| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 78 | 8.6x | 17.8x | Top tier | |
Growth | 43 | 7.5% | 7.1% | Around median | |
Quality | 84 | — | — | Top tier | |
Safety | 81 | — | — | Top tier | |
Capital Return | 61 | — | 2.12% | Around median | |
Momentum | 82 | 12.7% | 2.9% | Top tier | |
Sentiment | 39 | 5 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
NMI Holdings, Inc., commercially known as National MI, operates in private mortgage insurance, providing lenders with protection against losses and helping borrowers purchase homes with lower down payments. The company generates most of its revenue from premiums on in-force insurance policies, along with income from its investment portfolio, and has served approximately 2.2 million borrowers and more than 1,700 lenders. In Q2 fiscal 2026, the company wrote $16 billion of new insurance, primary insurance in force reached a record $227.1 billion, and total insurance written since its founding exceeded $500 billion.
In Q2 fiscal 2026, National MI reported record revenue of $187.9 million, up 8.1% from Q2 fiscal 2025 and 2.4% from Q1 fiscal 2026. Revenue consisted primarily of record net premiums earned of $157.5 million and investment income of $30.3 million, representing approximately 84% and 16% of total revenue, respectively. According to EDGAR data, net income was $105.8 million and earnings per share were $1.38, while the company reported record adjusted net income of $106 million and a return on equity of 15.9%.
The data does not present gross profit or gross margin, so operating discipline is assessed here through the expense ratio and credit performance. The expense ratio declined to 19.4% in Q2 fiscal 2026 from 19.8% in the previous quarter, while underwriting and operating expenses remained nearly stable at $30.5 million. Claims expenses were $13.1 million, with 8,020 defaults and a default rate of 1.16% as of June 30, 2026.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus rates NMIH shares a Buy, with an average target of $49.5 and a target range of $46 to $53. The average target is approximately 5.9% above the top of the 52-week range of $46.74, while the lowest target falls within the 52-week range of $34.84 to $46.74, reflecting consensus optimism with relatively limited variation in estimates. The data does not include a usable price-to-earnings ratio, so the stock's valuation in these data is based on analyst targets and the company's ability to maintain revenue growth, credit quality, and a return on equity of 15.9%.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
National MI generates its revenue primarily from premiums on private mortgage insurance that it provides to lenders to support loans with low down payments. In Q2 fiscal 2026, net premiums earned were $157.5 million out of total revenue of $187.9 million. The investment portfolio added income of $30.3 million during the same period. Primary insurance in force was $227.1 billion as of June 30, 2026, across a base of more than 1,700 lenders.
The company reported record revenue of $187.9 million, up 8.1% from Q2 fiscal 2025. Net income according to EDGAR was approximately $105.8 million, while reported adjusted net income was $106 million and earnings per share were $1.38. Return on equity was 15.9%, while the expense ratio declined to 19.4%. The company also wrote $16 billion of new insurance during the quarter.
The number of defaults was 8,020 as of June 30, 2026, down slightly from 8,044 as of March 31, 2026, and the default rate was stable at 1.16% at the end of Q2 fiscal 2026. Claims expenses decreased to $13.1 million from $20.7 million in the previous quarter. Management said it had not seen signs of early defaults or underwriting stress in fiscal 2026 production. However, it expected the number of defaults to increase in the second half of fiscal 2026 due to seasonal factors and portfolio seasoning.
The company repurchased 827 thousand shares for $31.4 million in Q2 fiscal 2026, at an average cost of $37.99 per share. Since the program began in 2022, it has spent $408 million to retire 13.6 million shares, representing 16% of total shares outstanding according to management. The average cost of these cumulative purchases was $29.95 per share. As of June 30, 2026, $167 million of repurchase capacity remained under the existing program.
The company's results depend on employment, home prices, and borrowers' ability to cure defaults, and management cited pressure in Florida and Texas and parts of the Sun Belt, Mountain West, and West Coast. The policy persistency rate declined to 81.4% in Q2 fiscal 2026 from 82.2% in the previous quarter, and refinancing could reduce premiums and yield. Management also expected defaults to increase seasonally in Q3 and Q4 fiscal 2026. In addition, there is competitive pressure in large, transaction-oriented business, although the broader market remains balanced according to management's assessment.
Available assets under PMIERs requirements were approximately $3.7 billion as of June 30, 2026, compared with risk-based requirements of $2.1 billion. This resulted in a surplus of available assets of $1.6 billion. Shareholders' equity was $2.7 billion, with a book value of $35.89 per share. Book value excluding the impact of unrealized investment gains and losses was $36.88 per share, up 15% from Q2 fiscal 2025.
