
Cash$71M$43.9M
Debtn/an/a
Price to earningsn/a8.4
Market value$224M$3.1B
Dividend yieldn/an/a
Rank by revenue in sector#335 of 444 · Finance#218 of 444 · Finance

Over the years

Revenue
MBI FY2018: $317MMBI FY2019: $280MMBI FY2020: $282MMBI FY2021: $189MMBI FY2022: $154MMBI FY2023: $7MMBI FY2024: $42MMBI FY2025: $80MNMIH FY2018: $275MNMIH FY2019: $378.8MNMIH FY2020: $433.3MNMIH FY2021: $485.1MNMIH FY2022: $523.3MNMIH FY2023: $579MNMIH FY2024: $651MNMIH FY2025: $706.4MFY18FY19FY20FY21FY22FY23FY24FY25
MBI $80MNMIH $706.4M
Net income
MBI FY2018: -$296MMBI FY2019: -$359MMBI FY2020: -$578MMBI FY2021: -$445MMBI FY2022: -$195MMBI FY2023: $477MMBI FY2024: $435MMBI FY2025: -$177MNMIH FY2018: $107.9MNMIH FY2019: $172MNMIH FY2020: $171.6MNMIH FY2021: $231.1MNMIH FY2022: $292.9MNMIH FY2023: $322.1MNMIH FY2024: $360.1MNMIH FY2025: $388.9MFY18FY19FY20FY21FY22FY23FY24FY25
MBI -$177MNMIH $388.9M
Net margin
MBI FY2018: -93.4%MBI FY2019: -128.2%MBI FY2020: -205.0%MBI FY2021: -235.4%MBI FY2022: -126.6%MBI FY2023: 6,814.3%MBI FY2024: 1,035.7%MBI FY2025: -221.3%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
MBI -221.3%NMIH 55.1%
Revenue growth
MBI FY2019: -11.7%MBI FY2020: +0.7%MBI FY2021: -33.0%MBI FY2022: -18.5%MBI FY2023: -95.5%MBI FY2024: +500.0%MBI FY2025: +90.5%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
MBI +90.5%NMIH +8.5%
Free cash flow
MBI FY2018: -$320MMBI FY2019: -$368MMBI FY2020: -$390MMBI FY2021: $510MMBI FY2022: -$418MMBI FY2023: -$195MNMIH FY2018: $137.8MNMIH FY2019: $198.2MNMIH FY2020: $240.4MNMIH FY2021: $313.5MNMIH FY2022: $302.8MNMIH FY2023: $333.3MNMIH FY2024: $386.7MNMIH FY2025: $412.5MFY18FY19FY20FY21FY22FY23FY24FY25
MBI -$195MNMIH $412.5M

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

Questions about Mbia and NMI

Which is bigger by revenue, Mbia or NMI?

NMI is bigger by revenue: $706.4M in fiscal 2025, against $80M for Mbia in fiscal 2025.

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

Mbia had a net margin of -221.3% in fiscal 2025; NMI had 55.1% in fiscal 2025.

Which grew revenue faster, Mbia or NMI?

In their latest fiscal years revenue changed by +90.5% at Mbia 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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