NMI Holdings (NMIH) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.Since a changing ear ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-36174 NMI Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 45-4914248 (State or other jurisdiction of i ...

Core Insights - NMI Holdings, Inc. has appointed Renu Agrawal as an independent member of its Board of Directors, increasing the board size to ten members [1][2]. Group 1: Appointment Details - Renu Agrawal's appointment is effective immediately, and she brings a proven track record of executive leadership and extensive board experience [2]. - Agrawal currently serves on the boards of First Interstate BancSystem, Inc. and Sunrise Produce, and has previously held board positions at Luther Burbank Corporation and Woodruff Sawyer [2]. - She has over a decade of experience at Wells Fargo in senior executive roles, including Chief Operating Officer & EVP of the Financial Institutions Group [2]. Group 2: Company Overview - NMI Holdings, Inc. is the parent company of National Mortgage Insurance Corporation, which provides private mortgage insurance to enable low-down-payment borrowers to achieve home ownership [3]. - The company protects lenders and investors against losses related to borrower defaults [3].

Core Viewpoint - NMI Holdings (NMIH) has shown strong performance over the past year, with a share price increase of 14% [1] Company Performance - NMI Holdings has been actively writing new policies, which are noted to carry higher risk compared to legacy policies [1]

Key Takeaways NMIH's Q4 EPS of $1.20 beat estimates and rose 12.1% Y/Y on higher premiums and investment income.NMIH revenues climbed 8.4% to $181M and insurance in force grew 5.1% to $221B.NMI Holdings' book value per share jumped 20.4% to $33.98, while ROE slipped to 14.7%.NMI Holdings Inc. (NMIH) reported fourth-quarter 2025 operating net income per share of $1.20, which beat the Zacks Consensus Estimate by 2.6%. The bottom line increased 12.1% year over year. The quarterly results reflected higher premi ...

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Core Insights - NMI Holdings (NMIH) reported a revenue of $180.74 million for Q4 2025, marking an 8.6% year-over-year increase and exceeding the Zacks Consensus Estimate of $178.97 million by 0.99% [1] - The company's EPS for the same quarter was $1.20, up from $1.07 a year ago, and also surpassed the consensus EPS estimate of $1.17 by 2.35% [1] Financial Performance Metrics - Insurance-in-force (IIF) reached $221.45 billion, exceeding the average estimate of $218.97 billion from three analysts [4] - Risk-in-force (RIF) was reported at $59.31 billion, above the estimated $57.84 billion [4] - The combined ratio stood at 34.3%, slightly better than the average estimate of 34.8% [4] - The loss ratio was 13.9%, compared to the average estimate of 13.7% [4] - The expense ratio was reported at 20.4%, lower than the average estimate of 21.1% [4] - Net investment income was $27.53 million, exceeding the average estimate of $25.22 million, reflecting a year-over-year increase of 21.2% [4] - Net premiums earned were $152.46 million, slightly below the estimated $153.38 million, but still showing a 6.2% increase compared to the previous year [4] - Other revenues were reported at $0.26 million, matching the average estimate and indicating a 12.9% year-over-year increase [4] Stock Performance - NMI Holdings' shares have returned +1.6% over the past month, while the Zacks S&P 500 composite remained unchanged [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Insights - The company reported a record total revenue of $180.7 million in Q4, with a GAAP net income of $94.2 million, translating to $1.20 per diluted share and a return on equity of 14.8% [1] - For the full year 2025, the company achieved a GAAP net income of $388.9 million, an 8% increase from 2024, and a diluted EPS of $4.92, up 11% [2][7] - The company ended 2025 with a total new insurance written (NIW) of $49 billion and a record $221.4 billion of primary insurance in force (IIF) [3][7] Financial Performance - In Q4, net premiums earned reached a record $152.5 million, compared to $151.3 million in Q3 and $143.5 million in the same quarter last year [8] - The company reported a default rate of 1.12% at year-end, with total defaults increasing to 7,661 from 7,093 in the previous quarter [10] - The expense ratio for the fourth quarter was 20.4%, with total expenses remaining unchanged at $31.1 million compared to Q4 2024 [18] Reinsurance and Capital Management - The company secured new quota-share and excess-loss treaties for new business through 2028 at an estimated 4% pre-tax cost of capital [6][15] - Since 2022, the company has repurchased $349 million of stock, with $226 million remaining under its buyback authorization [17] - At year-end, the company reported $3.5 billion of total available assets under PMIERs, with excess available assets of $1.4 billion [16] Industry Outlook - The company anticipates a constructive industry backdrop with an expected NIW volume of over $310 billion in 2025 and a similarly attractive environment in 2026 [5][20][21] - Management noted broad resiliency in the macro environment and housing market, despite some risks such as slower hiring and high consumer debt [12] - Conversations in Washington regarding the private mortgage insurance industry's role in supporting affordability remain active and constructive [22]

分组1 - NMI Holdings (NMIH) reported quarterly earnings of $1.2 per share, exceeding the Zacks Consensus Estimate of $1.17 per share, and up from $1.07 per share a year ago, representing an earnings surprise of +2.35% [1] - The company posted revenues of $180.74 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.99%, and an increase from $166.5 million year-over-year [2] - NMI Holdings has surpassed consensus EPS estimates three times and revenue estimates four times over the last four quarters [2] 分组2 - The stock has underperformed the market, losing about 2.1% since the beginning of the year compared to the S&P 500's gain of 1.7% [3] - The current consensus EPS estimate for the coming quarter is $1.25 on revenues of $183.85 million, and for the current fiscal year, it is $5.05 on revenues of $740.21 million [7] - The Zacks Industry Rank for Insurance - Property and Casualty is currently in the bottom 38% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported record net income of $388.9 million, an increase of 8% compared to 2024 [4] - Diluted EPS reached $4.92, up 11% from 2024, with a return on equity of 16.2% [4][10] - Total revenue for the quarter was a record $180.7 million, compared to $166.5 million in Q4 2024, marking a 9% increase [10][12] Business Line Data and Key Metrics Changes - The company generated $14.2 billion of new insurance written (NIW) in Q4, contributing to a total of $49 billion for the year [8][10] - The primary insurance in force grew to $221.4 billion, up 5.4% year-over-year [12] - The persistency rate was 83.4% in Q4, slightly down from 83.9% in Q3 [12] Market Data and Key Metrics Changes - The total MI industry NIW volume exceeded $300 billion in 2025, demonstrating strength despite elevated rates [10][11] - The company activated 90 new lenders in 2025, ending the year with over 1,700 active accounts [9] Company Strategy and Development Direction - The company aims to continue focusing on customer service, value-added engagement, and technology leadership [5][6] - There is an emphasis on maintaining a disciplined approach to risk management while growing the insured portfolio [6][10] - The company is committed to building value for shareholders and delivering strong returns while prudently distributing excess capital [6][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macro environment and housing market, noting broad resiliency and low unemployment [29] - There are concerns about consumer debt levels and confidence, but the overall outlook remains positive [29] - The company is well-positioned to capitalize on opportunities in the private MI market, with expectations for continued strength in 2026 [11][46] Other Important Information - The company repurchased $31 million of common stock in Q4, with a total of $349 million repurchased since the buyback program began in 2022 [15][16] - New reinsurance treaties were secured, extending coverage through 2028 at an estimated 4% pre-tax cost of capital [16][50] Q&A Session Summary Question: Changes in the competitive landscape and core premium yield outlook for 2026 - Management noted a balanced and constructive environment, with expectations for core yield to remain stable [21][22] Question: Regulatory concerns regarding potential FHA premium reductions - Management highlighted the private MI industry's role and expressed skepticism about the need for FHA rate adjustments given existing challenges [23][24] Question: Health of the consumer and credit trends by region - Management reported continued resiliency in the macro environment, with no notable emerging issues in default experience by geography [28][31] Question: Outlook for persistency and quarterly runoff trends - Management acknowledged a decline in persistency but expects it to remain above historical trends [33][34] Question: Implications of different portfolio vintages on credit - Management discussed the potential for normalization in credit experience as older vintages run off, with a focus on maintaining strong credit characteristics [40][41] Question: NIW market share and outlook for 2026 - Management expressed satisfaction with performance and indicated a compelling opportunity for growth in 2026, contingent on stable rates [43][46] Question: Quota share and capital management in 2026 - Management confirmed plans for continued share buybacks at a pace of approximately $25 million per quarter, depending on market conditions [50]