NMI Holdings, Inc.

NMIHNASDAQFinancial Services● Active

$36.30

$-0.26(-0.70%)

Market Cap$2.8B

P/E Ratio—

52W High$43.2

52W Low$34.84

Avg Volume509K

Open$36.48

Beta0.56

Overview

NMI Holdings, Inc. (NMIH) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

NMIH · free cash flow · updated Jun 8, 2026

Core FCF metrics

NMIH · FCF · TTM · margin & CAGR

Free cash flow was $412.5M for FY2025 (fiscal year ending 2025-12-31), up 6.7% year-over-year The FCF margin was 58.5%. Five-year CAGR stands at +11.4%.

FY2025 Free Cash Flow$412.5M▲ +6.7% YoY

Trailing 12M (TTM)$428.1Mtrailing 4 quarters sum

FCF Margin58.5%$412.5M ÷ revenue

3-Year CAGR+10.8%FY2022 → FY2025

5-Year CAGR+11.4%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

NMIH · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$419.3M(7M)$412.5M▲ +6.7%58.5%

FY2024$393.6M(7M)$386.7M▲ +16.0%59.4%

FY2023$342.7M(9M)$333.3M▲ +10.1%57.6%

FY2022$313.4M(11M)$302.8M▼ 3.4%57.7%

FY2021$325.7M(12M)$313.5M▲ +30.4%64.5%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

NMIH · P/FCF · FCF yield · FCF per share

NMI Holdings, Inc. (NMIH) trades at a FCF yield of 15.52% and a price-to-free-cash-flow ratio of 6.6x. FCF per share stands at $5.51, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

15.52%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$5.51

TTM FCF ÷ Shares Outstanding

Price / FCF

x6.6

Share Price ÷ FCF per Share

EV / FCF (TTM)

x-157.7

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

NMIH · cash flow statement · operating / investing / financing

For FY2025, NMI Holdings, Inc. generated $419.3M in operating cash flow and spent 7M in capital expenditures, yielding $412.5M in free cash flow.

Operating Activities

+$419.3M

Cash from core business operations

2025-12-31

Investing Activities

−$316.5M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$113.2M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($419.3M) − |CapEx| (7M) = FCF ($412.5M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Financial Services)

NMIH vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

NMI Holdings, Inc.YOU

NMIH

$412.5M+6.7%58.5%

Berkshire Hathaway Inc.

BRK-B

$25.04B+115.6%6.7%

25%

Berkshire Hathaway Inc.

Mastercard Incorporated

$16.91B+18.2%51.6%

17%

Financial Services · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

NMI Holdings, Inc. (NMIH) reported free cash flow of $412.5M for FY2025 (fiscal year ending 2025-12-31), up 6.7% year-over-year. The FCF margin was 58.5%.

Based on available data, NMI Holdings, Inc. has maintained positive free cash flow for at least 11 fiscal year(s). FCF peaked at $412.5M in FY2025. The 5-year CAGR stands at +11.4%.

NMI Holdings, Inc.'s FCF yield is 15.52% and price-to-FCF ratio is 6.6x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

NMIH free cash flow · 8 questions

NMI Holdings, Inc. free cash flow was $412.5M for FY2025, up 6.7% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $428.1M.

NMIH free cash flowNMIH FCFNMIH FCF 2025NMIH free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · NMI Holdings, Inc. · NMI Holdings, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026