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NMIH US​
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NMI Holdings, Inc.(NMIH US)

$38.65-0.230.59%Ext:$33.95-4.7012.16%(After Hours · 23:02:45 UTC)
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  • Home
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NMIH US​
HomeStock ScreenerDocument SearchChartingWatchlistsRecent Filings

NMI Holdings, Inc.(NMIH US)

$38.65-0.230.59%Ext:$33.95-4.7012.16%(After Hours · 23:02:45 UTC)
Ask AI
Doc SearchProfileEntity StructureFinancialsChartingShort InterestEmployees

Overview

ProfileEntity Structure

Documents

SEC Filings

Financials & Metrics

FinancialsChartingShort InterestEmployees

Financials & Metrics

FinancialsChartingShort InterestEmployees

NMI Holdings, Inc. — Company Profile

NMI Holdings, Inc. is a company operating within the United States that offers private mortgage guaranty insurance. In addition to its core insurance products, the firm also delivers outsourced loan assessment services, specifically catering to mortgage loan originators. Its diverse client roster includes national and regional mortgage banks, prominent money center banks, credit unions, local community banks, builder-owned lenders, internet-based lending platforms, and other non-bank mortgage providers. The company commenced operations after its incorporation in 2011 and is based in Emeryville, California.

Sector
Financials
Industry
Insurance
Exchange
UQ
CEO
Adam S. Pollitzer
Headquarters
EmeryVille, CA, US
IPO Date
Nov 8, 2013
Employees
225
Website
www.nationalmi.com

Key Metrics

Price
$38.83
Market Cap
$2.95B
Revenue (TTM)
$183.47M
Net Income (TTM)
$99.33M
EPS (TTM)
1.30
P/E (TTM)
7.65
P/B (TTM)
0.00
Dividend Yield
0.00%
ROE (TTM)
0.00%
ROA (TTM)
0.00%
Operating Margin
68.10%
Beta
0.11

Dividends

Last Dividend
$0.00
Last Yield
0.00%

Summary

NMI Holdings, Inc. is a company operating within the United States that offers private mortgage guaranty insurance. In addition to its core insurance products, the firm also delivers outsourced loan assessment services, specifically catering to mortgage loan originators. Its diverse client roster includes national and regional mortgage banks, prominent money center banks, credit unions, local community banks, builder-owned lenders, internet-based lending platforms, and other non-bank mortgage providers. The company commenced operations after its incorporation in 2011 and is based in Emeryville, California.

Website
www.nationalmi.com
Location
EmeryVille, CA, US
Phone855 530 6642
Employees225
CEOAdam S. Pollitzer
Sector
Financials
Industry
Insurance
IPO DateNov 8, 2013

Ask AI

Company overview
Business model, segments, and competition.
Peer comparison
Metrics vs closest competitors.
Guidance & outlook
Forward guidance and assumptions.
Bull vs bear case
Upside drivers and key risks.
Valuation snapshot
Multiples vs history and peers.
Competitive moat
Defensibility and market position.
Management track record
Leadership and capital allocation history.
How it makes money
A short diagram of the business model.

Latest Documents

SEC Filings(910)

Expand
  • Form 4Leatherberry William J07:12PM
  • Form 144Leatherberry William J04:27PM
  • 10-QQ3ended 30 Sept 20265 Nov
  • 8-KResults of Operations and Financial Condition5 Nov
  • Form 4Realmuto Nicholas Daniel15 Sep
  • Form 4Pollitzer Adam9 Sep
  • Form 4Pollitzer Adam4 Sep
  • Form 144Pollitzer Adam4 Sep
  • Form 4Swithenbank Aurora12 Aug
  • Form 144Swithenbank Aurora11 Aug
  • Form 4Smith Robert Owen5 Aug
  • Form 144Smith Robert Owen3 Aug
  • 10-QQ2ended 30 Jun 202630 Jul
  • 8-KResults of Operations and Financial Condition30 Jul
  • Form 144Muehlhauser Regina24 Jul
  • Form 144Muehlhauser Regina21 Jul
  • Form 144Muehlhauser Regina2 Jul
  • Form 4Montgomery Michael Curry20 May
  • Form 144Montgomery Michael Curry19 May
  • Form 4EMBLER MICHAEL J18 May

News

  • NMI Holdings Inc (NASDAQ:NMIH) Stock Has Consensus Target Price of $47.7511 Nov
  • BRK.B Q3 Earnings Decline Year Over Year, Revenues Top Estimates9 Nov
  • NMIH Q3 Earnings Miss Estimates on Higher Claims and Costs6 Nov
  • What NMI (NMIH) Said on Its Q3 Earnings Call5 Nov
  • NMI Holdings (NMIH) Reports Q3 Earnings: What Key Metrics Have to Say5 Nov
  • NMI Holdings, Inc. (NMIH) Q3 2026 Earnings Call Transcript5 Nov
  • NMI Holdings (NMIH) Q3 Earnings and Revenues Lag Estimates5 Nov
  • NMI Holdings (NMIH) Earnings Expected to Grow: Should You Buy?29 Oct
  • Here's Why NMI Holdings (NMIH) is a Strong Momentum Stock27 Oct
  • Will NMI Holdings (NMIH) Beat Estimates Again in Its Next Earnings Report?23 Oct
  • Why NMI Holdings (NMIH) is a Top Value Stock for the Long-Term22 Oct
  • Sharplink Gaming (NASDAQ:SBET) and NMI (NASDAQ:NMIH) Head-To-Head Comparison22 Oct
  • NMI Holdings, Inc. to Announce Third Quarter 2026 Financial Results on November 5, 202614 Oct
  • Implied Volatility Surging for NMI Holdings Stock Options12 Oct
  • Are Investors Undervaluing NMI (NMIH) Right Now?1 Oct
  • Here's Why NMI Holdings (NMIH) is a Strong Value Stock30 Sep
  • Head to Head Survey: NMI (NASDAQ:NMIH) & PennyMac Financial Services (NYSE:PFSI)28 Sep
  • After Plunging 7.2% in 4 Weeks, Here's Why the Trend Might Reverse for NMI Holdings (NMIH)25 Sep
  • NMI Holdings Near 52-Week High: Time to Buy, Sell or Hold the Stock?24 Sep
  • NMI Holdings' Strong IIF Growth: Can It Drive Future Earnings?15 Sep

Mentions in Filings

  • … ved as a director of WaFd since March 2024, having joined the WaFd board in connection with WaFd’s acquisition of Luther Burbank Corporation. Mr. Shuster has served as Executive Chairman and Chairman of the Board of <strong>NMI Holdings, Inc.</strong> since January 2019. Mr. Shuster founded NMI Holdings, Inc. and served as its Chairman and Chief Executive Officer from 2012 to 2018. He also serves as Chairman of the Board of McGrath RentCorp and was previously a m …
    WAFD INCNMI Holdings, Inc.·DEFM14A - Definitive proxy statement (merger)·Q1 27·4 Nov
  • … ved as a director of WaFd since March 2024, having joined the WaFd board in connection with WaFd’s acquisition of Luther Burbank Corporation. Mr. Shuster has served as Executive Chairman and Chairman of the Board of <strong>NMI Holdings, Inc.</strong> since January 2019. Mr. Shuster founded NMI Holdings, Inc. and served as its Chairman and Chief Executive Officer from 2012 to 2018. He also serves as Chairman of the Board of McGrath RentCorp and was previously a m …
    WAFD INCNMI Holdings, Inc.·PREM14A - Preliminary proxy statement (merger)·Q1 27·21 Oct
  • #Navient Corp. 24,760 242,896 NB Bancorp, Inc. 10,476 227,539 NBT Bancorp, Inc. 15,401 684,266 \*NCR Atleos Corp. 20,621 769,163 Nelnet, Inc., Class A 3,458 456,110 \*NerdWallet, Inc., Class A 9,818 118,405 \*NI Holdings, Inc. 1,051 14,315 Nicolet Bankshares , Inc. 3,958 577,789 \*NMI Holdings, Inc., Class A 22,006 852,072 Northeast Bank 2,038 234,839 Northeast Community Bancorp, Inc. 1,548 …
    Dimensional ETF TrustNMI Holdings, Inc.·NPORT-EX - NT NPORT-P - Notification of late filing (portfolio holdings)·Q1 26·13 Aug
  • … .81 | | 17,707 | | MTG | MGIC Investment Corporation | | 0.07% | | 42 | | 28.50 | | 1,197 | | MURGY | Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) (ADR) † | | 0.27% | | 375 | | 12.75 | | 4,781 | | NMIH | <strong>NMI Holdings, Inc.</strong> (Class A) \* | | 0.07% | | 31 | | 38.87 | | 1,205 | | ORI | Old Republic International Corporation | | 0.13% | | 60 | | 39.63 | | 2,378 | | OSCR | Oscar Health, Inc. (Class A) \* | | 0.13% | | 74 | | 32.14 | | 2,378 …
    FT 13365NMI Holdings, Inc.·487 - Form 487 - FORM S-6 TO EFFECTIVE AMENDMENT·Q4 26·10 Nov
  • … | 0.62% | | 83 | | 130.19 | | 10,806 | | IBKR | Interactive Brokers Group, Inc. (Class A) | | 0.63% | | 123 | | 87.89 | | 10,810 | | MTG | MGIC Investment Corporation | | 0.12% | | 80 | | 27.03 | | 2,162 | | NMIH | <strong>NMI Holdings, Inc.</strong> (Class A) \* | | 0.13% | | 55 | | 39.39 | | 2,166 | | ORI | Old Republic International Corporation | | 0.25% | | 114 | | 38.07 | | 4,340 | | OSCR | Oscar Health, Inc. (Class A) \* | | 0.25% | | 127 | | 34.01 | | 4,3 …
    FT 13273NMI Holdings, Inc.·S-6/A - AMENDMENT TO REGISTRATION STATEMENT·Q4 26·13 Oct
  • … . | | 0.34% | | 43 | | 130.19 | | 5,598 | | IBKR | Interactive Brokers Group, Inc. (Class A) | | 0.33% | | 63 | | 87.89 | | 5,537 | | MTG | MGIC Investment Corporation | | 0.07% | | 41 | | 27.03 | | 1,108 | | NMIH | <strong>NMI Holdings, Inc.</strong> (Class A) \* | | 0.07% | | 28 | | 39.39 | | 1,103 | | ORI | Old Republic International Corporation | | 0.13% | | 58 | | 38.07 | | 2,208 | | OSCR | Oscar Health, Inc. (Class A) \* | | 0.13% | | 65 | | 34.01 | | 2,211 …
    FT 13272NMI Holdings, Inc.·S-6/A - AMENDMENT TO REGISTRATION STATEMENT·Q4 26·13 Oct

Key Stats

Trading

Px/Chg 1D$38.83 / +1.97%
Avg Volume525.91K
Beta0.11
Mkt Cap2.95B
FD Mkt Cap3.41B

Float

Shrs Out/Float75.97M / 74.25M
Short Float0.03%
Days to Cover2.58
Stock Repurchased$27.68M

Current Valuation

EV3.30B
EV/EBITDA6.19
EV/Sales4.60
P/B0.00
P/S4.12
FCF Yield3.90%
ROE0.00%
ROA0.00%
Current Ratio0.39

Estimates

P/E7.65
Est P/E0.00
Est EPS1.22
Est PEG0.00

Valuation

Metric5Yr AvgMay '23Apr '24Apr '25Apr '26Oct '26
PRICE-BASED RATIOS
Price / Earnings17.026.587.907.4633.4729.70
Price / Sales9.153.684.394.1317.4816.08
Price / Book Value0.991.201.321.211.220.00
Price / Free Cash Flow19.826.377.636.9552.4825.65
ENTERPRISE VALUE METRICS
Enterprise Value2,999.72,282.42,845.33,046.93,527.03,296.8
Enterprise Value / Sales10.294.354.914.6819.5417.97
Enterprise Value / EBITDA13.815.426.235.9526.9324.51
Enterprise Value / EBIT14.105.576.406.0927.4924.97

Financials

Full Financials
Millions USD5Yr CAGR (%)Dec '21Dec '22Dec '23Dec '24Dec '25
INCOME STATEMENT
Revenue9.8%485.6524.5579.0651.0705.6
Gross Income8.3%470.8527.0555.6618.7647.9
EBITDA12.3%339.8421.3456.5512.2539.5
EBIT12.6%328.5409.5444.9500.3528.3
Net Income13.9%231.1292.9322.1360.1388.9
EPS (Diluted)16.7%2.653.393.844.434.92
BALANCE SHEET
Cash & ST Inv-32.5%2,159.442.395.454.2448.4
Total Assets11.9%2,450.62,516.02,940.53,350.03,841.1
Total Liabilities9%884.8902.31,014.51,132.51,249.1
Total Shareholder Equity13.4%1,565.81,613.71,926.02,217.42,592.0
CASH FLOW
Net Operating Cash Flow6.5%325.7313.4342.7393.6419.3
Cap Ex-13.7%-12.2-10.6-9.4-6.9-6.8
Free Cash Flow7.1%313.5302.8333.3386.7412.5

Enterprise Value Bridge

Millions USD13 Nov '26
Price (As of 13 Nov '26)38.80
Basic Shares75.97
Market Cap2,947.7
Diluted Shares76.12
Fully Diluted Shares Outstanding76.12
Fully Diluted Market Cap2,953.3
+Consolidated Debt-
−In-the-Money Convertible Debt—
+Capital Leases-
+Operating Leases—
−Cash & Equivalents-72.3
−Short-term Investments-
+Total Preferred-
−In-the-Money Convertible Preferred—
−Investments in Unconsolidated Subs—
+Non-Controlling Interest-
+Pension Liabilities—
Enterprise Value2,875.4

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NMI Holdings, Inc. — Company Profile

NMI Holdings, Inc. is a company operating within the United States that offers private mortgage guaranty insurance. In addition to its core insurance products, the firm also delivers outsourced loan assessment services, specifically catering to mortgage loan originators. Its diverse client roster includes national and regional mortgage banks, prominent money center banks, credit unions, local community banks, builder-owned lenders, internet-based lending platforms, and other non-bank mortgage providers. The company commenced operations after its incorporation in 2011 and is based in Emeryville, California.

Sector
Financials
Industry
Insurance
Exchange
UQ
CEO
Adam S. Pollitzer
Headquarters
EmeryVille, CA, US
IPO Date
Nov 8, 2013
Employees
225
Website
www.nationalmi.com

Key Metrics

Price
$38.83
Market Cap
$2.95B
Revenue (TTM)
$183.47M
Net Income (TTM)
$99.33M
EPS (TTM)
1.30
P/E (TTM)
7.65
P/B (TTM)
0.00
Dividend Yield
0.00%
ROE (TTM)
0.00%
ROA (TTM)
0.00%
Operating Margin
68.10%
Beta
0.11

Dividends

Last Dividend
$0.00
Last Yield
0.00%

Summary

NMI Holdings, Inc. is a company operating within the United States that offers private mortgage guaranty insurance. In addition to its core insurance products, the firm also delivers outsourced loan assessment services, specifically catering to mortgage loan originators. Its diverse client roster includes national and regional mortgage banks, prominent money center banks, credit unions, local community banks, builder-owned lenders, internet-based lending platforms, and other non-bank mortgage providers. The company commenced operations after its incorporation in 2011 and is based in Emeryville, California.

Website
www.nationalmi.com
Location
EmeryVille, CA, US
Phone855 530 6642
Employees225
CEOAdam S. Pollitzer
Sector
Financials
Industry
Insurance
IPO DateNov 8, 2013

Ask AI

Company overview
Business model, segments, and competition.
Peer comparison
Metrics vs closest competitors.
Guidance & outlook
Forward guidance and assumptions.
Bull vs bear case
Upside drivers and key risks.
Valuation snapshot
Multiples vs history and peers.
Competitive moat
Defensibility and market position.
Management track record
Leadership and capital allocation history.
How it makes money
A short diagram of the business model.

Latest Documents

SEC Filings(910)

Expand
  • Form 4Leatherberry William J07:12PM
  • Form 144Leatherberry William J04:27PM
  • 10-QQ3ended 30 Sept 20265 Nov
  • 8-KResults of Operations and Financial Condition5 Nov
  • Form 4Realmuto Nicholas Daniel15 Sep
  • Form 4Pollitzer Adam9 Sep
  • Form 4Pollitzer Adam4 Sep
  • Form 144Pollitzer Adam4 Sep
  • Form 4Swithenbank Aurora12 Aug
  • Form 144Swithenbank Aurora11 Aug
  • Form 4Smith Robert Owen5 Aug
  • Form 144Smith Robert Owen3 Aug
  • 10-QQ2ended 30 Jun 202630 Jul
  • 8-KResults of Operations and Financial Condition30 Jul
  • Form 144Muehlhauser Regina24 Jul
  • Form 144Muehlhauser Regina21 Jul
  • Form 144Muehlhauser Regina2 Jul
  • Form 4Montgomery Michael Curry20 May
  • Form 144Montgomery Michael Curry19 May
  • Form 4EMBLER MICHAEL J18 May

News

  • NMI Holdings Inc (NASDAQ:NMIH) Stock Has Consensus Target Price of $47.7511 Nov
  • BRK.B Q3 Earnings Decline Year Over Year, Revenues Top Estimates9 Nov
  • NMIH Q3 Earnings Miss Estimates on Higher Claims and Costs6 Nov
  • What NMI (NMIH) Said on Its Q3 Earnings Call5 Nov
  • NMI Holdings (NMIH) Reports Q3 Earnings: What Key Metrics Have to Say5 Nov
  • NMI Holdings, Inc. (NMIH) Q3 2026 Earnings Call Transcript5 Nov
  • NMI Holdings (NMIH) Q3 Earnings and Revenues Lag Estimates5 Nov
  • NMI Holdings (NMIH) Earnings Expected to Grow: Should You Buy?29 Oct
  • Here's Why NMI Holdings (NMIH) is a Strong Momentum Stock27 Oct
  • Will NMI Holdings (NMIH) Beat Estimates Again in Its Next Earnings Report?23 Oct
  • Why NMI Holdings (NMIH) is a Top Value Stock for the Long-Term22 Oct
  • Sharplink Gaming (NASDAQ:SBET) and NMI (NASDAQ:NMIH) Head-To-Head Comparison22 Oct
  • NMI Holdings, Inc. to Announce Third Quarter 2026 Financial Results on November 5, 202614 Oct
  • Implied Volatility Surging for NMI Holdings Stock Options12 Oct
  • Are Investors Undervaluing NMI (NMIH) Right Now?1 Oct
  • Here's Why NMI Holdings (NMIH) is a Strong Value Stock30 Sep
  • Head to Head Survey: NMI (NASDAQ:NMIH) & PennyMac Financial Services (NYSE:PFSI)28 Sep
  • After Plunging 7.2% in 4 Weeks, Here's Why the Trend Might Reverse for NMI Holdings (NMIH)25 Sep
  • NMI Holdings Near 52-Week High: Time to Buy, Sell or Hold the Stock?24 Sep
  • NMI Holdings' Strong IIF Growth: Can It Drive Future Earnings?15 Sep

Mentions in Filings

  • … ved as a director of WaFd since March 2024, having joined the WaFd board in connection with WaFd’s acquisition of Luther Burbank Corporation. Mr. Shuster has served as Executive Chairman and Chairman of the Board of <strong>NMI Holdings, Inc.</strong> since January 2019. Mr. Shuster founded NMI Holdings, Inc. and served as its Chairman and Chief Executive Officer from 2012 to 2018. He also serves as Chairman of the Board of McGrath RentCorp and was previously a m …
    WAFD INCNMI Holdings, Inc.·DEFM14A - Definitive proxy statement (merger)·Q1 27·4 Nov
  • … ved as a director of WaFd since March 2024, having joined the WaFd board in connection with WaFd’s acquisition of Luther Burbank Corporation. Mr. Shuster has served as Executive Chairman and Chairman of the Board of <strong>NMI Holdings, Inc.</strong> since January 2019. Mr. Shuster founded NMI Holdings, Inc. and served as its Chairman and Chief Executive Officer from 2012 to 2018. He also serves as Chairman of the Board of McGrath RentCorp and was previously a m …
    WAFD INCNMI Holdings, Inc.·PREM14A - Preliminary proxy statement (merger)·Q1 27·21 Oct
  • #Navient Corp. 24,760 242,896 NB Bancorp, Inc. 10,476 227,539 NBT Bancorp, Inc. 15,401 684,266 \*NCR Atleos Corp. 20,621 769,163 Nelnet, Inc., Class A 3,458 456,110 \*NerdWallet, Inc., Class A 9,818 118,405 \*NI Holdings, Inc. 1,051 14,315 Nicolet Bankshares , Inc. 3,958 577,789 \*NMI Holdings, Inc., Class A 22,006 852,072 Northeast Bank 2,038 234,839 Northeast Community Bancorp, Inc. 1,548 …
    Dimensional ETF TrustNMI Holdings, Inc.·NPORT-EX - NT NPORT-P - Notification of late filing (portfolio holdings)·Q1 26·13 Aug
  • … .81 | | 17,707 | | MTG | MGIC Investment Corporation | | 0.07% | | 42 | | 28.50 | | 1,197 | | MURGY | Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) (ADR) † | | 0.27% | | 375 | | 12.75 | | 4,781 | | NMIH | <strong>NMI Holdings, Inc.</strong> (Class A) \* | | 0.07% | | 31 | | 38.87 | | 1,205 | | ORI | Old Republic International Corporation | | 0.13% | | 60 | | 39.63 | | 2,378 | | OSCR | Oscar Health, Inc. (Class A) \* | | 0.13% | | 74 | | 32.14 | | 2,378 …
    FT 13365NMI Holdings, Inc.·487 - Form 487 - FORM S-6 TO EFFECTIVE AMENDMENT·Q4 26·10 Nov
  • … | 0.62% | | 83 | | 130.19 | | 10,806 | | IBKR | Interactive Brokers Group, Inc. (Class A) | | 0.63% | | 123 | | 87.89 | | 10,810 | | MTG | MGIC Investment Corporation | | 0.12% | | 80 | | 27.03 | | 2,162 | | NMIH | <strong>NMI Holdings, Inc.</strong> (Class A) \* | | 0.13% | | 55 | | 39.39 | | 2,166 | | ORI | Old Republic International Corporation | | 0.25% | | 114 | | 38.07 | | 4,340 | | OSCR | Oscar Health, Inc. (Class A) \* | | 0.25% | | 127 | | 34.01 | | 4,3 …
    FT 13273NMI Holdings, Inc.·S-6/A - AMENDMENT TO REGISTRATION STATEMENT·Q4 26·13 Oct
  • … . | | 0.34% | | 43 | | 130.19 | | 5,598 | | IBKR | Interactive Brokers Group, Inc. (Class A) | | 0.33% | | 63 | | 87.89 | | 5,537 | | MTG | MGIC Investment Corporation | | 0.07% | | 41 | | 27.03 | | 1,108 | | NMIH | <strong>NMI Holdings, Inc.</strong> (Class A) \* | | 0.07% | | 28 | | 39.39 | | 1,103 | | ORI | Old Republic International Corporation | | 0.13% | | 58 | | 38.07 | | 2,208 | | OSCR | Oscar Health, Inc. (Class A) \* | | 0.13% | | 65 | | 34.01 | | 2,211 …
    FT 13272NMI Holdings, Inc.·S-6/A - AMENDMENT TO REGISTRATION STATEMENT·Q4 26·13 Oct

Key Stats

Trading

Px/Chg 1D$38.83 / +1.97%
Avg Volume525.91K
Beta0.11
Mkt Cap2.95B
FD Mkt Cap3.41B

Float

Shrs Out/Float75.97M / 74.25M
Short Float0.03%
Days to Cover2.58
Stock Repurchased$27.68M

Current Valuation

EV3.30B
EV/EBITDA6.19
EV/Sales4.60
P/B0.00
P/S4.12
FCF Yield3.90%
ROE0.00%
ROA0.00%
Current Ratio0.39

Estimates

P/E7.65
Est P/E0.00
Est EPS1.22
Est PEG0.00

Valuation

Metric5Yr AvgMay '23Apr '24Apr '25Apr '26Oct '26
PRICE-BASED RATIOS
Price / Earnings17.026.587.907.4633.4729.70
Price / Sales9.153.684.394.1317.4816.08
Price / Book Value0.991.201.321.211.220.00
Price / Free Cash Flow19.826.377.636.9552.4825.65
ENTERPRISE VALUE METRICS
Enterprise Value2,999.72,282.42,845.33,046.93,527.03,296.8
Enterprise Value / Sales10.294.354.914.6819.5417.97
Enterprise Value / EBITDA13.815.426.235.9526.9324.51
Enterprise Value / EBIT14.105.576.406.0927.4924.97

Financials

Full Financials
Millions USD5Yr CAGR (%)Dec '21Dec '22Dec '23Dec '24Dec '25
INCOME STATEMENT
Revenue9.8%485.6524.5579.0651.0705.6
Gross Income8.3%470.8527.0555.6618.7647.9
EBITDA12.3%339.8421.3456.5512.2539.5
EBIT12.6%328.5409.5444.9500.3528.3
Net Income13.9%231.1292.9322.1360.1388.9
EPS (Diluted)16.7%2.653.393.844.434.92
BALANCE SHEET
Cash & ST Inv-32.5%2,159.442.395.454.2448.4
Total Assets11.9%2,450.62,516.02,940.53,350.03,841.1
Total Liabilities9%884.8902.31,014.51,132.51,249.1
Total Shareholder Equity13.4%1,565.81,613.71,926.02,217.42,592.0
CASH FLOW
Net Operating Cash Flow6.5%325.7313.4342.7393.6419.3
Cap Ex-13.7%-12.2-10.6-9.4-6.9-6.8
Free Cash Flow7.1%313.5302.8333.3386.7412.5

Enterprise Value Bridge

Millions USD13 Nov '26
Price (As of 13 Nov '26)38.80
Basic Shares75.97
Market Cap2,947.7
Diluted Shares76.12
Fully Diluted Shares Outstanding76.12
Fully Diluted Market Cap2,953.3
+Consolidated Debt-
−In-the-Money Convertible Debt—
+Capital Leases-
+Operating Leases—
−Cash & Equivalents-72.3
−Short-term Investments-
+Total Preferred-
−In-the-Money Convertible Preferred—
−Investments in Unconsolidated Subs—
+Non-Controlling Interest-
+Pension Liabilities—
Enterprise Value2,875.4

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Chubb Ltd

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Progressive Corp/oh/

PGR US

Tokio Marine Holdings, Inc.

TKOMY US

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SSREY US

PICC Property and Casualty Company Limited

PPCCY US

MS&AD Insurance Group Holdings, Inc.

MSADY US

American International Group Inc.

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HIG US

Arch Capital Group Ltd.

ACGL US

Fairfax Financial Holdings Ltd/ Can

FRFHF US

Berkley W R Corp

WRB US