Revenue growth has trended downward to -16.6% in 2026Q1, while underwriting profitability remains highly erratic with combined ratios fluctuating between 73.6% and 120.1% over the last eight quarters.
| Revenue | 273.22M | 285.05M | 325.2M | 304.02M | 267.78M | 323.97M | 306.36M | 270.78M | 212.37M | 189.14M | 163.75M | 145.72M | 137.71M |
| Revenue Growth % | -15.19% | -12.35% | 6.97% | 13.53% | -17.34% | 5.75% | 13.14% | 27.5% | 12.28% | 15.51% | 12.37% | 5.81% | - |
| Medical Costs & Claims | 229.08M | 200.79M | 278.72M | 254.15M | 295.36M | 280.95M | 219.94M | 167.18M | 115.08M | 122.79M | 138.93M | 102.5M | 105.83M |
| Medical Cost Ratio % | 83.85% | 70.44% | 85.71% | 83.6% | 110.3% | 86.72% | 71.79% | 61.74% | 54.19% | 64.92% | 84.84% | 70.34% | 76.85% |
| Gross Profit | 44.13M | 84.26M | 46.48M | 49.87M | -27.57M | 43.02M | 86.41M | 103.6M | 97.29M | 66.35M | 24.82M | 43.22M | 31.89M |
| Gross Margin % | 16.15% | 29.56% | 14.29% | 16.4% | -10.3% | 13.28% | 28.21% | 38.26% | 45.81% | 35.08% | 15.16% | 29.66% | 23.15% |
| Gross Profit Growth % | - | 81.28% | -6.8% | 280.88% | -164.09% | -50.21% | -16.59% | 6.49% | 46.64% | 167.35% | -42.59% | 35.56% | - |
| Operating Expenses | 48.5M | 96.59M | 36.34M | 29.33M | 25.3M | 31.71M | 33.6M | 69.79M | 58.12M | 44.34M | 18.7M | 17.35M | 11.68M |
| OpEx / Revenue % | 17.75% | 33.89% | 11.17% | 9.65% | 9.45% | 9.79% | 10.97% | 25.77% | 27.37% | 23.44% | 11.42% | 11.91% | 8.48% |
| Depreciation & Amortization | 789K | 794K | 681K | 725K | 654K | 1.17M | 5.93M | 2.25M | 4M | 543K | 498K | 575K | 424K |
| Combined Ratio % | 101.6% | 104.33% | 96.88% | 93.24% | 119.75% | 96.51% | 82.76% | 87.51% | 81.56% | 88.37% | 96.26% | 82.24% | 85.33% |
| Operating Income | -4.37M | -12.33M | 10.14M | 20.55M | -52.88M | 11.31M | 52.82M | 33.81M | 39.16M | 22.01M | 6.12M | 25.87M | 20.21M |
| Operating Margin % | -1.6% | -4.33% | 3.12% | 6.76% | -19.75% | 3.49% | 17.24% | 12.49% | 18.44% | 11.63% | 3.74% | 17.76% | 14.67% |
| Operating Income Growth % | - | -221.53% | -50.63% | 138.86% | -567.68% | -78.59% | 56.21% | -13.67% | 77.97% | 259.75% | -76.36% | 28.03% | - |
| EBITDA | -3.58M | -11.54M | 10.83M | 21.27M | -52.22M | 12.47M | 58.75M | 36.06M | 43.16M | 22.55M | 6.62M | 26.45M | 20.63M |
| EBITDA Margin % | -1.31% | -4.05% | 3.33% | 7% | -19.5% | 3.85% | 19.18% | 13.32% | 20.32% | 11.92% | 4.04% | 18.15% | 14.98% |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | -4.37M | -12.33M | 10.14M | 20.55M | -52.88M | 11.31M | 52.82M | 33.81M | 39.16M | 22.01M | 6.12M | 25.87M | 20.21M |
| Pretax Margin % | -1.6% | -4.33% | 3.12% | 6.76% | -19.75% | 3.49% | 17.24% | 12.49% | 18.44% | 11.63% | 3.74% | 17.76% | 14.67% |
| Income Tax | -3K | -1.92M | 3.54M | 716K | -14.19M | 2.97M | 11.47M | 7.31M | 7.92M | 6.39M | 1.48M | 8.29M | 6.4M |
| Effective Tax Rate % | 0.07% | 15.54% | 34.94% | 3.48% | 26.84% | 26.3% | 21.72% | 21.62% | 20.22% | 29.06% | 24.18% | 32.03% | 31.65% |
| Net Income | -4.37M | -10.41M | -6.06M | -5.48M | -53.1M | 8.42M | 40.39M | 26.4M | 31.08M | 15.99M | 4.55M | 17.46M | 13.77M |
| Net Margin % | -1.6% | -3.65% | -1.86% | -1.8% | -19.83% | 2.6% | 13.18% | 9.75% | 14.64% | 8.45% | 2.78% | 11.98% | 10% |
| Net Income Growth % | 27.48% | -71.83% | -10.66% | 89.69% | -730.89% | -79.16% | 52.98% | -15.06% | 94.37% | 251.37% | -73.93% | 26.73% | - |
| EPS (Diluted) | -0.21 | -0.50 | 0.24 | -0.26 | -2.49 | 0.39 | 1.84 | 1.19 | 1.39 | 0.71 | 0.20 | 1.03 | 0.81 |
| EPS Growth % | -180% | -308.33% | 192.31% | 89.56% | -738.46% | -78.8% | 54.62% | -14.39% | 95.77% | 255% | -80.58% | 27.16% | - |
| EPS (Basic) | - | -0.50 | -0.29 | -0.26 | -2.49 | 0.39 | 1.86 | 1.19 | 1.39 | 0.71 | 0.20 | 1.03 | 0.81 |
| Diluted Shares Outstanding | 20.94M | 20.99M | 21.09M | 21.16M | 21.33M | 21.66M | 21.94M | 22.27M | 22.39M | 22.51M | 22.76M | 22.76M | 22.76M |
Weather-driven underwriting volatility
As reported in financial statements, NODK has experienced a sustained period of top-line decline, with revenue growth reaching -16.6% in 2026Q1, suggesting that the company is either aggressively shedding underperforming policy segments or struggling to maintain market share within its core Midwestern agricultural footprint.
The consistent negative revenue growth over the last several quarters indicates a strategic pivot away from volume-based expansion. Investors should monitor whether this contraction is a deliberate attempt to improve underwriting quality or a sign of competitive displacement by larger, more diversified national carriers.
Based on the provided income statement data, the combined ratio has fluctuated significantly, peaking at 120.1% in 2025Q2, which indicates that the company has frequently failed to achieve underwriting profitability and remains highly susceptible to seasonal weather events and rising claim severity in its core lines.
The inability to consistently maintain a combined ratio below 100% suggests that the current pricing model may not be adequately capturing the risk profile of the agricultural and auto segments. This volatility implies that the company's bottom line is currently dependent on factors outside of its direct underwriting control.
According to the quarterly data, the company experienced a sharp deterioration in underwriting performance during the second and third quarters of 2024 and 2025, with combined ratios exceeding 100%, highlighting the significant impact of seasonal weather patterns on the firm's ability to generate core operating income.
These recurring periods of underwriting losses suggest that the company's exposure to convective weather events in the Upper Midwest creates a structural drag on earnings. The cyclical nature of these losses warrants further investigation into the adequacy of the company's reinsurance attachment points and overall risk retention strategy.
While management appears to be pursuing a strategy of contraction to preserve capital, the persistent loss ratios, such as the 109.1% reported in 2025Q2, suggest that the company may be facing structural challenges in pricing risk that go beyond simple volume management or temporary market headwinds.
The discrepancy between the company's strategic contraction and the continued volatility in loss ratios may indicate that inflationary pressures on claim severity are outpacing the company's ability to implement necessary rate increases. Investors should remain cautious until there is evidence of a sustained improvement in the combined ratio.
Quick answers to the most common questions about buying NODK stock.
For fiscal year 2025, NI Holdings, Inc. (NODK) reported total revenue of $285.1M. This represents a 107.0% increase compared to $137.7M in 2014.
NI Holdings, Inc. (NODK) reported a net loss of $10.4M for the fiscal year ending 2025.
NI Holdings, Inc. (NODK) reported an operating income of $-12.3M, resulting in an operating profit margin of -4.3%. This margin reflects the operational efficiency of the business before interest and taxes.
NI Holdings, Inc. (NODK) generated $84.3M in gross profit for the year, representing a gross profit margin of 29.6%. This demonstrates the company's core pricing power and production efficiency.