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Financials · NODK

NI Holdings Inc. (NODK) financials

For the twelve months ended Sep 30, 2026, NI Holdings Inc. reported $259.40M of revenue and $15.03M of net income.

Revenue, TTM
$259.40M
Revenue growth, YoY
-12.9%
Net income, TTM
$15.03M
Net income growth, YoY
+479.9%
Net margin
5.8%
Free cash flow, TTM
-$3.05M
EPS, diluted, TTM
$0.72
EPS growth, YoY
+414.3%
Cash
$45.03M
Total debt
$2.40M
P/E
20.82
P/S
1.21
Market cap
$312.8M
Annual revenue$285.05M
FY2016FY2025
Annual net income-$10.41M
FY2016FY2025
Annual free cash flow-$15.49M
FY2016FY2025

NODK revenue and earnings growth

NODK revenueQ3 2026$68.58M

Quarter YoY
-10.4%
QoQ
-2.4%
FY YoY
-12.3%
5Y CAGR
-1.4%
10Y CAGR
+6.9%

NODK revenue was $68.58M in fiscal Q3 2026 (ended Sep 30, 2026), down 10.4% from a year earlier and down 2.4% from the prior quarter. For the full fiscal 2025 it was $285.05M, down 12.3% from fiscal 2024. Compound annual growth was -1.4% over 5 years and +6.9% over 10 years. It rose in 8 of the last 10 fiscal years.

NODK net incomeQ3 2026$5.53M

QoQ
38x

NODK net income was $5.53M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$1.67M a year earlier and up about 38-fold from the prior quarter. For the full fiscal 2025 it was -$10.41M, compared with -$6.06M in fiscal 2024.

NODK EPSQ3 2026$0.27

QoQ
27x

NODK diluted EPS was $0.27 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$0.08 a year earlier and up about 27-fold from the prior quarter. For the full fiscal 2025 it was -$0.50, compared with -$0.29 in fiscal 2024.

NODK free cash flowQ3 2026-$15.27M

NODK free cash flow was -$15.27M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$44.84M a year earlier. For the full fiscal 2025 it was -$15.49M, compared with $37.52M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$285.05M$325.20M$304.02M$267.78M$323.97M$306.36M$270.78M$212.37M$189.14M$163.75M
Gross profit$69.87M$102.64M$105.60M$29.99M$83.21M$115.19M$76.73M$76.63M$56.75M$34.25M
Pre-tax income-$12.33M$10.14M$20.55M-$52.88M$11.31M$52.82M$33.81M$39.16M$22.01M$6.12M
Income tax-$1.92M$3.54M$716.0K-$14.19M$2.97M$11.47M$7.31M$7.92M$6.39M$1.48M
Net income-$10.41M-$6.06M-$5.48M-$53.10M$8.42M$40.39M$26.40M$31.08M$15.99M$4.55M
EPS, basic-$0.50-$0.29-$0.26-$2.49$0.39$1.86$1.19$1.39$0.71-
EPS, diluted-$0.50-$0.29-$0.26-$2.49$0.39$1.84$1.19$1.39$0.71-
Diluted shares21.0M21.1M21.2M21.3M21.7M21.9M22.3M22.4M22.5M-

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$51.72M$50.93M$41.04M$33.86M$48.90M$101.08M$62.13M$68.95M$27.59M$18.32M
Short-term investments$500.0K$500.0K$500.0K$500.0K$500.0K$500.0K$500.0K$500.0K$500.0K$500.0K
Goodwill--$2.63M$9.38M$9.38M$9.38M$2.63M$4.62M$2.63M$2.63M
Total assets$506.00M$526.54M$654.89M$614.23M$651.78M$617.60M$508.16M$458.49M$376.99M$278.70M
Total debt$2.40M$2.40M$2.40M-------
Total liabilities$265.67M$281.91M$404.49M$361.02M$304.37M$268.73M$198.36M$182.74M$121.42M$125.28M
Shareholders' equity$240.34M$244.63M$250.40M$253.21M$347.41M$348.87M$309.80M$275.75M$255.57M$153.42M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow-$15.27M$38.51M$51.03M-$15.29M$29.17M$51.01M$25.66M$20.95M$18.43M$7.31M
Capital expenditures$217.0K$991.0K$661.0K$878.0K$739.0K$616.0K$1.29M$1.55M$1.33M$548.0K
Free cash flow-$15.49M$37.52M$50.37M-$16.17M$28.43M$50.39M$24.38M$19.40M$17.09M$6.76M
Investing cash flow$18.84M-$4.54M-$8.81M$25.05M-$48.15M$200.0K-$30.46M$23.40M-$91.86M-$3.51M
Financing cash flow-$2.78M-$3.64M-$7.47M-$18.28M-$11.47M-$12.27M-$2.02M-$3.00M$82.71M-
Dividends paid$6.73M$8.27M--------
Share repurchases---$4.18M$4.32M$12.23M----
Stock-based compensation$828.0K$238.0K$1.37M-$40.0K$2.41M$2.30M$1.61M$1.23M$423.0K-
Depreciation and amortization---$708.0K$694.0K$709.0K$538.0K$492.0K$500.0K$441.0K

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY-12.3%7.0%13.5%-17.3%5.8%13.1%27.5%12.3%15.5%12.4%
Net income growth, YoY-----79.2%53.0%-15.1%94.4%251.4%-73.9%
EPS growth, YoY-----78.8%54.6%-14.4%95.8%--
Gross margin24.5%31.6%34.7%11.2%25.7%37.6%28.3%36.1%30.0%20.9%
Net margin-3.7%-1.9%-1.8%-19.8%2.6%13.2%9.8%14.6%8.5%2.8%
Free cash flow margin-5.4%11.5%16.6%-6.0%8.8%16.4%9.0%9.1%9.0%4.1%
Return on equity-4.3%-2.5%-2.2%-21.0%2.4%11.6%8.5%11.3%6.3%3.0%
Return on assets-2.1%-1.2%-0.8%-8.6%1.3%6.5%5.2%6.8%4.2%1.6%
Debt to equity0.010.010.01-------

Source: XBRL data NI Holdings Inc. files with the SEC, latest filing dated Nov 6, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

NODK peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
NODK$259.40M-12.9%$15.03M5.8%$312.8M
CB$61.85B+5.7%$11.23B18.2%$139.46B
PGR$91.73B+7.7%$11.62B12.7%$131.96B
TRV$48.92B+1.1%$8.33B17.0%$80.99B
ALL$70.23B+5.1%$11.61B16.5%$63.05B
AIG$27.73B+1.2%$3.29B11.9%$40.31B
HIG$29.87B+9.2%$4.61B15.4%$35.83B
ACGL$18.78B-3.9%$4.38B23.3%$34.92B
CINF$13.28B+9.9%$2.66B20.1%$28.47B

NODK FAQ

9 questions
  • What is NODK revenue?
    NI Holdings Inc. (NODK) reported $259.40M of revenue for the twelve months ended Sep 30, 2026. That is down 12.9% from the year before. Revenue for fiscal 2025 was $285.05M.
  • Is NODK profitable?
    Yes. NI Holdings Inc. earned $15.03M in net income for the twelve months ended Sep 30, 2026, a net margin of 5.8%.
  • How much cash and debt does NODK have?
    NI Holdings Inc. reported $45.03M in cash and cash equivalents and $2.40M of debt on its most recent balance sheet in SEC filings.
  • How fast is NODK revenue growing?
    NI Holdings Inc.'s revenue changed -12.3% in fiscal 2025, to $285.05M. Its compound annual growth rate was -1.4% over 5 years and +6.9% over 10 years.
  • What is NODK gross margin?
    NI Holdings Inc.'s gross profit was $90.76M on $259.40M of revenue for the twelve months ended Sep 30, 2026, a gross margin of 35.0%.
  • What is NODK free cash flow?
    NI Holdings Inc. generated -$3.05M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of -$2.77M less capital expenditures.
  • What is NODK earnings per share?
    Diluted earnings per share were $0.72 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did NODK last report financial results?
    The latest statements here come from NI Holdings Inc.'s 10-Q filed on Nov 6, 2026, covering the period ended Sep 30, 2026.
  • Where does this NODK financial data come from?
    Quantisnow builds these statements from the structured XBRL data NI Holdings Inc. files with the SEC. It is provided for information only and is not investment advice.