NI Holdings (NODK) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

NI Holdings

NasdaqCM•Financial Services•Insurance - Property & Casualty

$15.26-0.07(<0.01%)Market closed

Market Cap

$312.37M

P/E

39.9x

P/S

1.2x

P/B

1.3x

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.

How this company scores

AverageMetricSide Score: 49/100

Strongest: Balance Sheet & Red Flags (15/25); weakest: Profitability (8/25).

Profitability8/25

Growth13/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality13/25

Strengths

Rising earningsInterest easily coveredCash-backed earningsProfit converts from growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 39.9x5y range 16.0x – 562.0x

Currently near its 5-quarter median.

P/S · 1.2x5y range 0.7x – 1.2x

Currently near its 20-quarter median.

P/B · 1.3x5y range 1.1x – 1.4x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $312.37M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $267.39M
Q. Revenue: $70.23M
TTM EBITDA: $-172.62M
TTM Op. Income: $-173.35M
Q. Op. Income: $-53.40M
TTM Net Income: $7.83M
Q. Net Income: $146,000
EPS: $0.01
Shares Out.: $20.81M

$267.39M in TTM revenue declined 8.9% YoY, reaching $70.23M last quarter. TTM EBITDA of $-172.62M and TTM operating income of $-173.35M show growth is flowing through to the bottom line. TTM net income of $7.83M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has fallen for 2 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 23.6%
EBITDA Margin: -75.9%
Op. Margin: -76.0%
Net Margin: 0.2%

Op. margin of -76.0% is up 35.7% YoY — cost efficiency is improving. Net margin at 0.2% and gross margin of 23.6% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 32% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 39.9x
P/S Ratio: 1.2x
P/B Ratio: 1.3x

At 39.9x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 1.2x and P/B of 1.3x provide additional context. P/E sits above typical market levels while revenue growth is below 5%.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $543.13M
Cash: $51.61M
Long-Term Debt: N/A
Book Value: $249.38M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $912,000
TTM Free Cash Flow: $-32.61M
FCF Margin: -12.2%
FCF / Net Income: -4.2

TTM FCF of $-32.61M on $912,000 in operating cash flow. The FCF / Net Income ratio of -4.2x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has fallen for 7 consecutive quarters — a weakening trend.