National MI (NMIH)
Insures low-down-payment U.S. home loans against borrower-default losses.
Something off on this page? Send us feedback.
Provides private mortgage insurance on high-loan-to-value U.S. home loans, earning premiums for covering part of lender and investor losses after borrower defaults, plus income from its investment portfolio. The single-segment platform also offers loan reviews and relies on GSE eligibility and third-party reinsurance.
Provides private mortgage insurance through National Mortgage Insurance Corporation, covering part of lender and investor losses when borrowers default on high-loan-to-value U.S. home loans. Premiums are paid monthly, annually, or upfront under borrower-paid and lender-paid structures. National Mortgage Insurance Services performs outsourced loan-file reviews, while the insurer's investment portfolio generates additional income.
Operates nationwide, with all revenue generated in the United States, in a single Mortgage Insurance segment. Combines individual underwriting or post-close validation on most insured loans with Rate GPS risk-based pricing, policy servicing, and third-party reinsurance.
Eligibility with Fannie Mae and Freddie Mac is central because the significant majority of coverage is written on loans sold to those GSEs. The platform also depends on state insurance licenses, mortgage-credit performance, lender relationships, and continued access to reinsurance.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 4, 2026 | RBC Capital | Reiterate | Rating: —Target: $46 | Target: $53 |
| May 22, 2026 | RBC Capital | Target | Target: $48 | Target: $46 |
| May 22, 2026 | UBS | Target | Target: $43 | Target: $46 |
| Jan 12, 2026 | UBS | Target | Target: $39 | Target: $43 |
| Jan 6, 2026 | Barclays | Reiterate | Rating: —Target: $43 | Target: $44 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $72.1M · Total debt $418.0M · Total assets $4.00B · Shareholders' equity $2.71B
- Revenue
- $187.9M
- Operating income
- $136.9M
- Net income
- $105.8M
No dividends on record.
| Institutions | ≈ 100.73% | 75.76M shares | |
|---|---|---|---|
| 358 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 3.44% | 2.59M shares | |
| 11 holders · as of Sep 15, 2026 | |||
| Adds to | 104.17% | ||
75.22M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 104.17%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 17.53% | 13.19M | as of Jun 30, 2026 |
SMALLCAP World Fund, Inc.Institution | 6.38% | 4.80M | filed Feb 14, 2018 |
Dimensional Fund Advisors LPInstitution | 6.20% | 4.67M | as of Jun 30, 2026 |
Capital Research Global InvestorsInstitution | 4.63% | 3.48M | filed Feb 14, 2018 |
State Street CorpInstitution | 4.62% | 3.48M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 4, 2026 | Adam Pollitzer | director, officer: Chief Executive Officer | −172,706 | $44.86 |
| Aug 11, 2026 | Aurora Swithenbank | officer: EVP, Chief Financial Officer | −11,662 | $44.51 |
| Aug 3, 2026 | Robert Owen Smith | officer: EVP, Chief Risk Officer | −12,000 | $44.65 |
| May 19, 2026 | Michael Curry Montgomery | director | −1,554 | $37.90 |
| Mar 24, 2026 | Bradley M. Shuster | director, officer: Executive Chairman | −18,953 | $37.35 |
- MGIC Investment
Large legacy MI peer with the biggest IIF overlap
- Radian Group
Direct MI competitor with lender-service adjacencies
- Enact
GSE-approved MI peer with deep lender relationships
- Essent Group
Post-crisis MI peer with reinsurance and title adjacencies
- Arch Capital Group
Diversified insurer competing through Arch MI
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| National MI | $42.58 | +0.39% | $3.22B | 8.4 | 8.0 | 4.4 | −9.4% |
| MGIC Investment | $29.55 | +0.87% | $6.01B | 9.2 | 9.1 | 5.0 | −2.9% |
| Radian Group | $34.72 | +0.09% | $4.61B | 8.8 | 7.0 | 2.8 | +80.9% |
| Enact | $47.61 | −0.01% | $6.65B | 10.0 | 9.6 | 5.3 | +4.2% |
| Essent Group | $65.87 | +0.26% | $6.05B | 9.2 | 8.7 | 4.6 | +13.6% |
| Arch Capital Group | $95.45 | +0.53% | $33.17B | 7.4 | 10.1 | 1.7 | −22.3% |
| Median | 9.2 | 9.1 | 4.6 | +4.2% |