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

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...

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 Alpha

Analysis 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 Alpha

Analysis 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...

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 Alpha

Analysis 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 Alpha

Analysis 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.

Diversified Financial earnings growth	8.0%
Revenue growth rate	4.9%
Future return on equity	n/a
Analyst coverage	Low
Last updated	22 May 2026

Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
12/31/2028	820	426	N/A	N/A	1
12/31/2027	783	404	N/A	N/A	3
12/31/2026	747	394	N/A	N/A	3
3/31/2026	717	386	428	434	N/A
12/31/2025	706	389	413	419	N/A
9/30/2025	692	381	387	393	N/A
6/30/2025	680	378	388	394	N/A
3/31/2025	668	374	377	383	N/A
12/31/2024	651	360	387	394	N/A
9/30/2024	636	357	381	388	N/A
6/30/2024	618	348	371	380	N/A
3/31/2024	598	337	354	364	N/A
12/31/2023	579	322	333	343	N/A
9/30/2023	561	312	334	344	N/A
6/30/2023	543	305	321	331	N/A
3/31/2023	533	300	313	323	N/A
12/31/2022	523	293	303	313	N/A
9/30/2022	515	280	315	326	N/A
6/30/2022	509	264	306	317	N/A
3/31/2022	497	246	309	321	N/A
12/31/2021	485	231	313	326	N/A
9/30/2021	470	219	307	319	N/A
6/30/2021	454	197	294	308	N/A
3/31/2021	441	166	277	290	N/A
12/31/2020	433	172	240	253	N/A
9/30/2020	428	173	272	284	N/A
6/30/2020	422	185	238	248	N/A
3/31/2020	405	197	218	228	N/A
12/31/2019	379	172	N/A	208	N/A
9/30/2019	350	157	N/A	186	N/A
6/30/2019	320	132	N/A	172	N/A
3/31/2019	297	118	N/A	153	N/A
12/31/2018	275	108	N/A	146	N/A
9/30/2018	253	71	N/A	125	N/A
6/30/2018	230	58	N/A	115	N/A
3/31/2018	205	39	N/A	91	N/A
12/31/2017	183	22	N/A	68	N/A
9/30/2017	165	84	N/A	62	N/A
6/30/2017	151	77	N/A	59	N/A
3/31/2017	139	73	N/A	69	N/A
12/31/2016	124	64	N/A	72	N/A
9/30/2016	106	-1	N/A	78	N/A
6/30/2016	85	-12	N/A	70	N/A
3/31/2016	67	-24	N/A	50	N/A
12/31/2015	54	-28	N/A	41	N/A
9/30/2015	42	-33	N/A	15	N/A
6/30/2015	32	-39	N/A	-4	N/A

Data	Last Updated (UTC time)
Company Analysis	2026/05/24 16:00
End of Day Share Price	2026/05/22 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Mark DeVries	Barclays
Mark DeVries	Barclays
Terry Ma	Barclays

NMI Holdings Future Growth

Future criteria checks 0/6

Key information

Recent future growth updates

Here's What Analysts Are Forecasting For NMI Holdings, Inc. (NASDAQ:NMIH) After Its Yearly Results

NMI Holdings, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions

NMI Holdings, Inc. (NASDAQ:NMIH) Annual Results Just Came Out: Here's What Analysts Are Forecasting For This Year

Price target increased by 7.7% to US$34.00

Price target decreased to US$29.06

Recent updates

NMI Holdings: Attractive Even With Peaking Earnings (Upgrade)

NMIH: Mixed Price Revisions Will Shape Future Earnings Power Reassessment

NMI Holdings Delivers Record Revenue and Insurance Growth With Strong Q1 Earnings Beat

NMIH: Share Repurchases And Mixed Sentiment Will Shape Future Trading Range

NMIH: Share Repurchases And Stable Earnings Assumptions Will Support Further Upside

NMI Holdings, Inc. to Report Q1, 2026 Results on Apr 30, 2026

NMIH: Benign 2026 Credit Backdrop Will Support Further Share Price Upside

NMI Holdings, Inc., Annual General Meeting, May 14, 2026

NMIH: Benign 2026 Credit And Mortgage Setup Will Support Upside

NMIH: Benign 2026 Credit And Mortgage Backdrop Will Support Upside

Here's What Analysts Are Forecasting For NMI Holdings, Inc. (NASDAQ:NMIH) After Its Yearly Results

NMI Holdings, Inc. Appoints Renu Agrawal to Board of Directors

NMIH: Benign Credit And 2026 Mortgage Recovery Will Support Upside

NMIH: Benign Credit And 2026 Mortgage Outlook Will Support Upside

NMIH: Benign Credit Outlook And 2026 Mortgage Recovery May Support Upside

NMI Holdings, Inc. to Report Q4, 2025 Results on Feb 10, 2026

NMI Holdings, Inc. to Report Q3, 2025 Results on Nov 04, 2025

Why Investors Shouldn't Be Surprised By NMI Holdings, Inc.'s (NASDAQ:NMIH) Low P/E

NMI Holdings, Inc. to Report Q2, 2025 Results on Jul 29, 2025

NMI Holdings, Inc.(NasdaqGM:NMIH) dropped from Russell 2500 Growth Index

Here's Why We Think NMI Holdings (NASDAQ:NMIH) Might Deserve Your Attention Today

NMI Holdings, Inc. (NASDAQ:NMIH) Looks Inexpensive But Perhaps Not Attractive Enough

NMI Holdings, Inc. to Report Q1, 2025 Results on Apr 29, 2025

NMI Holdings, Inc., Annual General Meeting, May 08, 2025

NMI Holdings (NASDAQ:NMIH) Ticks All The Boxes When It Comes To Earnings Growth

NMI Holdings, Inc. (NasdaqGM:NMIH) announces an Equity Buyback for $250 million worth of its shares.

NMI Holdings, Inc. to Report Q4, 2024 Results on Feb 06, 2025

NMI Holdings: Excellent Relative Value, Buy

Improved Earnings Required Before NMI Holdings, Inc. (NASDAQ:NMIH) Shares Find Their Feet

NMI Holdings, Inc. Appoints Mohammad Yousaf as Chief of Operations and Technology, Effective January 1, 2025

How NMI Holdings' Superior Credit Quality Drives Growth

NMI Holdings, Inc. to Report Q3, 2024 Results on Nov 06, 2024

Does NMI Holdings (NASDAQ:NMIH) Deserve A Spot On Your Watchlist?

Record Financial Results And Calculated Advances Set To Boost Shareholder Returns Amid Challenges

NMI Holdings, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions

NMI Holdings, Inc.'s (NASDAQ:NMIH) Business And Shares Still Trailing The Market

NMI Holdings, Inc. to Report Q2, 2024 Results on Jul 30, 2024

Here's Why NMI Holdings (NASDAQ:NMIH) Has Caught The Eye Of Investors

NMI Holdings: Contrary To Its Name, This Is Not Your Enemy

First quarter 2024 earnings: EPS and revenues exceed analyst expectations

NMI Holdings, Inc. to Report Q1, 2024 Results on Apr 30, 2024

Not Many Are Piling Into NMI Holdings, Inc. (NASDAQ:NMIH) Just Yet

Independent Director recently sold US$1.5m worth of stock

Independent Director notifies of intention to sell stock

NMI Holdings, Inc. Announces Management Changes

Independent Director recently sold US$1.7m worth of stock

Independent Director notifies of intention to sell stock

Insider recently sold US$266k worth of stock

Insider notifies of intention to sell stock

Buy NMI Holdings: Home Mortgage Credit Managers Are Getting Cheap

NMI Holdings, Inc. (NASDAQ:NMIH) Annual Results Just Came Out: Here's What Analysts Are Forecasting For This Year

Full year 2023 earnings: EPS exceeds analyst expectations

Executive Chairman recently sold US$392k worth of stock

Do NMI Holdings' (NASDAQ:NMIH) Earnings Warrant Your Attention?

NMI Holdings, Inc. to Report Q4, 2023 Results on Feb 14, 2024

Price target increased by 7.7% to US$34.00

Executive Chairman notifies of intention to sell stock

Insufficient Growth At NMI Holdings, Inc. (NASDAQ:NMIH) Hampers Share Price

NMI Holdings, Inc. Appoints William (Bill) Leatherberry as Chief Administrative Officer, Effective January 1, 2024

Executive VP & Chief Risk Officer recently sold US$244k worth of stock

Executive VP & Chief Risk Officer notifies of intention to sell stock

Third quarter 2023 earnings: EPS and revenues exceed analyst expectations

NMI Holdings, Inc. to Report Q3, 2023 Results on Nov 01, 2023

Here's Why We Think NMI Holdings (NASDAQ:NMIH) Might Deserve Your Attention Today

NMI Holdings, Inc. Appoints John Erickson as Independent Member of Board of Director

NMI Holdings, Inc. Announces Expansion of Leadership Team

Independent Director notifies of intention to sell stock

NMI Holdings, Inc. (NasdaqGM:NMIH) announces an Equity Buyback for $200 million worth of its shares.

Second quarter 2023 earnings: EPS and revenues exceed analyst expectations

NMI Holdings, Inc. to Report Q2, 2023 Results on Aug 01, 2023