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NI Holdings, Inc.

NODK Clue Score33
United States Fiscal year ends December CIK 0001681206
$14.79 -0.67% Close, 9 Oct 2026
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Price $14.79 −22.16% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 16 Mar 2017. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2016Revenue163.7Net income4.6Fiscal year 2017Revenue189.1 +15.5%Net income16.0 +251.4%EPS, diluted0.71Fiscal year 2018Revenue212.4 +12.3%Net income31.1 +94.4%EPS, diluted1.39 +95.8%Fiscal year 2019Revenue270.8 +27.5%Net income26.4 −15.1%EPS, diluted1.19 −14.4%Fiscal year 2020Revenue306.4 +13.1%Net income40.4 +53.0%EPS, diluted1.84 +54.6%Fiscal year 2021Revenue324.0 +5.8%Net income8.4 −79.2%EPS, diluted0.39 −78.8%Fiscal year 2022Revenue267.8 −17.3%Net income−53.1 −730.9%EPS, diluted−2.49 −738.5%Fiscal year 2023Revenue304.0 +13.5%Net income−5.5EPS, diluted−0.26Fiscal year 2024Revenue325.2 +7.0%Net income−6.1EPS, diluted−0.29Fiscal year 2025Revenue285.1 −12.3%Net income−10.4EPS, diluted−0.50
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 163.7 189.1 212.4 270.8 306.4 324.0 267.8 304.0 325.2 285.1
Growth +15.5% +12.3% +27.5% +13.1% +5.8% −17.3% +13.5% +7.0% −12.3%
Net income 4.6 16.0 31.1 26.4 40.4 8.4 −53.1 −5.5 −6.1 −10.4
Growth +251.4% +94.4% −15.1% +53.0% −79.2% −730.9%
EPS, diluted n/a 0.71 1.39 1.19 1.84 0.39 −2.49 −0.26 −0.29 −0.50
Growth +95.8% −14.4% +54.6% −78.8% −738.5%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginNet margin
Fiscal year 2016Gross margin20.9%Net margin2.8%Free cash flow margin4.1%Fiscal year 2017Gross margin30.0%Net margin8.5%Free cash flow margin9.0%Fiscal year 2018Gross margin36.1%Net margin14.6%Free cash flow margin9.1%Fiscal year 2019Gross margin28.3%Net margin9.8%Free cash flow margin9.0%Fiscal year 2020Gross margin37.6%Net margin13.2%Free cash flow margin16.4%Fiscal year 2021Gross margin25.7%Net margin2.6%Free cash flow margin8.8%Fiscal year 2022Gross margin11.2%Net margin−19.8%Free cash flow margin−6.0%Fiscal year 2023Gross margin34.7%Net margin−1.8%Free cash flow margin16.6%Fiscal year 2024Gross margin31.6%Net margin−1.9%Free cash flow margin11.5%Fiscal year 2025Gross margin24.5%Net margin−3.7%Free cash flow margin−5.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 20.9% 30.0% 36.1% 28.3% 37.6% 25.7% 11.2% 34.7% 31.6% 24.5%
Net margin 2.8% 8.5% 14.6% 9.8% 13.2% 2.6% −19.8% −1.8% −1.9% −3.7%
Free cash flow margin 4.1% 9.0% 9.1% 9.0% 16.4% 8.8% −6.0% 16.6% 11.5% −5.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow7.3Capital expenditure−0.5Free cash flow6.8Fiscal year 2017Operating cash flow18.4Capital expenditure−1.3Free cash flow17.1 +152.9%Fiscal year 2018Operating cash flow21.0Capital expenditure−1.6Free cash flow19.4 +13.5%Fiscal year 2019Operating cash flow25.7Capital expenditure−1.3Free cash flow24.4 +25.6%Fiscal year 2020Operating cash flow51.0Capital expenditure−0.6Free cash flow50.4 +106.7%Buybacks−12.2Fiscal year 2021Operating cash flow29.2Capital expenditure−0.7Free cash flow28.4 −43.6%Buybacks−4.3Fiscal year 2022Operating cash flow−15.3Capital expenditure−0.9Free cash flow−16.2 −156.9%Buybacks−4.2Fiscal year 2023Operating cash flow51.0Capital expenditure−0.7Free cash flow50.4Fiscal year 2024Operating cash flow38.5Capital expenditure−1.0Free cash flow37.5 −25.5%Dividends paid−8.3Fiscal year 2025Operating cash flow−15.3Capital expenditure−0.2Free cash flow−15.5 −141.3%Dividends paid−6.7
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 7.3 18.4 21.0 25.7 51.0 29.2 −15.3 51.0 38.5 −15.3
Capital expenditure −0.5 −1.3 −1.6 −1.3 −0.6 −0.7 −0.9 −0.7 −1.0 −0.2
Free cash flow 6.8 17.1 19.4 24.4 50.4 28.4 −16.2 50.4 37.5 −15.5
Growth +152.9% +13.5% +25.6% +106.7% −43.6% −156.9% −25.5% −141.3%
Buybacks n/a n/a n/a n/a −12.2 −4.3 −4.2 n/a n/a n/a
Dividends paid n/a n/a n/a n/a n/a n/a n/a n/a −8.3 −6.7

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash18.3Shareholders’ equity153.4Fiscal year 2017Cash27.6Shareholders’ equity255.6Fiscal year 2018Cash69.0Shareholders’ equity275.8Fiscal year 2019Cash62.1Shareholders’ equity309.8Fiscal year 2020Cash101.1Shareholders’ equity348.9Fiscal year 2021Cash70.6Shareholders’ equity347.4Fiscal year 2022Cash47.0Shareholders’ equity253.2Fiscal year 2023Cash41.0Total debt2.4Net cash (debt)38.6Shareholders’ equity250.4Debt to equity0.01Fiscal year 2024Cash50.9Total debt2.4Net cash (debt)48.5Shareholders’ equity244.6Debt to equity0.01Fiscal year 2025Cash51.7Total debt2.4Net cash (debt)49.3Shareholders’ equity240.3Debt to equity0.01
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 18.3 27.6 69.0 62.1 101.1 70.6 47.0 41.0 50.9 51.7
Total debt n/a n/a n/a n/a n/a n/a n/a 2.4 2.4 2.4
Net cash (debt) n/a n/a n/a n/a n/a n/a n/a 38.6 48.5 49.3
Shareholders’ equity 153.4 255.6 275.8 309.8 348.9 347.4 253.2 250.4 244.6 240.3
Debt to equity n/a n/a n/a n/a n/a n/a n/a 0.01 0.01 0.01

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
163.7 189.1 212.4 270.8 306.4 324.0 267.8 304.0 325.2 285.1
Growth +15.5% +12.3% +27.5% +13.1% +5.8% −17.3% +13.5% +7.0% −12.3%
34.2 56.8 76.6 76.7 115.2 83.2 30.0 105.6 102.6 69.9
Growth +65.7% +35.0% +0.1% +50.1% −27.8% −64.0% +252.1% −2.8% −31.9%
6.1 22.0 39.2 33.8 52.8 11.3 −52.9 20.5 10.1 −12.3
1.5 6.4 7.9 7.3 11.5 3.0 −14.2 0.7 3.5 −1.9
4.6 16.0 31.1 26.4 40.4 8.4 −53.1 −5.5 −6.1 −10.4
Growth +251.4% +94.4% −15.1% +53.0% −79.2% −730.9%
Per share
n/a 0.71 1.39 1.19 1.86 0.39 −2.49 −0.26 −0.29 −0.50
n/a 0.71 1.39 1.19 1.84 0.39 −2.49 −0.26 −0.29 −0.50
Growth +95.8% −14.4% +54.6% −78.8% −738.5%
n/a 22.5 22.4 22.2 21.8 21.4 21.3 21.2 21.0 21.0
n/a 22.5 22.4 22.3 21.9 21.7 21.3 21.2 21.1 21.0
Growth −0.6% −0.5% −1.5% −1.3% −1.5% −0.5% −0.7% −0.5%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue shrank 1.4% a year over five years.
  • The diluted share count fell 4.3% in five years, so buybacks did some of the work per share.
  • Gross margin is down 13.1 points on five years ago, at 24.5%.
  • A net loss in 4 of 10 years on file.