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Side-by-side financial comparison of NMI Holdings, Inc. (NMIH) and SMITH & WESSON BRANDS, INC. (SWBI). Click either name above to swap in a different company.
NMI Holdings, Inc. is the larger business by last-quarter revenue ($183.5M vs $124.7M, roughly 1.5× SMITH & WESSON BRANDS, INC.). NMI Holdings, Inc. runs the higher net margin — 54.1% vs 1.5%, a 52.6% gap on every dollar of revenue. On growth, NMI Holdings, Inc. posted the faster year-over-year revenue change (5.9% vs -3.9%). Over the past eight quarters, NMI Holdings, Inc.'s revenue compounded faster (6.4% CAGR vs -4.8%).
NMI Holdings, Inc. is a leading U.S.-headquartered private mortgage insurance provider. It offers mortgage guarantee insurance solutions to lending institutions to mitigate credit risks associated with residential home loans, primarily serving the U.S. domestic housing market, supporting accessible homeownership for qualified borrowers while shielding lenders from default-related losses.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
NMIH vs SWBI — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $183.5M | $124.7M |
| Net Profit | $99.3M | $1.9M |
| Gross Margin | — | 24.3% |
| Operating Margin | — | 3.3% |
| Net Margin | 54.1% | 1.5% |
| Revenue YoY | 5.9% | -3.9% |
| Net Profit YoY | — | -53.6% |
| EPS (diluted) | $1.28 | $0.04 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $183.5M | — | ||
| Q4 25 | $180.7M | $124.7M | ||
| Q3 25 | $178.7M | $85.1M | ||
| Q2 25 | $173.8M | $140.8M | ||
| Q1 25 | $173.2M | $115.9M | ||
| Q4 24 | $166.5M | $129.7M | ||
| Q3 24 | $166.1M | $88.3M | ||
| Q2 24 | $162.1M | $159.1M |
| Q1 26 | $99.3M | — | ||
| Q4 25 | $94.2M | $1.9M | ||
| Q3 25 | $96.0M | $-3.4M | ||
| Q2 25 | $96.2M | $8.6M | ||
| Q1 25 | $102.6M | $2.1M | ||
| Q4 24 | $86.2M | $4.5M | ||
| Q3 24 | $92.8M | $-1.9M | ||
| Q2 24 | $92.1M | $27.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | 24.3% | ||
| Q3 25 | — | 25.9% | ||
| Q2 25 | — | 28.8% | ||
| Q1 25 | — | 24.1% | ||
| Q4 24 | — | 26.6% | ||
| Q3 24 | — | 27.4% | ||
| Q2 24 | — | 35.5% |
| Q1 26 | — | — | ||
| Q4 25 | 67.0% | 3.3% | ||
| Q3 25 | 69.2% | -3.5% | ||
| Q2 25 | 71.1% | 9.3% | ||
| Q1 25 | 75.8% | 4.1% | ||
| Q4 24 | 66.6% | 5.8% | ||
| Q3 24 | 71.8% | -1.7% | ||
| Q2 24 | 73.2% | 17.4% |
| Q1 26 | 54.1% | — | ||
| Q4 25 | 52.1% | 1.5% | ||
| Q3 25 | 53.7% | -4.0% | ||
| Q2 25 | 55.3% | 6.1% | ||
| Q1 25 | 59.2% | 1.8% | ||
| Q4 24 | 51.8% | 3.5% | ||
| Q3 24 | 55.9% | -2.1% | ||
| Q2 24 | 56.8% | 17.5% |
| Q1 26 | $1.28 | — | ||
| Q4 25 | $1.21 | $0.04 | ||
| Q3 25 | $1.22 | $-0.08 | ||
| Q2 25 | $1.21 | $0.19 | ||
| Q1 25 | $1.28 | $0.05 | ||
| Q4 24 | $1.07 | $0.10 | ||
| Q3 24 | $1.15 | $-0.04 | ||
| Q2 24 | $1.13 | $0.60 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $70.7M | $22.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.6B | $363.2M |
| Total Assets | $3.9B | $548.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $70.7M | — | ||
| Q4 25 | — | $22.4M | ||
| Q3 25 | — | $18.0M | ||
| Q2 25 | — | $25.2M | ||
| Q1 25 | — | $26.7M | ||
| Q4 24 | — | $39.1M | ||
| Q3 24 | — | $35.5M | ||
| Q2 24 | — | $60.8M |
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.6B | $363.2M | ||
| Q3 25 | $2.5B | $364.4M | ||
| Q2 25 | $2.4B | $372.5M | ||
| Q1 25 | $2.3B | $366.9M | ||
| Q4 24 | $2.2B | $371.5M | ||
| Q3 24 | $2.2B | $380.0M | ||
| Q2 24 | $2.0B | $399.9M |
| Q1 26 | $3.9B | — | ||
| Q4 25 | $3.8B | $548.6M | ||
| Q3 25 | $3.7B | $554.6M | ||
| Q2 25 | $3.6B | $559.6M | ||
| Q1 25 | $3.5B | $578.9M | ||
| Q4 24 | $3.3B | $587.4M | ||
| Q3 24 | $3.3B | $571.3M | ||
| Q2 24 | $3.1B | $577.4M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $27.3M |
| Free Cash FlowOCF − Capex | — | $16.3M |
| FCF MarginFCF / Revenue | — | 13.1% |
| Capex IntensityCapex / Revenue | — | 8.8% |
| Cash ConversionOCF / Net Profit | — | 14.22× |
| TTM Free Cash FlowTrailing 4 quarters | — | $21.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $419.3M | $27.3M | ||
| Q3 25 | $128.0M | $-8.1M | ||
| Q2 25 | $128.4M | $40.8M | ||
| Q1 25 | $101.2M | $-9.8M | ||
| Q4 24 | $393.6M | $-7.4M | ||
| Q3 24 | $128.4M | $-30.8M | ||
| Q2 24 | $117.8M | $43.7M |
| Q1 26 | — | — | ||
| Q4 25 | $412.5M | $16.3M | ||
| Q3 25 | $126.3M | $-12.4M | ||
| Q2 25 | $126.7M | $33.5M | ||
| Q1 25 | $99.4M | $-16.1M | ||
| Q4 24 | $386.7M | $-10.7M | ||
| Q3 24 | $126.9M | $-35.5M | ||
| Q2 24 | $115.9M | $38.2M |
| Q1 26 | — | — | ||
| Q4 25 | 228.2% | 13.1% | ||
| Q3 25 | 70.7% | -14.6% | ||
| Q2 25 | 72.9% | 23.8% | ||
| Q1 25 | 57.4% | -13.9% | ||
| Q4 24 | 232.2% | -8.3% | ||
| Q3 24 | 76.4% | -40.2% | ||
| Q2 24 | 71.5% | 24.0% |
| Q1 26 | — | — | ||
| Q4 25 | 3.8% | 8.8% | ||
| Q3 25 | 1.0% | 5.0% | ||
| Q2 25 | 0.9% | 5.2% | ||
| Q1 25 | 1.0% | 5.4% | ||
| Q4 24 | 4.1% | 2.5% | ||
| Q3 24 | 0.9% | 5.3% | ||
| Q2 24 | 1.1% | 3.5% |
| Q1 26 | — | — | ||
| Q4 25 | 4.45× | 14.22× | ||
| Q3 25 | 1.33× | — | ||
| Q2 25 | 1.33× | 4.73× | ||
| Q1 25 | 0.99× | -4.68× | ||
| Q4 24 | 4.57× | -1.63× | ||
| Q3 24 | 1.38× | — | ||
| Q2 24 | 1.28× | 1.57× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
