NMIH earnings analysis
What we found in NMIH's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Increased +6% YoY
- Q1 2026 revenue reached $183.5 million, compared to $173.2 million in Q1 2025.
- EPS Matches Estimates
- Diluted EPS for Q1 2026 was $1.28, compared to $1.28 in Q1 2025.
- NIW Grows +33% YoY
- New Insurance Written (NIW) of $12.3 billion in Q1 2026, up from $9.2 billion in Q1 2025.
- Strong Operating Performance
- Operating cash flow increased to $116.1 million from $101.2 million in the prior period.
- Healthy Gross and Operating Margins
- Gross margin maintained at 84.2%, with operating margin at 67.0%.
- Decrease in Total Debt
- Total debt was $417.5 million as of March 31, 2026, marginally up from $417.03 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- Decline in Persistency Rate
- Persistency rate decreased to 82.2% in Q1 2026 from 84.3% in Q1 2025.
- Regulatory Risks Persist
- Ongoing compliance obligations under PMIERs and state regulations may impact financial flexibility.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.28
- Gross margin
- 84.2%
- Operating margin
- 67.0%
What they said about what is next.
Management expects continued growth linked to increased market presence and customer relationships.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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