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NMI Holdings vs Octave Specialty Group: NMIH and OSG compared
NMI Holdings is the larger company: $188M of revenue in its latest quarter (Q3 2026) against $83.0M for Octave Specialty Group (Q2 2026). Octave Specialty Group is growing faster (+51% against +5% a year earlier). NMI Holdings is more profitable, with an operating margin of 64.1% against -14.1%.
Where the money goes: NMIH and OSG
NMI Holdings (NMIH) · Q3 2026
NMI Holdings, Q3 2026: revenue $188M (+5% year over year), operating margin 64.1%, net earnings $93.5M, operating cash flow $111M. The chart follows the revenue to costs, profit and cash.
Octave Specialty Group (OSG) · Q2 2026
Octave Specialty Group, Q2 2026: revenue $83.0M (+51% year over year), operating margin -14.1%, net loss $12.2M, operating cash flow −$10.2M. The chart follows the revenue to costs, profit and cash.
| NMI Holdings (NMIH) | Octave Specialty Group (OSG) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $188M | $83.0M |
| Revenue growth, Y/Y | +5% | +51% |
| Operating margin | 64.1% | -14.1% |
| Net earnings | $93.5M | −$12.2M |
| Net margin | 49.8% | -14.6% |
| Operating cash flow | $111M | −$10.2M |
| Free cash flow | $109M | — |
| Market value | $3.0B | — |
| P/E | 7.6× | — |
| Analysts’ mean target | $48.00 | — |
Where the revenue comes from
Octave Specialty Group
- Other revenues: $33.3M (40%)
- Accident & Health: $13.9M (17%)
- Property: $9.5M (11%)
- Surety: $5.4M (7%)
Questions
Which is bigger, NMI Holdings or Octave Specialty Group?
NMI Holdings is the larger company: $188M of revenue in its latest quarter (Q3 2026) against $83.0M for Octave Specialty Group (Q2 2026).
Is NMI Holdings or Octave Specialty Group growing faster?
Octave Specialty Group is growing faster (+51% against +5% a year earlier).
Which is more profitable, NMI Holdings or Octave Specialty Group?
NMI Holdings is more profitable, with an operating margin of 64.1% against -14.1%.
More: NMI Holdings earnings · how NMI Holdings makes money · Octave Specialty Group earnings · how Octave Specialty Group makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 6, 2026; 10-Q filed Aug 6, 2026). Fiscal quarters can end on different dates. Not investment advice.