Fidelity National Financial Inc (FNF) is overvalued and NMI Holdings Inc (NMIH) is undervalued.
Against our estimates of intrinsic value, NMIH trades at the wider discount: a margin of safety of +45%, against -23% for FNF.
Values as of the 22 Sept 2026 close.
Book value at 1.04x, the multiple a 10.1% return on equity justifies, blended with earnings, values the shares at $34.53; the price of $42.55 is 23% above that value.
Leak Score 27/100 on 3 of 12 signals
Book value at 2.31x, the multiple a 15.4% return on equity justifies, blended with earnings, values the shares at $77.08; the price of $42.42 is 45% below that value.
Leak Score 100/100 on 3 of 12 signals
| Metric | FNF | NMIH |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $42.55 | $42.42 |
| Intrinsic value | $34.53 | $77.08 |
| Margin of safety | -23% | +45% |
| Leak Score | 27/100 (3/12) | 100/100 (3/12) |
| Market cap | $11.4B | $3.2B |
| Revenue growth, 5 years | 6.0% | 10.3% |
| Operating margin | 12.9% | 73.2% |
| Net margin | 5.0% | 54.1% |
| Return on equity | 10.1% | 15.4% |
| Debt to equity | 0.64 | 0.15 |
| P/E | 14.8x | 8.3x |
| Forward P/E | 7.4x | 7.7x |
| P/B | 1.5x | 1.2x |
| Dividend yield | 4.8% | — |