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NODK

NI Holdings, Inc.

NODK

NI Holdings, Inc. • NASDAQ
$13.58 ▲ 0.30% (+0.04)
Market Cap $279.92 M
52w High $17.24
52w Low $12.01
Dividend Yield 0%
P/E 123.45
Volume 5.53K
Outstanding Shares 20.61M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $76.568M ▲ $8.504M ▲ $-1.666M ▲ -2.176% ▲ $-0.08 ▲ $-1.683M ▲
Q2-2025 $76.057M ▲ $8.4M ▼ $-12.051M ▼ -15.845% ▼ $-0.57 ▼ $-15.153M ▼
Q1-2025 $71.434M ▼ $8.632M ▼ $6.46M ▼ 9.043% ▼ $0.31 ▼ $7.922M ▼
Q4-2024 $73.914M ▼ $9.679M ▼ $9.848M ▲ 13.324% ▲ $0.48 ▲ $13.992M ▲
Q3-2024 $88.984M $9.724M $-2.705M -3.04% $-0.13 $-3.27M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $24.653M ▼ $543.815M ▼ $300.015M ▼ $243.8M ▲
Q2-2025 $198.517M ▼ $620.051M ▲ $376.728M ▲ $243.323M ▼
Q1-2025 $200.064M ▲ $525.364M ▼ $271.364M ▼ $254M ▲
Q4-2024 $191.967M ▲ $526.545M ▼ $281.914M ▼ $244.631M ▲
Q3-2024 $176.834M $559.897M $318.526M $241.371M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.666M ▲ $-44.8M ▼ $13.867M ▲ $-1.198M ▼ $-32.131M ▼ $-44.835M ▼
Q2-2025 $-12.051M ▼ $6.401M ▼ $-6.787M ▼ $-32K ▲ $-418K ▼ $6.239M ▼
Q1-2025 $6.46M ▼ $9.888M ▼ $-3.459M ▲ $-157K ▼ $6.272M ▼ $9.868M ▼
Q4-2024 $9.848M ▲ $21.726M ▲ $-9.868M ▼ $-30K ▲ $11.828M ▲ $21.512M ▲
Q3-2024 $-2.705M $-17.98M $9.103M $-3.411M $-12.288M $-18.127M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly steady over the last several years, without big swings up or down. The bigger story is on profitability: results dipped into losses in 2022 and remained slightly negative in 2023 and 2024, but there has been clear improvement from the worst year. Margins have recovered from a period of weak or negative underwriting results, and operating performance has moved back into modestly positive territory. Earnings per share have been very volatile, reflecting the impact of weather, claims, and portfolio changes. Overall, the income statement shows a business that has stabilized after a tough period, but has not yet re‑established consistently strong profitability.

Balance Sheet

Balance Sheet The balance sheet looks conservative and simple for an insurer. Total assets have been broadly stable, and the company carries essentially no financial debt, which reduces financial risk. Equity has drifted down from earlier levels, suggesting some erosion of capital over time, but not a collapse. Cash levels are lower than a few years ago but still present a reasonable liquidity cushion when combined with the investment portfolio typical for an insurer. In short, the balance sheet suggests a cautious, low‑leverage profile, with some gradual pressure on capital that bears watching.

Cash Flow

Cash Flow Cash generation from the core insurance operations has generally been positive, with one weaker year where cash flowed out instead of in. Free cash flow has largely followed the same pattern, since the business does not require heavy spending on physical assets. This means most of the cash the company generates can be used for investments, reserves, or capital management rather than large capital projects. The cash flow picture supports the idea of a steady, cash‑generative insurance franchise, punctuated by occasional weaker years when claims or underwriting missteps weigh on results.

Competitive Edge

Competitive Edge NI Holdings operates as a focused regional insurer with deep roots in the Midwest, especially in farm, ranch, and crop insurance. Its strength lies in local knowledge, long‑standing relationships, and a mix of captive and independent agents that provide close customer contact. The product range is broad for its size, spanning personal auto and homeowners all the way to specialized agricultural lines, which helps spread risk across segments. Recent decisions to exit non‑standard auto and sell a commercial subsidiary show a shift toward a cleaner, more profitable core. Against large national carriers, NI is smaller and less diversified geographically, which can be a vulnerability in severe weather years or competitive pricing cycles, but its niche focus and agent network give it a defensible position in its home markets.

Innovation and R&D

Innovation and R&D The company is not a flashy technology disruptor, but it is steadily modernizing. It is investing in digital platforms, data analytics, and telematics programs like Drive4Less® to sharpen pricing and improve customer experience. New leadership in technology and actuarial roles points to a more data‑driven approach to underwriting and reserving. Operational resilience, such as robust disaster‑recovery systems, adds quiet but important strength. Looking ahead, management is signaling interest in new products, potentially including coverage for emerging risks, and in better online tools for both agents and customers. The innovation program is practical and incremental rather than radical, aimed at making the existing business more efficient and more precise.

Summary

NI Holdings looks like a traditional, regionally focused property‑and‑casualty insurer that is working through the aftermath of a difficult underwriting period. Revenue has been stable, and profitability has improved from a low point but remains fragile, with recent years still showing small losses overall. The balance sheet is conservative, with no debt and a reasonable capital base, though capital has edged down over time. Cash flows are generally solid, reflecting the underlying cash‑generative nature of the business. Competitively, the company leans on its Midwestern roots, agricultural specialization, and strong agent relationships to offset its smaller scale versus national players. Its innovation efforts are grounded in practical technology upgrades and data analytics rather than headline‑grabbing disruption. Overall, NI Holdings appears to be in a rebuilding and refocusing phase: sharpening underwriting discipline, streamlining its portfolio, and modernizing its operations, with the key uncertainty being how consistently it can translate these efforts into durable, profitable growth in a cyclical and weather‑sensitive industry.

NEWS

November 7, 2025 · 4:15 PM UTC

NI Holdings, Inc. Reports Results for Third Quarter Ended September 30, 2025

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October 10, 2025 · 5:33 PM UTC

NI Holdings, Inc. Announces Leadership Change

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