Mgic Investment vs NMI Holdings
Mgic Investment is the larger business, with $1.21bn of revenue in fiscal 2025 against $706m for NMI Holdings (1.7 times as much). NMI Holdings grew faster (8.5% against 0.5%). Mgic Investment kept more of each dollar of sales as profit: a net margin of 60.8% against 55.1%. Mgic Investment carries less debt relative to equity (0.0% against 16.1%).
| Latest fiscal year | Mgic InvestmentMTG, 2025 | NMI HoldingsNMIH, 2025 |
|---|---|---|
| Revenue | $1.21bn | $706m |
| Revenue growth | 0.5% | 8.5% |
| Net income | $738m | $389m |
| Operating margin | — | — |
| Net margin | 60.8% | 55.1% |
| Return on equity | 14.3% | 16.2% |
| Free cash flow | $852m | $413m |
| Cash | $369m | $43.9m |
| Total debt | $0 | $417m |
| Debt to equity | 0.0% | 16.1% |
| Dividend per share | — | — |
| Dividend yield | 2.3% | — |
| Share buybacks | $789m | $105m |
| Employees | — | 225 |
| Market value | $5.94bn | $3.26bn |
| Price vs our value range | — | — |
| Moat score | 92 (Strong) | 88 (Strong) |
| Insider trades, 12 months | 0 buys, 25 sales | 0 buys, 13 sales |