NMI Holdings, Inc.(NMIH)Earnings, Financials & Key Ratios

Key Thesis Takeaways

• NMI Holdings demonstrates a robust underwriting engine, evidenced by a 31.9% combined ratio as of 2026Q1, though revenue growth has decelerated from 14.2% in 2024Q1 to 5.9% in the most recent quarter.
• While the company maintains a fortress balance sheet with a negligible 0.16% debt-to-equity ratio, investors should monitor the normalization of loss ratios, which have climbed from 0.3% in 2024Q2 to 11.3% in 2026Q1.
• The firm's disciplined capital allocation, highlighted by consistent quarterly share repurchases reaching up to $31.6 million, provides a buffer, but future performance remains sensitive to broader housing market credit cycles.