NMIH NMI Holdings, Inc.

Overview and Growth

In fiscal 2025, NMI Holdings, Inc. recorded $706.44M of revenue, net income of $388.93M, and an operating cash inflow of $419.30M. Revenue of $706.44M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $650.97M in fiscal 2024, revenue recorded a 8.5% year-over-year increase. On a per-share basis, diluted EPS was $4.92, which connects the reported earnings outcome with the company’s diluted share count. The per-share result recorded a 11.1% increase from fiscal 2024 diluted EPS of $4.43. A diluted share base of 79.04M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. The company employed $3.84B of total assets, the balance-sheet base supporting its current operating and cash-flow results. The revenue-to-assets relationship was 0.18x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Net income came to $388.93M, completing the progression from revenue through gross and operating profitability to the final reported result. The final earnings result represented 55.1% of revenue, connecting the absolute net income figure with the company’s top-line scale. Before income taxes, the company reported $499.80M of earnings, providing a bridge between the operating result and final net income. Pretax income represented 70.7% of revenue, placing earnings before tax in the context of the company’s operating scale. The reported income-tax provision was $110.88M, the amount recognized between pretax income and the final net-income result. Relative to pretax income, the tax provision measured 22.2%, quantifying the portion of pre-tax earnings paid in income tax. The relationship between net income and period-end equity was 15.0%, indicating the profitability achieved on book capital. Net income represented 10.1% of period-end assets, placing the company’s bottom-line result against the total resource base employed. Current net income of $388.93M was above fiscal 2024 net income of $360.11M, showing the direction of the bottom-line change.

Liquidity and Capital Structure

The company held $3.84B of assets against $1.25B of liabilities and $2.59B of equity, revealing how the asset base was financed. Reported cash and equivalents were $43.94M, separating immediately recognizable cash resources from the rest of the current-asset base. The equity-to-assets relationship was 67.5%, placing book capital against the total resource base. The liabilities-to-assets relationship was 32.5%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 1.1% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 14.7% from $3.35B in fiscal 2024, leaving current total assets higher year over year. Against $2.22B of equity in fiscal 2024, the current book-equity balance moved 16.9% and ended higher. Cash and equivalents were 19.1% lower than fiscal 2024 cash of $54.31M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

The company reported $419.30M of operating cash flow, a cash inflow that shows the cash generated by operations. Against net income, operating cash flow measured 1.08x, showing the relationship between accrual earnings and operating cash. Capital spending was $6.78M, absorbing part of the cash generated from operations before free cash flow. Relative to operating cash flow, capital expenditures measured 1.6%, connecting investment intensity with the company’s cash-generation base. After capital spending, free cash flow was $412.52M, leaving cash available for debt reduction, shareholder returns, or further investment. Relative to revenue, free cash flow equaled 58.4%, showing how much sales converted into cash after investment. Free cash flow equaled 10.7% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.