NI Holdings, Inc. NODK R2K

Financial Services · Insurance - Property & Casualty · United States

https://www.niholdingsinc.com

NI Holdings, Inc., together with its subsidiaries, underwrites property and casualty insurance products in the United States. Its products include private passenger auto, homeowners, farm owners, commercial multi-peril, crop hail, excess liability, dwelling, and federal multi-peril crop insurance policies, as well as non-standard automobile insurance policies. The company was founded in 1946 and is headquartered in Fargo, North Dakota. NI Holdings, Inc. is a subsidiary of Nodak Mutual Group, Inc.

Market & Price

Market Cap

$286.33M

Current Price

$13.98

High / Low (52W)

$14.69 / $12.18

Beta

0.35

Valuation

Stock P/E

Industry PE

12.01

Forward P/E

PEG Ratio

Book Value

$12.19

Price to Book

1.15

P/S

1.05

EV/EBITDA

-64.23

Dividend Yield

Profitability & Returns

ROCE

ROE

-1.73%

ROA

-0.54%

Profit Margin

-1.60%

Op Margin

26.36%

EPS (Latest Qtr)

$0.60

EPS (TTM)

$-0.21

Balance Sheet & Liquidity

Debt/Equity

0.51

Quick Ratio

0.50

Current Ratio

0.55

Debt

$1.27M

Total Assets

$506.00M

Current Assets

Working Capital

Ownership

Promoter Holding

68.22%

Chg in Prom Hold

FII / Inst Holding

24.69%

Chg in FII Hold

Financial Snapshot

Enterprise Value

$229.89M

Total Revenue (TTM)

$273.22M

EBITDA

$-3.58M

Free Cash Flow

$27.86M

Operating Cash Flow

$-27.03M

Shares Outstanding

20.48M

Gross Margin

-1.60%

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

2.10%

Profit 5Y

26.80%

Revenue (YoY)

-16.60%

Earnings (YoY)

94.90%

PROS

Profit CAGR of 26.8% over 5 years.
Generates positive free cash flow.

CONS

In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Financial Services).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	NODK NI Holdings, Inc. R2K	13.98	-	$286.33M	-	-	-1.73%	2.10%	26.80%
2	JPM JPMorgan Chase & Co. SPX	299.31	14.33	$802.00B	2.00%	-	16.47%	12.50%	14.83%
3	V Visa Inc. SPX	326.36	28.48	$620.65B	0.82%	38.38%	60.35%	10.92%	10.28%
4	MA Mastercard Incorporated SPX	493.98	28.57	$436.47B	0.70%	61.47%	-	13.82%	14.66%
5	MS Morgan Stanley SPX	208.00	18.84	$328.08B	1.92%	-	16.39%	9.52%	15.20%
6	GS The Goldman Sachs Group, Inc. SPX	1,025.56	18.73	$302.55B	1.76%	-	14.55%	7.16%	15.11%
7	WFC Wells Fargo & Company SPX	77.54	11.98	$237.29B	2.32%	-	12.03%	4.02%	15.98%
8	BLK BlackRock, Inc. SPX	1,046.88	26.32	$162.51B	2.19%	4.89%	11.90%	10.65%	2.36%
9	SCHW The Charles Schwab Corporation SPX	87.35	17.37	$151.91B	1.47%	-	19.08%	4.83%	7.21%

Quarterly Results

Figures in USD.

Metric	Sep 2015	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	51.13M	32.62M	31.49M	38.81M	59.13M	34.32M	34.77M	47.62M	56.57M	50.19M	38.33M	52.92M	64.10M	57.02M	60.57M	68.65M	70.25M	71.31M	46.19M	95.67M	80.85M	83.65M	70.80M	83.21M	84.61M	66.14M	75.79M	89.17M	81.56M	81.08M	78.03M	74.50M	87.81M	-	-	71.43M	76.06M	76.57M	60.99M	59.60M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	15.09M	9.42M	2.93M	-	17.26M	9.96M	16.68M	-	24.27M	16.92M	5.56M	-	28.35M	29.64M	19.51M	-	26.25M	13.36M	16.43M	29.46M	-24.10M	10.62M	18.80M	18.76M	23.26M	29.74M	15.81M	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7.75M	-15.32M	-1.86M	-2.90M	15.71M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.29M	-3.27M	-192.00K	260.00K	3.20M
Net Income	-	-	6.21M	-1.76M	-997.00K	-	4.69M	129.00K	-2.73M	-	6.12M	226.00K	9.84M	14.89M	13.77M	2.48M	-6.98M	17.13M	-3.59M	18.73M	3.66M	21.58M	9.67M	-2.64M	-4.74M	1.91M	-45.91M	-9.98M	-4.21M	-8.12M	231.00K	6.42M	-19.62M	-	-	6.46M	-12.05M	-1.67M	-3.16M	12.51M
Diluted EPS	-	-	-	-	-	-	0.21	0.01	-0.12	-	0.27	0.01	0.44	0.67	0.62	0.11	-0.31	0.77	-0.16	0.85	0.17	1.00	0.45	-0.12	-0.22	0.09	-2.15	-0.47	-0.20	-0.38	0.01	0.30	-0.94	-0.13	-	0.31	-0.57	-0.08	-	0.60

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	137.77M	145.72M	163.75M	189.14M	212.37M	270.78M	306.36M	323.97M	267.78M	304.02M	325.20M	285.05M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	55.60M	34.25M	56.75M	76.63M	76.73M	115.19M	83.21M	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-
Pretax Income	-	-	-	-	-	-	-	-	-52.88M	20.55M	10.14M	-12.33M
Tax Provision	-	-	-	-	-	-	-	-	-14.19M	716.00K	3.54M	-1.92M
Net Income	13.77M	17.46M	4.55M	15.99M	31.08M	26.40M	40.39M	8.42M	-53.10M	-5.48M	-6.06M	-10.41M
Diluted EPS	-	-	-	0.71	1.39	1.19	1.84	0.39	-2.49	-0.26	-0.29	-0.50

Compounded Sales Growth

5 Years:	2.10%
1 Year:	-16.60%

Compounded Profit Growth

5 Years:	26.80%
1 Year:	94.90%

Stock Price Performance

1 Year:	+5.27%
6 Months:	+3.40%
3 Months:	+5.27%
1 Month:	+7.37%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Mar 2017	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	-	258.62M	278.70M	-	376.99M	458.49M	508.16M	617.60M	-	614.23M	654.89M	526.54M	506.00M
Current Assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash & Equivalents	14.37M	21.73M	14.52M	18.32M	-	27.59M	68.95M	62.13M	101.08M	-	47.00M	41.04M	50.93M	51.72M
Inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Receivables	-	-	-	-	-	-	-	-	-	-	116.86M	78.61M	79.44M	69.14M
Total Liabilities	-	-	108.71M	125.28M	-	121.42M	182.74M	198.36M	268.73M	-	361.02M	404.49M	281.91M	265.67M
Current Liabilities	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Long Term Debt	-	-	-	-	2.40M	-	-	-	-	-	-	-	-	-
Total Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Equity	118.92M	135.69M	149.92M	153.42M	-	255.57M	275.75M	309.80M	-	-	250.98M	247.64M	244.63M	240.34M
Shares Outstanding	-	-	-	-	-	-	-	-	-	-	22.91M	23.00M	22.95M	22.98M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	10.41M	17.18M	7.31M	18.43M	20.95M	25.66M	51.01M	-	-15.29M	51.03M	38.51M	-15.27M
Investing Cash Flow	-3.05M	-24.39M	-3.51M	-91.86M	23.40M	-30.46M	200.00K	-	25.05M	-8.81M	-4.54M	18.84M
Financing Cash Flow	-	-	-	82.71M	-3.00M	-2.02M	-12.27M	-	-18.28M	-7.47M	-3.64M	-2.78M
Capital Expenditure	-620.00K	-531.00K	-548.00K	-1.33M	-1.55M	-1.29M	-616.00K	-	-878.00K	-661.00K	-991.00K	-217.00K
Free Cash Flow	9.79M	16.65M	6.76M	17.09M	19.40M	24.38M	50.39M	-	-16.17M	50.37M	37.52M	-15.49M
Net Change in Cash	-	-	-	-	-	-	-	-	-15.04M	7.17M	9.89M	785.00K
Share Buybacks	-	-	-	-	-	-	12.23M	4.32M	4.18M	-	-	-
Dividends Paid	-	-	-	-	-	-	-	-	-	-	8.27M	6.73M

Ratios (Annual)

Figures in %.

Metric	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	38.2%	20.9%	30.0%	36.1%	28.3%	37.6%	25.7%	-	-	-	-
Operating Margin %	-	-	-	-	-	-	-	-	-	-	-	-
Net Margin %	10.0%	12.0%	2.8%	8.5%	14.6%	9.8%	13.2%	2.6%	-19.8%	-1.8%	-1.9%	-3.7%
ROE %	10.2%	11.6%	3.0%	6.3%	11.3%	8.5%	-	-	-21.2%	-2.2%	-2.5%	-4.3%
ROCE %	-	-	-	-	-	-	-	-	-	-	-	-

Shareholding Pattern

Insiders

68.22%

Institutions

24.69%

Public Float

77.69%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	M3F, Inc.	8.07%	1.65M	$23.10M
2	Newtyn Management, Llc	3.27%	670.00K	$9.37M
3	Blackrock Inc.	2.58%	528.80K	$7.39M
4	Dimensional Fund Advisors LP	1.67%	341.12K	$4.77M
5	Vanguard Capital Management LLC	1.44%	294.80K	$4.12M
6	TCW Group, Inc.	1.03%	210.12K	$2.94M
7	Geode Capital Management, LLC	0.75%	153.70K	$2.15M
8	State Street Corporation	0.68%	138.75K	$1.94M
9	Minerva Advisors LLC	0.63%	129.90K	$1.82M
10	Orchard Capital Management, LLC	0.58%	119.63K	$1.67M

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NODK · Financial Services

NI Holdings, Inc.

About

Key Facts

Sector	Financial Services
Industry	Insurance - Property & Casualty
Headquarters	United States
Employees	166
Website	https://www.niholdingsinc.com

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NI Holdings, Inc. NODK R2K

Market & Price

Valuation

Profitability & Returns

Balance Sheet & Liquidity

Ownership

Financial Snapshot

Growth (CAGR)

PROS

CONS

Price Chart

Technical Trend

Fundamental Growth

Peer comparison

Quarterly Results

Profit & Loss (Annual)

Compounded Sales Growth

Compounded Profit Growth

Stock Price Performance

Balance Sheet (Annual)

Cash Flows (Annual)

Ratios (Annual)

Shareholding Pattern

Top Institutional Holders

Analyst View

Latest News

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