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Mgic Investment vs NMI: revenue, profit, margins and growth compared

Mgic Investment brought in $1.2B of revenue in fiscal 2025, NMI $706.4M in fiscal 2025. Revenue changed by +0.5% at Mgic Investment and +8.5% at NMI on the year before, so NMI grew faster. Mgic Investment kept 60.8% of its revenue as net profit, NMI 55.1%. Free cash flow was $851.8M at Mgic Investment and $412.5M at NMI.

Side by side, latest fiscal year

MTGNMIH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.2B$706.4M
Revenue growth+0.5%+8.5%
Net income$738.3M$388.9M
Net margin60.8%55.1%
Free cash flow$851.8M$412.5M
Free cash flow margin70.2%58.4%
Earnings per share (diluted)$3.14$4.92
Cash$369M$43.9M
Debtn/an/a
Price to earnings9.18.4
Market value$5.8B$3.1B
Dividend yieldn/an/a
Rank by revenue in sector#177 of 444 · Finance#218 of 444 · Finance

Over the years

Revenue
MTG FY2018: $1.1BMTG FY2019: $1.2BMTG FY2020: $1.2BMTG FY2021: $1.2BMTG FY2022: $1.2BMTG FY2023: $1.2BMTG FY2024: $1.2BMTG FY2025: $1.2BNMIH FY2018: $275MNMIH FY2019: $378.8MNMIH FY2020: $433.3MNMIH FY2021: $485.1MNMIH FY2022: $523.3MNMIH FY2023: $579MNMIH FY2024: $651MNMIH FY2025: $706.4MFY18FY19FY20FY21FY22FY23FY24FY25
MTG $1.2BNMIH $706.4M
Net income
MTG FY2018: $670.1MMTG FY2019: $673.8MMTG FY2020: $446.1MMTG FY2021: $635MMTG FY2022: $865.3MMTG FY2023: $712.9MMTG FY2024: $763MMTG FY2025: $738.3MNMIH FY2018: $107.9MNMIH FY2019: $172MNMIH FY2020: $171.6MNMIH FY2021: $231.1MNMIH FY2022: $292.9MNMIH FY2023: $322.1MNMIH FY2024: $360.1MNMIH FY2025: $388.9MFY18FY19FY20FY21FY22FY23FY24FY25
MTG $738.3MNMIH $388.9M
Net margin
MTG FY2018: 59.6%MTG FY2019: 55.5%MTG FY2020: 37.2%MTG FY2021: 53.6%MTG FY2022: 73.8%MTG FY2023: 61.7%MTG FY2024: 63.2%MTG FY2025: 60.8%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
MTG 60.8%NMIH 55.1%
Revenue growth
MTG FY2019: +8.0%MTG FY2020: -1.2%MTG FY2021: -1.1%MTG FY2022: -1.1%MTG FY2023: -1.5%MTG FY2024: +4.6%MTG FY2025: +0.5%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
MTG +0.5%NMIH +8.5%
Free cash flow
MTG FY2018: $530.3MMTG FY2019: $603.9MMTG FY2020: $729MMTG FY2021: $692.2MMTG FY2022: $646.8MMTG FY2023: $711MMTG FY2024: $723.9MMTG FY2025: $851.8MNMIH FY2018: $137.8MNMIH FY2019: $198.2MNMIH FY2020: $240.4MNMIH FY2021: $313.5MNMIH FY2022: $302.8MNMIH FY2023: $333.3MNMIH FY2024: $386.7MNMIH FY2025: $412.5MFY18FY19FY20FY21FY22FY23FY24FY25
MTG $851.8MNMIH $412.5M

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

Questions about Mgic Investment and NMI

Which is bigger by revenue, Mgic Investment or NMI?

Mgic Investment is bigger by revenue: $1.2B in fiscal 2025, against $706.4M for NMI in fiscal 2025.

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

Mgic Investment had a net margin of 60.8% in fiscal 2025; NMI had 55.1% in fiscal 2025.

Which grew revenue faster, Mgic Investment or NMI?

In their latest fiscal years revenue changed by +0.5% at Mgic Investment 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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