NMI Holdings maintains competitive advantages through scale (insurance-in-force of $221.4 billion as of Q4 2025), strong risk management with premium borrower quality (average FICO score of 757), and disciplined capital allocation. The company has demonstrated consistent profitability with $388.9 million in full-year 2025 net income ($4.92 diluted EPS), supported by expanding market opportunities and operational efficiency.
Cyborg Score Rationale
NMI operates in a stable, essential mortgage insurance niche with consistent earnings generation and strong balance sheet metrics. The company demonstrates solid growth, with book value per share increasing 16% year-over-year through Q3 2025, and appears undervalued relative to earnings yield. Low operational volatility (4% weekly volatility) provides downside protection.
Top Insights
Primary insurance-in-force reached $221.4 billion as of Q4 2025, demonstrating portfolio expansion and market penetration
Full-year 2025 diluted EPS of $4.92 with net income of $388.9 million reflects consistent quarterly performance
Book value per share (ex-unrealized gains) of $34.58 in Q4 2025, up 16% YoY, signals shareholder value creation
PMIERs available assets of $3.5 billion substantially exceed net risk-based required assets, ensuring regulatory capital strength
Named Competitors
Essent Group Ltd — Private mortgage insurance provider
Radian Group Inc — Mortgage and credit risk management solutions
Enact Holdings — Mortgage insurance provider
National MI — Core business unit offering primary mortgage insurance services
Recent Developments
(February 2026) Q4 2025 results: Net income of $94.2M ($1.20 diluted EPS); shareholders' equity of $2.6B
(January 2026) Achieved tenth consecutive Great Place To Work certification with special Decade recognition
(November 2025) Q3 2025 results: Net income of $96.0M ($1.22 diluted EPS); insurance-in-force of $218.4B
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