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NMIH Stock Analysis: Top Mid-Cap Hold (Score 59.7/100) | Blank Capital Research | Blank Capital Research
NMIH
NMI Holdings, Inc.
$38.61
-0.72 (-1.83%)
Score59.7
Data as of Apr 6, 2026
NMIH
NMI Holdings, Inc.
FinancialsInsurance
$38.61
-0.72 (-1.83%)
Open $39.33High $39.43Low $38.59Prev $39.33Vol ---52W: $31.90 – $43.20
Hold
Composite score
01234567890123456789.0123456789
Global rank
#315
Percentile
Top 7%
Business quality
82nd
percentile
Exceptional capital efficiency and structural profitability. This enterprise generates superior returns on invested capital compared to industry peers.
NMI Holdings, Inc. (NMIH) is a high-growth mortgage insurance company. Known for its best-in-class technology and low-cost operating model, NMIH is rapidly taking market share from legacy PMI providers.
Investment Thesis
NMIH is the most efficient player in the mortgage insurance space. By utilizing a modern, cloud-native technology platform, they operate with significantly lower overhead than their competitors. This allows them to achieve superior return on equity (ROE) even when pricing is competitive. Furthermore, their 'Insurance in Force' (IIF) is primarily composed of high-quality, recently underwritten loans with strong borrower credit profiles. This high-quality book of business positions NMIH to weather any potential economic downturn better than its older peers.
Key Growth Drivers
Modern Tech Advantage
Their proprietary risk-based pricing engine (RateGPS) allows for more precise underwriting, attracting lower-risk borrowers while maximizing profit margins.
Market Share Gains
NMIH's superior customer service and ease of use for lenders have allowed it to consistently grow its share of the multi-billion dollar PMI market.
Strong Capital Buffers
The company maintains massive regulatory capital surpluses, providing significant runway for share repurchases and potential future dividends.
Valuation & Financial Modeling
NMIH trades at a premium to some peers, which is entirely justified by its superior growth rate and industry-leading efficiency. We view it as the 'best-of-breed' pick in the mortgage insurance sector.
Risk Factors & Bear Case
Like all mortgage insurers, NMIH is tied to the health of the U.S. labor and housing markets. A severe recession that triggers widespread defaults would obviously impair earnings. Furthermore, rising interest rates could slow mortgage origination volume.
Conclusion
NMI Holdings is a high-quality, high-growth financial compounder. It is the premier way to play the structural demand for mortgage insurance. Rated 'Strong Buy'.
Upcoming Catalysts
No upcoming catalysts identified.
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Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 81.6GRADE A
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
14.9%
Sector: 8.5%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, NMI Holdings, Inc. (NMIH) receives a "Hold" rating with a composite score of 59.7/100, ranked #315 out of 4446 stocks. Key factor scores: Quality 82/100, Value 78/100, Momentum 42/100. This is quantitative analysis only — not investment advice.
NMI Holdings, Inc. (NMIH) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does NMI Holdings, Inc. Do?
NMI Holdings, Inc. provides private mortgage guaranty insurance services in the United States. The company offers mortgage insurance services; and outsourced loan review services to mortgage loan originators. It serves national and regional mortgage banks, money center banks, credit unions, community banks, builder-owned mortgage lenders, internet-sourced lenders, and other non-bank lenders. NMI Holdings, Inc. was incorporated in 2011 and is headquartered in Emeryville, California. NMI Holdings, Inc. (NMIH) is classified as a mid-cap stock in the Financials sector, specifically within the Insurance industry. The company is led by CEO Adam Pollitzer and employs approximately 234 people, headquartered in EMERYVILLE, California. With a market capitalization of $2.8B, NMIH is one of the notable companies in the Financials sector.
NMI Holdings, Inc. (NMIH) Stock Rating — Hold (April 2026)
As of April 2026, NMI Holdings, Inc. receives a Hold rating with a composite score of 59.7/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.NMIH ranks #315 out of 4,446 stocks in our coverage universe. Within the Financials sector, NMI Holdings, Inc. ranks #113 of 891 stocks, placing it in the top quartile of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
NMIH Stock Price and 52-Week Range
NMI Holdings, Inc. (NMIH) currently trades at $38.61. The stock lost $0.72 (1.8%) in the most recent trading session. The 52-week high for NMIH is $43.20, which means the stock is currently trading -10.6% from its annual peak. The 52-week low is $31.90, putting the stock 21.0% above its annual trough. Recent trading volume was 280K shares, suggesting relatively thin trading activity.
Is NMIH Overvalued or Undervalued? — Valuation Analysis
NMI Holdings, Inc. (NMIH) carries a value factor score of 78/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 7.50x, compared to the Financials sector average of 14.88x — a discount of 50%. The price-to-book ratio stands at 1.12x, versus the sector average of 1.22x. The price-to-sales ratio is 4.20x, compared to 0.90x for the average Financials stock. On an enterprise value basis, NMIH trades at 5.84x EV/EBITDA, versus 3.26x for the sector.
Based on these multiples, NMI Holdings, Inc. appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
NMI Holdings, Inc. Profitability — ROE, Margins, and Quality Score
NMI Holdings, Inc. (NMIH) earns a quality factor score of 82/100, reflecting elite profitability and capital efficiency that places it among the highest-quality businesses in the market. The return on equity (ROE) is 14.9%, compared to the Financials sector average of 8.5%, which is within a healthy range. Return on assets (ROA) comes in at 10.1% versus the sector average of 1.2%.
On a margin basis, NMI Holdings, Inc. reports gross margins of 0.0%. The operating margin is 72.0% (sector: 21.8%). Net profit margin stands at 56.0%, versus 17.7% for the average Financials stock. Revenue growth is running at 10.2% on a trailing basis, compared to 9.4% for the sector. These metrics collectively paint a picture of a highly profitable business with durable competitive advantages.
NMIH Debt, Balance Sheet, and Financial Health
NMI Holdings, Inc. has a debt-to-equity ratio of 48.0%, compared to the Financials sector average of 121.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 3.08x, indicating strong short-term liquidity. Total debt on the balance sheet is $417M. Cash and equivalents stand at $130M.
NMIH has a beta of 0.58, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for NMI Holdings, Inc. is 87/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
NMI Holdings, Inc. Revenue and Earnings History — Quarterly Trend
In TTM 2026, NMI Holdings, Inc. reported revenue of $692M and earnings per share (EPS) of $5.01. Net income for the quarter was $388M. Gross margin was 0.0%. Operating income came in at $498M.
In FY 2025, NMI Holdings, Inc. reported revenue of $706M and earnings per share (EPS) of $5.01. Net income for the quarter was $389M. Revenue grew 8.5% year-over-year compared to FY 2024. Operating income came in at $500M.
In Q3 2025, NMI Holdings, Inc. reported revenue of $179M and earnings per share (EPS) of $1.24. Net income for the quarter was $96M. Revenue grew 7.6% year-over-year compared to Q3 2024. Operating income came in at $124M.
In Q2 2025, NMI Holdings, Inc. reported revenue of $174M and earnings per share (EPS) of $1.23. Net income for the quarter was $96M. Revenue grew 7.2% year-over-year compared to Q2 2024. Operating income came in at $124M.
Over the past 8 quarters, NMI Holdings, Inc. has demonstrated a growth trajectory, with revenue expanding from $162M to $692M. Investors analyzing NMIH stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
NMIH Dividend Yield and Income Analysis
NMI Holdings, Inc. (NMIH) does not currently pay a dividend. This is common among smaller companies in the Insurance industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Financials dividend stocks may want to explore other Financials stocks or use the stock screener to filter by dividend yield.
NMIH Momentum and Technical Analysis Profile
NMI Holdings, Inc. (NMIH) has a momentum factor score of 42/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 29/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 14/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
NMIH vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing NMIH against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full NMIH vs S&P 500 (SPY) comparison to assess how NMI Holdings, Inc. stacks up against the broader market across all factor dimensions.
NMIH Next Earnings Date
No upcoming earnings date has been announced for NMI Holdings, Inc. (NMIH) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy NMIH? — Investment Thesis Summary
NMI Holdings, Inc. presents a balanced picture with arguments on both sides. The quality score of 82/100 indicates above-average profitability and business fundamentals. The value score of 78/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 87/100) reduces downside risk.
In summary, NMI Holdings, Inc. (NMIH) earns a Hold rating with a composite score of 59.7/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on NMIH stock.
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Execution Benchmarks audit
Revenue Growth
YOY expansion rate
10.2%
Sector: 9.4%
IN LINE
Gross Margin
Core pricing power
0.0%
Sector: 0.0%
-NaN% VS SCTR
Operating Margin
Operating efficiency
72.0%
Sector: 21.8%
+230% VS SCTR
Net Margin
Bottom-line conversion
56.0%
Sector: 17.7%
+216% VS SCTR
Return on Equity
Equity capital efficiency
14.9%
Sector: 8.5%
+75% VS SCTR
Return on Assets
Asset base utilization
10.1%
Sector: 1.2%
+720% VS SCTR
Debt/Equity
Financial leverage load
48.0%
Sector: 121.0%
+60% VS SCTR
Dividend Yield
Direct cash return
0.0%
Sector: 2.5%
-100% VS SCTR
-8%
Price / Sales
4.2x
+367%
NMI Holdings, Inc. exhibits a 97% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
10.1%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
0.0%
Sector: 0.0%
Operating Margin
Core business profitability
72.0%
Sector: 21.8%
Net Margin
Bottom-line profitability
56.0%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.