📊 NODK Key Takeaways
Is NODK a Good Investment? Thesis Analysis
NI Holdings is experiencing severe operational distress with negative profitability across all key metrics, declining revenue (-12.3% YoY), and persistent cash burn. The company generated -$15.3M in operating cash flow while maintaining minimal debt, indicating fundamental business model deterioration rather than temporary leverage issues. Negative margins (-4.3% operating, -3.7% net) and negative ROE/ROA suggest the core underwriting operations are unprofitable.
Why Buy NODK? Key Strengths
- Strong balance sheet with $240.3M equity and minimal leverage (0.01x debt/equity ratio)
- Adequate liquidity reserves with $51.7M cash and equivalents
- Low long-term debt burden at only $2.4M provides financial flexibility
NODK Investment Risks to Consider
- Severe profitability crisis with negative operating income (-$12.3M) and negative net income (-$10.4M)
- Deteriorating cash generation with negative operating cash flow (-$15.3M) and negative free cash flow (-$15.5M)
- Revenue contraction of 12.3% YoY combined with margin compression suggests loss of competitive positioning or underwriting discipline in the insurance business
- Negative ROE (-4.3%) indicates shareholder value destruction and unsustainable business operations
Key Metrics to Watch
- Operating cash flow trend and path to profitability
- Revenue stabilization and gross margin recovery
- Combined ratio or underwriting profitability metrics for insurance operations
- Cash burn rate relative to liquidity reserves
NODK Financial Metrics
💡 AI Analyst Insight
The current ratio below 1.0x warrants monitoring of short-term liquidity.
NODK Profitability Ratios
NODK vs Finance Sector
How NI Holdings, Inc. compares to Finance sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
Is NODK Overvalued or Undervalued?
Based on fundamental analysis, NI Holdings, Inc. has mixed fundamental signals relative to the Finance sector in 2026.
Note: This is a fundamental analysis based on SEC filings. For P/E ratio, price targets, and market-based valuation, consult financial data providers. This is not investment advice.
NODK Balance Sheet & Liquidity
NODK 5-Year Financial Trend & Growth Analysis
5-Year Trend Summary: NI Holdings, Inc.'s revenue has declined by 72% over the 5-year period, indicating business contraction. The most recent EPS of $-0.26 indicates the company is currently unprofitable.
NODK Growth Metrics (YoY)
NODK Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $76.6M | -$1.7M | $-0.08 |
| Q2 2025 | $76.1M | -$5.6M | $-0.27 |
| Q1 2025 | $71.4M | $6.4M | $0.30 |
| Q3 2024 | $78.0M | $231.0K | $0.01 |
| Q2 2024 | $81.1M | -$8.1M | $-0.38 |
| Q1 2024 | $81.6M | -$4.2M | $-0.20 |
| Q3 2023 | $89.2M | $231.0K | $0.01 |
| Q2 2023 | $415.0K | -$8.1M | $-0.38 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
NODK Capital Allocation
NODK SEC 10-K & 10-Q Filing Analysis
Access official SEC EDGAR filings for NI Holdings, Inc. (CIK: 0001681206)
📋 Recent SEC Filings
❓ Frequently Asked Questions about NODK
What is the AI rating for NODK?
NI Holdings, Inc. (NODK) has an AI rating of STRONG SELL with 92% confidence, based on fundamental analysis of SEC EDGAR filings.
What are NODK's key strengths?
Claude: Strong balance sheet with $240.3M equity and minimal leverage (0.01x debt/equity ratio). Adequate liquidity reserves with $51.7M cash and equivalents.
What are the risks of investing in NODK?
Claude: Severe profitability crisis with negative operating income (-$12.3M) and negative net income (-$10.4M). Deteriorating cash generation with negative operating cash flow (-$15.3M) and negative free cash flow (-$15.5M).
What is NODK's revenue and growth?
NI Holdings, Inc. reported revenue of $285.1M.
Does NODK pay dividends?
NI Holdings, Inc. pays dividends, with $6.7M distributed to shareholders in the trailing twelve months.
Where can I find NODK SEC filings?
Official SEC filings for NI Holdings, Inc. (CIK: 0001681206) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is NODK's EPS?
NI Holdings, Inc. has a diluted EPS of $-0.50.
How is the AI analysis conducted?
Two independent AI systems — Claude (Anthropic) and ChatGPT (OpenAI) — analyze SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports. Each AI evaluates financial health, profitability ratios, balance sheet strength, and growth metrics. The combined rating reflects both perspectives for balanced insights.
Is NODK a good stock to buy right now?
Based on our AI fundamental analysis in April 2026, NI Holdings, Inc. has a STRONG SELL rating with 92% confidence. Review the strengths and risks sections above before making a decision. This is not investment advice.
Is NODK stock overvalued or undervalued?
Valuation metrics for NODK: ROE of -4.3% (sector avg: 12%), net margin of -3.7% (sector avg: 25%). Compare these metrics with sector averages to assess valuation.
Should I buy NODK stock in 2026?
Our dual AI analysis gives NI Holdings, Inc. a combined STRONG SELL rating for 2026. Revenue is data pending, with profitability at or below sector average. Always conduct your own research.
What is NODK's free cash flow?
NI Holdings, Inc.'s operating cash flow is $-15.3M, with capital expenditures of $217.0K. FCF margin is -5.4%.
How does NODK compare to other Finance stocks?
Vs Finance sector averages: Net margin -3.7% (avg: 25%), ROE -4.3% (avg: 12%), current ratio N/A (avg: 1.2).