NMI Holdings, Inc.
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Range $46 – $53
Price Chart
About the company
NMI Holdings, Inc. is a company operating within the United States that offers private mortgage guaranty insurance. In addition to its core insurance products, the firm also delivers outsourced loan assessment services, specifically catering to mortgage loan originators.
- CEO
- Adam S. Pollitzer
- IPO
- 2013
- Employees
- 225
- HQ
- EmeryVille, CA, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $3.45B
- P/E
- 8.78
- Fwd P/E
- 8.62
- PEG
- 1.14
- P/S
- 4.72
- P/B
- 1.27
- EV/EBITDA
- 6.92
- Div Yield
- 0.00%
- Gross Margin
- 91.71%
- Op Margin
- 69.36%
- Net Margin
- 54.12%
- ROE
- 15.14%
- ROIC
- 11.04%
Latest fiscal year · YoY change
- Revenue
- $705.58M+8.4%
- Gross Profit
- $647.93M+4.7%
- Op Income
- $499.80M
- Net Income
- $388.93M+8.0%
- EPS
- $5.01+11.1%
- OCF Growth
- +6.5%
- FCF Growth
- +6.7%
- 52W High
- $46.74
- 52W Low
- $34.84
- 50D MA
- $41.75
- 200D MA
- $39.33
- Beta
- 0.54
- RSI (14)
- 64
- Avg Volume
- 553.47K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
National MI posted record second-quarter revenue, earnings, and book growth, while management said credit trends remain constructive despite some expected seasonal pressure later in the year.· July 30, 2026
- Record quarter: $187.9 million of revenue, $106 million of adjusted net income, and $1.38 adjusted EPS.
- NIW was $16 billion and primary insurance in force reached a record $227.1 billion.
- Credit remained solid: 8,020 defaults at quarter-end, 1.16% default rate, and claims expense fell to $13.1 million.
- Capital return continued: $31.4 million of buybacks in the quarter and $408 million repurchased since 2022.
- Management said pricing/competition remain in constructive balance, with stronger markets in the Northeast and Midwest and pressure pockets in Florida, Texas, parts of the Sun Belt, Mountain West, and West Coast.
Second quarter revenue was a record $187.9 million, up 2.4% from the first quarter and 8.1% from the second quarter of 2025. Adjusted net income was a record $106 million, or $1.38 per diluted share, up 7% sequentially and 10% year over year; return on equity was 15.9%. Net premiums earned were $157.5 million, investment income was $30.3 million, underwriting and operating expenses were $30.5 million, and claims expense was $13.1 million. NIW was $16 billion, primary insurance in force was a record $227.1 billion, 12-month persistency was 81.4%, and the default rate was 1.16%. Book value per share was $35.89, or $36.88 excluding net unrealized gains and losses; the company repurchased $31.4 million of stock and had $167 million of remaining authorization. At quarter end, total available assets under PMIERs were $3.7 billion, risk-based required assets were $2.1 billion, and excess available assets were $1.6 billion.
Adam Pollitzer said National MI is seeing strong demand, high-quality production, and a resilient housing backdrop, which he believes supports continued outperformance. He emphasized that the company is still benefiting from secular affordability needs, a high-quality insured book, and disciplined pricing, risk selection, and reinsurance. His tone was confident but measured, noting that macro risks still remain even as credit and housing data look constructive.
Aurora Swithenbank highlighted the record revenue and earnings, with net premiums earned of $157.5 million, investment income of $30.3 million, and adjusted EPS of $1.38. She noted expense efficiency, with underwriting and operating expenses of $30.5 million and an expense ratio of 19.4%, down from 19.8% in the first quarter. She also pointed to continued balance-sheet strength and capital return, including $31.4 million of buybacks in the quarter, $408 million repurchased since 2022, and $167 million remaining under the current authorization.
Analysts focused on credit, competition, capital return, and reinsurance. Management said home prices remain supportive overall, though some pressure persists in Florida, Texas, parts of the Sun Belt, Mountain West, and the West Coast; they also said the market is in constructive balance and they are not seeing signs of underwriting strain in the 2026 book. On capital, management said future allocation will depend on organic NIW growth and the company’s excess capital position, and on reinsurance they said they prefer diverse sources but have recently leaned more toward traditional reinsurance because of execution, flexibility, and forward-flow certainty. They also said the new housing legislation is positive for supply and affordability long term, but unlikely to materially change the private MI business in the near term.
The company is still growing its insured portfolio quickly, with $16 billion of NIW and a record $227.1 billion of insurance in force. Management repeatedly described credit performance as strong and the housing backdrop as resilient, while also stressing a disciplined balance between growth, pricing, reinsurance, and returns. The ongoing buyback program and $1.6 billion of excess PMIERs assets support the case for continued capital deployment.
Management acknowledged macro risks remain and expects defaults to trend higher as seasonal tailwinds fade in the second half of the year. They also flagged persistent pressure in certain geographies, including Florida, Texas, parts of the Sun Belt, Mountain West, and West Coast, even if nothing looked dramatic. In addition, management said the housing legislation they support is unlikely to help the private MI market meaningfully in the near term.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 97.7%
- Shares Outstanding
- 75.97M
- Float Shares
- 74.25M
of shares held by institutions
362 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for NMIH, newest first.
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 13.19M | ▲ 326.18K |
| Vanguard Group Inc | 7.12M | ▼ 67.08K |
| Dimensional Fund Advisors LP | 4.67M | ▲ 314.10K |
| State Street Corp | 3.48M | ▲ 175.28K |
| Vanguard Capital Management LLC | 3.42M | ▼ 10.26K |
| American Century Companies Inc | 3.05M | ▲ 326.48K |
| Geode Capital Management, LLC | 2.11M | ▲ 95.61K |
| Macquarie Management Holdings, Inc. | 1.88M | ▲ 215.30K |
| Van Berkom & Associates Inc. | 1.86M | ▼ 131.37K |
| Fuller & Thaler Asset Management, Inc. | 1.31M | ▲ 243.79K |
| Fmr LLC | 1.28M | ▲ 116.99K |
| Goldman Sachs Group Inc | 1.27M | ▲ 34.55K |
Held by 358 ETFs
Biggest fund positions in NMIH by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 11, 26 | Swithenbank Aurora | sell | 11,662 |
| Aug 3, 26 | Smith Robert Owen | sell | 12,000 |
| May 19, 26 | Montgomery Michael Curry | sell | 1,554 |
| May 14, 26 | EMBLER MICHAEL J | other | 4,512 |
| May 14, 26 | Montgomery Michael Curry | other | 4,512 |
| May 14, 26 | SCHEID STEVEN | other | 4,512 |
| May 14, 26 | McCreary Lynn S. | other | 4,512 |
| May 14, 26 | Huskins Priya Cherian | other | 4,512 |
| May 14, 26 | Erickson John C | other | 4,512 |
| May 14, 26 | Agrawal Renu | other | 4,512 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our NMIH coverage
Recent articles, reports, and earnings notes.
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Generate NMIH report →NMIH Gains 20.9% in Three Months: What Investors Should Know?
zacks.com · Aug 20
Bank of America Corp DE Has $48.94 Million Stake in NMI Holdings Inc $NMIH
defenseworld.net · Aug 13
California State Teachers Retirement System Purchases 16,175 Shares of NMI Holdings Inc $NMIH
defenseworld.net · Aug 10
NMI Holdings: Resilient Credit Performance Increasingly Reflected In Valuation (Downgrade)
seekingalpha.com · Aug 3
NMIH Q2 Earnings Beat on Premium Growth and Lower Claims
zacks.com · Jul 31
NMI Holdings (NMIH) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
zacks.com · Jul 30
NMI Holdings, Inc. (NMIH) Q2 2026 Earnings Call Transcript
seekingalpha.com · Jul 30
NMI Holdings (NMIH) Q2 Earnings and Revenues Surpass Estimates
zacks.com · Jul 30
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