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NMI vs Octave Specialty: revenue, profit, margins and growth compared

NMI brought in $706.4M of revenue in fiscal 2025, Octave Specialty $251.2M in fiscal 2025. Revenue changed by +8.5% at NMI and +6.5% at Octave Specialty on the year before, so NMI grew faster. NMI kept 55.1% of its revenue as net profit, Octave Specialty -103.1%.

Side by side, latest fiscal year

NMIHOSG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$706.4M$251.2M
Revenue growth+8.5%+6.5%
Net income$388.9M-$259.1M
Net margin55.1%-103.1%
Free cash flow$412.5Mn/a
Free cash flow margin58.4%n/a
Earnings per share (diluted)$4.92-$5.93
Cash$43.9M$68.4M
Debtn/a$117.6M
Price to earnings8.4n/a
Market value$3.1B$188.8M
Dividend yieldn/an/a
Rank by revenue in sector#218 of 444 · Finance#288 of 444 · Finance

Over the years

Revenue
NMIH FY2018: $275MNMIH FY2019: $378.8MNMIH FY2020: $433.3MNMIH FY2021: $485.1MNMIH FY2022: $523.3MNMIH FY2023: $579MNMIH FY2024: $651MNMIH FY2025: $706.4MOSG FY2018: $511MOSG FY2019: $496MOSG FY2020: $156MOSG FY2021: $282MOSG FY2022: $53.6MOSG FY2023: $124.7MOSG FY2024: $235.8MOSG FY2025: $251.2MFY18FY19FY20FY21FY22FY23FY24FY25
NMIH $706.4MOSG $251.2M
Net income
NMIH FY2018: $107.9MNMIH FY2019: $172MNMIH FY2020: $171.6MNMIH FY2021: $231.1MNMIH FY2022: $292.9MNMIH FY2023: $322.1MNMIH FY2024: $360.1MNMIH FY2025: $388.9MOSG FY2018: $186MOSG FY2019: -$216MOSG FY2020: -$437MOSG FY2021: -$17MOSG FY2022: $522.1MOSG FY2023: $5MOSG FY2024: -$556.1MOSG FY2025: -$259.1MFY18FY19FY20FY21FY22FY23FY24FY25
NMIH $388.9MOSG -$259.1M
Net margin
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%OSG FY2018: 36.4%OSG FY2019: -43.5%OSG FY2020: -280.1%OSG FY2021: -6.0%OSG FY2022: 973.9%OSG FY2023: 4.0%OSG FY2024: -235.8%OSG FY2025: -103.1%FY18FY19FY20FY21FY22FY23FY24FY25
NMIH 55.1%OSG -103.1%
Revenue growth
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%OSG FY2019: -2.9%OSG FY2020: -68.5%OSG FY2021: +80.8%OSG FY2022: -81.0%OSG FY2023: +132.6%OSG FY2024: +89.1%OSG FY2025: +6.5%FY19FY20FY21FY22FY23FY24FY25
NMIH +8.5%OSG +6.5%
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
NMIH $412.5MOSG

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

Questions about NMI and Octave Specialty

Which is bigger by revenue, NMI or Octave Specialty?

NMI is bigger by revenue: $706.4M in fiscal 2025, against $251.2M for Octave Specialty in fiscal 2025.

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

NMI had a net margin of 55.1% in fiscal 2025; Octave Specialty had -103.1% in fiscal 2025.

Which grew revenue faster, NMI or Octave Specialty?

In their latest fiscal years revenue changed by +8.5% at NMI and +6.5% at Octave Specialty.

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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