1.Sales and profit
See section β- NI Holdings, Inc. had $285M of revenue in fiscal 2025, down 12.3% on the year before. Over five years, revenue changed β1.4% a year on average.
- NI Holdings, Inc. lost $10.4M in fiscal 2025.
NI Holdings, Inc.
NODK Nasdaq Fire, Marine & Casualty Insurance Financials FY2016βFY2025
NI Holdings, Inc. had $285M of revenue in fiscal 2025, down 12.3% on the year before. Over five years, revenue changed β1.4% a year on average.
- Today
- 0.6%
- Previous close
- $14.90
- Market cap
- $309M
- P/E
- 40.0x
- 52-week range
-
$12.48 $16.33
Last close Β· Oct 26, 2026
$14.81
+$1.16 (+8.50%) past year
KIRAβs summary AI analyst
Hi! I read NI Holdings, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
1 strength 4 to watch
2.Cash and shareholders
See section β- Free cash flow was β$15.5M in fiscal 2025, β5.4% of revenue.
- NI Holdings, Inc. returned $6.7M to shareholders in fiscal 2025. The diluted share count fell 0.5%.
- No open-market insider trades in the last 12 months.
3.Financial health
See section β- NI Holdings, Inc. has $49.7M more cash than debt.
- NI Holdings, Inc. passes 1 of 8 financial health tests (Piotroski F-score).
NI Holdings, Inc. in 30 seconds
Good So-so Weak
Weak
Are sales growing?
β12.3%
No. Sales fell 12.3% last year.
Weak
Does it make a profit?
β3.7%
No. It lost money last year.
Weak
Does profit turn into cash?
β5.4%
No. It spent more cash than it brought in.
Weak
How healthy are the accounts?
1 / 8
Weak. It passes 1 of 8 health tests.
For information
How is the share priced?
40.0x
One share costs 40.0 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
$309M
Oct 26 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
40.0x
On $0.37 EPS (TTM)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Revenue and margins
KIRA summarises the numbers
-
NI Holdings, Inc. had $285M of revenue in fiscal 2025, down 12.3% on the year before.
Over five years, revenue changed β1.4% a year on average.
Revenue
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
Revenue
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
Margins, % of revenue
FY16
Gross 20.9%
Operating β
Net 2.8%
FCF 4.1%
FY17
Gross 30.0%
Operating β
Net 8.5%
FCF 9.0%
FY18
Gross 36.1%
Operating β
Net 14.6%
FCF 9.1%
FY19
Gross 28.3%
Operating β
Net 9.8%
FCF 9.0%
FY20
Gross 37.6%
Operating β
Net 13.2%
FCF 16.4%
FY21
Gross 25.7%
Operating β
Net 2.6%
FCF 8.8%
FY22
Gross 11.2%
Operating β
Net β19.8%
FCF β6.0%
FY23
Gross 34.7%
Operating β
Net β1.8%
FCF 16.6%
FY24
Gross 31.6%
Operating β
Net β1.9%
FCF 11.5%
FY25
Gross 24.5%
Operating β
Net β3.7%
FCF β5.4%
Gross
Operating
Net
FCF
Margins, % of revenue
Q3 '23
Gross 29.8%
Operating β
Net 0.3%
FCF β13.5%
Q4 '23
Gross 53.2%
Operating β
Net 8.4%
FCF 53.0%
Q1 '24
Gross 39.9%
Operating β
Net 8.6%
FCF 22.3%
Q2 '24
Gross 18.0%
Operating β
Net β22.3%
FCF 20.0%
Q3 '24
Gross 20.4%
Operating β
Net β3.0%
FCF β20.4%
Q4 '24
Gross 52.7%
Operating β
Net 13.3%
FCF 29.1%
Q1 '25
Gross 40.6%
Operating β
Net 9.0%
FCF 13.8%
Q2 '25
Gross 8.4%
Operating β
Net β15.8%
FCF 8.2%
Q3 '25
Gross 20.5%
Operating β
Net β2.2%
FCF β58.6%
Q4 '25
Gross 30.8%
Operating β
Net β5.2%
FCF 21.7%
Q1 '26
Gross 53.3%
Operating β
Net 21.0%
FCF β3.2%
Q2 '26
Gross 23.6%
Operating β
Net 0.2%
FCF 1.3%
Gross
Operating
Net
FCF
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Net income and earnings per share
Loss periods are shown in red.
KIRA summarises the numbers
-
NI Holdings, Inc. lost $10.4M in fiscal 2025.
Net income
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 β$53.1M
FY23
Net income β$5.5M
FY24
Net income β$6.1M
FY25
Net income β$10.4M
Net income
Q3 '23
Net income $0.2M
Q4 '23
Net income $6.6M
Q1 '24
Net income $6.4M
Q2 '24
Net income β$19.6M
Q3 '24
Net income β$2.7M
Q4 '24
Net income $9.8M
Q1 '25
Net income $6.5M
Q2 '25
Net income β$12.1M
Q3 '25
Net income β$1.7M
Q4 '25
Net income β$3.2M
Q1 '26
Net income $12.5M
Q2 '26
Net income $0.1M
Diluted EPS
FY16
Diluted EPS β
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 β$2.49
FY23
Diluted EPS β$0.26
FY24
Diluted EPS β$0.29
FY25
Diluted EPS β$0.50
Diluted EPS
Q3 '23
Diluted EPS $0.01
Q4 '23
Diluted EPS $0.31
Q1 '24
Diluted EPS $0.30
Q2 '24
Diluted EPS β$0.94
Q3 '24
Diluted EPS β$0.13
Q4 '24
Diluted EPS $0.48
Q1 '25
Diluted EPS $0.31
Q2 '25
Diluted EPS β$0.57
Q3 '25
Diluted EPS β$0.08
Q4 '25
Diluted EPS β$0.16
Q1 '26
Diluted EPS $0.60
Q2 '26
Diluted EPS $0.01
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
Cash from operations minus capital spending.
KIRA summarises the numbers
-
Free cash flow was β$15.5M in fiscal 2025, β5.4% of revenue.
Free cash flow
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 β$16.2M
FY23
Free cash flow $50.4M
FY24
Free cash flow $37.5M
FY25
Free cash flow β$15.5M
Free cash flow
Q3 '23
Free cash flow β$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 β$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 β$44.8M
Q4 '25
Free cash flow $13.2M
Q1 '26
Free cash flow β$1.9M
Q2 '26
Free cash flow $0.9M
Cash from operations vs capital spending
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 β$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 β$15.3M
Capital spending $0.2M
Cash from operations
Capital spending
Cash from operations vs capital spending
Q3 '23
Cash from operations β$10.4M
Capital spending $0.1M
Q4 '23
Cash from operations $41.6M
Capital spending β$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 β$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 β$44.8M
Capital spending $0.0M
Q4 '25
Cash from operations $13.2M
Capital spending $0.0M
Q1 '26
Cash from operations β$1.9M
Capital spending $0.0M
Q2 '26
Cash from operations $0.9M
Capital spending $0.0M
Cash from operations
Capital spending
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Dividends, buybacks and share count
KIRA summarises the numbers
-
NI Holdings, Inc. returned $6.7M to shareholders in fiscal 2025.
The diluted share count fell 0.5%.
Dividends and buybacks
FY16
Dividends β
Buybacks β
FY17
Dividends β
Buybacks β
FY18
Dividends β
Buybacks β
FY19
Dividends β
Buybacks β
FY20
Dividends β
Buybacks $12.2M
FY21
Dividends β
Buybacks $4.3M
FY22
Dividends β
Buybacks $4.2M
FY23
Dividends β
Buybacks β
FY24
Dividends $8.3M
Buybacks β
FY25
Dividends $6.7M
Buybacks β
Dividends
Buybacks
Diluted shares outstanding (annual)
FY16
Diluted shares β
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
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
KIRA summarises the numbers
-
No open-market insider trades in the last 12 months.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
Cash, debt and the ratios that show how comfortably NI Holdings, Inc. can carry it.
KIRA summarises the numbers
-
NI Holdings, Inc. has $49.7M more cash than debt.
Cash vs debt (incl. leases)
FY16
Cash $18.8M
Debt β
FY17
Cash $28.1M
Debt β
FY18
Cash $69.5M
Debt β
FY19
Cash $62.6M
Debt β
FY20
Cash $102M
Debt β
FY21
Cash $71.1M
Debt β
FY22
Cash $47.5M
Debt β
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 | β | β | $2.6M | $2.6M | $2.5M |
| Debt / equity | β | β | 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 (β = net cash) | β | β | β$38.9M | β$48.8M | β$49.7M |
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Return on capital, equity and assets (annual)
FY16
Return on capital β
Return on equity 3.0%
Return on assets 1.6%
FY17
Return on capital β
Return on equity 7.8%
Return on assets 4.9%
FY18
Return on capital β
Return on equity 11.7%
Return on assets 7.4%
FY19
Return on capital β
Return on equity 9.0%
Return on assets 5.5%
FY20
Return on capital β
Return on equity 12.3%
Return on assets 7.2%
FY21
Return on capital β
Return on equity 2.4%
Return on assets 1.3%
FY22
Return on capital β
Return on equity β17.7%
Return on assets β8.4%
FY23
Return on capital β
Return on equity β2.2%
Return on assets β0.9%
FY24
Return on capital β
Return on equity β2.4%
Return on assets β1.0%
FY25
Return on capital β
Return on equity β4.3%
Return on assets β2.0%
Return on capital
Return on equity
Return on assets
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
KIRA summarises the numbers
-
NI Holdings, Inc. passes 1 of 8 financial health tests (Piotroski F-score).
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 6 | 5 / 7 | 4 / 7 | 6 / 7 | 5 / 7 | 2 / 7 | 6 / 7 | 4 / 8 | 1 / 8 |
| Accruals ratio | β1.0% | β0.7% | 2.4% | 0.2% | β1.9% | β3.3% | β6.0% | β8.9% | β7.5% | 0.9% |
| Altman Z'' | β | β | β | β | β | β | β | β | β | β |
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
All figures
Every number, year by year.
10 years of figures
Amounts in USD. Hover a ratioβs 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 | β$52.9M | $20.5M | $10.1M | β$12.3M |
| Income tax | $1.5M | $6.4M | $7.9M | $7.3M | $11.5M | $3.0M | β$14.2M | $0.7M | $3.5M | β$1.9M |
| Net income | $4.6M | $16.0M | $31.1M | $26.4M | $40.4M | $8.4M | β$53.1M | β$5.5M | β$6.1M | β$10.4M |
| Diluted EPS | β | $0.71 | $1.39 | $1.19 | $1.84 | $0.39 | β$2.49 | β$0.26 | β$0.29 | β$0.50 |
| Diluted shares | β | 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 | β$15.3M | $51.0M | $38.5M | β$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 | β$16.2M | $50.4M | $37.5M | β$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 | β | $0.4M | $1.2M | $1.6M | $2.3M | $2.4M | β$0.0M | $1.4M | $0.2M | $0.8M |
| Acquisitions | β | β | β | β | $0.7M | β | β | β | β | β |
| Share buybacks | β | β | β | β | $12.2M | $4.3M | $4.2M | β | β | β |
| Dividends paid | β | β | β | β | β | β | β | β | $8.3M | $6.7M |
| Dividends and buybacks | β | β | β | β | $12.2M | $4.3M | $4.2M | β | $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 | β | β | β | β | β | β | β | $2.4M | $2.4M | $2.4M |
| Finance lease liabilities | β | β | β | β | β | β | β | $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 | β | β |
| Intangible assets | β | β | β | $0.3M | $8.8M | $8.3M | $7.9M | $7.4M | β | β |
| 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% | β19.8% | β1.8% | β1.9% | β3.7% |
| FCF margin | 4.1% | 9.0% | 9.1% | 9.0% | 16.4% | 8.8% | β6.0% | 16.6% | 11.5% | β5.4% |
| Returns | ||||||||||
| Return on equity | 3.0% | 7.8% | 11.7% | 9.0% | 12.3% | 2.4% | β17.7% | β2.2% | β2.4% | β4.3% |
| Return on assets | 1.6% | 4.9% | 7.4% | 5.5% | 7.2% | 1.3% | β8.4% | β0.9% | β1.0% | β2.0% |
| Return on tangible equity | 3.0% | 6.3% | 11.5% | 8.6% | 12.2% | 2.6% | β22.5% | β2.3% | β2.5% | β4.3% |
| Growth | ||||||||||
| Revenue growth | β | 15.5% | 12.3% | 27.5% | 13.1% | 5.8% | β17.3% | 13.5% | 7.0% | β12.3% |
| Net income growth | β | 251.4% | 94.4% | β15.1% | 53.0% | β79.2% | β730.9% | β | β | β |
| EPS growth | β | β | 95.8% | β14.4% | 54.6% | β78.8% | β738.5% | β | β | β |
| FCF growth | β | 152.9% | 13.5% | 25.6% | 106.7% | β43.6% | β156.9% | β | β25.5% | β141.3% |
| Share count change | β | β | β0.6% | β0.5% | β1.4% | β1.3% | β1.5% | β0.5% | β0.7% | β0.5% |
| Financial health | ||||||||||
| Debt / equity | β | β | β | β | β | β | β | 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 | β | 0.2% | 0.6% | 0.6% | 0.7% | 0.7% | β0.0% | 0.4% | 0.1% | 0.3% |
| Payouts / FCF | β | β | β | β | 24.3% | 15.2% | β | β | 22.1% | β |
| Quality scores | ||||||||||
| Piotroski F-score | β | β | 5.0 | 4.0 | 6.0 | 5.0 | 2.0 | 6.0 | 4.0 | 1.0 |
| Accruals ratio | β1.0% | β0.7% | 2.4% | 0.2% | β1.9% | β3.3% | β6.0% | β8.9% | β7.5% | 0.9% |
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
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 β not investment advice. Check the original filings before relying on any figure.