Loading…
NI Holdings, Inc., together with its subsidiaries, underwrites property and casualty insurance products in the United States. Its products include private passenger auto, homeowners, farm owners, commercial multi-peril, crop hail, excess liability, dwelling, and federal multi-peril crop insurance policies, as well as non-standard automobile 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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $285M | - | $-10M | $-15M | -4.3% | -12.3% | 71.8% |
| 2024 | $325M | - | $-6M | $38M | -2.5% | 7.0% | 10.7% |
| 2023 | $304M | - | $-5M | $50M | -2.2% | 13.5% | -89.7% |
| 2022 | $268M | - | $-53M | $-16M | -21.2% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 267.78 | 304.02 | 325.20 | 285.05 |
| Operating Revenue | - | 267.78 | 304.02 | 325.20 | 285.05 |
| Total Expenses | - | 320.66 | 283.47 | 315.06 | 297.38 |
| Pretax Income | - | -52.88 | 20.55 | 10.14 | -12.33 |
| Tax Provision | - | -14.19 | 0.72 | 3.54 | -1.92 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | -0.93 | 0 |
| Net Income Continuous Operations | - | -38.68 | 19.83 | 6.60 | -10.41 |
| Net Income From Continuing And Discontinued Operation | - | -53.10 | -5.48 | -6.06 | -10.41 |
| Net Income From Continuing Operation Net Minority Interest | - | -38.01 | 19.58 | 6.60 | -10.41 |
| Net Income | - | -53.10 | -5.48 | -6.06 | -10.41 |
| Net Income Common Stockholders | - | -53.10 | -5.48 | -6.06 | -10.41 |
| Net Income Including Noncontrolling Interests | - | -53.78 | -5.23 | -6.06 | -10.41 |
| Normalized Income | - | -38.01 | 19.58 | 8.30 | -10.41 |
| Diluted NI Availto Com Stockholders | - | -53.10 | -5.48 | -6.06 | -10.41 |
| Basic Average Shares | - | 21.33 | 21.16 | 20.97 | 20.99 |
| Diluted Average Shares | - | 21.33 | 21.24 | 21.09 | 20.99 |
| Reconciled Depreciation | - | 0.65 | 0.72 | 0.68 | 0.79 |
| Total Unusual Items | - | 0 | 0 | -2.63 | 0 |
| Total Unusual Items Excluding Goodwill | - | 0 | 0 | -2.63 | 0 |
| Minority Interests | - | 0.68 | -0.25 | 0 | 0 |
| Net Income Discontinuous Operations | - | -15.09 | -25.06 | -12.66 | 0 |
| Special Income Charges | - | 0 | 0 | -2.63 | 0 |
| Impairment Of Capital Assets | - | 0 | 0 | 2.63 | 0 |
| Loss Adjustment Expense | - | 241.75 | 186.52 | 207.46 | 200.79 |
| Net Policyholder Benefits And Claims | - | 241.75 | 186.52 | 207.46 | 200.79 |
| Policyholder Benefits Gross | - | 257.56 | 196.28 | 221.78 | 248.04 |
| Policyholder Benefits Ceded | - | 15.81 | 9.76 | 14.31 | 47.25 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| NI Holdings, Inc.this co. | NODK | $299M | - | 1.24 | -4.3% | - |
| Citizens Financial Services, Inc. | CZFS | $308M | 8.43 | 0.91 | 10.8% | - |
| Value Line, Inc. | VALU | $305M | 14.75 | 3.06 | 20.8% | 37.84 |
| John Marshall Bancorp, Inc. | JMSB | $299M | 14.06 | 1.12 | 8.0% | - |
| FS Bancorp, Inc. | FSBW | $297M | 8.91 |
| - |
| - |
| - |
| - |
| 0.97 |
| 10.8% |
| - |
| Blue Ridge Bankshares, Inc. | BRBS | $295M | 27.54 | 0.91 | 3.3% | - |
| MBIA Inc. | MBI | $291M | -1.65 | -0.13 | 7.9% | - |
| First Community Corporation | FCCO | $289M | 15.07 | 1.73 | 11.5% | - |
| FVCBankcorp, Inc. | FVCB | $288M | 13.08 | 1.14 | 8.7% | - |
| Peer Median | - | 13.57 | 1.05 | 9.8% | 37.84 | |