NI Holdings, Inc. (NODK) 10-Year Financial Performance & Capital Metrics

NODK • • Insurance & Managed Care

Financial ServicesProperty & Casualty InsurancePersonal Lines InsuranceRegional Personal Lines

AboutNI 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 insurance policies. The company was founded in 1946 and is headquartered in Fargo, North Dakota. NI Holdings, Inc. is a subsidiary of Nodak Mutual Group, Inc.Show more

Revenue $325M +7.0%
Combined Ratio 96.88% +3.9%
Net Income -$6M -10.7%
Return on Equity -2.45% -12.6%
Medical Cost Ratio 85.71% +2.5%
Operating Margin 3.12% -53.8%
Net Margin -1.86% -3.5%
ROA -1.06% -19.2%
Equity / Assets 46.46% +14.2%
Book Value per Share 11.60 -2.0%
Tangible BV/Share 11.60 +2.1%
Debt/Equity -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 1.1x book value

✗Weaknesses

✗High loss ratio of 85.7%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.97%

5Y3.73%

3Y0.13%

TTM-13.81%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM127.91%

EPS CAGR

10Y-11.45%

5Y-27.4%

3Y-14.94%

TTM44.44%

ROCE

10Y Avg4.4%

5Y Avg1.68%

3Y Avg-0.92%

Latest1.78%

Peer Comparison

Regional Personal Lines

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NODKNI Holdings, Inc.	274.26M	13.31	55.46	6.97%	0.87%	1.06%	13.68%
HMNHorace Mann Educators Corporation	1.74B	42.88	17.29	8.21%	10.24%	11.39%	25.91%	0.42
SAFTSafety Insurance Group, Inc.	1.14B	76.49	16.00	19.85%	7.13%	9.7%	10.91%	0.06
UFCSUnited Fire Group, Inc.	912.14M	35.75	14.96	13.98%	8.22%	12.38%	36.01%	0.15
DGICADonegal Group Inc.	608.25M	19.58	12.80	6.71%	8.72%	13.73%	11.09%	0.06
MCYMercury General Corporation	5.06B	91.39	10.82	18.27%	7.55%	19.69%	19.58%	0.30
KINSKingstone Companies, Inc.	225.09M	15.91	10.75	7.6%	14.2%	0.02%	24.71%	0.17
KMPRKemper Corporation	2.26B	38.61	7.86	-5.74%	5.14%	9.14%	14.59%	0.50

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	145.72M	163.75M	189.14M	212.37M	270.78M	306.36M	323.97M	267.78M	304.02M	325.2M
Revenue Growth %	0.06%	0.12%	0.16%	0.12%	0.28%	0.13%	0.06%	-0.17%	0.14%	0.07%
Medical Costs & Claims+	102.5M	138.93M	122.79M	115.08M	167.18M	219.94M	280.95M	295.36M	254.15M	278.72M
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	43.22M	24.82M	66.35M	97.29M	103.6M	86.41M	43.02M	-27.57M	49.87M	46.48M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.36%	-0.43%	1.67%	0.47%	0.06%	-0.17%	-0.5%	-1.64%	2.81%	-0.07%
Operating Expenses+	17.35M	18.7M	44.34M	58.12M	69.79M	33.6M	31.71M	25.3M	29.33M	36.34M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	575K	498K	543K	4M	2.25M	5.93M	1.17M	654K	725K	681K
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	25.87M	6.12M	22.01M	39.16M	33.81M	52.82M	11.31M	-52.88M	20.55M	10.14M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.28%	-0.76%	2.6%	0.78%	-0.14%	0.56%	-0.79%	-5.68%	1.39%	-0.51%
EBITDA+	26.45M	6.62M	22.55M	43.16M	36.06M	58.75M	12.47M	-52.22M	21.27M	10.83M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	0	0	0	0	0	0	0	0	0	0
Non-Operating Income	0	0	0	0	0	0	0	0	0	0
Pretax Income+	25.87M	6.12M	22.01M	39.16M	33.81M	52.82M	11.31M	-52.88M	20.55M	10.14M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	8.29M	1.48M	6.39M	7.92M	7.31M	11.47M	2.97M	-14.19M	716K	3.54M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	17.46M	4.55M	15.99M	31.08M	26.4M	40.39M	8.42M	-53.1M	-5.48M	-6.06M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.27%	-0.74%	2.51%	0.94%	-0.15%	0.53%	-0.79%	-7.31%	0.9%	-0.11%
EPS (Diluted)+	1.03	0.20	0.71	1.39	1.19	1.84	0.39	-2.49	-0.26	0.24
EPS Growth %	0.27%	-0.81%	2.55%	0.96%	-0.14%	0.55%	-0.79%	-7.38%	0.9%	1.92%
EPS (Basic)	1.03	0.20	0.71	1.39	1.19	1.86	0.39	-2.49	-0.26	0.24
Diluted Shares Outstanding	22.76M	22.76M	22.51M	22.39M	22.27M	21.94M	21.66M	21.33M	21.16M	21.09M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	258.62M	278.7M	376.99M	458.49M	508.16M	617.6M	651.78M	614.23M	615.68M	526.54M
Asset Growth %	0.05%	0.08%	0.35%	0.22%	0.11%	0.22%	0.06%	-0.06%	0%	-0.14%
Total Investment Assets+	181.23M	187.39M	284.32M	303.47M	357.79M	393.29M	444.35M	357.72M	291.4M	334.16M
Long-Term Investments	181.23M	187.39M	284.32M	303.47M	355.88M	390.36M	442.34M	355.72M	2.01M	332.35M
Short-Term Investments	0	0	0	0	295.94M	320.41M	364.65M	2M	289.4M	141.04M
Total Current Assets+	235.94M	254.58M	352.17M	425.11M	0	0	0	466.9M	115.52M	0
Cash & Equivalents	14.52M	18.32M	27.59M	68.95M	62.13M	101.08M	70.62M	47M	41.04M	50.93M
Receivables	1000K	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	-413.04M	-485.46M	-508.29M	296.32M	88.65M	-278.42M
Goodwill & Intangibles+	11.07M	11.57M	2.63M	4.62M	2.91M	18.19M	17.72M	17.25M	10.04M	100K
Goodwill	2.63M	2.63M	2.63M	-12.87M	2.63M	9.38M	9.38M	9.38M	2.63M	0
Intangible Assets	8.44M	8.94M	0	17.49M	284K	8.81M	8.34M	7.87M	7.41M	100K
PP&E (Net)	4.71M	4.82M	5.88M	6.98M	7.69M	9.9M	9.87M	9.84M	9.9M	7.55M
Other Assets	-188.57M	-2.92M	-236K	-458K	-366.48M	-418.45M	-469.93M	-355.72M	411.15M	-340M
Total Liabilities	108.71M	125.28M	121.42M	182.74M	198.36M	268.73M	304.37M	361.02M	365.28M	281.91M
Total Debt+	0	0	0	0	0	0	0	1.84M	2.06M	0
Net Debt	-14.52M	-18.32M	-27.59M	-68.95M	-62.13M	-101.08M	-70.62M	-45.16M	-54.63M	-50.93M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Short-Term Debt	0	0	0	0	0	0	0	359K	501K	0
Total Current Liabilities+	537K	39K	428K	274K	0	0	0	13.96M	191.92M	0
Accounts Payable	537K	39K	428K	0	170K	0	326K	0	0	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	-6.36M	-5.29M	-9.72M	-10.14M	-11.24M	-34.86M	-31.41M	-8.45M	191.33M	0
Deferred Taxes	1000K	1000K	1000K	711K	1000K	1000K	1000K	1000K	1000K	0
Other Liabilities	-3.52M	122.35M	121.42M	182.74M	-4.59M	-8.76M	-5.51M	347.06M	162.04M	0
Total Equity+	149.92M	153.42M	255.57M	275.75M	309.8M	348.87M	347.41M	253.21M	250.4M	244.63M
Equity Growth %	0.1%	0.02%	0.67%	0.08%	0.12%	0.13%	-0%	-0.27%	-0.01%	-0.02%
Shareholders Equity	146.53M	149.9M	252.4M	272.49M	306.3M	344.33M	343.2M	250.98M	247.64M	244.63M
Minority Interest	3.38M	3.52M	3.18M	3.26M	3.5M	4.54M	4.21M	2.23M	2.76M	0
Retained Earnings	135.04M	139.59M	152.87M	183.95M	218.48M	258.74M	267.21M	214.12M	208.38M	201.58M
Common Stock	0	0	230K	230K	230K	230K	230K	230K	230K	230K
Accumulated OCI	11.49M	10.3M	16M	6.38M	5.61M	12.84M	5.24M	-29.29M	-21.38M	-18.23M
Return on Equity (ROE)	0.12%	0.03%	0.08%	0.12%	0.09%	0.12%	0.02%	-0.18%	-0.02%	-0.02%
Return on Assets (ROA)	0.07%	0.02%	0.05%	0.07%	0.05%	0.07%	0.01%	-0.08%	-0.01%	-0.01%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	-	-	-	-	-	-	-	0.01x	0.01x	-
Book Value per Share	6.59	6.74	11.35	12.32	13.91	15.90	16.04	11.87	11.83	11.60
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	17.18M	7.31M	18.43M	20.95M	25.66M	51.01M	29.17M	-30.39M	25.97M	38.51M
Operating CF Growth %	0.65%	-0.57%	1.52%	0.14%	0.22%	0.99%	-0.43%	-2.04%	1.85%	0.48%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	17.59M	4.64M	15.61M	31.24M	26.5M	40.39M	8.42M	-53.77M	-5.48M	6.6M
Depreciation & Amortization	575K	498K	543K	4M	2.25M	5.93M	1.17M	54.26M	1.28M	0
Stock-Based Compensation	0	0	423K	1.23M	2.02M	2.67M	2.87M	310K	1.62M	0
Deferred Taxes	378K	0	-2.07M	-692K	1.87M	0	-1.31M	-3.97M	-1.88M	0
Other Non-Cash Items	19.24M	-5.29M	-1.15M	-11.02M	-16.13M	-19.13M	-14.43M	-43.34M	1.52M	21.46M
Working Capital Changes	-19.77M	7.46M	5.06M	-3.81M	9.16M	21.15M	32.46M	16.13M	28.9M	10.45M
Cash from Investing+	-24.39M	-3.51M	-91.86M	23.4M	-30.46M	200K	-48.15M	25.05M	-8.81M	-4.54M
Capital Expenditures	-531K	-548K	-1.33M	-1.55M	-1.29M	-543K	-696K	-1.16M	-974K	-991K
Acquisitions	531K	0	11.13M	27.48M	0	-703K	4.51M	26.2M	0	12.55M
Purchase of Investments	-40.37M	-33.81M	-126.31M	-87.43M	-109.05M	-113.87M	-165.97M	-78.63M	-85.83M	-70.39M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-531K	74K	-11.04M	18K	0	-275K	-4.51M	-25.54M	147K	3.07M
Cash from Financing+	0	0	82.71M	-3M	-2.02M	-12.27M	-11.47M	-18.28M	-7.47M	-3.64M
Dividends Paid	0	0	0	0	0	-6M	0	-3M	0	0
Share Repurchases	0	0	-8.04M	-3M	-2.01M	-12.23M	-4.32M	-4.18M	-7.28M	-158K
Stock Issued	0	0	93.14M	0	0	0	0	0	0	0
Debt Issuance (Net)	0	0	0	0	0	0	0	0	-16K	-99K
Other Financing	0	0	-2.4M	0	-19K	5.97M	-7.16M	-11.1M	-172K	-3.39M
Net Change in Cash+	-7.21M	3.8M	9.28M	41.36M	-6.82M	38.95M	-30.45M	-23.62M	9.69M	9.89M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	-1000K
Cash at Beginning	21.73M	14.52M	18.32M	27.59M	68.95M	62.13M	101.08M	70.62M	47M	41.04M
Cash at End	14.52M	18.32M	27.59M	68.95M	62.13M	101.08M	70.62M	47M	56.69M	50.93M
Free Cash Flow+	16.65M	6.76M	17.09M	19.4M	24.38M	50.47M	28.47M	-31.55M	25M	37.52M
FCF Growth %	0.7%	-0.59%	1.53%	0.14%	0.26%	1.07%	-0.44%	-2.11%	1.79%	0.5%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	0.73	0.3	0.76	0.87	1.09	2.3	1.31	-1.48	1.18	1.78

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	82.24%	96.26%	88.37%	81.56%	87.51%	82.76%	96.51%	119.75%	93.24%	96.88%
Medical Cost Ratio	70.34%	84.84%	64.92%	54.19%	61.74%	71.79%	86.72%	110.3%	83.6%	85.71%
Return on Equity (ROE)	12.22%	3%	7.82%	11.7%	9.02%	12.26%	2.42%	-17.68%	-2.17%	-2.45%
Return on Assets (ROA)	6.9%	1.69%	4.88%	7.44%	5.46%	7.18%	1.33%	-8.39%	-0.89%	-1.06%
Equity / Assets	57.97%	55.05%	67.79%	60.14%	60.97%	56.49%	53.3%	41.22%	40.67%	46.46%
Book Value / Share	6.59	6.74	11.35	12.32	13.91	15.9	16.04	11.87	11.83	11.6
Debt / Equity	-	-	-	-	-	-	-	0.01x	0.01x	-
Revenue Growth	5.81%	12.37%	15.51%	12.28%	27.5%	13.14%	5.75%	-17.34%	13.53%	6.97%

Frequently Asked Questions

Valuation & Price

NI Holdings, Inc. (NODK) has a price-to-earnings (P/E) ratio of 55.5x. This suggests investors expect higher future growth.

Growth & Financials

NI Holdings, Inc. (NODK) grew revenue by 7.0% over the past year. This is steady growth.

Yes, NI Holdings, Inc. (NODK) is profitable, generating $2.6M in net income for fiscal year 2024 (-1.9% net margin).

Dividend & Returns

NI Holdings, Inc. (NODK) has a return on equity (ROE) of -2.4%. Negative ROE indicates the company is unprofitable.

Industry Metrics

NI Holdings, Inc. (NODK) has a combined ratio of 96.9%. A ratio below 100% indicates underwriting profitability.

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