NODKNasdaqFire, Marine & Casualty InsuranceFiscal year ends December 31
NI Holdings, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$14.75−0.06 (-0.41%)
Close on Oct 19, 2026
- Market cap
- $307.90M
- P/E (TTM)
- 38.8
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2013 to 2025
Gross margin
24.5%−13.1 pts over 5 years
Net margin
-3.7%−16.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -12.3% | +2.1% | -1.4% | +6.9% | |
| Gross profit | -31.9% | +32.6% | -9.5% | +2.3% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 3.0% | – | -4.3% | |
| Return on assets | 1.7% | 7.2% | -2.0% | |
| Capex to revenue | 0.3% | 0.2% | 0.1% | |
| Diluted shares | – | 22M | 21M |
Where the cash went
Fiscal 2021 to 2025, five years combined
NI generated $149.27M from operations and spent $26.99M on capital expenditure, dividends and share buybacks. 13% of that went back into the business.
Generated
$149.27M
Used
$26.99M
Capital expenditure$3.49M13%Dividends$15.00M56%Share buybacks$8.50M31%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-3.7%
×Asset turnover0.55×
×Equity multiplier2.13×
=Return on equity, FY2025-4.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -3.7% | 0.55× | 2.13× | -4.3% |
| FY2019 | 9.8% | 0.56× | 1.65× | 9.0% |
| FY2018 | 14.6% | 0.51× | 1.57× | 11.7% |
| FY2017 | 8.5% | 0.58× | 1.60× | 7.8% |
| FY2016 | 2.8% | 0.61× | 1.77× | 3.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
2of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$10.41M
- Cash generatingOperating cash flow above zero-$15.27M
- Return on assets improvedROA up on the prior year-0.9% → -2.0%
- Earnings backed by cashOperating cash flow above net income-$15.27M vs -$10.41M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise21M → 21M
- Gross margin improvedGross margin up on the prior year31.56% → 24.51%
- More efficientAsset turnover rose0.50 → 0.54