Nmi Holdings, Inc. (NMIH) intrinsic value & 10-year financials
Nmi Holdings, Inc. (NMIH) has a Graham intrinsic value of $163.42 per share. At $40.71 on Oct 17, 2026, the stock trades 75% below that value. Over the last 10 fiscal years revenue grew 21.4% a year to $706.4M, with an average return on invested capital of 14.0%.
- Graham intrinsic value
- $163.42
- Share price (Oct 17, 2026)
- $40.71
- Price vs Graham value
- 75% below
- Market cap
- $3.2B
- Revenue (FY2025)
- $706.4M
- Revenue growth (10-yr CAGR)
- 21.4%
- ROIC (10-yr avg)
- 14.0%
- Free cash flow (FY2025)
- $412.5M
NMIH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $706.4M | $388.9M | $4.92 | $412.5M | — | 16.2% |
| FY2024 | $651.0M | $360.1M | $4.43 | $386.7M | — | 17.4% |
| FY2023 | $579.0M | $322.1M | $3.84 | $333.3M | — | 16.4% |
| FY2022 | $523.3M | $292.9M | $3.39 | $302.8M | — | 15.2% |
| FY2021 | $485.1M | $231.1M | $2.65 | $313.5M | — | 13.1% |
| FY2020 | $433.3M | $171.6M | $2.13 | $240.4M | — | 12.8% |
| FY2019 | $378.8M | $172.0M | $2.47 | $198.2M | — | 18.5% |
| FY2018 | $275.0M | $107.9M | $1.60 | $137.8M | — | 14.8% |
| FY2017 | $182.7M | $22.1M | $0.35 | $59.3M | — | 3.7% |
| FY2016 | $123.8M | $65.8M | $1.08 | $60.5M | — | 11.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NMI Holdings, Inc. is a consistent compounder, expanding top-line revenue at 21.3% annually over the past decade.
NMI Holdings, Inc. returns on capital have been average, hovering around 14.0% ROIC over the decade.
NMI Holdings, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NMI Holdings, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $163.42 per share.