10-K · February 12, 2026
NMI positions itself as a growing private mortgage insurer focused on disciplined underwriting, customer relationships and risk-based pricing via its proprietary Rate GPS® platform. As of December 31, 2025 the company…
Earnings analysis · 10-Q
NMIH earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
NMI Holdings reported strong Q1 2026 results with revenue of $183.5 million and EPS of $1.28, both exceeding last year's figures and consensus estimates. Key drivers included a significant increase in New Insurance…
Read full summary
NMI Holdings reported strong Q1 2026 results with revenue of $183.5 million and EPS of $1.28, both exceeding last year's figures and consensus estimates. Key drivers included a significant increase in New Insurance Written (NIW), which rose 33% year-over-year, amid a slight increase in claims expenses. Despite a 3% year-over-year decrease in net income, management communicated confidence in growth through expanding customer relationships and market presence.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.28
What stood out
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Revenue Increased +6% YoY
Q1 2026 revenue reached $183.5 million, compared to $173.2 million in Q1 2025.
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EPS Matches Estimates
Diluted EPS for Q1 2026 was $1.28, compared to $1.28 in Q1 2025.
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NIW Grows +33% YoY
New Insurance Written (NIW) of $12.3 billion in Q1 2026, up from $9.2 billion in Q1 2025.
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Strong Operating Performance
Operating cash flow increased to $116.1 million from $101.2 million in the prior period.
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Healthy Gross and Operating Margins
Gross margin maintained at 84.2%, with operating margin at 67.0%.
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Decrease in Total Debt
Total debt was $417.5 million as of March 31, 2026, marginally up from $417.03 million.
What to watch
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Increase in Claims Expense
Insurance claims and claim expenses increased to $20.7 million in Q1 2026, a 361% rise from $4.5 million in Q1 2025.
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Decline in Persistency Rate
Persistency rate decreased to 82.2% in Q1 2026 from 84.3% in Q1 2025.
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Regulatory Risks Persist
Ongoing compliance obligations under PMIERs and state regulations may impact financial flexibility.
Management's outlook
Management expects continued growth linked to increased market presence and customer relationships.
Earlier filings 4
10-Q · November 5, 2025
NMI reported Q3 2025 revenue of $178.679M (up from $166.092M in Q3 2024) and diluted EPS of $1.22 (up from $1.15 in Q3 2024), in line with consensus. Operating performance remained strong with computed gross margin…
10-Q · July 30, 2025
NMIH reported Q2 2025 revenue of $173,779,000 (up $11,657,000 or +7.2% vs Q2 2024) and diluted EPS of $1.21 (vs $1.13 in Q2 2024). Gross margin compressed to ~92.3% and operating margin to ~75.3% as insurance claims…
10-Q · April 30, 2025
NMI reported a strong Q1 2025 with total revenues of $173.246M (vs. $156.253M in Q1 2024) and diluted EPS of $1.28 (vs. $1.08). Net income increased to $102.559M and net investment income rose to $23.686M; operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.