NI Holdings, Inc.
NODK Nasdaq Fire, Marine & Casualty Insurance Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$285M
12.3%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
−$10.4M
Free cash flow
Cash from operations minus capital spending.
−$15.5M
141.3%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $0.37 EPS (TTM)
What NI Holdings, Inc. does
No business description yet.
- Legal name
- NI Holdings, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 6, 2026
- Accession · CIK
- 0001174947-26-000305
0001681206
Revenue and margins
NI Holdings, Inc. had $285M of revenue in fiscal 2025, down 12.3% on the year before.
FY16
Revenue $164M
FY17
Revenue $189M
FY18
Revenue $212M
FY19
Revenue $271M
FY20
Revenue $306M
FY21
Revenue $324M
FY22
Revenue $268M
FY23
Revenue $304M
FY24
Revenue $325M
FY25
Revenue $285M
Q3 '23
Revenue $78.0M
Q4 '23
Revenue $78.7M
Q1 '24
Revenue $74.5M
Q2 '24
Revenue $87.8M
Q3 '24
Revenue $89.0M
Q4 '24
Revenue $73.9M
Q1 '25
Revenue $71.4M
Q2 '25
Revenue $76.1M
Q3 '25
Revenue $76.6M
Q4 '25
Revenue $61.0M
Q1 '26
Revenue $59.6M
Q2 '26
Revenue $70.2M
FY16
Gross 20.9%
Operating —
Net 2.8%
FCF 4.1%
FY17
Gross 30.0%
Operating —
Net 8.5%
FCF 9.0%
FY18
Gross 36.1%
Operating —
Net 14.6%
FCF 9.1%
FY19
Gross 28.3%
Operating —
Net 9.8%
FCF 9.0%
FY20
Gross 37.6%
Operating —
Net 13.2%
FCF 16.4%
FY21
Gross 25.7%
Operating —
Net 2.6%
FCF 8.8%
FY22
Gross 11.2%
Operating —
Net −19.8%
FCF −6.0%
FY23
Gross 34.7%
Operating —
Net −1.8%
FCF 16.6%
FY24
Gross 31.6%
Operating —
Net −1.9%
FCF 11.5%
FY25
Gross 24.5%
Operating —
Net −3.7%
FCF −5.4%
Gross
Operating
Net
FCF
Q3 '23
Gross 29.8%
Operating —
Net 0.3%
FCF −13.5%
Q4 '23
Gross 53.2%
Operating —
Net 8.4%
FCF 53.0%
Q1 '24
Gross 39.9%
Operating —
Net 8.6%
FCF 22.3%
Q2 '24
Gross 18.0%
Operating —
Net −22.3%
FCF 20.0%
Q3 '24
Gross 20.4%
Operating —
Net −3.0%
FCF −20.4%
Q4 '24
Gross 52.7%
Operating —
Net 13.3%
FCF 29.1%
Q1 '25
Gross 40.6%
Operating —
Net 9.0%
FCF 13.8%
Q2 '25
Gross 8.4%
Operating —
Net −15.8%
FCF 8.2%
Q3 '25
Gross 20.5%
Operating —
Net −2.2%
FCF −58.6%
Q4 '25
Gross 30.8%
Operating —
Net −5.2%
FCF 21.7%
Q1 '26
Gross 53.3%
Operating —
Net 21.0%
FCF −3.2%
Q2 '26
Gross 23.6%
Operating —
Net 0.2%
FCF 1.3%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $4.6M
FY17
Net income $16.0M
FY18
Net income $31.1M
FY19
Net income $26.4M
FY20
Net income $40.4M
FY21
Net income $8.4M
FY22
Net income −$53.1M
FY23
Net income −$5.5M
FY24
Net income −$6.1M
FY25
Net income −$10.4M
Q3 '23
Net income $0.2M
Q4 '23
Net income $6.6M
Q1 '24
Net income $6.4M
Q2 '24
Net income −$19.6M
Q3 '24
Net income −$2.7M
Q4 '24
Net income $9.8M
Q1 '25
Net income $6.5M
Q2 '25
Net income −$12.1M
Q3 '25
Net income −$1.7M
Q4 '25
Net income −$3.2M
Q1 '26
Net income $12.5M
Q2 '26
Net income $0.1M
FY16
Diluted EPS —
FY17
Diluted EPS $0.71
FY18
Diluted EPS $1.39
FY19
Diluted EPS $1.19
FY20
Diluted EPS $1.84
FY21
Diluted EPS $0.39
FY22
Diluted EPS −$2.49
FY23
Diluted EPS −$0.26
FY24
Diluted EPS −$0.29
FY25
Diluted EPS −$0.50
Q3 '23
Diluted EPS $0.01
Q4 '23
Diluted EPS $0.31
Q1 '24
Diluted EPS $0.30
Q2 '24
Diluted EPS −$0.94
Q3 '24
Diluted EPS −$0.13
Q4 '24
Diluted EPS $0.48
Q1 '25
Diluted EPS $0.31
Q2 '25
Diluted EPS −$0.57
Q3 '25
Diluted EPS −$0.08
Q4 '25
Diluted EPS −$0.16
Q1 '26
Diluted EPS $0.60
Q2 '26
Diluted EPS $0.01
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity 3.0%
Return on assets 1.6%
FY17
Return on capital —
Return on equity 7.8%
Return on assets 4.9%
FY18
Return on capital —
Return on equity 11.7%
Return on assets 7.4%
FY19
Return on capital —
Return on equity 9.0%
Return on assets 5.5%
FY20
Return on capital —
Return on equity 12.3%
Return on assets 7.2%
FY21
Return on capital —
Return on equity 2.4%
Return on assets 1.3%
FY22
Return on capital —
Return on equity −17.7%
Return on assets −8.4%
FY23
Return on capital —
Return on equity −2.2%
Return on assets −0.9%
FY24
Return on capital —
Return on equity −2.4%
Return on assets −1.0%
FY25
Return on capital —
Return on equity −4.3%
Return on assets −2.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$15.5M in fiscal 2025, −5.4% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $6.8M
FY17
Free cash flow $17.1M
FY18
Free cash flow $19.4M
FY19
Free cash flow $24.4M
FY20
Free cash flow $50.4M
FY21
Free cash flow $28.4M
FY22
Free cash flow −$16.2M
FY23
Free cash flow $50.4M
FY24
Free cash flow $37.5M
FY25
Free cash flow −$15.5M
Q3 '23
Free cash flow −$10.5M
Q4 '23
Free cash flow $41.7M
Q1 '24
Free cash flow $16.6M
Q2 '24
Free cash flow $17.5M
Q3 '24
Free cash flow −$18.1M
Q4 '24
Free cash flow $21.5M
Q1 '25
Free cash flow $9.9M
Q2 '25
Free cash flow $6.2M
Q3 '25
Free cash flow −$44.8M
Q4 '25
Free cash flow $13.2M
Q1 '26
Free cash flow −$1.9M
Q2 '26
Free cash flow $0.9M
FY16
Cash from operations $7.3M
Capital spending $0.5M
FY17
Cash from operations $18.4M
Capital spending $1.3M
FY18
Cash from operations $21.0M
Capital spending $1.6M
FY19
Cash from operations $25.7M
Capital spending $1.3M
FY20
Cash from operations $51.0M
Capital spending $0.6M
FY21
Cash from operations $29.2M
Capital spending $0.7M
FY22
Cash from operations −$15.3M
Capital spending $0.9M
FY23
Cash from operations $51.0M
Capital spending $0.7M
FY24
Cash from operations $38.5M
Capital spending $1.0M
FY25
Cash from operations −$15.3M
Capital spending $0.2M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$10.4M
Capital spending $0.1M
Q4 '23
Cash from operations $41.6M
Capital spending −$0.1M
Q1 '24
Cash from operations $16.7M
Capital spending $0.1M
Q2 '24
Cash from operations $18.1M
Capital spending $0.6M
Q3 '24
Cash from operations −$18.0M
Capital spending $0.1M
Q4 '24
Cash from operations $21.7M
Capital spending $0.2M
Q1 '25
Cash from operations $9.9M
Capital spending $0.0M
Q2 '25
Cash from operations $6.4M
Capital spending $0.2M
Q3 '25
Cash from operations −$44.8M
Capital spending $0.0M
Q4 '25
Cash from operations $13.2M
Capital spending $0.0M
Q1 '26
Cash from operations −$1.9M
Capital spending $0.0M
Q2 '26
Cash from operations $0.9M
Capital spending $0.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
NI Holdings, Inc. returned $6.7M to shareholders in fiscal 2025. The diluted share count fell 0.5%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks $12.2M
FY21
Dividends —
Buybacks $4.3M
FY22
Dividends —
Buybacks $4.2M
FY23
Dividends —
Buybacks —
FY24
Dividends $8.3M
Buybacks —
FY25
Dividends $6.7M
Buybacks —
Dividends
Buybacks
FY16
Diluted shares —
FY17
Diluted shares 0.02B
FY18
Diluted shares 0.02B
FY19
Diluted shares 0.02B
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.02B
FY22
Diluted shares 0.02B
FY23
Diluted shares 0.02B
FY24
Diluted shares 0.02B
FY25
Diluted shares 0.02B
Balance sheet
Cash, debt and the ratios that show how comfortably NI Holdings, Inc. can carry it.
FY16
Cash $18.8M
Debt —
FY17
Cash $28.1M
Debt —
FY18
Cash $69.5M
Debt —
FY19
Cash $62.6M
Debt —
FY20
Cash $102M
Debt —
FY21
Cash $71.1M
Debt —
FY22
Cash $47.5M
Debt —
FY23
Cash $41.5M
Debt $2.6M
FY24
Cash $51.4M
Debt $2.6M
FY25
Cash $52.2M
Debt $2.5M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $71.1M | $47.5M | $41.5M | $51.4M | $52.2M |
| Debt incl. finance leases | — | — | $2.6M | $2.6M | $2.5M |
| Debt / equity | — | — | 0.0x | 0.0x | 0.0x |
| Total assets | $652M | $614M | $655M | $527M | $506M |
| Total liabilities | $304M | $361M | $404M | $282M | $266M |
| Shareholders' equity | $347M | $253M | $250M | $245M | $240M |
| Net debt (− = net cash) | — | — | −$38.9M | −$48.8M | −$49.7M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ |
| Return on assets rose | — | ✓ | ✓ | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Debt fell relative to assets | — | — | — | — | — | — | — | — | ✕ | ✕ |
| Current ratio rose | — | — | — | — | — | — | — | — | — | — |
| Share count didn't rise | — | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Gross margin rose | — | ✓ | ✓ | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Revenue rose relative to assets | — | ✕ | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ | ✕ |
| F-score | — / 3 | — / 6 | 5 / 7 | 4 / 7 | 6 / 7 | 5 / 7 | 2 / 7 | 6 / 7 | 4 / 8 | 1 / 8 |
| Accruals ratio | −1.0% | −0.7% | 2.4% | 0.2% | −1.9% | −3.3% | −6.0% | −8.9% | −7.5% | 0.9% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $164M | $189M | $212M | $271M | $306M | $324M | $268M | $304M | $325M | $285M |
| Gross profit | $34.2M | $56.8M | $76.6M | $76.7M | $115M | $83.2M | $30.0M | $106M | $103M | $69.9M |
| Pretax income | $6.1M | $22.0M | $39.2M | $33.8M | $52.8M | $11.3M | −$52.9M | $20.5M | $10.1M | −$12.3M |
| Income tax | $1.5M | $6.4M | $7.9M | $7.3M | $11.5M | $3.0M | −$14.2M | $0.7M | $3.5M | −$1.9M |
| Net income | $4.6M | $16.0M | $31.1M | $26.4M | $40.4M | $8.4M | −$53.1M | −$5.5M | −$6.1M | −$10.4M |
| Diluted EPS | — | $0.71 | $1.39 | $1.19 | $1.84 | $0.39 | −$2.49 | −$0.26 | −$0.29 | −$0.50 |
| Diluted shares | — | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B |
| Cash flow | ||||||||||
| Cash from operations | $7.3M | $18.4M | $21.0M | $25.7M | $51.0M | $29.2M | −$15.3M | $51.0M | $38.5M | −$15.3M |
| Capital expenditure | $0.5M | $1.3M | $1.6M | $1.3M | $0.6M | $0.7M | $0.9M | $0.7M | $1.0M | $0.2M |
| Free cash flow | $6.8M | $17.1M | $19.4M | $24.4M | $50.4M | $28.4M | −$16.2M | $50.4M | $37.5M | −$15.5M |
| Depreciation and amortization | $0.4M | $0.5M | $0.5M | $0.5M | $0.7M | $0.7M | $0.7M | $0.7M | $0.7M | $0.7M |
| Stock-based compensation | — | $0.4M | $1.2M | $1.6M | $2.3M | $2.4M | −$0.0M | $1.4M | $0.2M | $0.8M |
| Acquisitions | — | — | — | — | $0.7M | — | — | — | — | — |
| Share buybacks | — | — | — | — | $12.2M | $4.3M | $4.2M | — | — | — |
| Dividends paid | — | — | — | — | — | — | — | — | $8.3M | $6.7M |
| Dividends and buybacks | — | — | — | — | $12.2M | $4.3M | $4.2M | — | $8.3M | $6.7M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $18.8M | $28.1M | $69.5M | $62.6M | $102M | $71.1M | $47.5M | $41.5M | $51.4M | $52.2M |
| Total debt | — | — | — | — | — | — | — | $2.4M | $2.4M | $2.4M |
| Finance lease liabilities | — | — | — | — | — | — | — | $0.2M | $0.2M | $0.1M |
| Property and equipment, net | $4.8M | $5.9M | $7.0M | $7.7M | $9.9M | $9.9M | $9.8M | $9.9M | $7.5M | $6.8M |
| Goodwill | $2.6M | $2.6M | $4.6M | $2.6M | $9.4M | $9.4M | $9.4M | $2.6M | — | — |
| Intangible assets | — | — | — | $0.3M | $8.8M | $8.3M | $7.9M | $7.4M | — | — |
| Total assets | $279M | $377M | $458M | $508M | $618M | $652M | $614M | $655M | $527M | $506M |
| Total liabilities | $125M | $121M | $183M | $198M | $269M | $304M | $361M | $404M | $282M | $266M |
| Shareholders' equity | $153M | $256M | $276M | $310M | $349M | $347M | $253M | $250M | $245M | $240M |
| Margins | ||||||||||
| Gross margin | 20.9% | 30.0% | 36.1% | 28.3% | 37.6% | 25.7% | 11.2% | 34.7% | 31.6% | 24.5% |
| Net margin | 2.8% | 8.5% | 14.6% | 9.8% | 13.2% | 2.6% | −19.8% | −1.8% | −1.9% | −3.7% |
| FCF margin | 4.1% | 9.0% | 9.1% | 9.0% | 16.4% | 8.8% | −6.0% | 16.6% | 11.5% | −5.4% |
| Returns | ||||||||||
| Return on equity | 3.0% | 7.8% | 11.7% | 9.0% | 12.3% | 2.4% | −17.7% | −2.2% | −2.4% | −4.3% |
| Return on assets | 1.6% | 4.9% | 7.4% | 5.5% | 7.2% | 1.3% | −8.4% | −0.9% | −1.0% | −2.0% |
| Return on tangible equity | 3.0% | 6.3% | 11.5% | 8.6% | 12.2% | 2.6% | −22.5% | −2.3% | −2.5% | −4.3% |
| Growth | ||||||||||
| Revenue growth | — | 15.5% | 12.3% | 27.5% | 13.1% | 5.8% | −17.3% | 13.5% | 7.0% | −12.3% |
| Net income growth | — | 251.4% | 94.4% | −15.1% | 53.0% | −79.2% | −730.9% | — | — | — |
| EPS growth | — | — | 95.8% | −14.4% | 54.6% | −78.8% | −738.5% | — | — | — |
| FCF growth | — | 152.9% | 13.5% | 25.6% | 106.7% | −43.6% | −156.9% | — | −25.5% | −141.3% |
| Share count change | — | — | −0.6% | −0.5% | −1.4% | −1.3% | −1.5% | −0.5% | −0.7% | −0.5% |
| Financial health | ||||||||||
| Debt / equity | — | — | — | — | — | — | — | 0.0x | 0.0x | 0.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.3% | 0.7% | 0.7% | 0.5% | 0.2% | 0.2% | 0.3% | 0.2% | 0.3% | 0.1% |
| Stock comp / revenue | — | 0.2% | 0.6% | 0.6% | 0.7% | 0.7% | −0.0% | 0.4% | 0.1% | 0.3% |
| Payouts / FCF | — | — | — | — | 24.3% | 15.2% | — | — | 22.1% | — |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | 5.0 | 4.0 | 6.0 | 5.0 | 2.0 | 6.0 | 4.0 | 1.0 |
| Accruals ratio | −1.0% | −0.7% | 2.4% | 0.2% | −1.9% | −3.3% | −6.0% | −8.9% | −7.5% | 0.9% |
Source: SEC EDGAR XBRL filings (CIK 0001681206). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.