NI Holdings (NODK) AI Stock Analysis

• Market Cap: $270.48M
• Dividend Yield: N/A
• Average Volume (3M): 9.46K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.30
• Revenue Growth: -17.81%
• EPS Growth: 38.09%
• Country: US
• Employees: 202
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Property & Casualty
• EPS (TTM): -0.15
• Shares Outstanding: 20,537,521
• 10 Day Avg. Volume: 11,041
• 30 Day Avg. Volume: 9,461
• 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: 1.00
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 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: 48 Neutral
• Price Target: $13.00 ▼(-2.03% Downside)
• Action: Reiterated Date: 03/10/26
• Date: Action: Reiterated 03/10/26

The score is held back primarily by weak/unstable fundamentals (ongoing net losses, negative TTM cash flow, and a major TTM revenue data red flag), despite a conservatively positioned balance sheet with minimal leverage. Technical signals are also negative (below key moving averages with negative MACD), while valuation cannot be assessed reliably due to missing/invalid P/E and dividend yield data.

Positive Factors

Conservative balance sheet and low leverage

Very low debt-to-equity (near 0.7%–0.8% in 2022–2024 and 0% earlier) and substantial equity (~$245M) provide a durable capital buffer. This supports underwriting volatility, catastrophe absorbency, and capacity for reinsurance or reserve strengthening without forcing rapid external financing.

Negative Factors

Sustained net losses and weak returns

The firm remains unprofitable in 2023–2024 with operating margins falling (EBIT margin from ~6.8% to ~3.1%) and negative net income, meaning shareholder capital is not earning positive returns. Persistent losses pressure retained earnings and constrain reinvestment or dividend capacity over the medium term.

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...

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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) insurance underwriting and (2) investment income on its insurance float. 1) Underwriting (earned premiums minus claims and expenses): The company sells P&C insurance policies and collects premiums tha...

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NI Holdings makes money primarily through (1) insurance underwriting and (2) investment income on its insurance float. 1) Underwriting (earned premiums minus claims and expenses): The company sells P&C insurance policies and collects premiums tha...

NI Holdings Financial Statement Overview

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	285.05M	325.20M	304.02M	267.78M	323.97M
Gross Profit	84.26M	46.48M	49.87M	-27.57M	43.02M
EBITDA	-11.54M	10.83M	21.27M	-52.22M	12.47M
Net Income	-10.41M	-6.06M	-5.48M	-53.10M	8.42M
Balance Sheet
Total Assets	240.72M	526.54M	654.89M	614.23M	651.78M
Cash, Cash Equivalents and Short-Term Investments	678.00K	191.97M	330.44M	175.04M	435.27M
Total Debt	1.39M	1.82M	2.06M	1.84M	0.00
Total Liabilities	385.00K	281.91M	404.49M	361.02M	304.37M
Stockholders Equity	240.72M	244.63M	247.64M	250.98M	343.20M
Cash Flow
Free Cash Flow	-15.49M	37.52M	25.00M	-31.55M	28.47M
Operating Cash Flow	2.00M	38.51M	25.97M	-30.39M	29.17M
Investing Cash Flow	-2.00M	-4.54M	-8.81M	25.05M	-48.15M
Financing Cash Flow	-2.67M	-3.64M	-7.47M	-18.28M	-11.47M

NI Holdings Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NODK, the sentiment is Neutral. The current price of 13.27 is above the 20-day moving average (MA) of 13.15, below the 50-day MA of 13.29, and above the 200-day MA of 13.26, indicating a neutral trend. The MACD of -0.07 indicates Negative momentum. The RSI at 49.50 is Neutral, neither overbought nor oversold. The STOCH value of 55.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NODK.

NI Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ACIC	70 Outperform	$552.73M	5.73	35.67%	―	16.34%	-1.26%
DGICA	69 Neutral	$642.23M	7.74	12.91%	3.51%	0.93%	224.95%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
GBLI	67 Neutral	$415.89M	15.90	0.01%	5.01%	-0.04%	-33.45%
KINS	67 Neutral	$213.39M	5.75	0.13%	0.57%	39.32%	61.45%
NODK	48 Neutral	$270.48M	-26.81	-4.24%	―	-17.81%	38.09%

NI Holdings Corporate Events