vs
NMI Holdings, Inc.（NMIH）与RADIAN GROUP INC（RDN）财务数据对比。点击上方公司名可切换其他公司
RADIAN GROUP INC的季度营收约是NMI Holdings, Inc.的1.4倍（$257.8M vs $180.7M）。RADIAN GROUP INC净利率更高（60.1% vs 52.1%，领先7.9%）。NMI Holdings, Inc.同比增速更快（8.5% vs -18.4%）。RADIAN GROUP INC自由现金流更多（$406.1M vs $60.1M）。过去两年NMI Holdings, Inc.的营收复合增速更高（7.5% vs -10.2%）
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。
瑞迪安集团（Radian Group Inc.）是一家专业的 mortgage 保险公司，业务涵盖抵押贷款保险、风险管控、房地产服务及产权服务等多个板块，为住房金融市场提供完善的配套服务支持，助力行业降低信贷相关风险。
NMIH vs RDN — 直观对比
营收规模更大
RDN
是对方的1.4倍
$180.7M
营收增速更快
NMIH
高出26.9%
-18.4%
净利率更高
RDN
高出7.9%
52.1%
自由现金流更多
RDN
多$346.0M
$60.1M
两年增速更快
NMIH
近两年复合增速
-10.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $180.7M | $257.8M |
| 净利润 | $94.2M | $154.8M |
| 毛利率 | — | — |
| 营业利润率 | 67.0% | 88.9% |
| 净利率 | 52.1% | 60.1% |
| 营收同比 | 8.5% | -18.4% |
| 净利润同比 | 9.3% | 4.4% |
| 每股收益（稀释后） | $1.21 | $1.11 |
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NMIHRDN
| Q4 25 | $180.7M | $257.8M | ||
| Q3 25 | $178.7M | $303.2M | ||
| Q2 25 | $173.8M | $318.0M | ||
| Q1 25 | $173.2M | $318.1M | ||
| Q4 24 | $166.5M | $315.9M | ||
| Q3 24 | $166.1M | $333.9M | ||
| Q2 24 | $162.1M | $321.1M | ||
| Q1 24 | $156.3M | $319.4M |
净利润NMIHRDN
| Q4 25 | $94.2M | $154.8M | ||
| Q3 25 | $96.0M | $141.4M | ||
| Q2 25 | $96.2M | $141.8M | ||
| Q1 25 | $102.6M | $144.6M | ||
| Q4 24 | $86.2M | $148.3M | ||
| Q3 24 | $92.8M | $151.9M | ||
| Q2 24 | $92.1M | $151.9M | ||
| Q1 24 | $89.0M | $152.4M |
毛利率NMIHRDN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 97.4% | ||
| Q1 25 | — | 97.2% | ||
| Q4 24 | — | 96.9% | ||
| Q3 24 | — | 97.1% | ||
| Q2 24 | — | 97.0% | ||
| Q1 24 | — | 97.1% |
营业利润率NMIHRDN
| Q4 25 | 67.0% | 88.9% | ||
| Q3 25 | 69.2% | 65.5% | ||
| Q2 25 | 71.1% | 55.0% | ||
| Q1 25 | 75.8% | 59.2% | ||
| Q4 24 | 66.6% | 59.9% | ||
| Q3 24 | 71.8% | 58.5% | ||
| Q2 24 | 73.2% | 58.6% | ||
| Q1 24 | 73.3% | 62.2% |
净利率NMIHRDN
| Q4 25 | 52.1% | 60.1% | ||
| Q3 25 | 53.7% | 46.7% | ||
| Q2 25 | 55.3% | 44.6% | ||
| Q1 25 | 59.2% | 45.4% | ||
| Q4 24 | 51.8% | 46.9% | ||
| Q3 24 | 55.9% | 45.5% | ||
| Q2 24 | 56.8% | 47.3% | ||
| Q1 24 | 57.0% | 47.7% |
每股收益（稀释后）NMIHRDN
| Q4 25 | $1.21 | $1.11 | ||
| Q3 25 | $1.22 | $1.03 | ||
| Q2 25 | $1.21 | $1.02 | ||
| Q1 25 | $1.28 | $0.98 | ||
| Q4 24 | $1.07 | $0.97 | ||
| Q3 24 | $1.15 | $0.99 | ||
| Q2 24 | $1.13 | $0.98 | ||
| Q1 24 | $1.08 | $0.98 |
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 | — | $24.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.6B | $4.8B |
| 总资产 | $3.8B | $8.1B |
| 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NMIHRDN
| Q4 25 | — | $24.8M | ||
| Q3 25 | — | $15.3M | ||
| Q2 25 | — | $22.1M | ||
| Q1 25 | — | $24.2M | ||
| Q4 24 | — | $38.8M | ||
| Q3 24 | — | $28.1M | ||
| Q2 24 | — | $13.8M | ||
| Q1 24 | — | $27.0M |
股东权益NMIHRDN
| Q4 25 | $2.6B | $4.8B | ||
| Q3 25 | $2.5B | $4.7B | ||
| Q2 25 | $2.4B | $4.5B | ||
| Q1 25 | $2.3B | $4.6B | ||
| Q4 24 | $2.2B | $4.6B | ||
| Q3 24 | $2.2B | $4.7B | ||
| Q2 24 | $2.0B | $4.5B | ||
| Q1 24 | $2.0B | $4.4B |
总资产NMIHRDN
| Q4 25 | $3.8B | $8.1B | ||
| Q3 25 | $3.7B | $8.2B | ||
| Q2 25 | $3.6B | $9.6B | ||
| Q1 25 | $3.5B | $8.8B | ||
| Q4 24 | $3.3B | $8.7B | ||
| Q3 24 | $3.3B | $8.4B | ||
| Q2 24 | $3.1B | $8.1B | ||
| Q1 24 | $3.0B | $7.8B |
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 | $61.7M | $407.0M |
| 自由现金流经营现金流 - 资本支出 | $60.1M | $406.1M |
| 自由现金流率自由现金流/营收 | 33.3% | 157.5% |
| 资本支出强度资本支出/营收 | 0.9% | 0.3% |
| 现金转化率经营现金流/净利润 | 0.66× | 2.63× |
| 过去12个月自由现金流最近4个季度 | $412.5M | $115.7M |
8季度趋势，按日历期对齐
经营现金流NMIHRDN
| Q4 25 | $61.7M | $407.0M | ||
| Q3 25 | $128.0M | $358.4M | ||
| Q2 25 | $128.4M | $-713.3M | ||
| Q1 25 | $101.2M | $67.8M | ||
| Q4 24 | $35.8M | $-269.4M | ||
| Q3 24 | $128.4M | $-237.9M | ||
| Q2 24 | $117.8M | $-207.3M | ||
| Q1 24 | $111.6M | $51.0M |
自由现金流NMIHRDN
| Q4 25 | $60.1M | $406.1M | ||
| Q3 25 | $126.3M | $357.6M | ||
| Q2 25 | $126.7M | $-714.6M | ||
| Q1 25 | $99.4M | $66.6M | ||
| Q4 24 | $34.4M | $-269.8M | ||
| Q3 24 | $126.9M | $-238.1M | ||
| Q2 24 | $115.9M | $-208.3M | ||
| Q1 24 | $109.4M | $49.5M |
自由现金流率NMIHRDN
| Q4 25 | 33.3% | 157.5% | ||
| Q3 25 | 70.7% | 117.9% | ||
| Q2 25 | 72.9% | -224.7% | ||
| Q1 25 | 57.4% | 20.9% | ||
| Q4 24 | 20.7% | -85.4% | ||
| Q3 24 | 76.4% | -71.3% | ||
| Q2 24 | 71.5% | -64.9% | ||
| Q1 24 | 70.0% | 15.5% |
资本支出强度NMIHRDN
| Q4 25 | 0.9% | 0.3% | ||
| Q3 25 | 1.0% | 0.3% | ||
| Q2 25 | 0.9% | 0.4% | ||
| Q1 25 | 1.0% | 0.4% | ||
| Q4 24 | 0.8% | 0.1% | ||
| Q3 24 | 0.9% | 0.1% | ||
| Q2 24 | 1.1% | 0.3% | ||
| Q1 24 | 1.4% | 0.5% |
现金转化率NMIHRDN
| Q4 25 | 0.66× | 2.63× | ||
| Q3 25 | 1.33× | 2.53× | ||
| Q2 25 | 1.33× | -5.03× | ||
| Q1 25 | 0.99× | 0.47× | ||
| Q4 24 | 0.42× | -1.82× | ||
| Q3 24 | 1.38× | -1.57× | ||
| Q2 24 | 1.28× | -1.36× | ||
| Q1 24 | 1.25× | 0.34× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
