What is the 13F Pro Quality Score for NMIH?

13F Pro ranks NMI Holdings, Inc. (NMIH) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View NMIH's current score at https://13fpro.ai/research/NMIH (free sign-up required for the full ranking).

Where does 13F Pro source NMIH data?

All NMI Holdings, Inc. fundamentals and ownership data come directly from SEC EDGAR. NMI Holdings, Inc. files with the SEC under CIK 1547903. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is NMIH in?

NMI Holdings, Inc. (NMIH) is classified in the Financials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/financials.

What drives NMIH's revenue?

Per NMI Holdings, Inc.'s latest 10-Q filed with the SEC on 2026-05-01, the biggest revenue drivers are: Net premiums earned ($154.8M, +4% YoY); Net investment income ($28.6M, +21% YoY); Other revenues ($0.2M, +25% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/research/NMIH.

What are NMIH's largest expenses?

NMI Holdings, Inc.'s latest 10-Q reports these as the largest expense items: Insurance claims and claim expenses ($20.7M, +361% YoY); Underwriting and operating expenses ($30.6M, +1% YoY); Interest expense ($7.1M, +0% YoY). Sourced directly from SEC EDGAR filing text for Q1 2026 (quarter ended March 31, 2026).

How often is NMIH research updated on 13F Pro?

NMIH's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

NMI Holdings, Inc.(NMIH)Stock Analysis

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13F Pro Quality Score

73.6/100

Rank #191 of 2,879 stocksTOP 10%

View Financials peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

65.9/100

Profitability

95.2/100

Balance Sheet

86.9/100

Earnings Quality

54.7/100

Free Cash Flow

95.2/100

Institutional Flow

63.3/100

Revenue Scale

42.7/100

Dilution Risk

34.8/100

NMIH Stock Analysis & AI Quality Score

AI stock analysis and institutional research for NMI Holdings, Inc. (NMIH), a Financials sector company. 13F Pro's AI-powered ranking engine scores NMIH at 73.6/100 on a 32-signal composite quality model, placing it at rank #191 of 2,879 stocks — the top 10% of the AI-ranked universe. NMIH scores in the top quartile across profitability (95.2), free cash flow (95.2), balance sheet strength (86.9). Shareholder dilution risk is elevated at 34.8/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), NMI Holdings, Inc. reports quarterly revenue of $183.5M, net income of $99.3M, an operating margin of 68.1%. Top institutional holders of NMIH by reported 13-F value include BlackRock,, DIMENSIONAL FUND ADVISORS, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. NMIH trades on the Nasdaq exchange and files with the SEC under CIK 1547903. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate NMIH daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for NMI Holdings, Inc. directly from SEC EDGAR. NMI Holdings, Inc.'s 13F Pro composite quality score has ranged between 68 and 80 since 2021, currently 73.6 — a stable long-term trajectory across 30 quarterly and live scoring snapshots.

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Fun facts about NMI Holdings, Inc.

Quirks, history, and lore behind NMIH — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. financial services company · small-cap · listed on Nasdaq · headquartered in California.
2
The Numbers
Annual revenue in the hundreds of millions of dollars, with a business model that depends entirely on the health of the U.S. housing market — when home sales slow, so does this company.
3
The History
Founded in 2012 — right after the housing crisis torched its predecessors — it was built from scratch to prove that private mortgage insurance could be done responsibly this time around.
4
The Secret
Its entire existence is a bet that American homebuyers won't default en masse; it collects premiums from borrowers who put down less than 20% and hopes never to pay a claim.
5
The Lore
It won federal approval to become a GSE-eligible mortgage insurer — a rare blessing from Fannie Mae and Freddie Mac — and quickly grew into one of the industry's major players.
6
The Giveaway
The ticker is four letters starting with NMI, which is also a neat abbreviation for exactly what it does: National Mortgage Insurance.

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What's Driving NMIH's Business? Latest 10-Q Breakdown

✓ 26/26 datapoints verified

AI-extracted from NMI Holdings, Inc.'s 10-Q filed 2026-05-01 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Net premiums earned grew 4% to $154.8M, but insurance claims surged 361% to $20.7M as default inventory increased, offsetting revenue gains and reducing net income 3% to $99.3M.

Biggest Revenue Drivers

Total revenue: $183.5M+6% YoY

Net premiums earned$154.8M+4% YoY

Growth in monthly insurance-in-force and direct monthly premium receipts, partially offset by ceded premiums and lower single premium contribution.

Net investment income$28.6M+21% YoY

Growth in invested asset base and higher portfolio yields from deployment of cash at higher rates.

Other revenues$0.2M+25% YoY

Loan review services provided by NMIS subsidiary.

Largest Expense Items

Insurance claims and claim expenses$20.7M+361% YoY

Increase in newly defaulted loans and average case reserves, partially offset by favorable prior-year development from cure activity.

Underwriting and operating expenses$30.6M+1% YoY

Higher technology and employee compensation costs, offset by increased ceding commissions and lower depreciation.

Interest expense$7.1M+0% YoY

Costs of outstanding senior unsecured notes and revolving credit facility.

Margins: Loss ratio increased to 13.3% from 3.0% due to higher claims incurred on growing portfolio defaults, while expense ratio improved to 19.8% from 20.2%. Combined ratio of 33.1% reflects claims volatility despite strong premium growth.

Watch Items from the Filing

Default rate increased to 1.17% as of March 31, 2026 from 1.04% a year earlier; loans in default rose to 8,044 from 6,859, reflecting portfolio growth and seasoning.
New insurance written increased 33% YoY to $12.3B, driven by customer penetration and market growth, but persistency declined to 82.2% from 84.3%, indicating higher policy lapse rates.
Insurance-in-force concentrated in top 10 states at 51.3% (California 10.1%, Texas 8.3%, Florida 7.2%), creating geographic concentration risk.
PMIERs available assets of $3.6B exceed net risk-based required assets of $2.2B by $1.4B, providing capital cushion; RTC ratio of 13.3:1 well below regulatory maximum of 25:1.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q1 2026

$183.5M

Net Income

Q1 2026

$99.3M

Free Cash Flow

Q1 2026

$115.0M

Operating Margin

Q1 2026

68.1%

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+22.0% YoY

$706.4MFY 2025

FY21 $485.1MFY22 $523.3MFY23 $579.0MFY25 $706.4M

Net Income

+20.7% YoY

$388.9MFY 2025

FY21 $231.1MFY22 $292.9MFY23 $322.1MFY25 $388.9M

EPS (Diluted)

+28.1% YoY

$4.92FY 2025

FY21 $2.65FY22 $3.39FY23 $3.84FY25 $4.92

Total Assets

+30.6% YoY

$3.84BFY 2025

FY21 $2.45BFY22 $2.52BFY23 $2.94BFY25 $3.84B

Total Debt

—FY 2025

FY21 $394.6MFY22 $396.1MFY23 —FY25 —

Op. Cash Flow

+22.4% YoY

$419.3MFY 2025

FY21 $325.7MFY22 $313.4MFY23 $342.7MFY25 $419.3M

Metric	FY 2025	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Revenue	$706.4M +22.0%	$579.0M +10.6%	$523.3M +7.9%	$485.1M +12.0%	$433.3M +14.4%	$378.8M
Net Income	$388.9M +20.7%	$322.1M +10.0%	$292.9M +26.7%	$231.1M +34.7%	$171.6M -0.2%	$172.0M
EPS (Diluted)	$4.92 +28.1%	$3.84 +13.3%	$3.39 +27.9%	$2.65 +24.4%	$2.13 -13.8%	$2.47
Total Assets	$3.84B +30.6%	$2.94B +16.9%	$2.52B +2.7%	$2.45B +13.1%	$2.17B +58.8%	$1.36B
Total Debt	—	—	$396.1M +0.4%	$394.6M +0.3%	$393.3M +169.8%	$145.8M
Operating Cash Flow	$419.3M +22.4%	$342.7M +9.3%	$313.4M -3.8%	$325.7M +28.9%	$252.6M +21.4%	$208.2M

AI Insight: NMIH Financial Trends

Revenue grew 13% from Q2 2024 to Q1 2026, but net income remains flat and operating cash flow is volatile.

• Revenue accelerated from $162M (Q2 2024) to $183M (Q1 2026), a 13% gain over eight quarters.

• Equity expanded 29% from $2,046M to $2,632M, reflecting retained earnings and balance-sheet strengthening.

• Net income oscillated between $86M and $103M with no clear uptrend; Q1 2026 at $99M near eight-quarter average.

⚠ Operating cash flow declined sharply in Q4 2025 to $62M, the lowest since Q4 2024, signaling potential working-capital headwinds.

⚠ Net income margin compressed: Q1 2025 delivered 60% margin; Q1 2026 only 54%, despite revenue growth.

AI Insight: NMIH Ratio Trends

Profitability metrics hit two-year lows in Q4 2025, with slight stabilization in Q1 2026 but no reversal of the downtrend.

• Operating margin compressed from 73.2% (Q2 2024) to 68.1% (Q1 2026), a 510bp decline over nine quarters.

• ROIC fell from 23.2% (Q2 2024) to 19.0% (Q1 2026), signaling a 420bp deterioration in capital efficiency.

• Q1 2026 shows modest recovery in OpMargin (68.1% vs 67.0% in Q4 2025) and ROIC (19.0% vs 18.7%), but remains well below 2024 levels.

⚠ Sustained compression across all profitability metrics since Q2 2024 suggests structural headwinds rather than cyclical weakness.

⚠ Monitor Q2 2026 for confirmation of Q1 stabilization or resumption of margin erosion.

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Available Research

13F Pro tracks comprehensive data for NMI Holdings, Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of NMIH

BlackRock, Inc.
$482.5M12,863,154 sh
DIMENSIONAL FUND ADVISORS LP
$163.2M4,351,808 sh
VANGUARD CAPITAL MANAGEMENT LLC
$128.7M3,430,453 sh
STATE STREET CORP
$123.9M3,303,247 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$112.8M3,006,678 sh
AMERICAN CENTURY COMPANIES INC
$102.0M2,720,147 sh
GEODE CAPITAL MANAGEMENT, LLC
$75.6M2,014,628 sh
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.
$62.6M1,667,928 sh
BANK OF AMERICA CORP /DE/
$48.9M1,304,633 sh
GOLDMAN SACHS GROUP INC
$46.4M1,236,763 sh

Fund	Value	Shares
BlackRock, Inc.	$482.5M	12,863,154
DIMENSIONAL FUND ADVISORS LP	$163.2M	4,351,808
VANGUARD CAPITAL MANAGEMENT LLC	$128.7M	3,430,453
STATE STREET CORP	$123.9M	3,303,247
VANGUARD PORTFOLIO MANAGEMENT LLC	$112.8M	3,006,678
AMERICAN CENTURY COMPANIES INC	$102.0M	2,720,147
GEODE CAPITAL MANAGEMENT, LLC	$75.6M	2,014,628
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	$62.6M	1,667,928
BANK OF AMERICA CORP /DE/	$48.9M	1,304,633
GOLDMAN SACHS GROUP INC	$46.4M	1,236,763

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Is NMIH a good stock to buy?

13F Pro's AI-powered analysis of NMI Holdings, Inc. (NMIH) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Financials sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for NMIH are available on the NMIH stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own NMIH?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling NMIH. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of NMI Holdings, Inc.'s investment landscape.