NMI Holdings, Inc. (NMIH) Stock

NMI Holdings, Inc. (NMIH) is a Financials stock trading at $45.45 (as of 2026-08-24), with a market capitalization of $3.42B and a trailing P/E of 8.5. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

NMI Holdings, Inc. provides private mortgage guaranty insurance in the United States and related mortgage insurance services. It also offers outsourced loan review services for mortgage loan originators, serving mortgage banks, money center and community banks, credit unions, builder-owned lenders, internet-sourced lenders, and other non-bank lenders.

Understand NMI Holdings, Inc.: how it makes money

NMI Holdings provides private mortgage guaranty insurance and outsourced loan review services to U.S. mortgage loan originators, making money from insuring mortgages and earning service-related fees from lenders.

NMIH's profit engine is the underwriting spread, where pricing and operating efficiency show up in the Combined Ratio and its components (Loss Ratio and Expense Ratio), while credit performance is driven by defaults (as reflected in Default Rate) and policy retention (Twelve-Month Persistency Ratio).

Business quality (Strong): Strong set of insurance operating metrics is provided (volume, persistency, and loss and expense ratios), but there is no usable segment revenue breakdown in the provided data.

Valuation: At 8× earnings, NMIH trades 35% below the Insurance average (13×). Note: one-time items can distort reported P/E.

Bull case

Underwriting profitability looks favorable based on the Combined Ratio and its components: The Combined Ratio is 33.1, with a Loss Ratio of 13.3 and an Expense Ratio of 19.8.
Business momentum and policy retention appear supportive: New Insurance Written Volume is 12.3 (USD_B), and the Twelve-Month Persistency Ratio is 82.2 percent.
Credit performance metrics are favorable in the snapshot provided: Loss-related signals show a Loss Ratio of 13.3 percent, and net yields are positive with Net Yield at 28.0 (ratio) and Core Yield at 34.0 (ratio).

Bear case

Default and loss experience can change, pressuring results even if underwriting looks good today: Defaults are measured in the period (Defaults count is 8044) and credit stress is summarized by Default Rate (87.0).
Expense and loss ratios must stay controlled, since the Combined Ratio is sensitive to both: Expense Ratio (19.8 percent) and Loss Ratio (13.3 percent) together drive the Combined Ratio (33.1).
Written volume and retention are key drivers of future results: New Insurance Written Volume is 12.3 (USD_B) and Twelve-Month Persistency Ratio is 82.2 percent, so weaker origination or lapse trends could be a headwind.

Valuation — source: SEC EDGAR (first-party)
Price	$45.45
Market Cap	$3.42B
P/E Ratio	8.5
EV / EBITDA	6.3
Price / Book	1.26
Price / Sales	4.66
FCF Yield	24.5%
DCF Value (model)	$115.63
DCF Upside vs Price	154.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$706.44M
Net Margin	55.1%
Revenue Growth (YoY)	8.4%
EPS Growth (YoY)	12.8%
FCF Growth (YoY)	74.6%

Valuation vs Sector & Industry
Stock P/E	8.5
Sector P/E (Financials)	15.2
Industry P/E (Insurance)	13.1
vs Sector	-43.9%
vs Industry	-34.7%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($482.50M)
Institutional Holders Tracked	10

Company
Sector	Financials
Industry	Insurance
CEO	Adam S. Pollitzer
Employees	230
Country	US
IPO Date	2013-11-08

Related Companies (Insurance; 8 comparable insurers)

Data as of 2026-08-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.