NMIH financial statements
The full income statement, balance sheet, and cash-flow statement for NMI Holdings Inc. (NMIH), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 706M+8.5% | 651M+12.4% | 579M+10.6% | 523M+7.9% | 485M+12.0% | |
| Interest expense | 28.5M-22.8% | 36.9M+14.5% | 32.2M+0.2% | 32.2M+1.2% | 31.8M+30.4% | |
| Pre-tax income | 500M+7.9% | 463M+12.3% | 413M+9.4% | 377M+27.2% | 297M+36.0% | |
| Income tax | 111M+7.3% | 103M+14.0% | 90.6M+7.3% | 84.4M+28.7% | 65.6M+40.9% | |
| 389M+8.0% | 360M+11.8% | 322M+10.0% | 293M+26.7% | 231M+34.7% | ||
| Net income to common | 389M+8.0% | 360M+11.8% | 322M | — | — | |
| $4.92+11.1% | $4.43+15.4% | $3.84+13.3% | $3.39+27.9% | $2.65+24.4% | ||
| EPS (basic) | $5.01+11.1% | $4.51+15.3% | $3.91+13.3% | $3.45+27.8% | $2.70+22.7% | |
| Weighted-avg shares (basic) | 77.6M-2.8% | 79.8M-3.1% | 82.4M-3.0% | 84.9M-0.8% | 85.6M+9.7% | |
| Weighted-avg shares (diluted) | 79.0M-2.7% | 81.3M-3.1% | 83.9M-2.5% | 86.0M-1.0% | 86.9M+9.6% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Cash & equivalents | 43.9M-19.1% | 54.3M-43.8% | 96.7M+117.6% | 44.4M-42.0% | 76.6M-39.6% | |
| 3.84B+14.7% | 3.35B+13.9% | 2.94B+16.9% | 2.52B+2.7% | 2.45B+13.1% | ||
| Property, plant & equipment | 21.7M-15.4% | 25.7M-15.1% | 30.3M-5.3% | 31.9M-0.4% | 32.0M+8.0% | |
| Operating lease right-of-use | 6.70M-18.3% | 8.20M-9.9% | 9.10M-12.5% | 10.4M+300.0% | 2.60M-43.5% | |
| Goodwill | 3.24M+0.0% | 3.24M+0.0% | 3.24M+0.0% | 3.24M+0.0% | 3.24M+0.0% | |
| 1.25B+10.3% | 1.13B+11.6% | 1.01B+12.4% | 902M+2.0% | 885M+11.0% | ||
| Long-term debt | — | — | — | 396M+0.4% | 395M+0.3% | |
| Operating lease liability (total) | 8.51M-17.4% | 10.3M-9.6% | 11.4M-5.8% | 12.1M+317.2% | 2.90M-45.3% | |
| Finance lease liability (total) | — | — | — | — | 0.00 | |
| Deferred tax liabilities | 479M+24.0% | 386M+28.1% | 302M+55.6% | 194M+18.1% | 164M+45.8% | |
| 2.59B+16.9% | 2.22B+15.1% | 1.93B+19.4% | 1.61B+3.1% | 1.57B+14.3% | ||
| Additional paid-in capital | 1.02B+1.2% | 1.00B+1.4% | 991M+1.9% | 973M+1.8% | 955M+1.9% | |
| Retained earnings | 1.97B+24.6% | 1.58B+29.4% | 1.22B+35.7% | 901M+48.2% | 608M+61.3% | |
| Treasury stock | 352M+42.7% | 247M+65.6% | 149M+163.2% | 56.6M | 0.00 | |
| Accumulated other comprehensive income | -46.1M+63.1% | -125M+10.8% | -140M+31.5% | -204M-13859.1% | 1.49M-97.2% | |
| Total liabilities & equity | 3.84B+14.7% | 3.35B+13.9% | 2.94B+16.9% | 2.52B+2.7% | 2.45B+13.1% | |
| Common shares issued | 88.4M+0.5% | 87.9M+0.7% | 87.3M+1.0% | 86.5M+0.8% | 85.8M+0.7% | |
| Common shares outstanding | 76.3M-2.9% | 78.6M-2.8% | 80.9M-3.2% | 83.5M-2.6% | 85.8M+0.7% | |
| Shares outstanding (cover) | 76.0M-3.1% | 78.5M-3.0% | 80.9M-3.3% | 83.7M-2.5% | 85.8M+0.6% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 419M+6.5% | 394M+14.9% | 343M+9.3% | 313M-3.8% | 326M+28.9% | ||
| Depreciation & amortization | 11.3M-5.0% | 11.9M+3.5% | 11.5M-3.4% | 11.9M+6.3% | 11.2M+13.1% | |
| Share-based compensation | 20.2M+1.9% | 19.8M+17.1% | 16.9M+9.7% | 15.4M-7.5% | 16.7M+50.0% | |
| Deferred income taxes | 71.8M-11.1% | 80.7M-10.9% | 90.6M+7.3% | 84.4M+28.8% | 65.5M+40.9% | |
| -316M+6.7% | -339M-69.6% | -200M+31.0% | -290M+22.6% | -374M+40.6% | ||
| Capital expenditure | 6.78M-1.8% | 6.91M-26.3% | 9.37M-11.4% | 10.6M-13.6% | 12.2M+0.6% | |
| Free cash flow | 413M+6.7% | 387M+16.0% | 333M+10.1% | 303M-3.4% | 313M+30.4% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| -113M-17.1% | -96.7M-6.9% | -90.4M-62.0% | -55.8M-2950.7% | -1.83M-100.4% | ||
| Long-term debt issued | 0.00-100.0% | 420M | 0.00 | 0.00 | 0.00-100.0% | |
| Long-term debt repaid | 0.00-100.0% | 405M | 0.00 | 0.00 | 0.00-100.0% | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00-100.0% | |
| Common stock repurchased | 105M+7.7% | 97.6M+6.5% | 91.6M+61.9% | 56.6M | 0.00 | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net change in cash | -10.4M+75.5% | -42.4M-181.1% | 52.3M+262.2% | -32.2M+35.9% | -50.3M-158.6% | |
| Interest paid | 31.4M+124.4% | 14.0M-52.5% | 29.5M+0.0% | 29.5M+0.0% | 29.5M+68.0% | |
| Income taxes paid | 42.4M+111.5% | 20.0M+100035.0% | 20.0K+200.0% | -20.0K-104.4% | 457K+552.9% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 3.10B+7.5% | 2.88B+19.8% | 2.41B+37.8% | 1.75B-6.9% | 1.88B-2.9% | |
| P/E | 8.0×-0.4% | 8.0×+3.7% | 7.7×+24.0% | 6.2×-23.3% | 8.1×-27.9% | |
| P/S | 4.4×-0.9% | 4.4×+3.2% | 4.3×+26.6% | 3.4×-12.3% | 3.9×-13.3% | |
| P/B | 1.2×-8.0% | 1.3×-3.2% | 1.3×+17.4% | 1.1×-4.4% | 1.2×-15.1% | |
| P/FCF | 7.5×+0.8% | 7.5×+3.4% | 7.2×+30.1% | 5.5×-7.3% | 6.0×-25.5% | |
| Earnings yield | 12.5%+0.4% | 12.5%-3.6% | 12.9%-19.3% | 16.1%+30.3% | 12.3%+38.8% | |
| FCF yield | 13.3%-0.8% | 13.4%-3.3% | 13.9%-23.1% | 18.0%+7.9% | 16.7%+34.3% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: NMIH’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all NMIH filings on SEC EDGAR → Not investment advice.