A month has gone by since the last earnings report for NMI Holdings (NMIH Quick QuoteNMIH - Free Report) . Shares have added about 3.7% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is NMI Holdings due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for NMI Holdings Inc before we dive into how investors and analysts have reacted as of late.

NMI Holdings Q3 Earnings Meet Estimates, Revenues & Premiums Rise Y/Y

NMI Holdings Inc. reported third-quarter 2025 operating net income per share of $1.21, which matched the Zacks Consensus Estimate. The bottom line increased 5.2% year over year. The quarterly results reflected higher premiums earned, improved net investment income, as well as consistent growth in the high-quality insured portfolio. It was offset by lower persistency.

Operational Update

NMI Holdings’ total operating revenues of $179 million increased 7.8% year over year on higher net premiums earned (up 5.5%) and net investment income (up 19.1%). Revenues beat the Zacks Consensus Estimate by 2.3%. Primary insurance in force increased 5.2% to $218.4 billion. Annual persistency was 83.9%, down 160 basis points (bps) year over year. New insurance written was $13 billion, up 6.4% year over year.

Underwriting and operating expenses totaled $29.2 million, down 0.01% year over year. Insurance claims and claim expenses were $18.6 million, which surged 80.5% year over year. The loss ratio was 12.3, which deteriorated 510 bps. The adjusted expense ratio of 19.3 improved 100 bps year over year, while the adjusted combined ratio of 31.5 deteriorated 400 bps.

Financial Update

Book value per share, a measure of net worth, was up 17.8% year over year to $32.62 as of Sept. 30, 2025. NMI Holdings had $130.4 million in cash and cash equivalents, which more than doubled from 2024 end. The debt balance of $416.5 million increased 0.3% from the end of 2024. The annualized adjusted return on equity was 15.5%, which contracted 200 bps year over year. Total PMIERs available assets were $3.4 billion. Net risk-based required assets totaled $2 billion at the end of third-quarter 2025.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in estimates revision.

VGM Scores

Currently, NMI Holdings has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a score of A on the value side, putting it in the top quintile for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, NMI Holdings has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

NMI Holdings is part of the Zacks Insurance - Property and Casualty industry. Over the past month, The Hartford Insurance Group (HIG Quick QuoteHIG - Free Report) , a stock from the same industry, has gained 3.8%. The company reported its results for the quarter ended September 2025 more than a month ago.

The Hartford Insurance Group reported revenues of $5.11 billion in the last reported quarter, representing a year-over-year change of +9.5%. EPS of $3.78 for the same period compares with $2.53 a year ago.

The Hartford Insurance Group is expected to post earnings of $3.08 per share for the current quarter, representing a year-over-year change of +4.8%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.3%.

The Hartford Insurance Group has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of A.