NMI HoldingsNMIH -0.32%77 Pretax Margin % is 68.10% as of Mar. 2026, which is 14% above its 10-year median of 59.82. GuruFocus rates NMIH with a GF Score™ of 77/100 and a GF Value™ of $39.69 (Fairly Valued). The stock has 3 warning signs investors should review. Among 506 Insurance companies, NMI Holdings ranks better than 96.25% on this metric.
Pre-Tax margin is calculated as Pre-Tax Income divided by its Revenue. NMI Holdings's Pre-Tax Income for the
three
months ended in Mar. 2026 was $124.9 Mil. NMI Holdings's Revenue for the
three
months ended in Mar. 2026 was $183.5 Mil. Therefore, NMI Holdings's pretax margin for the quarter that ended in Mar. 2026 was 68.10%.
The historical rank and industry rank for NMI Holdings's Pretax Margin % or its related term are showing as below:
NMIH'
s Pretax Margin % Range Over the Past 10 Years
Min: 9.39 Med: 59.82 Max: 71.94
Current: 68.84
NMIH's Pretax Margin % is ranked better than 96.25% of 506
companies
in the Insurance industry
Industry Median: 12.02
vs NMIH: 68.84
The pretax margin, as know as pretax profit margin, is widely used to measure the operating efficiency of a company before deducting taxes.
The pretax margin is sometimes preferred over the net margin as tax expenditures can make profitability comparisons between companies misleading.
It is a useful tool to compare companies operating in the same sector and less effective when comparing companies from other sectors as each industry generally has different operating expenses and sales patterns.
The long term trend of the pretax margin is a good indicator of the competitiveness and health of the business.
NMI Holdings Pretax Margin % Related Terms
NMI Holdings Pretax Margin % Historical Data
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The historical data trend for NMI Holdings's Pretax Margin % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NMIH vs AGO, RDN, RYAN: Pretax Margin % Comparison
For the Insurance - Specialty subindustry, NMI Holdings's Pretax Margin %, along with its competitors' market caps and Pretax Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
NMI Holdings Pretax Margin % vs Insurance Industry
For the Insurance industry and Financial Services sector, NMI Holdings's Pretax Margin % distribution charts can be found below:
* The bar in red indicates where NMI Holdings's Pretax Margin % falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NMI Holdings (NMIH) has a Pretax Margin % of 68.10% as of Mar. 2026. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on NMI Holdings and its competitors. This is 14% above median its historical median of 59.82. Over the past decade, NMI Holdings' Pretax Margin % has ranged from 9.39 to 71.94. According to the industry distribution chart, NMI Holdings ranks #19 out of 506 companies in the Insurance industry, placing it in the top 3.8%.
Is NMI Holdings' Pretax Margin % too high?
NMI Holdings' current Pretax Margin % of 68.10% is 14% above median its 10-year median of 59.82. Over the past 10 years, this metric has ranged from a low of 9.39 to a high of 71.94. The Insurance industry median Pretax Margin % is 12.02. NMI Holdings' value of 68.10% is 466.6% above this industry median. Based on the distribution chart, NMI Holdings ranks #19 out of 506 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, NMI Holdings has a GF Score™ of 77/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does NMI Holdings' Pretax Margin % compare to AGO and RDN?
According to the Insurance industry distribution chart, NMI Holdings ranks #19 out of 506 companies for Pretax Margin %. This places NMI Holdings in the top 4% of its industry — outperforming the majority of peers. The industry median Pretax Margin % is 12.02. NMI Holdings' value of 68.10% is 466.6% above this benchmark. Historically, NMI Holdings' own Pretax Margin % has ranged from 9.39 to 71.94 over the past decade. While the company's 10-year median is 59.82 vs. the industry median of 12.02, NMI Holdings has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Pretax Margin % for an Insurance company?
The median Pretax Margin % among Insurance companies is 12.02, based on 506 companies in the industry. Companies in the top quartile (top 25%) have a Pretax Margin % significantly above this median, while those in the bottom quartile fall well below. However, Pretax Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. NMI Holdings's current Pretax Margin % of 68.10% is 466.6% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Pretax Margin % mean?
A high Pretax Margin % can signal that a stock is expensive relative to its fundamentals. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on NMI Holdings and its competitors. For the Insurance industry, the median Pretax Margin % is 12.02 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. NMI Holdings's current Pretax Margin % is 68.10%, which is 14% above median its own 10-year median of 59.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NMI Holdings stock overvalued right now?
Based on GuruFocus' analysis, NMI Holdings (NMIH) is currently considered Fairly Valued. The stock's GF Value™ is $39.69, compared to a current price of $41.09 — trading 3.5% above its estimated fair value. The current Pretax Margin % is 68.10%, which is 14% above median its 10-year median of 59.82 and 466.6% above the Insurance industry median of 12.02. NMI Holdings' overall GF Score™ is 77/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Pretax Margin % calculated?
Pretax Margin % is calculated from a company's financial statements. For NMI Holdings (NMIH), the current Pretax Margin % is 68.10% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is NMI Holdings (NMIH) Overvalued in 2026?
Based on GuruFocus' analysis, NMI Holdings stock appears to be overvalued.
The current stock price of $41.09 is trading 3.5% above its estimated GF Value™ of $39.69.
GuruFocus considers NMI Holdings to be Fairly Valued.
Key valuation signals for NMIH:
Pretax Margin %: 68.10% (14% above median its 10-year median of 59.82)
GF Value™: $39.69 vs. price of $41.09 (3.5% above fair value)
Industry Position: 466.6% above the Insurance median (#19 of 506)
No single metric tells the full story. See the NMIH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
NMI Holdings Inc through its subsidiaries provides private mortgage guaranty insurance. The company offers mortgage insurance, reinsurance on loans, and outsourced loan review services to mortgage loan originators. It serves national and regional mortgage banks, money center banks, credit unions, community banks, builder-owned mortgage lenders, Internet-sourced lenders, and other non-bank lenders. It protects lenders and investors from default-related losses on a portion of the unpaid principal balance of a covered mortgage.
77GF Score
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