Short answer
NMI Holdings, Inc. (NMIH) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $706M (+8.5% year over year) and net income of $389M.
- Top risk flagged: Regulatory risk: Wisconsin Office of the Commissioner of Insurance (OCI) primary regulator for NMIC, impacting licensing and insurance operations
FY2025 key financial metrics · XBRL
- Revenue
- $706M
- +8.5% YoY
- Net income
- $389M
- +8.0% YoY
- EPS (diluted)
- $4.92
- +11.1% YoY
- ROE
- 15.0%
- −1.2 pp YoY
- Operating cash flow
- $419M
- +6.5% YoY
Source: XBRL data from the NMI Holdings, Inc. (NMIH) FY2025 10-K on SEC EDGAR. USD.
NMI Holdings, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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