NMI Holdings (NMIH) FY2024 results: revenue $651 million, up 12.4% on the year

NMI Holdings, Inc. (NMIH) reported revenue of $651 million for fiscal 2024, the year ended 31 December 2024, up 12.4% on the year before. Net income was $360 million, up 11.8%, and diluted earnings per share $4.43. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2025.

Revenue

$651 million

+12.4% on the year

FY2017FY2024

Operating margin

71.2%

71.3% a year earlier

FY2017FY2024

Net income

$360 million

+11.8% on the year

FY2017FY2024

Diluted EPS

$4.43

+15.4% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	651	579	523	+12.4%
Operating income	463	413	377	+12.3%
Operating margin	71.2%	71.3%	72.1%
Interest expense	36.9	32.2	32.2	+14.5%
Pre-tax income	463	413	377	+12.3%
Income tax	103	90.6	84.4	+14.0%
Effective tax rate	22.3%	22.0%	22.4%
Net income	360	322	293	+11.8%
Net margin	55.3%	55.6%	56.0%
Diluted EPS	$4.43	$3.84	$3.39	+15.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	394	343	313	+14.9%
Capital expenditure	6.9	9.4	10.6	-26.3%
Free cash flow	387	333	303	+16.0%
Free cash flow margin	59.4%	57.6%	57.9%
Cash from investing	-339	-200	-290
Cash from financing	-96.7	-90.4	-55.8
Depreciation and amortisation	11.9	11.5	11.9	+3.5%
Share-based compensation	19.8	16.9	15.4	+17.1%
Buybacks	97.6	91.6	56.6	+6.5%
Diluted shares, weighted	81m	84m	86m	-3.1%
Shares outstanding at period end	79m	81m	84m	-2.8%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	2,217	1,926	1,614	+15.1%
Debt	n/a	n/a	396
Other liabilities	1,133	1,015	506	+11.6%
Total liabilities and equity	3,350	2,941	2,516	+13.9%
Fixed assets	25.7	30.3	31.9	-15.1%
Goodwill	3.2	3.2	3.2	0.0%
Securities held for sale or to maturity	2,724	2,371	2,099	+14.9%
Cash and equivalents	54.3	96.7	44.4	-43.8%
Other assets	543	439	337	+23.7%
Total assets	3,350	2,941	2,516	+13.9%

10-K for the year ended 31 December 2024, filed 14 February 2025: the filing.