NMIHNMI Holdings, Inc.
Surety Insurance
- Revenue
- $706M
- 8.5% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $3.2B
- Employees
- 225
- $3M revenue each
- Net debt / EBITDA
- —
- $380M net debt
- AI in 10-K
- 1.4
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo108% of net incomeCash flow under 80% of net income
- Dilutive SBCNo3% of revenueOver 10% of revenue
- Payouts exceed cash flowNo25% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo93% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$3M · 78th pctBottom quartile of its SIC industry
- Quiet on AINo1.4 per 10K words · 43rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$3.2B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$17M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $485M | $523M | $579M | $651M | $706M | 8.5% |
| Net income | $231M | $293M | $322M | $360M | $389M | 8.0% |
| Operating cash flow | $326M | $313M | $343M | $394M | $419M | 6.5% |
| Capex | $12M | $11M | $9M | $7M | $7M | 1.8% |
| Stock-based comp | $17M | $15M | $17M | $20M | $20M | 1.9% |
| Buybacks | $0 | $57M | $92M | $98M | $105M | 7.7% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $17M · 13
- Net
- −$17M
Pay vs performance
No pay-versus-performance disclosure yet.