JPM
JPMorgan Chase & Co.
JPM has the edge over NMIH overall, supported by stronger fundamentals and stronger modeled upside.
NMIH
NMI Holdings, Inc.
NMIH offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
JPM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
JPM's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like JPM.
NMIH Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
NMIH's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like NMIH.
JPM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.7x | $231 | -33% |
| Fair | 12x | $287 | -16% |
| Current | 14x | $343 | — |
| Forward | 14x | $343 | — |
| Expensive | 15x | $361 | +5.2% |
Historical ranges are pointers, not guarantees.
JPM has the edge over NMIH in the historical PE scenario, which offers more potential upside but is not a forecast.
NMIH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.9x | $34.99 | -10% |
| Forward | 7.3x | $38.88 | — |
| Current | 7.6x | $38.88 | — |
| Fair | 8.1x | $41.23 | +6% |
| Expensive | 9.8x | $50.07 | +29% |
Historical ranges are pointers, not guarantees.
NMIH's PE is in its fair range at 7.6x. If earnings grow as analysts expect, today's price would be 7.3x next year's earnings, in its cheap range.
JPM Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
JPM has the edge over NMIH on the outlook, with more favorable revenue expectations.
NMIH Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| High |
Analysts expect NMIH's earnings to grow and its profitability to improve, with its revenue holding steady.
JPM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $24.99 | +4.8% |
| Q3 2026 | $23.85 | +18% |
| Q2 2026 | $23.35 | +20% |
| Q1 2026 | $20.89 | +2.5% |
| Q4 2025 | $20.02 | +1.4% |
| Q3 2025 | $20.20 | +12% |
| Q2 2025 | $19.50 | +8.7% |
| Q1 2025 | $20.38 | +23% |
| Q4 2024 | $19.75 | +22% |
JPM has the edge over NMIH on earnings, with stronger typical year-over-year growth.
NMIH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.30 | +3.9% |
| Q3 2026 | $5.10 | +6.7% |
| Q2 2026 | $5.09 | +8.1% |
| Q1 2026 | $4.92 | +6.3% |
| Q4 2025 | $4.92 | +11% |
| Q3 2025 | $4.78 | +9.4% |
| Q2 2025 | $4.71 | +12% |
| Q1 2025 | $4.63 | +15% |
| Q4 2024 | $4.43 | +15% |
NMIH's earnings per share have climbed steadily: $5.10 over the past year, up 6.7% from the year before, and higher year over year for 21 quarters in a row.
JPM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $50.2B | +8.1% |
| Q2 2026 | $57.3B | +28% |
| Q1 2026 | $49.8B | +10% |
| Q4 2025 | $45.8B | +7.1% |
| Q3 2025 | $46.4B | +8.8% |
| Q2 2025 | $44.9B | -11% |
| Q1 2025 | $45.3B | +8.1% |
| Q4 2024 | $42.8B | +11% |
JPM's revenue has grown year over year for five quarters in a row: $50.2B last quarter, up 8.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 40% | -0.2 points |
| Q2 2026 | 48% | +7.3 points |
| Q1 2026 | 41% | +0.5 points |
| Q4 2025 | 37% | -3.2 points |
| Q3 2025 | 40% | +0.6 points |
| Q2 2025 | 41% | -6 points |
| Q1 2025 | 41% | -0.6 points |
| Q4 2024 | 41% | +11 points |
JPM's operating margin was 40% last quarter, about level with the same quarter a year ago.
NMIH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $187.6M | +5% |
| Q2 2026 | $187.9M | +8.1% |
| Q1 2026 | $183.5M | +5.9% |
| Q4 2025 | $180.7M | +8.5% |
| Q3 2025 | $178.7M | +7.6% |
| Q2 2025 | $173.8M | +7.2% |
| Q1 2025 | $173.2M | +11% |
| Q4 2024 | $166.5M | +10% |
NMIH's revenue has grown year over year every quarter since late 2020: $188M last quarter, up 5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 64% | -5.1 points |
| Q2 2026 | 73% | +1.8 points |
| Q1 2026 | 68% | -7.7 points |
| Q4 2025 | 67% | +0.4 points |
| Q3 2025 | 69% | -2.6 points |
| Q2 2025 | 71% | -2.1 points |
| Q1 2025 | 76% | +2.5 points |
| Q4 2024 | 67% | -2.9 points |
NMIH has the edge over JPM on profitability, with a higher operating margin.
JPM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $33.2B | +$78.4B |
| Q2 2026 | -$25.3B | -186% |
| Q1 2026 | -$211.8B | +$40.1B |
| Q4 2025 | $119.7B | -19% |
| Q3 2025 | -$45.2B | +$28.9B |
| Q2 2025 | $29.5B | -23% |
| Q1 2025 | -$251.8B | -$97.7B |
| Q4 2024 | $147.8B | +145% |
JPM's free cash flow was −$84.2B over the past year, against −$120B the year before. Free cash flow isn't a meaningful measure for financial services companies like JPM.
NMIH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $108.9M | -14% |
| Q2 2026 | $140.2M | +11% |
| Q1 2026 | $115M | +16% |
| Q4 2025 | $60.1M | +75% |
| Q3 2025 | $126.3M | -0.5% |
| Q2 2025 | $126.7M | +9.3% |
| Q1 2025 | $99.4M | -9.1% |
| Q4 2024 | $34.4M | +20% |
NMIH has the edge over JPM on cash generation, producing positive trailing cash flow while its opponent burns cash.
JPM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -11.2M shares |
| 1 year | -3.1% | -84.6M shares |
| 3 years | -8.5% | -249M shares |
| 5 years | -11% | -322M shares |
| Available history | -17% | -547M shares |
JPM has 2.7B diluted shares, down 3.1% from a year ago, with $24.5B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1.1B |
| Q2 2026 | $6.8B |
| Q1 2026 | $8.3B |
| Q4 2025 | $8.3B |
| Q3 2025 | $8.3B |
| Q2 2025 | $7.5B |
| Q1 2025 | $7.5B |
| Q4 2024 | $4.3B |
JPM spent $24.5B buying back its own shares over the past year, down 11% from the year before.
NMIH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -468K shares |
| 1 year | -3.4% | -2.7M shares |
| 3 years | -9% | -7.6M shares |
| 5 years | -12% | -10.8M shares |
| Available history | +8.3% | +5.8M shares |
NMIH has the edge over JPM on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $27.1M |
| Q2 2026 | $32.3M |
| Q1 2026 | $27.7M |
| Q4 2025 | $30.6M |
| Q3 2025 | $24.6M |
| Q2 2025 | $24M |
| Q1 2025 | $25.9M |
| Q4 2024 | $28.7M |
NMIH spent $118M buying back its own shares over the past year, up 14% from the year before.
JPM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.5x | Very low |
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.6x | Very low |
| Q4 2025 | 0.5x | Very low |
| Q3 2025 | 0.6x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.4x | Very low |
JPM has the edge over NMIH on leverage, with a lower net debt burden relative to earnings.
NMIH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.7x | Very low |
| Q2 2026 | 0.7x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.7x | Very low |
| Q3 2025 | 0.6x | Very low |
| Q2 2025 | 0.7x | Very low |
| Q1 2025 | 0.7x | Very low |
| Q4 2024 | 0.8x | Very low |
NMIH's net debt is less than a year of its operating earnings (EBITDA). Net leverage isn't a meaningful measure for financial services companies like NMIH.
JPM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.8 | Neutral |
| Stochastic | 31.5 | Neutral |
JPM's weekly RSI is 55 (neutral) and its Stochastic is 31 (neutral).
NMIH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.6 | Neutral |
| Stochastic | 38.6 | Neutral |
NMIH's weekly RSI is 43 (neutral) and its Stochastic is 39 (neutral).
JPM PE vs Financial Services Sector
| Metric | JPM | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 10% above |
| PE % | 76 | 63 | 13 pts above |
JPM is trading at 14x earnings, a 10% premium to the Financial Services sector's median of 13x.
NMIH PE vs Financial Services Sector
| Metric | NMIH | Sector median | Relative |
|---|---|---|---|
| PE | 7.6x | 13x | 41% below |
| PE % | 32 | 63 | 31 pts below |
NMIH has the edge over JPM on valuation relative to its sector.
JPM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $336.8 | 1.8% above |
| 20 week MA | $345.3 | 0.7% below |
| 50 week MA | $323.2 | 6.1% above |
| 100 week MA | $298.9 | 15% above |
| 200 week MA | $236.6 | 45% above |
JPM has the edge over NMIH on trend strength, trading above more of its moving averages.
NMIH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $40.5 | 4% below |
| 20 week MA | $42.4 | 8.3% below |
| 50 week MA | $40.2 | 3.2% below |
| 100 week MA | $38.8 | 0.1% above |
| 200 week MA | $34.6 | 12% above |
NMIH has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 12% above its 200-week average.
JPM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $139.1 | $124.5 | -11% |
| 2021 | $124.5 | $157.3 | +26% |
| 2022 | $157.3 | $131.3 | -17% |
| 2023 | $131.3 | $170.1 | +30% |
| 2024 | $170.1 | $241.2 | +42% |
| 2025 | $241.2 | $327.9 | +36% |
| 2026 YTD | $327.9 | $342.8 | +4.5% |
JPM has the edge over NMIH on returns for 2026, with the stronger performance.
NMIH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $33.6 | $22.8 | -32% |
| 2021 | $22.8 | $21.3 | -6.2% |
| 2022 | $21.3 | $20.6 | -3.4% |
| 2023 | $20.6 | $29.7 | +44% |
| 2024 | $29.7 | $36.7 | +24% |
| 2025 | $36.7 | $41.4 | +13% |
| 2026 YTD | $41.4 | $38.9 | -6.1% |
NMIH has finished lower in three of the last six years. It's down 6.1% so far in 2026.