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NI Holdings
(NASDAQ:NODK)
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Rating:54Neutral
Price Target:
$16.00
▲(0.95% Upside)
Action:Reiterated
Date:08/08/26
The score is primarily driven by mixed financial performance: a strong, low-leverage balance sheet and a return to TTM profitability are offset by negative and volatile cash flow. Technical indicators are mostly neutral and do not add a strong directional signal. Valuation contributes negatively because the negative P/E reduces interpretability and no dividend yield is available.
Positive Factors
Conservative balance sheet
NI Holdings' minimal leverage and roughly $249M of equity provide durable financial flexibility. Low debt reduces insolvency and refinancing risk, supports capacity to underwrite losses, buy reinsurance when needed, and pursue opportunistic investments without jeopardizing solvency.
Negative Factors
Weak cash generation
Persistent negative operating and free cash flow despite net income raises quality-of-earnings concerns. It constrains the firm's ability to fund claim payments, maintain reserves, buy reinsurance, or invest in growth without drawing on cash balances or external capital, lowering resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
NI Holdings' minimal leverage and roughly $249M of equity provide durable financial flexibility. Low debt reduces insolvency and refinancing risk, supports capacity to underwrite losses, buy reinsurance when needed, and pursue opportunistic investments without jeopardizing solvency.
Read all positive factors
NI Holdings (NODK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$310.29M
Dividend YieldN/A
Average Volume (3M)9.46K
Price to Earnings (P/E)―
Beta (1Y)0.33
Revenue Growth-15.19%
EPS Growth-182.34%
CountryUS
Employees169
SectorFinancial
Sector Strength70
IndustryInsurance - Property & Casualty
Share Statistics
EPS (TTM)0.38
Shares Outstanding20,481,438
10 Day Avg. Volume11,041
30 Day Avg. Volume9,461
Financial Highlights & Ratios
PEG Ratio-0.37
Price to Book (P/B)1.16
Price to Sales (P/S)0.98
P/FCF Ratio-18.02
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
NI Holdings Business Overview & Revenue Model
Company Description
NI Holdings, Inc. provides a comprehensive range of property and casualty insurance policies across the United States. Their product portfolio includes coverage for personal and specialized automobile risks, residential properties, agricultural ho...
How the Company Makes Money
NI Holdings makes money primarily through a combination of underwriting income and investment income. Underwriting income is generated when the premiums collected on insurance policies exceed the company’s incurred losses (claims and loss adjustme...
NI Holdings Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
78
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 267.39M | 285.05M | 325.20M | 304.02M | 267.78M | 323.97M |
| Gross Profit | 51.06M | 84.26M | 46.48M | 49.87M | -27.57M | 43.02M |
| EBITDA | 11.57M | -11.54M | 10.83M | 21.27M | -52.22M | 12.47M |
| Net Income | 7.83M | -10.41M | -6.06M | -5.48M | -53.10M | 8.42M |
Balance Sheet | ||||||
| Total Assets | 543.13M | 506.00M | 526.54M | 654.89M | 614.23M | 651.78M |
| Cash, Cash Equivalents and Short-Term Investments | 51.61M | 182.63M | 191.97M | 330.44M | 175.04M | 435.27M |
| Total Debt | 0.00 | 0.00 | 1.82M | 2.06M | 1.84M | 0.00 |
| Total Liabilities | 293.76M | 265.67M | 281.91M | 404.49M | 361.02M | 304.37M |
| Stockholders Equity | 249.38M | 240.34M | 244.63M | 247.64M | 250.98M | 343.20M |
Cash Flow | ||||||
| Free Cash Flow | -32.40M | -15.49M | 37.52M | 25.00M | -31.55M | 28.47M |
| Operating Cash Flow | -32.52M | -15.27M | 38.51M | 25.97M | -30.39M | 29.17M |
| Investing Cash Flow | 32.45M | 18.84M | -4.54M | -8.81M | 25.05M | -48.15M |
| Financing Cash Flow | -5.11M | -2.78M | -3.64M | -7.47M | -18.28M | -11.47M |
NI Holdings Technical Analysis
Positive
15.85
Price Trends
15.51
Positive
14.34
Positive
13.88
Positive
Market Momentum
-0.01
Positive
51.05
Neutral
32.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NODK, the sentiment is Positive. The current price of 15.85 is above the 20-day moving average (MA) of 15.68, above the 50-day MA of 15.51, and above the 200-day MA of 13.88, indicating a neutral trend. The MACD of -0.01 indicates Positive momentum. The RSI at 51.05 is Neutral, neither overbought nor oversold. The STOCH value of 32.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NODK.
NI Holdings Risk Analysis
NI Holdings disclosed 27 risk factors in its most recent earnings report. NI Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
NI Holdings Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $289.26M | 9.00 | 29.92% | 1.00% | 39.38% | 27.06% | |
71 Outperform | $746.20M | 10.02 | 10.41% | 3.94% | -3.10% | -18.46% | |
69 Neutral | $401.75M | 11.85 | 4.33% | 5.19% | 2.99% | 14.96% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $514.69M | 4.89 | 33.02% | ― | 10.65% | 39.18% | |
54 Neutral | $310.29M | -75.75 | -1.79% | ― | -15.19% | -182.34% |
* Financial Sector Average
NODK
NI Holdings
15.62
2.98
23.58%
DGICA
Donegal Group
19.24
2.79
16.92%
GBLI
Global Indemnity
28.30
1.83
6.90%
KINS
Kingstone Companies
19.03
3.34
21.31%
ACIC
American Coastal Insurance
10.44
0.34
3.35%
NI Holdings Corporate Events
Executive/Board ChangesShareholder Meetings
NI Holdings Shareholders Back Board, Governance and Pay
Positive
May 26, 2026
On February 18, 2026, NI Holdings, Inc. expanded its board to eight members and nominated independent directors Dana J. Kaldor and Callie J. Thomas, who were subsequently elected at the company’s May 19, 2026 annual meeting to serve until th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.