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MARKETS / NASDAQ / NODK
NASDAQ · FIRE, MARINE & CASUALTY INSURANCE · MID CAP

NI Holdings, Inc. NODK

12 fiscal years on record · USD · FY2025 reported · SEC filings only
$285.1M
▼ 12.3% YoY
$-10.4M
$-15.5M
▼ 141.3% YoY
In brief

What this company does

NI Holdings, Inc. markets personal lines insurance products in the upper Midwest states of North Dakota, Nebraska, South Dakota, Arizona, and Minnesota, and offers commercial multi-peril insurance in North Dakota and South Dakota. As of December 31, 2025, NI Holdings and its subsidiaries had 172 total employees, of which 166 were full-time employees. Its consolidated financial results from continuing operations include its Private Passenger Auto, Non-Standard Auto, Home and Farm, Crop, and All Other reporting segments. Private passenger auto accounted for $95,156 thousand (32.8%) of direct premiums written by the Company on a consolidated basis during 2025. Non-standard auto insurance accounted for $25,499 thousand (8.8%) of direct premiums written by the Company on a consolidated basis during 2025. Home and Farm accounted for $115,764 thousand (39.9%) of direct premiums written by the Company on a consolidated basis during 2025. Collectively, crop insurance accounted for $36,707 thousand (12.7%) of direct premiums written by the Company on a consolidated basis during 2025. NI Holdings, Inc. is a North Dakota business corporation that became the stock holding company of Nodak Insurance Company in connection with the conversion of Nodak Mutual Insurance Company from a mutual to stock form of organization and the creation of a mutual holding company, completed on March 13, 2017.

Written from the business description in NI Holdings, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 6 March 2026. Every sentence was checked against that document before publication.

Growth
USD 285.1M
Revenue, FY2025 · full 12-year series below
Revenue $M Net income $M
FY2025 · Revenue 285.1 · Net income -10.4
200M-20M-40M2014201620182020202220242025
Compound annual growth
+2.1%
+175.3%
+6.9%
+17.2%
−11.3%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +175.3% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−4 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -4.3% · Net -3.7%
1000%2000%2014201620182020202220242025
ROE
FY2020 · ROE 13.0%
5%10%2014201620182020202220242025

Cash & shareholders
USD 6.7M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -15.5
20M40M-8M-16M2014201620182020202220242025
Net buybacks $M Dividends $M
FY2025 · Dividends 6.7 · Net buybacks —
5M10M20202021202220242025

USD 6.7M in dividends went back to shareholders in a year without profit.

Total assetsUSD 506.0M
CashUSD 51.7M
Gross debtUSD 2.4M
Net debtUSD -49.3M

Not available: we don't have the shareholders' equity figure for this period.

The 12-year record
12 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 202520242023202220212020201920182017201620152014
Revenue $B0.30.30.30.30.30.00.00.00.00.00.10.1
Operating income $B−0.00.00.0−0.10.00.10.00.00.00.00.00.0
EBITDA $B−0.00.00.0−0.10.00.10.00.00.00.00.00.0
Income tax $B−0.00.00.0−0.00.00.00.00.00.00.00.00.0
Net income $B−0.0−0.0−0.0−0.10.00.00.00.00.00.00.00.0
Free cash flow $B−0.00.00.1−0.00.00.10.00.00.00.00.00.0
EPS, diluted $−0.50−0.29−0.26−2.490.391.841.191.390.71···
Dividend / sh $············
Payout %−65−137··········
ROE %·····13.09.011.77.83.012.210.2
Shares out B0.020.020.020.020.020.020.020.020.020.00··

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 32 reconciliationsAUDITED

Reconciled in 12 of 19 fiscal years. 25 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityFire, Marine & Casualty Insurance
Listed onNASDAQ
Incorporated innot stated in the filings
Fiscal year endsDecember 31
Data on record since2014

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