NI Holdings, Inc. NODK
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
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -2.49 | 0.39 | 1.86 | 1.19 | 1.39 | 0.71 | — |
| EPS, diluted | -0.50 | -0.29 | -0.26 | -2.49 | 0.39 | 1.84 | 1.19 | 1.39 | 0.71 | — |
| Shares, diluted (wtd. avg.) | $21.0M | $21.1M | $21.2M | $21.3M | $21.7M | $21.9M | $22.3M | $22.4M | $22.5M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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