NMI Holdings

NMIH

Insurance - Specialty · Financial Services

Exchange

NASDAQ

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Strong

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Strong

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Winston Score History

The full picture

NMI Holdings, Inc. provides private mortgage guaranty insurance services in the United States. The company offers mortgage insurance services; and outsourced loan review services to mortgage loan originators. It serves national and regional mortgage banks, money center banks, credit unions, community banks, builder-owned mortgage lenders, internet-sourced lenders, and other non-bank lenders. NMI Holdings, Inc. was incorporated in 2011 and is headquartered in Emeryville, California.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+13.8% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

2.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$3.3B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

NMI Holdings is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

72.9%

Excellent — 72.9% operating margin

Return on the money invested

ROCE

16.2%

Strong — 16.2% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+7.5%

Steady sales growth (+7.5% YoY)

Profit growth

EPS YoY

+7.7%

Modest earnings growth (+7.7% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

113%

Turns 113% of profit into real cash

Spare cash per sale

FCF Margin

60.5%

Converts sales into free cash efficiently (60.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.15

Conservative — low debt load (0.15)

Covers its interest

Interest Cover

17.79x

Comfortably covers interest (17.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

8.7x

no trend

Attractive valuation — P/E 8.7

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+0.2

GROWING

Earnings roughly flat

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Dividends

Not applicable for this business.

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