NMI Holdings (NMIH) Stock Overview
Provides private mortgage guaranty insurance services in the United States. More details
| Snowflake Score | |
|---|---|
| Valuation | 6/6 |
| Future Growth | 0/6 |
| Past Performance | 2/6 |
| Financial Health | 5/6 |
| Dividends | 0/6 |
NMIH Community Fair Values
Create NarrativeSee what 12 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
NMI Holdings, Inc. Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$37.40 |
| 52 Week High | US$43.20 |
| 52 Week Low | US$34.84 |
| Beta | 0.59 |
| 1 Month Change | -9.02% |
| 3 Month Change | -4.49% |
| 1 Year Change | -1.48% |
| 3 Year Change | 48.06% |
| 5 Year Change | 54.61% |
| Change since IPO | 167.14% |
Recent News & Updates
Seeking Alpha • May 22
NMI Holdings: Attractive Even With Peaking Earnings (Upgrade)
Summary NMI Holdings is upgraded to "buy" after recent share underperformance, with valuation now attractive at under 8x earnings and 1.1x book value. Earnings are expected to moderate as legacy low-loss policies shrink and new business faces higher normalized loss ratios, but credit deterioration should remain manageable. NMIH benefits from a strong balance sheet, conservative underwriting, and rising investment income, supporting continued buybacks and capital flexibility. I see fair value at $42 per share (~8.5x earnings), offering 12% upside even as EPS likely peaks. Read the full article on Seeking Alpha
Narrative Update • May 15
NMIH: Mixed Price Revisions Will Shape Future Earnings Power Reassessment
Analysts have modestly adjusted their price targets for NMI Holdings, with mixed revisions such as recent $1 to $4 cuts along with a $2 increase, reflecting updated views on revenue growth assumptions, profit margins, discount rates, and future P/E expectations. Analyst Commentary Recent research highlights a mix of optimism and caution around NMI Holdings, with several firms revising price targets in different directions over a short period.Narrative Update • Apr 28
NMIH: Share Repurchases And Mixed Sentiment Will Shape Future Trading Range
The analyst price target for NMI Holdings has edged down by about $0.15, as recent Street research combines modest target cuts from several firms with a smaller upward revision. These changes reflect updated assumptions around fair value, discount rate, and future P/E multiples.Narrative Update • Apr 13
NMIH: Share Repurchases And Stable Earnings Assumptions Will Support Further Upside
Analysts have adjusted their targets on NMI Holdings amid mixed views on the outlook, with one firm lifting its price target by $2 and two others trimming theirs by $1 each as they weigh updated assumptions for revenue growth, profit margins, discount rates and future P/E levels. Analyst Commentary Recent Street research on NMI Holdings presents a mixed picture, with one firm lifting its target by $2 and JPMorgan and another bank trimming theirs by $1 each.Recent updates
Seeking Alpha • May 22
NMI Holdings: Attractive Even With Peaking Earnings (Upgrade)
Summary NMI Holdings is upgraded to "buy" after recent share underperformance, with valuation now attractive at under 8x earnings and 1.1x book value. Earnings are expected to moderate as legacy low-loss policies shrink and new business faces higher normalized loss ratios, but credit deterioration should remain manageable. NMIH benefits from a strong balance sheet, conservative underwriting, and rising investment income, supporting continued buybacks and capital flexibility. I see fair value at $42 per share (~8.5x earnings), offering 12% upside even as EPS likely peaks. Read the full article on Seeking AlphaNarrative Update • May 15
NMIH: Mixed Price Revisions Will Shape Future Earnings Power Reassessment
Analysts have modestly adjusted their price targets for NMI Holdings, with mixed revisions such as recent $1 to $4 cuts along with a $2 increase, reflecting updated views on revenue growth assumptions, profit margins, discount rates, and future P/E expectations. Analyst Commentary Recent research highlights a mix of optimism and caution around NMI Holdings, with several firms revising price targets in different directions over a short period.Narrative Update • Apr 28
NMIH: Share Repurchases And Mixed Sentiment Will Shape Future Trading Range
The analyst price target for NMI Holdings has edged down by about $0.15, as recent Street research combines modest target cuts from several firms with a smaller upward revision. These changes reflect updated assumptions around fair value, discount rate, and future P/E multiples.Narrative Update • Apr 13
NMIH: Share Repurchases And Stable Earnings Assumptions Will Support Further Upside
Analysts have adjusted their targets on NMI Holdings amid mixed views on the outlook, with one firm lifting its price target by $2 and two others trimming theirs by $1 each as they weigh updated assumptions for revenue growth, profit margins, discount rates and future P/E levels. Analyst Commentary Recent Street research on NMI Holdings presents a mixed picture, with one firm lifting its target by $2 and JPMorgan and another bank trimming theirs by $1 each.Narrative Update • Mar 29
NMIH: Benign 2026 Credit Backdrop Will Support Further Share Price Upside
Narrative Update on NMI Holdings Analysts have inched their price targets on NMI Holdings up to a range of about $43 to $44. This reflects updated assumptions around slightly higher profit margins, a modestly lower discount rate, and sector research that points to a relatively supportive credit backdrop and potential improvement in mortgage origination over the coming years.Narrative Update • Mar 13
NMIH: Benign 2026 Credit And Mortgage Setup Will Support Upside
Analysts have lifted their consolidated price target for NMI Holdings by $2 to $44, citing slightly higher expected profitability, a modestly lower discount rate, and updated views on the broader consumer finance and mortgage markets. Analyst Commentary Recent Street research on NMI Holdings highlights both optimism and caution, with price targets adjusted in response to sector level views on consumer finance and the mortgage market.Narrative Update • Feb 27
NMIH: Benign 2026 Credit And Mortgage Backdrop Will Support Upside
Narrative update: NMI Holdings analyst price target shift Analysts have inched their consolidated price target for NMI Holdings higher to a range of about $43 to $44, citing updated views on consumer finance volatility risks and expectations for a more supportive credit and mortgage origination backdrop in 2026. Analyst Commentary Recent Street research on NMI Holdings highlights a mix of optimism around the 2026 setup and caution around policy and sector level risks in consumer finance.Analysis Article • Feb 13
Here's What Analysts Are Forecasting For NMI Holdings, Inc. (NASDAQ:NMIH) After Its Yearly Results
The yearly results for NMI Holdings, Inc. ( NASDAQ:NMIH ) were released last week, making it a good time to revisit its...Narrative Update • Feb 12
NMIH: Benign Credit And 2026 Mortgage Recovery Will Support Upside
Analysts have raised their average price target on NMI Holdings to about $46.29 from roughly $45.14, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E. The revisions are in line with recent upward target changes from the Street.Narrative Update • Jan 29
NMIH: Benign Credit And 2026 Mortgage Outlook Will Support Upside
Analysts have raised their targets on NMI Holdings in small increments, moving from $42 to $43 and then to $44. These changes reflect updated views on sector risks, a still supportive credit backdrop, and expectations for a healthier mortgage origination market by 2026.Narrative Update • Jan 15
NMIH: Benign Credit Outlook And 2026 Mortgage Recovery May Support Upside
Analysts have increased their fair value estimate for NMI Holdings by about $1 to $45.14. This reflects updated views on the discount rate, long-term profit margin, and future P/E, along with recent price target adjustments to $43 and $44 that reference sector-level credit and mortgage trends.Analysis Article • Jul 31
Why Investors Shouldn't Be Surprised By NMI Holdings, Inc.'s (NASDAQ:NMIH) Low P/E
When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") above 19x, you may...Analysis Article • Jun 29
Here's Why We Think NMI Holdings (NASDAQ:NMIH) Might Deserve Your Attention Today
The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...Analysis Article • Apr 22
NMI Holdings, Inc. (NASDAQ:NMIH) Looks Inexpensive But Perhaps Not Attractive Enough
NMI Holdings, Inc.'s ( NASDAQ:NMIH ) price-to-earnings (or "P/E") ratio of 7.2x might make it look like a strong buy...Analysis Article • Mar 26
NMI Holdings (NASDAQ:NMIH) Ticks All The Boxes When It Comes To Earnings Growth
For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...Seeking Alpha • Jan 14
NMI Holdings: Excellent Relative Value, Buy
Summary I recommend National Mortgage Insurance over fintech Upstart due to stark valuation disparities reminiscent of past market bubbles. National Mortgage boasts a 13% earnings yield and a P/E ratio of 7.8, significantly undervalued compared to the S&P 500 and Upstart. The company’s strong credit protections and low risk of mortgage defaults make it a safer investment. With growth drivers like insurance in force and share buybacks, I expect NMIH's EPS to rise, making it a compelling value stock. Read the full article on Seeking AlphaAnalysis Article • Jan 03
Improved Earnings Required Before NMI Holdings, Inc. (NASDAQ:NMIH) Shares Find Their Feet
When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") above 19x, you may...Seeking Alpha • Oct 23
How NMI Holdings' Superior Credit Quality Drives Growth
Summary NMIH’s Insurance-in-Force reached $203.5 billion in Q2 2024, reflecting a 6% year-over-year increase. The company’s average borrower FICO score stood at 757 in Q2 2024, well above the national average. NMI Holdings maintained a default rate of 0.76% as of June 30, 2024, down from 0.80% in Q1. NMIH trades at a forward P/E of around 9x, presenting a discounted investment opportunity compared to industry peers. As mortgage rates trend lower, NMI Holdings is well-positioned to capture increasing demand in the PMI sector. Read the full article on Seeking AlphaAnalysis Article • Sep 26
Does NMI Holdings (NASDAQ:NMIH) Deserve A Spot On Your Watchlist?
The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
New Narrative • Sep 04
Record Financial Results And Calculated Advances Set To Boost Shareholder Returns Amid Challenges
A strong demand for the company's services, evidenced by growth in the insured portfolio and increasing NIW volume, forecasts higher revenue growth.Analysis Article • Aug 03
NMI Holdings, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions
NMI Holdings, Inc. ( NASDAQ:NMIH ) shareholders are probably feeling a little disappointed, since its shares fell 4.3...Analysis Article • Jul 21
NMI Holdings, Inc.'s (NASDAQ:NMIH) Business And Shares Still Trailing The Market
When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") above 18x, you may...Analysis Article • May 28
Here's Why NMI Holdings (NASDAQ:NMIH) Has Caught The Eye Of Investors
The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...Seeking Alpha • May 10
NMI Holdings: Contrary To Its Name, This Is Not Your Enemy
Summary National Mortgage Insurance Holdings enjoys strong momentum, will it last? The return on equity of its insurance portfolio increased, while risks were lowered. As earnings are set to increase in the coming quarters and the company is actively buying its own shares, I think momentum is likely to continue to be strong. Read the full article on Seeking AlphaAnalysis Article • Apr 01
Not Many Are Piling Into NMI Holdings, Inc. (NASDAQ:NMIH) Just Yet
When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") above 18x, you may...Seeking Alpha • Feb 18
Buy NMI Holdings: Home Mortgage Credit Managers Are Getting Cheap
Summary NMI Holdings is a private mortgage insurer that insures Fannie Mae and Freddie Mac against default risk on home mortgage loans. The company reported strong earnings with EPS beating estimates and cash EPS increasing by 21%. NMIH's outlook is positive, with expected growth in insurance premiums earned, investment income, and stock buybacks. Investors are giving mortgage credit managers far lower valuations than managers of auto, credit card, and other personal loan credit. My target price of $45 is up more than 50% from the current price. Read the full article on Seeking AlphaAnalysis Article • Feb 17
NMI Holdings, Inc. (NASDAQ:NMIH) Annual Results Just Came Out: Here's What Analysts Are Forecasting For This Year
NMI Holdings, Inc. ( NASDAQ:NMIH ) shareholders are probably feeling a little disappointed, since its shares fell 3.8...Analysis Article • Jan 23
Do NMI Holdings' (NASDAQ:NMIH) Earnings Warrant Your Attention?
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...Analysis Article • Dec 23
Insufficient Growth At NMI Holdings, Inc. (NASDAQ:NMIH) Hampers Share Price
NMI Holdings, Inc.'s ( NASDAQ:NMIH ) price-to-earnings (or "P/E") ratio of 7.8x might make it look like a strong buy...Analysis Article • Oct 11
Here's Why We Think NMI Holdings (NASDAQ:NMIH) Might Deserve Your Attention Today
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...Analysis Article • Jun 30
We Ran A Stock Scan For Earnings Growth And NMI Holdings (NASDAQ:NMIH) Passed With Ease
For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...Analysis Article • Mar 23
Should You Be Adding NMI Holdings (NASDAQ:NMIH) To Your Watchlist Today?
The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...Seeking Alpha • Aug 30
NMI Holdings insurance unit inks $154M excess-of-loss reinsurance deal
NMI Holdings (NASDAQ:NMIH) said Tuesday its unit National Mortgage Insurance inked a new $154M excess-of-loss reinsurance deal. The deal provides loss protection on policies originated primarily between Apr. 1 and Jun. 30 from a 2.25% cumulative claim attachment threshold up to a 6.65% maximum aggregate detachment level. The unit expects to receive full PMIERs credit for the deal.Seeking Alpha • Aug 03
NMI Holdings Is A Cheap Bet Against A Housing Cataclysm
NMIH has one of the cleanest and highest quality mortgage insurance books in the country. Housing and the economy can weaken quite a bit without causing major losses for the mortgage insurance industry, given an improved business model. NMIH trades at a paltry 5.8x forward earnings and the stock trades at just 1.04x a temporarily depressed book value. The mortgage insurance business is not sexy, but it is an integral part of our housing industry infrastructure. The industry got ravaged in the Financial Crisis, crushed by shoddy and fraudulent underwriting, a housing bubble of unprecedented proportions in this country, and the worst U.S. recession since the Great Depression. Like with banking, the industry was totally revamped and recapitalized, and is far less risky moving forward. NMI Holdings (NMIH) has a very strong insured portfolio that should continue to produce robust recurring revenues for many years into the future, and the stock is trading far too cheaply relative to its future cash flow prospects. NMIH has benefitted from not having the legacy pre-Financial Crisis exposure of some of its larger peers, which surprisingly still account for a large percentage of defaults and losses. I wrote about the company in December of last year and while the outlook might be a bit murkier for the general economy, I think the discounted current valuation of the stock makes for a better buy at current prices. 2020, the year of Covid-19 and the dreaded lockdowns, was an unprecedented challenge in many ways. Defaults rose rapidly as mortgage forbearance was a key part of the government’s strategy to halt an economic collapse. Somewhat astonishingly, housing prices went through the roof as the dynamics of a supply shortage, work-from-home, and families simply wanting more space to live bore fruit. Default rates have plunged lower and lower as people became current on their mortgages once again, but now this inflation-driven recession is likely to have ramifications, and stocks have taken a beating in response. Housing prices in many markets are starting to come down slightly, which is not a bad thing in that affordability has never been worse than it has been, especially with the increase in mortgage rates. Most homeowners have equity given the appreciation of the last few years and even if they are pressured with a job loss, they likely would have the option to sell their home before defaulting. The Great Recession combined a truly historic housing bubble, littered with systemically fraudulent underwriting. While ZIRP policies have inflated assets, the huge supply shortage from reduced building in the years following the recession have created a far healthier housing market than it was then, when there was huge oversupply. Mortgage underwriting is far more stringent, which I believe we’ll really see proven once again in this next year or so, like we saw in 2020 already. This is unlikely to be a typical recession in that it is starting from peak unemployment. Many areas of the economy are still pretty strong, including consumer spending. Car manufacturers have huge waiting lists, which is not something I’ve ever seen industrywide in my lifetime. Many commodity prices are starting to roll over, which gives me hope that we have seen the worst of inflation, which would greatly reduce the risk of a major recession, assuming the Federal Reserve was able to stop raising rates after maybe one more hike. The Treasury bond market is sending a message with its substantial decline, and I’d expect mortgage rates to follow, as spreads are historically wide. This could be a good situation for mortgage insurers as they’ll have high persistency, but housing would likely be reasonably strong given better affordability for those still in the market. On August 2nd, NMI Holdings reported net income of $75.4MM, or $.86 per diluted share, which was up from $67.7MM, or $.77 per diluted share in Q1, and up from $57.5MM, or $.65 per diluted share at the same time last year. Primary insurance-in-force at quarter end was $168.6B, up 6% from $158.9B in Q1, and up 23% compared to $136.6B in Q2 of 2021. Net premiums earned were $120.8MM, up 4% sequentially, and 9% YoY. Underwriting and operating expenses were $30.7MM, down 7% sequentially, and 12% YoY. Insurance claim and claim expenses was a benefit of $3.0MM, compared to a benefit of $.6MM in Q1, and an expense of $4.6MM in Q2 of 2021. Loans in default have dropped to 4,271, from 5,238 in Q1, and 8,764 in Q2 of 2021. This makes for a paltry default rate of .77%. Annual persistency rose to 76% in Q2, up from 71.5% in Q1 and just 53.9% in Q2 of last year. This is a result of higher rates making refinancings unviable for most, allowing for a stable revenue and earnings stream for the company. The net premium yield has been dropping over the last year but stabilized in Q2 at .3%. I would expect for rates to perk up a bit as the macroeconomic environment becomes more dire. NMIH Q2 Financial Results Press Release When you look at the credit quality as exhibited by high FICOs and relatively low LTVs in NMIH’s insurance portfolio, you can see the steps taken by the company and the industry to reduce risks. With the unemployment rate at 3.6%, although likely to go higher, the stage is not set for a complete housing collapse like 2008. I actually think the current outlook is far better than it was in 2020 for the mortgage insurance industry and I’d be shocked if the industry didn’t remain solidly profitable, despite a likely increase in defaults as the economy weakens. NMIH made just as much money in 2020 as it did in 2019, then followed up the lockdown year with huge earnings growth. The company is healthily reserved for the current environment and could deal with far worse. One of the major industry changes has been the risk redistribution with tools such as insurance-linked notes, which kick in when losses breach a certain level, while also serving the purpose of reducing capital charges. Earnings before taxes were $297MM in 2021 and are on pace to be much higher this year, so dealing with a little increase in provisioning is really not going to change the picture much for a long-term investor, as it is simply the cost of doing business. Shareholders’ equity was $1.5B at the end of the quarter, while book value per share was $18.01. These figures were negatively impacted by losses in the investment portfolio like many other financial companies. If it weren’t for those losses stemming from higher rates, book value per share would have been $19.91, up 5% sequentially and 19% YoY. With the rather significant decline we have seen in interest rates since the end of the quarter, there is a good chance some of these losses should reverse themselves in Q3, but there is still a lot of time for things to change.Seeking Alpha • Dec 08
NMI Holdings Inc. Offers Strong Growth At A Reasonable Price
NMIH trades at just 1.18x book value despite consistently generating an ROE in excess of 15%. Rising housing prices have provided an equity buffer, reducing the risk of defaults. Reinsurance programs have changed the industry into being far less exposed to major tail-risk events, which should ultimately lead to a higher valuation relative to earnings and book value.Analysis Article • Nov 08
Here's Why I Think NMI Holdings (NASDAQ:NMIH) Is An Interesting Stock
Like a puppy chasing its tail, some new investors often chase 'the next big thing', even if that means buying 'story...Seeking Alpha • Sep 06
NMI Holdings: This Compounder Still Remains Unnoticed And Provides Significant Upside Potential
NMIH's fundamentals remain robust and improving. The credit quality of the company's insured portfolio proves its resiliency with declining default and forbearance rates along with a stable FICO rate of 754. The company is making remarkable progress in expanding its market share, and in combination with a positive housing market outlook, NMIH is well-positioned to capture further growth in 2022. Based on my initial valuation model, the intrinsic value estimate remains intact between $35 to $43, implying a potential upside of 58%-94% from current share price levels.Shareholder Returns
| NMIH | US Diversified Financial | US Market | |
|---|---|---|---|
| 7D | -3.0% | -0.6% | 1.1% |
| 1Y | -1.5% | -8.6% | 28.7% |
Return vs Industry: NMIH exceeded the US Diversified Financial industry which returned -8.6% over the past year.
Return vs Market: NMIH underperformed the US Market which returned 28.7% over the past year.
Price Volatility
| NMIH volatility | |
|---|---|
| NMIH Average Weekly Movement | 3.5% |
| Diversified Financial Industry Average Movement | 6.1% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.4% |
| 10% least volatile stocks in US Market | 3.1% |
Stable Share Price: NMIH has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: NMIH's weekly volatility (4%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 2011 | 225 | Adam Pollitzer | www.nationalmi.com |
NMI Holdings, Inc., together with its subsidiaries, provides private mortgage guaranty insurance services in the United States. It provides primary mortgage insurance services; and outsourced loan review services to mortgage loan originators. The company serves national and regional mortgage banks, money center banks, credit unions, community banks, builder-owned mortgage lenders, internet-sourced lenders, and other non-bank lenders.
NMI Holdings, Inc. Fundamentals Summary
| NMIH fundamental statistics | |
|---|---|
| Market cap | US$2.84b |
| Earnings (TTM) | US$385.70m |
| Revenue (TTM) | US$716.67m |
7.4x
P/E Ratio4.0x
P/S RatioIs NMIH overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| NMIH income statement (TTM) | |
|---|---|
| Revenue | US$716.67m |
| Cost of Revenue | US$171.90m |
| Gross Profit | US$544.77m |
| Other Expenses | US$159.07m |
| Earnings | US$385.70m |
Last Reported Earnings
Mar 31, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 5.08 |
| Gross Margin | 76.01% |
| Net Profit Margin | 53.82% |
| Debt/Equity Ratio | 15.9% |
How did NMIH perform over the long term?
See historical performance and comparisonCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/25 05:41 |
| End of Day Share Price | 2026/05/22 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
NMI Holdings, Inc. is covered by 16 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Mark DeVries | Barclays |
| Mark DeVries | Barclays |
| Terry Ma | Barclays |