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NI Holdings, Inc.

NODK Financial Insurance Property & Casualty

NI Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $285.1 million, down 12.3% from fiscal 2024.

Revenue
−7.66%
EPS
+101.2%
Free cash flow
−85.5%

Quarter to June 2026, against a year earlier

15.39 0.00 0.00%
Market cap
$314.0M
P/E
41.1×
Fwd P/E
−5.3×
Dividend yield
—
F-score
3/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 64.01%

Capital & Financial Ratios $m

Size
Market Cap 314.03
Revenue ttm 267.40
Net income ttm 7.83
Free cash flow ttm (32.21)
Net debt Q (51.61)
Valuation
P/E 41.09 (above 35: high)
Forward P/E (5.33) (negative: loss-making)
Price / sales 1.21
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.29
Financial health
Current ratio Q 1.00
Debt / equity Q 0.00
Interest coverage Q —
Growth
Revenue growth Q −7.66% (below 0%: shrinking)
Operating income growth Q +101.50% (above 0%: growing)
EPS, this year —
EPS, next year A —
Revenue, next year A +0.01%
EPS, past 5 yrs —
EPS, next 5 yrs A —

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 66.54%
10-year low 10-year high
P/S against its own 10 years 52.57%
10-year low 10-year high
P/B against its own 10 years 71.04%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 41 51 52 52
Receivables 79 79 69 107
Inventory — — — —
Other — — — —
120 130 121 158
2023 2024 2025 Q'26
Payables 126 126 107 134
ST’ Debt — — — —
Other — — — —
144 145 128 159

Compound Annual Growth %

10y 5y 3y
Sales 6.94% (1.43%) 2.10%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 4.83% (7.18%) (1.72%)

EPS $

Mar Jun Sep Dec Year
’26 0.60 0.01 — — —
’25 0.31 (0.57) (0.08) (0.15) (0.50)
’24 0.30 (0.94) (0.13) 0.47 (0.29)
’23 (0.20) (0.38) 0.01 0.32 (0.26)
’22 0.09 (2.15) (0.47) 0.04 (2.49)
’21 0.45 (0.12) (0.22) 0.29 0.39
’20 (0.16) 0.85 0.17 1.00 1.84
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 60 70 — — —
’25 71 76 77 61 285
’24 74 88 89 74 325
’23 82 81 78 63 304
’22 66 76 89 37 268
’21 71 83 85 85 324
’20 46 96 81 84 306
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (2) 1 — — —
’25 10 6 (45) 13 (15)
’24 17 18 (18) 22 39
’23 (4) 24 (10) 42 51
’22 4 10 (38) 9 (15)
’21 11 11 (12) 20 29
’20 4 18 9 20 51
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (2) 1 — — —
’25 10 6 (45) 14 (15)
’24 17 18 (18) 22 38
’23 (5) 24 (11) 42 51
’22 4 10 (39) 10 (16)
’21 11 11 (12) 20 28
’20 3 18 9 20 50
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 164 189 212 271 306 324 268 304 325 285 267 +6.4% — — — —
Gross margin, % 27.63 35.12 43.92 37.33 45.01 33.21 9.72 38.65 36.20 29.56 37.39 +1.9 pt
EBT 6 22 39 34 53 11 (53) 21 10 (12) 11 n/m
EBT margin, % 3.74 11.63 18.44 12.49 17.24 3.49 (19.75) 6.76 3.12 (4.33) 4.18 (8.1) pt
Net income 5 16 31 27 41 8 (54) (5) (6) (10) 8 n/m
Per share, $
Per share, $ Revenue 7.19 8.40 9.50 12.21 14.07 15.12 12.55 14.37 15.51 13.58 12.85 +7.3%
Earnings 0.20 0.71 1.39 1.19 1.86 0.39 (2.49) (0.26) (0.29) (0.50) 0.38 n/m
Cash flow 0.32 0.82 0.94 1.16 2.34 1.36 (0.72) 2.41 1.84 (0.73) (1.56) n/m
Capex (0.02) (0.06) (0.07) (0.06) (0.02) (0.03) (0.01) (0.02) (0.03) 0.01 0.01 n/m
Free cash flow 0.30 0.76 0.87 1.10 2.32 1.33 (0.73) 2.39 1.80 (0.72) (1.55) n/m
Book value 6.74 11.35 12.33 13.97 16.02 16.22 11.87 11.83 11.67 11.45 11.98 +6.1%
Shares, m 23 23 22 22 22 21 21 21 21 21 21 (0.9%)
Valuation, ×
Valuation, × P/E 73.75 23.41 11.32 14.58 8.73 47.28 0.00 0.00 0.00 0.00 41.09 17.9
P/S 0.00 1.99 1.66 1.41 1.17 1.25 1.07 0.90 1.01 0.98 1.21 1.1
P/B 0.00 1.47 1.28 1.23 1.02 1.17 1.13 1.09 1.35 1.16 1.29 1.1
EV/Sales (0.11) 1.85 1.33 1.18 0.84 1.03 0.89 0.77 0.86 0.80 — 0.9
EV/FCF (2.71) 20.44 14.57 13.10 5.08 11.75 (15.43) 4.61 7.36 (15.05) — 4.4
Cash, $m
Cash, $m Operating cash flow 7 18 21 26 51 29 (15) 51 39 (15) (33) n/m
Capex (1) (1) (2) (1) (1) (1) 0 (1) (1) 0 0 n/m
Free cash flow 7 17 19 24 50 28 (16) 51 38 (15) (32) n/m
Balance, $m
Balance, $m Working capital 2 (4) 27 18 31 2 (7) (24) (14) (7) (1) n/m
Net debt (18) (28) (69) (62) (101) (71) (47) (41) (51) (52) (52) +12.2%
Shareholders’ equity 153 256 276 310 349 347 253 250 245 240 249 +5.1%
Returns, %
Returns, % ROA 1.69 4.88 7.44 5.46 7.18 1.33 (8.39) (0.86) (1.03) (2.02) 1.35 (3.7) pt
ROIC 2.83 6.03 11.84 8.53 13.32 2.55 (16.03) 6.13 3.27 (4.09) 3.54 (6.9) pt
ROE 3.00 7.82 11.70 9.02 12.26 2.42 (17.68) (2.17) (2.45) (4.29) 3.18 (7.3) pt
People
People Employees 129 136 178 186 205 207 233 234 216 172 — +3.2%
Revenue/emp, $m 1.27 1.39 1.19 1.46 1.49 1.57 1.15 1.30 1.51 1.66 — +3.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026

NI Holdings, Inc. vs peers in Insurance Property & Casualty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
HIPO Hippo Holdings Inc. $926.2M 28.3× 31.6× +29.35% (above 0%: growing) −91.48% (below 0%: shrinking) +414.93% (above 0%: growing) 100.00% 6.47% Compare
DGICA Donegal Group, Inc. $732.0M 9.7× 10.3× −3.36% (below 0%: shrinking) +29.79% (above 0%: growing) −33.25% (below 0%: shrinking) 0.00% 9.42% Compare
ROOT Root, Inc. $716.7M 9.2× 11.5× −1.68% (below 0%: shrinking) n/m −18.06% (below 0%: shrinking) 38.79% 4.80% Compare
AII American Integrity Insurance Group, Inc. $530.6M 6.0× 7.6× +54.59% (above 0%: growing) +7.41% (above 0%: growing) +345.10% (above 0%: growing) 56.10% 40.31% Compare
ACIC American Coastal Insurance Corporation $485.4M 5.7× 11.6× −21.78% (below 0%: shrinking) −38.66% (below 0%: shrinking) −54.47% (below 0%: shrinking) 53.61% 40.15% Compare
DGICB Donegal Group, Inc. $446.3M 14.1× 10.3× −3.36% (below 0%: shrinking) +17.02% (above 0%: growing) −33.25% (below 0%: shrinking) 0.00% 9.42% Compare
NODK NI Holdings, Inc. $314.0M 41.1× — (loss-making) −7.66% (below 0%: shrinking) n/m −85.46% (below 0%: shrinking) 31.06% 0.33%
GBLI Global Indemnity PLC $307.5M 10.0× 10.3× −1.10% (below 0%: shrinking) −29.89% (below 0%: shrinking) +112.10% (above 0%: growing) 0.00% 10.28% Compare
KINS Kingstone Companies, Inc $274.5M 7.6× 7.6× +25.93% (above 0%: growing) +32.10% (above 0%: growing) +220.06% (above 0%: growing) 100.00% 29.72% Compare
Median of peers $508.0M 9.4× 10.3× −1.39% +7.41% +47.02% 46.20% 9.85%

All 46 Insurance Property & Casualty stocks →

Pay and ownership Proxy statement filed 8 April 2026

Ownership

Directors and executive officers, together 1.03%
Nodak Mutual Group, Inc. 61.65%
M3 Partners, L.P. 6.51%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

NI Holdings, Inc. (NODK) Latest News

6 Oct

Impact 3 · · Zacks

7 Aug

Impact 3 ·

8 May

Impact 3 · · GlobeNewswire
Impact 3 · · GlobeNewswire

6 Mar

Impact 4 · · GlobeNewswire

7 Nov

Impact 3 · · GlobeNewswire

31 Oct

Impact 3 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Zacks

10 Oct

Impact 3 · · GlobeNewswire

20 Sep

Impact 3 ·

25 Aug

Impact 3 · · GlobeNewswire

10 Aug

Impact 3 ·

8 Aug

Impact 3 ·
Impact 3 · · GlobeNewswire

17 Jul

Impact 3 ·

27 May

Impact 3 ·

20 May

Impact 3 ·

12 May

Impact 3 · · Simply Wall St.

9 May

Impact 4 · · GlobeNewswire
Impact 3 · · GlobeNewswire

19 Apr

Impact 3 · · Simply Wall St.

9 Mar

Impact 3 ·

7 Mar

Impact 4 · · GlobeNewswire

22 Nov

Impact 4 · · GlobeNewswire

8 Nov

Impact 4 · · Simply Wall St.

30 Oct

Impact 3 · · Simply Wall St.

15 Aug

Impact 3 · · GlobeNewswire

8 Jul

Impact 3 · · lifeinsuranceinternational.com

5 Jul

Impact 3 · · GlobeNewswire

26 May

Impact 4 · · Simply Wall St.

10 May

Impact 4 · · GuruFocus.com
stockrow.com/NODK · Data as of Oct 25, 2026 · For information only; not investment advice. · © 2026 stockrow.com