NMI (NMIH) financial statements
NMI reported revenue of $706M in fiscal 2025, up 21.3% a year over 9 years.
Net income was $389M and the operating margin 70.7%, against 22.8% in 2016.
Free cash flow was $413M, and the company returned $105M in net buybacks.
The diluted share count rose 30% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from NMI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $124M | $183M | $275M | $379M | $433M | $485M | $523M | $579M | $651M | $706M |
| Operating income | $28M | $53M | $136M | $217M | $218M | $297M | $377M | $413M | $463M | $500M |
| Interest expense | $15M | $14M | $15M | $12M | $24M | $32M | $32M | $32M | $37M | $28M |
| Pre-tax income | $11M | $53M | $136M | $217M | $218M | $297M | $377M | $413M | $463M | $500M |
| Income tax | -$53M | $31M | $28M | $45M | $47M | $66M | $84M | $91M | $103M | $111M |
| Net income | $64M | $22M | $108M | $172M | $172M | $231M | $293M | $322M | $360M | $389M |
| EPS (diluted) | $1.05 | $0.35 | $1.60 | $2.47 | $2.13 | $2.65 | $3.39 | $3.84 | $4.43 | $4.92 |
| Diluted shares | 61M | 62M | 68M | 70M | 79M | 87M | 86M | 84M | 81M | 79M |
| Operating margin | 22.8% | 28.9% | 49.4% | 57.2% | 50.3% | 61.2% | 72.1% | 71.3% | 71.2% | 70.7% |
| Net margin | 51.7% | 12.1% | 39.2% | 45.4% | 39.6% | 47.6% | 56.0% | 55.6% | 55.3% | 55.1% |
Balance sheet
Fiscal years, from NMI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $48M | $19M | $25M | $41M | $127M | $77M | $44M | $97M | $54M | $44M |
| Receivables | $14M | $25M | $36M | $46M | $50M | $60M | $70M | $76M | $83M | $86M |
| Property, plant and equipment | $20M | $23M | $25M | $26M | $30M | $32M | $32M | $30M | $26M | $22M |
| Goodwill | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M |
| Total assets | $840M | $895M | $1.1B | $1.4B | $2.2B | $2.5B | $2.5B | $2.9B | $3.3B | $3.8B |
| Total liabilities | $364M | $386M | $391M | $434M | $797M | $885M | $902M | $1.0B | $1.1B | $1.2B |
| Shareholders' equity | $476M | $509M | $702M | $930M | $1.4B | $1.6B | $1.6B | $1.9B | $2.2B | $2.6B |
| Net debt | -$48M | -$19M | -$25M | -$41M | -$127M | -$77M | -$44M | -$97M | -$54M | -$44M |
Cash flow
Fiscal years, from NMI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $72M | $68M | $146M | $208M | $253M | $326M | $313M | $343M | $394M | $419M |
| Capital spending | $11M | $9M | $8M | $10M | $12M | $12M | $11M | $9M | $7M | $7M |
| Free cash flow | $60M | $59M | $138M | $198M | $240M | $313M | $303M | $333M | $387M | $413M |
| Stock-based compensation | $7M | $9M | $13M | $13M | $11M | $17M | $15M | $17M | $20M | $20M |
| Share buybacks (net) | — | — | — | — | $0 | $0 | -$57M | -$92M | -$98M | -$105M |
| Net borrowing | -$2M | -$2M | $2M | -$2M | $252M | $0 | $0 | $0 | $15M | $0 |
| Free cash flow margin | 48.8% | 32.4% | 50.1% | 52.3% | 55.5% | 64.6% | 57.9% | 57.6% | 59.4% | 58.4% |
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Open NMIH in InvestinglyQuestions
What was NMI's revenue in 2025?
$706M in fiscal 2025, from its 10-K filing.
How much free cash flow does NMI generate?
$413M in fiscal 2025 (operating cash flow minus capital spending).
From NMI's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.