Ni Hldgs Inc Financials
This page shows Ni Hldgs Inc (NODK) financial statements, including the 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).
Low reinvestment needs kept this business cash-generative despite losses until FY2025 turned margin pressure into cash burn.
In FY2023-FY2024, accounting losses did not prevent cash generation: the company produced$89.5M of combined operating cash flow while staying below$2M of total capex, so reported losses were not yet draining cash. FY2025 marks the real break, because gross margin compression to24.5% arrived alongside-$15.3M of operating cash flow, showing the weakness moved from reported earnings into the underlying cash engine.
From FY2023 to FY2025, total assets contracted by
Traditional borrowing is not the main funding tool: long-term debt stayed at just
Financial Health Signals
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 Hldgs 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.
Ni Hldgs 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.
For every $1 of reported earnings, Ni Hldgs Inc generates $1.47 in operating cash flow (-$15.3M OCF vs -$10.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Ni Hldgs Inc generated $285.1M in revenue in fiscal year 2025. This represents a decrease of 12.3% from the prior year.
Ni Hldgs Inc reported -$10.4M in net income in fiscal year 2025. This represents a decrease of 71.8% from the prior year.
Ni Hldgs Inc earned $-0.50 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 72.4% from the prior year.
Cash & Balance Sheet
Ni Hldgs Inc generated -$15.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 141.3% from the prior year.
Ni Hldgs Inc held $51.7M in cash against $2.4M in long-term debt as of fiscal year 2025.
Ni Hldgs Inc had 21M shares outstanding in fiscal year 2025. This represents a decrease of 0.6% from the prior year.
Margins & Returns
Ni Hldgs Inc's gross margin was 24.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 7.0 percentage points from the prior year.
Ni Hldgs Inc's net profit margin was -3.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.8 percentage points from the prior year.
Ni Hldgs Inc's ROE was -4.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.8 percentage points from the prior year.
Capital Allocation
Ni Hldgs Inc invested $217K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 78.1% from the prior year.
NODK Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $59.6M-2.3% | $61.0M-20.3% | $76.6M+0.7% | $76.1M+6.5% | $71.4M-3.4% | $73.9M-16.9% | $89.0M+1.3% | $87.8M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $31.8M+69.0% | $18.8M+19.6% | $15.7M+145.5% | $6.4M-77.9% | $29.0M-25.6% | $38.9M+114.2% | $18.2M+14.9% | $15.8M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $3.2M+1131.5% | $260K+235.4% | -$192K+94.1% | -$3.3M-353.9% | $1.3M-67.7% | $4.0M+631.3% | -$751K+52.8% | -$1.6M |
| Net Income | $12.5M+496.3% | -$3.2M-89.4% | -$1.7M+86.2% | -$12.1M-286.5% | $6.5M-34.4% | $9.8M+464.1% | -$2.7M+86.2% | -$19.6M |
| EPS (Diluted) | $0.60 | N/A | $-0.08+86.0% | $-0.57-283.9% | $0.31 | N/A | $-0.13+86.2% | $-0.94 |
NODK Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $492.1M-2.7% | $506.0M-7.0% | $543.8M-12.3% | $620.1M+18.0% | $525.4M-0.2% | $526.5M-6.0% | $559.9M-1.9% | $571.0M |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $57.7M+11.6% | $51.7M+109.8% | $24.7M-56.6% | $56.8M-0.7% | $57.2M+12.3% | $50.9M+30.2% | $39.1M-23.9% | $51.4M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $12.8M-18.1% | $15.6M-12.1% | $17.8M+56.7% | $11.3M-1.2% | $11.5M-13.2% | $13.2M-32.6% | $19.6M+42.1% | $13.8M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | $2.6M0.0% | $2.6M |
| Total Liabilities | $241.9M-8.9% | $265.7M-11.4% | $300.0M-20.4% | $376.7M+38.8% | $271.4M-3.7% | $281.9M-11.5% | $318.5M-4.9% | $334.9M |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $2.4M0.0% | $2.4M0.0% | $2.4M | N/A | N/A | $2.4M0.0% | $2.4M0.0% | $2.4M |
| Total Equity | $250.2M+4.1% | $240.3M-1.4% | $243.8M+0.2% | $243.3M-4.2% | $254.0M+3.8% | $244.6M+1.4% | $241.4M+2.2% | $236.1M |
| Retained Earnings | $203.5M+6.5% | $191.1M-1.6% | $194.2M-0.9% | $195.9M-5.8% | $208.0M+3.2% | $201.6M+5.1% | $191.7M-1.4% | $194.4M |
NODK Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.9M-114.1% | $13.2M+129.6% | -$44.8M-799.9% | $6.4M-35.3% | $9.9M-54.5% | $21.7M+220.8% | -$18.0M-199.4% | $18.1M |
| Capital Expenditures | $42K | $0-100.0% | $35K-78.4% | $162K+710.0% | $20K-90.7% | $214K+45.6% | $147K-74.6% | $578K |
| Free Cash Flow | -$1.9M-114.4% | $13.2M+129.5% | -$44.8M-818.6% | $6.2M-36.8% | $9.9M-54.1% | $21.5M+218.7% | -$18.1M-203.5% | $17.5M |
| Investing Cash Flow | $8.9M-41.3% | $15.2M+9.7% | $13.9M+304.3% | -$6.8M-96.2% | -$3.5M+64.9% | -$9.9M-208.4% | $9.1M+2380.4% | $367K |
| Financing Cash Flow | -$1.1M+23.7% | -$1.4M-16.4% | -$1.2M-3643.8% | -$32K+79.6% | -$157K-423.3% | -$30K+99.1% | -$3.4M-14112.5% | -$24K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
NODK Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 53.3%+22.5pp | 30.8%+10.3pp | 20.5%+12.1pp | 8.4%-32.1pp | 40.6%-12.1pp | 52.7%+32.2pp | 20.4%+2.4pp | 18.0% |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 21.0%+26.2pp | -5.2%-3.0pp | -2.2%+13.7pp | -15.8%-24.9pp | 9.0%-4.3pp | 13.3%+16.4pp | -3.0%+19.3pp | -22.4% |
| Return on Equity | 5.0%+6.3pp | -1.3%-0.6pp | -0.7%+4.3pp | -5.0%-7.5pp | 2.5%-1.5pp | 4.0%+5.2pp | -1.1%+7.2pp | -8.3% |
| Return on Assets | 2.5%+3.2pp | -0.6%-0.3pp | -0.3%+1.6pp | -1.9%-3.2pp | 1.2%-0.6pp | 1.9%+2.4pp | -0.5%+3.0pp | -3.4% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.010.0 | 0.010.0 | 0.01-1.5 | 1.55+0.5 | 1.07+1.1 | 0.010.0 | 0.010.0 | 0.01 |
| FCF Margin | -3.2%-24.9pp | 21.7%+80.3pp | -58.6%-66.8pp | 8.2%-5.6pp | 13.8%-15.3pp | 29.1%+49.5pp | -20.4%-40.3pp | 20.0% |
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Frequently Asked Questions
What is Ni Hldgs Inc's annual revenue?
Ni Hldgs 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 Hldgs Inc's revenue growing?
Ni Hldgs Inc (NODK) revenue declined by 12.3% year-over-year, from $325.2M to $285.1M in fiscal year 2025.
Is Ni Hldgs Inc profitable?
No, Ni Hldgs 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 Hldgs Inc have?
As of fiscal year 2025, Ni Hldgs Inc (NODK) had $51.7M in cash and equivalents against $2.4M in long-term debt.
What is Ni Hldgs Inc's gross margin?
Ni Hldgs 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 Hldgs Inc's net profit margin?
Ni Hldgs 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 Hldgs Inc's return on equity (ROE)?
Ni Hldgs 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 Hldgs Inc's free cash flow?
Ni Hldgs Inc (NODK) generated -$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 Hldgs Inc's operating cash flow?
Ni Hldgs Inc (NODK) generated -$15.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ni Hldgs Inc's total assets?
Ni Hldgs Inc (NODK) had $506.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ni Hldgs Inc's capital expenditures?
Ni Hldgs Inc (NODK) invested $217K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Ni Hldgs Inc's debt-to-equity ratio?
Ni Hldgs 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 Hldgs Inc's return on assets (ROA)?
Ni Hldgs 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 Hldgs Inc's cash runway?
Based on fiscal year 2025 data, Ni Hldgs Inc (NODK) had $51.7M in cash against an annual operating cash burn of $15.3M. This gives an estimated cash runway of approximately 41 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Ni Hldgs Inc's Piotroski F-Score?
Ni Hldgs 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 Hldgs Inc's earnings high quality?
Ni Hldgs Inc (NODK) has an earnings quality ratio of 1.47x, considered low quality (accrual-driven). 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 Hldgs Inc?
Ni Hldgs 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.