NMIH on Nasdaq

NMI Holdings, Inc.

American surety insurance company based in Emeryville, listed on Nasdaq (NMIH). Summary from the record

Price unavailable

Last updated Oct 19, 2026.

Overview

Compare with Radian Group, MGIC INVESTMENT CORP or Essent Group Ltd., or pick any stock.

  • TickerNMIH on Nasdaq2
  • IndustrySurety Insurance2
  • HeadquartersEmeryville, United States2
  • Incorporated inCA3
  • Business address2100 Powell Street, 12Th Floor, Emeryville, Ca 946083
  • Filer categoryLarge accelerated filer3
  • Legal formCorporation2
  • LEI529900KNNGFXJX1C3Z082
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressc/o THE CORPORATION TRUST COMPANY, CORPORATION TRUST CENTER 1209 ORANGE ST, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 49851932

See how the biggest companies compare on our leaderboards

See the “ Glossary of Abbreviations and Acronyms ” for descriptions of terms used through this annual report.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

55.1%Net margin5
8.5%Revenue growth, 20255
15.0%Return on equity5
$412.5MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs29¢$206.6M
  • Income tax16¢$110.9M
  • Profit55¢$388.9M

Out of $706.4M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending2¢$6.8M
  • Share buybacks25¢$105.1M
  • Kept or used elsewhere73¢$307.4M

Out of $419.3M of cash from operations.5

Financial statements

Revenue67895$706.4M in 2025+87% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $378.8M$378.8M20192020: $433.3M$433.3M2020+14%2021: $485.1M$485.1M2021+12%2022: $523.3M$523.3M2022+8%2023: $579.0M$579.0M2023+11%2024: $651.0M$651.0M2024+12%2025: $706.4M$706.4M2025+9%
Net income67895$388.9M in 2025+126% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $172.0M$172.0M20192020: $171.6M$171.6M2020−0%2021: $231.1M$231.1M2021+35%2022: $292.9M$292.9M2022+27%2023: $322.1M$322.1M2023+10%2024: $360.1M$360.1M2024+12%2025: $388.9M$388.9M2025+8%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Net premiums earned$602.2M$564.7M$510.8M
Net investment income$102.9M$85.3M$67.5M
Net realized investment gains (losses)$432.0K$23.0K-$33.0K
Other revenues$859.0K$944.0K$756.0K
Total revenues$706.4M$651.0M$579.0M
Insurance claims and claim expenses$57.6M$31.5M$22.6M
Underwriting and operating expenses$119.9M$118.4M$110.7M
Service expenses$601.0K$723.0K$771.0K
Interest expense$28.5M$36.9M$32.2M
Total expenses$206.6M$187.6M$166.3M
Income before income taxes$499.8M$463.4M$412.7M
Income tax expense$110.9M$103.3M$90.6M
Net income$388.9M$360.1M$322.1M
Basic (in dollars per share)$5.01$4.51$3.91
Diluted (in dollars per share)$4.92$4.43$3.84
Basic (in shares)77.6M shares79.8M shares82.4M shares
Diluted (in shares)79.0M shares81.3M shares83.9M shares
Unrealized gains in accumulated other comprehensive loss, net of tax expense of $20,995, $3,921 and $17,113 for each of the years in the three-year period ended December 31, 2025, respectively$79.0M$15.1M$64.4M
Reclassification adjustment for realized (gains) losses included in net income, net of tax expense (benefit) of $69, $0 and $(7) for each of the years in the three-years ended December 31, 2025, respectively-$262.0K$0$26.0K
Other comprehensive income, net of tax$78.7M$15.1M$64.4M
Comprehensive income$467.6M$375.2M$386.5M
Reclassification adjustment for realized losses (gains) included in net income, tax (benefit) expense$69.0K$0-$7.0K

Compare NMI Holdings, Inc. with another company

Leadership

Who has led NMI Holdings, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Bradley M. Shuster2013–2018
  2. Claudia J. Merkle2019–2021
  3. Adam Pollitzer2022–now

Chair

  1. Bradley M. Shuster2019–now

President

  1. Bradley M. Shuster2013–2014
  2. John M. Sherwood Jr.2015
  3. Claudia J. Merkle2018

Chief financial officer

  1. John M. Sherwood Jr.2013–2014
  2. Glenn Michael Farrell2015–2017
  3. Adam Pollitzer2017–2021
  4. Ravi Mallela2022–2024
  5. Aurora Swithenbank2024–now

Chief operating officer

  1. Claudia J. Merkle2017–2018
  2. Patrick L. Mathis2019–2022
201520202025
Board members and other officers (27)

Timeline

  1. Feb 11, 2022New chief executive Adam Pollitzer becomes CEO13
  2. Feb 11, 2019New chief executive Claudia J. Merkle becomes CEO14
  3. Nov 7, 2013New chief executive Bradley M. Shuster becomes CEO15

Filings

328 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 35 major events, 190 insider forms, 15 large holders, 68 other. The latest 20:

  1. Sep 15, 20264 EDGAR
  2. Sep 9, 20264 EDGAR
  3. Sep 4, 2026144 EDGAR
  4. Sep 4, 20264 EDGAR
  5. Aug 12, 20264 EDGAR
  6. Aug 11, 2026144 EDGAR
  7. Aug 5, 20264 EDGAR
  8. Aug 3, 2026144 EDGAR
  9. Jul 31, 202610-Q EDGAR
  10. Jul 30, 20268-K EDGAR
  11. Jul 24, 2026144 EDGAR
  12. Jul 21, 2026144 EDGAR
  13. Jul 2, 2026144 EDGAR
  14. May 20, 20264 EDGAR
  15. May 19, 2026144 EDGAR
  16. May 18, 20264 EDGAR
  17. May 18, 20264 EDGAR
  18. May 18, 20264 EDGAR
  19. May 18, 20264 EDGAR
  20. May 18, 20264 EDGAR

The 328 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

61 open-market trades by officers, directors and large owners since October 2021: 0 buys and 61 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 4, 2026Pollitzer AdamChief Executive OfficerSale172,706$44.86$7.7MForm 4
Aug 11, 2026Swithenbank AuroraEVP, Chief Financial OfficerSale11,662$44.51$519.1KForm 4
Aug 3, 2026Smith Robert OwenEVP, Chief Risk OfficerSale12,000$44.65$535.8KForm 4
May 19, 2026Montgomery Michael CurryDirectorSale1,554$37.90$58.9KForm 4
Mar 24, 2026SHUSTER BRADLEY MExecutive ChairmanSale18,953$37.35$707.9KForm 4
Mar 19, 2026SHUSTER BRADLEY MExecutive ChairmanSale18,996$37.05$703.8KForm 4
Mar 12, 2026SHUSTER BRADLEY MExecutive ChairmanSale18,976$36.58$694.1KForm 4
Mar 5, 2026SHUSTER BRADLEY MExecutive ChairmanSale19,430$38.91$756.0KForm 4
Feb 26, 2026SHUSTER BRADLEY MExecutive ChairmanSale19,557$39.85$779.3KForm 4
Feb 18, 2026SHUSTER BRADLEY MExecutive ChairmanSale55,000$39.63$2.2MForm 4
Feb 17, 2026Fitzgerald Norman PeterEVP, Chief Sales OfficerSale22,500$39.94$898.6KForm 4
Feb 17, 2026Yousaf Mohammad NawazEVP, Chief of Ops and TechSale16,000$39.89$638.2KForm 4
Nov 19, 2025EMBLER MICHAEL JDirectorSale20,000$36.90$738.0KForm 4
Sep 16, 2025Realmuto Nicholas DanielSVP, ControllerSale291$38.52$11.2KForm 4
Sep 15, 2025SCHEID STEVENDirectorSale19,926$39.31$783.3KForm 4
Sep 15, 2025SCHEID STEVENDirectorSale19,926$39.31$783.3KForm 4
Jun 6, 2025SHUSTER BRADLEY MExecutive ChairmanSale21,545$39.56$852.3KForm 4
May 30, 2025Leatherberry William JChief Admin. Officer & GCSale18,121$39.67$718.9KForm 4
May 13, 2025Montgomery Michael CurryDirectorSale1,875$38.05$71.3KForm 4
May 1, 2025Smith Robert OwenEVP, Chief Risk OfficerSale20,000$36.58$731.6KForm 4

All 61 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.13,189,334$541.9M0.0%+326,180
Dimensional Fund Advisors LP4,665,910$191.7M0.0%+314,102
State Street Corp3,478,523$142.9M0.0%+175,276
Vanguard Capital Management LLC3,420,198$140.5M0.0%−10,255
American Century Companies Inc3,046,624$125.2M0.1%+326,477
Vanguard Portfolio Management LLC2,901,852$119.2M0.0%−104,826
Geode Capital Management, LLC2,110,234$86.7M0.0%+95,606
Nomura Asset Management International Inc.1,883,225$77.4M0.1%+215,297
Assenagon Asset Management S.A.1,359,678$55.9M0.0%+633,123
Fuller & Thaler Asset Management, Inc.1,314,375$54.0M0.1%+243,795
Fmr LLC1,275,890$52.4M0.0%+116,993
Goldman Sachs Group Inc1,271,316$52.2M0.0%+34,553
Bank Of America Corp /de/1,208,661$49.7M0.0%−95,972
Jpmorgan Chase & Co1,184,503$49.0M0.0%+308,077
Morgan Stanley1,137,279$46.7M0.0%+138,420
Charles Schwab Investment Management Inc1,011,979$41.6M0.0%+26,314
Aqr Capital Management LLC954,073$39.2M0.0%+235,743
Donald Smith & Co., Inc.882,495$36.3M0.6%+484,896
Northern Trust Corp877,573$36.1M0.0%+41,977
Frontier Capital Management Co LLC860,919$35.4M0.3%−155,307
Nuveen, LLC832,172$34.2M0.0%−154,219
Allianz Asset Management GmbH783,594$29.4M0.0%No change
Public Sector Pension Investment Board708,850$29.1M0.1%+28,467
Clearbridge Investments, LLC708,685$29.1M0.0%+3,724
Ameriprise Financial Inc702,605$28.9M0.0%−2,874

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

2 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jul 15, 2020Susie LeeDemocratic, HouseSale$1,001 - $15,000−24.2%Report
Jun 5, 2020Susie LeeDemocratic, HouseBuy$1,001 - $15,000−27.9%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
  43. 43
  44. 44
  45. 45
  46. 46
  47. 47
  48. 48
  49. 49
  50. 50
  51. 51
  52. 52
  53. 53
  54. 54
  55. 55