📈 Price History

Ratio Health

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By Category

📊 Peer Medians

About

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.

Key Ratios Snapshot

📈 Growth Pattern

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📊 Quick Scorecard

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⭐ Superinvestors Holding NMIH

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	226.8K	$8.5M	0.01%	Mar 2026
Jim Simons Renaissance Technologies LLC	13.8K	$516K	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 3 quarters analysed

Q2 2025

Confident Specific

Management repeatedly uses words like 'standout', 'record', 'terrific quarter', 'strong financial results' backed by specific numbers (record revenue $173.8M, NIW $12.5B, portfolio $214.7B). They acknowledge macro risks but quickly pivot to their proactive risk management and disciplined execution.

Q4 2025

Confident Specific

Management uses repeated phrases like 'standout operating performance', 'record net income', 'industry-leading credit performance', and 'position of real strength'. Specific figures are cited: $221.4B PIF, $388.9M net income, $4.92 diluted EPS, 16.2% ROE. The tone is consistently upbeat and data-driven throughout the prepared remarks and Q&A.

Q1 2026 latest

Confident Specific

Management repeatedly used phrases like 'terrific quarter', 'standout operating performance', 'strong financial results', and 'confident as we look ahead'. They cited specific figures: record revenue $183.5M, record insured portfolio $222.3B, $12.3B NIW, and 15.2% adjusted ROE.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Record revenue, continued portfolio growth, stable 15.2% adjusted ROE, and a high-quality book with low defaults reinforce the story of consistent outperformance. Credit normalization remains orderly with no acceleration, and management is confident in the secular demand for MI. However, the lack of explicit forward guidance on volume or earnings leaves some near-term uncertainty, especially with interest rates selling off post-quarter. Key items to watch next quarter are the persistence of NIW growth amid higher rates, any acceleration in default normalization, and expense discipline as they invest in the platform. Overall, the call supports a positive view, subject to macro conditions.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

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3-Statement Financial Model

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🎙 Management Tone Confident Specific → Stable 3 quarters Full tone analysis in Intelligence →

📊 MIXED Q1 2026: Record revenue $183.5M, NIW $12.3B, portfolio $222.3B, ROE 15.2%.

Revenue & Profitability

Total revenue was a record $183.5 million, up 2% sequentially and 6% year-over-year. Net premiums earned were $154.8 million (record) and investment income was $28.6 million. Adjusted net income was $99.4 million, or $1.28 per diluted share, resulting in an adjusted return on equity of 15.2%. Book value per share was $34.57 ($35.46 excluding unrealized gains/losses), up 3% from Q4 2025 and 15% year-over-year.

Outlook

Management sees a resilient housing market and economy but acknowledges macro risks including labor market strain, low consumer confidence, and the Middle East conflict. For 2026, they expect industry volume to be similar to 2025, with purchase demand supported by secular trends and affordability challenges driving need for MI. Rate volatility could affect refinancing activity, but the pricing environment remains balanced and constructive.

Growth Drivers

NIW volume grew 33% year-over-year to $12.3 billion, in line with estimated market growth of ~35%. Growth is driven by strong customer franchise execution and favorable market conditions, particularly declining rates in early Q1 that spurred both purchase and refinance activity. Long-term secular trends—such as down payment support needs and house price appreciation—continue to fuel demand. The company does not manage to market share but benefits from embedded portfolio growth.

Balance Sheet & CapEx

Not discussed in this earnings call. Management noted ongoing investments in people, systems, data analytics, and risk management but provided no specific capex guidance or amounts.

Margins

The expense ratio improved to 19.8% from 20.4% in Q4 2025, with absolute expenses roughly flat year-over-year ($30.6 million vs $30.2 million). Net yield was stable at 28 basis points, and core yield (excluding reinsurance costs and cancellation earnings) held at 34 basis points. Profit commission from reinsurance has been trending lower due to normalizing credit, but management expects modest expense increases over time while remaining disciplined.

Key Risks

Macro risks include labor market weakness, declining consumer confidence, the Middle East conflict, and higher energy prices. Credit normalization is ongoing, with defaults rising moderately to 8,044 (1.17% default rate) as the portfolio seasons. Management expects continued normalization but no acceleration. The new notice default reserve per notice was $14,200, broadly consistent with the prior quarter.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (4 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (4)

Q2 2026 Q2 2026 2026-07-30

Record Q2 results included $187.9M in revenue, $106M adjusted net income, and $16B NIW, with strong portfolio growth and disciplined expense management. The insured book remains high quality, macro conditions are supportive, and capital returns continue via buybacks.

Q1 2026 Q1 2026 2026-04-30

Q1 2026 saw record revenue and strong earnings, with $12.3B NIW and $222.3B insurance in force. Credit performance remains robust, expenses are well-managed, and capital position is strong. The outlook is positive, with continued disciplined growth expected.

Q4 2025 Q4 2025 2026-02-10

Record Q4 and full-year 2025 results featured strong revenue, net income, and portfolio growth, with robust credit performance and disciplined expense management. New reinsurance treaties and continued share buybacks support a positive 2026 outlook amid stable industry conditions.

Q2 2025 Q2 2025 2025-07-29

Record Q2 results with $173.8M revenue and $96.5M adjusted net income, driven by strong new insurance written and disciplined expense management. Portfolio quality remains high, with robust capital and proactive risk management amid evolving market conditions.

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