What is NI Holdings, Inc.'s earnings per share (EPS)?

NI Holdings, Inc. (NODK) reported diluted earnings per share of -$0.50 for fiscal year 2025. This represents a -72.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

NI Holdings, Inc. (NODK) Financials

NODK

Trailing 12 months to June 30, 2026

Revenue $267.4M -13.9% YoY

Net Income $7.8M +404.6% YoY

EPS (Diluted) $0.38 +375.0% YoY

Free Cash Flow -$32.6M -267.3% YoY

Market Cap $307.1M as of Sep 12, 2026

Price / Sales 1.1x on $267.4M revenue, trailing 12 months to June 30, 2026

Price / Earnings 39.2x on $7.8M net income, trailing 12 months to June 30, 2026

Price / Book 1.2x on $249.4M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 7, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NODK SEC filings page.

NI Holdings, Inc. (NODK) reported $267.4M in revenue over the twelve months to Jun 30, 2026, down 13.9% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NODK FY2025 2026-08-29

NI Holdings’ dominant mechanic is volatile operating economics: margin compression can reverse positive cash generation even with minimal financial debt.

In FY2024, cash generation diverged from reported earnings: operating cash flow was $38.5M despite a $6.1M net loss. That pattern reversed in FY2025, when operating cash flow fell to -$15.3M and free cash flow to -$15.5M, indicating the earnings weakness reached cash rather than remaining an accrual-only result.

Gross margin compression took the margin from 34.7% in FY2023 to 24.5% in FY2025. Because revenue also declined to $285.1M in FY2025, the weaker result reflects both less revenue and less retained per dollar, not simply a larger cost base.

Long-term debt was only $2.4M in FY2025, so the balance-sheet burden sits largely outside conventional debt. Debt-to-equity was about 0.0x in FY2025 versus 1.4x in FY2022, showing that the reported leverage swing was not driven by sustained conventional borrowing.

Financial Health Signals

Financial Health Score 31/100

Scored as: Insurers peer group

Scored against insurers for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of NI Holdings, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Loss Ratio

Loss Ratio measures the claims an insurer paid out against the premiums it earned, so a lower ratio leaves more of every premium dollar with the company. NI Holdings, Inc. scores 31/100 on it among other insurers.

Premium Growth

Not available for NI Holdings, Inc., and counted as zero in the overall score.

Capital

NI Holdings, Inc. funded 47.5% of its assets with shareholders' equity at the end of fiscal year 2025, holding $240.3M of equity against $506.0M of assets. Capital ranks insurers on that cushion, and NI Holdings, Inc. scores 91/100 among other insurers.

Investment Yield

Not available for NI Holdings, Inc., and counted as zero in the overall score.

Combined Ratio

Combined Ratio puts claims and running costs together against premiums earned, and a figure under 100% means the underwriting made money before any investment income was counted. NI Holdings, Inc. scores 47/100 on it among other insurers.

Stability

NI Holdings, Inc. reported a net loss of $10.4M in fiscal year 2025, against a loss of $6.1M in fiscal year 2024. Stability ranks insurers on how steady net income has been across five years, and NI Holdings, Inc. scores 19/100 among other insurers.

Piotroski F-Score Partial

1/8

NI Holdings, Inc. passes 1 of 8 computable financial strength tests (1 of the nine could not be computed from available data). No profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality No Cash Backing

N/A

NI Holdings, Inc. reported a net loss of $10.4M while operations used $15.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Revenue

$70.2M

YoY-7.7%

QoQ+17.8%

5Y CAGR-3.3%

10Y CAGR+6.1%

NI Holdings, Inc. generated $70.2M in revenue in Q2 2026. This represents a decrease of 7.7% from the same quarter a year earlier. Against the prior quarter it is up 17.8%.

Net Income

$146K

YoY+101.2%

QoQ-98.8%

NI Holdings, Inc. reported $146K in net income in Q2 2026. This represents an increase of 101.2% from the same quarter a year earlier. Against the prior quarter it is down 98.8%.

EPS (Diluted)

$0.01

YoY+101.8%

QoQ-98.3%

NI Holdings, Inc. earned $0.01 per diluted share (EPS) in Q2 2026. This represents an increase of 101.8% from the same quarter a year earlier. Against the prior quarter it is down 98.3%.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$893K

YoY-85.7%

QoQ+146.8%

5Y CAGR-39.0%

10Y CAGR-9.0%

NI Holdings, Inc. generated $893K in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 85.7% from the same quarter a year earlier. Against the prior quarter it is up 146.8%.

Cash & Debt

$51.6M

YoY-9.1%

QoQ-10.6%

5Y CAGR-3.4%

10Y CAGR+15.1%

NI Holdings, Inc. held $51.6M in cash against $2.4M in long-term debt as of Q2 2026.

Shares Outstanding

20M

YoY-1.3%

QoQ-0.4%

5Y CAGR-0.8%

NI Holdings, Inc. had 20M shares outstanding in Q2 2026. This represents a decrease of 1.3% from the same quarter a year earlier. Against the prior quarter it is down 0.4%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

23.6%

YoY+15.2pp

QoQ-29.6pp

5Y change+7.6pp

NI Holdings, Inc.'s gross margin was 23.6% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 15.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 29.6 percentage points.

Net Margin

0.2%

YoY+16.1pp

QoQ-20.8pp

5Y change+3.4pp

10Y change+4.8pp

NI Holdings, Inc.'s net profit margin was 0.2% in Q2 2026, showing the share of revenue converted to profit. This is up 16.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 20.8 percentage points.

Return on Equity

0.1%

YoY+5.0pp

QoQ-4.9pp

5Y change+0.8pp

NI Holdings, Inc.'s ROE was 0.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 5.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.9 percentage points.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures

$19K

YoY-88.3%

QoQ-54.8%

5Y CAGR-42.4%

10Y CAGR-11.3%

NI Holdings, Inc. invested $19K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 88.3% from the same quarter a year earlier. Against the prior quarter it is down 54.8%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

NODK Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NODK quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K
Revenue	$267.4M	$285.1M-12.3%	$325.2M+7.0%	$304.0M+13.5%	$267.8M-17.3%	$324.0M+5.8%	$306.4M+13.1%	$270.8M+27.5%	$212.4M+12.3%	$189.1M+15.5%	$163.7M+12.4%	$145.7M+5.8%	$137.8M
Gross Profit	$82.9M	$69.9M-31.9%	$102.6M-2.8%	$105.6M+252.1%	$30.0M-64.0%	$83.2M-27.8%	$115.2M+50.1%	$76.7M+0.1%	$76.6M+35.0%	$56.8M+65.7%	$34.2M-38.4%	$55.6M	N/A
Income Tax	$3.4M	-$1.9M-154.0%	$3.5M+395.1%	$716K+105.0%	-$14.2M-577.2%	$3.0M-74.1%	$11.5M+56.9%	$7.3M-7.7%	$7.9M+23.9%	$6.4M+332.3%	$1.5M-82.2%	$8.3M+29.6%	$6.4M
Net Income	$7.8M	-$10.4M-71.8%	-$6.1M-10.7%	-$5.5M+89.7%	-$53.1M-730.9%	$8.4M-79.2%	$40.4M+53.0%	$26.4M-15.1%	$31.1M+94.4%	$16.0M+251.4%	$4.6M-73.9%	$17.5M+26.7%	$13.8M
EPS (Basic)	N/A	-$0.50-72.4%	-$0.29-11.5%	-$0.26+89.6%	-$2.49-738.5%	$0.39-79.0%	$1.86+56.3%	$1.19-14.4%	$1.39+95.8%	$0.71	N/A	N/A	N/A
EPS (Diluted)	$0.38	-$0.50-72.4%	-$0.29-11.5%	-$0.26+89.6%	-$2.49-738.5%	$0.39-78.8%	$1.84+54.6%	$1.19-14.4%	$1.39+95.8%	$0.71	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	21M-0.5%	21M-0.7%	21M-0.5%	21M-1.5%	22M-1.3%	22M-1.5%	22M-0.5%	22M-0.6%	23M	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$70.2M-7.7%	$59.6M-16.6%	$61.0M-17.5%	$76.6M-14.0%	$76.1M-13.4%	$71.4M-4.1%	$73.9M+16.7%	$89.0M+14.0%
Gross Profit	$16.6M+159.5%	$31.8M+9.6%	$18.8M-51.7%	$15.7M-13.5%	$6.4M-59.5%	$29.0M-2.6%	$38.9M-13.1%	$18.2M-21.9%
Income Tax	$84K+102.6%	$3.2M+148.4%	$260K-93.5%	-$192K+74.4%	-$3.3M-105.6%	$1.3M-32.1%	$4.0M+81.4%	-$751K-450.9%
Net Income	$146K+101.2%	$12.5M+93.6%	-$3.2M-132.0%	-$1.7M+38.4%	-$12.1M+38.6%	$6.5M+0.6%	$9.8M+48.6%	-$2.7M-1271.0%
EPS (Basic)	$0.01+101.8%	$0.60+93.5%	-$0.15-131.9%	-$0.08+38.5%	-$0.57+39.4%	$0.310.0%	$0.47+51.6%	-$0.13-1400.0%
EPS (Diluted)	$0.01+101.8%	$0.60+93.5%	-$0.15-131.9%	-$0.08+38.5%	-$0.57+39.4%	$0.31+3.3%	$0.47+51.6%	-$0.13-1400.0%
Diluted Shares (Avg)	21M-0.8%	21M-0.8%	N/A	21M+0.1%	21M+0.3%	21M+0.2%	N/A	21M-1.0%

Not reported in any period shown, so not listed: Cost of Revenue, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense.

NODK Balance Sheet

NODK quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K
Total Assets	$506.0M-3.9%	$526.5M-19.6%	$654.9M+6.6%	$614.2M-5.8%	$651.8M+5.5%	$617.6M+21.5%	$508.2M+10.8%	$458.5M+21.6%	$377.0M+35.3%	$278.7M+7.8%	$258.6M	N/A
Cash & Equivalents	$51.7M+1.5%	$50.9M+24.1%	$41.0M-12.7%	$47.0M-33.4%	$70.6M-30.1%	$101.1M+62.7%	$62.1M-9.9%	$69.0M+149.9%	$27.6M+50.6%	$18.3M+26.1%	$14.5M-33.2%	$21.7M
Short-Term Investments	$500K0.0%	$500K0.0%	$500K0.0%	$500K0.0%	$500K0.0%	$500K0.0%	$500K0.0%	$500K0.0%	$500K0.0%	$500K-75.6%	$2.0M	$0
Accounts Receivable	$15.6M+18.0%	$13.2M-24.0%	$17.4M+12.6%	$15.5M	N/A	$6.6M-53.3%	$14.2M-12.0%	$16.2M+54.0%	$10.5M-37.3%	$16.8M+19.7%	$14.0M	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	N/A	N/A	$2.6M-72.0%	$9.4M0.0%	$9.4M0.0%	$9.4M+257.1%	$2.6M-43.2%	$4.6M+75.9%	$2.6M0.0%	$2.6M0.0%	$2.6M	N/A
Total Liabilities	$265.7M-5.8%	$281.9M-30.3%	$404.5M+12.0%	$361.0M+18.6%	$304.4M+13.3%	$268.7M+35.5%	$198.4M+8.5%	$182.7M+50.5%	$121.4M-3.1%	$125.3M+15.3%	$108.7M	N/A
Long-Term Debt	$2.4M0.0%	$2.4M0.0%	$2.4M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$240.3M-1.8%	$244.6M-2.3%	$250.4M-1.1%	$253.2M-27.1%	$347.4M-0.4%	$348.9M+12.6%	$309.8M+12.3%	$275.8M+7.9%	$255.6M+66.6%	$153.4M+2.3%	$149.9M+10.5%	$135.7M
Retained Earnings	$191.1M-5.2%	$201.6M-3.3%	$208.4M-2.7%	$214.1M-19.9%	$267.2M+3.3%	$258.7M+18.4%	$218.5M+18.8%	$183.9M+20.3%	$152.9M+9.5%	$139.6M+3.4%	$135.0M	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$543.1M-12.4%	$492.1M-6.3%	$506.0M-3.9%	$543.8M-2.9%	$620.1M+8.6%	$525.4M-22.1%	$526.5M-19.6%	$559.9M-14.8%
Cash & Equivalents	$51.6M-9.1%	$57.7M+0.9%	$51.7M+1.5%	$24.7M-37.0%	$56.8M+10.5%	$57.2M-16.5%	$50.9M+24.1%	$39.1M+13.3%
Short-Term Investments	$0	$0	$500K0.0%	$0	$0	$0	$500K0.0%	$0
Accounts Receivable	$16.4M+44.5%	$12.8M+11.4%	$15.6M+18.0%	$17.8M-9.5%	$11.3M-17.8%	$11.5M-17.5%	$13.2M-24.0%	$19.6M+35.4%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$2.6M-72.0%
Total Liabilities	$293.8M-22.0%	$241.9M-10.9%	$265.7M-5.8%	$300.0M-5.8%	$376.7M+12.5%	$271.4M-35.2%	$281.9M-30.3%	$318.5M-25.4%
Long-Term Debt	$2.4M	$2.4M	$2.4M0.0%	$2.4M0.0%	N/A	N/A	$2.4M0.0%	$2.4M0.0%
Total Equity	$249.4M+2.5%	$250.2M-1.5%	$240.3M-1.8%	$243.8M+1.0%	$243.3M+3.1%	$254.0M-0.7%	$244.6M-2.3%	$241.4M+5.0%
Retained Earnings	$203.6M+3.9%	$203.5M-2.2%	$191.1M-5.2%	$194.2M+1.3%	$195.9M+0.8%	$208.0M-4.8%	$201.6M-3.3%	$191.7M-5.0%

Not reported in any period shown, so not listed: Current Assets, Inventory, Current Liabilities, Non-Current Liabilities.

NODK Cash Flow Statement

NODK quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K
Operating Cash Flow	-$32.5M	-$15.3M-139.7%	$38.5M-24.5%	$51.0M+433.6%	-$15.3M-152.4%	$29.2M-42.8%	$51.0M+98.8%	$25.7M+22.5%	$21.0M+13.7%	$18.4M+152.2%	$7.3M-57.5%	$17.2M+65.0%	$10.4M
Depreciation & Amortization	N/A	$874K+14.8%	$761K+3.0%	$739K+4.4%	$708K+2.0%	$694K-2.1%	$709K+31.8%	$538K+9.3%	$492K-1.6%	$500K+13.4%	$441K-15.7%	$523K+6.5%	$491K
Stock-Based Compensation	N/A	$828K+247.9%	$238K-82.6%	$1.4M+3515.0%	-$40K-101.7%	$2.4M+4.8%	$2.3M+42.4%	$1.6M+30.9%	$1.2M+191.3%	$423K	N/A	N/A	N/A
Capital Expenditures	$96K	$217K-78.1%	$991K+49.9%	$661K-24.7%	$878K+18.8%	$739K+20.0%	$616K-52.2%	$1.3M-16.9%	$1.6M+16.3%	$1.3M+143.4%	$548K+3.2%	$531K-14.4%	$620K
Free Cash Flow	-$32.6M	-$15.5M-141.3%	$37.5M-25.5%	$50.4M+411.4%	-$16.2M-156.9%	$28.4M-43.6%	$50.4M+106.7%	$24.4M+25.6%	$19.4M+13.5%	$17.1M+152.9%	$6.8M-59.4%	$16.6M+70.0%	$9.8M
Investing Cash Flow	$32.4M	$18.8M+514.9%	-$4.5M+48.5%	-$8.8M-135.2%	$25.0M+152.0%	-$48.2M-24175.5%	$200K+100.7%	-$30.5M-230.2%	$23.4M+125.5%	-$91.9M-2517.0%	-$3.5M+85.6%	-$24.4M-700.3%	-$3.0M
Financing Cash Flow	-$5.1M	-$2.8M+23.6%	-$3.6M+51.2%	-$7.5M+59.2%	-$18.3M-59.4%	-$11.5M+6.5%	-$12.3M-505.7%	-$2.0M+32.4%	-$3.0M-103.6%	$82.7M	N/A	N/A	N/A
Dividends Paid	N/A	$6.7M-18.7%	$8.3M	N/A	N/A	$21.5M-0.6%	$21.6M+13.9%	$19.0M+7.9%	$17.6M+12.4%	$15.7M	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	$4.2M-3.2%	$4.3M-64.7%	$12.2M+509.9%	$2.0M-33.0%	$3.0M-62.7%	$8.0M	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$912K-85.8%	-$1.9M-118.9%	$13.2M-39.1%	-$44.8M-149.2%	$6.4M-64.6%	$9.9M-40.7%	$21.7M-47.7%	-$18.0M-72.4%
Depreciation & Amortization	$142K-17.0%	$188K+8.7%	$355K+144.8%	$175K-5.9%	$171K-8.6%	$173K-28.8%	$145K-36.1%	$186K-39.2%
Stock-Based Compensation	N/A	$293K-39.0%	N/A	N/A	N/A	$480K-17.4%	N/A	N/A
Capital Expenditures	$19K-88.3%	$42K+110.0%	$0-100.0%	$35K-76.2%	$162K-72.0%	$20K-61.5%	$214K+111.9%	$147K+28.9%
Free Cash Flow	$893K-85.7%	-$1.9M-119.3%	$13.2M-38.5%	-$44.8M-147.3%	$6.2M-64.4%	$9.9M-40.6%	$21.5M-48.1%	-$18.1M-71.9%
Investing Cash Flow	-$5.6M+17.9%	$8.9M+358.3%	$15.2M+254.2%	$13.9M+52.3%	-$6.8M-1949.3%	-$3.5M+16.5%	-$9.9M-45.3%	$9.1M+390.1%
Financing Cash Flow	-$1.4M-4425.0%	-$1.1M-578.3%	-$1.4M-4550.0%	-$1.2M+64.9%	-$32K-33.3%	-$157K+11.8%	-$30K-150.0%	-$3.4M+15.9%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

NODK Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NODK quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K
Gross Margin	24.5%-7.0pp	31.6%-3.2pp	34.7%+23.5pp	11.2%-14.5pp	25.7%-11.9pp	37.6%+9.3pp	28.3%-7.7pp	36.1%+6.1pp	30.0%+9.1pp	20.9%-17.2pp	38.1%	N/A
Net Margin	-3.6%-1.8pp	-1.9%-0.1pp	-1.8%+18.0pp	-19.8%-22.4pp	2.6%-10.6pp	13.2%+3.4pp	9.8%-4.9pp	14.6%+6.2pp	8.5%+5.7pp	2.8%-9.2pp	12.0%+2.0pp	10.0%
Return on Equity	-4.3%-1.8pp	-2.5%-0.3pp	-2.2%+18.8pp	-21.0%-23.4pp	2.4%-9.2pp	11.6%+3.1pp	8.5%-2.7pp	11.3%+5.0pp	6.3%+3.3pp	3.0%-8.7pp	11.6%+1.5pp	10.2%
Return on Assets	-2.1%-0.9pp	-1.1%-0.3pp	-0.8%+7.8pp	-8.6%-9.9pp	1.3%-5.3pp	6.5%+1.3pp	5.2%-1.6pp	6.8%+2.5pp	4.2%+2.6pp	1.6%-5.1pp	6.8%	N/A
Debt-to-Equity	0.010.0x	0.010.0x	0.01-1.4x	1.43+0.5x	0.88+0.1x	0.77+0.1x	0.640.0x	0.66+0.2x	0.48-0.3x	0.82+0.1x	0.73	N/A
Asset Turnover	0.56-0.1x	0.62+0.2x	0.460.0x	0.44-0.1x	0.500.0x	0.500.0x	0.53+0.1x	0.460.0x	0.50-0.1x	0.590.0x	0.56	N/A
FCF Margin	-5.4%-17.0pp	11.5%-5.0pp	16.6%+22.6pp	-6.0%-14.8pp	8.8%-7.7pp	16.4%+7.5pp	9.0%-0.1pp	9.1%+0.1pp	9.0%+4.9pp	4.1%-7.3pp	11.4%+4.3pp	7.1%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	23.6%+15.2pp	53.3%+12.7pp	30.8%-21.8pp	20.5%+0.1pp	8.4%-9.6pp	40.6%+0.6pp	52.7%-18.0pp	20.4%-9.4pp
Net Margin	0.2%+16.1pp	21.0%+12.0pp	-5.2%-18.5pp	-2.2%+0.9pp	-15.8%+6.5pp	9.0%+0.4pp	13.3%+2.9pp	-3.0%-3.3pp
Return on Equity	0.1%+5.0pp	5.0%+2.5pp	-1.3%-5.3pp	-0.7%+0.4pp	-5.0%+3.4pp	2.5%0.0pp	4.0%+1.4pp	-1.1%-1.2pp
Return on Assets	0.0%+2.0pp	2.5%+1.3pp	-0.6%-2.5pp	-0.3%+0.2pp	-1.9%+1.5pp	1.2%+0.3pp	1.9%+0.9pp	-0.5%-0.5pp
Debt-to-Equity	0.01-1.5x	0.01-1.1x	0.010.0x	0.010.0x	1.55+1.5x	1.07+1.1x	0.010.0x	0.010.0x
Asset Turnover	0.130.0x	0.120.0x	0.120.0x	0.140.0x	0.120.0x	0.140.0x	0.140.0x	0.160.0x
FCF Margin	1.3%-6.9pp	-3.2%-17.0pp	21.7%-7.4pp	-58.6%-38.2pp	8.2%-11.8pp	13.8%-8.5pp	29.1%-36.4pp	-20.4%-6.9pp

Not reported in any period shown, so not listed: Operating Margin, Current Ratio.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
NI Holdings, Inc. NODK	FY2025	$285.1M	-$10.4M	-3.6%	$307.1M	31/100
Kingstone Companies, Inc. KINS	FY2025	$214.9M	$40.8M	19.0%	$278.2M	39/100
Global Indemnity Group, LLC GBLI	FY2025	$450.1M	$25.3M	5.6%	$431.9M	49/100
American Coastal Insurance Corporation ACIC	FY2025	$335.4M	$106.8M	31.9%	$441.5M	57/100
United Fire Group Inc. UFCS	FY2025	$1.4B	$118.2M	8.5%	$1.4B	41/100
HERITAGE INSURANCE HOLDINGS INC HRTG	FY2025	$847.3M	$195.6M	23.1%	$1.0B	43/100

Where NI Holdings, Inc. Ranks

Frequently Asked Questions

What is NI Holdings, Inc.'s annual revenue?

NI Holdings, Inc. (NODK) reported $285.1M in total revenue for fiscal year 2025. This represents a -12.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is NI Holdings, Inc.'s revenue growing?

NI Holdings, Inc. (NODK) revenue declined by 12.3% year-over-year, from $325.2M to $285.1M in fiscal year 2025.

Is NI Holdings, Inc. profitable?

No, NI Holdings, Inc. (NODK) reported a net income of -$10.4M in fiscal year 2025, with a net profit margin of -3.6%.

How much debt does NI Holdings, Inc. have?

As of fiscal year 2025, NI Holdings, Inc. (NODK) had $51.7M in cash and equivalents against $2.4M in long-term debt.

What is NI Holdings, Inc.'s gross margin?

NI Holdings, Inc. (NODK) had a gross margin of 24.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is NI Holdings, Inc.'s net profit margin?

NI Holdings, Inc. (NODK) had a net profit margin of -3.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is NI Holdings, Inc.'s return on equity (ROE)?

NI Holdings, Inc. (NODK) has a return on equity of -4.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is NI Holdings, Inc.'s free cash flow?

NI Holdings, Inc. (NODK) recorded an outflow of $15.5M in free cash flow during fiscal year 2025. This represents a -141.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is NI Holdings, Inc.'s operating cash flow?

NI Holdings, Inc. (NODK) recorded an outflow of $15.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are NI Holdings, Inc.'s total assets?

NI Holdings, Inc. (NODK) had $506.0M in total assets as of fiscal year 2025, including both current and long-term assets.

What are NI Holdings, Inc.'s capital expenditures?

NI Holdings, Inc. (NODK) invested $217K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does NI Holdings, Inc. have outstanding?

NI Holdings, Inc. (NODK) had 21M shares outstanding as of fiscal year 2025.

What is NI Holdings, Inc.'s debt-to-equity ratio?

NI Holdings, Inc. (NODK) had a debt-to-equity ratio of 0.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is NI Holdings, Inc.'s return on assets (ROA)?

NI Holdings, Inc. (NODK) had a return on assets of -2.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is NI Holdings, Inc.'s P/E ratio?

NI Holdings, Inc. (NODK) trades at 39.2x earnings, its market capitalization divided by net income of $7.8M net income, trailing 12 months to June 30, 2026. The market capitalization is $307.1M as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is NI Holdings, Inc.'s price-to-sales ratio?

NI Holdings, Inc. (NODK) trades at 1.1x sales, its market capitalization divided by revenue of $267.4M revenue, trailing 12 months to June 30, 2026. The market capitalization is $307.1M as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is NI Holdings, Inc.'s Piotroski F-Score?

NI Holdings, Inc. (NODK) has a Piotroski F-Score of 1 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are NI Holdings, Inc.'s earnings high quality?

NI Holdings, Inc. (NODK) reported a net loss of $10.4M while operations used $15.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is NI Holdings, Inc.?

NI Holdings, Inc. (NODK) scores 31 out of 100 on our Financial Health Score, indicating weak standing within its insurers peer group. The score is a 0-100 composite of six dimensions (Loss Ratio, Premium Growth, Capital, Investment Yield, Combined Ratio, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.