NMI Holdings, Inc. · Surety Insurance

NMIH

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The short version

A high-quality, profitable business with steady sales.

Going well

Profitable every year for 10 years
Brings in more cash than it spends
Buying back shares: share count down 8.1% in 3 years

Money moves

No insider buying or selling in the last 30 days
Institutions cut 1% from their holdings in the quarter ending June 2026 (185 bought, 155 sold)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$42.84+0.7% that day

Company value: $3.2B; Share price times all shares
Price vs profit (P/E): 8.4x; You pay about $8 for each $1 of yearly profit
Price vs sales: 4.4x; Company value is 4.4 times a year of sales
Cash vs value: 2%; Cash as a share of company value
Debt vs value: 13%; Debt as a share of company value

From NMIH's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26

$187.9M+8.1% vs a year earlier

Sep '23Tap a barJun '26

Last 12 months: $730.8M, up 7.5% from the 12 months before. Over 5 years, sales grew about 10% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of NMIH. Starting points are the company's recent numbers.

Sales growth+8% a yearRecently: +7.5% a yearProfit margin50%Last 12 months: 54.1%P/E at the end8xToday: 8.4x. Many steady companies trade at 12x to 25xShare count change-3% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$1.1B

Profit in 5 years$537M

Price these guesses point to$66.49+55% vs $42.84 todayAbout +9.2% a year, before dividends

What today's price needs: with a 50% margin and a 8x P/E, sales could shrink about 1.1% a year for 5 years and still match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

6/6Strong

PassReturn on equity 15%+Earns a lot on the money owners have in the business.16.2%
PassDebt under half of equityNot relying on borrowed money.0.16x equity
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.55.1%
PassProfitable every yearSteady profits, not one good year.10 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$412.5M
PassShare count not growingNot diluting owners. Falling means buybacks.-8.1% in 3 years

Revenue: $706.4M; +8.5% vs prior year
5-year growth: +10.3%/yr; revenue, per year
Total debt: $417.0M; 0.16x equity
Free cash flow: $412.5M; 58.4% of revenue

From annual reports filed with the SEC. Gross margin doesn't apply to banks and insurers, so it isn't scored. A checklist is a starting point for research, not a verdict.