NMI Holdings Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	388.93	360.11	322.11	292.9	231.13
Depreciation & Amortization	11.26	11.94	11.54	11.87	11.23
Other Amortization	2.42	2.21	1.96	1.85	1.86
Gain (Loss) on Sale of Investments	-4.52	-1.1	0.51	5.24	6
Stock-Based Compensation	20.19	19.81	16.91	15.43	16.68
Change in Accounts Receivable	-3.46	-6.35	-6.78	-9.32	-10.58
Reinsurance Recoverable	-6.32	-4.75	-5.93	-1.27	-2.71
Change in Accounts Payable	-2.17	16.45	10.39	1.39	16.91
Change in Unearned Revenue	-18.56	-27.08	-30.74	-16.2	20.42
Change in Income Taxes	-78.08	-86.89	-80.88	-65.17	-42.85
Change in Insurance Reserves / Liabilities	44.36	28.1	24.14	-3.72	12.98
Change in Other Net Operating Assets	-6.47	-5.09	-6.82	-3.91	-2.94
Other Operating Activities	71.77	87.66	90.59	83.28	64.94
Operating Cash Flow	419.3	393.6	342.68	313.39	325.72
Operating Cash Flow Growth	6.53%	14.86%	9.35%	-3.78%	28.95%
Capital Expenditures	-6.78	-6.91	-9.37	-10.57	-12.24
Investment in Securities	-309.69	-332.38	-190.63	-279.21	-361.94
Investing Cash Flow	-316.47	-339.29	-200	-289.79	-374.18
Long-Term Debt Issued	-	419.71	-	-	-
Total Debt Repaid	-	-405.08	-	-	-
Net Debt Issued (Repaid)	-	14.63	-	-	-
Issuance of Common Stock	2.88	4.29	10.55	5.96	4.7
Repurchases of Common Stock	-116.08	-107.83	-100.97	-61.79	-5.43
Other Financing Activities	-	-7.79	-	-	-1.11
Financing Cash Flow	-113.2	-96.7	-90.42	-55.83	-1.83
Net Cash Flow	-10.37	-42.38	52.26	-32.22	-50.29
Free Cash Flow	412.52	386.7	333.31	302.82	313.48
Free Cash Flow Growth	6.68%	16.02%	10.07%	-3.40%	30.38%
Free Cash Flow Margin	58.39%	59.40%	57.57%	57.86%	64.63%
Free Cash Flow Per Share	5.22	4.76	3.98	3.52	3.61
Cash Interest Paid	31.45	14.01	29.5	29.5	29.5
Cash Income Tax Paid	42.36	20.03	0.02	-0.02	-0.46
Levered Free Cash Flow	267.06	176.54	333.21	-6.65	142.31
Unlevered Free Cash Flow	282.44	197.39	351.38	11.6	160.32
Change in Working Capital	-70.74	-87.03	-100.95	-97.17	-6.13

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.

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