NI Holdings (NODK) AI Stock Analysis

• Market Cap: $275.29M
• Dividend Yield: N/A
• Average Volume (3M): 9.46K
• Price to Earnings (P/E): 109.2
• Beta (1Y): 0.29
• Revenue Growth: -17.81%
• EPS Growth: 38.09%
• Country: US
• Employees: 202
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Property & Casualty
• EPS (TTM): -0.08
• Shares Outstanding: 20,605,747
• 10 Day Avg. Volume: 11,041
• 30 Day Avg. Volume: 9,461
• PEG Ratio: 0.28
• Price to Book (P/B): 1.35
• Price to Sales (P/S): 1.01
• P/FCF Ratio: 8.78
• Enterprise Value/Market Cap: 0.98
• Enterprise Value/Revenue: 0.90
• Enterprise Value/Gross Profit: 6.81
• Enterprise Value/Ebitda: 53.10
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: $13.00 ▼(-2.03% Downside)

The score is held back primarily by weakened cash generation (negative TTM operating and free cash flow) and very thin profitability despite a return to positive net income. Technical signals are also soft with negative MACD and the stock trading below key moving averages. A strong, low-leverage balance sheet provides some support, but the high P/E and the CEO separation event add risk.

Positive Factors

Strong Balance Sheet

A strong balance sheet with no leverage provides financial stability and flexibility, allowing the company to navigate economic uncertainties effectively.

Stock Repurchase Plan

The stock repurchase plan reflects management's confidence in the business and is a strategy to enhance shareholder value over the long term.

Risk Management Strategies

Strong risk management and cost control measures enhance profitability and ensure long-term sustainability by reducing potential liabilities.

Negative Factors

Declining Revenue

Significant revenue decline indicates challenges in market demand or competitive positioning, threatening long-term growth and profitability.

Negative Cash Flow

Negative cash flow impacts the company's ability to fund operations and invest in growth opportunities, posing a risk to financial health.

Declining Equity

Decreasing equity levels suggest weakening financial stability, potentially limiting the company's capacity to absorb losses or invest in growth.

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 insurance policies. The company was founded in 1946 and is headquartered in Fargo, North Dakota. NI Holdings, Inc. is a subsidiary of Nodak Mutual Group, Inc.

How the Company Makes Money

NI Holdings generates revenue primarily through the underwriting of insurance policies, where it earns premiums from policyholders. The company’s key revenue streams include direct premiums written from both personal and commercial lines of insurance. Additionally, NI Holdings may earn investment income from its reserves, which are invested in various financial instruments. Significant partnerships with independent agents and brokers enhance the company's distribution capabilities, allowing it to reach a broader customer base. Furthermore, effective risk management strategies and cost controls contribute to the company's profitability by minimizing claims and optimizing operational efficiency.

NI Holdings Financial Statement Overview

Summary

NI Holdings is facing severe financial challenges with declining revenues, profitability, and cash flows. The balance sheet remains strong due to no debt, but declining equity is a concern. Addressing these challenges will be crucial for improving financial health and stability moving forward.

Income Statement

NI Holdings has faced significant challenges with declining revenues and profitability. The company experienced a substantial revenue drop from $365.7 million in 2023 to $32.6 million in 2024, indicating a severe contraction. The net profit margin is negative, reflecting ongoing losses, and EBIT and EBITDA margins are also absent, further highlighting profitability issues.

Balance Sheet

The balance sheet shows a strong equity position with stockholders' equity matching total assets, suggesting no leverage. However, the declining equity from $343.2 million in 2021 to $245.3 million in 2024 points to a deterioration in financial stability. The debt-to-equity ratio remains favorable at zero, but declining equity levels are a concern.

Cash Flow

The cash flow statement reflects a significant decline in free cash flow, turning negative in 2024. The operating cash flow to net income ratio is not favorable due to negative cash flows. The company's ability to generate cash has been inconsistent, with significant swings in operating cash flow over the years.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	297.97M	325.20M	304.02M	267.78M	323.97M	306.36M
Gross Profit	39.62M	46.48M	49.87M	-27.57M	43.02M	86.41M
EBITDA	5.08M	10.83M	21.27M	-52.22M	12.47M	58.75M
Net Income	2.59M	-6.06M	-5.48M	-53.10M	8.42M	40.39M
Balance Sheet
Total Assets	543.82M	526.54M	615.68M	614.23M	651.78M	617.60M
Cash, Cash Equivalents and Short-Term Investments	24.65M	191.97M	330.44M	175.04M	435.27M	421.49M
Total Debt	0.00	0.00	2.06M	1.84M	0.00	0.00
Total Liabilities	300.01M	281.91M	365.28M	361.02M	304.37M	268.73M
Stockholders Equity	243.80M	244.63M	247.64M	250.98M	343.20M	344.33M
Cash Flow
Free Cash Flow	-7.22M	37.52M	25.00M	-31.55M	28.47M	50.47M
Operating Cash Flow	-6.79M	38.51M	25.97M	-30.39M	29.17M	51.01M
Investing Cash Flow	-6.25M	-4.54M	-8.81M	25.05M	-48.15M	200.00K
Financing Cash Flow	-1.42M	-3.64M	-7.47M	-18.28M	-11.47M	-12.27M

NI Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 13.27
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NODK, the sentiment is Negative. The current price of 13.27 is below the 20-day moving average (MA) of 13.74, below the 50-day MA of 13.51, and above the 200-day MA of 13.22, indicating a neutral trend. The MACD of -0.07 indicates Positive momentum. The RSI at 44.18 is Neutral, neither overbought nor oversold. The STOCH value of 40.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NODK.

NI Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KINS	79 Outperform	$244.61M	7.84	37.59%	0.57%	39.32%	61.45%
GBLI	73 Outperform	$398.54M	14.84	4.01%	5.01%	-0.04%	-33.45%
DGICA	69 Neutral	$726.29M	8.16	15.10%	3.51%	0.93%	224.95%
ACIC	69 Neutral	$570.55M	6.75	29.35%	―	16.34%	-1.26%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
NODK	47 Neutral	$275.29M	109.15	1.07%	―	-17.81%	38.09%

NI Holdings Corporate Events

NI Holdings Finalizes CEO Separation Agreement

On October 10, 2025, NI Holdings, Inc. terminated Seth C. Daggett’s employment as President and CEO without cause. Subsequently, on October 29, 2025, the company finalized a Separation Agreement with Mr. Daggett, granting him a severance payment of $2,559,947 and an additional amount for health coverage costs over 24 months. This agreement is contingent upon Mr. Daggett’s release of claims against the company and includes a seven-day revocation period post-signing.

The most recent analyst rating on (NODK) stock is a Hold with a $13.00 price target. To see the full list of analyst forecasts on NI Holdings stock, see the NODK Stock Forecast page.

NI Holdings Appoints Cindy L. Launer as New CEO

On October 10, 2025, NI Holdings, Inc. announced the departure of Seth C. Daggett as President and CEO, alongside his resignation from the Board of Directors, effective immediately. His departure, classified as a termination without cause, involves a severance package of approximately $2.5 million and continued health benefits for 24 months. Cindy L. Launer was appointed as the new President and CEO, effective the same day. Launer, who has been a board member since 2019 and briefly served as interim CEO in 2024, brings extensive experience from her previous roles at AIG and other firms. The Board expressed confidence in her ability to lead NI Holdings into its next phase, focusing on sustainable growth and long-term value for stakeholders.

The most recent analyst rating on (NODK) stock is a Hold with a $13.50 price target. To see the full list of analyst forecasts on NI Holdings stock, see the NODK Stock Forecast page.