National MI
Insures low-down-payment U.S. home loans against borrower-default losses.
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Profile
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
Key statistics
Year to date +10.3% · Average volume (30d) 420.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 4, 2026 | RBC Capital | Reiterate | Outperform | $46 | $53 | |
| May 22, 2026 | RBC Capital | Target | $48 | $46 | ||
| May 22, 2026 | UBS | Target | $43 | $46 | ||
| Jan 12, 2026 | UBS | Target | $39 | $43 | ||
| Jan 6, 2026 | Barclays | Reiterate | Equal Weight | $43 | $44 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $1.28 | $1.38 | +7.8% | $156.3M | $157.5M | +0.8% | +1.98% |
| Apr 30, 2026Q1 FY26 | $1.22 | $1.28 | +4.9% | $154.0M | $154.8M | +0.5% | −3.87% |
| Feb 10, 2026Q4 FY25 | $1.17 | $1.20 | +2.6% | $152.7M | $152.5M | −0.2% | +1.82% |
| Nov 4, 2025Q3 FY25 | $1.21 | $1.21 | 0.0% | $180.7M | $178.7M | −1.1% | −1.84% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $173.2M | $173.8M | $178.7M | $180.5M | $183.5M | $187.9M | |
| Gross profit | $168.7M | $160.2M | $160.0M | $159.3M | $162.8M | $187.9M | |
| Operating income | $131.4M | $123.6M | $123.7M | $121.1M | $124.9M | $136.9M | |
| Net income | $102.6M | $96.2M | $96.0M | $94.2M | $99.3M | $105.8M | |
| Diluted EPS | $1.28 | $1.21 | $1.22 | $1.20 | $1.28 | $1.38 | |
| Gross margin | 97.3% | 92.2% | 89.5% | 88.3% | 88.7% | 100.0% | |
| Operating margin | 75.8% | 71.1% | 69.2% | 67.1% | 68.1% | 72.9% |
Fiscal years (4-quarter sums)FY21 $485.6M · FY22 $524.5M · FY23 $579.0M · FY24 $651.0M · FY25 $706.2M
Balance sheet, Jun 30, 2026Cash & short-term investments $72.1M · Total debt $418.0M · Total assets $4.00B · Shareholders' equity $2.71B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 75.97M · Float 74.25M · 97.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 13.19M | 17.36% | 13F | Aug 7, 2026 |
| Dimensional Fund Advisors LP | 4.67M | 6.14% | 13F | Aug 11, 2026 |
| State Street Corp | 3.48M | 4.58% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 3.42M | 4.50% | 13F | Aug 13, 2026 |
| American Century Companies Inc | 3.05M | 4.01% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| 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 |
| Mar 19, 2026 | Bradley M. Shuster | director, officer: Executive Chairman | −18,996 | $37.05 |
Peers
- 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
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| National MI | $40.84 | −8.87% | $3.40B | 8.8 | 8.4 | 4.7 | −9.4% |
| MGIC Investment | $30.99 | −0.06% | $6.36B | 9.7 | 9.6 | 5.3 | −2.9% |
| Radian Group | $36.41 | 0.00% | $4.84B | 9.3 | 7.3 | 2.9 | +80.9% |
| Enact | $49.07 | +0.03% | $6.85B | 10.3 | 9.9 | 5.5 | +4.2% |
| Essent Group | $69.30 | +0.57% | $6.35B | 9.6 | 9.1 | 4.8 | +13.6% |
| Arch Capital Group | $97.15 | −1.71% | $34.53B | 7.7 | 10.5 | 1.8 | −22.3% |
| Median | 9.6 | 9.6 | 4.8 | +4.2% |