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Insurance - Specialty · Financial Services · Fiscal year ends Dec 31
NMI reported revenue of $706M in the fiscal year ended Dec 2025, up 8.5% from the year before. Operating income was $500M, an operating margin of 70.7%, and net income was $389M. Operating cash flow of $419M less capital expenditure of $7M left free cash flow of $413M.
Ranks among the 10 insurance - specialty companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 485 | 523 | 579 | 651 | 706 |
| Operating incomederived: revenue − total costs | 297 | 377 | 413 | 463 | 500 |
| Interest expense | 31.8 | 32.2 | 32.2 | 36.9 | 28.5 |
| Pre-tax income | 297 | 377 | 413 | 463 | 500 |
| Income tax | 65.6 | 84.4 | 90.6 | 103 | 111 |
| Net income | 231 | 293 | 322 | 360 | 389 |
| Diluted EPS | 2.65 | 3.39 | 3.84 | 4.43 | 4.92 |
| Diluted shares | 86.9 | 86.0 | 83.9 | 81.3 | 79.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 76.6 | 44.4 | 96.7 | 54.3 | 43.9 |
| Net PP&E | 32.0 | 31.9 | 30.3 | 25.7 | 21.7 |
| Goodwill | 3.2 | 3.2 | 3.2 | 3.2 | 3.2 |
| Total assets | 2,451 | 2,516 | 2,941 | 3,350 | 3,841 |
| Long-term debt | 395 | 396 | – | – | – |
| Total liabilities | 885 | 902 | 1,015 | 1,133 | 1,249 |
| Shareholders' equity | 1,566 | 1,614 | 1,926 | 2,217 | 2,592 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 326 | 313 | 343 | 394 | 419 |
| Capital expenditure | 12.2 | 10.6 | 9.4 | 6.9 | 6.8 |
| Free cash flow | 313 | 303 | 333 | 387 | 413 |
| Depreciation & amortisation | 11.2 | 11.9 | 11.5 | 11.9 | 11.3 |
| Stock-based compensation | 16.7 | 15.4 | 16.9 | 19.8 | 20.2 |
| Share buybacks | 0.0 | 56.6 | 91.6 | 97.6 | 105 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.9% | 10.6% | 12.4% | 8.5% |
| Operating income growth (YoY) | – | 27.2% | 9.4% | 12.3% | 7.9% |
| EPS growth (YoY) | – | 27.9% | 13.3% | 15.4% | 11.1% |
| Operating margin | 61.2% | 72.1% | 71.3% | 71.2% | 70.7% |
| Net margin | 47.6% | 56.0% | 55.6% | 55.3% | 55.1% |
| Return on equityBlank when equity is negative | 14.8% | 18.2% | 16.7% | 16.2% | 15.0% |
| Free cash flow margin | 64.6% | 57.9% | 57.6% | 59.4% | 58.4% |
| Cash conversion (CFO ÷ net income) | 1.41x | 1.07x | 1.06x | 1.09x | 1.08x |
| Interest cover | 9.33x | 11.7x | 12.8x | 12.6x | 17.6x |
| Debt ÷ equity | 0.25x | 0.25x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 318 | 352 | – | – | – |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.