# NMI Holdings, Inc. (NMIH)

> Source: Nexqual · https://nexqual.com/NMIH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, NMI Holdings, Inc. (NMIH), nexqual.com/NMIH" · informational, not investment advice.

**Price:** USD 41.49 (+1.77% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 40.77 · day 40.69–42.57 · 52w 34.84–46.74 · market cap $3.12B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $731M, net income $395M (54.1% margin), free cash flow $442M (SEC filings).
- Valuation: P/E 7.9x (avg 8.1x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold NMIH (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $8.9M; 4 not under a Rule 10b5-1 plan ($8.9M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (7 analysts), mean target USD 49.14 (range 43–54).
- Total return with dividends: 1Y +12.7% vs S&P 500 +14.9%; 5Y +68.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 1.31, revenue estimate $190M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $485M | $523M | $579M | $651M | $706M | $731M |
| Net income | $231M | $293M | $322M | $360M | $389M | $395M |
| EPS (diluted) | $2.65 | $3.39 | $3.84 | $4.43 | $4.92 | — |
| Free cash flow | $313M | $303M | $333M | $387M | $413M | $442M |
| Net margin | 47.6% | 56.0% | 55.6% | 55.3% | 55.1% | 54.1% |
| Revenue growth | +12.0% | +7.9% | +10.6% | +12.4% | +8.5% | — |
| Cash + short-term investments | $76.6M | $44.4M | $96.7M | $54.3M | $43.9M | — |
| Total debt | $395M | $396M | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 7.9x · P/S 4.3x · P/FCF 7.1x · P/B 1.1x · FCF yield 14.15% · Earnings yield 12.67% · Buyback yield (TTM) 3.69%
P/E at fiscal year-ends: Dec 2025 8.3x, Dec 2024 8.3x, Dec 2023 7.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold NMIH. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.02% | $11.9M | Added +5.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-04 | Pollitzer Adam | Chief Executive Officer | 172,706 | $7.7M | 39% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-11 | Swithenbank Aurora | EVP, Chief Financial Officer | 11,662 | $519K | 18.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-03 | Smith Robert Owen | EVP, Chief Risk Officer | 12,000 | $536K | 11.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-19 | Montgomery Michael Curry | Director | 1,554 | $59K | 2.2% | No | Routine (sold in May each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 7 analysts; mean target USD 49.14 (low 43, high 54).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | JP Morgan | Target lowered | Overweight | $50 → $45 |
| 2026-07-31 | JP Morgan | Target raised | Overweight | $48 → $50 |
| 2026-07-31 | Truist Securities | Target raised | Buy | $49 → $51 |
| 2026-07-13 | JP Morgan | Target raised | Overweight | $43 → $48 |
| 2026-06-25 | Keefe, Bruyette & Woods | Target raised | Outperform | $46 → $47 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +12.7% | +68.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +12.7% | +11.0% |
| Volatility (annualized) | 25.4% | 26.8% |
| Max drawdown | -18.4% (Aug 2026→Sep 2026) | -37.7% (Feb 2022→Jun 2022) |

## Peers (Insurance - Specialty)
AGO (Assured Guaranty Ltd.) USD 70.31 +1.50% · RDN (Radian Group Inc.) USD 34.7 +2.12% · MTG (MGIC Investment Corporation) USD 27.74 +1.57% · ESNT (Essent Group Ltd.) USD 65.7 +2.62% · ACT (Enact Holdings, Inc.) USD 46.92 +2.78% · FAF (First American Corporation (New) USD 65.07 -2.09%

## More
Full page: https://nexqual.com/NMIH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.31 | $1.28 | +2.1% | $190.2M | 7 |
| Next quarter (ends 2026-12-31) | $1.30 | $1.28 | +1.3% | $192.0M | 6 |
| Current fiscal year (ends 2026-12-31) | $5.28 | $5.13 | +3.0% | $753.3M | 7 |
| Next fiscal year (ends 2027-12-31) | $5.51 | $5.35 | +2.9% | $794.0M | 6 |