NMI Holdings, Inc.

NasdaqGM:NMIH Stock Report

Market Cap: US$2.9b

NMI Holdings Valuation

Is NMIH undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of NMIH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

US$102.01
Fair Value
63.9% undervalued intrinsic discount
7
Number of Analysts

Below Fair Value: NMIH ($36.83) is trading below our estimate of fair value ($102.01)

Significantly Below Fair Value: NMIH is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NMIH?

Key metric: As NMIH is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NMIH. This is calculated by dividing NMIH's market cap by their current earnings.
What is NMIH's PE Ratio?
PE Ratio7.5x
EarningsUS$0
Market CapUS$2.89b

Price to Earnings Ratio vs Peers

How does NMIH's PE Ratio compare to its peers?

The above table shows the PE ratio for NMIH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average12.6x
WD Walker & Dunlop
25.3x28.65%US$2.7b
AGM Federal Agricultural Mortgage
9.6x7.55%US$1.8b
RDN Radian Group
7.9x3.74%US$4.6b
ACT Enact Holdings
7.8x-1.31%US$5.4b
NMIH NMI Holdings
7.5x2.80%US$2.9b

Price-To-Earnings vs Peers: NMIH is good value based on its Price-To-Earnings Ratio (7.5x) compared to the peer average (12.6x).

Price to Earnings Ratio vs Industry

How does NMIH's PE Ratio compare vs other companies in the US Diversified Financial Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
FOA Finance of America Companies
2xn/aUS$463.07m
PMIR PMI Group
0.09xn/aUS$518.61k
ACGX Alliance Creative Group
2xn/aUS$279.11k
No more companies available in this PE range
NMIH 7.5xIndustry Avg. 15.2xNo. of Companies15PE01020304050+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NMIH is good value based on its Price-To-Earnings Ratio (7.5x) compared to the US Diversified Financial industry average (15x).

Price to Earnings Ratio vs Fair Ratio

What is NMIH's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NMIH PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.5x
Fair PE Ratio11.5x

Price-To-Earnings vs Fair Ratio: NMIH is good value based on its Price-To-Earnings Ratio (7.5x) compared to the estimated Fair Price-To-Earnings Ratio (11.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst NMIH forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$36.83
US$44.43
+20.63%
6.12%US$49.00US$41.00n/a7
Oct ’26US$37.52
US$44.14
+17.65%
5.98%US$49.00US$41.00n/a7
Sep ’26US$39.35
US$44.14
+12.18%
5.98%US$49.00US$41.00n/a7
Aug ’26US$37.19
US$44.14
+18.70%
5.98%US$49.00US$41.00n/a7
Jul ’26US$42.88
US$43.29
+0.95%
5.89%US$47.00US$41.00n/a7
Jun ’26US$39.72
US$41.71
+5.02%
7.44%US$47.00US$36.00n/a7
May ’26US$36.38
US$41.86
+15.06%
7.71%US$47.00US$36.00n/a7
Apr ’26US$36.59
US$42.50
+16.15%
7.44%US$47.00US$36.00n/a8
Mar ’26US$36.44
US$42.50
+16.63%
7.44%US$47.00US$36.00n/a8
Feb ’26US$38.62
US$42.75
+10.69%
8.00%US$47.00US$36.00n/a8
Jan ’26US$36.76
US$43.50
+18.34%
8.98%US$48.00US$36.00n/a8
Dec ’25US$39.99
US$43.88
+9.71%
8.79%US$48.00US$36.00n/a8
Nov ’25US$36.79
US$44.25
+20.28%
8.73%US$48.00US$36.00US$36.438
Oct ’25US$41.13
US$42.75
+3.94%
8.57%US$48.00US$36.00US$37.528
Sep ’25US$41.07
US$41.75
+1.66%
7.55%US$47.00US$36.00US$39.358
Aug ’25US$38.22
US$41.25
+7.93%
7.45%US$47.00US$36.00US$37.198
Jul ’25US$34.02
US$37.13
+9.13%
4.75%US$40.00US$34.00US$42.888
Jun ’25US$33.18
US$37.00
+11.51%
4.87%US$40.00US$34.00US$39.728
May ’25US$31.65
US$36.38
+14.93%
5.66%US$40.00US$33.00US$36.388
Apr ’25US$31.75
US$35.50
+11.81%
7.04%US$40.00US$33.00US$36.598
Mar ’25US$30.05
US$35.44
+17.95%
6.66%US$40.00US$33.00US$36.449
Feb ’25US$31.88
US$34.33
+7.70%
7.00%US$40.00US$31.00US$38.629
Jan ’25US$29.68
US$33.67
+13.43%
6.26%US$37.00US$30.00US$36.769
Dec ’24US$27.65
US$33.38
+20.71%
6.17%US$37.00US$30.00US$39.998
Nov ’24US$27.55
US$31.86
+15.63%
5.92%US$34.00US$29.00US$36.797
US$44.43
Fair Value
17.1% undervalued intrinsic discount
7
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/11/05 06:31
End of Day Share Price 2025/11/05 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

NMI Holdings, Inc. is covered by 14 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Mark DeVriesBarclays
Mark DeVriesBarclays
Terry MaBarclays