NMI Holdings Inc (NMIH) Stock Price & How to Invest
Last updated July 2026
Short answer
NMIH is NMI Holdings, the Nasdaq-listed parent of National MI, one of six active US private mortgage insurers, and investing in it is a bet on a disciplined, high-return underwriter of low-down-payment home loans trading at a single-digit earnings multiple.
NMIH stock price
As of 2026-07-24, NMI Holdings Inc (NMIH) last closed at $42.75, up 12.3% over the past year. Over the past 52 weeks it has traded between $35.35 and $43.01.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or NMI Holdings Inc's investor relations page. Walnut is informational, not investment advice.
What does NMI Holdings Inc (NMIH) do?
NMI Holdings, Inc. (Nasdaq: NMIH), operating as National MI, sells private mortgage insurance that lets lenders originate conventional loans with down payments below 20 percent and sell them to Fannie Mae and Freddie Mac while transferring part of the default risk to National MI. Profitability comes from the spread between the premiums it earns on its insurance-in-force and the claims it pays, so risk selection, pricing discipline, and reinsurance are the core levers. The company competes in a concentrated, roughly six-player market and has grown its insured portfolio into a large, seasoned, high-credit-quality book.
The investment picture is that of a capital-return story trading cheaply on reported earnings. In the first quarter of 2026 NMIH posted record total revenue of about $183.5 million and net income of about $99.3 million ($1.28 per diluted share) at a roughly 15 percent return on equity, with primary insurance-in-force of about $222 billion. The stock trades near a single-digit price-to-earnings ratio and close to book value, reflecting the market pricing in the cyclical risk that a housing downturn could lift the loss ratio from today's low levels. The bet is that National MI keeps earning attractive spreads and returning excess capital through buybacks across the cycle.
What's driving NMI Holdings Inc (NMIH)?
1. Growing, high-quality insurance-in-force
National MI's primary insurance-in-force rose about 5 percent year over year to roughly $222 billion, with first-quarter 2026 new insurance written up about 33 percent from a year earlier. Because premiums are earned over the life of each policy, a large and persistent book produces a durable, recurring revenue base. This is the engine behind the company's record top line.
2. Mid-teens returns and capital return
The company earned a roughly 15 percent return on equity in early 2026 and has historically returned excess capital primarily through share repurchases rather than a dividend. Buying back stock near book value is accretive to per-share book value and earnings. Continued buybacks are a central part of how NMIH compounds value for shareholders.
3. Benign credit and rising rates on reserves
The loss ratio remained low at about 13 percent in the first quarter of 2026, reflecting strong borrower credit and home-price gains that build equity ahead of any defaults. National MI also earns investment income on its growing bond portfolio, which benefits from higher interest rates. Together these support the spread that drives earnings.
4. Cheap valuation with a discount to peers
NMIH trades at a single-digit price-to-earnings ratio, below the private-mortgage-insurer peer average, and at roughly book value. That valuation reflects the cyclical, insurance-loss uncertainty embedded in the business. If credit stays benign, the low multiple leaves room for re-rating.
What are the risks to NMI Holdings Inc (NMIH)?
The dominant risk is housing credit: a recession, rising unemployment, or falling home prices would push the loss ratio well above today's low-teens level, and mortgage insurance losses arrive with a lag after stress begins. Rising mortgage rates can slow new originations and shrink new insurance written, while the industry's roughly six players compete heavily on price, pressuring premium rates. National MI depends structurally on Fannie Mae and Freddie Mac, so changes to GSE charters, capital rules (the PMIERs standards), or their use of mortgage insurance could reshape demand. The company pays no common dividend, so total return depends on earnings growth and buybacks rather than income. As a capital-intensive insurer it is also exposed to reinsurance availability and to regulatory and rating-agency capital requirements.
How is NMI Holdings Inc (NMIH) valued? (approximate, JULY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see NMI Holdings Inc's investor relations page or your broker.
- Revenue (TTM): ~$720M
- Net income (TTM): ~$390M
- Diluted EPS (TTM): ~$5.00
- Market cap: ~$3.0B
- P/E ratio: ~7.4x
- Price / book: ~1.2x
NMIH trades at a single-digit price-to-earnings multiple and roughly book value, a discount to the private-mortgage-insurer peer average, reflecting the cyclical loss risk in the business. First-quarter 2026 revenue was a record ~$183.5 million with net income of ~$99.3 million ($1.28 per share) at about a 15 percent return on equity. Figures are approximate and drawn from Q1 2026 reporting; verify against the latest filing.
Who competes with NMI Holdings Inc (NMIH)?
Large private mortgage insurers
MGIC Investment (MTG) and Radian Group (RDN) are the longest-established US mortgage insurers with larger insured portfolios, and they set much of the industry's pricing and market-share dynamics that NMIH competes against directly.
Direct monoline peers
Essent Group (ESNT), Enact Holdings (ACT), and the Arch Capital (ACGL) mortgage unit round out the roughly six-player GSE-approved market. These are the closest comparables on business model, PMIERs capital rules, and exposure to the same conventional low-down-payment loan pool.
Government and alternative credit enhancement
The FHA and VA insurance programs, along with lender-held risk and GSE credit-risk-transfer structures, are substitutes for private mortgage insurance and can shift volume away from insurers like National MI depending on pricing and policy.
How to invest in NMI Holdings Inc (NMIH)
There are three common ways to get NMIH exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so NMIH sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where NMIH fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on NMI Holdings Inc (NMIH)
NMIH is a well-capitalized private mortgage insurer compounding book value at mid-teens returns, and the investment picture rests on housing credit staying benign.
More on NMI Holdings Inc (NMIH)
Whether NMIH is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is NMIH a buy?, and where the stock could go from here in the NMIH stock forecast.
For income investors, whether NMIH pays a dividend and how the payout looks is covered in does NMIH pay a dividend?
Build a basket around NMIH with Walnut
Use NMI Holdings Inc as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does NMI Holdings do?
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Through its subsidiary National MI, NMIH sells private mortgage insurance that protects lenders and the GSEs against losses when borrowers with less than a 20 percent down payment default. It earns premiums on the insurance-in-force and pays claims when insured loans go to default.
What exchange is NMIH listed on?
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NMI Holdings trades on the Nasdaq under the ticker NMIH. It is a US-domiciled company headquartered in Emeryville, California.
Is NMIH profitable?
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Yes. In the first quarter of 2026 the company reported net income of about $99.3 million, or $1.28 per diluted share, on record revenue of about $183.5 million, at roughly a 15 percent return on equity. It has been consistently profitable in recent years.
Does NMIH pay a dividend?
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NMIH has historically not paid a regular common-stock dividend. It has returned capital primarily through share repurchases, so total return depends on earnings growth and buybacks rather than dividend income.
Why does NMIH trade at such a low P/E?
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Private mortgage insurers carry cyclical loss risk: earnings can drop sharply if a housing downturn lifts the claims rate. The market prices that uncertainty into a single-digit earnings multiple, below the level of most other financials, even when current losses are low.
Who are NMI Holdings' main competitors?
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It competes with the other GSE-approved private mortgage insurers: MGIC, Radian, Essent, Enact, and Arch Capital's mortgage unit. Government programs such as FHA and VA insurance also serve as alternatives to private mortgage insurance.
What are the biggest risks to NMIH?
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The main risks are a housing downturn or recession that raises the loss ratio, higher mortgage rates that slow new insurance written, price competition among the six insurers, and changes to Fannie Mae, Freddie Mac, or PMIERs capital rules that could reduce demand for mortgage insurance.
How does NMIH make money?
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It collects recurring premiums on its roughly $222 billion of insurance-in-force and invests its reserves in a bond portfolio. Profit comes from the spread between premium plus investment income and the claims it pays, so disciplined risk selection and reinsurance are central to its economics.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with NMI Holdings Inc's investor relations page or your broker before making investment decisions.