Latest Ratios: P/E Ratio 8.4x · EV/EBITDA 6.9x · ROE 16.2%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.1B | $3.2B | $3.0B | $2.5B | $1.8B | $1.9B | $1.8B | $2.3B | $1.2B | $1.1B | $648M |
| Enterprise Value | $3.5B | $3.6B | $3.3B | $2.8B | $2.2B | $2.2B | $2.1B | $2.4B | $1.3B | $1.2B | $744M |
| P/E Ratio → | 8.41 | 8.29 | 8.30 | 7.73 | 6.17 | 8.25 | 10.63 | 13.43 | 11.16 | 48.57 | 9.86 |
| P/S Ratio | 4.46 | 4.57 | 4.59 | 4.30 | 3.43 | 3.91 | 4.12 | 6.25 | 4.41 | 5.92 | 5.31 |
| P/B Ratio | 1.26 | 1.24 | 1.35 | 1.29 | 1.11 | 1.21 | 1.31 | 2.49 | 1.72 | 2.08 | 1.36 |
| P/FCF | 7.62 | 7.82 | 7.73 | 7.47 | 5.94 | 6.06 | 7.47 | 11.67 | 8.76 | 17.84 | 10.71 |
| P/OCF | 7.50 | 7.69 | 7.59 | 7.26 | 5.74 | 5.83 | 7.11 | 11.11 | 8.28 | 15.60 | 9.00 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.10 | 5.14 | 4.82 | 4.10 | 4.57 | 4.74 | 6.54 | 4.86 | 6.62 | 6.11 |
| EV / EBITDA | 6.88 | 7.04 | 7.04 | 6.58 | 5.53 | 7.21 | 9.07 | 10.71 | 9.25 | 19.88 | 43.50 |
| EV / EBIT | 7.04 | 6.81 | 6.69 | 6.27 | 5.25 | 6.76 | 8.52 | 10.58 | 8.81 | 17.82 | 28.31 |
| EV / FCF | — | 8.72 | 8.66 | 8.37 | 7.10 | 7.08 | 8.60 | 12.21 | 9.65 | 19.95 | 12.31 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 91.8% | 91.8% | 95.0% | 96.0% | 100.5% | 96.9% | 85.8% | 96.0% | 97.9% | 96.7% | 98.0% |
| Operating Margin | 70.8% | 70.8% | 71.2% | 71.3% | 71.9% | 61.1% | 50.0% | 58.5% | 49.7% | 29.6% | 9.4% |
| Net Profit Margin | 55.1% | 55.1% | 55.3% | 55.6% | 55.8% | 47.6% | 39.3% | 46.5% | 39.4% | 12.3% | 52.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.2% | 16.2% | 17.4% | 18.2% | 18.4% | 15.7% | 14.9% | 21.1% | 17.8% | 4.5% | 14.6% |
| ROA | 10.8% | 10.8% | 11.4% | 11.8% | 11.8% | 10.0% | 9.7% | 14.0% | 10.9% | 2.5% | 8.5% |
| ROIC | 13.5% | 13.5% | 14.5% | 14.8% | 14.7% | 12.6% | 12.2% | 17.5% | 14.0% | 6.6% | 1.6% |
| ROCE | 15.0% | 15.0% | 14.8% | 15.1% | 16.6% | 15.7% | 12.4% | 17.6% | 13.7% | 6.1% | 1.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.16 | 0.16 | 0.19 | 0.21 | 0.25 | 0.25 | 0.29 | 0.16 | 0.21 | 0.28 | 0.30 |
| Debt / EBITDA | 0.82 | 0.82 | 0.87 | 0.94 | 1.02 | 1.28 | 1.72 | 0.65 | 1.02 | 2.42 | 8.44 |
| Net Debt / Equity | — | 0.14 | 0.16 | 0.16 | 0.22 | 0.21 | 0.20 | 0.12 | 0.18 | 0.24 | 0.20 |
| Net Debt / EBITDA | 0.73 | 0.73 | 0.76 | 0.71 | 0.91 | 1.04 | 1.19 | 0.48 | 0.85 | 2.10 | 5.65 |
| Debt / FCF | — | 0.90 | 0.93 | 0.91 | 1.17 | 1.02 | 1.13 | 0.54 | 0.89 | 2.10 | 1.60 |
| Interest Coverage | 18.55 | 18.55 | 13.56 | 13.81 | 12.73 | 10.33 | 9.94 | 18.93 | 10.08 | 4.90 | 1.77 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.90 | 1.90 | 3.48 | 38.14 | 16.90 | 5.65 | — | — | — | — | — |
| Quick Ratio | 1.90 | 1.90 | 3.48 | 38.14 | 16.90 | 5.65 | — | — | — | — | — |
| Cash Ratio | 0.85 | 0.85 | 3.48 | 38.14 | 16.90 | 5.20 | — | — | — | — | — |
| Asset Turnover | — | 0.18 | 0.19 | 0.20 | 0.21 | 0.20 | 0.20 | 0.27 | 0.25 | 0.20 | 0.15 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.9% | 12.1% | 12.1% | 12.9% | 16.2% | 12.1% | 9.4% | 7.4% | 9.0% | 2.1% | 10.1% |
| FCF Yield | 13.1% | 12.8% | 12.9% | 13.4% | 16.8% | 16.5% | 13.4% | 8.6% | 11.4% | 5.6% | 9.3% |
| Buyback Yield | 3.3% | 3.3% | 3.3% | 3.7% | 3.1% | 0.0% | 0.0% | 0.8% | 0.0% | 0.8% | 0.0% |
| Total Shareholder Yield | 3.3% | 3.3% | 3.3% | 3.7% | 3.1% | 0.0% | 0.0% | 0.8% | 0.0% | 0.8% | 0.0% |
| Shares Outstanding | — | $79M | $81M | $84M | $86M | $87M | $79M | $70M | $68M | $62M | $61M |
Housing market credit cycle
As reported in recent financial filings, NMIH trades at a P/B of 1.24, which appears to command a premium over peers like Radian Group at 1.08, suggesting that investors are pricing in the company's superior technological agility and cleaner, post-crisis insurance book relative to legacy-burdened competitors.
The valuation premium implies that the market expects NMIH to maintain lower loss volatility through the credit cycle compared to its peers. This pricing suggests that the company's proprietary Rate GPS platform is viewed as a durable competitive advantage rather than a temporary marketing differentiator.
Based on the provided quarterly data, NMIH's combined ratio has shifted from a low of 24.2% in 2025Q1 to 31.9% in 2026Q1, indicating that the period of historically benign loss activity is likely transitioning toward a more normalized, albeit still highly profitable, underwriting environment.
While the combined ratio remains exceptionally strong, the upward trajectory in the loss ratio component warrants close monitoring. This trend suggests that the company is beginning to absorb the impact of a cooling housing market, which may eventually pressure the current underwriting margin if delinquency rates continue to climb.
According to the company's latest balance sheet disclosures, NMIH maintains a debt-to-equity ratio of 0.16%, which appears to provide a significant buffer against potential market downturns and suggests a highly disciplined approach to capital management that prioritizes long-term solvency over aggressive financial leverage.
This conservative leverage profile indicates that the company is well-positioned to navigate potential credit cycle volatility without needing to access external capital markets. The low debt level suggests management is prioritizing balance sheet strength, which may provide the necessary dry powder for future share repurchases or strategic investments.
As noted in industry research, the P/E ratio is frequently misapplied to NMIH, as it fails to account for the volatility inherent in loss reserve estimates and the significant impact of investment income on the company's overall earnings power throughout the economic cycle.
Investors should prioritize the combined ratio and book value growth over P/E multiples, as the latter can be distorted by one-time accounting adjustments or reserve releases. Relying on P/E ignores the underlying quality of the insurance-in-force, which is the true driver of long-term value for a mortgage insurer.
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Quick answers to the most common questions about buying NMIH stock.
NMI Holdings, Inc.'s current P/E ratio is 8.4x. The historical average is 13.2x. This places it at the 50th percentile of its historical range.
NMI Holdings, Inc.'s current EV/EBITDA is 6.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.6x.
NMI Holdings, Inc.'s return on equity (ROE) is 16.2%. The historical average is 8.8%.
Based on historical data, NMI Holdings, Inc. is trading at a P/E of 8.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
NMI Holdings, Inc. has 91.8% gross margin and 70.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
NMI Holdings, Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.