NI Holdings (NODK) AI Stock Analysis

• Market Cap: $276.84M
• Dividend Yield: N/A
• Average Volume (3M): 12.23K
• Price to Earnings (P/E): 183.7
• Beta (1Y): 0.31
• Revenue Growth: -15.27%
• EPS Growth: -65.08%
• Country: US
• Employees: 202
• Sector: Financial
• Sector Strength: 78
• Industry: Insurance - Property & Casualty
• EPS (TTM): -0.57
• Shares Outstanding: 20,675,337
• 10 Day Avg. Volume: 15,576
• 30 Day Avg. Volume: 12,231
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.97
• Enterprise Value/Revenue: 0.87
• Enterprise Value/Gross Profit: 2.66
• Enterprise Value/Ebitda: 40.90
• 1Y Price Target: $13.50
• Price Target Upside: 0.82% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 55 Neutral
• Price Target: $13.50 ▲(0.82% Upside)

The overall stock score of 55 reflects significant financial challenges, including declining revenues and profitability, which are partially offset by a strong balance sheet with no debt. The technical indicators suggest a neutral to slightly bearish trend, while the high P/E ratio indicates overvaluation. The recent stock repurchase announcement is a positive factor, suggesting management's confidence in the company's future.

NI Holdings Business Overview & Revenue Model

Company Description

NI Holdings, Inc. (NODK) is a publicly traded insurance holding company based in the United States, primarily engaged in providing property and casualty insurance products. The company operates through its subsidiaries, which offer a range of insurance solutions such as personal and commercial auto insurance, homeowners insurance, and other specialty insurance services. NI Holdings focuses on serving niche markets, leveraging its regional expertise to cater to the diverse needs of its customers across various states.

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	310.39M	325.20M	304.02M	267.78M	323.97M	306.36M
Gross Profit	101.22M	325.20M	49.87M	-27.57M	43.02M	306.36M
EBITDA	6.59M	10.83M	21.27M	-52.22M	12.47M	0.00
Net Income	1.55M	-6.06M	-5.48M	-53.10M	8.42M	40.39M
Balance Sheet
Total Assets	620.05M	526.54M	615.68M	614.23M	651.78M	617.60M
Cash, Cash Equivalents and Short-Term Investments	56.78M	216.61M	330.44M	175.04M	435.27M	101.08M
Total Debt	1.61M	1.82M	2.06M	1.84M	0.00	0.00
Total Liabilities	376.73M	281.91M	365.28M	361.02M	304.37M	268.73M
Stockholders Equity	243.32M	244.63M	247.64M	250.98M	343.20M	344.33M
Cash Flow
Free Cash Flow	25.08M	37.52M	25.00M	-31.55M	28.47M	50.47M
Operating Cash Flow	25.63M	38.51M	25.97M	-30.39M	29.17M	51.01M
Investing Cash Flow	-11.01M	-4.54M	-8.81M	25.05M	-48.15M	200.00K
Financing Cash Flow	-3.63M	-3.64M	-7.47M	-18.28M	-11.47M	-12.27M

NI Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 13.39
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 13.39 is above the 20-day moving average (MA) of 12.75, above the 50-day MA of 12.91, and below the 200-day MA of 13.97, indicating a neutral trend. The MACD of 0.07 indicates Negative momentum. The RSI at 60.10 is Neutral, neither overbought nor oversold. The STOCH value of 92.82 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NODK.

NI Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HRTG	76 Outperform	$706.27M	6.58	33.49%	―	9.35%	77.04%
GBLI	69 Neutral	$424.27M	14.98	4.13%	4.72%	-3.71%	-21.68%
Sector *	68 Neutral	$17.90B	11.86	10.29%	3.72%	9.74%	1.66%
ACIC	67 Neutral	$538.86M	6.70	31.54%	―	23.68%	16.14%
KINS	66 Neutral	$190.33M	6.69	40.61%	0.37%	35.68%	342.66%
NODK	55 Neutral	$276.84M	183.68	0.65%	―	-15.27%	-65.08%
CNFR	54 Neutral	$9.59M	0.32	-218.24%	―	-37.38%	―

NI Holdings Corporate Events

NI Holdings Announces $5 Million Stock Repurchase

On August 25, 2025, NI Holdings, Inc. announced a new authorization for the repurchase of up to $5 million of its outstanding common stock, adding to the $1.3 million remaining from a previous repurchase plan. This move is part of the company’s strategy to create long-term value for shareholders. The timing and amount of shares repurchased will depend on market conditions and other factors, with no obligation for the company to repurchase shares. As of July 31, 2025, the company had 20,675,337 shares of common stock outstanding.