# NMI Holdings (NMIH.US)

Canonical: https://gigainvestors.com/s/NMIH

Analysis as of: 2026-10-16T07:30:36.542Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $40.10 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.28×

Chart: Net income; fiscal year observations.

- FY2016: $64M

- FY2017: $22M

- FY2018: $108M

- FY2019: $172M

- FY2020: $172M

- FY2021: $231M

- FY2022: $293M

- FY2023: $322M

- FY2024: $360M

- FY2025: $389M

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 14.9%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 10.3%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 13.5%

- FY2017: 4.3%

- FY2018: 15.4%

- FY2019: 14.8%

- FY2020: 10.3%

- FY2021: 12.2%

- FY2022: 18.2%

- FY2023: 16.7%

- FY2024: 16.2%

- FY2025: 15.0%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 17.2%

- Book return interval: 10 years

- Starting book value per share: $6.86

- Ending book value per share: $32.79

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 13.9%

- FY2017: 4.7%

- FY2018: 26.7%

- FY2019: 63.3%

- FY2020: 26.3%

- FY2021: 3.9%

- FY2022: -13.8%

- FY2023: 22.4%

- FY2024: 18.8%

- FY2025: 20.2%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: 3.0%

- Diluted shares, 5-year annual growth: -0.1%

- Share growth excluding flagged crisis recapitalisations: 3.0%

- Five-year share growth excluding flagged crisis recapitalisations: -0.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.21×

- Book value created per share: $25.93

- Earnings retained per share after dividends and buybacks: $21.50

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 104

- FY2017: 106

- FY2018: 115

- FY2019: 119

- FY2020: 135

- FY2021: 148

- FY2022: 147

- FY2023: 143

- FY2024: 138

- FY2025: 135

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Ron Muhlenkamp](https://gigainvestors.com/MUHL): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 47% since Oct 2023 · "NMIH Q2 Earnings Beat on Premium Growth and Lower Claims" (finance.yahoo.com, Jul 2026) · net income +8%

Story as of 2026-10-16T09:59:15.589Z; price observation 2026-10-15.

- 2026-07-31: NMIH Q2 Earnings Beat on Premium Growth and Lower Claims ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/nmih-q2-earnings-beat-premium-171300980.html))

### Net income · FY2025

net income +8%; source https://www.sec.gov/Archives/edgar/data/1547903/000154790326000011/nmih-20251231.htm; observed 2026-02-12.

- FY2016: $64M 

- FY2017: $22M 

- FY2018: $108M 

- FY2019: $172M 

- FY2020: $172M 

- FY2021: $231M 

- FY2022: $293M 

- FY2023: $322M 

- FY2024: $360M 

- FY2025: $389M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance specialty; annual sales are USD 706.4 million.

- Source: https://www.sec.gov/Archives/edgar/data/1547903/000154790326000011/nmih-20251231.htm#000154790326000011 (filed 2026-02-12); FY2025: revenue 706440000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NMIH.US: 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. was incorporated in 2011 and is headquartered in Emeryville, California.

### Why customers stay

It earns 14.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 10-year return on tangible equity observations [[2016,0.1345947185016477],[2017,0.04331368339170695],[2018,0.15385174625801853],[2019,0.14789531897472594],[2020,0.10330453359537904],[2021,0.12217574637260194],[2022,0.1815065373511133],[2023,0.16724264331745936],[2024,0.16239776462141792],[2025,0.15004942156323375]]; median 0.14897237026897986. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 10 years; bought back USD 105.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,18248000],[2020,8961000],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1547903/000154790326000011/nmih-20251231.htm (filed 2026-02-12); FY2025: cash repurchases 105099000 USD.

### Are managers owners

Insiders own 1.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NMIH.US SharesStats.PercentInsiders = 1.583 percentage points; cache date 2026-10-16.

### What the price says

The price is 4.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Closing price 40.1 USD; reporting-to-trading FX 1; FY2025 annual sales per share 8.937979199878539; price multiple 4.486472736538135. FY2025 cash earnings/share 4.977415926516359. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $7.65 per share

- 2016-11: $8.60 per share

- 2016-12: $10.65 per share

- 2017-01: $10.80 per share

- 2017-02: $11.10 per share

- 2017-03: $11.40 per share

- 2017-04: $11.60 per share

- 2017-05: $10.40 per share

- 2017-06: $11.45 per share

- 2017-07: $11.80 per share

- 2017-08: $10.85 per share

- 2017-09: $12.40 per share

- 2017-10: $14.55 per share

- 2017-11: $17.05 per share

- 2017-12: $17.00 per share

- 2018-01: $18.35 per share

- 2018-02: $19.85 per share

- 2018-03: $16.55 per share

- 2018-04: $13.85 per share

- 2018-05: $16.65 per share

- 2018-06: $16.30 per share

- 2018-07: $20.90 per share

- 2018-08: $21.60 per share

- 2018-09: $22.65 per share

- 2018-10: $21.14 per share

- 2018-11: $19.54 per share

- 2018-12: $17.85 per share

- 2019-01: $22.00 per share

- 2019-02: $24.15 per share

- 2019-03: $25.87 per share

- 2019-04: $28.08 per share

- 2019-05: $27.26 per share

- 2019-06: $28.39 per share

- 2019-07: $24.88 per share

- 2019-08: $28.34 per share

- 2019-09: $26.26 per share

- 2019-10: $29.25 per share

- 2019-11: $33.57 per share

- 2019-12: $33.18 per share

- 2020-01: $31.92 per share

- 2020-02: $23.34 per share

- 2020-03: $11.61 per share

- 2020-04: $13.52 per share

- 2020-05: $15.37 per share

- 2020-06: $16.08 per share

- 2020-07: $15.52 per share

- 2020-08: $17.15 per share

- 2020-09: $17.80 per share

- 2020-10: $21.49 per share

- 2020-11: $21.91 per share

- 2020-12: $22.65 per share

- 2021-01: $21.21 per share

- 2021-02: $22.86 per share

- 2021-03: $23.64 per share

- 2021-04: $25.84 per share

- 2021-05: $24.19 per share

- 2021-06: $22.48 per share

- 2021-07: $22.02 per share

- 2021-08: $22.57 per share

- 2021-09: $22.61 per share

- 2021-10: $24.28 per share

- 2021-11: $19.60 per share

- 2021-12: $21.85 per share

- 2022-01: $24.74 per share

- 2022-02: $23.14 per share

- 2022-03: $20.62 per share

- 2022-04: $18.38 per share

- 2022-05: $18.61 per share

- 2022-06: $16.65 per share

- 2022-07: $18.94 per share

- 2022-08: $20.53 per share

- 2022-09: $20.37 per share

- 2022-10: $21.93 per share

- 2022-11: $21.53 per share

- 2022-12: $20.90 per share

- 2023-01: $23.23 per share

- 2023-02: $23.34 per share

- 2023-03: $22.33 per share

- 2023-04: $23.40 per share

- 2023-05: $25.15 per share

- 2023-06: $25.82 per share

- 2023-07: $26.71 per share

- 2023-08: $28.62 per share

- 2023-09: $27.09 per share

- 2023-10: $27.35 per share

- 2023-11: $27.50 per share

- 2023-12: $29.68 per share

- 2024-01: $31.92 per share

- 2024-02: $30.08 per share

- 2024-03: $32.34 per share

- 2024-04: $30.86 per share

- 2024-05: $33.18 per share

- 2024-06: $34.04 per share

- 2024-07: $39.35 per share

- 2024-08: $41.07 per share

- 2024-09: $41.19 per share

- 2024-10: $38.68 per share

- 2024-11: $39.99 per share

- 2024-12: $36.76 per share

- 2025-01: $38.62 per share

- 2025-02: $36.44 per share

- 2025-03: $36.05 per share

- 2025-04: $36.17 per share

- 2025-05: $39.72 per share

- 2025-06: $42.19 per share

- 2025-07: $37.32 per share

- 2025-08: $39.35 per share

- 2025-09: $38.34 per share

- 2025-10: $36.43 per share

- 2025-11: $38.15 per share

- 2025-12: $40.79 per share

- 2026-01: $38.72 per share

- 2026-02: $39.31 per share

- 2026-03: $37.51 per share

- 2026-04: $38.71 per share

- 2026-05: $35.90 per share

- 2026-06: $41.09 per share

- 2026-07: $44.30 per share

- 2026-08: $44.35 per share

- 2026-09: $37.32 per share

- 2026-10: $40.10 per share

## Annual estimated value (USD per share)

- FY2021: low $6.74 per share, central $8.43 per share, high $11.24 per share

- FY2022: low $19.91 per share, central $24.89 per share, high $33.19 per share

- FY2023: low $33.82 per share, central $42.28 per share, high $56.37 per share

- FY2024: low $46.28 per share, central $57.85 per share, high $77.14 per share

- FY2025: low $59.49 per share, central $74.37 per share, high $99.16 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1547903/000154790326000011/nmih-20251231.htm); period 2025-12-31, filed 2026-02-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Ron Muhlenkamp](https://gigainvestors.com/MUHL): 368,558 NMIH shares; USD 15,144,000 reported position value; 4.39% of portfolio; add; quarter 2026 Q2.

# NMIH — NMI Holdings

Held by 1 investor · USD 15,144,000 total · 2026 Q2 · reported price USD 41.09 (split-adjusted).
Page: https://gigainvestors.com/s/NMIH

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Ron Muhlenkamp (https://gigainvestors.com/MUHL) | USD 15,144,000 | 4.4% | add +0.64% |

## Total held by quarter

- 2014 Q3: USD 5,192,595 · 1 holder · USD 8.65
- 2014 Q4: USD 24,551,300 · 1 holder · USD 9.13
- 2015 Q1: USD 27,838,637 · 1 holder · USD 7.49
- 2015 Q2: USD 43,020,948 · 1 holder · USD 8.02
- 2015 Q3: USD 41,549,527 · 1 holder · USD 7.60
- 2015 Q4: USD 38,361,819 · 1 holder · USD 6.77
- 2016 Q1: USD 29,373,037 · 1 holder · USD 5.05
- 2016 Q2: USD 31,874,108 · 1 holder · USD 5.48
- 2016 Q3: USD 44,321,296 · 1 holder · USD 7.62
- 2016 Q4: USD 61,945,118 · 1 holder · USD 10.65
- 2017 Q1: USD 66,307,450 · 1 holder · USD 11.40
- 2017 Q2: USD 66,598,272 · 1 holder · USD 11.45
- 2017 Q3: USD 72,123,893 · 1 holder · USD 12.40
- 2017 Q4: USD 96,593,864 · 1 holder · USD 17.00
- 2018 Q1: USD 94,036,968 · 1 holder · USD 16.55
- 2018 Q2: USD 92,616,470 · 1 holder · USD 16.30
- 2018 Q3: USD 128,697,119 · 1 holder · USD 22.65
- 2018 Q4: USD 101,423,557 · 1 holder · USD 17.85
- 2019 Q1: USD 146,993,133 · 1 holder · USD 25.87
- 2019 Q2: USD 141,266,113 · 1 holder · USD 28.39
- 2019 Q3: USD 130,667,423 · 1 holder · USD 26.26
- 2019 Q4: USD 145,992,000 · 1 holder · USD 33.18
- 2020 Q1: USD 51,084,000 · 1 holder · USD 11.61
- 2020 Q2: USD 70,752,000 · 1 holder · USD 16.08
- 2020 Q3: USD 86,597,000 · 1 holder · USD 17.80
- 2020 Q4: USD 112,434,600 · 1 holder · USD 22.65
- 2021 Q1: USD 115,008,600 · 1 holder · USD 23.64
- 2021 Q2: USD 109,365,200 · 1 holder · USD 22.48
- 2021 Q3: USD 120,285,200 · 1 holder · USD 22.61
- 2021 Q4: USD 116,242,000 · 1 holder · USD 21.85
- 2022 Q1: USD 109,698,400 · 1 holder · USD 20.62
- 2022 Q2: USD 88,578,000 · 1 holder · USD 16.65
- 2022 Q3: USD 108,368,400 · 1 holder · USD 20.37
- 2022 Q4: USD 102,410,000 · 1 holder · USD 20.90
- 2023 Q1: USD 109,417,000 · 1 holder · USD 22.33
- 2023 Q2: USD 126,518,000 · 1 holder · USD 25.82
- 2023 Q3: USD 132,741,000 · 1 holder · USD 27.09
- 2023 Q4: USD 152,625,126 · 2 holders · USD 29.68
- 2024 Q1: USD 49,225,620 · 2 holders · USD 32.34
- 2024 Q2: USD 15,794,390 · 1 holder · USD 34.04
- 2024 Q3: USD 19,099,679 · 1 holder · USD 41.19
- 2024 Q4: USD 17,052,707 · 1 holder · USD 36.76
- 2025 Q1: USD 16,690,105 · 1 holder · USD 36.05
- 2025 Q2: USD 19,654,380 · 1 holder · USD 42.19
- 2025 Q3: USD 17,879,744 · 1 holder · USD 38.34
- 2025 Q4: USD 19,081,113 · 1 holder · USD 40.79
- 2026 Q1: USD 13,736,875 · 1 holder · USD 37.51
- 2026 Q2: USD 15,144,000 · 1 holder · USD 41.09