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Provides private mortgage insurance protecting lenders against default on low-down-payment home loans.
Provides private mortgage insurance protecting lenders against default on low-down-payment home loans.
Collects monthly premiums through each loan's life, paid by borrowers via their lenders, so earnings build with the amount of insured loans outstanding and how long they stay on the books; losses arise when insured borrowers default. It lays part of the risk off with reinsurers, and is a newer entrant than long-established rivals.
Moat: narrow (regulatory licence, scale). GSE approval to write mortgage insurance is a scarce, regulator-controlled qualification.
Headquarters: Emeryville, California, US · Founded: 2011 · Employees: 225
Size NMI (NMIH) is a United States Financials company (Property/Casualty Insurance) with a market value of $2.94B, the 1570th largest of 3,117 United States companies the cockpit tracks. Shares closed at $39.03 on 6 Nov 2026.
Performance Over six months the shares gained 0.4%, against +18.1% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 7.5% over the last twelve months (peer median +5.5%); the operating margin is 73.2% (peer median 17.8%).
Valuation It trades at 1.10× book value against a peer median of 1.78× (3rd cheapest of 21).
Price implies The share price implies a return on equity of about 7.9%; NMI delivers 15.4%, so the price asks less than the business earns today.
Credit NMI has 1 bond outstanding ($425M), rated Baa2 by the agencies and trading like BBB- at a weighted spread of 120 bp.
Short interest Short interest is 4.0% of the free float (15 Oct 2026).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $731M | $706M | $651M | $579M | $523M |
| Revenue growth | — | +9% | +12% | +11% | — |
| Net income | $395M | $389M | $360M | $322M | $293M |
| Free cash flow | $442M | $413M | $387M | $333M | $303M |
| Capital expenditure | $6.91M | $6.78M | $6.91M | $9.37M | $10.6M |
| Total debt | $418M | $426M | $425M | $409M | $408M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| NMI NMIH | $2.94B | 0% | +8% | 15% | 1.10× | 7.9% |
| MGIC Investment MTG | $5.87B | +7% | -2% | 14% | 1.18× | 8.9% |
| Radian RDN | $4.76B | -5% | +28% | 12% | 1.00× | 8.3% |
| Essent ESNT | $5.70B | 0% | +4% | 12% | 1.01× | 8.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NMIH | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.9% | +7.7% | 3rd lowest of 21 |
| 6-month return | +0.4% | +18.1% | 2nd lowest of 21 |
| Return on equity | 15.4% | 18.8% | 10th lowest of 20 |
| Price / book | 1.10× | 1.78× | 3rd cheapest of 21 |
| Trailing P/E | 7.7× | 11.9× | 6th cheapest of 18 |
| ROE the price implies | 7.9% | 9.7% | 5th least demanding of 21 |
| ROE delivered | 15.4% | 19.9% | 9th lowest of 19 |
| Bond spread | 120 bp | 132 bp | 3rd tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| NMI NMIH | United States | $2.94B | 0% | +8% | 15% | 1.10× | 7.9% | 15.4% |
| SiriusPoint SPNT | United States | $3.06B | +12% | +23% | 23% | 1.34× | 9.5% | 23.1% |
| Zenkoku Hosho 7164.T | Japan | $2.69B | +1% | +2% | 14% | 1.74× | 6.2% | 14.1% |
| HCI HCI | United States | $2.31B | +22% | +23% | 34% | 2.15× | 17.3% | 33.8% |
| Hyundai M&F INS 001450.KS | South Korea | $2.29B | +38% | -5% | 21% | 0.51× | 4.2% | 21.0% |
| Porch PRCH | United States | $2.26B | +80% | +20% | n/a | 345.11× | 5,821.2% | n/a |
| Lancashire LRE.L | United Kingdom | $2.24B | +18% | -2% | 22% | 1.49× | 12.7% | 21.8% |
| Horace Mann Educators HMN | United States | $2.16B | +20% | +4% | 12% | 1.46× | 7.9% | n/a |
| Palomar PLMR | United States | $4.10B | +37% | +60% | 22% | 4.16× | 17.0% | 22.2% |
| Protector Forsikring PROT.OL | Norway | $4.19B | +4% | +12% | 35% | 5.34× | 18.1% | 35.2% |
| Accelerant ARX | United States | $4.32B | +19% | +55% | -380% | 6.01× | 23.2% | -380.1% |
| Kemper KMPR | United States | $1.97B | +10% | -4% | -19% | 0.90× | 9.4% | -19.3% |
| Mercury General MCY | United States | $4.58B | -17% | +5% | 26% | 1.63× | 13.7% | 25.5% |
| Safety Insurance SAFT | United States | $1.53B | +46% | +7% | 8% | 1.75× | 8.9% | 7.8% |
| Shinkong Insurance 2850.TW | Taiwan | $1.51B | +21% | +22% | 24% | 2.27× | 6.6% | 24.0% |
| MGIC Investment MTG | United States | $5.87B | +7% | -2% | 14% | 1.18× | 8.9% | 13.9% |
| Selective Insurance SIGI | United States | $5.87B | +17% | +4% | 15% | 1.81× | 9.1% | 14.7% |
| Hagerty HGTY | United States | $6.18B | +79% | +1% | 5% | 8.42× | 53.7% | 4.6% |
| Definity Financial DFY.TO | Canada | $6.47B | +14% | +35% | 12% | 2.13× | 7.6% | 11.7% |
| Universal Insurance UVE | United States | $1.29B | +19% | +6% | 41% | 2.00× | 13.1% | 40.8% |
| Scor SCR.PA | France | $6.96B | +10% | -4% | 19% | 1.44× | 9.8% | 18.8% |
NMI has 1 bond outstanding with $425M face value. The agencies rate it Baa2; its bonds trade like BBB-. Weighted yield 5.71%, a spread of 120 bp over government bonds.