NMI Holdings, Inc. (NMIH) FY2025 10-K Annual Report
NMI Holdings, Inc. (NMIH) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 12, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
NMI Holdings, Inc. FY2025 10-K Analysis
Business Overview
- • Core business: Private mortgage insurance provider focused on managing risk and capital in residential mortgage market
- • Regulatory focus: Increased emphasis on CFPB RESPA enforcement risk and impact of ATR/QM rule changes on mortgage origination market size
- • Strategic risk shift: Basel IV capital rules potentially reducing mortgage insurance capital benefits for large banks, possibly lowering mortgage insurance demand
- • Financial metric: $417 million total debt as of Dec 31, 2025, with $101 million in dividends capacity from insurance subsidiary under regulatory limits
- • Noteworthy fact: Proposed U.S. Basel IV alignment may eliminate capital relief for mortgage insurance on loans with LTV>80%, a significant regulatory development in 2026 filing
Risk Factors
- • Regulatory risk: Wisconsin Office of the Commissioner of Insurance (OCI) primary regulator for NMIC, impacting licensing and insurance operations
- • Macroeconomic risk: Persistent inflation and elevated interest rates could reduce new insurance written (NIW) volume, increasing default claims
- • Operational risk: Proprietary Rate GPS® platform crucial for risk-based pricing; any disruption may impair underwriting and profitability
- • Competitive risk: Market share expansion challenged by alternative mortgage credit enhancement structures and government MI programs
- • Financial risk: Increasing default rate to 1.12% in 2025 from 0.81% in 2023 could pressure loss reserves and capital adequacy
NMI Holdings, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$706M
▲ +8.5% YoY
Net Income
$389M
▲ +8.0% YoY
Net Margin
55.1%
▼ -26bp YoY
ROE
15.0%
▼ -123bp YoY
Total Assets
$3.8B
▲ +14.7% YoY
EPS (Diluted)
$4.92
▲ +11.1% YoY
Operating Cash Flow
$419M
▲ +6.5% YoY
Source: XBRL data from NMI Holdings, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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