NASDAQ : NODK
NI Holdings, Inc. — Financial statements
Financials · Insurance - Property & Casualty · United States
Last price 15.12 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 308.52M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 250.28M | 270.65M | 310.11M | 292.12M | 271.74M | 299.59M |
| Total Interest & Dividend Income | 11.18M | 11.70M | 10.94M | 8.03M | 6.64M | 7.13M |
| Gain (Loss) on Sale of Investments | 5.00M | 1.70M | 2.21M | 1.93M | -11.97M | 15.48M |
| Other Revenue | 925.00K | 997.00K | 1.94M | 1.94M | 1.38M | 1.77M |
| Total Revenue | 267.39M | 285.05M | 325.20M | 304.02M | 267.78M | 323.97M |
| Policy Benefits | 167.43M | 200.79M | 207.47M | 186.52M | 241.75M | 216.38M |
| Policy Acquisition & Underwriting Costs | 88.78M | 96.59M | 104.97M | 96.96M | 78.91M | 96.29M |
| Total Operating Expenses | 256.21M | 297.38M | 312.43M | 283.47M | 320.66M | 312.67M |
| Operating Income | 11.19M | -12.33M | 12.77M | 20.55M | -52.88M | 11.31M |
| EBT Excluding Unusual Items | 11.19M | -12.33M | 12.77M | 20.55M | -52.88M | 11.31M |
| Impairment of Goodwill | -2.63M | |||||
| Pretax Income | 11.19M | -12.33M | 10.14M | 20.55M | -52.88M | 11.31M |
| Income Tax Expense | 3.35M | -1.92M | 3.54M | 716.00K | -14.19M | 2.97M |
| Earnings From Continuing Ops. | 7.83M | -10.41M | 6.60M | 19.83M | -38.69M | 8.33M |
| Earnings From Discontinued Ops. | -12.66M | -25.06M | -15.09M | |||
| Net Income to Company | 7.83M | -10.41M | -6.06M | -5.23M | -53.77M | 8.33M |
| Minority Interest in Earnings | -250.00K | 679.00K | 84.00K | |||
| Net Income | 7.83M | -10.41M | -6.06M | -5.48M | -53.10M | 8.42M |
| Net Income to Common | 7.83M | -10.41M | -6.06M | -5.48M | -53.10M | 8.42M |
| Shares Outstanding (Basic) | 20.90M | 20.99M | 20.97M | 21.16M | 21.33M | 21.42M |
| Shares Outstanding (Diluted) | 20.93M | 20.99M | 21.09M | 21.24M | 21.33M | 21.66M |
| EPS (Basic) | 0.37 | -0.50 | -0.29 | -0.26 | -2.49 | 0.39 |
| EPS (Diluted) | 0.37 | -0.50 | -0.29 | -0.26 | -2.49 | 0.39 |
| Free Cash Flow | -32.61M | -15.49M | 17.09M | 22.79M | -22.69M | 28.43M |
| Free Cash Flow Per Share | -1.56 | -0.74 | 0.81 | 1.07 | -1.06 | 1.31 |
| Operating Margin | 4.18% | -4.32% | 3.93% | 6.76% | -19.75% | 3.49% |
| Profit Margin | 2.93% | -3.65% | -1.86% | -1.80% | -19.83% | 2.60% |
| Free Cash Flow Margin | -12.20% | -5.43% | 5.25% | 7.50% | -8.47% | 8.77% |
| EBITDA | 11.93M | -11.54M | 13.45M | 21.27M | -52.22M | 12.47M |
| EBITDA Margin | 4.46% | -4.05% | 4.14% | 7.00% | -19.50% | 3.85% |
| D&A For EBITDA | 740.00K | 794.00K | 681.00K | 725.00K | 654.00K | 1.17M |
| EBIT | 11.19M | -12.33M | 12.77M | 20.55M | -52.88M | 11.31M |
| EBIT Margin | 4.18% | -4.32% | 3.93% | 6.76% | -19.75% | 3.49% |
| Effective Tax Rate | 29.98% | 34.94% | 3.48% | 26.30% | ||
| Revenue as Reported | 267.39M | 285.05M | 325.20M | 304.02M | 267.78M | 323.97M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 295.33M | 298.21M | 304.46M | 285.24M | 299.61M | 360.52M |
| Investments in Equity & Preferred Securities | 27.91M | 27.14M | 27.89M | 26.14M | 56.11M | 81.82M |
| Other Investments | 1.62M | 1.62M | 1.81M | 2.01M | 2.00M | 2.00M |
| Total Investments | 324.87M | 326.96M | 334.16M | 313.39M | 357.72M | 444.35M |
| Cash & Equivalents | 51.61M | 51.72M | 50.93M | 41.04M | 47.00M | 70.62M |
| Reinsurance Recoverable | 12.44M | 11.96M | 13.31M | 5.06M | 39.22M | 21.20M |
| Other Receivables | 105.79M | 71.13M | 75.78M | 75.88M | 94.06M | 54.34M |
| Deferred Policy Acquisition Cost | 21.89M | 19.21M | 26.30M | 26.79M | 29.77M | 24.95M |
| Property, Plant & Equipment | 6.49M | 6.76M | 7.55M | 7.45M | 9.84M | 9.87M |
| Goodwill | 2.63M | 9.38M | 9.38M | |||
| Other Intangible Assets | 100.00K | 100.00K | 7.87M | 8.34M | ||
| Other Current Assets | 162.46M | |||||
| Long-Term Deferred Tax Assets | 6.08M | 6.14M | 7.32M | 9.23M | 9.01M | |
| Other Long-Term Assets | 13.97M | 12.12M | 11.10M | 10.87M | 10.37M | 8.73M |
| Total Assets | 543.13M | 506.00M | 526.54M | 654.89M | 614.23M | 651.78M |
| Accrued Expenses | 23.42M | 19.05M | 18.13M | 17.76M | 22.05M | 13.10M |
| Unpaid Claims | 134.76M | 137.85M | 137.29M | 119.19M | 190.46M | 139.66M |
| Unearned Premiums | 132.42M | 106.50M | 126.50M | 126.10M | 148.51M | 127.79M |
| Reinsurance Payable | 2.00M | 878.00K | 326.00K | |||
| Current Portion of Leases | 240.00K | 494.00K | ||||
| Current Income Taxes Payable | 147.00K | |||||
| Long-Term Leases | 918.00K | 893.00K | ||||
| Long-Term Deferred Tax Liabilities | 5.51M | |||||
| Other Current Liabilities | 141.30M | |||||
| Other Long-Term Liabilities | 17.98M | |||||
| Total Liabilities | 293.76M | 265.67M | 281.91M | 404.49M | 361.02M | 304.37M |
| Common Stock | 230.00K | 230.00K | 230.00K | 230.00K | 230.00K | 230.00K |
| Additional Paid-In Capital | 95.77M | 95.93M | 95.80M | 96.29M | 95.67M | 98.17M |
| Retained Earnings | 203.60M | 191.07M | 201.58M | 208.38M | 214.12M | 267.21M |
| Treasury Stock | -37.62M | -36.09M | -34.29M | -35.18M | -28.82M | -26.45M |
| Comprehensive Income & Other | -12.60M | -10.81M | -18.69M | -22.08M | -30.23M | 4.05M |
| Total Common Equity | 249.38M | 240.34M | 244.63M | 247.64M | 250.98M | 343.20M |
| Minority Interest | 2.76M | 2.23M | 4.21M | |||
| Shareholders' Equity | 249.38M | 240.34M | 244.63M | 250.40M | 253.21M | 347.41M |
| Total Liabilities & Equity | 543.13M | 506.00M | 526.54M | 654.89M | 614.23M | 651.78M |
| Filing Date Shares Outstanding | 20.40M | 20.54M | 20.68M | 20.62M | 21.07M | 21.20M |
| Total Common Shares Outstanding | 20.43M | 20.55M | 20.67M | 20.60M | 21.08M | 21.22M |
| Total Debt | 1.16M | 1.39M | ||||
| Net Cash (Debt) | 50.45M | 50.33M | 50.93M | 41.04M | 47.00M | 70.62M |
| Net Cash Per Share | 2.41 | 2.40 | 2.41 | 1.93 | 2.20 | 3.26 |
| Book Value Per Share | 12.21 | 11.69 | 11.83 | 12.02 | 11.91 | 16.17 |
| Tangible Book Value | 249.38M | 240.34M | 244.53M | 244.91M | 233.73M | 325.48M |
| Tangible Book Value Per Share | 12.21 | 11.69 | 11.83 | 11.89 | 11.09 | 15.34 |
| Land | 1.20M | 1.25M | 1.25M | 1.40M | 1.40M | |
| Buildings | 11.34M | 11.26M | 12.50M | 14.27M | 14.19M | |
| Machinery | 5.33M | 5.46M | 5.49M | 5.54M | 5.63M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 7.83M | -10.41M | -6.06M | -5.48M | -53.10M | 8.42M |
| Depreciation & Amortization | 740.00K | 794.00K | 681.00K | 725.00K | 654.00K | 1.17M |
| Other Amortization | 51.21M | 59.99M | 71.26M | 67.63M | 53.60M | 64.57M |
| Gain (Loss) on Sale of Assets | -63.00K | -64.00K | -64.00K | -52.00K | -164.00K | 31.00K |
| Gain (Loss) on Sale of Investments | -4.56M | -1.30M | -1.61M | -1.00M | 13.41M | -13.40M |
| Stock-Based Compensation | 1.10M | 1.16M | 603.00K | 1.69M | 340.00K | 2.87M |
| Change in Accounts Receivable | 7.82M | 11.33M | 3.25M | -8.81M | -9.45M | -2.93M |
| Reinsurance Recoverable | 33.98M | 2.23M | -8.25M | 1.70M | 4.83M | -12.07M |
| Change in Unearned Revenue | -10.46M | -20.00M | 398.00K | 15.17M | 15.24M | 8.43M |
| Change in Income Taxes | 1.27M | -4.47M | -7.16M | 14.11M | -13.28M | -1.12M |
| Change in Insurance Reserves / Liabilities | -68.77M | 567.00K | 18.10M | 4.89M | 6.30M | 33.91M |
| Change in Other Net Operating Assets | -6.45M | -824.00K | 4.12M | -3.84M | -12.04M | 6.24M |
| Other Operating Activities | -46.15M | -54.27M | -39.38M | -35.71M | -21.64M | -66.95M |
| Operating Cash Flow | -32.52M | -15.27M | 18.08M | 23.45M | -21.81M | 29.17M |
| Capital Expenditures | -96.00K | -217.00K | -991.00K | -661.00K | -878.00K | -739.00K |
| Sale of Property, Plant & Equipment | 403.00K | 374.00K | 280.00K | 147.00K | 646.00K | 43.00K |
| Investment in Securities | 31.95M | 18.49M | -19.17M | 4.85M | 39.69M | -47.45M |
| Other Investing Activities | 191.00K | 191.00K | 3.07M | -13.15M | -14.41M | |
| Investing Cash Flow | 32.45M | 18.84M | -4.54M | -8.81M | 25.05M | -48.15M |
| Total Debt Repaid | -81.00K | -108.00K | -99.00K | -16.00K | ||
| Net Debt Issued (Repaid) | -81.00K | -108.00K | -99.00K | -16.00K | ||
| Repurchases of Common Stock | -4.82M | -2.52M | -7.28M | -4.18M | -4.32M | |
| Other Financing Activities | -202.00K | -157.00K | -3.54M | -172.00K | -14.10M | -7.16M |
| Financing Cash Flow | -5.11M | -2.78M | -3.64M | -7.47M | -18.28M | -11.47M |
| Net Cash Flow | -5.17M | 785.00K | 9.89M | 7.17M | -15.04M | -30.45M |
| Free Cash Flow | -32.61M | -15.49M | 17.09M | 22.79M | -22.69M | 28.43M |
| Free Cash Flow Margin | -12.20% | -5.43% | 5.25% | 7.50% | -8.47% | 8.77% |
| Free Cash Flow Per Share | -1.56 | -0.74 | 0.81 | 1.07 | -1.06 | 1.31 |
| Levered Free Cash Flow | 20.68M | 42.57M | 111.27M | 15.50M | 43.05M | 105.73M |
| Unlevered Free Cash Flow | 20.68M | 42.57M | 111.27M | 15.50M | 43.05M | 105.73M |
| Cash Income Tax Paid | 1.32M | 3.92M | 2.85M | -11.10M | 2.17M | 4.45M |
| Change in Working Capital | -42.62M | -11.17M | 10.45M | 23.22M | -8.41M | 32.46M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 305.25M | 274.06M | 324.18M | 267.28M | 280.29M | 401.52M |
| Enterprise Value | 254.80M | 250.90M | 287.01M | 236.25M | 228.07M | 358.05M |
| PE Ratio | 39.92 | 47.71 | ||||
| PS Ratio | 1.14 | 0.96 | 1.00 | 0.88 | 1.05 | 1.24 |
| PB Ratio | 1.23 | 1.14 | 1.32 | 1.07 | 1.11 | 1.16 |
| P/FCF Ratio | 18.97 | 11.73 | 14.12 | |||
| P/OCF Ratio | 17.93 | 11.40 | 13.77 | |||
| EV/Sales Ratio | 0.95 | 0.88 | 0.88 | 0.78 | 0.85 | 1.10 |
| EV/EBITDA Ratio | 21.37 | 21.33 | 11.11 | 28.71 | ||
| EV/EBIT Ratio | 22.78 | 22.47 | 11.50 | 31.67 | ||
| EV/FCF Ratio | 16.80 | 10.37 | 12.60 | |||
| Debt / Equity Ratio | 0.01 | 0.01 | ||||
| Net Debt / Equity Ratio | -0.20 | -0.21 | -0.21 | -0.16 | -0.19 | -0.20 |
| Net Debt / EBITDA Ratio | -4.23 | 4.36 | -3.79 | -1.93 | 0.90 | -5.66 |
| Net Debt / FCF Ratio | 1.55 | 3.25 | -2.98 | -1.80 | 2.07 | -2.48 |
| Quick Ratio | 0.53 | 0.46 | 0.44 | 0.28 | 0.38 | 0.44 |
| Current Ratio | 0.58 | 0.51 | 0.50 | 0.70 | 0.50 | 0.52 |
| Asset Turnover | 0.46 | 0.55 | 0.55 | 0.48 | 0.42 | 0.51 |
| Return on Equity (ROE) | 3.18% | -4.29% | 2.67% | 7.88% | -12.88% | 2.39% |
| Return on Assets (ROA) | 1.20% | -1.49% | 1.35% | 2.02% | -5.22% | 1.11% |
| Return on Invested Capital (ROIC) | 3.12% | -5.07% | 3.36% | 7.88% | -17.61% | 2.39% |
| Earnings Yield | 2.50% | -3.80% | -1.87% | -2.05% | -18.94% | 2.10% |
| FCF Yield | -10.68% | -5.65% | 5.27% | 8.53% | -8.09% | 7.08% |
| Buyback Yield / Dilution | 0.93% | 0.46% | 0.69% | 0.46% | 1.49% | 1.30% |