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MGIC INVESTMENT CORP（MTG）与NMI Holdings, Inc.（NMIH）财务数据对比。点击上方公司名可切换其他公司
MGIC INVESTMENT CORP的季度营收约是NMI Holdings, Inc.的1.7倍（$298.7M vs $180.7M）。MGIC INVESTMENT CORP净利率更高（56.7% vs 52.1%，领先4.6%）。NMI Holdings, Inc.同比增速更快（8.5% vs -0.9%）。MGIC INVESTMENT CORP自由现金流更多（$230.2M vs $60.1M）。过去两年NMI Holdings, Inc.的营收复合增速更高（7.5% vs 0.7%）
MGIC投资集团（纽交所代码：MTG）是美国专业的私人抵押贷款保险服务商，总部位于威斯康星州密尔沃基市，主要为美国本土住房抵押贷款业务提供保险解决方案，帮助贷款机构管控信用风险，助力普通消费者顺利获得购房贷款支持。
NMI控股是美国头部私人抵押贷款保险服务商，主要为贷款机构提供抵押贷款担保保险产品，降低住房抵押贷款信用风险，服务美国本土住宅市场，助力符合资质的购房者获得购房便利，同时保护放贷机构免受违约损失。
MTG vs NMIH — 直观对比
营收规模更大
MTG
是对方的1.7倍
$180.7M
营收增速更快
NMIH
高出9.5%
-0.9%
净利率更高
MTG
高出4.6%
52.1%
自由现金流更多
MTG
多$170.1M
$60.1M
两年增速更快
NMIH
近两年复合增速
0.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $298.7M | $180.7M |
| 净利润 | $169.3M | $94.2M |
| 毛利率 | — | — |
| 营业利润率 | 71.2% | 67.0% |
| 净利率 | 56.7% | 52.1% |
| 营收同比 | -0.9% | 8.5% |
| 净利润同比 | -8.3% | 9.3% |
| 每股收益（稀释后） | $0.75 | $1.21 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收MTGNMIH
| Q4 25 | $298.7M | $180.7M | ||
| Q3 25 | $304.5M | $178.7M | ||
| Q2 25 | $304.2M | $173.8M | ||
| Q1 25 | $306.2M | $173.2M | ||
| Q4 24 | $301.4M | $166.5M | ||
| Q3 24 | $306.6M | $166.1M | ||
| Q2 24 | $305.3M | $162.1M | ||
| Q1 24 | $294.4M | $156.3M |
净利润MTGNMIH
| Q4 25 | $169.3M | $94.2M | ||
| Q3 25 | $191.1M | $96.0M | ||
| Q2 25 | $192.5M | $96.2M | ||
| Q1 25 | $185.5M | $102.6M | ||
| Q4 24 | $184.7M | $86.2M | ||
| Q3 24 | $200.0M | $92.8M | ||
| Q2 24 | $204.2M | $92.1M | ||
| Q1 24 | $174.1M | $89.0M |
营业利润率MTGNMIH
| Q4 25 | 71.2% | 67.0% | ||
| Q3 25 | 77.2% | 69.2% | ||
| Q2 25 | 80.9% | 71.1% | ||
| Q1 25 | 76.6% | 75.8% | ||
| Q4 24 | 77.9% | 66.6% | ||
| Q3 24 | 82.9% | 71.8% | ||
| Q2 24 | 85.1% | 73.2% | ||
| Q1 24 | 74.7% | 73.3% |
净利率MTGNMIH
| Q4 25 | 56.7% | 52.1% | ||
| Q3 25 | 62.8% | 53.7% | ||
| Q2 25 | 63.3% | 55.3% | ||
| Q1 25 | 60.6% | 59.2% | ||
| Q4 24 | 61.3% | 51.8% | ||
| Q3 24 | 65.2% | 55.9% | ||
| Q2 24 | 66.9% | 56.8% | ||
| Q1 24 | 59.1% | 57.0% |
每股收益（稀释后）MTGNMIH
| Q4 25 | $0.75 | $1.21 | ||
| Q3 25 | $0.83 | $1.22 | ||
| Q2 25 | $0.81 | $1.21 | ||
| Q1 25 | $0.75 | $1.28 | ||
| Q4 24 | $0.71 | $1.07 | ||
| Q3 24 | $0.77 | $1.15 | ||
| Q2 24 | $0.77 | $1.13 | ||
| Q1 24 | $0.64 | $1.08 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $369.0M | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $5.1B | $2.6B |
| 总资产 | $6.6B | $3.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资MTGNMIH
| Q4 25 | $369.0M | — | ||
| Q3 25 | $266.9M | — | ||
| Q2 25 | $294.9M | — | ||
| Q1 25 | $207.0M | — | ||
| Q4 24 | $229.5M | — | ||
| Q3 24 | $288.6M | — | ||
| Q2 24 | $281.8M | — | ||
| Q1 24 | $431.3M | — |
股东权益MTGNMIH
| Q4 25 | $5.1B | $2.6B | ||
| Q3 25 | $5.2B | $2.5B | ||
| Q2 25 | $5.2B | $2.4B | ||
| Q1 25 | $5.1B | $2.3B | ||
| Q4 24 | $5.2B | $2.2B | ||
| Q3 24 | $5.3B | $2.2B | ||
| Q2 24 | $5.1B | $2.0B | ||
| Q1 24 | $5.1B | $2.0B |
总资产MTGNMIH
| Q4 25 | $6.6B | $3.8B | ||
| Q3 25 | $6.6B | $3.7B | ||
| Q2 25 | $6.5B | $3.6B | ||
| Q1 25 | $6.5B | $3.5B | ||
| Q4 24 | $6.5B | $3.3B | ||
| Q3 24 | $6.7B | $3.3B | ||
| Q2 24 | $6.5B | $3.1B | ||
| Q1 24 | $6.5B | $3.0B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $230.8M | $61.7M |
| 自由现金流经营现金流 - 资本支出 | $230.2M | $60.1M |
| 自由现金流率自由现金流/营收 | 77.1% | 33.3% |
| 资本支出强度资本支出/营收 | 0.2% | 0.9% |
| 现金转化率经营现金流/净利润 | 1.36× | 0.66× |
| 过去12个月自由现金流最近4个季度 | $851.8M | $412.5M |
8季度趋势，按日历期对齐
经营现金流MTGNMIH
| Q4 25 | $230.8M | $61.7M | ||
| Q3 25 | $215.4M | $128.0M | ||
| Q2 25 | $183.0M | $128.4M | ||
| Q1 25 | $223.7M | $101.2M | ||
| Q4 24 | $182.4M | $35.8M | ||
| Q3 24 | $182.9M | $128.4M | ||
| Q2 24 | $169.2M | $117.8M | ||
| Q1 24 | $190.5M | $111.6M |
自由现金流MTGNMIH
| Q4 25 | $230.2M | $60.1M | ||
| Q3 25 | $215.1M | $126.3M | ||
| Q2 25 | $183.0M | $126.7M | ||
| Q1 25 | $223.5M | $99.4M | ||
| Q4 24 | $181.9M | $34.4M | ||
| Q3 24 | $182.5M | $126.9M | ||
| Q2 24 | $169.0M | $115.9M | ||
| Q1 24 | — | $109.4M |
自由现金流率MTGNMIH
| Q4 25 | 77.1% | 33.3% | ||
| Q3 25 | 70.6% | 70.7% | ||
| Q2 25 | 60.1% | 72.9% | ||
| Q1 25 | 73.0% | 57.4% | ||
| Q4 24 | 60.3% | 20.7% | ||
| Q3 24 | 59.5% | 76.4% | ||
| Q2 24 | 55.3% | 71.5% | ||
| Q1 24 | — | 70.0% |
资本支出强度MTGNMIH
| Q4 25 | 0.2% | 0.9% | ||
| Q3 25 | 0.1% | 1.0% | ||
| Q2 25 | 0.0% | 0.9% | ||
| Q1 25 | 0.0% | 1.0% | ||
| Q4 24 | 0.2% | 0.8% | ||
| Q3 24 | 0.1% | 0.9% | ||
| Q2 24 | 0.1% | 1.1% | ||
| Q1 24 | 0.0% | 1.4% |
现金转化率MTGNMIH
| Q4 25 | 1.36× | 0.66× | ||
| Q3 25 | 1.13× | 1.33× | ||
| Q2 25 | 0.95× | 1.33× | ||
| Q1 25 | 1.21× | 0.99× | ||
| Q4 24 | 0.99× | 0.42× | ||
| Q3 24 | 0.91× | 1.38× | ||
| Q2 24 | 0.83× | 1.28× | ||
| Q1 24 | 1.09× | 1.25× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
