NI Holdings, Inc. (NODK)
NASDAQ:NODK
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NI Holdings
(NASDAQ:NODK)
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Rating:46Neutral
Price Target:
$12.50
▼(-5.80% Downside)
Action:Reiterated
Date:05/09/26
The score is held down primarily by weak and volatile financial performance—multi-year losses, weaker 2025 operating results, and negative TTM cash flow—despite a strong, low-leverage balance sheet. Technical signals also lean bearish (below major moving averages with negative MACD). Valuation is a relative positive due to a low P/E, but it is not enough to outweigh profitability and cash-flow pressure.
Positive Factors
Conservative balance sheet / low leverage
NI Holdings' minimal debt and low debt-to-equity profile provide durable financial resilience against underwriting volatility and catastrophe losses. A conservative capital structure preserves capacity to retain risk, purchase reinsurance, and maintain operations through multi-year underwriting stress without forced balance-sheet actions.
Negative Factors
Multi-year net losses and weak profitability
Sustained net losses from 2022–2025 and negative trailing results indicate structural pressure on underwriting margins and expense absorption. Persistent negative profitability erodes return on equity and limits the firm's ability to organically build capital, increasing reliance on pricing changes or capital raises to restore durable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet / low leverage
NI Holdings' minimal debt and low debt-to-equity profile provide durable financial resilience against underwriting volatility and catastrophe losses. A conservative capital structure preserves capacity to retain risk, purchase reinsurance, and maintain operations through multi-year underwriting stress without forced balance-sheet actions.
Read all positive factors
NI Holdings (NODK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$281.82M
Dividend YieldN/A
Average Volume (3M)9.46K
Price to Earnings (P/E)5.4
Beta (1Y)0.37
Revenue Growth-15.19%
EPS Growth-182.34%
CountryUS
Employees202
SectorFinancial
Sector Strength70
IndustryInsurance - Property & Casualty
Share Statistics
EPS (TTM)-0.20
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 Ratio156.23
Enterprise Value/Market Cap0.81
Enterprise Value/Revenue0.84
Enterprise Value/Gross Profit5.18
Enterprise Value/Ebitda-63.93
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. underwrites property and casualty insurance products in the United States. The company's products include private passenger auto, non-standard automobile, homeowners, farm owners, crop hail and multi-peril crop, and liability ins...
How the Company Makes Money
NI Holdings makes money primarily through (1) underwriting revenue from P&C insurance and (2) investment income on its investment portfolio. Underwriting revenue consists of premiums collected from policyholders (personal and commercial lines), ne...
NI Holdings Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
74
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 273.22M | 285.05M | 325.20M | 304.02M | 267.78M | 323.97M |
| Gross Profit | 44.13M | 84.26M | 46.48M | 49.87M | -27.57M | 43.02M |
| EBITDA | -3.58M | -11.54M | 10.83M | 21.27M | -52.22M | 12.47M |
| Net Income | -4.37M | -10.41M | -6.06M | -5.48M | -53.10M | 8.42M |
Balance Sheet | ||||||
| Total Assets | 492.11M | 506.00M | 526.54M | 654.89M | 614.23M | 651.78M |
| Cash, Cash Equivalents and Short-Term Investments | 189.21M | 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 | 241.91M | 265.67M | 281.91M | 404.49M | 361.02M | 304.37M |
| Stockholders Equity | 250.20M | 240.34M | 244.63M | 247.64M | 250.98M | 343.20M |
Cash Flow | ||||||
| Free Cash Flow | -27.05M | 1.79M | 37.52M | 25.00M | -31.55M | 28.47M |
| Operating Cash Flow | -27.03M | 2.00M | 38.51M | 25.97M | -30.39M | 29.17M |
| Investing Cash Flow | 31.23M | -2.00M | -4.54M | -8.81M | 25.05M | -48.15M |
| Financing Cash Flow | -3.69M | -2.67M | -3.64M | -7.47M | -18.28M | -11.47M |
NI Holdings Technical Analysis
Positive
13.27
Price Trends
13.09
Positive
13.22
Positive
13.29
Positive
Market Momentum
0.24
Negative
60.91
Neutral
91.25
Negative
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 13.27 is below the 20-day moving average (MA) of 13.29, above the 50-day MA of 13.09, and below the 200-day MA of 13.29, indicating a bullish trend. The MACD of 0.24 indicates Negative momentum. The RSI at 60.91 is Neutral, neither overbought nor oversold. The STOCH value of 91.25 is Negative, 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $655.63M | 13.60 | 10.41% | 3.51% | -2.46% | -11.49% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $530.20M | 7.09 | 33.02% | ― | 10.65% | 39.18% | |
62 Neutral | $225.82M | -9.06 | 0.11% | 0.57% | 39.38% | 27.06% | |
55 Neutral | $396.78M | 23.01 | 3.63% | 5.01% | 2.99% | 14.96% | |
46 Neutral | $281.82M | 5.38 | -4.24% | ― | -15.19% | -182.34% |
* Financial Sector Average
NODK
NI Holdings
13.76
0.96
7.50%
DGICA
Donegal Group
17.44
-1.63
-8.54%
GBLI
Global Indemnity
27.16
-2.19
-7.45%
KINS
Kingstone Companies
15.59
0.16
1.06%
ACIC
American Coastal Insurance
10.94
0.62
6.03%
NI Holdings Corporate Events
Executive/Board Changes
NI Holdings Announces Upcoming Board Transition in 2026
Neutral
Feb 23, 2026
On February 17, 2026, NI Holdings, Inc. director Duaine C. Espegard informed the board that he will not stand for re-election at the company’s 2026 annual meeting of stockholders. The company stated that Espegard’s decision was not due...
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.