$37.40

-0.36 (-0.95%)

Weekly Expected Move ±4.6%

$34 $36 $38 $39 $41

NASDAQ · Financial Services · Insurance - Specialty · Alpha Radar Strong Sell · Power 34 · $2.8B mcap · 75M float · 0.636% daily turnover · Short 51% of daily vol

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

NARROW EDGE

57.8 / 100

NoneWeakNarrowWide

Primary source: Cost Advantage · ROIC: 15.1% · 5Y Avg: 17.1%

Cost Advantage ★

Intangibles

Switching Cost

Network Effect

Scale

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. NMIH has a Narrow competitive edge (57.8/100) — meaningful but not impregnable advantages over competitors. The primary source of advantage is Cost Advantage. ROIC of 15.1% confirms the company is generating returns well above its cost of capital — a hallmark of durable competitive advantages.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

$46

Low

$46

Avg Target

$46

High

Based on 2 analysts since Apr 30, 2026 earnings

Analyst Recommendations

Strong Buy: 0Buy: 16Hold: 4Sell: 0Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$46.00

Analysts2

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-05-22	RBC Capital	Rowland Mayor	$48	$46	-2	+21.8%	$37.76
2026-05-22	UBS	—	$43	$46	+3	+21.8%	$37.76
2026-01-12	UBS	—	$39	$43	+4	+6.2%	$40.48
2026-01-06	Barclays	—	$43	$44	+1	+6.8%	$41.21
2024-09-17	RBC Capital	Scott Heleniak	$40	$48	+8	+16.6%	$41.15
2024-07-31	RBC Capital	Mark Dwelle	$34	$40	+6	+2.0%	$39.20
2024-07-31	Truist Financial	Mark Hughes	Initiated	$47	—	+19.9%	$39.20
2024-07-31	Barclays	Terry Ma	$25	$43	+18	+9.7%	$39.20
2024-05-21	UBS	Doug Harter	Initiated	$39	—	+15.5%	$33.77
2024-05-07	Compass Point	Chris Gamaitoni	Initiated	$36	—	+7.8%	$33.41
2024-05-01	RBC Capital	Mark Dwelle	Initiated	$34	—	+5.3%	$32.30
2023-01-06	Barclays	—	Initiated	$25	—	+20.2%	$20.80

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

A-

May 22, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. NMIH receives an overall rating of A-. Strongest factors: DCF (5/5), D/E (4/5), P/B (5/5). Areas of concern: ROE (2/5), ROA (2/5).

Rating Change History

Date	From	To
2026-05-14	A	A-
2026-05-12	A-	A
2026-05-04	A	A-
2026-03-31	A-	A
2026-03-02	A	A-
2026-02-18	A-	A
2026-02-12	A	A-
2026-01-16	A+	A
2026-01-03	A	A+

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 69 Grade A+

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

100

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. NMIH scores highest in Safety (100/100) and lowest in Growth (48/100). An overall grade of A+ places NMIH among the highest-quality companies in its peer group.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman-I Score

16.31

Safe Zone

Piotroski F-Score

5/9

✓ ✓ ✗ ✓ ✓ ✗ ✓ ✗ ✗

Beneish M-Score

-2.67

Unlikely Manipulator

Ohlson O-Score

-8.77

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

AA+

Score: 94.1/100

Trend: Improving

Earnings Quality

100/100

OCF/NI: 1.13x

Accruals: -1.4%

The Altman-I Score is adapted for insurance companies, emphasizing return on equity, tangible net worth, and cash reserves alongside the standard equity and earnings components. NMIH scores 16.31, placing it in the Safe Zone (safe > 3.0, distress < 1.5). Bankruptcy is statistically unlikely within the next two years. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. NMIH scores 5/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. NMIH's score of -2.67 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. NMIH's implied 0.0% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. NMIH receives an estimated rating of AA+ (score: 94.1/100), with a improving trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). NMIH's score of 100/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

7.39x

PEG

1.25x

P/S

3.97x

P/B

0.00x

P/FCF

6.79x

P/OCF

6.69x

EV/EBITDA

5.45x

EV/Revenue

4.01x

EV/EBIT

5.51x

EV/FCF

6.71x

Earnings Yield

13.28%

FCF Yield

14.74%

Shareholder Yield

3.68%

Graham Number

$61.25

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 7.4x earnings, NMIH trades at a deep value multiple. An earnings yield of 13.3% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $61.25 per share, suggesting a potential 64% margin of safety at the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.782

NI / EBT

Interest Burden

0.945

EBT / EBIT

EBIT Margin

0.728

EBIT / Rev

Asset Turnover

0.199

Rev / Assets

Equity Multiplier

1.495

Assets / Equity

ROE

16.0%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. NMIH's ROE of 16.0% is driven by EBIT Margin (0.728) as the dominant factor.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Adj. Growth Rate

12.14%

Fair P/E

32.77x

Intrinsic Value

$163.25

Price/Value

0.23x

Margin of Safety

77.02%

Premium

-77.02%

Assessment

Undervalued

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with NMIH's realized 12.1% 3-year EPS CAGR — what the company actually delivered, not what analysts hope for. At an intrinsic value of $163.25, NMIH appears undervalued with a 77% margin of safety. The adjusted fair P/E of 32.8x compares to the current market P/E of 7.4x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$37.40

Median 1Y

$36.22

5th Pctile

$18.91

95th Pctile

$69.46

Ann. Volatility

41.5%

Analyst Target

$46.00

25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Adam S. Pollitzer President and Chief Executive Officer	$975,000	$6,337,450	$10,209,615
Bradley M. Shuster Executive Chairman	$650,000	$1,699,986	$3,492,110
William J. Leatherberry Chief Administrative Officer, General Counsel	$615,000	$1,383,686	$3,071,611
Aurora Swithenbank Financial ancial Officer	$530,000	$1,112,954	$2,574,439
Robert Smith Risk f Risk Officer	$515,000	$1,029,978	$2,451,503

CEO Pay Ratio

Insufficient data for pay ratio.

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

225

-2.2% YoY

Revenue / Employee

$3,135,916

Rev: $705,581,000

Profit / Employee

$1,728,560

NI: $388,926,000

SGA / Employee

—

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
ROE	17.1%	19.0%	15.7%	16.8%	18.0%	19.1%	18.4%	18.9%	19.2%	19.6%	18.2%	19.0%	19.7%	20.2%	17.4%	18.0%	18.2%	18.4%	16.2%	16.0%	16.04%
ROA	11.1%	12.4%	10.0%	10.7%	11.4%	12.1%	11.8%	12.1%	12.3%	12.5%	11.8%	12.3%	12.8%	13.1%	11.4%	11.9%	12.0%	12.1%	10.8%	10.7%	10.73%
ROIC	12.0%	13.3%	12.2%	13.0%	14.0%	14.9%	14.9%	15.2%	15.5%	15.8%	14.5%	15.1%	15.6%	16.0%	14.0%	14.5%	14.6%	14.8%	15.2%	15.1%	15.06%
ROCE	13.1%	14.4%	13.4%	14.2%	15.2%	16.0%	16.3%	16.7%	16.9%	17.3%	15.1%	15.8%	16.5%	16.9%	15.0%	15.5%	15.4%	15.5%	15.9%	15.7%	15.74%
Gross Margin	95.8%	96.8%	99.9%	1.0%	1.0%	1.0%	97.3%	95.0%	97.8%	96.6%	94.4%	97.5%	99.7%	93.7%	89.5%	97.3%	92.2%	89.5%	88.3%	88.7%	88.74%
Operating Margin	60.7%	62.4%	62.4%	68.0%	72.9%	75.5%	71.2%	70.3%	72.9%	72.4%	69.5%	73.3%	73.2%	71.8%	66.6%	75.8%	71.1%	69.2%	67.1%	68.1%	68.10%
Net Margin	47.4%	48.5%	48.3%	53.1%	56.6%	58.8%	54.8%	54.4%	56.3%	56.7%	55.1%	57.0%	56.8%	55.9%	51.8%	59.2%	55.3%	53.7%	52.2%	54.1%	54.14%
EBITDA Margin	69.4%	71.2%	71.2%	76.7%	81.2%	83.9%	79.4%	78.2%	80.6%	79.8%	76.8%	80.4%	84.1%	77.9%	72.6%	81.6%	76.9%	74.8%	71.1%	72.0%	71.97%
FCF Margin	65.1%	65.4%	64.6%	62.0%	59.9%	61.0%	57.7%	58.6%	59.2%	59.5%	57.6%	59.2%	60.1%	60.8%	60.2%	57.2%	57.8%	55.9%	58.4%	59.8%	59.75%
OCF Margin	68.1%	68.0%	67.1%	64.3%	62.2%	63.1%	59.8%	60.5%	61.0%	61.4%	59.2%	60.9%	61.5%	61.0%	60.5%	57.4%	57.9%	56.8%	59.4%	60.6%	60.61%
ROE 3Y Avg	snapshot only																				16.40%
ROE 5Y Avg	snapshot only																				16.70%
ROA 3Y Avg	snapshot only																				10.88%
ROIC 3Y Avg	snapshot only																				14.17%
ROIC Economic	snapshot only																				12.88%
Cash ROA	snapshot only																				11.31%
Cash ROIC	snapshot only																				16.96%
CROIC	snapshot only																				16.72%
NOPAT Margin	snapshot only																				53.84%
Pretax Margin	snapshot only																				68.87%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				0.00%
SBC / Revenue	snapshot only																				2.19%

Valuation

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
P/E Ratio	9.91	8.97	8.24	7.32	5.46	6.21	6.05	6.32	7.14	7.27	7.62	7.89	7.94	9.34	8.23	7.71	8.85	7.94	8.20	7.53	7.386
P/S Ratio	4.32	4.19	3.92	3.61	2.83	3.37	3.38	3.55	4.00	4.04	4.24	4.44	4.48	5.25	4.55	4.31	4.92	4.37	4.52	4.05	3.966
P/B Ratio	1.43	1.43	1.22	1.15	0.92	1.11	1.10	1.17	1.35	1.40	1.27	1.38	1.44	1.73	1.34	1.30	1.51	1.36	1.23	1.12	0.001
P/FCF	6.63	6.40	6.07	5.83	4.72	5.53	5.85	6.06	6.76	6.79	7.36	7.49	7.45	8.64	7.56	7.53	8.51	7.81	7.73	6.79	6.785
P/OCF	6.34	6.16	5.84	5.62	4.55	5.34	5.66	5.87	6.56	6.58	7.16	7.29	7.28	8.61	7.53	7.51	8.49	7.68	7.61	6.69	6.689
EV/EBITDA	7.56	6.93	6.55	5.90	4.60	5.10	5.05	5.22	5.78	5.88	6.04	6.23	6.18	7.17	6.49	6.14	7.05	6.39	5.88	5.45	5.447
EV/Revenue	4.92	4.77	4.58	4.26	3.46	3.99	4.05	4.21	4.65	4.67	4.76	4.94	4.97	5.73	5.11	4.85	5.45	4.89	4.47	4.01	4.011
EV/EBIT	7.84	7.17	6.77	6.10	4.74	5.25	5.19	5.37	5.94	6.03	6.20	6.38	6.34	7.35	6.65	6.28	7.21	6.53	5.98	5.51	5.506
EV/FCF	7.56	7.29	7.10	6.87	5.77	6.55	7.02	7.19	7.86	7.85	8.27	8.35	8.26	9.42	8.48	8.48	9.43	8.75	7.66	6.71	6.712
Earnings Yield	10.1%	11.1%	12.1%	13.7%	18.3%	16.1%	16.5%	15.8%	14.0%	13.7%	13.1%	12.7%	12.6%	10.7%	12.2%	13.0%	11.3%	12.6%	12.2%	13.3%	13.28%
FCF Yield	15.1%	15.6%	16.5%	17.2%	21.2%	18.1%	17.1%	16.5%	14.8%	14.7%	13.6%	13.3%	13.4%	11.6%	13.2%	13.3%	11.8%	12.8%	12.9%	14.7%	14.74%
PEG Ratio	snapshot only																				1.245
Price/Tangible Book	snapshot only																				1.122
EV/OCF	snapshot only																				6.617
EV/Gross Profit	snapshot only																				4.473
Acquirers Multiple	snapshot only																				5.824
Shareholder Yield	snapshot only																				3.68%
Graham Number	snapshot only																				$61.25

Leverage & Solvency

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Current Ratio	—	—	29.39	29.39	29.39	29.39	16.90	16.90	16.90	16.90	38.14	38.14	38.14	38.14	3.48	3.48	3.48	3.48	0.25	0.25	0.248
Quick Ratio	—	—	29.39	29.39	29.39	29.39	16.90	16.90	16.90	16.90	38.14	38.14	38.14	38.14	3.48	3.48	3.48	3.48	0.25	0.25	0.248
Debt/Equity	0.29	0.29	0.25	0.25	0.25	0.25	0.25	0.25	0.25	0.25	0.21	0.21	0.21	0.21	0.19	0.19	0.19	0.19	0.16	0.16	0.161
Net Debt/Equity	0.20	0.20	0.21	0.21	0.21	0.21	0.22	0.22	0.22	0.22	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	-0.01	-0.01	-0.012
Debt/Assets	0.18	0.18	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.14	0.14	0.14	0.14	0.12	0.12	0.12	0.12	0.11	0.11	0.109
Debt/EBITDA	1.34	1.22	1.16	1.10	1.03	0.97	0.94	0.92	0.91	0.89	0.87	0.84	0.80	0.78	0.81	0.79	0.79	0.78	0.78	0.79	0.791
Net Debt/EBITDA	0.92	0.84	0.95	0.89	0.84	0.79	0.84	0.82	0.81	0.79	0.66	0.64	0.61	0.60	0.70	0.68	0.69	0.68	-0.06	-0.06	-0.059
Interest Coverage	8.99	9.85	10.33	10.90	11.59	12.22	12.73	13.02	13.24	13.50	13.81	14.38	12.47	13.09	13.56	14.35	18.08	18.21	18.55	18.32	18.323
Equity Multiplier	1.58	1.58	1.57	1.57	1.57	1.57	1.56	1.56	1.56	1.56	1.53	1.53	1.53	1.53	1.51	1.51	1.51	1.51	1.48	1.48	1.482
Cash Ratio	snapshot only																				0.853
Debt Service Coverage	snapshot only																				18.522
Cash to Debt	snapshot only																				1.075
FCF to Debt	snapshot only																				1.026
Defensive Interval	snapshot only																				1310.3 days

Efficiency & Turnover

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Asset Turnover	0.26	0.27	0.21	0.22	0.22	0.22	0.21	0.21	0.22	0.23	0.21	0.22	0.23	0.23	0.21	0.21	0.22	0.22	0.20	0.20	0.199
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	—	—	—	—	—	—	11.49	11.70	11.90	12.29	5.93	6.13	6.33	6.51	5.94	6.10	6.21	6.32	7.02	7.12	7.117
Payables Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
DSO	0	0	0	0	0	0	32	31	31	30	62	60	58	56	61	60	59	58	52	51	51.3 days
DIO	0	0	0	0	0	—	—	0	0	0	0	0	0	0	0	0	0	0	0	0	0.0 days
DPO	0	0	0	0	0	—	—	0	0	0	0	0	0	0	0	0	0	0	0	0	—
Cash Conversion Cycle	0	0	0	0	0	—	—	31	31	30	62	60	58	56	61	60	59	58	52	51	—
Cash Velocity	snapshot only																				1.598
Capital Intensity	snapshot only																				5.362

Growth (YoY)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue	6.3%	9.1%	11.3%	13.9%	12.8%	10.1%	8.0%	7.1%	6.5%	8.6%	10.4%	12.1%	13.8%	13.4%	12.4%	11.6%	10.0%	8.9%	8.5%	7.3%	7.25%
Net Income	6.4%	26.2%	34.7%	48.0%	34.0%	28.1%	26.7%	21.9%	15.4%	11.1%	10.0%	12.4%	14.4%	14.7%	11.8%	11.0%	8.4%	6.6%	8.0%	3.2%	3.23%
EPS	-9.1%	24.3%	33.4%	46.6%	34.4%	30.2%	30.2%	25.4%	18.7%	13.5%	12.8%	16.1%	18.5%	18.4%	14.7%	14.1%	11.2%	9.6%	11.3%	6.5%	6.46%
FCF	23.6%	12.8%	30.4%	11.4%	3.8%	2.7%	-3.4%	1.3%	5.2%	5.9%	10.1%	13.3%	15.5%	15.8%	17.7%	7.9%	5.8%	0.1%	5.2%	12.0%	11.98%
EBITDA	13.8%	29.7%	34.6%	42.1%	30.5%	25.5%	24.0%	19.7%	14.0%	10.2%	8.3%	10.4%	13.5%	13.8%	12.2%	11.1%	5.8%	4.3%	4.8%	-0.1%	-0.09%
Op. Income	7.8%	27.8%	36.0%	48.1%	34.7%	28.7%	27.2%	22.4%	15.9%	11.5%	9.4%	11.5%	13.2%	13.8%	12.3%	11.4%	8.9%	6.9%	7.9%	2.7%	2.74%
OCF Growth	snapshot only																				13.32%
Asset Growth	snapshot only																				14.66%
Equity Growth	snapshot only																				16.89%
Debt Growth	snapshot only																				0.45%
Shares Change	snapshot only																				-3.03%

Growth (CAGR)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue 3Y	25.8%	24.2%	21.1%	19.9%	17.9%	14.1%	12.3%	9.4%	8.5%	9.3%	9.9%	11.0%	11.0%	10.7%	10.3%	10.3%	10.0%	10.3%	10.4%	10.3%	10.31%
Revenue 5Y	39.2%	34.6%	31.8%	29.7%	28.0%	26.0%	24.0%	21.5%	19.1%	18.0%	16.2%	15.6%	14.7%	12.8%	12.0%	10.4%	9.8%	10.0%	10.1%	10.4%	10.36%
EPS 3Y	38.8%	34.9%	19.3%	17.9%	17.0%	13.5%	12.2%	8.0%	13.2%	22.5%	25.1%	28.8%	23.6%	20.5%	19.0%	18.4%	16.1%	13.8%	12.9%	12.1%	12.14%
EPS 5Y	—	—	19.8%	18.5%	19.4%	19.4%	56.6%	42.9%	33.7%	29.4%	20.0%	19.0%	17.7%	14.5%	12.8%	10.8%	13.8%	19.0%	20.1%	21.0%	20.99%
Net Income 3Y	50.2%	45.8%	28.9%	27.6%	25.9%	21.3%	19.4%	14.9%	18.1%	21.6%	23.4%	26.5%	21.0%	17.8%	15.9%	15.0%	12.7%	10.7%	9.9%	8.8%	8.78%
Net Income 5Y	—	—	28.5%	26.7%	27.2%	26.9%	67.8%	50.4%	39.3%	34.6%	24.4%	23.2%	21.4%	17.8%	15.9%	13.6%	15.3%	17.0%	17.8%	18.3%	18.34%
EBITDA 3Y	35.4%	35.1%	28.9%	28.1%	26.9%	22.6%	21.0%	16.6%	19.2%	21.5%	21.8%	23.3%	19.1%	16.3%	14.7%	13.7%	11.1%	9.4%	8.4%	7.0%	7.01%
EBITDA 5Y	2.0%	82.0%	60.4%	52.9%	50.1%	45.1%	42.0%	35.8%	29.8%	27.8%	23.5%	22.7%	21.5%	18.2%	16.6%	14.3%	15.2%	16.3%	16.3%	15.8%	15.82%
Gross Profit 3Y	23.9%	23.5%	20.6%	20.1%	19.0%	15.9%	13.9%	10.7%	12.4%	13.8%	14.1%	15.4%	12.5%	10.8%	9.5%	9.1%	7.6%	6.9%	7.1%	6.7%	6.67%
Gross Profit 5Y	37.7%	34.0%	31.5%	29.7%	28.5%	26.9%	24.9%	22.0%	19.2%	17.8%	15.7%	15.4%	14.7%	12.8%	11.7%	10.2%	11.0%	11.7%	11.6%	11.3%	11.28%
Op. Income 3Y	38.2%	37.5%	29.7%	28.7%	26.7%	21.9%	20.3%	15.7%	19.0%	22.4%	23.7%	26.4%	20.9%	17.8%	16.0%	15.0%	12.6%	10.7%	9.8%	8.5%	8.46%
Op. Income 5Y	—	—	91.7%	70.2%	62.9%	53.2%	48.2%	39.7%	32.8%	30.1%	24.9%	23.8%	21.7%	18.1%	16.4%	14.0%	15.7%	17.4%	18.0%	18.2%	18.25%
FCF 3Y	39.8%	37.4%	31.5%	28.8%	23.4%	21.4%	15.2%	12.8%	10.5%	7.1%	11.5%	8.5%	8.1%	8.0%	7.8%	7.4%	8.8%	7.1%	10.9%	11.0%	11.02%
FCF 5Y	37.1%	35.5%	39.0%	40.3%	44.3%	43.6%	38.6%	30.0%	24.5%	23.0%	19.3%	19.6%	18.0%	17.0%	14.6%	11.9%	10.5%	7.3%	11.4%	9.1%	9.09%
OCF 3Y	39.0%	36.5%	30.7%	28.0%	22.6%	20.5%	14.6%	12.3%	10.1%	6.7%	10.7%	7.9%	7.3%	6.7%	6.5%	6.1%	7.5%	6.5%	10.2%	10.4%	10.38%
OCF 5Y	34.3%	32.7%	35.3%	35.9%	40.0%	39.6%	35.8%	28.8%	23.7%	22.4%	18.6%	19.0%	17.2%	15.8%	13.6%	11.0%	9.7%	6.8%	10.7%	8.4%	8.39%
Assets 3Y	34.3%	34.3%	30.9%	30.9%	30.9%	30.9%	22.6%	22.6%	22.6%	22.6%	10.7%	10.7%	10.7%	10.7%	11.0%	11.0%	11.0%	11.0%	15.1%	15.1%	15.15%
Assets 5Y	26.7%	26.7%	23.9%	23.9%	23.9%	23.9%	23.0%	23.0%	23.0%	23.0%	21.9%	21.9%	21.9%	21.9%	19.7%	19.7%	19.7%	19.7%	12.1%	12.1%	12.13%
Equity 3Y	39.1%	39.1%	30.7%	30.7%	30.7%	30.7%	20.1%	20.1%	20.1%	20.1%	12.0%	12.0%	12.0%	12.0%	12.3%	12.3%	12.3%	12.3%	17.1%	17.1%	17.11%
Book Value 3Y	28.6%	28.7%	20.9%	20.8%	21.5%	22.3%	12.9%	12.9%	15.2%	21.1%	13.6%	14.0%	14.5%	14.7%	15.2%	15.7%	15.7%	15.4%	20.3%	20.7%	20.73%
Dividend 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

Growth Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue Stability	0.98	0.99	0.99	0.97	0.97	0.97	0.96	0.94	0.94	0.96	0.98	0.99	0.99	0.99	0.99	0.98	0.98	0.99	0.99	0.99	0.995
Earnings Stability	0.92	0.93	0.86	0.82	0.92	0.93	0.95	0.91	0.97	0.97	0.97	0.92	0.98	0.98	0.96	0.91	0.98	0.98	0.97	0.94	0.942
Margin Stability	0.96	0.94	0.95	0.95	0.95	0.94	0.94	0.94	0.95	0.94	0.94	0.94	0.98	0.98	0.98	0.98	0.95	0.94	0.94	0.94	0.943
Rev. Growth Consistency	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
Earn. Growth Consistency	1.00	1.00	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
FCF Positive Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	0.97	0.90	0.86	0.81	0.86	0.89	0.89	0.91	0.94	0.96	0.96	0.95	0.94	0.94	0.95	0.96	0.97	0.97	0.97	0.99	0.987
Earnings Smoothness	0.94	0.77	0.70	0.61	0.71	0.75	0.76	0.80	0.86	0.89	0.91	0.88	0.87	0.86	0.89	0.90	0.92	0.94	0.92	0.97	0.968
ROE Trend	-0.05	-0.05	-0.01	-0.01	-0.00	0.01	0.05	0.05	0.03	0.02	0.00	0.00	0.00	-0.00	-0.01	-0.01	-0.01	-0.02	-0.01	-0.02	-0.023
Gross Margin Trend	0.00	0.05	0.06	0.07	0.09	0.10	0.09	0.07	0.02	-0.02	-0.03	-0.02	-0.02	-0.03	-0.03	-0.03	-0.04	-0.04	-0.04	-0.06	-0.062
FCF Margin Trend	0.11	0.09	0.10	0.04	-0.01	-0.03	-0.02	-0.04	-0.03	-0.04	-0.04	-0.01	0.01	0.01	0.03	-0.02	-0.02	-0.04	-0.00	0.02	0.015
Sustainable Growth Rate	17.1%	19.0%	15.7%	16.8%	18.0%	19.1%	18.4%	18.9%	19.2%	19.6%	18.2%	19.0%	19.7%	20.2%	17.4%	18.0%	18.2%	18.4%	16.2%	16.0%	16.04%
Internal Growth Rate	12.5%	14.1%	11.1%	11.9%	12.9%	13.8%	13.4%	13.7%	14.0%	14.4%	13.4%	14.1%	14.6%	15.1%	12.9%	13.5%	13.6%	13.8%	12.1%	12.0%	12.02%

Cash Flow Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
OCF/Net Income	1.56	1.46	1.41	1.30	1.20	1.16	1.07	1.08	1.09	1.10	1.06	1.08	1.09	1.09	1.09	1.03	1.04	1.03	1.08	1.13	1.126
FCF/OCF	0.96	0.96	0.96	0.96	0.96	0.97	0.97	0.97	0.97	0.97	0.97	0.97	0.98	1.00	1.00	1.00	1.00	0.98	0.98	0.99	0.986
FCF/Net Income	snapshot only																				1.110
OCF/EBITDA	snapshot only																				0.823
CapEx/Revenue	3.0%	2.6%	2.5%	2.4%	2.3%	2.1%	2.0%	1.9%	1.8%	1.9%	1.6%	1.7%	1.4%	0.2%	0.2%	0.1%	0.1%	0.9%	1.0%	0.9%	0.86%
CapEx/Depreciation	snapshot only																				1.088
Accruals Ratio	-0.06	-0.06	-0.04	-0.03	-0.02	-0.02	-0.01	-0.01	-0.01	-0.01	-0.01	-0.01	-0.01	-0.01	-0.01	-0.00	-0.01	-0.00	-0.01	-0.01	-0.014
Sloan Accruals	snapshot only																				-0.122
Cash Flow Adequacy	snapshot only																				70.322
Earnings Quality Score	snapshot only																				1.000

Dividends & Buybacks

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Dividend/Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Payout Ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
FCF Payout Ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Total Payout Ratio	2.5%	2.3%	2.2%	2.3%	11.6%	18.3%	19.3%	22.1%	22.0%	21.0%	28.4%	30.3%	29.5%	28.1%	27.1%	26.3%	25.3%	27.1%	27.0%	27.7%	27.70%
Div. Increase Streak	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Chowder Number	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Buyback Yield	0.3%	0.3%	0.3%	0.3%	2.1%	2.9%	3.2%	3.5%	3.1%	2.9%	3.7%	3.8%	3.7%	3.0%	3.3%	3.4%	2.9%	3.4%	3.3%	3.7%	3.68%
Net Buyback Yield	0.0%	-0.0%	0.3%	0.3%	2.1%	2.9%	3.2%	3.5%	3.1%	2.9%	3.7%	3.8%	3.7%	3.0%	3.3%	3.3%	2.8%	3.3%	3.2%	3.5%	3.54%
Total Shareholder Return	0.0%	-0.0%	0.3%	0.3%	2.1%	2.9%	3.2%	3.5%	3.1%	2.9%	3.7%	3.8%	3.7%	3.0%	3.3%	3.3%	2.8%	3.3%	3.2%	3.5%	3.54%

DuPont Factors

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Tax Burden (NI/EBT)	0.78	0.78	0.78	0.78	0.78	0.78	0.78	0.77	0.77	0.77	0.78	0.78	0.78	0.78	0.78	0.78	0.78	0.78	0.78	0.78	0.782
Interest Burden (EBT/EBIT)	0.89	0.90	0.90	0.91	0.91	0.92	0.92	0.92	0.92	0.93	0.93	0.93	0.92	0.92	0.93	0.93	0.94	0.95	0.95	0.95	0.945
EBIT Margin	0.63	0.66	0.68	0.70	0.73	0.76	0.78	0.78	0.78	0.77	0.77	0.77	0.78	0.78	0.77	0.77	0.76	0.75	0.75	0.73	0.728
Asset Turnover	0.26	0.27	0.21	0.22	0.22	0.22	0.21	0.21	0.22	0.23	0.21	0.22	0.23	0.23	0.21	0.21	0.22	0.22	0.20	0.20	0.199
Equity Multiplier	1.54	1.54	1.57	1.57	1.57	1.57	1.56	1.56	1.56	1.56	1.54	1.54	1.54	1.54	1.52	1.52	1.52	1.52	1.50	1.50	1.495

Per Share

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
EPS (Diluted TTM)	$2.27	$2.52	$2.65	$2.82	$3.05	$3.28	$3.45	$3.53	$3.62	$3.72	$3.90	$4.10	$4.29	$4.41	$4.47	$4.68	$4.77	$4.83	$4.97	$4.98	$4.98
Book Value/Share	$15.78	$15.76	$17.97	$17.93	$18.09	$18.32	$19.03	$19.02	$19.17	$19.29	$23.29	$23.46	$23.69	$23.76	$27.50	$27.77	$27.98	$28.13	$33.14	$33.47	$34557.69
Tangible Book/Share	$15.02	$15.01	$17.25	$17.21	$17.36	$17.58	$18.29	$18.29	$18.43	$18.54	$22.49	$22.65	$22.87	$22.94	$26.66	$26.92	$27.12	$27.27	$33.10	$33.43	$33.43
Revenue/Share	$5.21	$5.40	$5.57	$5.71	$5.89	$6.04	$6.18	$6.29	$6.45	$6.70	$7.00	$7.29	$7.60	$7.85	$8.07	$8.36	$8.58	$8.78	$9.03	$9.25	$9.40
FCF/Share	$3.39	$3.53	$3.60	$3.54	$3.53	$3.69	$3.57	$3.69	$3.82	$3.99	$4.03	$4.32	$4.57	$4.77	$4.86	$4.79	$4.96	$4.91	$5.27	$5.53	$5.62
OCF/Share	$3.55	$3.67	$3.74	$3.67	$3.66	$3.81	$3.70	$3.81	$3.94	$4.12	$4.14	$4.44	$4.68	$4.79	$4.88	$4.80	$4.97	$4.99	$5.36	$5.61	$5.70
Cash/Share	$1.40	$1.40	$0.84	$0.84	$0.85	$0.86	$0.50	$0.50	$0.50	$0.50	$1.15	$1.16	$1.17	$1.18	$0.67	$0.68	$0.68	$0.69	$5.73	$5.79	$927.85
EBITDA/Share	$3.39	$3.71	$3.90	$4.12	$4.43	$4.74	$4.97	$5.07	$5.19	$5.33	$5.52	$5.79	$6.11	$6.26	$6.35	$6.61	$6.63	$6.72	$6.86	$6.81	$6.81
Debt/Share	$4.53	$4.53	$4.53	$4.52	$4.56	$4.62	$4.67	$4.67	$4.70	$4.73	$4.81	$4.84	$4.89	$4.91	$5.15	$5.20	$5.24	$5.27	$5.33	$5.39	$5.39
Net Debt/Share	$3.13	$3.13	$3.69	$3.68	$3.71	$3.76	$4.17	$4.17	$4.20	$4.23	$3.66	$3.68	$3.72	$3.73	$4.48	$4.52	$4.55	$4.58	$-0.40	$-0.40	$-0.40

Academic Models

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Altman-I Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	16.306
Altman Z-Prime	snapshot only																				4.353
Piotroski F-Score	5	5	7	7	8	8	7	7	7	7	8	9	9	8	7	7	7	6	7	5	5
Beneish M-Score	-2.47	-2.51	-2.49	-2.50	-2.48	-2.50	-2.43	-2.42	-2.43	-2.38	-2.33	-2.37	-2.37	-2.35	-2.35	-2.35	-2.32	-2.33	-2.68	-2.67	-2.665
Ohlson O-Score	snapshot only																				-8.771
Net-Net WC	snapshot only																				$-14.45
EVA	snapshot only																				$129631800.00

Credit

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Credit Rating	snapshot only																				AA+
Credit Score	83.12	82.98	84.32	84.90	85.52	87.27	89.04	89.17	89.01	91.07	91.51	90.82	90.32	90.04	91.32	91.32	94.19	92.51	94.09	94.08	94.085
Credit Grade	snapshot only																				2
Credit Trend	snapshot only																				2.763
Implied Spread (bps)	snapshot only																				65.000
Industry Credit Rank	snapshot only																				84
Sector Credit Rank	snapshot only																				96

NMIH NASDAQ

Edge Score

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Scaling Efficiency

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