NMI Holdings, Inc. (NMIH) Balance Sheet
NMIH balance sheet, 2025
December 31, 2025 · U.S. dollars$3.84B assets = $1.25B liabilities + $2.59B equity
Both columns are drawn to the same scale: what NMIH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NMIH financial health
Descriptive bands, not a rating. Fiscal 2025.
NMIH balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $841.7M2016 | $3.84B2025 | +18.4%/yr | |
| Total liabilities | $364.4M2016 | $1.25B2025 | +14.7%/yr | |
| Shareholders’ equity | $477.3M2016 | $2.59B2025 | +20.7%/yr | |
| Cash & short-term investments | $676.7M2016 | $448.4M2025 | −4.5%/yr | |
| Total debt | $319.3M2016 | $417.0M2025 | +3.0%/yr | |
| Net cash (debt) | $357.4M2016 | $31.3M2025 | −$326.0M | |
| Working capital | $470.4M2016 | $475.2M2025 | +$4.8M | |
| Book value per share | $7.852016 | $32.792025 | +17.2%/yr | |
| Debt / equity | 0.672016 | 0.162025 | −0.51 | |
| Shares outstanding | 60.8M2016 | 79.0M2025 | +3.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NMIH assets
NMIH liabilities and equity
NMIH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NMIH balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $448.4M | $54.2M | $333.3M | $42.2M | $2.16B | $1.93B | $1.18B | $23.9M | $735.1M | $676.7M |
| Cash & equivalents | $43.9M | $54.2M | $96.7M | $42.2M | $73.5M | $121.4M | $38.4M | $23.9M | $19.2M | $47.7M |
| Short-term investments | $404.4M | $302.1M | $189.7M | $2.10B | $2.09B | $1.80B | $1.14B | $911.5M | $715.9M | $629.0M |
| Receivables | $152.1M | $115.1M | $104.0M | $91.3M | $80.7M | $67.4M | $46.1M | $36.0M | $25.2M | $13.7M |
| Inventory | $0 | $0 | −$437.3M | −$796.6M | −$323.8M | −$294.2M | −$244.2M | −$147.8M | −$148.1M | −$161.5M |
| Other current assets | $400.3M | $0 | $617.9M | $705.3M | $323.8M | $294.2M | $244.2M | $111.7M | $148.1M | $161.5M |
| Total current assets | $1.00B | $54.2M | $617.9M | $42.2M | $2.24B | $1.99B | $1.23B | $23.9M | $760.2M | $690.4M |
| Property, plant & equipment (net) | $21.7M | $33.9M | $39.4M | $42.3M | $13.1M | $12.5M | $12.4M | $24.8M | $7.6M | $6.6M |
| Goodwill & intangible assets | $68.0M | $68.0M | $3.6M | $62.2M | $38.9M | $36.5M | $33.0M | $50.5M | $29.7M | $27.3M |
| Long-term investments | $3.14B | $2.72B | $2.37B | $2.10B | $2.09B | $1.81B | $1.15B | $911.5M | $715.9M | $629.0M |
| Other non-current assets | $0 | $470.4M | $0 | $269.9M | $0 | $0 | $0 | $81.4M | $0 | $0 |
| Total assets | $3.84B | $3.35B | $2.96B | $2.52B | $2.45B | $2.17B | $1.36B | $1.09B | $894.8M | $841.7M |
| Liabilities | ||||||||||
| Accounts payable | — | — | $86.2M | $74.6M | $72.0M | $61.7M | $39.9M | $31.1M | $23.4M | $25.3M |
| Short-term debt | $2.2M | $2.4M | — | — | $2.6M | $2.6M | $4.0M | $1.5M | $143.9M | $144.4M |
| Deferred revenue | $46.7M | $65.2M | $92.3M | $123.0M | $139.2M | — | — | $19.8M | — | — |
| Total current liabilities | $525.5M | $15.6M | $96.5M | $2.5M | $88.3M | $78.1M | $22.9M | $31.1M | $241.9M | $220.0M |
| Long-term debt | $417.0M | $415.1M | $397.6M | $398.7M | $400.2M | $402.0M | $160.1M | $173.9M | $178.0M | $175.0M |
| Other long-term liabilities | $306.5M | $701.8M | $541.3M | $501.1M | $158.6M | $103.9M | $42.0M | $216.7M | $207.8M | $189.4M |
| Total liabilities | $1.25B | $1.13B | $1.04B | $902.3M | $558.8M | $505.9M | $202.1M | $390.5M | $385.8M | $364.4M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $884,000 | $879,000 | $873,000 | $865,000 | $858,000 | $852,000 | $684,000 | $663,000 | $605,000 | $591,000 |
| Retained earnings (deficit) | $1.97B | $1.58B | $1.22B | $901.0M | $608.1M | $377.0M | $205.4M | $33.5M | −$74.2M | −$94.9M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$46.1M | −$124.8M | −$139.9M | −$204.3M | $1.5M | $53.9M | $17.3M | −$14.8M | −$2.9M | −$5.3M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $2.59B | $2.22B | $1.93B | $1.61B | $1.89B | $1.66B | $1.16B | $701.5M | $509.1M | $477.3M |
| Key figures | ||||||||||
| Total debt | $417.0M | $415.1M | $409.0M | $396.1M | $402.8M | $404.6M | $164.1M | $146.8M | $321.9M | $319.3M |
| Net cash (debt) | $31.3M | −$360.9M | −$75.7M | −$353.8M | $1.76B | $1.52B | $1.02B | −$122.9M | $413.2M | $357.4M |
| Working capital | $475.2M | $38.6M | $521.5M | $39.8M | $2.15B | $1.91B | $1.20B | −$7.3M | $518.4M | $470.4M |
| Tangible book value | $2.52B | $2.15B | $1.92B | $1.55B | $1.85B | $1.62B | $1.13B | $651.0M | $479.4M | $450.1M |
| Book value per share | $32.79 | $27.28 | $22.97 | $18.76 | $21.77 | $20.95 | $16.68 | $10.37 | $8.19 | $7.85 |
| Shares outstanding | 79.0M | 81.3M | 83.9M | 86.0M | 86.9M | 79.3M | 69.7M | 67.7M | 62.2M | 60.8M |
| Current ratio | 1.90 | 3.48 | 6.41 | 16.90 | 25.37 | 25.53 | 53.63 | 0.77 | 3.14 | 3.14 |
| Quick ratio | 1.14 | 10.85 | 4.53 | 53.41 | 25.37 | 25.53 | 53.63 | 1.92 | 3.14 | 3.14 |
| Debt / equity | 0.16 | 0.19 | 0.21 | 0.25 | 0.21 | 0.24 | 0.14 | 0.21 | 0.63 | 0.67 |
| Equity / assets | 67.5% | 66.2% | 65.0% | 64.1% | 77.2% | 76.7% | 85.2% | 64.2% | 56.9% | 56.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $72.1M | $469.9M | $448.4M | $505.8M | $461.1M | $352.8M | $356.3M | $433.9M | $319.1M | $367.2M | $95.4M | $446.3M |
| Cash & equivalents | $72.1M | $70.7M | $43.9M | $130.4M | $84.0M | $74.1M | $54.2M | $133.2M | $61.5M | $138.6M | $95.4M | $174.2M |
| Short-term investments | $555.1M | $399.2M | $404.4M | $375.4M | $377.1M | $278.7M | $302.1M | $300.7M | $257.6M | $228.7M | $189.7M | $272.1M |
| Receivables | $86.8M | $156.3M | $152.1M | $146.8M | $140.7M | $139.2M | $137.4M | $129.3M | $103.8M | $103.2M | $104.0M | $99.3M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$422.9M | −$470.5M | −$437.3M | −$2.93B |
| Other current assets | $30.9M | $400.3M | $400.3M | $322.2M | $322.2M | $322.3M | $322.3M | $235.4M | $139.1M | $215.1M | $333.3M | $2.63B |
| Total current assets | $189.8M | $1.03B | $1.00B | $974.8M | $924.0M | $814.3M | $816.0M | $798.6M | $139.1M | $215.1M | $95.4M | $249.8M |
| Property, plant & equipment (net) | $20.8M | $20.9M | $21.7M | $22.8M | $23.8M | $25.0M | $25.7M | $27.3M | $28.8M | $30.3M | $39.4M | $32.0M |
| Goodwill & intangible assets | $3.6M | $3.70B | $68.0M | $67.8M | $67.8M | $67.6M | $68.0M | $67.4M | −$59.6M | −$59.2M | $66.5M | −$58.6M |
| Long-term investments | $3.26B | $3.17B | $3.14B | $3.02B | $2.93B | $2.81B | $2.72B | $2.71B | $2.52B | $2.39B | $2.37B | $2.20B |
| Other non-current assets | $525.3M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $472.6M | $426.4M | $368.2M | $341.1M |
| Total assets | $4.00B | $3.91B | $3.84B | $3.73B | $3.59B | $3.46B | $3.35B | $3.32B | $3.10B | $3.01B | $2.94B | $2.76B |
| Liabilities | ||||||||||||
| Accounts payable | $98.6M | — | — | — | — | — | — | $111.0M | $77.9M | $81.8M | $86.2M | $88.6M |
| Short-term debt | — | — | — | — | — | — | $2.4M | — | — | — | — | — |
| Deferred revenue | $41.5M | $43.7M | $46.7M | $49.8M | $54.2M | $59.2M | $65.2M | $71.6M | — | — | — | — |
| Total current liabilities | $354.7M | $535.6M | $525.5M | $513.1M | $495.5M | $478.1M | $451.4M | $452.5M | $2.8M | $9.8M | $2.5M | $9.8M |
| Long-term debt | $418.0M | $417.5M | $417.0M | $416.5M | $416.1M | $415.6M | $415.1M | $414.7M | $414.2M | $398.0M | $397.6M | $397.2M |
| Other long-term liabilities | $519.5M | $324.1M | $306.5M | $282.7M | $259.4M | $240.9M | $266.0M | $257.8M | $614.7M | $601.9M | $614.4M | $547.9M |
| Total liabilities | $1.29B | $1.28B | $1.25B | $1.21B | $1.17B | $1.13B | $1.13B | $1.12B | $1.06B | $1.03B | $1.01B | $971.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $890,000 | $890,000 | $884,000 | $884,000 | $884,000 | $883,000 | $879,000 | $879,000 | $879,000 | $878,000 | $873,000 | $870,000 |
| Retained earnings (deficit) | $2.18B | $2.07B | $1.97B | $1.88B | $1.78B | $1.69B | $1.58B | $1.50B | $1.40B | $1.31B | $1.22B | $1.14B |
| Accumulated other comprehensive income | −$74.3M | −$68.2M | −$46.1M | −$53.7M | −$72.8M | −$94.0M | −$124.8M | −$82.0M | −$151.4M | −$149.8M | −$139.9M | −$213.6M |
| Total shareholders' equity | $2.71B | $2.63B | $2.59B | $2.51B | $2.42B | $2.32B | $2.22B | $2.20B | $2.05B | $1.98B | $1.93B | $1.79B |
| Key figures | ||||||||||||
| Total debt | $418.0M | $417.5M | $417.0M | $416.5M | $416.1M | $415.6M | $415.1M | $414.7M | $414.2M | $398.0M | $397.6M | $397.2M |
| Net cash (debt) | −$345.9M | $52.3M | $31.3M | $89.3M | $45.0M | −$62.8M | −$58.8M | $19.2M | −$95.1M | −$30.8M | −$302.2M | $49.1M |
| Working capital | −$164.9M | $490.8M | $475.2M | $461.8M | $428.4M | $336.2M | $364.6M | $346.1M | $136.3M | $205.3M | $92.9M | $240.0M |
| Tangible book value | $2.70B | −$1.07B | $2.52B | $2.45B | $2.35B | $2.25B | $2.15B | $2.13B | $2.11B | $2.04B | $1.86B | $1.85B |
| Book value per share | $35.32 | $34.00 | $33.14 | $31.90 | $30.54 | $29.07 | $27.50 | $27.09 | $25.16 | $24.10 | $23.29 | $21.41 |
| Shares outstanding | 76.6M | 77.4M | 78.2M | 78.8M | 79.3M | 79.9M | 80.6M | 81.0M | 81.3M | 82.1M | 82.7M | 83.7M |
| Current ratio | 0.54 | 1.92 | 1.90 | 1.90 | 1.86 | 1.70 | 1.81 | 1.76 | 49.67 | 21.95 | 38.14 | 25.49 |
| Quick ratio | 0.45 | 1.17 | 1.14 | 1.27 | 1.21 | 1.03 | 1.09 | 1.24 | 151.04 | 48.01 | 79.73 | 55.67 |
| Debt / equity | 0.15 | 0.16 | 0.16 | 0.17 | 0.17 | 0.18 | 0.19 | 0.19 | 0.20 | 0.20 | 0.21 | 0.22 |
| Equity / assets | 67.7% | 67.3% | 67.5% | 67.5% | 67.4% | 67.2% | 66.2% | 66.1% | 65.9% | 65.8% | 65.5% | 64.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 12, 2026); data from EODHD.
NMIH financial position
At the end of fiscal 2025 (December 31, 2025), NMI had total assets of $3.8 billion (up 14.7% from a year earlier), total liabilities of $1.2 billion and shareholders' equity of $2.6 billion. It held $448.4 million in cash and short-term investments against $417.0 million of debt, a net cash position of $31.3 million. Its current ratio was 1.90. In the latest quarter (ended June 30, 2026) total assets were $4.0 billion and equity $2.7 billion.
Related: NMIH income statement, NMIH cash flow statement, NMIH key metrics. See the NMIH stock overview for the latest quote and news.
NMIH balance sheet FAQ
What are NMI's total assets?
NMI reported total assets of $3.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.3 billion a year earlier.
How much debt does NMI have?
NMI had $417.0 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.16.
How much cash does NMI have?
NMI held $448.4 million in cash and short-term investments at the end of fiscal 2025; with $417.0 million of debt that is net cash of $31.3 million.
What is NMI's book value?
NMI's shareholders' equity (book value) was $2.6 billion at the end of fiscal 2025, or $32.79 per share.
What is NMI's current ratio?
NMI had current assets of $1.0 billion and current liabilities of $525.5 million, a current ratio of 1.90 (it can cover its short-term obligations).
How much goodwill does NMI have?
NMI carried $68.0 million of goodwill and intangible assets, 1.8% of total assets, at the end of fiscal 2025.