A Business at a Glance
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NI Holdings, Inc.
NODK
$330M
Mkt Cap
$15.85
+0.57%
NI Holdings, Inc. (NODK) has a current P/E ratio of 132.1, compared to its historical median P/E of 14.6. The stock is currently considered Expensive based on its historical valuation range.
NI Holdings, Inc. (NODK) has a 5-year average return on invested capital (ROIC) of -4.7%. This is below average and may indicate limited pricing power.
NI Holdings, Inc. (NODK) has a market capitalization of $330M. It is classified as a small-cap stock.
Yes, NI Holdings, Inc. (NODK) pays a dividend with a trailing twelve-month yield of 2.04%. The company also returns capital through share buybacks, with a buyback yield of 0.76%.
Based on historical P/E analysis, NI Holdings, Inc. (NODK) appears expensive. The current P/E of 132.1 is 807% above its historical median of 14.6. The estimated fair value CAGR (P/E method) is -42.2%.
NI Holdings, Inc. (NODK) operates in the Fire, Marine & Casualty Insurance industry, within the Financials sector.
NI Holdings, Inc. (NODK) reported annual revenue of $285 million in its most recent fiscal year, based on SEC EDGAR filings.
All dollar amounts, except per share amounts, are in thousands. NI Holdings is a North Dakota business corporation 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 Company (“Nodak Insurance,” the successor to Nodak Mutual Insurance Company) were issued to Nodak Mutual Group, Inc. (“Nodak Mutual Group”), which then contributed the shares to NI Holdings in exchange for 55% of the outstanding shares of common stock of NI Holdings. Nodak Insurance then became a wholly-owned stock subsidiary of NI Holdings. Prior to completion of the conversion, NI Holdings conducted no business and had no assets or liabilities.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 285M | 285M | 325M | 304M | 268M | 324M |
| Net Income | -10M | -10M | -6.1M | -5.5M | -53M | 8.4M |
| EPS | $-0.50 | $-0.50 | $-0.29 | $-0.26 | $-2.49 | $0.39 |
| Free Cash Flow | -15M | -15M | 38M | 50M | -16M | 28M |
| ROIC | -5.0% | -4.3% | -2.4% | -2.1% | -17.1% | 2.4% |
| Gross Margin | 24.5% | 24.5% | 31.6% | 34.7% | 11.2% | 25.7% |
| Debt/Equity | 0.02 | 0.02 | 0.02 | 0.02 | 0.07 | 0.03 |
| Dividends/Share | $0.32 | $0.32 | $0.40 | - | - | - |
| Operating Income | -12M | -12M | 10M | 21M | -53M | 11M |
| Operating Margin | -4.3% | -4.3% | 3.1% | 6.8% | -19.7% | 3.5% |
| ROE | -4.3% | -4.3% | -2.4% | -2.2% | -17.7% | 2.4% |
| Shares Outstanding | 21M | 21M | 21M | 21M | 21M | 22M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 138M | 146M | 164M | 189M | 212M | 271M | 306M | 324M | 268M | 304M | 325M | 285M | 285M |
| Gross Margin | 35.2% | 38.2% | 20.9% | 30.0% | 36.1% | 28.3% | 37.6% | 25.7% | 11.2% | 34.7% | 31.6% | 24.5% | 24.5% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 20M | 26M | 6.1M | 22M | 39M | 34M | 53M | 11M | -53M | 21M | 10M | -12M | -12M |
| Op. Margin | 14.7% | 17.8% | 3.7% | 11.6% | 18.4% | 12.5% | 17.2% | 3.5% | -19.7% | 6.8% | 3.1% | -4.3% | -4.3% |
| Net Income | 14M | 17M | 4.6M | 16M | 31M | 26M | 40M | 8.4M | -53M | -5.5M | -6.1M | -10M | -10M |
| Net Margin | 10.0% | 12.0% | 2.8% | 8.5% | 14.6% | 9.8% | 13.2% | 2.6% | -19.8% | -1.8% | -1.9% | -3.7% | -3.7% |
| Non-Recurring | 0 | 139K | 0 | 330K | 393K | -37K | -6K | -31K | 164K | 6.8M | 2.7M | 64K | 64K |
| Returns on Capital | |||||||||||||
| ROIC | N/A | 12.0% | 2.9% | 7.7% | 11.6% | 9.0% | 12.3% | 2.4% | -17.1% | -2.1% | -2.4% | -4.3% | -5.0% |
| ROE | N/A | 12.2% | 3.0% | 7.8% | 11.7% | 9.0% | 12.3% | 2.4% | -17.7% | -2.2% | -2.4% | -4.3% | -4.3% |
| ROA | N/A | 13.5% | 1.7% | 4.9% | 7.4% | 5.5% | 7.2% | 1.3% | -8.4% | -0.9% | -1.0% | -2.0% | -2.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 10M | 17M | 7.3M | 18M | 21M | 26M | 51M | 29M | -15M | 51M | 39M | -15M | -15M |
| Free Cash Flow | 9.8M | 17M | 6.8M | 17M | 19M | 24M | 50M | 28M | -16M | 50M | 38M | -15M | -15M |
| Owner Earnings | 9.9M | 17M | 6.9M | 18M | 19M | 24M | 48M | 26M | -16M | 49M | 38M | -17M | -17M |
| CapEx | 620K | 531K | 548K | 1.3M | 1.6M | 1.3M | 616K | 739K | 878K | 661K | 991K | 217K | 217K |
| Maint. CapEx | 491K | 523K | 441K | 500K | 492K | 538K | 709K | 694K | 708K | 725K | 681K | 794K | 794K |
| Growth CapEx | 129K | 8K | 107K | 834K | 1.1M | 752K | 0 | 45K | 170K | 0 | 310K | 0 | 0 |
| D&A | 491K | 523K | 441K | 500K | 492K | 538K | 709K | 694K | 708K | 725K | 681K | 794K | 794K |
| CapEx/OCF | N/A | N/A | N/A | 7.2% | 7.4% | 5.0% | 1.1% | 2.5% | N/A | 3.8% | 2.6% | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.3M | 6.7M | 6.7M |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2.6% | N/A | 2.0% |
| Share Buybacks | 0 | 0 | 0 | 8.0M | 3.0M | 2.0M | 12M | 4.3M | 4.2M | 7.3M | 0 | 2.5M | 2.5M |
| Buyback Yield | 0.0% | N/A | N/A | 2.1% | 0.8% | 0.5% | 3.3% | 1.1% | N/A | N/A | N/A | 0.0% | 0.8% |
| Stock-Based Comp | N/A | N/A | N/A | 423K | 1.2M | 1.6M | 2.3M | 2.4M | 40K | 1.4M | 238K | 828K | 828K |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -16M | -159M | -7.8M | -17M | -64M | -58M | -97M | -59M | -29M | -36M | -46M | -47M | -46M |
| Cash & Equiv. | 22M | 15M | 18M | 28M | 69M | 62M | 101M | 71M | 47M | 41M | 51M | 52M | 52M |
| Long-Term Debt | 3.0M | 3.0M | 3.0M | 3.0M | N/A | N/A | N/A | 6.7M | 13M | 2.4M | 2.4M | 2.4M | 2.4M |
| Debt/Equity | N/A | 0.06 | 0.07 | 0.04 | 0.02 | 0.02 | 0.01 | 0.03 | 0.07 | 0.02 | 0.02 | 0.02 | 0.02 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5136.8 | 483.1 | -1027.4 | -1027.4 |
| Equity | N/A | 150M | 153M | 256M | 276M | 310M | 349M | 347M | 253M | 250M | 245M | 240M | 240M |
| Total Assets | N/A | 259M | 279M | 377M | 458M | 508M | 618M | 652M | 614M | 655M | 527M | 506M | 506M |
| Total Liabilities | N/A | 109M | 125M | 121M | 183M | 198M | 269M | 304M | 361M | 404M | 282M | 266M | 266M |
| Intangibles | -152K | 100K | 43K | N/A | N/A | 284K | 8.8M | 8.3M | 7.9M | 7.4M | 100K | 0 | 0 |
| Retained Earnings | N/A | 135M | 140M | 153M | 184M | 218M | 259M | 267M | 214M | 208M | 202M | 191M | 191M |
| Working Capital | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Current Assets | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Current Liabilities | 0 | 5.8M | 5.3M | N/A | 9.4M | 9.4M | 15M | 13M | 22M | 23M | N/A | 0 | 0 |
| Per Share Data | |||||||||||||
| EPS | N/A | N/A | N/A | 0.71 | 1.39 | 1.19 | 1.84 | 0.39 | -2.49 | -0.26 | -0.29 | -0.50 | -0.50 |
| Owner EPS | N/A | N/A | N/A | 0.78 | 0.86 | 1.06 | 2.19 | 1.21 | -0.75 | 2.32 | 1.80 | -0.81 | -0.81 |
| Book Value | N/A | N/A | N/A | 11.35 | 12.33 | 13.96 | 15.89 | 16.10 | 11.87 | 11.89 | 11.71 | 11.54 | 11.54 |
| Cash Flow/Share | N/A | N/A | N/A | 0.82 | 0.94 | 1.16 | 2.32 | 1.35 | -0.72 | 2.42 | 1.84 | -0.73 | -0.46 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.40 | 0.32 | 0.32 |
| Shares Out. | N/A | N/A | N/A | 22.5M | 22.4M | 22.2M | 22.0M | 21.6M | 21.3M | 21.1M | 20.9M | 20.8M | 20.8M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | 24.2 | 11.7 | 14.6 | 9.1 | 48.2 | N/A | N/A | N/A | N/A | -31.7 |
| P/FCF | N/A | N/A | N/A | 22.6 | 18.7 | 15.8 | 7.3 | 14.3 | N/A | 5.4 | 8.7 | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | N/A | N/A | 1.5 | 1.3 | 1.2 | 1.1 | 1.2 | 1.1 | 1.1 | 1.3 | N/A | 1.4 |
| Price/Sales | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.0 | 0.8 | 1.0 | N/A | 1.2 |
| FCF Yield | N/A | N/A | N/A | 4.4% | 5.4% | 6.3% | 13.7% | 7.0% | -5.6% | 18.4% | 11.4% | N/A | -4.7% |
| Market Cap | 0 | N/A | N/A | 386M | 362M | 384M | 369M | 405M | 287M | 274M | 328M | 0 | 330M |
| Avg. Price | 0.00 | N/A | N/A | 17.00 | 16.45 | 16.64 | 15.33 | 18.87 | 15.68 | 13.27 | 15.00 | 0.00 | 15.85 |
| Year-End Price | 0.00 | N/A | N/A | 17.16 | 16.20 | 17.33 | 16.81 | 18.78 | 13.46 | 13.00 | 15.68 | 0.00 | 15.85 |
NI Holdings, Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
NI Holdings, Inc. trades at 132.1x trailing earnings, compared to its 15-year median P/E of 14.6x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average gross margin is 25.5%. Total shareholder yield (dividends + buybacks) is 2.8%. At current prices, the estimated annualized return to fair value is +1.9%.
NI Holdings, Inc. (NODK) has a net profit margin of -3.7%. The company is currently unprofitable.
NI Holdings, Inc. (NODK) generated $-15 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
NI Holdings, Inc. (NODK) has a debt-to-equity ratio of 0.02. This indicates a conservatively financed balance sheet.
NI Holdings, Inc. (NODK) reported earnings per share (EPS) of $-0.50 in its most recent fiscal year.
NI Holdings, Inc. (NODK) has a return on equity (ROE) of -4.3%. A negative ROE may indicate losses or negative equity.
NI Holdings, Inc. (NODK) has a 5-year average gross margin of 25.5%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 12 years of financial data for NI Holdings, Inc. (NODK), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NI Holdings, Inc. (NODK) has a book value per share of $11.54, based on its most recent annual SEC filing.
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