NMI Holdings (NMIH) Gross Margin (2013 - 2026)
NMI Holdings (NMIH) posted quarterly Gross Margin of 83.77% for Q2 2026, up 75.0% year-over-year from 47.87% in Q2 2025, and up 0.55% on a QoQ basis from 83.31% in Q1 2026.
NMI Holdings (NMIH) Gross Margin (2013 - 2026) Analysis & Trends
NMI Holdings has reported Gross Margin for 14 years, with the latest figure at 83.77% in Q2 2026.
- Gross Margin for Q2 2026 came in at 83.77%, up 75.0% year-over-year; the trailing twelve-month figure through Jun 2026 was 83.4% (up 104.0% YoY), and the FY2025 annual result was 83.03%, up 121.0% from the prior year.
- Gross Margin rose to 83.77% in Q2 2026, from 83.31% in the prior quarter.
- Over five years, Gross Margin peaked at 83.77% in Q2 2026 and troughed at 71.73% in Q1 2022.
- A 5-year average of 80.46% and a median of 81.3% in 2023 frame the typical range for Gross Margin.
- The widest annual swing landed in 2022, when Gross Margin jumped 1176 bps; it then dropped 23 bps in 2024.
- A 5-year view of Gross Margin shows it stood at 77.66% in 2022, then dropped by 0 bps to 77.65% in 2023, then increased by 5 bps to 81.33% in 2024, then rose by 2 bps to 82.81% in 2025, then advanced by 1 bps to 83.77% in 2026.
- Per Business Quant data, the three most recent Gross Margin figures were 83.77% in Q2 2026, 83.31% in Q1 2026, and 82.81% in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Fidelity National Financial | 12.71 Bn | 8.14 Bn | 3.59 Bn | 88.64% |
| 2 | First American Financial | 7.40 Bn | 4.28 Bn | 1.77 Bn | 83.37% |
| 3 | Axis Capital Holdings | 7.28 Bn | 6.49 Bn | 819.78 Mn | 46.77% |
| 4 | Enact Holdings | 6.86 Bn | 6.36 Bn | 284.04 Mn | 89.52% |
| 5 | Mgic Investment | 6.46 Bn | 6.23 Bn | 284.40 Mn | 96.28% |
| 6 | Essent | 6.22 Bn | 6.22 Bn | 313.73 Mn | 86.50% |
| 7 | Ryan Specialty Holdings | 5.38 Bn | 5.24 Bn | - | - |
| 8 | Radian | 4.96 Bn | 4.22 Bn | 380.01 Mn | 66.09% |
| 9 | NMI Holdings | 3.45 Bn | 3.37 Bn | 157.40 Mn | 83.77% |
| 10 | Assured Guaranty | 3.29 Bn | -503.07 Mn | 156.00 Mn | 80.00% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 83.77% |
| Mar 31, 2026 | 86.65% |
| Dec 31, 2025 | 87.90% |
| Sep 30, 2025 | 80.73% |
| Jun 30, 2025 | 92.26% |
| Mar 31, 2025 | 97.00% |
| Dec 31, 2024 | 89.64% |
| Sep 30, 2024 | 93.79% |
| Jun 30, 2024 | 99.83% |
| Mar 31, 2024 | 97.64% |
| Dec 31, 2023 | 77.65% |
| Sep 30, 2023 | 96.30% |
| Jun 30, 2023 | 80.76% |
| Mar 31, 2023 | 81.15% |
| Dec 31, 2022 | 77.66% |
| Sep 30, 2022 | 77.06% |
| Jun 30, 2022 | 74.60% |
| Mar 31, 2022 | 71.73% |
| Dec 31, 2021 | 65.91% |
| Sep 30, 2021 | 69.48% |