NI Holdings, Inc. NODK

Financials SIC 6331 - Fire, Marine & Casualty Insurance NAICS Finance and Insurance › Insurance Carriers and Related Activities › Insurance Carriers › Direct Insurance (except Life, Health, and Medical) Carriers › Direct Property and Casualty Insurance Carriers derived Nasdaq

except per share amounts, are in thousands.

that is the stock holding company of Nodak Insurance Company and became such in connection with the conversion of Nodak Mutual Insurance

Company ("Nodak Mutual") from a mutual to stock form of organization and the creation of a mutual holding company. The conversion

was completed on March 13, 2017. Immediately following the conversion, all of the outstanding shares of common stock of Nodak Insurance

Last close 14.90 2026-10-23
Market cap $304.0M 2026-06-30 share count
52-week range 12.37 - 16.70

Valuation FY2025 figures against the last close

P/S1.1x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield2.2%
Diluted EPS-0.50

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $285.1M$325.2M$304.0M$267.8M$324.0M$1.8M$2.1M$6.5M$1.6M$1.7M
Gross profit $69.9M$102.6M$105.6M$30.0M$83.2M$115.2M$76.7M$76.6M$56.8M$34.2M
Total operating expenses $297.4M$315.1M$283.5M$320.7M$312.7M$253.5M$237.0M$173.2M$167.1M$157.6M
Pre-tax income -$12.3M$10.1M$20.5M-$52.9M$11.3M$52.8M$33.8M$39.2M$22.0M$6.1M
Income tax $1.9M$3.5M$716.0K$14.2M$3.0M$11.5M$7.3M$7.9M$6.4M$1.5M
Net income -$10.4M-$6.1M-$5.5M-$53.1M$8.4M$40.4M$26.4M$31.1M$16.0M$4.6M
EPS, basic -0.50-0.29-0.26-2.490.391.861.191.390.71—
EPS, diluted -0.50-0.29-0.26-2.490.391.841.191.390.71—
Shares, diluted (wtd. avg.) 21.0M21.1M21.2M21.3M21.7M21.9M22.3M22.4M22.5M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $51.7M$50.9M$41.0M$33.9M$48.9M$101.1M$62.1M$69.0M$27.6M$18.3M
Short-term investments $500.0K$500.0K$500.0K$500.0K$500.0K$500.0K$500.0K$500.0K$500.0K$500.0K
Property, plant and equipment $6.8M$7.5M$9.9M$9.8M$9.9M$9.9M$7.7M$7.0M$5.9M$4.8M
Goodwill ——$2.6M$9.4M$9.4M$9.4M$2.6M$4.6M$2.6M$2.6M
Other intangibles ——$7.4M$7.9M$8.3M$8.8M$284.0K———
Total assets $506.0M$526.5M$654.9M$614.2M$651.8M$617.6M$508.2M$458.5M$377.0M$278.7M
Long-term debt $2.4M$2.4M$2.4M——————$2.4M
Total liabilities $265.7M$281.9M$404.5M$361.0M$304.4M$268.7M$198.4M$182.7M$121.4M$125.3M
Retained earnings $191.1M$201.6M$208.4M$214.1M$267.2M$258.7M$218.5M$183.9M$152.9M$139.6M
Total equity $240.3M$244.6M$250.4M$253.2M$347.4M$348.9M$309.8M$275.8M$255.6M$153.4M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow -$15.3M$38.5M$51.0M-$15.3M$29.2M$51.0M$25.7M$21.0M$18.4M$7.3M
Depreciation and amortisation $694.0K$681.0K$692.0K$604.0K$694.0K$709.0K$538.0K$492.0K$500.0K$441.0K
Stock-based compensation $828.0K$238.0K$1.4M-$40.0K$2.4M$2.3M$1.6M$1.2M$423.0K—
Capital expenditure $217.0K$991.0K$661.0K$878.0K$739.0K$616.0K$1.3M$1.6M$1.3M$548.0K
Investing cash flow $18.8M-$4.5M-$8.8M$25.0M-$48.2M$200.0K-$30.5M$23.4M-$91.9M-$3.5M
Financing cash flow -$2.8M-$3.6M-$7.5M-$18.3M-$11.5M-$12.3M-$2.0M-$3.0M$82.7M—
Dividends paid $6.7M$8.3M————————
Buybacks $2.5M—$7.3M$4.2M$4.3M$12.2M$2.0M———

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0002077096-26-000051.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -100M 0 100M 200M 300M 400M Revenue, FY2016: 1.7M Gross profit, FY2016: 34.2M Net income, FY2016: 4.6M Revenue, FY2017: 1.6M Gross profit, FY2017: 56.8M Net income, FY2017: 16M Revenue, FY2018: 6.5M Gross profit, FY2018: 76.6M Net income, FY2018: 31.1M Revenue, FY2019: 2.1M Gross profit, FY2019: 76.7M Net income, FY2019: 26.4M Revenue, FY2020: 1.8M Gross profit, FY2020: 115.2M Net income, FY2020: 40.4M Revenue, FY2021: 324M Gross profit, FY2021: 83.2M Net income, FY2021: 8.4M Revenue, FY2022: 267.8M Gross profit, FY2022: 30M Net income, FY2022: -53.1M Revenue, FY2023: 304M Gross profit, FY2023: 105.6M Net income, FY2023: -5.5M Revenue, FY2024: 325.2M Gross profit, FY2024: 102.6M Net income, FY2024: -6.1M Revenue, FY2025: 285.1M Gross profit, FY2025: 69.9M Net income, FY2025: -10.4M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.7M $1.6M $6.5M $2.1M $1.8M $324.0M $267.8M $304.0M $325.2M $285.1M
Gross profit $34.2M $56.8M $76.6M $76.7M $115.2M $83.2M $30.0M $105.6M $102.6M $69.9M
Net income $4.6M $16.0M $31.1M $26.4M $40.4M $8.4M -$53.1M -$5.5M -$6.1M -$10.4M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Officer or director change Item 5.02
  • Officer or director change Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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