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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. In the quarter to June 2026, revenue fell 7.66%, EPS grew 101.2% and free cash flow fell 85.5%, each against the same quarter a year earlier.

14.81 0.05 −0.34%
Market cap
$303.2M
P/E
39.3×
Fwd P/E
−5.3×
Dividend yield
—
F-score
3/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 64.01%

Capital & Financial Ratios $m

Market Cap 303.21
Revenue 267.40
Net Income 7.83
Free Cash Flow (32.21)
Net Debt (51.61)
Current Ratio 1.00
Debt/Equity 0.00
P/E ratio 39.28 (above 35: high)
Fwd P/E (5.33) (negative: loss-making)
P/S ratio 1.15
P/B ratio 1.24
Past 5Y EPS Growth —
This Y EPS Growth —
Next Y EPS Growth —
Next Y revenue growth 0.01%
Next 5Y EPS Growth —

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 63.19%
10-year low 10-year high
P/S against its own 10 years 45.71%
10-year low 10-year high
P/B against its own 10 years 59.46%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2020 Powerpack
2019 Powerpack
2018 Powerpack
2017 Powerpack
special payouts not included in total or ratios

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%)

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.

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 (0.77) (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.

Target Price Range

Analyst price targets

Recommendation Rating

1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — 14.00 14.37 14.76 10.15 16.17 12.55 12.01 12.71 12.01

Analyst estimates 2026–2028

Powerpack
High — 18.80 17.90 19.64 18.17 21.21 19.69 15.28 17.24 15.73
People
People Employees 129 136 178 186 205 207 233 234 216 172
Revenue/emp, $m 1.27 1.39 1.19 1.46 1.49 1.57 1.15 1.30 1.51 1.66
Income, $m
Income, $m Revenue 164 189 212 271 306 324 268 304 325 285
Gross margin, % 27.63 35.12 43.92 37.33 45.01 33.21 9.72 38.65 36.20 29.56
EBT 6 22 39 34 53 11 (53) 21 10 (12)
EBT margin, % 3.74 11.63 18.44 12.49 17.24 3.49 (19.75) 6.76 3.12 (4.33)
Net income 5 16 31 27 41 8 (54) (5) (6) (10)
Depreciation 22 30 37 50 59 68 56 69 75 61
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
Earnings 0.20 0.71 1.39 1.19 1.86 0.39 (2.49) (0.26) (0.29) (0.50)
Cash flow 0.32 0.82 0.94 1.16 2.34 1.36 (0.72) 2.41 1.84 (0.73)
Capex (0.02) (0.06) (0.07) (0.06) (0.02) (0.03) (0.01) (0.02) (0.03) 0.01
Free cash flow 0.30 0.76 0.87 1.10 2.32 1.33 (0.73) 2.39 1.80 (0.72)
Book value 6.74 11.35 12.33 13.97 16.02 16.22 11.87 11.83 11.67 11.45
Shares, m 23 23 22 22 22 21 21 21 21 21
Valuation, ×
Valuation, × P/E 73.75 23.41 11.32 14.58 8.73 47.28 0.00 0.00 0.00 0.00
P/S 0.00 1.99 1.66 1.41 1.17 1.25 1.07 0.90 1.01 0.98
P/B 0.00 1.47 1.28 1.23 1.02 1.17 1.13 1.09 1.35 1.16
EV/Sales (0.11) 1.85 1.33 1.18 0.84 1.03 0.89 0.77 0.86 0.80
EV/FCF (2.71) 20.44 14.57 13.10 5.08 11.75 (15.43) 4.61 7.36 (15.05)
Cash, $m
Cash, $m Operating cash flow 7 18 21 26 51 29 (15) 51 39 (15)
Capex (1) (1) (2) (1) (1) (1) 0 (1) (1) 0
Free cash flow 7 17 19 24 50 28 (16) 51 38 (15)
Balance, $m
Balance, $m Working capital 2 (4) 27 18 31 2 (7) (24) (14) (7)
Total debt — — — — — — 1 — — —
Net debt (18) (28) (69) (62) (101) (71) (47) (41) (51) (52)
Shareholders’ equity 153 256 276 310 349 347 253 250 245 240
Returns, %
Returns, % ROA 1.69 4.88 7.44 5.46 7.18 1.33 (8.39) (0.86) (1.03) (2.02)
ROIC 2.83 6.03 11.84 8.53 13.32 2.55 (16.03) 6.13 3.27 (4.09)
ROE 3.00 7.82 11.70 9.02 12.26 2.42 (17.68) (2.17) (2.45) (4.29)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $930.5M 7.4× 70.4× +23.36% (above 0%: growing) +660.00% (above 0%: growing) +86.85% (above 0%: growing) 100.00% 8.02% Compare
ROOT Root, Inc. $782.6M 13.6× 18.1× +1.65% (above 0%: growing) +13.24% (above 0%: growing) +12.08% (above 0%: growing) 38.36% 8.89% Compare
DGICA Donegal Group, Inc. $691.1M 9.5× 10.2× −2.44% (below 0%: shrinking) +29.79% (above 0%: growing) −51.37% (below 0%: shrinking) 26.73% 11.56% Compare
AII American Integrity Insurance Group, Inc. $542.8M 6.1× 6.1× +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 $530.7M 5.3× 11.6× −4.48% (below 0%: shrinking) −16.36% (below 0%: shrinking) −54.47% (below 0%: shrinking) 49.71% 37.28% Compare
DGICB Donegal Group, Inc. $446.3M 10.7× 10.2× −2.44% (below 0%: shrinking) +17.02% (above 0%: growing) −51.37% (below 0%: shrinking) 26.73% 11.56% Compare
GBLI Global Indemnity PLC $355.0M 10.3× 11.2× +5.05% (above 0%: growing) +5.56% (above 0%: growing) −325.95% (below 0%: shrinking) 18.32% 12.42% Compare
NODK NI Holdings, Inc. $303.2M 39.3× — (loss-making) −7.66% (below 0%: shrinking) n/m −85.46% (below 0%: shrinking) 31.06% 0.33%
KINS Kingstone Companies, Inc $269.0M 7.5× 6.1× +25.93% (above 0%: growing) +32.10% (above 0%: growing) +220.06% (above 0%: growing) 100.00% 29.72% Compare
Median of peers $536.7M 8.5× 10.7× +3.35% +15.13% −19.64% 44.04% 11.99%

All 45 Insurance Property & Casualty stocks →

NI Holdings, Inc. (NODK) key facts

  • Concern: NI Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $285.1 million, down 12.3% from fiscal 2024.
  • NI Holdings, Inc. (NODK) is an Insurance Property & Casualty company in the Financial sector, listed on Nasdaq.
  • As of October 16, 2026, NODK traded at $14.81, a market capitalization of $303.2 million.
  • Return on equity was −4.29% and debt-to-equity 0.00.
  • Its Piotroski F-score is 3 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

NI Holdings, Inc. (NODK) Latest News

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stockrow.com/NODK · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com